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Archive for the 'Market Conditions' Category

Brookhaven Atlanta Recent Home Sales November ‘2008

Categories: Atlanta Real Estate News, Brookhaven, Market Conditions

Brookhaven, a trendy North Atlanta suburb of Atlanta, zip code 30319, boasted 18  homes that sold in November ‘2008.

The highest sale price home in the neighborhood was $1,200,000 while the low was $174,900. The average sale price was $550,161.

In comparison to November ‘2007,when 45 homes sold in the same zipcode, it is evident that even neighborhood hot spots within Atlanta are feeling the pain of the economy.

On the positive note, the Federal Reserve is leaking signs that they’ll reduce mortgage rates to 4.5% by January to help jump start the housing market for Buyers!

For more up to date local real estate information from your Brookhaven Realtors, call us at 770-676-9158 or email us. Happy to share our statistics and opinions, of course, too!

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Homes for Sale in Atlanta Dunwoody

Categories: Absorption Rate, Atlanta Real Estate News, Buying, Buying Your Home, Market Conditions, Recent Home Sales, Selling Your Home

Market Conditions 

Currently, as of November 7th, 2008, there are 161 homes for sale in Dunwoody, GA.  They are priced between $1,275,000 and $225,000. Clearly there are many choices for buyers. Considering that 27 homes were sold last month, October 2008, in Dunwoody, it will take between 6 to 9 months for the current inventory to be depleted. However, with new listings coming to the market, representing even more competition among homes for sale, it is likely that it will take 12 to 15 months for today’s  current inventory to be absorbed.

What does this mean to Sellers?                                          

To help secure that you will be one of the homes that receives an offer, make sure your house is in top showing condition.  In order to receive an offer, your house must be the best home that a buyer will see. Beyond keeping your home super clean, prepare your home so that is a memorable experience for your potential buyers…and I mean memorable as in terms that it will stand out to a buyer in a good way…

• One simple and cost effective way is to the bring the outdoors in…take advantage of the beautiful fall colors - place some small tree branch trimmings in a  vase - adding this color will create a warm and inviting center piece for the table…and don’t forget to hang a wreath on the front door - this says ’welcome’ to your guests!

What does this mean to Buyers?

Likely that you’ll see more than one home on a showing tour and chances are that you may have a harder time than you expected in remembering what each home was like.  Here’s one way to help: when out seeing homes, keep a clip board with the MLS print outs, and after you’ve walked through, take a quick moment to write some notes to help jog your memory for the end of the day recap. 

• And even though it is a wonderful to time to buy a home during a Buyers Market, have realistic expectations. Yes, you may be able to have your cake and it, too, but be careful about asking for the ice cream on the side. You don’t want the other party to dig their feet into the sand. Remember, for a negotiation to be successful, both parties must feel as though they’ve won.

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How to Sell your House in a Buyers’ Real Estate Market

Categories: Atlanta Real Estate News, Market Conditions, Selling Your Home, Why Buyers Buy

Here’s what it takes to sell your house…

Adjust your mindset:

• Realize that you are no longer in a Sellers Market and you must adapt in order to get your home sold.

It wasn’t too long ago that having the best home on the block meant that you would get the best price on the block, too.  Not so in today’s Atlanta real estate market.  Having the best condition and location are still very important, however, no longer do they equate to getting the best sales price.

Understand the Buyers’ Psyche:

• Buyers want the same for less, or, they want more for the same.

Plain and simple, Buyers have many homes to chose from in today’s market and yours must stand out amongst the competition.  How do you stand out? By giving the same for less, or by giving more for the same. Take a critical and honest look at your home’s condition and location, then price accordingly.

In a Sellers’ Market, Buyers tend to be emotional about a house.

Conversely, in a Buyers’ Market, Buyers seem to be logical about a house.

What makes a person decide to buy a home?  The number one reason is that they are afraid they’ll lose it. It will be gone. Sound crazy to you? Take a look at my argument and you’ll see that it works for both a Sellers Market and a Buyers Market…

In a Sellers’ Market, not much inventory exists and it is common to have multiple offers on the same property. When a Buyer finds a property that meets their needs and desires, they will do what it takes not to lose it. Emotion drives the Buyer and even if it means a bidding war, and, perhaps over paying, they’ll do it so as not to lose the house.

In a Buyers’ Market, a lot of inventory exists. A Buyer will typically see 3 or 4 times more the the amount of homes they do as in a Sellers Market. A Buyers’ Market Buyer, otherwise known as a Seymour as in see-more, is driven by logic - he wants to see everything, know everything, research everything. He will know the market like the back of his hand. He is waiting for the right house. He is reluctant to buy until he finds the one  and the only way to ’capture’ a Buyers’ Market Buyer is to give him what he is looking for… the same for less, or, more for the same …making him feel that your home is such a great deal that he’ll likely lose your house to another buyer. That it will be gone. That scares him. Logic says this a great home at a great price.  Emotion kicks in and will tell him he must make an offer so as to not lose your home.

Even in a Buyers’ Market, fear of loss is the still the number one reason why people buy. Make your home that compelling case where both emotion and logic win.

 

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Atlanta Real Estate Market Absorption 12 - 16 months

Categories: Absorption Rate, Atlanta Real Estate News, Buying, Market Conditions, Selling Your Home

 

The Atlanta Real Estate Market has historically been a SELLERS’ Market. It could be said it’s been a strong SELLERS Market for about the last 10 years, that is up until the shift. It’s been a shock to many Atlantan home owners who are selling in a BUYERS’ Market. How did this happen? The answer, in two words or less…market absorption.

Market absorption measures the number of properties currently on the market and the average market demand…how long will it take to deplete the inventory of those properties. The absorption rate is a simple equation that holds volumes of information for both Sellers and Buyers.

To learn the Absorption Rate… 

1. Determine the rate at which properties are selling: Properties Sold in Previous Year / 12 months = Monthly Absorption Rate

2. Take a snapshot of current inventory based on that rate: Properties Currently For   Sale / Monthly Absorption Rate = Months a Typical Property Will Take to Sell

How is the Real Estate Market defined?

• SELLERS Market ‹ 5 months of inventory

• Transitional Market ≤ 7 months of inventory

• BUYERS Market › 7 months of inventory

Currently, metro Atlanta has between 12 and 16 months of inventory. We have more supply than demand and that makes us officially in a Buyers Market.

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Recent Home Sales in Dunwoody, GA 30338

Categories: Atlanta Real Estate News, Dunwoody, Market Conditions

20 homes sold in Dunwoody (zip code 30338) during the month of September 2008.

They ranged in price from $1,275,000 on Hidden Branches Drive to $229,391 on N Peachtree Road.  The average sales price  - or price point at which homes are selling, is about $366,000.  (Just as an appraiser will typically throw out the highest and lowest priced home sale, or doesn’t count in their price analysis,  I did the same by not counting  the highest or lowest sale to find the average).

The subdivision with the most sales was Withmere totaling 3. Woodsong and Dunwoody North tied for second place each with 2 home sales.

Comparing year over year, month over month,  September 2007, 18 homes sold in Dunwoody (zip code 30338).

They ranged in price from $925,349 on Mill Trace Drive to $295,000 on Stonington Road. The average price of the homes sold was $509,00 (using the same method as described to find the average of homes sold in 2008).

The subdivision with the most homes sold in September 2007 was Dunwoody Club Forest with 4.  The second place taken by Oxford Chase with 2. There was no clear 3rd spot.

What can we take from this? The good news is we had more homes that sold in September 2008 than we did in September 2007 - up about 9%. 

Where shall we keep a closer watch? Even though we topped September 2008 with a millionaire dollar sale whereas September 2007 high was just below a million, we also lost some grounding on the average sales price in Dunwoody - dropping from 599k to 366k - something to keep an eye on …

I will continue to follow the statistics of the market for our clients. If you’d like a more in-depth analysis, please call or write me - especially if you are considering selling your home. Now more than ever, accurate pricing could mean the difference of having your home on the market vs getting your from the market to the closing table.

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Today’s Economy and Atlanta Real Estate

Categories: Atlanta Real Estate News, Market Conditions

Everyone needs to have a roof over their head. With this in mind, it seems logical that being Realtors we should have job security.

 On top of everyone’s minds these last few days is the economy. Just watch a few minutes of any news report - CNN or Fox, pick up the AJC or any other paper, or check the headlines on the Internet  - MSN, google or Yahoo, and you are bombarded with the bail out drama.

Regardless of which bail out plan, if any, that you prefer for the federal government to approve, there is one thing certain…Americans will always be in need of food, water, and shelter. Hence my theory that Realtors have job security being that we are as Realtors are in the business of helping people find shelter (homes, that is).  

I sat down and came up with a short list of real life reasons why there will always be a need to buy homes - here they are…Are you a first time home buyer who wants to stop throwing away your money on rent? Do you want to diversify your financial portfolio and buy an  investment property?  Is your family expanding and you simply need more space? Are your kids in the right school district? Do you want to help the environment by living in an eco-friendly home?  Did you just have a baby and need another bedroom? Are you  getting married? Are you commuting too far? Are you getting transferred with your company and need to relocate? Are the kids out of the house and you don’t need the space anymore? Did you just get a promotion at work and can now buy your vacation home? Or, are you getting a D?

The list goes on and on…Americans will always need a roof over their heads and we are here to help them find their roof of choice, that is, their home of choice.

Historic low interest rates on 30 year fixed mortgages and plenty of inventory to choose from make this the best time to buy a home in the past 10 years!

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Question - how’s the real estate market?

Categories: Atlanta Real Estate News, Buying, Market Conditions

How is the real estate market is the number one question we are asked, whether we are at the grocery store, at a party, at the ball fields, the tennis courts, the pool, on the phone with a friend or relative, or just walking down our very own street chatting with our neighbors. It’s a question that everyone wants to know the answer…even if they are not currently selling or buying a home, they still want to know. Perhaps it is to estimate their home’s current value. Or, perhaps it is wanting to have some real world interpretation of what the real estate market is doing in their own backyard vs the media’s broad range of coverage through out the US.

SO…how IS the real estate market in Atlanta?

Real estate is dynamic. Two years ago was different than today. Two years from now promises to be different from today. What do I mean by this? In any real estate market, it is important to recognize the market trends. AND how to best take advantage of these trends. In every Real Estate market, there is opportunity.

Today’s current market presents many opportunities for Atlanta buyers: historically low interest rates - currently 5.5 30 year fixed, large selection of available homes to choose from for both resale and new construction, and most sellers are willing to compromise to facilitate the sale.

Buyers today have the opportunity to afford a home or neighborhood that they previously may not have been able to afford. Buyers today have the opportunity to diversify their portfolio by buying properties as investments. Additionally, 1st Time Buyers today have the opportunity to take a $7500 federal tax credit. 

Interested in creating your own opportunity? We’d love to help make it happen…contact us.     

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Statistics for Recent Home Sales in Dunwoody, GA ~ January 2008

Categories: Atlanta Real Estate News, Buying Your Home, Dunwoody, Market Conditions, Recent Home Sales

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In the month of January, 2008, there were 19 single family homes that sold in Dunwoody, Georgia. These homes were priced between $925,000 and $299,900 with the average percent of sales price to list price being 95.17%.  These numbers do take into account closing assistance, if any, paid by the SELLER. Homes are listed by street address. (Data obtained from FMLS).

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Santa delivered twenty Dunwoody HOME SALES in December 2007

Categories: Atlanta Real Estate News, Dunwoody, Market Conditions, Recent Home Sales, Relocating

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• These Atlanta real estate market statistics are based on sold homes (detached, aka single family home) during the month of December, 2007 for map area 121, zipcode 30338, known as Dunwoody, Georgia.

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