What Will the New Year Bring for the North Georgia Real Estate Market?
With mortgage rates beginning a steady climb and the unprecedented market we have seen over the past few years, many people are wondering exactly what to expect from the North Georgia real estate market in 2023.
Will We See a Buyer’s or Seller’s Market in 2023?
Due to the increase in mortgage interest rates near the end of 2022, home sales are expected to slow down a bit, giving home buyers a slight advantage in the housing market in 2023. The key word here is slight. While home buyers will have more homes to choose from, which may help prevent the bidding wars seen in 2022; home prices will remain high.
This real estate market situation, according to Realtor.com, actually means that the new year’s housing market could become a “nobody’s-market” that is not real friendly to buyers or sellers.
Here are some additional facts about the 2023 Real Estate Market from Realtor.com that helps explain what buyers and sellers are facing when it comes to real estate transactions in North Georgia in the new year.
2023 North Georgia Housing Forecast
- The average mortgage payment will increase by 28% to a whopping $2,430 per month, which means many people in North Georgia won’t be able to afford to purchase a home.
- Average mortgage interest rates will hover around 7.4% which is a stark contrast to the 3% rates we were seeing in North Georgia in 2021.
- Although it will be at a much slower rate, we will continue to see home prices rise around 5%.
- Home buyers will have more opportunities to buy a home without worrying about bidding wars in 2023, as home inventory is expected to increase by 23%.
- Rental prices are expected to increase by 6.5% this year, meaning that buying a home is still the better financial move when choosing a place to live.
Work With an Experienced North Georgia Realtor to Be Prepared to Buy or Sell a Home in 2023
Working with an experienced Realtor for all of your real estate needs is the best way to be prepared for what the market has in store for the new year. Buyers should begin by getting pre-qualified so they know exactly how much they can afford to spend on a home for sale in North Georgia. This will allow them and their Realtor to be ready to negotiate when they find the home of their dreams.
Sellers should be prepared to price their home competitively because well-priced homes in desirable North Georgia towns will still be popular on the North Georgia real estate market. The professional real estate team at Southern Select Properties can help you find out what your North Georgia home is worth right now, so you will know exactly what to expect when you list your home for sale.
Southern Select Properties in Dawsonville Georgia is Here to Help You Buy or Sell a North Georgia Home
Contact the team at Southern Select Properties today to learn more about how we can help your with all of your real estate needs in North Georgia. We have over a decade of experience buying and selling homes in North Georgia and can’t wait to help you get the best deal.
