Market Update
A new year is upon us and as usual , we digest what transpired and look forward in anticipation of what is likely to happen . Despite the continued histrionics from the national media , the Greater Atlanta real estate market is not collapsing and isn ’ t likely to anytime soon . This region did not “ zoom ” up ; growth here continues to be steady and driven by solid fundamentals . Multiple sources note this ; Atlanta was named the best place to live by Money Magazine in 2022 and the National Association of Realtors ® forecasts Atlanta to be the top U . S . housing market in 2023 . We agree and we ’ re guiding our clients though the market as it balances .
Buyers and sellers respond differently when markets adjust . Buyers tend to react much faster to change , and sometimes they simply don ’ t have a choice . When interest rates shot up , the most rate sensitive buyers were eliminated . Buyers that remained saw two things ; rate hikes and reduced competition . These buyers are now more measured , cautious , and willing to shop inventory . However , many of these buyers think they control the market . They don ’ t , the market is balancing . This is not January 2011 when buyers feasted like Willie Wonka in the Chocolate Factory .
Sellers are much slower to acknowledge the current market . Many think the move to balance doesn ’ t impact them ; their home is the one in a hundred that beats the odds . The days of list , leave for the weekend and review thirty offers above ask with no contingencies are over . Balance means that contingencies are back ; inspections , appraisals , finance and more . Balance means a return to negotiation , the need for accurate pricing and understanding a home might not sell in a week . This is not March 2022 when listings disappeared like sardines at the seal exhibit in Sea World .
The next forty or so pages provide look at Q4 2022 vs Q4 2021 . Numbers are nice , context is critical . The national media reports do not reflect the Greater Atlanta market . Real estate is not a monolith ; it is an amalgamation of submarkets . Each of those markets have different types of homes , price points and characteristics unique to that area . Appropriate information is key , the rest is just noise . Ansley agents have the skills , resources , and data that buyers and sellers need to be successful . It ’ s clichéd , but the value of working with an experienced agent immersed in this industry cannot be overstated . “ A good Captain is not made from calm seas ”.