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What happened in our East Cobb market during the third quarter?
A couple of interesting things occurred. First, the market improved in a couple price points.
In the $100,000 to $500,000 price point, the upper end of that range shifted from a balanced market to more of a seller’s market (meaning inventory is less than five months). This is likely due to so many homes selling at the end of the second quarter, which then caused us to enter the third quarter with lower inventory.
Homes priced under $300,000, in particular, are selling very fast and spending only a month (and sometimes even less than that) on the market with multiple offers.
The $500,000 to $900,000 price point is in more of a balanced market, meaning it favors neither buyers nor sellers. Officially, it has about six months’ worth of inventory. Balanced markets usually don’t stay balanced for very long, though—eventually they either move toward one side or the other. I believe this price point will eventually shift toward a buyer’s market, but a very soft buyer’s market.
Lastly, the $900,000 to $2 million price point is in a buyer’s market. This means there is more than seven months’ worth of inventory, and more than a year’s worth of inventory once you pass $1 million.
If you’re a buyer, these developments mean you’ll be able to buy more for your money, you’ll be able to negotiate more, and you’ll have more houses to pick from in the $500,000 to $900,000 range (and even more to pick from north of $1 million).
If you’re looking to buy in the $750,000 to $850,000 range, now might be a good opportunity to up your own price point and get more for your money. There is more inventory to choose from and fewer buyers to compete against, which can result in a real win down the road.
If you have any more questions about what’s happening in our East Cobb market or you’re thinking about buying or selling a home in our area, don’t hesitate to give us a call or shoot us an email. We’d be glad to help.