ATLANTA, Ga. (CBS46) – Demand for homes is cooling down in the metro Atlanta housing market. That means buyers are starting to have more negotiating power.
Since the pandemic began, it used to be that homes listed for sale wouldn’t stay on the market for very long when the country saw incredibly low mortgage rates. But as interest rates go back to the way they were, the housing market isn’t as hot as it used to be.
“My housing search started a few months ago when I felt like I was financially and finally in the right place to start looking,” said Angel Marie.
But while she thought it was time to by, the timing months ago wasn’t quite right.
“We’ve been going through so much more negotiation than the original process might include. A lot of back and forth,” said Marie.
But now the tide is turning, helping eager buyers.
When the 30-year, fixed-rate mortgage surged to as high as 5.81% in late June, according to Freddie Mac, many people decided to wait before putting an offer. And that has forced some sellers to reduce prices.
“I’ve already seen houses and condos dropping by the thousands,” said Marie.
Georgia real estate agents say, slowly but surely, it’s becoming a buyer’s market.
Georgia Multiple Listing Service data shows last month’s sales are down across the state and in Atlanta.
“Before it was a bidding war. A couple of days and things are coming off the market. And now things are staying on the market a bit longer, the bidding wars are easing month by month,” said Ashley Johnson, realtor at BLEU real estate.
The market is stabilizing, and soon buyers could have a bigger say in prices.
“This is the perfect time, especially with Atlanta being a booming market. people are moving here all the time. Businesses here are coming here all the time. So it’s always a great time to buy in Atlanta,” said Johnson.
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