The housing market isn’t doing buyers any favors.
According to Forbes, inventory around the country is at record-setting lows, and houses that are available are bought in no time. Additionally, the business magazine cited a recent National Association of Realtors’ report saying all-cash buyers, including investors, have increased to 23% of the sale’s market, up from 19% the previous year.
So what is the current market like in Atlanta?
Real estate brokerage Redfin noted that home prices were up 20.5% in January 2022 compared to last year, selling for an average price of $392,000.
Homes in Atlanta typically sell after 34 days on the market compared to 50 days last year. And 776 homes sold in January 2022 — down from 990 last year.
Redfin rates Atlanta as a somewhat competitive housing market with a score of 53. Multiple offers are placed on some homes while average homes sell for around 1% under the list price. Homes go pending in about 31 days. If a home is hot, it goes pending even sooner — in about 12 days — after selling for about 2% above the list price.
On average, 32.9% of homes have sold above the list price, which is more than a 37% increase year-over-year.
“Househunting is stressful in the best of circumstances. It’s especially so in a seller’s market when inventory is low, and multiple buyers are competing for the same properties. Multiple offers can happen in any market, though,” The Balance reported.
The personal finance and news website offered several tips to navigate buying a home with multiple offers. They include showing the seller you’re qualified and submitting a large earnest money deposit, a good-faith deposit that goes toward your downpayment.
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