ATLANTA — A recent report from Bank of America shows uncertainty among potential homebuyers is at its highest point in three years, with around 60% of people unsure if now is the right time to purchase a home.
In Atlanta, that uncertainty is playing out across the city where “for sale” signs are popping up, but realtors say the market remains stuck between favoring buyers or sellers.
“Right now, it is a little difficult both on the seller’s side and buyer’s side,” said Alicia Lovett, a local realtor and recent first-time homebuyer.
Lovett points to two key reasons: limited inventory, although she says it is starting to increase, and higher interest rates.
“When you have a certain fair market value that you need to sell for, you can’t just sell for anything — your price is your price,” Lovett said.
Meanwhile, many buyers are still waiting for a market crash or the ultra-low mortgage rates seen during the pandemic.
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“Buyers are wanting it to be back to the COVID rates; they’re hoping for a crash, so neither of those are happening,” Lovett said.
According to Bank of America’s Glen Bernier, while home prices in Atlanta have begun to stabilize and inventory is increasing, affordability remains a hurdle for many buyers.
“The biggest barrier to entry, though…is coming up with the down payment,” Bernier said.
Bank of America offers programs aimed at helping first-time buyers with down payments and even closing costs.
“Education, just knowing what to expect, and knowing what resources are available,” Lovett added, is also key.
Lovett, who recently purchased her first home, told Channel 2’s Eryn Rogers that she focused on staying within her budget to make the process manageable.
“I made sure I stayed below my preapproval, and I had an idea of how much I wanted to spend per month, and looked for homes that matched that criteria,” she said.
Lovett cautions buyers to be realistic and avoid putting all their savings toward a down payment, reminding them they will also need funds for moving costs and furniture.
As of this week, the average 30-year fixed mortgage interest rate in the United States is 6.86 %, according to Freddie Mac.
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