Home Values Rise Even as Median Prices Fall

What’s Really Happening with Home Prices? Here’s What You Need to Know in West Georgia Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller in West Georgia, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time, and that’ll be affected by the mix of homes on the market. To show you how this works, here’s a simple explanation of a median (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median (the middle one) is 10 cents. If you have two nickels and one dime, the median is now five cents. In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. The same is true for housing. Right now, in West Georgia, we’re seeing a greater number of smaller, more affordable homes on the market in places like Dallas, Acworth, and Kennesaw, and that’s bringing the overall median price down. But that doesn’t mean home values are declining. As Danielle Hale, Chief Economist at Realtor.com, explains: “The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.” And here’s the data to prove it. Price Per Square Foot Is Still Rising One of the best ways to measure home values is by looking at the price per square foot. That’s because it shows how much you're paying for the space inside the home. The median asking price doesn’t take into account the size of different homes, so it may not always reflect the true value. The latest national price-per-square-foot data shows home values are still increasing, even though the median asking price has dropped. Locally, in West Georgia, we’ve seen similar trends, with price per square foot continuing to rise in areas like Paulding, Cobb, and Bartow counties. This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA): “Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.” So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally and here in West Georgia. But Remember, Real Estate Is Local It’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets like West Georgia may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area. Bottom Line The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market. The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up here in West Georgia. If you have questions about what home prices are doing in our area, feel free to reach out!

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Secrets To Selling Your House Quickly

Let's Sell Your Home Fast in West Georgia! Seeing your house sit on the market without any interest is frustrating, and some sellers in West Georgia are finding themselves in this tricky spot today. According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased nationwide over the past few years. Locally, in areas like Paulding, Cobb, and Douglas counties, the trend is similar, with homes staying on the market a bit longer compared to a couple of years ago.A recent post from Realtor.com echoes this: “During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.” This delay is partly due to increased inventory, giving buyers more options. Higher mortgage rates have also slowed demand, especially over the past two years, and that’s something out of your control. But here’s the kicker—there is something you can control, and it’s where many sellers fall short: they don’t work with the right agent.Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even in today’s West Georgia market.If time is of the essence, you need an agent who understands how the market is shifting, especially here in places like Paulding, Cobb, and surrounding counties. That agent will be your go-to resource on what West Georgia buyers are looking for and how to position your home to meet their needs.Here are just a few tips a great real estate agent will guide you through. They may seem simple, but trust me, this advice can make all the difference. 1. Competitive Pricing One of the most critical factors in selling your home quickly is setting the right price. A local West Georgia agent will perform a competitive market analysis by reviewing recent sales and current listings in your area. Then, they’ll use that data to ensure your home is priced accurately for today’s market. This strategic pricing approach is the best way to hit the sweet spot on price. If you don’t rely on an agent for this, it can really slow down your process. As U.S. News says: “. . . setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate . . . A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.” 2. The Home’s Condition Homes in West Georgia that are well maintained, have great curb appeal, and feature modern finishes tend to sell faster. So, if a quick sale is your priority, make sure your house makes a great first impression. An agent is key in knowing what buyers in this area are looking for, whether staging is worthwhile, and what repairs need to be tackled before you list. Ramsey Solutions offers this advice:   “In the spirit of selling your home fast, take care of things now that will be a problem in the closing process. Talk to your agent about fixes you’ll need to make to pass the home inspection, like: plumbing problems, roof damage, electrical issues, HVAC glitches. . . These are issues you’ll be expected to take care of before any buyers close on your house—you might as well get ahead of the game to help your home sell faster.” 3. Incentives and Extras In today’s West Georgia market, offering incentives or concessions can help your home stand out. Things like help with closing costs, a home warranty, or including appliances or furniture with the sale can sweeten the deal for buyers. A real estate agent can recommend the right incentives based on current market conditions in our area, helping you close the deal even faster. Bottom Line Selling your home quickly in a shifting market requires a solid strategy and a deep understanding of what buyers want, especially here in West Georgia. That’s why working with a local agent is so important. As Forbes says:   “When time is of the essence, you can’t afford to take a chance on an inexperienced housing professional. Instead, you’ll want to work with a real estate agent who knows your market and has helped sellers in your situation before.”   Let’s connect to make sure you’re set up for success in today’s West Georgia real estate market.

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Should You Rent Out or Sell Your House?

Figuring out what to do with your house when you're ready to move can be a big decision. Should you sell it and use the money for your next adventure, or keep it as a rental to build long-term wealth? It's a question many homeowners face, and the answer isn't always straightforward. Whether you're curious about the potential income from renting or worried about the responsibilities of being a landlord, there’s a lot to consider. Let’s walk through some key questions to ask to help you make the best decision for your situation. Is Your House a Good Fit for Renting? Even if you're interested in becoming a landlord, your current house might not be ideal for renting. Maybe you're moving far away, so keeping up with the ongoing maintenance would be a hassle, the neighborhood isn't great for rentals, or the house needs significant repairs before you could rent it out. If any of this sounds like it might apply, selling might be your best option. Are You Ready for the Realities of Being a Landlord? Managing a rental property isn't just about collecting rent checks. It's a time-consuming and sometimes challenging job. For example, you may get calls from tenants at all hours of the day with maintenance requests. Or you may find a tenant causes damage you have to repair before the next lease starts. You may even have to deal with people falling behind on payments or breaking their lease early. Investopedia highlights: "It isn’t difficult to find horror stories of landlords troubled with more headaches than profits. Before deciding to rent, consider talking to other landlords and doing a detailed cost analysis. You might find that selling your home is a better financial decision and less stressful.” Do You Have a Good Understanding of What It’ll Cost? If you're thinking about renting out your home primarily to generate extra income, remember that there are additional costs you’ll want to plan for. As an article from Bankrate explains: Mortgage and Property Taxes: You still need to pay these expenses, even if the rent doesn't cover all of it. Insurance: Landlord insurance costs about 25% more than regular home insurance, and it's necessary to cover damages and injuries. Maintenance and Repairs: Plan to spend at least 1% of the home's value annually, more if the home is older. Finding a Tenant: This involves advertising costs and potentially paying for background checks. Vacancies: If the property sits empty between tenants, you'll lose rental income. Management and HOA Fees: A property manager can ease the burden, but typically charges about 10% of the rent. HOA fees are an additional cost too, if applicable. Bottom Line To sum it all up, selling or renting out your home is a personal decision that depends on your circumstances. Whatever you decide, taking the time to evaluate your options will help you make the best choice for your future. Make sure to weigh the pros and cons carefully and consult with professionals so you feel supported and informed as you make your decision. That’s what we’re here for.

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