3rd Quarter 2008 Coweta Co. Real Estate Activity
The most interesting fact about the Coweta real estate market is this: From July 1 through September 30 almost the same number of single family homes sold as expired unsold. Meaning that a sellers chances of selling vs. expiring are currently 50%-50% in Coweta County.
Here's the interesting part: 87% of homes listed as foreclosures for the same time period sold while only 13% espired unsold. Big Difference.
Area foreclosures drive prices down as foreclosures are typically priced substantially less than the original sales price and far below what an average homeowner can sell for and pay off their existing mortgage. Some of those homeowners let the homes go into foreclosures which continues to drive prices down, and the cycle continues.
There are currently 1804 homes for sale in Coweta County. Based on sales over the past twelve months this represents more than a one year supply of homes for sale now. The average list price is $257,805
477 homes sold in the 3rd quarter 2008. The average sales price was $195,576 while the average sales price of the sold foreclosures was $141,240.
The average price of homes that expired was $250,408 which over $50,000 higher than the average sale price.
Summary, many of the homes on the market today will not sell anywhere near the listed prices. Aggressive pricing is necessary to get ahead of the declining market. A high price with small reductions is following the market down while always being priced over the current market indicates.
The good news. If you are a buyer, there is no better time to purchase a home. You will be able to buy more house for the money and interest rates are LOW. Buy Low, Sell High.
My thirty years of fulltime real estate experience has taught me that no matter how bad the market gets, it always comes back. Like the stock market, the real estate market moves up and down. No one can predict how long it will take for the market to recover, but people in the know, know it will recover.
If you are a seller, wait if you can, rent if you can't or price your home very competively and sell it. To get a great deal on a home to buy, you may have to take a loss on the home you are selling. If you can stomach being a landlord, do it and go buy the house you want. Buy low, sell high.
Ask me for a FREE market consultation, with no obligation, to discuss your real estate options. I want to be your resource for real estate.
leslie edwards sells real estate 770.460.9448 RE/MAX Around Atlanta
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