April 2024's Atlanta Real Estate Market Update | Atlanta Housing Market Stats
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- čas přidán 26. 07. 2024
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👋 Welcome to April 2024's Atlanta Real Estate Market update. This is a longer market stats video, so if you're looking for a deep-dive into how the Atlanta housing market is doing, then this is the video for you.
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📚 VIDEO CHAPTERS
00:00 Welcome
01:01 General Stats
20:45 Luxury Market Stats
35:42 Showing Activity
41:20 Mortgage Rates
This one's a long one, I appreciate that. If you like stats though, it's a deep-dive! Let me know how you like this stats format, especially if you've watched my previous stat videos, I'd love your feedback. What would you add or do differently?
Please don't change this format. This is probably the most transparent any agent on CZcams has been including deep dive analysis.
I enjoy watching videos like this as I like to see the market trends.
Thank you kindly for the feedback, it's very helpful!
Also one last note. I love mortgage news daily, shows a better picture for rates than the weekly Freddie Mac survey mainstream media quotes. However mortgage news daily based rates on 760+ credit score and 20% down. Bankrate is a good source to check rates as well. They use lower credit score, I think 720 and less down-payment which is more realistic in my opinion.
I do like MND better than Freddie too. I'll take another look at Bankrate. I avoided them because of their heavy emphasis on selling leads to 3rd party outfits.
Very thorough video and a data nerd like myself (accountant by trade) loves it. I think housing overall is in a catch 22. With inflation and credit card bills as high as it is, it's tough for buyers to afford homes at the current prices and they are looking for additional inventory to bring prices down. However most current homeowners refinanced when rates were below 5% and don't want to give up that rate for a 7% rate today. Something needs to give in order to bring balance back and I have no clue what that will be.
With regards to mortgage rates, inflation is more stubborn than the market predicted which is forcing the fed to stay higher for longer. So the early market prediction of 6 rate cuts went out the window and that bumped rates back to 7% where they are now. I'm not in the rate cut camp as I believe inflation will remain sticky (especially with gas prices on the rise) so the fed will keep rates higher for longer. That will likely put the economy in a recession, and then the rate cuts will come.
Hi Anthony, I love that you shared as much as you did. Thank you for taking the time to do that, I appreciate it! I am absolutely in agreement with you. I think the X factor is that it's an election year. Regardless of who is in Washington, politicians never seem worried about mortgaging our future to get votes. I believe we'll see the recession after the election is over, but I could be mistaken.
To return to affordability, we would need a combination of increased wages, more supply, and/or a correction in prices. A recession, or worse a depression could lead to enough jobs being lost and a supply shock of inventory as people sell to tap into their equity in order to get by. Another solution would be for homebuilders to ramp up production to bridge the gap, but that's unlikely for many reasons. I had filmed a video on these possible solutions a while back. If you're interested, check it out here: czcams.com/video/6OtqKHVL6B0/video.html
@ATLReloGuide thanks I agree. Homebuilders have ptsd from 07 and won't build at the level needed. I like increase wages but as you noted about politicians, that's likely not going to happen or work in reverse. See CA for example.
It sucks that the most likely situation is a recession because of job loss and weakening demand. I'll watch the video for sure.