The real estate market has undergone significant upheavals in the past few years, with the balance heavily tilted in favor of sellers due to factors such as low inventory, intense buyer competition, and soaring home prices. These conditions have deterred many potential buyers from entering the market. However, market dynamics are now changing, and sellers no longer hold the upper hand that they once did. Although purchasing a home is a highly personal decision, the present time may present an opportunity. Here are four key benefits of buying a home today in Cherokee County.
The Inventory is Increasing and Sellers are More Willing to Compromise
Over the past couple of years, homebuyers have been at a considerable disadvantage compared to sellers because of the woefully low inventory of homes for sale, resulting in stiff competition and a strong seller’s market. Nevertheless, more homes are now coming onto the market, which means buyers have more options and less competition, so they can avoid bidding wars. More homes are staying on the market for longer due to the increase in mortgage interest rates, resulting in a growth in inventory. Homebuyers in Cherokee County and other areas stand to benefit from this change in market dynamics. Furthermore, since sellers have lost much of their leverage, they are more willing to accede to a buyer’s requests for concessions, such as paying for repairs or closing costs.
The Value of Homes Tends to Increase Over the Long Term
Although home prices may fluctuate from time to time, over the long run, they tend to go up, which means that homebuyers can see their investment grow in value. Real estate remains an excellent investment, and although some may argue that home prices are rising too quickly, experts predict that they will stabilize soon, rather than suffer a crash as they did in 2008.
Rising Mortgage Rates are Likely to Fall
Recently, mortgage interest rates have soared after hitting historical lows, which may deter homebuyers from taking out a mortgage. However, these increases in interest rates are not expected to last, and they will come down. This makes buying a home now an intelligent decision, as waiting for mortgage rates to fall could mean missing out on an excellent opportunity.
Owning a Home Provides Significant Tax Benefits
Homeowners can deduct mortgage interest, property taxes, and other expenses from their taxable income, which means they will owe less in taxes. This tax advantage can save homeowners a considerable amount of money over the long run.
In conclusion, the real estate market in Cherokee County and other areas is undergoing a significant shift, and buyers now have a greater advantage than they did previously. This makes it an excellent time to purchase a home, with advantages such as an increase in inventory, rising home values, falling mortgage rates, and tax benefits making it a highly attractive investment. If you’re considering buying a home, now may be the perfect time to do so.
Get the Pro Assistance You Need for Buying a Home Today
It should be pretty clear, then, that there are some huge advantages of buying a home today in Atlanta. Still, though, the market leans slightly in favor of sellers, so it pays to hire a good local Atlanta agent to get the best deal possible. So if you’re looking to buy a home in Atlanta, be sure to contact us today at 770-280-4560.
FAQs
Q: What has been happening in the real estate market recently?
A: The real estate market has experienced some major upheavals over the past two or three years.
Q: Why has the market been heavily weighted in favor of sellers?
A: The market has been heavily weighted in favor of sellers owing to low inventory, fierce buyer competition, and rising home prices.
Q: Why have many potential home buyers been reluctant to jump into the market?
A: Many potential home buyers have been reluctant to jump into the market due to the market conditions that have been favorable for sellers.
Q: Are market conditions changing now?
A: Yes, market conditions are now changing, and sellers don’t have the upper hand that they did just a short time ago.
Q: What are the advantages of buying a home today in Cherokee County?
A: The advantages of buying a home today in Cherokee County are:
- Inventory is increasing and sellers are willing to grant concessions.
- Home values always increase over the long run.
- Rising mortgage rates will come down.
- You can enjoy the lifestyle and amenities of living in Cherokee County.
Q: What is the advantage of more homes hitting the market?
A: With more homes on the market, you have more homes to choose from, and you will have less competition from other buyers.
Q: What is the advantage of home values always increase over the long run?
A: The advantage of home values always increase over the long run is that your investment increases in value and becomes worth more.
Q: Why is it a good idea to buy a home even though mortgage rates have risen?
A: Mortgage rates are expected to come down, and that is a reason for buying a home now even though, it seems, on the face of it, counterintuitive.
Q: What is the role of an experienced Cherokee County agent in getting the best deal with respect to concessions?
A: To get the best deal with respect to concessions, you will need to work closely with an experienced Cherokee County agent. To consult an agent about this, just call 770-280-4560.