2024 will be a terrific market for sellers. (And buyers, too!)

Home prices in Georgia are rising and will continue to rise until the supply-demand dynamic changes. The number of houses for sale in Georgia was only 43,000 in September 2023. There is a very limited inventory to satisfy the demand from house hunters. This also makes it the best time to sell a house in Georgia.

In fact, after the mortgage rate plummeted from a two-decade-high rate of 8% to 7.35% in November, new listings rose. This shows that those who refused to sell due to mortgage rate lock are finally acclimatizing to 7% rates. Come spring 2024, more homeowners will follow suit and list properties.

As home listings in Georgia increase, home shoppers hugging the sidelines will also return. In fact, the recent uptick in mortgage applications shows that buyers are returning.

House hunters who could not find affordable homes in 2023 will also start shopping in 2024. The demand for Georgia houses will increase — and that’s why sellers may be able to dominate the market.

Currently, there are very few buyers in the market compared to the supply of homes in Georgia. The soaring interest rates have kept buyers at bay, so you can avoid bidding wars. As the mortgage rate stabilizes in 2024, more buyers will return, so we’d recommend you buy a house now. If mortgage payments burn a hole in your pocket, you can always refinance. (Houzeo)

The real estate industry is cyclical. I believe that if you are at a time of your life that warrants selling, there is no better time than today to list your home. If you are a buyer ready to find your dream home, start looking. You probably will not have to compete with other buyers and may find the seller ready to work with you.

SELLER: Call a Realtor to help assist you.They will do a comparable market analysis that will provide you with a price that is competitive and profitable.

BUYER: A Realtor will provide you with all the properties that meet your budget and criteria.

THOUGHT FOR THE DAY:Do your best and God will give you strength to bear whatever comes. (Jefferson Davis)