East Cobb Housing Market Trends: Competitive Environment, Rising Prices, and Opportunities in April 2023

East Cobb Housing Market Trends

The East Cobb housing market is somewhat competitive, with homes receiving an average of 3 offers and selling within approximately 27 days. The following statistics outline the current trends:

  • Average sale price of a home in East Cobb: $435K, up 4.8% since last year.
  • Average sale price per square foot in East Cobb: $192, up 9.4% since last year.
  • Homes typically sell for about 1% below the list price.
  • Hot homes can sell for about 1% or more above the list price and go pending on average in 12 days.

Challenges and Opportunities for Buyers and Sellers

For buyers:

  • High demand and low inventory pose challenges, leading to multiple offers and bidding wars for desirable properties.
  • Buyers may need to compromise on preferences or budget.
  • Strong appreciation of home values and high quality of life in East Cobb are potential benefits.
  • Buyers can take advantage of low interest rates and various loan programs.

For sellers:

  • Preparing and presenting homes for sale can be challenging, with investments in repairs, upgrades, staging, and marketing often necessary.
  • Contingencies, inspections, appraisals, and negotiations may impact sale price or timeline.
  • High demand and low inventory offer potential benefits, including favorable market conditions.
  • Sellers can leverage home equity and use professional services to facilitate sales.

Factors Affecting Real Estate Market

  1. Income: Higher income levels generally mean higher demand for housing.
  2. Job Availability: More jobs in an area can attract more people, increasing housing demand.
  3. Interest Rates: Lower interest rates make mortgages cheaper and more accessible, stimulating demand and driving up prices.
  4. Inflation: Can cause nominal property prices to increase and influence Federal Reserve decisions.
  5. Land Constraints: Limited availability of land for development can restrict the supply of new housing units.
  6. Transportation: Affects both demand and supply of housing, influencing people’s preferences and choices, as well as enabling or limiting new property development.

General Advice for Buyers and Sellers in April 2023

For buyers:

  • Be prepared for strong competition and higher prices in high-demand areas like East Cobb.
  • Act quickly and be ready to negotiate or compromise on features or amenities.
  • Take advantage of relatively low mortgage rates before they rise further.
  • Consider expanding your search to areas with more supply or lower demand.

For sellers:

  • Price your property competitively and highlight unique features or benefits in high-demand areas like East Cobb.
  • Be flexible and responsive to buyer inquiries and requests.

To net the highest price, you will want to hire a local real estate professional that can assist with all aspects of the sale and properly market the home.

About the Author

Prior to selling real estate, Brenda worked in the mortgage industry for over twenty years. She worked for companies such as Freddie Mac and HomeBanc in numerous capacities from underwriter to executive management. Her thorough knowledge of the mortgage industry is an asset in these times of stricter loan qualifications. Brenda's commitment to continual education keeps her on the cutting edge of current market conditions and trends.

Her professional confidence and easy going style comforts clients through this sometimes stressful situation. Brenda is committed to negotiating the absolute best deal for her sellers.