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| 09/08/2022 |
Lots of people are talking about how prices are lowering. In my opinion, they just went up fraudulently, but why do I think that? Let me tell you a story about two nearly identical homes in our market.
House A and House B had the same floor plan, lot size, and location—they were right next to each other. Both even had finished basements! Just to make it clear, this is an actual case study.
Back in February, the owners of House A put it on the market when interest rates were low, supply was nearly all gone, and demand was off the charts. They listed it at $649,000, the highest price in the neighborhood at the time, and sold within a day or two with 15 offers. One buyer paid all cash and offered $725,000 because there was no other home they wanted on the market.
Let’s fast forward. In July, when interest rates had climbed, the owners of House B put it on the market for $649,000. It sold for list price in about a week with three different offers. That should still put a smile on anyone’s face because $649,000 remains a fantastic price for that neighborhood.
The difference between February and now is there’s no mass hysteria in the market. You don’t get that one buyer who’s willing to make a crazy deal to get the home. Inventory has risen, and demand has waned.
It will look to some like prices are decreasing in these situations, but they aren’t. Those crazy offers were made when there were no homes available—that’s not normal.
Whether you’re planning to buy or sell, my team and I are here to help you get the right information. If you have any questions, call us at (770) 634-9710. I promise you won’t be sorry you did.
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©2022 Georgia Multiple Listing Service All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than CENTURY 21 Results may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2022 All rights reserved.
Northeast Georgia Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than CENTURY 21 Results may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2022 All rights reserved.