Without a crystal ball it's tough to predict exactly what will happen in the future, but what we know for certain is what the real estate market has looked like in the past. The previous three years
Signs of a Normalizing Market
Dated: December 7 2022
Without a crystal ball it's tough to predict exactly what will happen in the future, but what we know for certain is what the real estate market has looked like in the past. The previous three years have been unprecedented with historically low interest rates, creating buyer demand for homes unlike anything we've seen before. Multiple offers have forced buyers to waive inspections and pay over appraised value just to have any chance of winning a bidding war in hopes of purchasing a home...clearly not the ideal buying environment. But for the first time in three years we are starting to see some normalization of the market. The number of days homes are staying on the market and the months supply are nearly identical to what we experienced in November 2019.
Inventory remains low so a drop in interest rates could create another flood of buyers in the coming months. Rates have dropped slightly for three weeks straight and at the time of this post were below 7% for a 30 year fixed rate. With the option of refinancing when rates come down in the future purchasing a home now when sellers are more likely to negotiate and/or contribute toward buyer's closing costs might make more financial sense than continuing to pay high monthly rent payment.
The figures shared here are for Noth Cobb County. For detailed market statistics in your area or to discuss whether this may be a good time for you to buy or sell give Rebecca a call!
Hello and welcome to my website! I’m Rebecca Cooper. I’m a wife, mother, daughter, volunteer, community supporter, Realtor and am southern at heart (but not by birth…more on that later). I hav....
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