BROOKHAVEN - The real estate market over the last year has been described as "scorching hot" and "on fire." But now that schools are back in, the new phrase is "cooling off." The US real estate market has been steadily climbing for years, but the pandemic created a rarely seen situation for home buyers.
The interest rates have been historically low. Millennials, the largest generation, were ready for first homes and to buy up. West Coasters working virtually realize they can move to Atlanta and get more home for their money. And because we were homebound, the buying season never ended.
Well, students are back in school. People are going back to work and planning holiday vacations again, so the market is cooling off.
Erik Benjamin, a realtor, said, "Inventory is up. It gives you more choices instead of the desperation. For example, I listed a house earlier this year and it was a dump, and we still got 41 offers on it."
He says in the market right now, this same property would see at most three offers.
The Keller Williams realtor met us in Brookhaven where he often shows homes. He says of 135 active listings 34 percent have price reductions. We got so accustomed to people bidding over the asking price that this is a break for the home buyer.
But it’s not a flat market because Californians are coming with cash.
"I closed on one about three weeks ago," he told the Fox 5 I-Team. "They paid $60,000 over asking and it was a $600,000 house. So it was 10 percent over asking with $50,000 earnest money."
He says the Atlanta market is still healthy and stable, and no one is predicting a housing bubble. It’s simply normalizing. So, if you’re were priced out, it might be a good time to look again.