This post is a real eye-opener . . . or should be!
This is the SAME type of market I'm finding in Metro Portland . . . low inventory and some properties are priced low in order to get the "highest and best."
Buyers who don't take my word on the current market . . . and still want to chant the mantra . . . "It's a Buyers' Market" . . . are going to sadly find that the property they like might get plucked up quickly. We're not even in the full Spring yet and already I'm noticing buyers out and about.
Because my colleage Thom Abbott practices real estate in the Atlanta, GA area, in the Midtown Atlanta area, I was suprised to read of similiar conditions in his market as I'm finding here.
Remember: "If you sleep on it tonight, you won't sleep in it tomorrow!!"
I was out with a first time home buyer this past week. They were uncertain if they even wanted to purchase a home, but they took the first necessary step and were pre approved with one of my lenders. An important first step, so, as a Buyer, you are comfortable with the price of the homes we are going to look at.
So off we went. This particular Buyer had already identified for homes they wanted to see. From the time our initial conversations started until we hit the street, one of those 4 homes went Under Contract. So, there were 3 left. We saw home number 1….so-so I’ll call it. Number 2, we will call it WOW! Number 3 –another so-so.
Home number 2 was a stunning multi-story town home that was hard to believe it was a foreclosure. A washer/dryer and a new refrigerator was all it was going to need. Not even painting! (Ok the fridge was a science experiment in mold growth….)
We talked about the home, and the price. I told this Buyer that this home was under priced, would end up in a bidding war and would sell well over the list price. My Buyer replied, “I don’t like to be rushed.” I advised her I was not rushing her, but more guiding her that if she was at all interested in this home, that we needed to get our offer in sooner than later. I also mentioned a saying we sometimes reference in real estate, “If you sleep on it tonight, you won’t sleep in it tomorrow.”
To make a long story short…..25 offers submitted on the same home, and we also missed the highest and best offer deadline by about 10 hours. So, Why Do I Have To Decide So Quick When Buying an Intown Atlanta Home?
Currently, in the Metro Atlanta area, there is approximately 46,000 homes listed For Sale. Compare that to a few years back when a local real estate company had lighted billboards proclaiming some 100,000 PLUS homes on the market. The times have changed.
Take a look at this search map of Midtown Atlanta condominiums and townhomes currently for sale. This is a pretty large area! In this area, there are just 349 condominiums/townhomes and 75 single-family homes listed For Sale.
Just 424 purchasing options in Midtown Atlanta!
So, Why Do I Have to decide So Quick When Buying an Intown Atlanta Home? Because you do not have a whole lot of choices, and you are not the only one with a shopping cart.
If you are considering making a home or condominum purchase of Intown Atlanta Real Estate, then have your ducks in a row, and be ready to make that decision, or you just may not sleep in it tomorrow.
Thomas Ramon Realty @ Palmer House Properties
2911 Piedmont Road, NE, Atlanta, GA 30305
Direct: 770.713.1505 Office: 404.876.4901 Fax: 404.478.8495
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