9 minute read
Real Estate
REAL ESTATE ON THE RISE
North Cove. Photo courtesy Barnett Group REALTORS.
CONTINUED STRENGTH IN THE MARKET
POSITIVE TRENDS CONTINUE INTO 2022
The state of the local Real Estate Market: a look at where Fayette and Coweta County fi nished 2021 and what to expect in 2022.
The real estate market has gone through unprecedented challenges and changes over the past two years. In the Spring of 2020 home sales suddenly came to a standstill as the pandemic swept across the country. Almost as quickly the Real Estate industry began to adapt and overcome the challenges of doing business during the pandemic. In Georgia, real estate was declared an essential business, so buying and selling of homes was able to continue. But it wasn’t business as usual – new techniques and practices were instituted; virtual open houses, video home tours, and other methods to enable the business of buying and selling homes to continue through the height of the pandemic. By the end of 2020, real estate sales had rebounded to numbers that actually rose higher than in 2019 for both Fayette and Coweta Counties.
In 2021 the positive trends continued and all signs point to 2022 being another strong year. We asked Dorrie Love, who has over 20 years of experience in the local real estate market for her thoughts:
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c. 404.583.3313 o. 404.237.5000 barnettgroup@atlantafinehomes.com @thebarnettgroup
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Having just fi nished my year as the 2021 President of the Georgia Association of REALTORS® I have been able to keep my pulse on the happenings in real estate all over Georgia. In 2021 most areas suffered from the same woes: low inventory, strong buyer demand and rising prices. Since the pandemic my colleagues locally and across the state have set records in their businesses. Personally, 2021 was the second-best year I’ve had in real estate in my 26-year career.
■ Let’s look at Fayette and Coweta Counties by the numbers (data sourced from Georgia MLS)
In 2020 the average SOLD price of a single-family home in Fayette County was around $387,000. The average days on market for those homes was 39 days. In 2021 the average SOLD price climbed 15.7% to just under $441,000 with the days on market shrinking to 17 days. The total number of homes in all of Fayette sold in 2021 rose 3%- from 2,162 in 2020 to 2,226.
The three largest cities in the two counties all had similar statistics showing that 2021 continued to be a strong seller’s market. In Fayetteville, the average SOLD price in 2020 was just under $360,000 with 42 days on the market. In 2021 the average SOLD price jumped to $412,000, over 14%, with a market time of 19 days. There was a small increase of about 1.8% of homes sold in 2021 compared to 2020.
If you look at just Peachtree City (30269) the average SOLD price in 2020 was just under $419,000 with 31 days on the market. In 2021 the average SOLD price jumped to $479,000, over 14%, with a market time of 13 days. Closed home sales rose almost 22% year over year. We closed 731 homes in 2021 versus 600 homes in 2020.
Looking at Newnan, the average SOLD price in 2020 was just under $313,000 with 41 days on the market. In 2021 the average SOLD price jumped to $355,000, an increase of over 13%, with a market time of 20 days.
As with Newnan, Coweta County came in strong as well. The average SOLD price rose 17% from just under $305,000 in 2020 to almost $357,000 in 2021. The days on market went from 47 to 25. Coweta closed almost the same number of homes from 2020 to 2021.
The number one question I get asked is what’s going to happen in real estate in 2022? Is the bubble about to burst? Is the market going to crash? Short answer is No. The lending process has
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tightened greatly from 2008/2009 when we had the great recession. Owners aren’t upside down in their value. Will there be a market correction of some sort? Yes. We will not be able to sustain double digit increases in home prices forever. Are interest rates rising? Yes. Will this take some buyers out of the market? Yes. Are we still in a seller’s market? Yes, until supply can keep up with demand.
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REASONS YOU NEED A REAL ESTATE AGENT
The purchase of a house is the single largest business transaction most people will make in their lives. Their house will become the single largest asset that they will own. It stands to reason that buyers need to be as informed as possible before purchasing a new home.
With today’s tech-savvy, internet users living in a “doit-yourself” world, it looks like buying a house should be simple. No doubt that some of this “For Sale By Owner” group will save a few dollars on buying a house. However, the purchase of a house does not always go smoothly.
■ EDUCATION & EXPERIENCE – To get the privilege of representing a major real estate organization, your realtor must study and pass multiple tests, including those required by the state and by the company itself. Clients benefi t from this wealth of knowledge.
■ LOCAL NEIGHBORHOOD KNOWLEDGE – Unless you already live in the area where you intend to buy a house, there are probably a lot of unknowns concerning the area. You are sure to fi nd many photos online of the house, but what about the neighborhood and subdivisions surrounding the house? What about the quality of schools in the area and the availability of churches and social organizations? A real estate agent can help you obtain all of this information. ■ LEGAL AND FINANCIAL KNOWLEDGE – Seldom does a buyer purchase a house with a check for the full amount. Generally, the realtor can be helpful in locating attorneys that specialize in real estate and mortgage lenders that play an important part in the buying equation. Realtors also can advise on special language in a contract that needs to be addressed or avoided.
■ PRICE & MARKET GUIDANCE – Prices for houses are always moving up or down. Real estate agents are in the local market all year long and have the experience to give a buyer or seller valuable advice on what price will be able to “move” a sale, or “close” a deal. Either way they can help both the seller and the buyer.
■ NEGOTIATION ABILITY – Most people are not experienced in negotiating the sale or purchase of a house. Sellers love their homes and want to get the most out of the sale—which could cause them to overprice and lose a sale. Buyers might make an offer too low, leaving room for another buyer to come in and offer a higher price. Real estate agents for both sellers and buyers know how to negotiate based on fact, rather than emotion.
These are just a few of the reasons why people need to hire a competent, professional, licensed, real estate agent to guide them through the important decisions that are all part of buying a house
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WELCOME TO THE NEIGHBORHOOD
We’re here to help you settle into your new home and community. The info found throughout the Guide to Coweta & Fayette Counties— including phone numbers and websites—will be useful to you all year long.
The Guide to Coweta & Fayette and The Peachtree City Magazine are published by MediaWorks 67, LLC and Print Graphics Services, Inc.; 101 Tivoli Gardens, Peachtree City 30269; 770-631-9159; GuideCowetaFayette.com
Peachtree City New Neighbors League
770-486-9116; newneighborsptc.com
Fayette County Vehicle Registration
Drivers License – Fayette
Georgia Dept of Drivers Services; 749 West Lanier Ave. #102, Fayetteville 30214; 678-413-8400; dds.ga.gov Hours: Tuesday through Friday 8 a.m. to 6 p.m.; Saturday, 8 a.m. to noon; Closed Sunday & Monday.
Drivers License – Coweta
128 Bullsboro Drive, Newnan 30263, 678-413-8400; dds.ga.gov. Hours: Tuesday through Friday 8 a.m. to 6 p.m.; Closed Saturday, Sunday and Monday.
Utilities & Services
Electricity, gas, cable, internet, water, sewer and trash pick-up–Some utilities may be supplied through your county, city or town. Other services are available through municipal-based operations or the private sector. Contact your county, city or town, or check out their website, for accurate and up-to-date info.
Coweta County Vehicle Registration
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Coweta County Voter Registration
Fayette County Voter Registration
Newspapers
•Atlanta Journal-Constitution; 1-800-933-9771; ajc.com •The Citizen (online); 770-719-1880; thecitizen.com •Fayette News; 770-461-6317 fayette-news.net •Newnan Times Herald; 770-253-1576; times-herald.com
