Sales in this market are not sustainable.
In January of this year, the area that is referred to as East Cobb saw 199 transactions of real estate. There are only 179 homes on the market in February. This eb and flow of the market is natural, but the fact of having less than a month’s worth of inventory on market that usually takes 20-45 to get from a binding contract to the actual closing table, means that if we are going to be operating at the same rate, those homes showing on market are not really on market at all. They probably are already under contract before you go and see them.
So how do I find a home? And should I sell my home before purchasing, or at least finding my next home?
We have a few different products are on the market that allows a home owner the flexibility to look for a new property before selling their own home, without risking living on the street.
Some people are “falling into a trap” of the i-buyer program. This is where someone, primarily on the internet (thus the i-buyer), offers a cash offer for a purchase of your home without having “to do anything.” Well, that often cost 10-25% of the value of the real market for your home. The adage nothing is free. Depending on your homes value, that is extremely expensive convenience fees.
We have a partner that allows you to have them purchase your next home for you. This offer through them is a “cash offer”. That allows your offer on the new purchase to be as strong as possible with no doubt by the seller that you are qualified or have a finance contingency. In markets like these that is critical.
You would then move to the new property that is temporarily owned by our partner. Once you have relocated to the new dream home, you would put your home on this “hot” market for sale. After your property sells, you will do another closing on the home of your dreams. This type of convenience fee is extremely reasonable and since you didn’t have to pay for two sets of movers or storage, it can almost pay for itself.
Use the McElreath Real Estate team as your consultants when it comes to how to manage the largest asset in most people’s portfolio, your home.