Do you want to get the best price in a real estate deal? Whether you are a buyer or a seller, you should answer that question with a resounding yes.
Did you know that when you start the process has a big impact on the price you’ll get? The time of year, as well as current market trends and other factors greatly affect real estate deals.
Keep in mind that real estate trends are complicated. They can vary greatly depending on the location. It’s a good idea to look at the overall state, but to truly get the best deal you’ll have to be in tune with the market at a local level.
This is where the help of a local real estate expert comes in really handy — unless you like spending hours upon hours in front of your computer scouring the Internet for local market data.
Want to learn a little about what’s going on in Georgia? Let’s take a look at some home values in Georgia to get an idea.
2019 Home Value Trends for Top 5 Cities in Georgia
Right now the real estate market in Georgia is hopping. Markets are hot all over the state and prices are on the rise. Let’s take a look at the top five cities to learn about what’s going on.
With a population of 430,000, Atlanta is by far the largest city in Georgia. The market is hot right now with the median home value at $259,700. Over 2018, prices went up an impressive 9.7%. Zillow predicts prices will continue rising over 2019, but a bit slower at 3.9%. The median sale price is $230,400.
Over on the coast, Savannah is a quaint, but still large city with plenty of amenities. The real estate market is also hot here although the median home value is lower at $135,300. The median sale price is $175,300.
Prices are following an upward trend, going up 7.1% over 2018. Zillow predicts that the trend will continue in 2019 with prices rising another 2.8%.
In Athens, the median home value is $177,800. Zillow rates the market here as being very hot. Prices have gone up 6.5% over 2018 and Zillow predictions state they will keep rising another 2.7% throughout 2019. The median price of homes that sold is $178,500.
Columbus is another very hot market in Georgia. The median home value is less expensive at only $92,000. Prices went up 8% over 2018, although Zillow predicts a much more modest rise of only .5% over 2019. Interestingly, the median price of homes sold is $105,900 — several thousand more than the median home value.
Ellerslie is a smaller town outside Columbus where prices are slightly higher. The median home value is $252,900. Home values have risen 13.5% over 2018 and Zillow is optimistic that they will continue to rise another 9.2% over 2019. The median value of homes that are currently on the market is $287,450.
The Best Time to Buy a Home in Georgia
It’s hard to pinpoint when is the best time of year to buy a home. Not only does it depend on market conditions, but also on your goals.
For example, if you’re looking for plenty of inventory to choose from, summer in Georgia is your best bet. According to data from Redfin, between 11,000 and 12,000 homes are sold each month from May to August. Compare that to a mere 7,000 to 8,000 from November to February.
However, if getting the best price is more important to you then the exact opposite is true. Perhaps because more buyers are actively looking, prices tend to go up in the summer. For example, the median sale price in Georgia in June is $254,000. February, on the other hand, sees a median sale price of only $219,000.
If you’d like the best of both worlds, spring can be a good time to shop. Inventory is starting to pick up, yet prices haven’t risen too much yet. It will also be a bit more pleasant to go house shopping before the full intensity of Georgia’s muggy summer kicks in.
The Best Time to Sell a Home in Georgia
Most sellers have two goals — selling their home quickly and getting the best price possible for it. The time of year that you choose to list it will affect both of these goals.
In general, more buyers are on the hunt in the spring/summer. This means that more sellers tend to put their houses up to take advantage of the activity. However, even with the extra competition, houses still sell faster in the summer.
For example, from April to August houses spend an average of 36 days on the market at the most and 32 days at the least. The percentage of homes that actually sell is highest during this time, hovering around 40%.
However, February sees the longest average days on market in Georgia at 61. The percentage of homes sold also drops to around a disappointing 26% in January and February.
How to Find the Perfect Georgia Real Estate Agent
Whether you’re buying or selling a home, the help of an experienced real estate agent is invaluable. You can try to do the transaction on your own, but without the right expertise, you could lose thousands of dollars in the process.
The skills of an expert at the negotiation table alone are well worth the cost of hiring an agent. Add to that the hours of hard work you will save yourself by letting an agent handle the details like marketing your home for sellers or finding potential options for buyers. They will be able to handle better and more efficiently every step of the process than you with the experience they have.
However, not all real estate agents are equal. Some are far better at their job than others.
How do you find the right one?
Finding your agent through Clever is an excellent way to do it. Clever can connect you with the best agents in the business through our program. The cherry on the top is the money that you can save.
Clever Partner Agents offer deep discounts to Clever clients. If you are listing a home, you’ll pay a flat $3,000 listing fee for homes that sell for up to $350,000. For more expensive homes, you’ll pay only 1% instead of the traditional 3%.
If you are buying a home, your Partner Agent can get you on-demand showings so you don’t have to wait for an open house. Plus, you’ll be eligible for a $1,000 home buyer’s rebate on homes that sell for more than $150,000.