Spring Market and Real Estate Trends
Spring is one of the most exciting times of the year for the real estate industry in Columbus, Georgia, and the surrounding areas of Harris County. As the weather starts to warm up, people become more active and start to think about buying or selling their homes. At John Bunn Realty, we want to be knowledgeable and informed buyers and sellers. We will take a look at some of the real estate trends occurring around the area, and how they are impacting the market this spring.
Georgia Real Estate Trends
One of the most significant trends in the Georgia real estate market is the shortage of homes for sale. According to the Georgia MLS, there are currently about 30,000 homes for sale across the state. This represents a 42% decrease in the number of homes for sale compared to this time last year. This shortage of homes for sale has created a seller’s market, with many buyers competing for the limited inventory available.
Another trend that is impacting the real estate market in Georgia is the rise of remote work. With more and more companies allowing employees to work from home, people are no longer tied to living in or near major cities. As a result, many buyers are looking for homes in suburban and rural areas outside of Atlanta, Savannah, and other major metropolitan areas. This trend is driving up demand for homes in these areas and putting pressure on inventory levels. As the rise of more rural and suburban areas becomes popular, the Chattahoochee Valley, Pine Mountain, and surrounding areas of Harris County have become destinations for those seeking a slower pace of life and an increase in land buys.
Finally, the rise of iBuyers is another trend that is impacting the real estate market. iBuyers are companies that use technology to make instant cash offers on homes, intending to flip them for a profit. Companies like Opendoor, Zillow Offers, and Offerpad are all active in Georgia, and they are changing the way people buy and sell homes. While some people appreciate the convenience of iBuyers, others worry that they may not get the best price for their home by selling to an iBuyer.
Impact on Spring Real Estate Market
These trends are all having an impact on the spring real estate market throughout Georgia. With a shortage of homes for sale, many buyers are finding themselves in bidding wars for the few homes that are available. This is driving up prices, and many homes are selling for above the asking price. In some cases, buyers are even waiving contingencies like home inspections and appraisals to make their offers more attractive to sellers.
As people look to move to suburban and rural areas, demand for homes in these areas is increasing. This is putting pressure on inventory levels and driving up prices. In some cases, buyers are even buying homes sight unseen, relying on virtual tours and photos to make their purchasing decisions.
Finally, the rise of iBuyers is also impacting the spring real estate market in Georgia. While many sellers appreciate the convenience of instant cash offers, others are hesitant to sell to an iBuyer. This is because iBuyers often charge higher fees than traditional real estate agents, and they may not offer the best price for a home. As a result, some sellers are choosing to work with traditional real estate agents instead.
Tips for Buyers and Sellers
If you are a buyer or seller in the spring real estate market in Georgia, there are a few things you can do to make the most of the current market conditions. For buyers, it is important to be prepared to act quickly when you find a home you like. This may mean checking your credit score, getting pre-approved for a mortgage, finding a real estate agent you trust, having your down payment ready, and being prepared to make a strong offer.
For sellers, it is important to work with a trusted real estate agent who can help you navigate the current market conditions. Your local John Bunn agents can help you price your home appropriately, stage it for showings, and negotiate with buyers to get the best possible price for your home.
John Bunn Realty is Here to Help You
Whether you are looking to sell your home or are interested in buying land in the surrounding areas of Columbus, Georgia, John Bunn and his realty team can help you throughout your journey. You can browse the properties that are currently available here or schedule a meeting with one of our agents here.
Contact John Bunn Realty today!