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Will the Market Continue Like This?

Explaining the factors contributing to the changes in the market.

Everyone is asking me how the market is. The truth is that it depends on which market you’re in. It's a seller's market up to about $1.5 million, and it's a buyer's market over $1.5 million in the outlying areas. If you're looking in Buckhead, it's probably still a seller's market even in the higher price ranges.

In 2020, we had 11,250 listings available in the metro area. In 2021, we only had 4,089 listings available. That is 63.7% less available inventory. The median days on market in April 2020 was around 50 days. Now in April 2021, the median days on market is 11 days. That's a 78% change in days on market. On top of that, 64% of homes are receiving multiple offers.

"It's a great market for sellers, but if you're a buyer, jump in because prices are continuing to rise."

It's a busy market so you may want to consider if your home has appreciated enough that you want to give your insurance agent a call. You should check on replacement costs because there's a shortage of building materials right now. The replacement cost could be higher on your current home, so you want to check on that and be sure that you're properly covered.

Interest rates continue to be historically low. The 30-year fixed-rate average is around 3% and the average for a 15-year fixed-rate mortgage is around 2.25%. It's also predicted that prices will go up another 7.6% this year. In summary, I would say that it's a great market for sellers. If you're a buyer, jump in because prices are continuing to rise.

I'd love for you to visit my Facebook page where we're running a poll to see what you'd like to hear more about in future blogs and videos. If you have any questions, please feel free to reach out to me by phone at 770-757-0001. I look forward to speaking with you.