The real estate world saw it’s fair share of surprises during 2023. From yo-yo interest rates to inventory shortages, there’s a lot to take in regarding the housing market. But as they say, hindsight is 20/20—which is why we always look for the trends of the past to prepare us for the future.
So, take a walk down a 2023 memory lane as we digest the year’s events and prepare to move ahead.
Let’s take a look at the year’s real estate trends.
In 2023, home prices have kept their upward momentum even as home sales experienced a slight dip. Although the market began to slow, pent-up buyer demand kept homes from depreciating. While the rate of appreciation may not reflect the sky-high percentages of years prior, there is still an upward trend. Even through volatile mortgage rates, it’s amazing to see the resilience of the real estate market.
The imbalance between supply and demand has created a challenge for buyers now that there are fewer homes available for purchase. One major factor? Sellers enjoying low mortgage rates from previous years are hesitant to move. Combine this with high demand, and it's no wonder buyers are facing fierce competition for the few available properties.
Mortgage rates have been on a perpetual rollercoaster throughout 2023. The year started off surprisingly optimistic with rates in the mid-fives range. However, a spike occurred in the beginning of February, and the rates haven’t cooled since. While there have been a few drops since the steady incline, the majority of buyers in 2023 were faced with a difficult decision—buy now, or wait for the rates to drop. Unfortunately, many of them got left behind.
Image - Freddie Mac
At the end of the day, the rates have yet to indicate any significant drops. But when they do? Expect the buyer floodgate to break with steep competition pouring into the housing market.
Our advice—slip into the market now while the competition is still low. You don’t want to get swept away in another multiple-offer war zone. Reach out to The LaMon Team now to devise a strategy to get you into a home before the market picks up.
All Atlanta foodies rejoiced at the news of 5 restaurants earning Michelin stars in late-2023. The Michelin acknowledgement brings a “certain respect” to the culinary scene according to Kristal Dixon of Axios. So, make sure to get reservations for your next date night to celebrate!
This family-friendly attraction has been closed for some time during remodeling, but the LEGO Discovery Center officially reopened in 2023 with $5 million worth of renovations. With new building stations and a racing VR experience, make sure to pay this exciting LEGO center a visit.
Alright foodies, we still have some more news for you! Even with so many amazing restaurants flooding the Atlanta culinary scene, there will always be more flavors to discover. Checkout this list of anticipated eateries joining Atlanta early next year.
A lot can happen in a year, but you can always count on The LaMon Team to keep you up to date with all things local. From real estate trends to restaurant openings, we’re happy to be your Atlanta experts.
If you’re thinking about making a move in 2024, reach out to our team to start strategizing today!
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.