Volume 3 Issue 4
MAY 2022
THE GOOD NEWS M ARKET REPORT
# W e A r e R i c h m o n d H i l l
Real Estate Market Update
"When is the market going to change?" is the most common question we get asked all the time! The answer is no one can know that for sure but there are predictors that can help us see when changes are coming. Some of the factors we watch are: days on market, number of offers, average amount over asking price, and interest rates. We also keep a close eye on a few markets around the country that can help us predict what will happen here in coastal Georgia. CURRENT MARKET SUMMARY: Interest rates have climbed to 5.65% For buyers, this translates to $1,000 more a month for a home priced at $700,000 and $400 more a month for the $250,000 price range. Supply is still low Our team has over 100 buyers ready to buy a home when the right home hits the market. Think about that for a second. Over 100 prequalified buyers are prepared to jump on a home. Time on market is starting to go up At one point we were seeing 1-7 days listed before a home went under contract with 15-20 offers. Now we are seeing 14-21 days with ten offers per home. This is still a really quick selling market compared to 3 years ago! Summary The rise in interest and lack of inventory has lowered the affordability index for so many buyers. This has resulted in less competition for homes. It looks like the market is heading towards a more balanced market, which means a home would stay on the market for three to six months; it will be a market where both buyer and seller feel like they have won. But we won't get to this market overnight. It will take time.
"WORLD TOUR"
Free for clients and future clients!
Kona Ice "World Tour" 2022 has begun! We kicked off this year on May 5th and will be coming to a neighborhood near you soon! Stop by and chat with us and enjoy a free Icee treat on us! Check our Facebook page for the updated location and schedule!
WELCOME HOME!!!
Family. Community. Real Estate.
GIVING BACK
"OPERATION PRESENTS UNDER THE TREE"
Every year, with the exception of "the COVID years", the community comes together at our annual Spring Fling to raise money for families who need a little help around Christmas time. This year after two years off we were pleased to see record-breaking crowds!
The event is spearheaded by the Richmond Hill Fire department and sponsored by many local businesses.
Thank you to everyone who came out to support such a great cause!
Shop for your new home! www.bocookrealty.com
LOCAL POSTAL CUSTOMER
Owner: Randy Bocook , Director of Operations: Ashley Johnson
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Bocook Realty 3760 Hwy 17 Ste 11 Richmond Hill, GA 31324 thebocookteam.com 912-388-1714 EXP Realty Promenade II 1230 Peachtree St, Ste 1900 Atlanta, GA 30309 exprealty.com 888-959-9461 ext. 520
WHAT'S YOUR HOME WORTH!
SELLING YOUR HOME? In this fast-paced seller's market, it is important to have a listing agent that can guide you through the process and get the best deal for you. With over 190 listings closed in 2021 we have the experience to get you the most for your home with the least amount of stress!
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ALL WE NEED IS AN INTERVIEW! 912-388-1714 We are the community experts. Our 5 star reviews speak for themselves!
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