Sellers Archives

Buckhead Market Report October 2018

November 16, 2018 by Thom Abbott

The Buckhead Atlanta real estate market is still moving, and we wanted to “take it’s pulse!” So let’s look at the Buckhead Market Report October 2018.

First, a look at the condominium market…and a disclaimer. Buckhead and how homes are listed by agents, can vary. We compiled this report based on the Area 21 as designated by the First Multiple Listing Service. (A map of this is to the right) Some listings that a buyer might think is a Buckhead area, may not appear as part of this report, but this is how we pulled these market numbers.

For October, there were 390 active listings, ranging from a Collier Green 1-bedroom at $115,000 to a 5-bedroom, 5-bathroom at The St. Regis for $15.995M. In the chart below, you can see the average days on market to be 80, but the St. Regis listing seems to have been on the market for 666 days!

62 listings were Under Contract, and ranged from $118,949 at Parklane on Peachtree to $1.8M at The Charles.

133 homes sold (or closed) in October in Buckhead. They ranged in price from $105,000 at Slaton Manor to a 2-bedroom at The Wakefield at $2.772M.

In the Single-family market in Buckhead, there were 499 homes listed For Sale. (An adjustment to the chart below is $379,900 for a home in LaVista Park to $25M for the former Tyler Perry estate, some 10,000 sq. ft on 17 acres. You can see that listing HERE!

There were 59 homes Under Contract ranging in price from $500,000 in Peachtree Hills to $4.950M on West Andrews Drive.

72 homes sold in October, ranging from $462,000 in Meadowbrook to $4.975M on Knollwood Drive in Tuxedo Park.

Keep in mind, this Market Report is a “snapshot moment in time” of what is happening in the market, and is a view at, say 30,000 feet. What may be happening with sales and prices in your condominium building could be much different that what is selling across the street. And the same is true for single family homes as well.

If you are looking to Buy or Sell a home in Buckhead, MyAtlantaMojo.com can help!

Selling? Do you want to sell your Buckhead single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Buckhead home or condo? We can set up specific searches for you based on price, building or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

Midtown Atlanta Market Report October 2018

November 16, 2018 by Thom Abbott

The Midtown Atlanta real estate market is still moving, and we wanted to “take it’s pulse!” So let’s look at the Midtown Atlanta Market Report October 2018.

First, a look at the condominium market…and a disclaimer. Midtown Atlanta is covered in two Zip Codes, 30308 and 30309. Some parts of these zip codes are not actually Midtown, but this is how we pulled these market numbers.

For October, there were 238 active listings, ranging from a Midtown Park 1-bedroom at $142,000 to a 3-bedroom at One Museum Place for $4.2M. In the chart below, you can see the average days on market to be 44, but the Museum Place listing seems to have been on the market for 474 days!

45 listings were Under Contract, and ranged from $128,000 at Renaissance Park to $2,350,000 at Residences of Park Lane in Ansley Park.

93 homes sold (or closed) in October in Midtown Atlanta. They ranged in price from $125,000 at Peachtree Battle (and example of the 30309 zip code that reaches into Brookwood outside of Midtown) to a 2-bedroom at One Museum Place at $1.764M.

In the Single-family market in Midtown, there were 60 homes listed For Sale. (An adjustment to the chart below is $464,900 for 877 Monroe Drive to $2.9M in Ansley Park for a new construction home.

There were four homes Under Contract ranging in price from $850,000 in Ardmore Park to $1.399M in Sherwood Forest.

Ten homes sold in October, ranging from $568,000 in Ardmore Park to $1.8M in Ansley Park.

If you are looking to Buy or Sell a home in Midtown Atlanta, MyMidtownMojo.com can help!

Selling? Do you want to sell your Midtown Atlanta single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Midtown Atlanta home or condo? We can set up specific searches for you based on price, building or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

5 Reasons You Should Never Sell a Vacant Home

October 28, 2018 by Thom Abbott

We are starting to see the very beginning of some changes to the real estate market. No, it’s not a crash or a bubble bursting….it’s called a “normal” real estate market. And as part of this change we want to share 5 Reasons You Should Never Sell a Vacant Home!

5 Reasons You Should Never Sell a Vacant Home

Just this other day, I did a walk-through with my Buyers that are about to close on their first new home….Yippie! By now, the Seller has moved out of the townhome, and boy oh boy, did it ever look different without the furniture in the home. So let me take this real life example and let’s talk about these reasons…..

People Don’t Buy Houses, They Buy Homes

One of the main reasons a buyer buys a home, is well, it “felt like home.” In our case, the home felt warm and inviting! When we did our inspection, we sat on the couch for a good 90 minutes! Talk about getting a “feel” for living there! If that living room had just been empty space, it would have not felt like home, and my Buyers may not have been able to “see” themselves living there. (I remember how they wanted to know where they bought the couch….and wanted one just like it!) A room with no furniture is cold and uninviting….

Without Furniture, There is No Frame of Reference

It can be hard to really tell just how big a room is. And this is especially true in condos! “Will my king-sized bed fit in here?” is a question I’m asked all the time. Now, if there was one there, we would know. In a single family home, you may have a hard time even figuring out what the room is for. Is this a living room, dining room, what? But when that dining room or breakfast nook has a table, chairs and some other decor, it’s much easier to see the space and how it will work for the buyer.

An Empty Room Changes the Focus

Imagine looking at a new BMW that has no paint on it! Would you notice the BMW (model, features) or would you notice it has no paint? Ahhhh…so you are focusing on the wrong thing!

When the room is empty, a buyer will focus on anything else there is to look at. Maybe it’s the paint color, or wallpaper, or a chip/crack in the tile floor. When your home is furnished, or professionally staged, this brings the focus to the positive aspects of your home, not the negatives! This can even be true of outdoor space. Maybe the deck of a townhome overlooks something less desirable…but if it’s furnished, you will be thinking out enjoying using the space more so than the fact the view is not so awesome. (and yes, sometimes even staging will not overcome these kinds of issues!)

Only Ten Percent of Home Buyers Can Actually Visualize the Potential of a Home

Ever heard someone say, “You have no imagination!” Well, the same can go for an empty home or condo. Some people can’t visualize how the couch would fit in the living room. Or how sitting on the balcony, taking in the sunset or city lights view would feel…if the balcony is empty. Even a bathroom….candles and some accessories around the bath can make one imagine relaxing there after a long day….

Two Mortgages Are More Expensive Than One!

Take into consideration that a vacant home can take much longer to sell….and the longer it “sits”on the market, we end up making price adjustments to get it sold! And if you have moved and bought another home, you are now making two mortgage payments. Would you not rather have this one sold, and only be making the one?

Professional staging does cost you, the Seller, money…yes. But what’s the cost of those extra mortgage payments? Or that $10-15,000 price reduction to get the home sold? The cost of staging will probably be less.

So at the beginning, we mentioned a “normal” real estate market. That is where you may put your home on the market, and instead of it being Under Contract in a day or a week, it actually could take 30, 60, even 90 days to sell! Now, keep in mind, this will depend on the amount of inventory in the neighborhood or building where you live, the price, etc. But, if and when we see this change, it will be critical for us, as your Listing Agent to help you get your home or condo sold as quickly as we can. And we need to look at all the steps necessary…including your home not being vacant!

Should I Use One of Those On-line Companies to Sell My Home?

September 18, 2018 by Thom Abbott

Pretty much like any industry or business you can think of, times are changing in real estate. With the wonders of technology, it’s amazing what you can do, that you maybe could not do some 10 years ago…maybe even 5. But, in real estate, Should I Use One of Those On-line Companies to Sell My Home?

Should I Use One of Those On-line Companies to Sell My Home?

There are probably countless professions where you will always need “a real person” to make it happen. A plumber? Fix your A/C? A Dentist? A Doctor? A real estate agent?

There is a new “disruption” in the real estate world with several on-line companies that are offering to help you buy or sell real estate. I’m sure you’ve seen the ads for OpenDoor and OfferPad, and now even Zillow is launching a home buying service. The question is, can you “automate” the biggest financial transaction of your life? Hmmmm.

In the article I’ve shown below that just appeared in REALTOR Magazine, it’s not all peaches and cream when you choose one of these options. In the article below, these companies are referred to as iBuyers. They business model is promising to streamline the real estate transaction with quick, all cash offers. This way, you (as a Seller) bypass the longer process of listing your home, going through showings, negotiations (maybe more than once if a contract falls out) and such. But, an all cash offer will often have a catch. And with an iBuyer, the catch can be quite a challenge.

The iBuyer, Opendoor, after their offer was accepted, came in with a TEAM of contractors, and when all was said and done, wanted new bathtubs, new toilets and a host of other things. In a nutshell, they wanted a remodeled house and they wanted the Seller to pay for it. (Not that I’ve not had the same thing happen in a real estate transaction, but it was not as dramatic.) The agent ……ah….note I said real estate agent spent weeks negotiation with Opendoor. They had requested some $16,000 worth of repairs on a $300,000 home. Shreeeek! Those weeks spent negotiating with Opendoor…..in an agent-driven transaction, that process would have been resolved in a matter of a couple days, during the Due Diligence period. The parties would have agreed on a price, or the contract would have been terminated. In DAYS….NOT WEEKS!

What kind of valuable marketing time was lost in looking for another buyer that would have purchased the home with perhaps minimal repair requests…not new bathrooms?

The article quotes an agent from right here in Atlanta that helped clients sell their home to Knock. (NOTE….”agent helped clients sell their home to Knock.”) And in this instance, there were multiple people involved from the Knock-side of the sale. As they sale moved along, there were “a lot of missed loops and extra follow-up needed to make sure everything was going smoothly for our Sellers.”

Having not worked with any of these iBuyers, I’ll make the assumption that these agents did not work for free, and were paid a commission, either by the iBuyer or by the Seller.

The priceless mention is an agent in Phoenix who had an iBuyer make an offer of of $750,000 on a home that the agent later sold to a traditional buyer for $900,000. Imagine leaving a $150,000 on the table they would have moved on the iBuyer offer? Of course, there can be any number of circumstances behind any of these sales that we are not aware of.

Should I Use One of Those On-line Companies to Sell My Home?

I think it is a decision that cannot be made lightly. In the article below, and as I’ve highlighted, there were agents still involved to help the Seller SELL to the iBuyer. And it seems like there were a lot of added steps and ‘i’s to dot and t’s to cross’ to make it all happen. And unless you have bought and sold numerous properties on your own already, there could be a land mine someplace you’ll miss.

But if you can sell your home for more money, working with a real estate agent, than you can selling it to an iBuyer, you’ll probably see, or do the math and agree.

There is a lot of things that go on during the sale (or purchase) of a house that the agent is involved with, or handle. As agents, we may be bad in not letting you know every little thing we do. We just do it to keep it as stress-free for you as possible. We are kind of a stress ball in the process and keep as much of it from you as possible.

It’s not because I AM a real estate agent, but I think when you are working with the largest part of your financial portfolio, your home, you’ll want someone right there with you helping you through the process, and being your advocate to make sure you are protected and have the best possible outcome you can.

The link below will give you the entire article.

Should I use an On Line Company to Sell my House

MyMidtownMojo Makes for a Happy Seller

July 6, 2018 by Thom Abbott

Just as important as it is to find the right agent when you BUY a Midtown Atlanta condominium, so is it true that you need to have the right person to help you SELL!

Often times we hear of Sellers that choose to work with “well my wife’s co-worker’s husband is a real estate agent” or “there is this girl in our church that we feel we need to help” and while that may sound all fine and well on the outside, you have to know who you choose will get your condo sold…and know the right things to do, at the right time. Or have the right connection.

In working with Jacob, at the last minute, the Buyer’s lender requested a document that really none of us had ever had requested. When I reached out to the HOA of the building, they questioned why the lender need the said document. But, my relationship with the HOA helped us get it to the lender, and keep the closing on track! Whew…..disaster averted! One has to wonder if the “girl in our church” would of had that relationship to help get through a tight spot.

We had the pleasure of working with Jacob when he first moved to Atlanta from Boston in 2016. He found MyMidtownMojo.com and knew he wanted to live in Midtown Atlanta. His job in the medical field required extensive traveling, and the access to MARTA was also a major plus for him. He also had a unique requirement to find a condo home that would accommodate a family heirloom…a pool table that belonged to his father. Not all condos meet that requirement, but we found him the perfect space at Spire Midtown.

Fast forward a short two years to 2018, and a company promotion sent Jacob to Tampa. We again helped him sell his Midtown condo, at a great price, and Under Contract after just 6 days on the market!!

“Thom was great, his local knowledge helped me quickly find what I was looking for to buy, as well as sell a couple years later! When inventory is low, you need someone who will be responsive and timely to act on the market.”

Thanks for allowing us to help you Jacob!!

If you’d like to read more great reviews about our work with both Buyers and Sellers, please visit our Testimonial Page!

And we are ready to help YOU have an incredible real estate experience!

How’s The Atlanta Real Estate Market?

June 15, 2018 by Thom Abbott

How’s The Atlanta Real Estate Market?

I wanted to share some information regarding the Atlanta real estate market from the recent Case-Shiller Real Estate Report.

The entry-level market has strong demand and very low inventory. There are many multiple offers and values rose faster than other segments.
The luxury market is a buyer’s market with buyers negotiating better pricing and terms.

Mortgage rates are rising slowly which will impact affordability. Metro Atlanta continues to be very affordable relative to other metro areas around the country.

May pending contracts were up .6% from April and up 8.6% from the prior year. May closings were up 11.7% from April and down 1.3% from the prior year.
Year-to-date pending sales units were up 6.5% versus the prior year. Year-to-date closings were up 2.8% versus the prior year.

The Average Sales Price for May was $322,000 – up 3.2% from April and up 6.6% from last year. 2018 is on track to be the highest annual ASP on record.

Inventory for May was up 5.3% from April and down 8.8% from last year.

Overall Months of Supply for May was 2.4 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 10 months and properties over $2 million averaging 16 months to close. The luxury market remains a buyer’s market in many areas.

The Average List-to-Sale Price Ratio was 97% for all price points. Many properties in high-demand areas are selling above list.

The latest Case-Shiller Index for Atlanta (5/29/18) was up .8% compared to the previous month. Metro Atlanta home values are up 73% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.

I always, repeat, ALWAYS tell my clients, whether you are a Buyer or a Seller, that the real estate market will be different for you depending on your real estate plan. Are you looking to refinance? Are you looking to purchase an investment property? We look at your specific real estate needs and goals, and then we talk about the market and what will work best for you. This, coupled with a great lender from our Team Lenders, and we will all work together to make your real estate experience a great one!

Let’s sit down over coffee (or an adult beverage) and talk about location, location, location…and how important that is in real estate.

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

5 Reasons You Should Never Sell a Vacant Home

Should I Use One of Those On-line Companies to Sell My Home?

Should I Use One of Those On-line Companies to Sell My Home?

Should I use an On Line Company to Sell my House

How’s The Atlanta Real Estate Market?

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