Coweta County Real Estate Market Update 1st Quarter 2008
Comparing the first quarter of 2007 with the first quarter of 2008 Coweta County
#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
leslie edwards sells real estate 770.460.9448
RE/MAX Around Atlanta All Stars