Is the Real Estate Market Shifting? | December 2020 Market Update

Is the Real Estate Market Shifting? | Market Update

Happy new year, everybody. Hey, if you are interested in finding out what’s going on in the real estate market and if the Real Estate Market is Shifting in Cherokee County right now and what’s going to be happening in the next few months, stay tuned. We’re going to review it.

Hey, let’s look back and see what was going on in the real estate market for December of 2020, okay? Now, these numbers that I’m going to share with you, are for Cherokee County. However, keep in mind that if you’re in the surrounding areas; Cobb County, Pickens County, North Fulton area, they pretty much trend the exact same way as Cherokee. So just kind of follow along, your market area is not really all that different than Cherokee but I’m going to go through the Cherokee numbers.

So, first of all, this is a really important number to go through when looking at the Real Estate Market. We’ve been tracking this for the last few months. And so this is actually the increase in value that we have seen for the past 12 months. So going back from December of 2019 to December of 2020, we’ve seen a value increase of 13.7%. That is huge. That is something that is not sustainable. Going to be watching this. Now, there’s a lot of things that affect that. If everybody remembers supply and demand, that’s pretty much what’s dictating this price increase. So we’re going to definitely keep on watching that. Great news for homeowners. If you own real estate, I mean, on average, your values are going up 13.7%.

The other indicator that we look at is days on market. When you list your home, from the time you list it to the time that you get a binding contract, on average, is 11 days. That is like no time whatsoever. So, once again, if you’re going to list your home, be prepared to get a contract very shortly. Don’t think that it’s going to take 60 to 90 days. Another note on that, if you do list your home and it’s been sitting there on the market for longer than two weeks, you better talk to your agent ’cause something’s going on either typically with the condition or the price of the property, but something’s going on ’cause this market is really selling houses very quickly.

Closed sales for the month of December 2020 was 500. Now that’s, we kind of look at to see what the health is, that tells us that there’s still buyers out there in the Real Estate Market here in Cherokee County. So there are buyers that are actually purchasing homes out there. It’s not a dead market whatsoever.

Here’s the other scary number. We only have one month of supply on the market. Now, remember, a balanced market, meaning we have a balance of homes available and buyers willing to buy, is typically six months. We’re at one month. What that tells us is that we don’t have inventory on the market. People are not putting their homes on the market.

The new listings that we actually added to the market in the month of December was 356. That’s just Cherokee County now. So what does this all mean? When I say that it is a very hot market, that means that if you are a seller, it is extremely hot. You are in the driver’s seat. Now, all of this creates some kind of issues.

For example, when people sell their homes, they need to move into another home and so the jam that they run into is they got to find a house. So we’ve implemented a couple of different programs that we would love to be able to talk to you a little bit more about in order for you to buy a home before you even consider or even put your house on the market, it allows you to buy before you actually sell because that is the log jam that we’re running into. People want to sell their house but they have nowhere to go and they’re afraid that they’re not going to be able to find anything. So we’ve come up with a couple of different programs that allow you to buy before you actually sell. You can go out, we can shop with you, you find your dream home, you buy that house. Then we can put your house on the market and sell it without you being rushed.

Reach out to us for more information on that. Make sure you subscribe to YouTube. Once again, the market is very hot and we don’t see this thing slowing down anytime soon. So reach out to us and we’d love to have a conversation with you. Hope everybody’s having a great day and thanks for watching.

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