There are 75 homes over 3.5 million listed in Buckhead, 85 over three million dollars in Buckhead, and in metro Atlanta, there are 226 homes over three million dollars. It takes longer for the Buyer to make a decision because they have to see everything before they buy. That is why the market seems so slow.
A tight price, it is a right price!!! Meaning, the days of “chasing” a high price are temporarily over for now, if you want to sell your home. If a Seller needs to sell their home, they need to listen to their agent and believe what they tell them the price should be. If it is too low for them to sell, then they should delay putting their home on the market.
Inventory is becoming the biggest issue when pricing a home. If all the Sellers who wanted to sell their home but didn’t have to sell their home, took the home off the market, our Buckhead market would recover more quickly.
I hope the inventory drops off soon so that so we can feel and see a bit of a recovery in the Spring 2009 market.