Is there any slowdown in housing yet? (Atlanta, Avera: days on market, sales)

[hereticiam]

Even when economy slows down it takes a long time for housing market prices to drop. Housing market is also regional so different places will have different performance.
I have seen more price drops in this past week.
However these price drops are only for prices that were up significantly above the past few years.
RedFin saw 20% price reductions.
They are laying off 8% of their workforce due to slowing demand
https://www.cnn.com/2022/06/15/homes...ffs/index.html

Folks who sold their homes already did well. In a few months sellers will have to adjust their expectations a bit and ask for less. I still would not classify this as a price decline. It is just slower price appreciation.

[HomeSweetGeorgia]

Originally Posted by hereticiam

Even when economy slows down it takes a long time for housing market prices to drop. Housing market is also regional so different places will have different performance.
I have seen more price drops in this past week.
However these price drops are only for prices that were up significantly above the past few years.
RedFin saw 20% price reductions.
They are laying off 8% of their workforce due to slowing demand
https://www.cnn.com/2022/06/15/homes...ffs/index.html

Folks who sold their homes already did well. In a few months sellers will have to adjust their expectations a bit and ask for less. I still would not classify this as a price decline. It is just slower price appreciation.

Atlanta-based realtor chiming in: the market has definitely cooled in the past couple months, but mainly in terms of the number offers, amount over listing price, and waiving contingencies. Homes are still being priced high and are selling, but it's taking longer for them to sell. Buyers now don't have waive contingencies and offer crazy amounts over asking, at least for most properties. Inventory is slowly going back up, so theoretically prices should decline as well, though listings are taking time as well. Right now is actually not a bad time (not great) to buy as interest rates will only go higher.

[hereticiam]

We are still looking patiently. Interest rates don’t impact so we are waiting a bit. If we find a nice home at the right price we may move in November or December. As a last resort we will buy in Q1 2023 and move next summer. Atlanta prices have stayed high while many other markets have cooled down. Atlanta does make a lot of lists of overpriced housing markets. I think investors ought a lot of homes as the money was cheap to borrow. Once they slow down in their buying spree there may be declines.

[Esteban5]

How much international money is flowing into the housing market? What has been the impact of having to compete with that?

Is that still a factor?

[hereticiam]

Originally Posted by Esteban5

How much international money is flowing into the housing market? What has been the impact of having to compete with that?

Is that still a factor?

https://www.axios.com/local/atlanta/...tate-investors

Here they list 4 large investors who are buying up homes in Atlanta.

[Citykid3785]

Without a doubt, my realtor friends said there is a slowdown in housing. Partly seasonal, partly interest rates. That's not to say that it's not still a seller's market, but some of the "20 offers 50K over asking before it's goes on the market" edge has gone.

[DabOnEm]

Originally Posted by Citykid3785

Without a doubt, my realtor friends said there is a slowdown in housing. Partly seasonal, partly interest rates. That's not to say that it's not still a seller's market, but some of the "20 offers 50K over asking before it's goes on the market" edge has gone.

How is it partly seasonal when the summer time is when most people are buying and moving? I've seen a lot of markdowns. They are a few markups but nowhere near the number it was earlier this year.

[Citykid3785]

Originally Posted by DabOnEm

How is it partly seasonal when the summer time is when most people are buying and moving? I've seen a lot of markdowns. They are a few markups but nowhere near the number it was earlier this year.

Because in GA, many people start school on August first. Given real estate timelines, those moving to a new school district typically try and start the home purchasing process at the beginning of summer. Anyone (with small children) who has to buy now is going to have to navigate the school process. No parent wants to put their kid in one school for a month, then move and make them start in a new school only one month in if they can avoid it.

[hereticiam]

Originally Posted by Citykid3785

Because in GA, many people start school on August first. Given real estate timelines, those moving to a new school district typically try and start the home purchasing process at the beginning of summer. Anyone (with small children) who has to buy now is going to have to navigate the school process. No parent wants to put their kid in one school for a month, then move and make them start in a new school only one month in if they can avoid it.

I agree with this. Schools in MN start after labor day. Since schools in GA start in early August, it will be tough for us to move before the school year begins. I had created this list as we looked for homes.

Georgia Forsyth Aug 4th
Georgia Milton Aug 8th
Georgia Johns Creek Aug 8th
Georgia Alpharetta Aug 8th
Georgia Marietta Aug 3rd
Georgia Gwinnett Aug 8th

My 10-year-old does not want to move mid-year as he does not want to be new kid in the class.
I empathize with him because moving to a new state is hard under any circumstances and moving in the middle of the school year makes it even more difficult for kids.

[Citykid3785]

Originally Posted by hereticiam

I agree with this. Schools in MN start after labor day. Since schools in GA start in early August, it will be tough for us to move before the school year begins. I had created this list as we looked for homes.

Georgia Forsyth Aug 4th
Georgia Milton Aug 8th
Georgia Johns Creek Aug 8th
Georgia Alpharetta Aug 8th
Georgia Marietta Aug 3rd
Georgia Gwinnett Aug 8th

My 10-year-old does not want to move mid-year as he does not want to be new kid in the class.
I empathize with him because moving to a new state is hard under any circumstances and moving in the middle of the school year makes it even more difficult for kids.

We moved from MN 4 years ago, so we are all too used to the post labor day start. Here, kids already have their first "fall break" the third week of Sept! When we moved, we missed the start of school by 7 days, but we only had a 5 year old at the time and thus the transition wasn't too bad.