Why Do I Have To Decide So Quick When Buying an Intown Atlanta Home?

By
Real Estate Broker/Owner with MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living 272617

First Time Home BuyerI 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?

Midtown Atlanta Inventory ReportCurrently, 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.

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Jordon Wheeler 02/18/2012 09:40 PM
  2. Kathy Sheehan 02/18/2012 11:32 PM
  3. Carla Muss-Jacobs, RETIRED 02/19/2012 11:18 AM
Topic:
Home Buying
Location:
Georgia Fulton County Atlanta Cosmopolitan At Lindbergh
Groups:
Atlanta Real Estate Q&A
North Georgia Real Estate
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Tags:
intown atlanta real estate
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intown atlanta condos

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Rainmaker
1,157,274
FN LN
Toronto, ON

Hi Thom - In many parts of Toronto, there are bidding wars with numerous offers, sometimes 20 or more.  There is a lack of inventory for sale in high demand areas.  People need to react quickly.

Feb 18, 2012 10:20 PM #6
Rainmaker
1,369,877
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Thom, very good advice. If a home is priced right and looks good, you can bet other people will also be interested in buying it.

Feb 18, 2012 10:26 PM #7
Rainmaker
2,434,768
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The less than early bird has to eat fast food....The focused early bird gets quality protein..a worm every time

Feb 18, 2012 10:33 PM #8
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

It is all about supply and demand.  You are right, across the metro area inventory is about a third of what it was 3 years ago.  Best advice, be prepared, and take action quickly.

Feb 18, 2012 10:35 PM #9
Rainmaker
919,936
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Hi Thom - don't you just feel the water starting to boil. It's going to be a crazy spring, and I can't wait.

Feb 18, 2012 11:08 PM #10
Rainer
208,442
Cheryl Thomson REALTOR Army Ret
United Real Estate (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Hi Thom. Well, tell me, did you guys close? Christine was right on the mark...losing a house usually puts them into the right mindset. In most markets you have to really have be ready to make an offer when your out house hunting.

Feb 18, 2012 11:09 PM #11
Ambassador
438,903
Bill & Cyndi Daves
Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA
TeamDAVES - Your REALTORS In the GA/NC Mountains!

Thom - I agree with Larry, the water is just starting to boil and it's going to be a crazy Spring.  A crazy 2012 overall actually!! 

Buyers can't vasilate.  They have to be ready to pull the trigger!

Cyndi

Feb 18, 2012 11:14 PM #12
Rainer
8,858
Scot Rife
Centerville, OH

It is great to see the market picking up steam!

Feb 19, 2012 12:08 AM #13
Rainmaker
316,101
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Thom, I love this phrase, "Because you do not have a whole lot of choices, and you are not the only one with a shopping cart." That says it all and sums it up quite well. Great post.

Feb 19, 2012 12:09 AM #14
Rainmaker
1,026,929
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Wow, things have certainly changed in the Atlanta housing market - which is great news!  Love the "sleep on it tonight and you won't be sleeping in it tomorrow" line.  LOL

Feb 19, 2012 12:44 AM #15
Rainer
318,459
Nathan Rufty - 623-850-1210
Canopy Mortgage, LLC - Surprise, AZ
Mortgage Loan Originator at 623-850-1210

good market downtown ATL, they have poured a lot of money in downtown and mid town to attract more buyers to the area and sounds like it worked.

 

Feb 19, 2012 01:06 AM #16
Rainmaker
622,210
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Getting use to a fast paced market where the best properties will sell really quickly is hard for a first time buyer to get use to. 

Feb 19, 2012 02:15 AM #17
Ambassador
2,007,427
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Thom - Sometimes it's hard for buyers to understand we're not pushing them or rushing them, we're just explaining the facts of life.

Feb 19, 2012 10:06 AM #19
Rainmaker
1,558,046
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

If you sleep on it tonight, you won't sleep in it tomorrow.  GREAT and I'll need to remember that.  I just mentioned this to a client today, i.e., how a property might be listed low to get the bids going.  Yup, it's happening even here!!  Wonderful post Thom.

Feb 19, 2012 11:15 AM #20
Ambassador
1,726,157
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Thom...

We are seeing less listings here in Coweta County too. And my listings are being shown a lot more often!

Feb 19, 2012 12:23 PM #21
Rainmaker
809,907
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Thom:

No matter how your coach you buyers that the market is hot and there are multiple offer situations occurring, the buyer may be hesitant.  If they miss out on one or two of these homes, by the third time they will get it. 

Feb 19, 2012 12:29 PM #22
Rainer
96,648
Ciara Brennan
Mass Homes Realty - Hanover, MA

In a hot market like that, one of our biggest hurdles is in educating our clients about how competitve the market is. With some clients, it takes them missing out on a property that they want for them to realise that we are telling the truth!

Feb 19, 2012 10:00 PM #23
Rainmaker
756,562
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Josh: Thanks!

Wayne: It's a Busy market alright...I just wish I had more Buyers!

Jordan: Thanks for the reblog. I was going to post a thank you on your post, but comments are closed?

Christine: Let's hope so!

Tammy: Stability would be nice in more ways than one!

Marc: True. Especially here when it is a foreclosure.

Michael: Indeed

Richie: I like the way you say that!

Kathy: A different market indeed!

Feb 20, 2012 12:29 PM #24
Rainmaker
756,562
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Larry: I just hope things boil in the right way. We still have some issues in our marketplace

Cheryl: No closing, and the Buyer is now stuck on what she lost

Bill and Cyndi: I'm sure hoping it boils in the right direction!

Scot: Yes!

Sandy: Thanks!

Susan: I love my phrase too!

Nathan: Just need the Buyers!

Morgan: It will take an Atlanta Buyer some getting use to. They think they have all the time in the world to make decisions.

Mar 02, 2012 09:39 PM #25
Rainmaker
756,562
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Erica: If only they would listen to us!

Christine:  Ya think?

Carla:  Thanks!

Richard: Great new for you indeed!

Evelyn:  Yeah....but I would rather not wait till the third house!

Ciara: I guess this is true!

Mar 02, 2012 09:43 PM #26
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