The kids' summer break is quickly coming to an end. As we approach this crazy unorthodox school year have you decided if your kids are going back to school in person? Will they be doing virtual
Cumming, Georgia Real Estate Market Update
What is our real estate market doing in 2020? Should you buy? Should you sell? Invest?
I'm Misty Harris with JP & Associates Metro Atlanta. Let's take a couple of quick minutes to break down both the local and national real estate market.
So, here locally in Cumming, we saw 1,071 listings in December, with only 277 of those closed. We saw an average day on the market of 75, which has steadily increased since May of last year, but not more than about five to seven days. We saw an average closed price of under just $392,000, and that is also an increase over the last 12 months.
Now, as of today, we have 678 active listings, which is about a 6% decrease from last month, and that low inventory is certainly continuing to contribute to our sellers’ market.
What does this mean for you? Well, if you're a buyer, it means that you need to be prepared. You are still taking advantage of the low-interest rates. However, competition is fierce, so you need to make sure that you're prepared and you're in the best position possible to negotiate and make an offer. Sit with your lender, get pre-approved, and make sure you submit your pre-approval letter with your offer so that you position yourself as strongly as possible. Also, consider things like how much you are willing to put towards repairs if any. And how much you’re willing to pay if you face a multiple-offer situation.
If you're a seller, you're of course still taking advantage of the sellers’ market, and that should continue into the spring. However, keep in mind that the market is still slowing down from frenzied 2017 and 2018, so keep this in mind to keep your home competitively priced. And with an increased buyer’s pool, don't be tempted to jump on the first offer you get. Take your time, evaluate each offer and its specific set of terms. Make sure the offers you receive are strong and verify that the buyers are approved for a mortgage. Also, take into consideration things like the alignment of the closing date for each party and whether or not you want to offer a home warranty to make your home a bit more appealing.
On a national level, as we move into 2020, we are seeing a slowdown from the hyperactive market of 2017 and 2018. However, this is not indicative of a recession. What's going to keep this market strong, according to Zillow, is the increased number of buyers, such as millennials, are the number one home-buying group right now. And every year we're seeing that the pool of buyers increases more and more, therefore the demand will continue to stay steady.
Meet Misty Harris - a U.S Army Veteran and licensed professional REALTOR with JP & Associates Realtors Metro Atlanta. Misty has always been passionate about real estate. It began with her admiration ....