Cobb County Housing Market Report From a Buyer’s Perspective
As we wind down the year, I am amazed to see how the Cobb County housing market has transformed over the last 12 months. A year ago, it was a Buyer’s Market in most areas of Atlanta. Fast forward one year and most of Cobb County is now experiencing a Seller’s Market. This means that the Cobb County Market has gone from having too many homes for sale to now a shortage of homes for sale. So what does this mean to home buyers?
1) More Competition - Don’t dilly-dally
In some price categories, more buyers are in the market looking for homes than there are homes to buy. This means that you should be prepared to potentially compete with another buyer to buy a home. I have had many clients this year lose the house they really wanted to buy because they did not act fast enough. If it’s a nice house at a good price – it won’t be on the market long. If you “sleep on it” you may not “sleep in it”.
2) Be prepared to pay more
As competition for homes increase, buyers are oftentimes competing in a multiple offer scenario. In most cases, homes that receive more than one offer at a time will sell for at or above list price. In fact, in Atlanta 1 out of every 5 homes that sold in the 3rd quarter sold for at or above the list price.
Even if there are not multiple offers on a home, the average sales price to list price ratio has been increasing. This means that homeowners are not as willing to come off as much on the list price as they used to be in the last few years.
3) Harder to find a “steal”
Home prices have dropped substantially since 2007. In some cases, 30% to 50% lower than they were at the height in 2007/2008. However, the days where you can find a home drastically below market are becoming fewer and farther between. In fact, we are starting to see prices go up ever so slightly in some areas of Cobb County.
Reasons to Buy a Home
So with all this going on in the market why do I still confidently say that it’s a great time to buy a Cobb County home. Here are some very good reasons:
- 1) The window is closing on great deals. If you have been waiting for the real estate market to reach bottom, in my opinion, we may be there.
- 2) Prices are still low but we may start to see them go up. So you don’t have as much risk in losing equity after you buy.
- 3) Interest rates are low at between 3.2% and 3.5%.
Check out The Connie Carlson Team Inventory of Homes For Sale