ALBANY, Ga. (WALB) – With a recession looming, life decisions on buying or selling a home could be impacted. Experts tell us about the housing market in South Georgia and what you can do to prepare.
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Thinking about buying or selling a home? Local real estate experts say there is no guarantee that interest rates will go up or down. But right now, Albany RE/MAX says housing demand remains steady.
Since the start of 2023, there have been 64 new listings in southwest Georgia. That’s according to multiple lists of data. The new year gives potential homeowners a chance to get their homes on the market.
“January is a great start of the year. People like to come out for the holidays. They don’t necessarily come November people don’t really want to list or put their homes on the market because of the holidays. So, we get a lot of calls at the end of the year for people wanting to meet with us come January,” Leigh Windham, broker and owner of Albany RE/MAX, said.
Although interest rates have been steady for Albany RE/MAX, an increase could pose challenges for potential homeowners.
“We are an economy-driven business, so when the economy changes our business will change. So, we had to change our hat and become more of an advisor in terms of this is what your payment was, and this is what your payment will be now. So, let’s maybe stop and look in a different price point for something that you are a little more comfortable with a monthly payment,” Windham said.
Real estate agents emphasize how important it is to have a realtor as you navigate these options. Experts tell me it’s better to buy than to rent because you are adding more equity and value.
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According to a recent social media post some people in Southwest Georgia are in need of buying or selling a home. One resident took advantage of selling their house when interest rates were just beginning to rise.
One piece of advice when considering selling or buying a home is to keep your home neutral to appeal to the widest audience. There are eight steps real estate agents suggest when trying to sell a home.
- Meet with a real estate agent
- Establish a price
- Prepare your home for the market
- List your home for the market
- Offers and negotiations
- Under Contract
- Finalize the details
- Closing Day
If you need any additional information about when will be the best time to buy or sell your home from Albany RE/MAX, you can find more information here.