Important News and Techniques for Today's Real Estate Market

I recently had a question about whether a Seller should convert their 2 car garage into an extra bedroom.   While I frequently have buyers who require a garage as part of their search, and who won't even look at a home without one, I decided to study the actual numbers as part of my formal response.

It's no surprise:  In general, Coweta and Fayette homes with garages sell MUCH faster than other homes in the Newnan and Peachtree City area that do not have garages. So, what were the results of the analysis?

IT'LL MOST LIKELY TAKE MORE TIME TO SELL IT!

You'll want to think about keeping that garage, since the statistics show that you'll probably find it more difficult to sell when you get ready to move on if you convert the space to anything other than a garage. Some price ranges added as much as 200+ days to the average time on market when no garage was available--and the numbers were up across the board. In Coweta County, the average days on market (across all price ranges) of homes WITH garages was 141. The average days on market (across all price ranges) of homes WITHOUT garages was 308.   The time was also up in Fayette County, but on a less pronounced basis:  there, it only added 5 days to the time on market (average) when there wasn't a garage.

IT WON'T SELL FOR AS MUCH (AVERAGE COST DOWN ABOUT $80,000 IN COWETA AND $55,000 IN FAYETTE COUNTY)

Perhaps the most important number?  The average sales price was ALSO affected: The average sales price in Coweta County for homes without garages was $113,440 compared to the average sales price of $193,722 for homes WITH garages.   In Fayette County, the average sales price was $270,448 for homes WITH garages, but only $215,980 for homes without one.

I would consult a realtor to study your specific situation before you move forward with ANY remodeling effort, but particularly if you're thinking of sacrificing the garage.

Good luck to you!