East Cobb Market Update

We have much to be thankful for in real estate. During the pandemic, real estate seems to be one of the bright spots. According to the National Realtors Association across the nation home sales are strong. Here are a few take aways from a recent article:

 Across the nation….Existing home sales in October were 27% higher than a year ago, new home sales were 32% higher. Mortgage applications, up 20% year over year, reflect buyers in the pipeline,  ready to buy. Sellers have 16% increase in equity from the year before.

 Interest rates are averaging 2.72%, according to Freddie Mac. NAR’s Lawrence Yun predicts that mortgage rates will stay low into 2021, averaging 3.1% for all of next year. 

According to the “2020 Profile of Home Buyers and Sellers.” “Buyers sought housing with more rooms, more square footage, and more yard space, as they may have desired a home office or home gym. They also shopped for larger homes because extra space would allow households to better accommodate older adult relatives or young adults that are now living within the residence.”

Here is a look the East Cobb market

Low inventory continues to be challenging to buyers
10 year gains in East Cobb real estate

Lee Ann is a member of Women’s Council of Realtors – Cobb and Cobb Association of Realtors. She is a top producer with Dorsey Alston Realtors specializing in the East Cobb market.

Lee Ann Wynns | East Cobb Realtor® 

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