2007 was an interesting year for real estate sales in Coweta County, Georgia. Many factors have contributed to the decline. In simplest terms, the supply of real estate for sale far exceeds the demand. However, many factors have contributed to the decrease in demand for property, many of which have been overlooked. Here are some reasons why the market has declined in Coweta County:

New Home sales are declining.1) Price. Hurricane Katrina place a tremendous demand on the supply of building materials, and costs skyrocketed. Much of the three to five year upgrade market was eliminated, Why would anyone pay more for a smaller house with less features than the one that they currently own?

2) Over development and density. When the market was hot, density was the buzzword that all land purchasers were preaching. Every piece was raw land was engineered to deliver the maximum number of lots at the lowest cost. As the buyers became more savvy, they realized that the lot was an important part of their purchase, and they began to become more selective about the size, location, and usability of their lot.

3) Government impact fees. Government impact fees goes right to the bottom line of the price of a home. Although charged to the seller, ultimately the cost is passed on to the purchaser, essentially creating a "purchase tax" that did not exist some years ago.

4) Competition with foreclosed properties. The number of foreclosures has skyrocketed, creating a tremendous supply of below market alternatives for the dwindling number of purchasers. Builders are being forced to offer costly incentives to move their properties, leaving no cash profit, and no ability to continue to pay their debt services. Before long, their properties are repossessed and offer for sale as foreclosed properties.

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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.

 

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This post has been included in Georgia Real Estate News Coweta County, GA Real Estate News
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2 Comments on Coweta County Georgia Real Estate Trends

OCT
21
2008
135,448 Points 4 Featured Posts Outside Blog

#4 stands out the most.  Your market is a lot like mine.  We are dealing with a difference in price per square foot, however.
5:23pm • #1
1,500,628 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Mel...

Hey, I was pretty smart back then!
6:03pm • #2


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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale

Newnan, GA

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Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, a candidate for GA House District 71 and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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