Real Estate Roundup Winter 2024
Local real estate experts share insight into the current market and provide helpful tips to buyers and sellers.
Debbie Sonenshine, Coldwell Banker Realty
What are some key challenges in the current residential real estate market?
Each real estate transaction is unique and presents its own set of challenges. That is why it is essential for buyers and sellers to engage a professional who is experienced in navigating through the complex process of acquiring or marketing a property for sale. Even with the short-term volatility with mortgage interest rates, buyer demand remains strong. The number of homes available for purchase remains low and that may limit a buyer’s choices and often those buyers are potential sellers, so the impact is doubled.
Are there any emerging trends in today’s market?
Quality construction and finishes have never been more important than now. Buyers are well-educated and demanding when choosing which property to purchase. Most buyers are also looking for a turn-key project and are less interested in fixer-uppers. The sellers need to ensure that their property is up to date, well maintained, and properly staged to ensure maximum return. Entertaining space … luxurious kitchens, high-end pools, functional outdoor space … are on many buyers’ shopping lists.
Can you give any specific advice to potential homeowners looking to buy this year?
Put greater focus on finding the right home for your family and spend less time fretting over the mortgage interest rate on any particular day. The interest rates are trending downward, and it is relatively easy to refinance a mortgage loan once the rates have stabilized. In addition, buyers need to be prepared to act quickly when their dream home hits the market. This means having their financing, cash, or mortgage in place early in the process and thinking through potential negotiating strategies with their agent.
Conversely, any advice for those looking to sell in 2024?
Most sellers are also buyers, so there are a lot of similarities. Sellers should consider options to assist with temporary interest rate buydowns for buyers and need to also have their financial ducks in a row to act quickly for their next purchase. Homes that are appropriately priced, in good shape, and properly marketed are still getting multiple offers. Home prices are generally still rising faster than interest rates, so owning a home remains a far better option than renting.
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Barbra Wollner, The Wollner Group
What are some key challenges in the current residential real estate market?
The last few years in real estate have been nothing short of a wild ride! As a seasoned agent who has been selling residential real estate for over 20 years, our primary challenge is the inventory shortage.
Are there any emerging trends in today’s market?
Organization and chic clutter concealment continue to be a trend in 2024. I’m seeing lots of things like charging drawers, or “appliance garages” become the thing that can set apart a listing. Prep kitchens are popping up all over the place and are key in minimizing countertop clutter in the main kitchen.
Can you give any specific advice to potential homeowners looking to buy this year?
The population in Atlanta grew to 11 million in 2023 with many people continuing to relocate here. The good news is that interest rates will start to come down, which will bring more confidence to both buyers and sellers; and with the lack of housing and the high demand, home values will continue to increase. So, if you are considering purchasing a home, now is the time!
Conversely, any advice for those looking to sell in 2024?
2024 will also continue to be a great year to sell since real estate is widely considered an escalator to wealth-building. In fact, home prices have doubled in the last few years which, in turn, gives sellers the opportunity to cash in on their homes and collect profitable equity. Agents need more housing supply to meet the ever-growing demand so whether you are planning to downsize, upsize, or relocate to be closer to family or friends, it’s a great time to sell!
A question I’m frequently asked is how to maximize profit potential when selling since it usually involves making updates. Focusing on lower cost updates like new interior paint and flooring can freshen up the overall look and feel without breaking the bank. Higher end updates such as a fully renovated kitchen or primary bathroom can also give you a competitive edge over comparable homes in your area that might lack these types of improvements.
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Monica Parker, Monica Parker & Company
What are some key challenges in the current residential real estate market?
With almost 20 years of experience in real estate, I’ve seen a variety of real estate markets all unique in some way. The Terry College of Business at Georgia Tech hosted the annual Economic Forecast for 2024 in which all their reports show indicators that we will have a different year for 2024 in real estate than the recent years past.
The Georgia economy overall, reported by Dean Ayers of Georgia Tech, is better in so many aspects than the nation overall. To add to that, Dean Ayers reported Site Selection Specialists identified Georgia as the No. 1 state to do business for 10 straight years. Bringing it home to Atlanta, 31 Fortune 1000 headquarters are in our Atlanta metro area offering a firm platform for growth in and around Atlanta.
As industry thrives, the housing needs remain strong due to all that life can bring along the way. In 2023, with the rise in interest rates it definitely roused a closer look at buying and selling and created a home lock situation. Yet the resilience of the housing market in more recent years strongly supports that there will always be those that need to move due to jobs, changes such as families growing with more children, adding multi-generational occupants or empty nesters not needing as much space.
There also is the well-known need that is still a staple of an office or workspace within the home as more people work from home still post COVID. In recent months, as buyers and sellers took a closer look at their own personal equation of needs and wants, the inventory levels dipped lower in 2023 and homes sold in Atlanta were 15 percent lower than the year before but are showing a solid rebound beginning in December and is continuing into Q1 2024. Bottom line, as inventory increases even if slowly there are buyers ready to purchase and the cycle of the housing market is picking up steam.
Are there any emerging trends in today’s market?
The millennials who have been waiting by the sidelines, either because the recent bidding wars that just pushed them out of the market or they just needed more time, are now ready to purchase a home. This is an important factor to a strong real estate market because of the move up process that begins with a first-time homebuyer ready to get started building wealth by building home equity. Additionally, homes that offer added space for friends and family to gather, even outdoor living opportunities, continue to be very appealing.
Can you give any specific advice to potential homeowners looking to buy this year?
If you’re thinking of buying this year but want to wait until the rates come down, don’t wait. When that happens, prices go up. Follow your timing that works for you and identify a reputable and trustworthy realtor and lender who can guide you through the process from concept and idea to obtaining the keys. It is important to have a solid team behind you and surrounding you each step of the way, that focuses on answering questions, offering options, and knowing how to navigate the steps with knowledge and experience. Lenders understand there is not one mortgage formula that fits all, and a great realtor knows this about houses. What makes a house a home is an important part of the journey.
Conversely, any advice for those looking to sell in 2024?
Walk through your home and ask yourself does this meet my/our needs right now and the answer is worth noting why? There are many reasons to sell a house, not just one. The historically low rates of recent years are most probably not coming back. But refinancing for lower rates later whatever they may be is always an option. So, making a change now to move to a home that is better suited for where life has taken you and working with a realtor and lender to guide you will offer peace of mind, confidence in your decision and help you meet your goals.
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Pailey Pidgeon Nooromid, Atlanta Fine Homes Sotheby’s International Realty
What are some key challenges in the current residential real estate market?
Low inventory and rising home prices are two of the biggest challenges in today’s market. We simply do not have enough homes for sale to keep up with the current buyer demands. This shortage has led to rising home prices and competitive buyer conditions.
Are there any emerging trends in today’s market?
Traditional design is making a comeback. We are seeing the combination of old and new trends including bolder colors, louder accessories, and tons of texture!
Can you give any specific advice to potential homeowners looking to buy this year?
Prepare and educate yourself on the process early! If you are thinking about buying in the next 10-12 months, discuss your purchasing goals with a trusted lender and lean on your realtor to educate yourself on navigating the current market conditions.
Conversely, any advice for those looking to sell in 2024?
If selling your home is on the horizon, start making a list of all the little repairs you have been putting off and tackle them little by little. The smallest updates/repairs go a long way with the savvy buyers in today’s market. Invite your realtor over for coffee and have them prioritize your list.
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