Do you see the opportunity?

If you are following any real estate news or if you follow any of the house marketing companies like Zillow you are seeing weekly price adjustments and longer days on market. Though there is not enough inventory to call this a buyers market, there is definitely a shift in the market nationwide and within the metro Atlanta area. Just a few months ago it was highly unlikely to see a list price decrease because buyers were coming in with offers way over asking price, many times within hours of the listing hitting the market.

The media has taken note of the shift and the dramatic headlines are everywhere. “Housing prices are at an all time high”, ”the dream of owning a home is becoming more and more elusive” ``mortgage rates are rising”.

In Spite of these headlines, do you see the opportunity in the market adjustments? A few things to consider…..

  1. With the market adjustment, you will see more inventory! Home prices might expand, but the options will, too, according to some economists. In July, the inventory of homes to buy surged at the fastest rate since 2017, up nearly 31% compared to a year ago, according to a report. “The housing market is continuing to move toward more balance,” the report said. “Inventory levels continue to rise, providing more options to homebuyers who are still actively looking for a new home and price reductions are also increasing, as sellers adjust to the new normal.”

  2. Take some time to really think about your offer! During the 2020-2021 real estate frenzy, people were making hurried decisions and sometimes even did not view the home in person before purchasing. The relief of the pressure to make a quick decision makes room for a more predictable experience for both buyers and sellers.

  3. You will not feel the need to waive your inspection! In the hot market of 2020-2021, home buyers were waving the inspection contingency (which some later regretted). More than 90% of buyers say they found at least one issue with their home after the transaction that the seller didn’t disclose, according to a new survey from Cinch Home Services, a home warranty company. Even more alarming is that 94% of sellers admit to selling their homes without disclosing a known issue. Whether you are buying a resale home or a new construction home, you should order an inspection.

  4. New home builders are allowing more investors to purchase homes. With rents being high, you could buy a single family home and rent it out possibly getting a quicker ROI. According to a recent study by LendingTree service QuoteWizard, Georgia ranked sixth in the nation for rent increases during 2021 with the cost of a one-bedroom apartment up more than 20%.

  5. According to the Atlanta Agents Magazine, Despite a decline from the same period last year, Gwinnett remained by far the most-active metro-Atlanta county for homebuilding in the second quarter. Home builders here are offering some incentives towards closing costs that were previously not available. Let me know if you want to learn more about these incentives.

Since the market started shifting this summer, people are not really sure what to do with these changes. Remember nothing is a’’ good or all bad. Open your eyes to the opportunities, and you will see that this is a short list of the benefit to the market shift. How can these adjustments support you as you consider your goals in real estate?