Mandich Property Group, based in Marietta, Georgia, has advised Atlanta residents to sell their houses soon in order to prevent devaluation. They have shared this advice through a new blog post, through which the company explores the various factors that make this the right time to sell a house in Atlanta.
Over the past few years, housing prices in Atlanta had been increasing at a steady rate, benefitting homeowners and encouraging them to hold on to their properties. While this is still true for most regions in the state, recent studies and observation have shown a worrisome trend for homeowners in the area.
Jennifer Mandich, a spokesperson of Mandich Property Group, declares, "We are seeing the market shift in the heart of Atlanta. Typically, we tend to see changes in the Metro Atlanta area happen first; then these trends spread to the surrounding counties. Homes are staying on the market longer in some areas of Atlanta and sellers are having to lower their asking prices. We have seen prices drop significantly lower than their initial price in the most extreme cases, which is worrying to say the least. Our duty towards the community is to inform you of these shifts and advise you to protect your capital."
A shift in the market as significant as the company notes is highly concerning as it can potentially affect thousands of people. Until now, it was a common belief that owners should hold on to their properties as long as possible to benefit from the increasing prices—though this trend now puts every homeowner at risk.
In their article, Mandich Property Group attributes this change to a number of factors, all of which contribute to changes in housing prices at the same time. The first, and perhaps the most significant, factor that is causing the price drop is a lack of competitiveness and fewer bids for a given property. The company notes that, in the past, it was common to have several offers at the same time, giving rise to what was called a "bidding war." Lately, this has not been the case, and sellers rarely see as many offers cross their desks at the same time.
To emphasize this, the company refers to an article written by Redfin that shows that only 10% of the offers written by their agents faced a bidding war in August. In contrast, they state that this represented 42% of their cases in the past year, with the highest of the year being 59% during March. More information on this is available here: https://mandich-property-group.business.site/posts/8353989391727181562.
In addition to the lack of bidding wars, Mandich Property Group says that the fear of an upcoming recession is also affecting house prices. Over the past few months, media channels have been overtaken with news of the negative state in which the stock market is in right now, fueling an unspoken fear of yet another recession that echoes the one Americans previously faced in 2008.
Mandich states, "People have recently been talking about the possible arrival of a new recession. We do not know whether or not it will happen, but it's best to stay safe. Whatever happens, we can only hope that it will not be as bad as it was in 2008, with foreclosures on every street. We do believe that there will be somewhat of a correction on housing prices. The bottom line is that if you are on the fence about selling your house, now is the time to do it, before prices take a downturn."
Mandich Property Group is known for being one of the most reliable companies in the area, producing fair prices along with quick closure times and convenient terms. They assert that they will increase their efforts to provide a fast and reliable service during the upcoming months to help fight the lack of offers on the market. Their expertise and trustworthiness make them one of the best options when selling a property in Atlanta.
Interested parties may reach out to Jennifer Mandich to follow up on any inquiries and learn more about how the company buys houses in Atlanta. More information and resources can also be accessed on their website and social media platforms.
SOURCE: Press Advantage [Link]
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