Same song, different verse sums up the East Cobb real estate market so far in 2021. We are starting the year where 2020 ended with a lack of inventory across all price points, and pent-up buyer demand fueled by historically low interest rates. These two factors have combined to create frenzied market conditions that show no sign of ending anytime soon. According to Realtor® Glennda Baker, “The East Cobb market is hot as a firecracker! There is an unmatched demand for homes that far outweighs the supply. Just this past January, there were only 375 homes for sale in all East Cobb zip codes which represents a 52.5% decrease in available inventory from January 2020.
We have people standing in line for homes, and multiple offers have become the norm.” Baker also notes the luxury market in East Cobb continues to reach new heights, “I was excited to be involved in the highest sale in Atlanta Country Club in 2020 (the house sold for $2.5 million) and we are kicking off 2021 with the second highest resale in all of Cobb County, ever!”
Increased competition and record prices are great for homeowners, but these unprecedented market conditions can be intimidating for buyers. Now more than ever, it is important to work with a Realtor® who knows the market and can craft a winning a strategy for coming out on top when competing with multiple offers. Realtor® Heather Armstrong knows the East Cobb market well and says, “Recently, I have submitted offers to agents where we were 1 of 20 plus offers. I am often asked; how do buyers complete in a multiple offer situation? Hiring a full-time, professional Realtor® who will partner with your lender to make sure your offer gets to the top of the pile is crucial. Using an escalation clause and getting my buyers through underwriting prior to submitting an offer have been just a few of the tools I have used to win when competing against multiple offers.”
Armstrong also has advice for sellers, “If you are considering selling, now is the time to begin getting your home show ready. Anticipate being able to generate a good price for your home but be mindful – a strong seller’s market does not mean every home sells quickly for an incredible price. Homes still need to be priced correctly, well maintained, reasonably updated, clean, and professionally marketed by a Realtor®.”
Over the past few decades, buyers have consistently sought out East Cobb because of the toprated schools, competitive taxes, green spaces and enviable location that puts residents’ minutes away from a number of attractions. With quality of life and having the right place to live and work becoming even more important during the pandemic, we anticipate that East Cobb will be in even greater demand throughout the remainder of the year.
>> This article was originally published on page 16 in the EAST COBBER March/April issue. <<