Heritage Ridge Market Report Summer 2023

Real Estate Agent with Newnan - Peachtree City and surrounding areas Broker GA: 415935

Heritage Ridge is located within the Newnan city limits on East Lower Fayetteville Rd across from Summer grove and has approximately 385 homes total.  The neighborhood features a well maintained large sized clubhouse with  offices, game room, work out room, fireplace in the large dining social area.  The pool is located out back with a hot tub.  There is also a redone enclosed tennis court with lights for use after hours.

Heritage Ridge Pool

As of mid August 2023, going back to May 1, 4 have sold in the family section with one sale in the 55+, not counting the later, the medium list price was :$ 419,900.00 with the medium sold price: $440,000.00.  Medium days on market was about a week.  I didn't use the Average because it's skewed by one that has had multiple price reductions and a discounted buyer cooperate brokerage fee and has been on market for more than 150 days.  The other 4 sales are paying cooperative broker fees of 3% and selling at or above list price and under contract with in a week approximately.  

Heritage Ridge Housing Market

In contrast to data from the same time period last year (May 1 - Aug 15, 2023) 17 homes sold with medium days on market just under a week, Medium List Price: $ 384,950.00 and Medium sold price: $403,805.00.    This shows home prices at Heritage Ridge increased by approximately 9% from 2022 to 2023 over the same period.  

Obviously sales are significantly down along with a severe lack of homes available to buy.  This continues to be the scenario played out all over the area in the present market where we have record low inventory, with low amount of sales and increasing price pressure as a result of supply and demand.  

So when is the best time to buy?  Well, here's the thing; if interest rates come down there will be even more buyers in the mix and that could lead to further increases in home prices, so yes, you will save on interest but pay more for the home and this could cancel out any advantages with lower rates.  The old adage is "marry the home, date the interest rate".   Of course it's a difficult time right now for folks to reason listing the home they currently own in order to move when there is so little around to choose from.  For some new housing is a desirable pathway however costs are high all the way around.  A good agent can help you design a great strategy to help you get where you want to be regardless of market conditions. 

Other advice for navigating the present market: Don't overprice take short cuts (vetted buyers already working with agents with buyer contracts) are aware of market conditions as well so you don't want to waste time coming on market being "over priced", it leads to price reductions, adding carrying costs, and can cause the property to look "shop worn" potentially scaring off possible buyers  Price it where it should be to attract the most buyers, offers and select your best one.  When buying, it's not a good time to low ball or you chance getting beat out.  Make a fair offer and make it your strongest especially if it's a nice place.  If' it's a dump, you can low ball otherwise be aware that there are plenty of other buyers also interested.  Finally, be persistent.  If you are you'll get what you want.

Posted by

Scott May, REALTOR, M.S., CRS (Certified Residential Specialist) at Coldwell Banker Bullard, Newnan/Peachtree City/Chattahoochee Hills Georgia. Office: (770)-254-0079 (Text/Call: 678-436-2063) Helping clients who must buy and/or sell new and resale homes. 14 years of service and homeownership advocacy!

Member: Newnan-Coweta Chamber of Commerce.        WWW.ScottMayiHelpyou.com   

When you have to move, call your Certified Residential Specialist, Call Scott May.

Comments (1)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Scott May, M.S., CRS. this is good information for both Buyers and Sellers in your area.

Aug 15, 2023 02:32 PM