Here’s what is happening in the Georgia real estate market right now…

As we move into colder months, a lot of people are curious about the rising interest rates and whether or not now is the time to buy or sell. Here are some market statistics to keep in mind when considering buying or selling a home right now:

• First of all, why are interest rates going up? Interest rates are raised in an effort to curb rapid inflation and rising home prices. Higher rates slow people from borrowing money and therefore spending that money, which encourages prices to lower.
• There is a growing gap between a property’s original listing price and what it actually sells for. Price reductions are becoming more and more common as seller’s set their minds on high prices that were realistic months back, but are no longer within reach for most buyers due to higher interest rates.
• The median sold price in single family homes has been just under $300,000 for the last three months.

It is important to remember that interest rates always fluctuate, and you can still grow your equity in this market. How, you ask? Talk to a realtor!