Real Estate: Coweta County market remains strong
By Jess Barron, Lindsey’s Inc. Realtors
The Coweta County real estate market is still strong. This market can be considered a seller’s market, especially in the lower to middle price points. When taking my clients out to search for homes, it is extremely competitive from the $100,000 to $300,000 price point.
We constantly encounter multiple offer situations. It is very frustrating when you make an offer on a property and lose out to another buyer. To counter this, we Realtors are trying to find off market options (properties that are not listed) for our clients. The speed at which you move to find a home as it hits the market, or sometimes even before, makes a huge difference. Buyers must also have their financing in order and be ready to make an offer on a home quickly. Being pre-qualified and having good communication with your lender is essential if you are a buyer in today’s real estate world.
The good news for buyers is that it is still a good time to purchase a home as interest rates are still low. I am consistently seeing rates below 4%. According to numerous reports and in conversations with local lenders, there is talk that rates may be lowered even more this year.
So far in 2019, the average days on market, from $150,000 to $275,000, ranges from 30 to 65 days. In other words, homes in this price range are accepting contracts in about one to two months on average. From $275,000 and up, it is taking an average of 81 days or more. More than half the homes sold in Coweta County, in 2019, per Georgia Multiple Listing Service (GAMLS), are in the $150,000 to $400,000 price range.
I am not seeing the same strength or demand in the upper market locally. The days on market is much higher in this price range. There have been 129 sales from $400,000 to $500,000 this year in Coweta County. Above $500,000 there have only been 73 sales in Coweta County, per GAMLS. I do not see anywhere near the same activity or demand as the lower price points.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and 2018 President of the Newnan-Coweta Board of Realtors.