As the school year ends, most homes are listed for sale, and most people want to buy. Meanwhile, the Federal Reserve is holding down the pause button on interest rates.
According to Harry Norman Realtors, a real estate brokerage in Georgia, the number of homes for sale this April was up 35% compared to the same time last year.
“We’re definitely seeing an increase in inventory,” added Harry Norman CEO and president Jenni Bonura, who believes that Atlanta is returning to some level of normalcy after the COVID-19 pandemic.
“That’s a good thing to the point that there certainly has been demand, and that has far exceeded supply,” Bonura said.
This month, the Federal Reserve announced it will not raise interest rates. Bonura says she’s seeing more activity this year than last.
“I’m happy to say that we actually have a spring market because for several years, it’s been very odd,” the real estate CEO said. “You know, there’s no real trajectory or clarity to the market. It’s sort of bits and spurts.”
Real estate experts hope interest rates decrease further before the year’s end. According to finance company Freddie Mac, the average 30-year, fixed-rate mortgage was 7.02% as of May 16.
Erin Yabroudy, a real estate agent with Harry Norman, says that some developers are looking at turning Atlanta’s empty offices to apartments.
“In Downtown Atlanta, they’re looking at a number of office conversions into residential apartments and condos that will be considered affordable,” Yabroudy said.
