Okay, folks. I am here with the Georgia housing market in 2021 and what to expect? So if you’ve been watching our videos lately and you’ve been getting the month-to-month updates, the same story in January 2021 as we’ve actually been seeing over the last several months.
So real quick, I’m going to kind of go through the numbers, explain to you what they all mean, and then I’m going to talk to you a little bit more about what it really means to you. Now, these numbers are for Cherokee County, Georgia. They’re very similar to Cobb County. Cobb County’s percentages are about the same, but let me kind of go through and tell you what’s going on.
One of the big ones that really stands out for us is the value increase that we see in the medium homes over the last 12 month period. So right now, if we compare your home’s value to last year in January, you’ve seen an average increase of 13.6%. That is a huge increase. Over the last three or four years, we’ve seen anywhere from like four to about 7%. So we saw a huge jump in value increases over the last year. We’re going to talk about how this is great for you if you own a house but there’s also some warning behind that. If you’re buying a house, you’ve got to remember that the house that you’re trying to buy it’s going up as well. So we really don’t see this as sustainable long-term. So we’ve got some things that we got to be concerned about with that, but holy smokes, the value of your real estate is going up drastically.
Okay, so let’s keep on moving on. Days on market, that’s how long the average time is from the time you put the sign in the front yard to the time you get a contract. It’s 11 days. That is very short, meaning that houses that are going on the market are not lasting very long. They are literally being bought within a week or so.
Closed sales, this is for Cherokee County. In January, we saw 307 closed sales, we had 484 new listings going on the market. That is very low. We definitely got a short supply of inventory on the market, which results in a housing supply of 1.1 months of inventory on the market. Just to let you know, a perfectly balanced market with an equal number of buyers and an equal number of homes on sale in six months. That is a balanced market. So you can see that we are severely short-supplied on inventory. That calculates and means that if you are selling your home, you are in the driver’s seat. Buyers in today’s market have very little leverage. When you do find a house that you want to buy, you have to be extremely aggressive and put a very well and easy offer together in order for the seller to really even consider your offer. That’s the crutch of the markets.
I wanted to mention one other thing. New construction, interesting. They’ve seen an increase of 8.2% in Cherokee County and 7% in Cobb County. So if you’re thinking, gosh, there’s no inventory on the market, I’m going to go out and buy new. Keep in mind, their prices are increasing as well. They increased 8.2% in the last 12 months. So if you were shopping last year, now you’re starting to shop this year, anticipate that those prices are continuing to go up.
Okay, so what does all this mean? So here’s the deal. If you really are in a position where life events or you’re in a stage of life where you really want to move or you have to move, great news for you on the sell side, right? We’re going to be able to sell your house, you’re going to get a lot more money for it than you did a year ago, but the challenge is finding a house that you’re going to be able to move into that you’re really like. The good news is, hey, listen we still got about 500 homes going on the market every single month that we can take a look at. The trick is you got to be ready to make an offer which means that it can’t be contingent on the sale of a home. You better get your finances in place. You better have a very solid offer when you go there. Make sure you reach out to a real estate agent to help you position yourself in the strongest possible way that you possibly can. We have a product, a solution for you, which turns you into a cash buyer. Without any contingencies, you can go in and make an offer on a home as a cash buyer, without it being contingent on the sale of your existing home. That puts you in a great position as a buyer in this market.
Would love to talk to you about more of those details and how we can get you in this crazy market that we’re in right now, how we can get you transferred from the house you’re in right now to your brand new dream home. So hopefully you enjoyed learning about the Georgia housing market in 2021 and what to expect? Give me a thumbs up and remember don’t forget to subscribe to our YouTube channel. Hope everybody’s having a great one. And we’ll talk to you soon. Thanks.
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