Posts in category 'Real Estate'

 2023 is off to an interesting start. While national headlines and media outlets report and forecast doom and gloom, the Coweta County real estate market is holding strong. Residential real estate prices are practically unchanged while listing inventory and the number of transactions decreased significantly.

According to the Georgia Multiple Listing Service (GAMLS), the number of homes for sale was down 15% in January and 20% in February year-over-year. Pending sales (properties under contract) were down 28% in both January and February. Closings were down 48% in January and 34% in February.

All of this sounds bad but there are several positives. Realtors are seeing a healthier market in 2023. While it is still a seller's market, we are seeing less multiple offer situations and buyers have a greater chance of securing a home. Active listings (homes for sale) were up 36% in January and 33% in February. Buyers have a much better selection of propertie...

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As a Realtor, we deal with contingencies in contracts every day. As a consumer, you may or may not be aware of these contingencies. Contingencies are provisions that must be met for the property transaction to be completed or the buyer is entitled to terminate the contract and receive their earnest money back. They are critical in our contracts and in protecting our clients.       

The most well-known contingency is the home inspection contingency. This gives the buyer the right to have the property that they are purchasing professionally inspected and request repairs and/or a credit from the seller by a certain date. The home inspection is typically completed during the due diligence period of a purchase and sale agreement.

Another popular contingency is the appraisal contingency. This allows the buyer time to have the property appraised by a neutral third...

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You may have noticed that mortgage rates are on the rise. We have seen rates increase from three percent to four percent, earlier this year, up to nearly eight percent now. Rising inflation is mostly responsible for this. The Federal Reserve, which is responsible for setting the interest rates that directly affect the mortgage rates, has been very clear on their stance with the housing market. Jerome Powell, who is The Federal Reserve Chair, has said the Federal Reserve is trying to "reset" the housing market after prices skyrocketed up to all-time highs in 2022. United States Home prices increased nearly 40 percent in only two years.

            We are now in a totally different housing market. The market has softened, and the market is more buyer friendly. The only problem is that mortgage rates are the highest they have been in nearly fifteen years. What can buyers do to combat this high cost of borrowing?

            You can "buy down" your...

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You may have noticed that the real estate market has changed dramatically recently. We saw the strong seller's market peak earlier this year. Homes were selling at all-time high prices with record demand from buyers. We were regularly seeing multiple offers over list price with cash buyers typically wining these competitive bidding wars. I received 23 offers on one listing and 21 on another. This has all changed.

With mortgage rates up from three percent and four percent to seven and eight percent, the market has really changed. The number of homes available for sale, which was a huge problem earlier this year, is slowly increasing but demand has cooled off. Many buyers have decided to wait to purchase until interest rates go down. These two developments, along with a historic inflation increase, have slowed down the real estate market considerably. Listings are taking much longer to sell, weeks and months instead of days. The number of showings has decreased considerably as...

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The real estate market continues to shift. The market is shifting from a seller's market to a more neutral market. We are seeing homes listed take much longer to sell. There are more sellers reducing their list prices. The real estate market was so strong in the spring of 2022 that you were rarely seeing price reductions. Things have changed.

We are seeing an increase in properties listed for sale. At the time I am writing this, there are 398 residential listings for sale in Coweta County. We were typically dealing with only 140 listings for sale just a few months ago. At the same time, mortgage rates have increased dramatically. Mortgage rates nearly touched seven percent during the week of September 19^th, 2022. This is the highest rates have been in years. The mortgage rates increase curbed buyer enthusiasm as we are seeing less buyers with less buying power. So, all of this should decrease property prices, right? This is not the case at all right now.

P...

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