Homebuyer Sentiment is Showing Positive Signs

Consumers are starting to feel a little better about the housing market. Homebuyers are starting to realize home prices and mortgage rates most likely peaked last year. While mortgage rates are still higher than they were a year ago, consumers are feeling that tough times may have passed. Fannie Mae economists don’t expect home price declines to exceed 1.5% at the national level. Some local markets may see sharper declines, while others could continue to see home values appreciate.

December 2022, the average sales price in the Metro Atlanta was $424,882, up .4% from the previous month and down 10.7% from the peak in June of 2022. The perspective buyer may struggle with affordability and availability as top challenges.

Homebuyers are faced with limited options to choose from in a low-inventory market. Just as the seller’s market trend continues in most markets, Metro Atlanta’s months of inventory is at 2.1, an increase of 10% over June 2022, and down 12% from November 2022.

This can be a difficult market for homebuyers to navigate alone. As a Forever Agent with Berkshire Hathaway HomeServices Georgia Properties, I am committed to serving my client’s, helping them to achieve their best results whether they are buying or selling.