Is Now a Good Time to Buy in North Atlanta?

Buyers have gone through a wild ride over the past 2 years from navigating COVID, having to compete with other buyers, to making offers with little to no contingencies and paying above the asking price. 

Fast forward to today and now Buyers are seeing a much different market. Mortgage rates are much higher, with the headline rate around 7% and mid 6% advertised by some lenders. This has clearly impacted the spending power for a buyer when comparing to the 3% rates that were available just over a year ago. 

Here are 3 reasons why Buyers may want to start shopping again.

#1 Price reductions! CLICK HERE to see all the homes that have done a price reduction in the Alpharetta, Johns Creek, Roswell and Milton market. A year ago, it was rare to see an active listing with a price reduction and as of the creation of this post, roughly 20% of current listings have had to do at least one price reduction. 

So while the average selling price was 104% or higher in certain areas of our local market, we are now seeing opportunities to purchase a home at 95% of asking price. That is a 9% price swing!

#2 Average Selling Price is down 5% from peak in May. Not only are buyers seeing an opportunity to go under contract at a lower price than the asking price, but homes are priced lower in the Winter selling season. 

#3 While rates are starting to moderate, lenders are getting creative with buy down programs that can reduce rates from 1-2% for the first couple of years. With rates expected to come down, there are creative ways to help lower the monthly cost of a new loan, but you will want to speak more with a lender or one of our preferred lenders offering exclusive discounts for our clients. 

If you’re looking to make a move give us a call today! (678) 665-0202