Home Selling Made Easy • July 26, 2023

6 Key Factors to Determine the Right Listing Price for Your Home

by Jacob Mitchell

Determining the right listing price for your home requires careful consideration of essential factors. By analyzing these aspects more comprehensively, you can make informed decisions:

Comparative Analysis (Comps): Conducting a thorough comparative analysis is crucial in setting the right listing price. This involves researching recently sold properties in your neighborhood with similar size, location, condition, and features. Comparing these “comps” provides valuable insights into current market trends and your home’s approximate value. It helps ensure a more accurate pricing strategy.
Competitive Analysis: Alongside recent sales, we must consider currently active listings in your area. Studying the competition is vital to understanding real-time market dynamics. This way, we can position your home effectively, making it stand out to potential buyers while remaining competitive with similar properties.
Current Market Conditions: The real estate market fluctuates between buyer’s and seller’s markets. A buyer’s market means more homes are available than potential buyers, giving buyers negotiating power. A seller’s market indicates high demand and limited supply, leading to higher prices. Understanding current market conditions helps tailor pricing strategies to remain competitive while maximizing value.
Appraisal Value: Property appraisal is essential during the selling process, typically required for buyers applying for a mortgage. Appraisers assess your home’s value based on various factors, including location, condition, and recent comparable sales. Setting a listing price close to the appraised value streamlines transactions, aligning with lenders’ approvals.
Your Timeline: Personal motivations and selling timeline impact pricing decisions. A flexible timeline allows exploring various pricing strategies. Conversely, if you need a quick sale, we may adjust the price accordingly to attract buyers promptly.
Property Condition: Your home’s condition significantly affects its value. Well-maintained homes with upgrades command higher prices. Considering any necessary repairs or updates helps position your home correctly in the market, ensuring buyers recognize its value accurately.

By analyzing these key factors, we can create a comprehensive pricing strategy that considers your home’s uniqueness, local market dynamics, and your specific goals. Ultimately, an informed and strategic approach to pricing enhances the chances of attracting potential buyers and securing the best price for your property.

When you find yourself in need of assistance pricing, listing, and marketing your house, contact me to schedule a time to view your home and assemble a custom plan to sell your home on your terms and timeline.

Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty

Market Reports • July 23, 2023

June 2023 Residential Market Report: Calhoun/ Gordon County

by Jacob Mitchell

Let’s take a quick look at the Calhoun/Gordon County Market Report for the month of June!

There were 66 New Listing that came to market in June, which is 12 more than in May, Increasing from 54 to 66. Pending Sales however matched the units for last month’s New Listing, with 54 sales currently pending. Closed Sales saw a slight increase month-over-month, increasing from 49 in May to 53 in June.

Median Sales Price increased 8.8% year-over-year, from $266,500 in June of 2022 to $290,000 in June of 2023, while Average Sales Prices have increased 18.3% year-over-year, from $294,526 in June of 2022 to $348,384 in June of 2023.

Active inventory remained the same month-over-month at 83 Active Listing, but it is worth noting that year-over-year active inventory has increased 23.5%, from 68 in June of 2022 to 83 in June of 2023.

Additionally, month-over-month the Months Supply remained at 2.0 months, which is up 25% year-over-year from 1.6 months supply. This gives more options for buyers to choose from compared to a year ago, but is still a low supply.

Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market, there are many that differ on the local level. So whenever you need to know about the local market contact me!

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

Market Reports • July 21, 2023

June 2023 Residential Market Report: Chatsworth/Murray County

by Jacob Mitchell

Let’s take a quick look at the Chatsworth/Murray County Market Report for the month of June!

There were 28 new Listings that came to market, which is 1 less than in May. Pending Sales fell by 7 homes month-over-month, going from 29 to 22. Closed Sales also decreased month-over-month going from 24 to 23 closed sales.

Median Sales Price has decreased year-over-year by -5.8%, from $222,995 to $210,000, while Average Sales Prices have decreased by -9.9%, from $240,380 to $216,609.

Months Supply showed no changes month-over-month, remaining at 2.3 months supply, however, year-over-year months supply is down by -20.7%, going from 2.9 months in June 2022 to 2.3 Months in June 2023.

Market Reports • July 19, 2023

July 2023 Residential Sales Report Average List Price/Sold Price % : Dalton, Whitfield County

by Jacob Mitchell

The Average Sold Price to List Price Percentage dropped by 1%, from 98% to 97%, both Month-over-Month and Year-over-Year. While the decline is small, it shows an active shift in the market, giving buyers more leverage in negotiations.

Buyers and Sellers have performed decently well at remaining parallel to each other on acceptable pricing while facing rising interest rates over the past year, but that could very well be largely due to the consistently low supply of inventory, and as we see an uptick in Active inventory and a decline in M/M sales it is no surprise that we had a decline in the Sold Price to List Price Percentage.

The closer our Average Sold Price to List Price Percentage gets to 100%, the closer buyers and sellers are to our market’s condition and pricing. It is important to stay updated on this statistic if you are either a buyer or seller as it will give you a glimpse of the market’s current climate. Additionally, when you analyze the Sold/List(%) over multiple months accompanied with the Median and Average Sales Price, you will see how buyers and sellers agree on pricing and how it causes home prices to fluctuate.

Market Reports • July 19, 2023

July 2023 Residential Sales Report Median/Average Sales Price: Dalton/Whitfield County

by Jacob Mitchell

Despite a growth in active inventory and a fall in sales, the prices continued to climb in June! What does this tell us about the current state of our market?

Year-over-year the Median Sales Price increased by 9.9%, just a tenth of a point below a double-digit increase, and the Average Sales Price followed in the same direction, increasing by 3.8%. The reason for a nearly double-digit increase in the median sales price is largely due to the nature of the interest rates. When the interest rates were near an all-time low a year ago many people qualified to buy houses at a higher price, but now people have had their price range for financing fall, additionally, some buyers on the more affordable side may have backed out of the market now that interest rates have raised monthly mortgage payments to levels they may believe they cannot afford. All that adds up to a near 10% higher median sales price.

The month-over-month increases are not small whatsoever, with an increase of 6.8% on the median sales price and 7.3% on the average sales price. While these are definitely prone to major fluctuations monthly it is worth noting that it makes since for the increase of these to happen as the DOM for sales fell to 8 days. The reason i say that is because when you have more buyers competing for the prime new listings coming to market you will find the prices rise and the DOM fall, but as we see with active inventory buyers are not responding the same to every property on the market.

It will be interesting to see how the market will respond in the coming months to the rise in inventory we experienced this month, but one this is for certain. Homes that are in great locations, in pristine condition, and in highly sought-after price ranges will continue to move faster and at a higher price than homes lacking that desirability.

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

Market Reports • July 16, 2023

July 2023 Residential Median Days on Market Report: Dalton/Whitfield County

by Jacob Mitchell

Days-on-Market trends are down month-over-month, with median DOM sales dropping from 13 days in May to 8 days in June and the median DOM for Active Inventory dropping from 44 days in June to 41 Days in July.

The downward trend in DOM for Residential Sales holds true Year-over-Year as well, with June of 2022 having a median DOM of 14 days compared to the 8 days in June of 2023.

To dissect the data and understand it more deeply we need to look at both the active inventory median DOM, the June 2023 Sales’ median DOM, and our current active supply of inventory. We saw an increase in active inventory to start July which was accompanied by a fall in sold properties in June. As a consequence of the increase in new inventory coming to the market in June that did not sell at a volume as high as in recent months our active inventory’s median DOM fell by 3 days, but what is intriguing to see is the median DOM for June sales fall nearly in half. The reason for the fall in median DOM for sold inventory in June can be credited to buyers going after new homes to market more aggressively than current sitting inventory.

What we can take away from this:

Buyers, you may hold an advantage going after properties that have been sitting on the market longer, but if something is freshly listed on the market you need to put your best foot forward and be prepared with all documents in order to make a good offer.

Sellers, if your property is currently sitting stagnant on the market it may be time to look at your pricing strategy and adjust to the current climate of the market, additionally if you are thinking of listing your property price aggressively and draw in more buyers or you may run the risk of your home falling stagnant like many others.

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

Market Reports • July 12, 2023

July 2023 Residential Sales Report: Dalton/Whitfield County

by Jacob Mitchell

Home sales fall by 25% month-over-month, from 51 in May to 38 in June, but our local market movement is down by 46% year-over-year, going from 70 in June of 2022 to 38 in June of 2023!

All it takes is one month of slowing movement to change the indicators of the market. While we have remained steadily near a 2-Months Supply of inventory in Dalton/Whitfield County, the 25% decline in sales in June lead to Inventory growing by 30%, to 121 Homes Actively Listed, therefore increasing our months’ supply from 1.8 Months to 3.2 Months.

Our Pending Sales Inventory has increased month-over-month, from 82 Pending at the start of June to 88 at the start of July. An 8% increase in Pending Sales may not sound significant, but it is a push in the right direction to keep the pace of our market stable.

Could this fall in sales turn around in July? With an increase in supply at the start of July, it may be an easier time for buyers to find what they have been looking for and get their offer accepted! Although, as you will see in reports released later this month on my page, the DOM, Sold to List Price ratio, and median and average sales prices are not showing many signs of helping buyers out. The main perk a buyer will experience in this market is an increased supply to choose from.

Sellers must stay vigilant of the current climate of the market, and most specifically the other homes on the market. It is no longer an environment of throwing a price on your home and seeing what works. If you’re looking to sell be sure to price your home competitively, after all buyers currently have 30% more homes to choose from and you may have a 25% lower chance of finding a buyer right now!

Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market there are many that differ on the local level. So whenever you need to know about the local market contact me!

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

Market Reports • July 7, 2023

Dalton/Whitfield County Residential Pending Sales Report: July 2023

by Jacob Mitchell

Increase in Pending Contracts month-over-month despite an increase in Active Inventory! June started with 82 Pending Sales whereas July started with 88 Pending Sales.

A 7.3% increase in Pending Sales is typically good news, but when compared side by side with a 30% increase in Active Inventory month-over-month it is clear to see that our supply has temporarily outpaced our demand. Granted, we have not exactly been in balance when it comes to supply and demand, so you might view an increase in inventory and steady pending sales as an indicator of a leveling market. However, once you review my Residential Sales Report for July (coming soon) you will see that closed sales did not keep pace but fell by drastic levels in June, so leveling is debatable.

From where I am sitting, it seems to me that we have a mid-summer lull taking place! With a Fall in Closed Sales, Rise in Active Inventory, and Modest growth in Pending Contracts everything adds up to less movement and a sluggish environment. Is this true for every portion of the market? Absolutely not! Homes in ideal price ranges, locations, and great condition are still moving as quickly as in recent history. Overall, I expect movement to pick back up in July and August Sales, however Inventory may take a few months to dwindle down from the 30% increase that just occurred, but I don’t expect to continue to see drastic increases like we did to start July.

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

Market Reports • July 5, 2023

July 2023 Residential Sales Report/Inventory Report : Dalton/Whitfield County

by Jacob Mitchell

We are starting July with a significant uptick in Active Inventory for Dalton/Whitfield County. Increasing from 93 homes at the start of June to 121 at the start of July, which is a 30% increase Month-over-Month! What does this tell us?

Well, we can easily see that we experienced a slowdown in our sales volume in June which caused inventory to stack and actually increase our “Months Supply” to 3 months when we have consistently remained near 2 months.

Later this month you will see that the Median Days-on-Market for Active Inventory decreased, which is expected with the large increase in new supply. Interestingly, you will also a drop in DOM for homes sold in June, which goes to show that when a certain location, price range, and condition of property comes to market (priced properly) you will have fast results.

I don’t expect the market to continue to trend in this direction but rather expect demand to increase to soon send inventory downward again. However, this should go to show that our market adjusts quickly, so when pricing a home for sale or making an offer to purchase you need to look at the most recent data.

Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty

Market Reports • June 26, 2023

May 2023 Residential Market Report: Calhoun/Gordon County

by Jacob Mitchell

Let’s take a quick look at the Calhoun/Gordon County Market Report for the month of May!

There were 54 new homes that came on the market in March, which is only 4 more than the 49 homes that sold during the month! Calhoun/Gordon County had 16 more sales in May than in April, which is a near 50% increase M/M. You may wonder how the outlook for sales looks, and you’d be pleased to see that the Pending Sales only dropped by 2 homes M/M, from 48 to 46.

Median Sale prices increased by 10.6% Year-over-Year, from $253,151 to $280,000, while the Average Sales Prices have increased by 21.3% Year-over-Year, from $248,923 to $301,987.

Active Inventory fell from month-over-month, from 89 to 83 homes on the market, while the year-over-year inventory increased by 51% from 55 in May of 2022 to 83 in May of 2023.

The Calhoun/Gordon County market declined from 2.2 Months Supply to 2.0 Months Supply, due to the increase in sales volume and decline in Active Inventory. Overall, the market is still in a better place than it was in May of 2022 when there was only a 1.3 Months Supply of Inventory.

Jacob B. Mitchell

Cell: 706-581-6401

Office: 706-226-5182

Email: AgentJacobMitchell@gmail.com

www.RealtorJacobMitchell.com

Coldwell Banker Kinard Realty

6 Key Factors to Determine the Right Listing Price for Your Home

June 2023 Residential Market Report: Calhoun/ Gordon County

June 2023 Residential Market Report: Chatsworth/Murray County

July 2023 Residential Sales Report Average List Price/Sold Price % : Dalton, Whitfield County

July 2023 Residential Sales Report Median/Average Sales Price: Dalton/Whitfield County

July 2023 Residential Median Days on Market Report: Dalton/Whitfield County

July 2023 Residential Sales Report: Dalton/Whitfield County

Dalton/Whitfield County Residential Pending Sales Report: July 2023

July 2023 Residential Sales Report/Inventory Report : Dalton/Whitfield County

May 2023 Residential Market Report: Calhoun/Gordon County

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