ATLANTA — In just the last couple of years, mortgage rates have spiked, causing a major change in what happens in the housing market.
According to some real estate experts, the rates are one of the biggest factors in whether sellers decide to put their homes on the market and when buyers make an offer.
“We are uniquely positioned in a place that allows job growth and real estate growth," said broker Nyala Allen of ACE Veteran Realty.
Atlanta saw home listings fall by more than 11%, according to RedFin.
This decline puts the city among the top 10 other cities in the country that experienced similar drops in home listings.
“It's slowing in the sense that we’re not seeing 20 multiple offers that we did a year and a half ago," said Allen.
Allen and fellow broker Aisha Thomas both agree that interest rates have had wide-ranging effects on the housing markets in the last year.
“The Georgia Realtors Association just reported that compared to last year, the amount of closed sales decreased by 20%. For properties under $200,000, it decreased by 30%," said broker Aisha Thomas of The Thomas Agency.
Thomas explained despite the gloomy numbers, there is a bright spot in all of this.
“Even if you are interested in getting a home right now, don’t let this deter you because real estate is cyclical. Even though the equity is a little less, the circle is going to come back around," she said.
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