August Newsletter

Real Estate Newsletter

August 2023

Hi Everyone! Here is the 3rd installment of my quarterly market update newsletter. However, I'm a little late on the quarter so this will be something like a 4 month update. I hope everyone had a nice summer! We had a great time but it's sure nice to have the kids back in school. This pic was circulating on social media and I thought it was a funny version of the back to school pics everyone does!

Metro Atlanta Housing Stats

*Housing stats were pulled from all of fmls and are including attached and detached residential properties. August 2023 stats are from 
August 1st - August 14th. 
 
 
Localized stats

*Housing stats were pulled from fmls and are including detached residential properties only. Peachtree City stats were pulled from gamls.

Mortgage Rate Stats

*Mortgage rates were pulled from Freddie Mac. Rates are published on a weekly basis however I've used the rate from the first week of each month shown. 

Housing Market Outlook

 
The higher interest rates, although they have been relatively stable for the past 10 months, have definitely put a damper on activity. The second quarter this year in metro Atlanta saw 21,249 sales versus 26,170 during the second quarter last year. Many people are choosing to renovate their current homes to meet their needs versus moving and losing their great rates. Over 60% of homeowners have a rate below 4% and over 90% have a rate below 6%. Due to the low inventory on the market it remains a great time to sell with prices staying high and homes getting gobbled up fast. The laws of supply and demand in full effect. 
 
Here is what you can expect currently as a:
 
Buyer: Low inventory. Competitive environment. High prices. Higher interest rates. Sounds enticing right?! However rates are still not that high historically speaking and you can always refinance into a lower rate if they go down. Rental prices are also very high and you are building no equity. 
 
Seller: Prices near all time highs. Low inventory means that if your home is desirable you could have an opportunity for a bidding war. However it is always important to price your home appropriately and present it in the right way.

Thanks for reading and please feel free to reach out if you have any questions / comments. Any feedback or suggestions on content you would want to see in this newsletter are always welcomed. My business thrives on repeat clients and referrals so a BIG thank you to everyone who supports me in these ways! Ready to achieve your next real estate goal?

Reach out to chat!

Steven Schuerman
 
Realtor®
M: 404.725.3863
O: 404.668.6621
[email protected]

Office: 404-668-6621

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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