As a well-experienced real estate buyer's agent who has represented buyers desiring to purchase a home inside the perimeter of Atlanta, I consider myself an In-town Specialist. We are definitely experiencing a Seller's market which has been developing rapidly since early 2012.
Currently, I am working with 4 different buyers who want to live in the Virginia Highland/Midtown area. As an example, one of my buyers has lost two homes in May and June to other buyers because we got into a multiple offer situation. She wants to be within walking distance of the unique shops and restaurants that the area has to offer, so that limits her choices. In May, she fell in love with a resale listed in the mid $500's and we offered 7.5 percent off the asking price. We knew that they were getting another offer the same day, but she just couldn't bring herself to offer list price, so sadly, we lost the home to the other buyer. In June, we found a great foreclosure in the same area and offered 2.5 percent off the list price only to find out that we were beat out again by another buyer. Next time, I think she will believe me that we need to ask over the asking price when multiple offers are present, in order to win her dream home!
I have buyers in Sandy Springs, Decatur and Brookhaven also finding multiple offers on new listings. All great homes in the good areas of the metro area in good school districts are experiencing multiple offer bidding wars right now. Our inventory is at an all-time low, so until more sellers put their homes on the market, this will not change. It's great for sellers, but very frustrating to buyers. Gradually, the media is beginning to report this!
Jan Huchteman, Agent of Duffy Realty
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