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3rd Quarter 2008 Coweta Co. Real Estate Activity

by Leslie Edwards

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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Coweta County Real Estate Market Update 1st Quarter 2008

by Leslie Edwards

Comparing the first quarter of 2007 with the first quarter of 2008 Coweta County

                                                                2007                                  2008

#Homes Sold                                        608  63%                         386    46%

#Homes Did Not Sell                           362  37%                         445     54%  

Average Sales Price                             $204,058                         $197,844

Average # Days On Market                  103                                   122

There are currently 1917 available listings in Coweta County with an average of 138 days on market and an average list price of $267,389

What does this mean?  While the average sales price has dropped $6,214 from 2007, the average price of the 1917 current listings is $69,545 above this years first quarter average sales price which in part, explains the jump from 37% expired 1st quarter 2007 to 54% expired 1st quarter 2008.

The percentage of homes that sell vs. homes that expired unsold has dropped from 63% to 46%

Many of the available listings and expired listings were sellers who bought in the past one to four years, using low or no down payment, trying to choose a price that inclues paying off the mortgage, buyers closing costs and broker fees.  Since the market has been dropping for the past two years, the homes are often worth less than when they bought.  This means that a seller would have to write a check to sell the home.  Many sellers either don't have the money or cannot accept the idea of paying someone to buy their homes.

The answers:  If you don't have to sell, wait. 

If you do have to sell, or really want to  move, be realistic about pricing.  Look at the numbers.  Only the prices of homes that have sold and closed are use to establish list  price.  Most important is to hire an experienced agent who has worked in challenging markets  in years past and has a proven track record of getting homes sold.

I am available for a free market consulation by phone, email or in person.  There is no obligation

30 years experience is not expensive, it's priceless

Call me at 770.460.9448 or email leslie@leslieedwards.com See all the listings at www.leslieedwards.com

leslie edwards    sells real estate  770.460.9448

RE/MAX Around Atlanta All Stars

 

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If you hear of anyone who wants to buy or sell in any of these areas, please mention me and then call me so I can contact them. I appreciate your referrals!