Number of Homes Sold in 2010 – 590
Average List Price $863,355
Average Sales Price $780,162
Average Size of Homes Sold – 4 Bedrooms – 3.5 Bathrooms
Average Days on Market – 106
Average Sales Price/List Price Ratio – 90.3%
Trends I saw in 2010 and Ideas for 2011:
2010 was a wild year in Buckhead with lots of foreclosures and short sales taking place. Many of these homes sold for what most would consider less than “market value” which had a downward affect on home sale prices in Buckhead. Many people I speak with both personally and within the real estate industry refer to homes being listed and selling for prices lower and sometimes substantially lower than the price the homes were paid for years ago. In the situation where buyers are moving up, they may be willing to take a loss on the sale of their existing home because these circumstances have put pressure on the homes they are looking to purchase. In many cases this seller-turned-buyer may save on their new home 3 or 4 times the loss they took on the sale of their existing home, making this a nice investment strategy. It is not easy by any means to take a loss, but sometimes the grass is greener on the other side…in this case the “purchase” side.
Are homes selling? Yes they are. I always tell my clients, good homes in good locations, priced right and presented well will sell and usually they will sell quickly and close to the asking price. The important thing here is to make sure your price is right, and your home shows well. If your home isn’t perfect, bring in a stager who can offer suggestions to make your home show better and even bring in their own furnishings to spruce up your home. If every home on your street is listed for sale, it might not be the best time to get in the game unless you can beat them in all of the above categories. If you have a product that isn’t available in your market, then it just might be the perfect time to list.
For instance, look at the popular Buckhead neighborhood Springlake which is in the Morris Brandon Elementary School District. There are only 8 homes listed for sale between $200,000 and $1,000,000. There are no homes available between $400,000 and $600,000 which is typically a sweet spot for that neighborhood. I see an opportunity…
What will we see in 2011? I’m not sure. I would typically say that recent news of the NYSE hitting the 12,000 level again was good news and could even be putting some money back in peoples pockets, but I’m not sure I trust the system enough to comment on that. I do know that we will continue to see foreclosures and short sales playing a big part in the marketplace. Good homes in good locations, priced right and presented well will continue to sell. It’s my assumption that we will continue to see interest rates rising. How far? Not sure. Hopefully not too far…
I heard a commercial on the radio yesterday regarding purchasing a new car and the dealer is going to put $5,000 in my pocket. Unless he is going to hand me $5,000, I don’t see it that way. I may spend $5,000 less than the MSRP, but that’s the market and probably a discount that most of us expect when buying something like a new car. When I say “presented well,” that’s not what I’m talking about. In 2011 I want to see responsible sales and lending practices that everyone can trust and feel good about. This is the “American Dream” we are talking about here and we need to get back to that. Buying homes that make good sense and that provide good shelter for you and your family.
