Happy weekend to ya - especially all you "first day of school" parents who got the first few days of the "new routine" off the ground. Has to be bittersweet - both getting the kids out of the house so you can work from home in peace but also having to alter your morning routine (perhaps getting up earlier now?) to accomplish rousing them up and sending them off, too.
Oh, and yeah, they're growing up so fast. Emotional, I'm sure!
Well kudos to you, either way. Now comes the time of the year where the housing market cools a bit (can we get some of that with the weather too, please?) mostly because home-buying families like to be in place before school starts. So there's one reason why competition for people still interested in buying is less intense. That, mortgage rates being about twice as high as they were a year ago running some buyers off, too, and inflation eating into budgets (and savings!) all impacts the number of people actively looking to buy.
Some people give me that funny look when I tell them this is actually a GOOD time to be a buyer. "Say what?"
No, really; it is. Okay, so interest rates aren't as crazy-low as they were a year ago. So what? They're still historically good. Ask your parents or grandparents what they paid in the 80s, 90s, or even just twenty years ago. Here; look at Freddie Mac's chart dating back to 1971 for reference.
Then, consider the drop in competition. Fewer offers to compete against and that means sellers can come off their two-year ride on that high horse, expecting wildly "over" asking price offers without conditions.
You still get more for your monthly housing budget than you would by renting, because rent has gone up, too. In some areas of metro Atlanta, up to 83% over what they were a year ago, according to this report from WSB-TV.
Local MLS data shows we're over a two-month supply of housing for the first time since August of 2020. "Months supply" refers to the number of months it would take for the current inventory of homes on the market to sell at the current sales pace. The current supply (2.1 months) is still absurdly low, but seems back on its way to around 3 months, where it was pre-pandemic.