Here's what experts say 2023 holds for Atlanta real estate
Atlanta shows no signs of a market crash this year. Here's what experts say to expect instead.
1. Home prices are more likely to go up.
Supply simply can't keep up with demand.
With "a huge deficit of housing," strong demand and expected population growth, the Atlanta metro market is poised for appreciation, says Kelly Stephens, vice president and managing broker of Engel & Völkers' North Fulton and Buckhead offices.
2. Still, 2023 won't be as hectic for buyers.
The market won't be as tumultuous as 2021 or 2022, according to Stephens.
Zoom out: Karen Hatcher, immediate past president of the Atlanta Realtors Association, predicts a healthy economic outlook for 2023, which should drive relocations and incomes.
- "Coupled with interest rates leveling out, we should see strong buyer demand from locals and domestic migration with a healthy selling season," she says.
3. New construction will be important.
To keep up with all the demand, Hatcher says new construction will be necessary.
Current homeowners who bought or refinanced in the last couple of years when mortgage rates were at record lows are projected to stay in their homes, she says.
Stephens predicts there will be "more new construction sales in proportion to resale this year."
- "Builders are continuing to add inventory and are finding ways to work with lenders on a bulk scale to help open up better mortgage options for buyers," she says.
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