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Loooking Back on 2022
With a combined 25 years in the business of real estate, we have learned to expect the unexpected. The 2022 Spring market was a perfect storm of market conditions, giving us a run on real estate that we haven’t seen in years. Low rates, low supply, high savings, and high optimism flooded home Buyers into the market and it was not common to see 20 or 30 showings on a listing in one day, lines around the block to see homes, and prices climbing well over asking price.
In one particularly creative moment, we noticed a Seller with Braves memorabilia throughout the house. In addition to our 15% over asking price offer, we included four premium seats to a Braves game in the future. Despite our best efforts, our Buyers did not get the house! Things always work out for the best, but it was a stressful time, with many sleepless nights for those in the market. We’re still unpacking those conditions to really understand the fast escalation.
Flash forward to late Summer and we see rates starting to climb and an abrupt slowdown that came almost as fast as the torrid Spring market arrived. Prices leveled out, supply started increasing, Buyers became more discerning, and Sellers opened up to negotiations once again. Things are almost looking normal again.
Through this all, Metro Atlanta still remains an incredibly desirable place to live and lay roots. Working with many folks moving into the Atlanta area from other states, they frequently cite the mild climate, good job market, great schools, accessible airport, quaint communities, relative affordability, and varied landscapes as reasons to come to our city. On December 13th, the National Association of REALTORS released a report identifying the Atlanta-Sandy Springs-Marietta corridor as the number one market to outperform other metro areas around the country.
This year, we’re pleased to present our first edition of the Fischer-Arnau Residential Real Estate Forecast. We will share our thoughts on the residential real estate market, analyze data, and provide information we’ve gathered on housing. These forecasts represent us collectively looking at many factors, to read the market in the upcoming year. While no forecast is infallible, there are key metrics to clue us into the direction we are going.
We extend our sincere appreciation to all those that supported our business in the past year and to those offering their insight and perspectives on the market in the coming year.
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