From The Buckhead Blog
This morning I was looking back at my 2010 year-end report and reading over my thoughts on 2010 and predictions for 2011. I feel pretty good about what I wrote a year ago, but was dead wrong on the interest rate prediction that they would continue rising. In fact they went really low and are still really low today. You can get a 30 year fixed mortgage today for 3.8%, and I’m pretty sure that is a record low number. An article in the Atlanta Business Chronicle today said that these record low rates are not attracting many new buyers because those that could afford to buy or were in a place where they could refinance have already done so.
In 2011 we continued to see the foreclosures and short sales, and as a matter of fact, I just listed a short sale in the Brookhaven area on Tuesday. These are an excellent opportunity to purchase a home at a reduced cost, especially when you consider the extraordinary interest rates that people are locking into these days.
Below I have crunched the numbers and have a comparison of 2011 Buckhead Home Sales versus those in 2010. Across the board the numbers were better in 2011, specifically the average Buckhead home selling for 6% more than it did in 2010. In 2011, the most expensive home to sell closed for $6,500,000, and it was located on Habersham Road.
What will 2012 bring to the Buckhead real estate market? So far it’s been great in January. Yesterday I had two full price cash offers rejected by a seller that had multiple offers on their house. Now that doesn’t happen every day, but it used to… You can call me a broken record, but a well priced home in a good location that is presented well will sell quickly, and often close to if not over the list price. It is my goal in 2012 to ensure that my clients understand this concept and that my listings meet all of those criteria.