Housing Market Forecast: High Interest Rates, Low Inventories Will Be The Hallmarks Of 2023
The past two years have been full of trauma and change. From an economic point of view, we are facing some really challenging situations in the US and around the world.
But now it's not as gloomy as all that. Local real estate professionals point out that the market is now picking up on a healthy footing.
They're also quick to point out that Intown, Buckhead, and regions like Brookhaven, Dunwoody, and Sandy Springs are mostly strong.
Regardless of whether economists are forecasting a recession in 2023, Georgia is poised to weather headwinds thanks to a strong hard labor market and major developments bringing funds to the kingdom, which means more jobs.
Mizell noted that Atlanta has an advantage in the national market, as it continues to be one of the top five cities nationwide for corporate relocation
“Generally, we expect to keep the real estate market normalizing,” Mizell said. “Hobby charges are more than double what they were in early 2022; but, inventory levels are still very low.”
Mizell said Atlanta needs new trends that are manageable by using first-time homebuyers
“The rate of appreciation has pushed most of our first-time homebuyers to the suburbs, so any more affordably priced properties,