CASH OFFERS ON HOUSES

Asked by Arkla, Atlanta, GA Tue Apr 9, 2013

is this the new norm in the atlanta ,ga? i have 3 properties in MLS in bidding wars, but the Quick, FAST, CASH offers are coming in as fast as the contract offers.

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Hank Miller, Agent, Alpharetta, GA
Tue Apr 9, 2013
and is this a bad thing? Take it and run
Web Reference:  http://www.hmtatlanta.com
1 vote
Bruce Ailion, Agent, Marietta, GA
Tue Apr 9, 2013
Yes. Cash is no longer king. Price is King. The discussion below will put some facts to your concern.

I am often asked by buyers how much to offer and should I offer list price. While this is a property specific question knowing the market trend is important because that trend sets the Seller’s expectation.

In the 5 core Metro Atlanta Counties: Fulton, DeKalb, Cobb, Gwinnett and Cherokee if a buyer looking at listings under $150,000 that closed in the first quarter of 2014 would have been out bid 46% of the time with an offer of less than list price. Almost 16% of the time an offer of 10% above list would have been inadequate and almost 1 in 12 offers 20% above list would have been too low. This varies by county. Detailed statistics from First Multiple Listing Service are below.

Currently there are 1435 Active Listing in FMLS under $150,000 available and 1059 under contract there. With a sales rate of 956 per month in the first quarter there is about a one and a half months supply of homes in the under $150,000 price range. Detailed statistics from First Multiple Listing Service are below. For additional information on specific locations or price ranges, e-mail me for a free analysis.

It is still possible to buy in Metro Atlanta at 1998 to 2002 prices but that window is closing.

List price $150000 or below closing after 01/01/2013

Cobb
657 Sales in 1st Quarter
396 Active Now
257 List or better 39.1%
77 110% of list or better 11.7%
41 120% of list or better 6.6%

North Fulton County
106 sales in 1st Quarter
149 Active Now
29 List or better 27%
8 110% of list or better 7.5%
5 120% of list or better 4.7 %

All Fulton County
553 Sales in 1st Quarter
609 Active Now
224 List or better 40.5%
72 110% of list or better 13.0%
37 120% of list or better 6.7%

Gwinnett County
934 Sales in 1st Quarter
364 Active Now
486 List or better 52.0%
162 110% of list or better 17.5%
77 120% of list or better 4.7%

DeKalb County
556 Sales in 1st Quarter
447 Active Now
263 List or better 47.3%
95 110% of list or better 17.1%
44 120% of list or better 4.7%

Clayton County
176 Sales in 1st Quarter
133 Active Now
95 List or better 53.9%
40 110% of list or better 15.8
20 120% of list or better 7.7

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes
Laquita Baez, Agent, Atlanta, GA
Tue Apr 9, 2013
In my experience, cash buyers has been flooding the market for the last couple of years.
Buyers are aware that properties has been selling quickly so they're being schooled to move quickly with submitting offers- whether purchasing with cash or financing.
Today's market is VERY competitive!

Laquita Baez
Licensed Realtor in GA and NJ
Better Homes and Gardens Real Estate Metro Brokers
770.901.0956
http://www.LaquitaBaez.com
0 votes
Jeffrey K. C…, Agent, Hiram, GA
Tue Apr 9, 2013
If the offer is good and its cash, take the cash and run
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more