East Cobb, GA’s real estate market predictions for 2024

East Cobb is an alluring residential neighborhood in Cobb County in the northwestern part of Atlanta, GA. Found on the eastern city limits of Marietta, it is conveniently located just a little off Interstates 575 and 75, allowing for easy travel to many surrounding locations. It’s full of high-end properties that may fly under the radar of most luxury homebuyers, but because of the unincorporated town’s friendly atmosphere, safe neighborhoods, innate natural beauty, and surprisingly long list of outdoor activities, it’s a safe bet that East Cobb’s reputation for affluent living can only go up from here on. Let the Page Morgan Team introduce you to the many wonderful aspects of the East Cobb real estate market. As trusted agents of luxury homes for sale in East Cobb, GA, we have the knowledge and experience to guide you to the best of the best in East Cobb, GA real estate.

CURRENT STATE OF EAST COBB REAL ESTATE MARKET

The real estate world as a whole is less volatile than other asset classes, such as stocks or mutual funds, which regularly see sudden and significant value fluctuations. This makes real estate a relatively safe and reliable investment to make. However, that does not mean it is impervious to market risks. It’s important for anyone interested in buying a home in East Cobb to know the current state of the local real estate market to ensure your transaction proceeds with as few risks as possible. As we are now halfway through the year 2024, it becomes even more crucial for buyers to know their options and what to anticipate before making an offer. The information below will give you an overview of what to expect in the East Cobb real estate market and what it can mean for you as a home buyer.

High mortgage rates

A recent report from Freddie Mac reveals that the average long-term US mortgage rate has hovered above 7.0% in recent months, peaking at 7.17% at the end of April 2024. Depending on the amount of the loan, these numbers can add hundreds to thousands of dollars in monthly costs for borrowers.

Pro tip: Though it can be disheartening at first glance, higher interest rates can benefit shoppers of luxury homes for sale in East Cobb, GA in two ways. First, some buyers will be completely priced out of the market, so there will be less competition to contend with. Second, it puts downward pressure on home values, giving buyers the power to negotiate better prices. As speculations continue as to whether rates will continue to climb or not, it will be wise to consider these two benefits and how these may play into your property purchasing plans.

Soaring home prices

From the beginning of the year, home prices in East Cobb and the rest of Cobb County have continued to surge, as has been the trend in most of the US. According to the listing platform Redfin.com, the median sale price of homes in the locale jumped 12.5% in March 2024 compared to the same time last year, reaching $487,700. Home prices in some recent months, specifically December 2023 and February 2024, also saw double-digit YoY gains. Even with mortgage rates nearing 8%, the expected drop in home prices that often accompany such high rates have yet to happen.

Pro tip: With high inflation fueling high mortgage rates, there’s no indication that home prices will dip in the near future, which can be bad news for homebuyers. However, as long as you have the finances, vision, and resources to make the most out of your investment, it will still be a conducive time to buy. You can still find excellent deals even when the market is at a downturn. Discuss your plans with savvy East Cobb real estate agents who can help you devise strategies to navigate the market more successfully.

Low housing inventory

Even with the greater number of new construction and developments in East Cobb, inventory has not been able to keep up with the strong demand for properties in the area. This puts East Cobb in a serious seller’s housing market, where demand far exceeds supply. Ultimately, this means that interested buyers will have to shell out more dollars for the property they intend to buy.

Pro tip: A low inventory doesn’t have to be the reason you put your home buying plans on hold. There are always ways to make them happen, especially if you’re partnered with a good East Cobb agent. Here are some tried-and-tested strategies to consider when buying a home during low inventory periods.

• Get pre-approved. This informs the seller that you have the financial means to secure their property and are serious about your purchase plans.
• Be more vigilant. Practice active house-hunting and be ready to make an offer when a good property gets listed.
• Submit a strong offer fast. You can’t afford to hold out because a better one might just be around the corner in a seller’s market.
• Make it personal. Letting the seller know that you are personally invested in the property can make them more responsive and engaged with the deal.
• Get creative. Work with an experienced agent who can help you stand out in the eyes of sellers.

EAST COBB’S REAL ESTATE MARKET PREDICTIONS FOR 2024

So what does East Cobb’s housing market have in store for potential buyers this 2024? Although the last few years have been quite the roller coaster ride to say the least, there’s still plenty of reasons for potential buyers to be optimistic about their purchasing prospects. To boost your chances of success, it’s important to understand previous market conditions and identify patterns to better predict where the market is headed over the year. Below are key predictions for 2024 to give you a snapshot of what the East Cobb market will look like as 2024 rolls on.

Home prices will remain high but stable

After experiencing significant growth in the last few years, Georgia’s housing market is expected to cool down this 2024 and achieve a level of stability. A stable high-end market gives luxury homebuyers more choices and less competition, as regular buyers will be pushed toward less expensive residential options such as condos and apartments. Pundits are quick to warn that buyers who are hoping for a significant drop in home prices will be disappointed, adding that the numbers are expected to remain high in the months to come..

Mortgage rates should move down, even a bit

The Federal Reserve has placed a continued pause on mortgage rate hikes since December. Additionally, the agency announced last March that it plans to reduce interest rates by as many as three times throughout the year. For future borrowers, this could spell more affordable housing loans, and along with these, the possibility of purchasing homes at higher price points. For those with a variable interest rate, the reductions should offer some relief from the spate of increases seen in the past.

Low inventory is expected to persist

The housing inventory has been notoriously low for the past few years in East Cobb, effectively inflating prices and causing the highly competitive seller’s market it’s experiencing today. Combined with a steadily growing population, strong economy, and promising job opportunities, inventory will continue to be tight. This means buyers need to seize opportunities quickly and be flexible when they find a home they like, as well-priced homes in good condition will likely receive multiple offers. To stay competitive, be prepared to put in an offer above asking price, because there are so few properties on the market.

Listings will spend fewer days on the market

For a large chunk of the past five years, homes for sale in East Cobb, GA have spent less than 30 days on the market before finding a buyer. During peak selling seasons, even homes with million-dollar price tags can sell for under 20 days! With well-maintained upscale properties that feature spacious lots and layouts, jaw-dropping designs, and state-of-the-art amenities, luxury homes in East Cobb, GA attract a lot of attention. As buyers begin to feel increasingly optimistic about the economy, expect the days that East Cobb houses for sale stay on the market to only get shorter.

INSIDER TIPS FOR NAVIGATING THE EAST COBB PROPERTY MARKET

When it comes to luxury homes for sale, the East Cobb real estate market boasts a plethora of excellent choices, from a mansion in a cul-de-sac, to a sprawling estate surrounded by nature, to a golf course townhouse directly overlooking the greens, and more. Though the luxury home buying process is pretty straightforward, you’ll still want to keep a few considerations in mind. Consider these insider tips from top East Cobb real estate agents designed to help luxury homebuyers secure the best high-end property for their needs and lifestyle.

Embrace technology

Understanding how to harness the internet’s power when shopping for homes is crucial in today’s digital age. By leveraging online platforms and digital tools, you’ll be able to save time and narrow down your options quicker than physically viewing each property one by one. Here’s what to remember when house hunting online.

• Stick to credible websites. Read reviews and visit comparison sites about the real estate companies you plan to use. If you have friends and relatives living in the area, ask them about the company that helped them with their buying process.
• Go with live virtual tours. Though pre-recorded virtual tours are useful, it pays to schedule a live one. This way, you’ll have a better idea of the condition of the house. You can ask the agent to zoom in on areas you want to scrutinize, and you can have your questions answered in real time.
• Be meticulous. Explore each room carefully, paying special attention to spaciousness, layout, and natural light. Take note of any observations and questions, as you may want to review them during your physical visit.

Develop a nose for “off-market” properties

Many luxury home sellers prefer not to list their properties in public, preferring to dispose of their properties through word-of-mouth, personal connections, or entrusting them to luxury agents with exclusive listings. These so-called “off-market” properties are rarely subject to bidding wars and competition, which often means smoother transactions, lower prices, and increased flexibility in negotiations. To find these hidden gems, you can try networking with investors, sending direct mail correspondence to luxury home owners, and partnering with agents who can connect you with such properties that match your criteria.

Choose timeless architecture

More than just a reflection of your personal taste, a property’s appearance has a direct effect on its value. Classic architecture can ensure that your luxury property remains evergreen and attracts a lot of interest should you decide to sell the property in the future. Georgian, Tudor, Colonial Revival, and Victorian are some of the most popular luxury home styles in Georgia. Choosing these styles for your home can help ensure it will never go out of style and won’t alienate future buyers.

Conduct thorough research and inspection

Due diligence is critical in a luxury home purchase transaction, not only to avoid buyer’s remorse, but also to ensure every aspect of the process adheres to legal and regulatory requirements. Some of the areas of luxury real estate that require thorough research include history, legal status, liens, ownership, encroachments, and easements, to name a few. Due diligence also involves having the property inspected and appraised. These will give you insight into the home’s true value and possibly help you secure a better deal price-wise. If you’ve never purchased a luxury property or performed due diligence before, it is best to hire a professional due diligence specialist. Such a professional will have access to local, state, and federal resources and provide you with a detailed report of any existing issue.

Identify future potential risks

In luxury home buying, don’t just think about the present. You also need to anticipate future risks that might affect the property. From long-term maintenance to planned developments around your property, to uncertainties that could impact your finances, it is important to have contingencies written into your investment plans to increase your chances of managing them should they arise. Managing risks in luxury real estate purchases requires careful planning and implementation of risk-mitigating strategies, which can reduce the likelihood of financial losses and maximize returns.

Document everything

Documentation is paramount in luxury home purchases, and always having the necessary documents on hand helps move the process more seamlessly. Make sure all sensitive financial and personal information are filed properly and protected. If there’s anything in your documents that are unclear to you, ask for clarification, no matter how small. With large amounts of money and multiple parties involved, there should be no assumptions left open in your real estate transaction. Everything should be upfront and documented. Some of the key documents to have in luxury home purchases include:

• Purchase agreement. Defines the terms and conditions of the real estate transaction, including the price of the home, closing date, and conditions that must be met for the purchase to move forward.
• Property disclosure. Details any known issues that could affect the property’s value or habitability
• Deed. Makes the transfer of ownership official.
• Title report. Provides information on the property’s history and any legal issues linked to the property.
• Mortgage documents. These detail the terms and conditions of the loan.

TOP 3 EAST COBB NEIGHBORHOODS FOR LUXURY HOMEBUYERS THIS 2024

Moving to East Cobb is an easy decision to make. This affluent Cobb County community has so many wonderful neighborhoods to choose from, each with its own unique characteristics to suit different lifestyles. If East Cobb is a town you’re interested in, here are three of the top neighborhoods to put your money in.

1. Old Paper Mill

The upscale subdivision of Old Paper Mill is a well-maintained neighborhood right beside Sope Creek Elementary. It boasts reasonably priced high-end homes built on spacious lots and surrounded by elegant natural amenities such as tree-lined streets, nature trails, and abundant greenspace. Activities in the neighborhood are centered around the clubhouse, which has its own swimming pool, tennis courts, and playground. Most of the homes were built in the late 1970s through early 1980s, featuring Colonial Revival and other European-inspired architecture. Oversized kitchens, soaring ceilings, and open floor plans are some of the features to expect.

2. Indian Hills

The master-planned golf community of Indian Hills is nestled in the heart of East Cobb, This family-friendly neighborhood was originally built in 1969, starting with just 500 homes. Today, there are 1,680 homes in the community, ranging from complete renovations to new construction.built on large open lots. Indian Hills also has a good number of pocket parks throughout the community, along with flowing creeks that provide many benefits to the community. The Indian Hills Country Club, open seven days a week, offers 27 holes of golf, practice facilities, tennis courts, swimming pools, an array of dining options, and indoor spaces for social events. Houses in the area are likely to feature Tudor, Georgian, or Contemporary architecture, with vast landscaped front lawns, cozy fireplaces, formal dining rooms, and elaborate master bedrooms.

3. Atlanta Country Club

Just off Paper Mill Road lies the spectacular 260-acre golf community, Atlanta Country Club. Open since 1966, the Club is a well-known Atlanta subdivision with its own 18-hole championship golf course, clubhouse, tennis courts, swimming pool, a fitness center, and numerous other amenities. Homes in the area consist of multi-level properties of up to 6 bedrooms, filled with the classic elegance that old luxury homes are known for such as wood floors, custom cabinetry, and lavish lighting features.

DIVE INTO EAST COBB REAL ESTATE WITH THE PAGE MORGAN TEAM

First-time homebuyers, relocating families, retirees, and seasoned investors – the Page Morgan Group is here for you. As one of the top luxury real estate firms in East Cobb and the surrounding areas, we have successfully represented luxury homebuyers in their purchase of high-end properties in the East Cobb real estate market. Our team is fully equipped to help you breeze through your home-buying journey, ensuring that you find the right home in the right community. Contact the Page Morgan Group at 770.579.5650 or leave a message here so we can get back to you promptly.