Housing market shifts toward buyers, but inventory remains a concern

MACON, Georgia (41NBC/WMGT) –

The housing market is experiencing a shift, real estate experts noted a shift towards a buyer’s market in several cities nationwide for the first time in over a decade.  According to the industry experts, if you’re considering buying a home, now is a good time to take action. “If you have the means and the opportunity, buy,” says Reginald Bell, the Executive Director of Home First Housing Resource Services.

While buyers now hold more power in negotiations, Bell points out a significant issue facing Middle Georgians, a lack of inventory. “What we don’t have is more inventory. And that’s where there’s a disconnect,” he explains. This imbalance can lead to increased competition, as there are typically more buyers than sellers. The lack of affordable homes means that properties hitting the market are getting snatched up quickly.

John Peterson, Vice President and Branch Manager of GMFS, notes that some individuals might be hesitant to sell their homes. “There are people that want to make a change, maybe increase the size of their house, but they’re reluctant because they would be giving up lower mortgage rates they secured a few years ago,” he adds. Despite the challenges, the shift towards a buyer’s market comes with perks for prospective homeowners. Sellers may be more flexible with pricing or open to providing credits and covering part of the closing costs.

Experts recommend that potential buyers start by getting prequalified for a loan.  Experts say there are many factors that can impact your loan approval, whether you’re a first-time homebuyer or a repeat buyer.  Buyers are encouraged to look for homes that meet most of their needs, rather than fixating on finding a perfect “forever home.” “If you can afford it and there is a property that meets most of your needs, then do it,” stated Bell.

Atlanta is one of the handful of cities shifting to buyer’s market, the trickle-down effect to Middle Georgia has been evident.  As Middle Georgia navigates this shift in the housing market, prospective homeowners are urged to take steps. Bell reiterates the importance of enrolling in homebuyer education courses, exploring down payment assistance options, and shopping for affordable mortgage solutions.