Karen Cannon

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”

While inventory is up compared to the last couple of years, it’s still low overall. And because there still aren’t enough homes to go around, that’ll keep upward pressure on prices.

If you’re thinking of buying, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

So, getting into the market sooner rather than later could still save you money in the long run. Plus, you can feel confident experts say your home will grow in value after you buy it.

Mortgage Rates Are Forecast To Come Down Slightly

One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association(MBA), and NAR (see chart below):

When you buy, even a small drop in mortgage rates can make a big difference in your monthly payments. For sellers, lower rates will bring more buyers back into the market, which can help you sell faster and potentially at a higher price. Plus, it may help you get off the fence, if you’ve been hesitant to sell due to today’s rates.

Home Sales Are Projected To Hold Steady

For 2024, the number of home sales will be about the same as last year and may even rise slightly. The graph below compares the 2024 home sales forecasts from Fannie Mae, MBA, and NAR to the 4.8 million homes that sold last year:

The average of the three forecasts is about 5 million sales in 2024 – a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains why:

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

With more inventory available and mortgage rates expected to go down, a few more homes are expected to be sold this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.

Bottom Line

If you have any questions or need help navigating the market, reach out.

Purchasing or selling a home is a significant milestone in anyone’s life, and it comes with a slew of responsibilities and decisions. One of the most crucial steps in this process is the home inspection. For both buyers and sellers, a thorough home inspection is essential to ensure a transparent and smooth transaction. In this comprehensive guide, we will explore the importance of home inspections from both perspectives and shed light on how to make the most of this critical stage in the real estate journey. 

Home Inspections for Buyers:  

1. **Understanding the Purpose of a Home Inspection:**

   When you’re in the market to buy a home, a home inspection is your opportunity to gain a deeper understanding of the property’s condition. It helps you uncover potential issues, safety concerns, and the need for repairs or maintenance. 

2. **Choosing the Right Inspector:**

   Selecting a qualified and experienced home inspector is crucial. Look for someone who is licensed, has a good reputation, and is thorough in their assessments. Ask for recommendations from your real estate agent or friends who have recently purchased homes. 

3. **Accompanying the Inspector:**

   Whenever possible, be present during the inspection. This allows you to ask questions, seek clarifications, and gain insights into the property’s maintenance requirements. 

4. **Reviewing the Inspection Report:**

   Once the inspection is complete, carefully review the report provided by the inspector. It should detail all findings, including any issues or potential problems. Use this report to negotiate with the seller for repairs or price adjustments.   

5. **Making Informed Decisions:**

   Armed with the inspection report, you can make an informed decision about whether to proceed with the purchase, negotiate for repairs, or reconsider the deal altogether if significant issues are uncovered. 

**Home Inspections for Sellers:** 

1. **Preparing for the Inspection:**

   As a seller, it’s in your best interest to ensure your home is in the best possible condition before the inspection. Address minor repairs, clean and declutter, and make sure all systems (plumbing, electrical, HVAC) are in working order.   

2. **Choosing to Pre-Inspect:**

   Some sellers opt for a pre-listing inspection, which can reveal any issues in advance. While this may require upfront costs, it can help you address problems before they become obstacles in the sale.  

3. **Being Transparent:**

   Disclose any known issues or defects to the buyer and their inspector. Honesty can help build trust with potential buyers and prevent future disputes. 

4. **Negotiating After the Inspection:**

   In most cases, buyers will request repairs or a reduction in the sale price based on the inspection report. Be prepared to negotiate and be open to reasonable requests to keep the deal on track. 

5. **Completing Repairs:**

   If you agree to make repairs, ensure they are completed by qualified professionals and provide documentation to the buyer as proof of the work done. 

**Conclusion:** 

In the world of real estate, home inspections are a vital part of the buying and selling process. For buyers, inspections provide peace of mind and the opportunity to make informed decisions. For sellers, they offer a chance to showcase the home’s condition and address any issues transparently. 

Both buyers and sellers should approach home inspections with a cooperative mindset, understanding that they serve the common goal of ensuring a fair and smooth transaction. By following the steps outlined in this guide, you can navigate the home inspection process with confidence, making it a valuable tool in your real estate journey. 

In July, the real estate market in Dunwoody, Sandy Springs, and the surrounding areas maintained its robust demand. Similar to the nationwide trend, there was a slight increase in supply compared to previous months. However, this increment was insufficient to counterbalance the persistently strong seller’s market, as the supply levels remain at only half of what they were in 2019.

Key Points

– Dunwoody’s supply of homes is down considerably compared to this time last year and 2021.

–  The average sales price in Dunwoody continued to increase from June and is considerably higher than 2022 and 2021’s July average sales price.

– In both Dunwoody and Sandy Springs, houses are sitting on the market for slightly longer.

Average Sales Price

In July, there was a consistent upward trend in the average sales price within Dunwoody, reaching a notable $830,030. This marks a substantial 42% surge from the previous year’s figure of $584,760. Conversely, Sandy Springs experienced a slight decline from $777,831 in June to $714,903 in July. However, it’s worth noting that the average sales price in Sandy Springs remains comparable to the levels observed during the same period last year.

In summary, Dunwoody witnessed a significant increase in average sales price compared to the previous year, while Sandy Springs demonstrated stability in line with its past performance.

Average Days on Market

During the month of July, both Dunwoody and Sandy Springs experienced a rise in the duration that houses remained on the market. In Dunwoody, the average days increased from 10 to 15, a pattern consistent with historical trends —18 days in July 2021 and 12 days in July 2022. In contrast, Sandy Springs saw a more pronounced deviation, with the average days on the market increasing from 27 to 32. This notable shift stands in contrast to previous years’ data.

In summary, July brought an increase in the time houses spent on the market in Dunwoody and Sandy Springs. While Dunwoody’s trend aligned with past years, Sandy Springs displayed a more significant departure from its historical pattern.

Months Supply of Homes for Sale

Sandy Spring and Dunwoody both saw an a small increase in months supply from June to July. Compared to this time last year, Dunwoody is showing a 27% decrease in months supply. Sandy Springs, on the other hand, is showing a 41% increase compared to this time last year.

Homes for Sale

In July, both Dunwoody and Sandy Springs observed a modest rise in the number of new homes available for sale. Dunwoody witnessed a slight increase from 28 homes in June to 33 homes in July, indicating a 47% decrease compared to June 2022 when there were 62 homes available. Similarly, Sandy Springs experienced a small increase from 145 homes in June to 148 homes for sale, representing a mere 4% decrease compared to the previous year.

Pending Sales

In July, the number of pending sales in Sandy Springs continued to dip, reaching 69 compared to 77 in June. Similarly, Dunwoody decreased from 33 to 24 pending sales. When compared to July 2022, Sandy Springs observed a 33% decrease in pending sales, as it had a total of 84 pending sales during that period. In contrast, Dunwoody experienced a significant 47% decrease from July 2022 when there were 43 pending sales.

Key Takeaway

In brief, as the supply once again decreased, we observed a rise in the average sales price. To put it plainly, the availability of homes for sale is insufficient. Buyers are faced with limited choices, which is why if you’re contemplating selling, collaborating with an agent to formulate a well-thought-out strategy for pricing and marketing can make your house stand out. Seize the opportunity today and get in touch with our team to gain insights into market trends and discover how our expertise can assist you in reaching your real estate goals.

*All data from First Multiple Listing Service. InfoSparks© 2023 ShowingTime.

In May, the real estate market in Dunwoody, Sandy Springs, and the surrounding areas maintained its robust demand. Similar to the nationwide trend, there was a slight increase in supply compared to previous months. However, this increment was insufficient to counterbalance the persistently strong seller’s market, as the supply levels remain at only half of what they were in 2019.

Key Points

– Both Sandy Springs and Dunwoody experienced a minuscule decrease in the average sales price, which correlated with a small increase in supply.

– The average days on the market in both Dunwoody and Sandy Springs witnessed a sizable reduction, extending the trend observed in April.

Average Sales Price

In May 2023, the average sales price in both Dunwoody and Sandy Springs saw almost no change. Sandy Springs remained stable at $790,072, indicating a minimal 1.5% change compared to April and a slight 10.1% rise from May 2022. Likewise, in Dunwoody, the average sales price slightly declined to $666,325, representing a decrease of 6.42%. When compared to the corresponding period last year, the average price in Dunwoody exhibited a minor 1.3% change, indicating a similarity.

Average Days on Market

In May, both Dunwoody and Sandy Springs experienced a significant decline in the average days on the market, which had already been observed in April. Dunwoody witnessed a remarkable drop of over 40% to just 12 days. Nevertheless, it’s important to highlight that this represents an increase compared to the same period last year when the average days on the market were only 8 days. Similarly, Sandy Springs observed a decrease in the average days on the market from 22 to 19 days. It’s worth noting that during the corresponding period last May, the days on the market in Sandy Springs stood at 16 days.

Months Supply of Homes for Sale

Sandy Springs saw the smallest increase in months supply from 1.9 in April to 2.0 in May. Meanwhile, Dunwoody saw a jump from 0.4 to 0.8 in months supply, reflecting a 100% increase compared to April but a 27.3% decrease from May 2022.

Homes for Sale

In May, both Dunwoody and Sandy Springs observed a modest rise in the number of new homes available for sale. Dunwoody witnessed a slight increase from 14 homes in April to 25 homes in May, indicating a 44.4% decrease compared to May 2022 when there were 45 homes available. Similarly, Sandy Springs experienced a marginal increase from 128 homes in April to 134 homes for sale, representing a mere 3% increase compared to the previous year.

Pending Sales

In May, the number of pending sales in Sandy Springs continued to rise, reaching 81 compared to 72 in April. On the other hand, Dunwoody maintained a steady number of 30 pending sales, showing no change. When compared to May 2022, Sandy Springs observed a 12.5% increase in pending sales, as it had a total of 72 pending sales during that period. In contrast, Dunwoody experienced a significant 50% decrease from May 2022 when there were 61 pending sales.

Key Takeaway

In summary, despite the slight increase in market supply in Dunwoody and Sandy Springs, it is important to note that the seller’s market remains robust. The current market dynamics are still heavily influenced by the supply of homes. For those considering selling their homes during this opportune time, it’s crucial to adopt the right pricing and strategic approach. By partnering with our team, you can navigate the market effectively and maximize your chances of securing top dollar for your property. Take action today and reach out to our team to learn more about the market trends and how our expertise can help you achieve your real estate goals.

 

*All data from First Multiple Listing Service. InfoSparks© 2023 ShowingTime.

Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.

The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.

When it comes to selling your most valuable asset, consider the invaluable support that a real estate agent can provide. By partnering with an agent, you can navigate the complexities of the selling process with confidence. Here are just a few of the many ways an agent is essential to your home sale:

1. Marketing and Exposure

Effective marketing is a key piece of attracting qualified buyers to your property. Real estate agents have access to various marketing tools and platforms, including MLS listings, professional photography, virtual tours, and extensive professional networks. They can create a compelling listing that highlights your home’s best features and reaches a wider audience.

If you sell on your own, you may struggle to match the reach of agents, resulting in limited exposure and, ultimately, fewer potential buyers.

2. Managing Liability and Legal Considerations

Today, more disclosures and regulations are mandatory when selling a house. And all that paperwork and all the legal aspects of selling a home can be a lot to manage. Selling a house without professional guidance exposes homeowners to potential liability risks and legal complications.

Real estate agents are well-versed in the contracts, disclosures, and regulations necessary during a sale. Their expertise helps minimize the risk of errors or omissions that could lead to legal disputes or delays.

3. Negotiations and Contracts

Negotiating the terms of a home sale can be challenging, especially when emotions are involved. You may find it overwhelming to navigate these negotiations alone. Without an agent, you assume this responsibility on your own. This means you’ll have full accountability for working and negotiating with:

• The buyer, who wants the best deal possible.
• The buyer’s agent, who will use their expertise to advocate for the buyer.
• The home inspection company, who works for the buyer.
• The home appraiser, who assesses the property’s value to protect the lender.

Rather than going toe-to-toe with all these parties alone, lean on an expert. Real estate agents act as intermediaries, skillfully negotiating on your behalf and ensuring that your best interests are protected. They have experience in handling tough negotiations, counteroffers, and contingencies. When you sell your house yourself, you’ll need to be prepared to manage these vendors on your own.

4. Pricing and Housing Market Knowledge

Determining the right asking price for your property is crucial. It requires in-depth knowledge of the local real estate market, including recent sales data, neighborhood trends, and the current demand for properties. Real estate agents have access to comprehensive market data and the expertise to analyze it accurately.

When you sell your house on your own without this comprehensive information, you risk overpricing or underpricing your home. This can result in an extended time on the market and also the risk of leaving money on the table – which decreases your future buying power. An agent is a key piece of the pricing puzzle.

Bottom Line

While selling a home on your own might seem appealing at first, the challenges that come with it can quickly become overwhelming. The expertise that a real estate agent brings to the table is vital for a successful sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side.