Hey there!

Can you believe we’re already in the second half of 2024? Time flies! One of the top questions my team and I get asked is, “Is it a good time to buy or sell?” To answer that, let’s dive into the latest updates on mortgage rates, inventory, and pricing, especially here in the North Atlanta suburbs, including Cherokee County.

Hi, I’m Bonnie Lelak with eXp Realty.

Mortgage Rates: The Current Landscape

Right now, mortgage rates are still on the higher side. Despite earlier predictions that rates would drop into the 5% range, they’re hovering around the high sixes and low sevens. But don’t lose hope! Experts remain optimistic that we’ll see a slight decrease later this year.

Inventory Trends: What’s Happening?

When it comes to inventory, we’re seeing some interesting trends. Overall, inventory levels are lower than normal, and new listings are historically low. According to the Redfin Market Report, new listings are up 7.7% from last year but still below typical levels for this time of year. Many homes are sitting on the market for 30 days or longer without an offer. This is often because of high-interest rates or properties not being priced right or move-in ready.

Most buyers today don’t want to deal with costly repairs or renovations; they prefer homes that are in good condition to avoid extra expenses.

Pricing: What Does It Mean for Buyers and Sellers?

The good news for sellers is that buyers are still out there and willing to pay premium prices for homes in good condition and in great locations. While home prices remain at record highs, the pace of growth has slowed. Why? Even though we’re still facing a housing shortage, inventory levels aren’t as severe as last year. Buyers are seeing more homes on the market, which gives them more options and helps keep prices from becoming overinflated.

So, Is Now a Good Time to Buy or Sell?

It really depends on your situation. If you need more information on what’s happening in your local area, please reach out to my team and me. Thinking about buying or selling a home but don’t know where to start? 🤔🏠 Just comment "buyer" or "seller" below, or DM me, call, or text me at 404.788.2580. We’ll direct you to our comprehensive virtual seminars. It’s your first step towards making informed, confident decisions!

We’d love to give you an in-depth analysis of inventory, pricing, and mortgage rates in the North Atlanta suburbs.

I’m Bonnie Lelak with the Lelak Real Estate Team and eXp Realty. And remember, we love bringing people and homes together.