Posts in category 'The Shopper'

Realtors have seen buyers battle it out in multiple offer situations during this current real estate boom. A low supply of homes for sale only increases the competition between buyers. More specifically, a low supply of "smaller" homes has significantly increased the value of homes that baby boomers (our older population) and first-time buyers would like to purchase. These two groups of the population, while very different, are competing over the same type of home in many situations. 

Many younger buyers are looking for a smaller first home that fits their budget. At the same time, our older population is looking to downsize, decrease their budget, and have less to maintain at their residence.

Most new construction is outpriced for these buyers. Of the 71 new construction homes for sale...

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Has the real estate market slowed down? I receive this question a lot. The simple answer is yes. However, the market is still very busy and it is still a strong seller's market. The number of closings in Coweta County this year has decreased 5.53% since peaking in July, per the Georgia Multiple Listing Service (GAMLS). The number of closings was down 12.8%, year over year, from last September.

Another question I am often asked is about the number of homes available on the market. The listing inventory is still historically low. In June of this year there were 392 new listings on the GAMLS. That number was down to 274 in September, a 30% decrease. The number of new listings was down 13.3%, year over year, from September 2020.

As you might expect with the number of properties for sale down and demand remaining steady, the prices are still increasing. The average sales price in Co...

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Realtors and home buyers alike are waiting for a significant improvement in the supply of real estate listings. As of April 27^th, 2021 there were only 220 single family detached homes for sale in Coweta County per the Georgia Multiple Listing Systems (GAMLS). At one point, earlier this year, this number dipped below 200 listings. While 220 is an improvement, that number is still historically low.

We are seeing the same issue across the state of Georgia. In fact, the number of new listings in the first quarter (Q1) of 2021 decreased 10% from Q1 of 2020 according to the Georgia Association of Realtors (GAR). The average days on market for a listing dropped 34% year over year. The number of pending sales, closed sales and the average sales price all increased dramatically year over year. The average sales price in the state of Georgia is $323,831. We are in a very strong seller's market.

If you have friends in the real estate business or if you are ever on so...

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What happens if a property that you are buying or selling is destroyed? With the recent tornado that destroyed parts of Newnan, some of you may be wondering this. Hopefully, this is not your current situation.

Most Realtors here use the Georgia Association of Realtor (GAR) Forms for contracts. The purchase and sale agreement specifically has language dedicated to this situation. Section 3C of this form states:

Risk of Damage to Property. Seller warrants that at the time of closing the Property and all items remaining with the Property, if any, will be in substantially the same condition (including conditions disclosed in the Seller's Property Disclosure Statement or Seller's Disclosure of Latent Defects and Fixtures Checklist) as of the Offer Date, except for changes made to the condition of Property pursuant to the written agreement of Buyer and Seller. At time of possession, Seller shall deliver Property clean and free of trash, debris, and personal property of Sel...

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"It's a feeding frenzy. I listed the house at 9:30am and had seven showings by 12:30pm. I am writing an offer over the list price right now." This was the answer by a Realtor in our office when I asked how his new listing in downtown Newnan was going. We are seeing similar situations all the time in the current real estate market. The demand for housing is very high and the supply of listings are very low. This is creating a feeding frenzy for buyers looking for homes.      

As of February 22^nd, 2021, there were only 212 single-family detached homes listed for sale in Coweta County, on the Georgia Multiple Listing Service (GAMLS). The numbers of homes listed for sale continues to decrease. Real estate listings are a premium in the current market settings. I can remember as recently as a few years ago when there were regularly 600-800 single family detached homes for sal...

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