Posts with tag 'The Shopper'

There is a growing concern in the real estate community regarding rising interest rates, which mortgage rates typically follow. Many potential buyers have been waiting for the real estate market to cool and prices to lower before they purchase a home. That does not seem to be happening anytime soon. As interest rates rise, many buyers will not be able to afford purchasing a home and will be priced out of the current market. Increased inflation is a driving force for the interest rates to be raised by the Federal Reserve. According to Bloomberg, in January of 2021, the year over year inflation rate for the United States was 7%. As of January 26^th, 2022, mortgage rates are pushing 4%. This may not seem like a high rate, but mortgage rates were as low as 2.68% just 13 months ago, according to Rocket Mortgage. The rates have steadily increased since December 2020.

This example, from Rocket Mortgage, of a one percent increase in a mortgage rate shows you the difference a percentage can make. This will prevent many "fringe buyers" from purchasing: By way of example, say that Taylor, a 30-year-old woman who is a first-time home buyer, wishes to obtain a 30-year fixed FHA loan on a new home with a 20% down payment. Below, you can get a sense of just how much she stands to save, given a 1% difference in interest savings on her 30-year mortgage.

On January 26^th, 2022, the Federal Reserve, the central bank of the United States, strongly hinted at raising the interest rates. The Reserve said with inflation rates well above two percent, it could start raising interest rates as early as March of this year. Many experts believe this is the first of several rate increases this year. This will cause mortgage rates to rise. With increasing home value and prices, as well as rising mortgage rates, purchasing a home will become more difficult.

Now is a good time to buy before the rates and prices rise any higher. We are also seeing a large increase in the supply of listings here in Coweta County. We are at the very start of our listing season. It is a good time to start looking at property if you are not already.

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...

Click Here to Read More...

Santa Claus will arrive soon, and, hopefully none of us will be disappointed in our gifts, because over 2000 years ago we received the greatest gift of all!

The little baby who was born in Bethlehem in the lowliest of circumstances is that wonderful gift from God. He looked down and saw man's situation, without hope, and he gave us HOPE for eternal life.

A gift undeserved, for sure, but because of his GIFT, we all have a chance for eternal life, simply by believing in that little baby, Jesus, the true Messiah, A/K/A The Christ!

The shepherds were t...

Click Here to Read More...

The local real estate market in Coweta County has a lot to be thankful for this year. We may not think about it, but one of the most obvious reasons is our close proximity to the busiest airport in the world and the city of Atlanta. Another reason is that the fact that interstate 85 runs through the middle of our county. Coweta has attracted many types of industry and businesses through the years but big names like Amazon and Goodyear are here now. The Coweta County Development Authority does a nice job of bringing in prospective businesses to our area. Personally, I am seeing more and more employees from large companies like Chick-Fil-A , Coca-Cola and Delta purchase homes in Coweta as opposed to the northside of Atlanta. Having an affordable cost of living with attractive housing options helps us attract new people here. Having a good school system really helps as this is a very important facto...

Click Here to Read More...

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...

Click Here to Read More...