Real Estate: Finding a House to Buy in 2022

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By JESS BARRON, Lindsey’s Inc. Realtors

What is it like finding a home to purchase in 2022?

You have probably heard through someone you know how competitive it is. Maybe you know from your own experience. With a low supply of listed properties and high demand to purchase, it’s a battle to find the right house for you.

Finding the right house is a fight all in itself. At the time I am writing this, there are only 165 homes listed for sale in Coweta County. If you are interested in any of the properties, you can expect to compete with other buyers for the same home. I have had as many as 21, 22 and 30 offers on the same house recently. In these situations, a strong cash offer with no contingencies usually wins out the bidding war. Competing with this many buyers is not typically a formula for success. This is where your Realtor should come in. 

A good Realtor that is connected to the local market should know of opportunities off the market. In other words, an experienced Realtor should know of homes for sale that are not listed in the Georgia Multiple Listing Service (GAMLS) or Zillow. This is key for buyers looking to purchase in this crazy market. You may need your Realtor to contact homeowners and send letters to properties that are not listed that interest you. 

So how “bad” is it out there? Per GAMLS, new listings were down almost six percent from March 2021 to March 2022. Active listings were down over 20 percent. Average days on market were down to 20 days from 31 days. Sales price increased by over 13 percent year over year. The supply of listings is decreasing and demand seems to remain steady. This is causing the prices to increase.

If you can locate a property before it is actively listed on MLS or Zillow, you are essentially eliminating your competition for the property. This should prevent a bidding war and drastic price increases caused by that. Most property owners are aware of how strong a seller’s market we are in, and will still want top dollar for their home, even in an off-market situation. 

As interest rates rise, many experts expect the housing market to cool. In theory, this makes perfect sense. I am just not seeing a drastic difference here in Coweta yet. It is still highly competitive for buyers. Having a good Realtor guide you through a market like this is as important as ever.

Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors. 

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