It has been quite a year in the Atlanta real estate world. The market has been incredibly hot this year (and, if we're being honest, pretty wild too). The rules basically went out the window. Houses sold for hundreds of thousands of dollars over list price with more offers than sellers could actually count. Buyers waived inspections, appraisals, and just about any potential contingency they could in order to compete. The truth is, it's not like that anymore for the typical home in Atlanta. Sure, some listings are red-hot and generate the wild interest that occurred for any almost livable house in a desirable area earlier this year, but that's no the norm anymore.
To be clear, this doesn't mean that the market is dipping. It's still hot, just not insanely so. Some reason as returned to the Atlanta housing market. It's a good thing really. Some level of reason creates a healthy market. Panic creates insanity and is unsustainable long term. But, the slight cooling has created an interesting phenomenon.
Expectations have been set. Home sellers still expect bidding wars and wild over list price offers, but it's not happening at the same frequency. Home sellers and even real estate agents are getting lazier and lazier because "anything will sell" in this hot Atlant real estate market. Not anymore. So, what happens when these lofty expectations aren't met?
At this point, most buyers are tired. Some have lost a double-digit number of homes since the market heated up. Some buyers may have stopped looking at homes altogether. Now that inventory is gradually starting to rise, buyers should, in theory, get some level of reprieve. Except, in a lot of cases, they don't. Most sellers are more demanding and rigid in negotiations than ever because of their newfound expectations from the hot Atlanta market. And, to be honest, it's frustrating for everyone, real estate agents included.
We've reached a bit of a stalemate in the current real estate market. Burned-out buyers and demanding sellers have created an often tense environment when it might have previously been amicable and pleasant. Hopefully, as we gradually move to a more balanced market here in the Atlanta area everyone will become at least a little more reasonable. Until then, we're likely in for a few tense transition months.
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