Real Estate Trends in Atlanta

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Spring 2017 saw increases in prices and multiple offers again, a replay from spring 2016.  If you are considering selling your home, the key is to price your home right and listen to the advice of your Realtor, whom you’ve hired as the expert. Your Realtor may suggest getting a pre-listing appraisal if there are no comparable sales in the area.  Most appraisals have been on point in 2017, luckily.   For under $1000, the cost of an appraisal, you can have the peace of mind that you aren’t leaving money on the table by pricing too low and reconfirming that your Realtor is right on the price.

Intown properties continue to be a sellers’ market in homes under $500,000.  First time home buyers are finding it difficult to find a home as the inventory is lean.  Millennials are beginning to buy homes as they get out of graduate school, etc and are looking to mitigate some of their tax liability for the first time.  The issue here is that the homes which could have been for first time home buyers are being torn down and million dollar mansions are replacing them, exacerbating the housing inventory problem for first time home buyers.  Empty nesters are selling their homes in the suburbs and moving to the city to take advantage of the growing foody scene here and shopping experiences such as Ponce City Market, The Shops of Buckhead, etc.

Did you know that 65% of all homes over $750,000 on the market now will require a price reduction with an average of ~170 days on the market?  The longer your home is on the market the less money you net.  The sooner you sell the higher your profit margin.  Gone are the days of people bringing money to the closing table by paying over the appraised value.

Remember, the 3 things that sell a house are also the 3 things that determine the value a buyer will pay:

  1. Location
  2. Condition
  3. Price

You have no control over the location however you can control the condition of the home and the price.  When it comes to taking the condition of a home into consideration, the buyer in the market, who has been watching HGTV and Property Brothers, comes to the table knowing a great deal about quality and what they want in a house. If you want top dollar, or Premium dollar for your home, it better be in move in condition with no deferred maintenance looming over head. Otherwise, you’re looking at market or below market value that someone would be willing to pay you for your home.

All in all, prices in Atlanta continue to creep up, as do the average wage for the Buckhead residents and the mortgage rates.  It’s a great time to sell and get top dollar for your home.

Sarah Chatel

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