Market Update T
The housing market in the second quarter of 2022 authenticated the idea that “ the only constant , is change .” As turbulent as the Atlanta market has been since mid-2020 , the riptide adjustment this past quarter still has heads spinning . So much change , so quickly and on so many levels , left home buyers and sellers trying to steady themselves . Lots to examine , lots to digest and lots to do , but the essential first step is to relax and breath . The Atlanta real estate market , like the national market , is adjusting . The pace of the last 18 months was untenable ; and it ’ s important to remember what we are experiencing is not a crash ; it is a chance for the market to reset and find balance .
The single biggest impact on second quarter sales were rising mortgage rates . At some points , rates were double what they were in Jan , and the Fed isn ’ t done . Those rate sensitive buyers were knocked out and others were forced to lower their desired price points . Listings increased as they do every spring in anticipation of a buyer onslaught … that didn ’ t happen . Both OTP and ITP saw the number of contracts written drop significantly through May and into June . The number of sales in both areas however , increased over the second quarter of 2021 , as did the number of listings .
So now what ? First thing is to step back from the headlines and understand the market is moving toward balance . National and local experts agree that there will be adjustments , but no one is bracing for a crash like the one we saw in 2008-10 . A few key differences now ; mortgages had larger down payments and buyers were not as well qualified , adjustable and or highrisk mortgages were virtually nonexistent , and the market was flooded with foreclosures – all circumstances that are not present today .
All real estate is hyper local ; working with an experienced agent that ’ s been through a shift is the single best thing any buyer or seller can do . Ansley has those agents along with those brokers and those leaders ; skills developed and honed from doing the hard work that others can ’ t . Digging into the pertinent data and explaining the market to clients even when it ’ s not what they want to hear . There is nothing more important than the trust placed in Ansley by each client , achieving their best possible result is the ultimate goal .