My Forsyth _ Spring 2023

Homeownership is still
considered one of the MOST
RELIABLE WAYS TO BUILD WEALTH.
- CNET
By Pam Evans
There is much conversation right now about the Real
Estate market and the shift we are experiencing. Here is
some perspective:
• We have been in an ultra-Seller-friendly market for the past 2 years
or so. This was unsustainable.
• Home values were up 20%- 30% per year, which certainly
benefitted Sellers who were ready to sell. But that appreciation rate
was unsustainable, and not particularly healthy. That pace helped
make metro Atlanta one of the Top 5 over-priced housing markets in
the US.
• There is still a housing shortage, particularly in metro ATL, as
Businesses continue to find GA an appealing state to do business, and
companies locate here. This of course impacts Supply & Demand,
and further drove the pricing frenzy.
• Interest Rates are on the rise and 5% or 6% may seem absurdly high,
particularly compared to the 3% and 4% of the past couple of years.
However, the average Interest rate over the past 50 years is 7%. The
point being rates today are still well below the historic average.
THE MARKET HAS SLOWED
Putting that into context, it means it's not the insanity that it has been.
There is more Inventory on the market, and some Buyers have stepped
back with a wait-and-see approach. Economists are not projecting that
Real Estate values will go down. They simply will not rise as rapidly, at the
unsustainable pace.
RETURN TO NORMAL
We are returning to a more normalized market, which is good for
everyone. Sellers who want to sell for top dollar will need to have their
home in market-ready condition to appeal to the largest Buyer pool. Just
like they needed to do a couple of years ago. This means being strategic
with preparation and List pricing. Miss either of these marks and your
home is likely to sit unsold.
BUILD YOUR FUTURE, STARTING TODAY
Buyers who are hoping that prices will come down, along with rates, are losing
time by not making a sound purchase and building equity in their home. Start
today. Five years from now you'll be much further along. Five years from now,
home values will be higher, and Interest rates are likely to be higher.
Sound Lending practices are in place to further strengthen the
wealth building platform. People have record equity in their homes,
and if unforeseen trouble strikes, they can simply sell, rather than risk
damaging their credit.
Paying into your own asset each month (the mortgage on your home),
building equity, paying down your mortgage faster ALL will contribute to
your long-term wealth. Key is to do it smartly and strategically. There are
lots of things to consider. Make sure you consider them.
Pam Evans is an Associate Broker will Century 21 Results,
and can be reached at HelloPamEvans@gmail.com and
at 678-778-6551.
12 MYFORSYTHMAG.COM SPRING 2023