It’s straightforward to get distracted by the sheer variety of new listings approaching to the market daily. One of the best conclusions about transaction tendencies within the luxurious actual property market might be reached by taking a look at properties which have simply offered or gone pending. We’ve statistics that present macro tendencies in our Atlanta market however analyzing every offered property on the lookout for widespread themes produces a unique view.

Primarily based on listings priced at over $1,000,000 THAT SOLD or Contracted final month … the next tendencies have been noticed:

1. An awesome majority of these houses offered have been brick or brick with stone or body accents
2. The vast majority of listings that offered have been lower than 5 years previous.
3. New building spec. houses that have been completed and had been for a while represented a very good portion of the gross sales, significantly outdoors the Buckhead space.
4. On offered transactions, checklist costs weren’t diminished a lot if any from the unique checklist worth (OLP). The last word recorded gross sales costs, nonetheless, ranged between 82% and 100% of the OLP.
5. If the house was older, significantly outdoors of the Buckhead market, then it represented a novel scenario and reinforces – location, location, location- as a key issue. The vast majority of these listings have been both spectacular tracts of land with blue-chip addresses or with water frontage both on the Chattahoochee river or a lake.
6. Virtually all had completed terrace/basement ranges with specialty rooms comparable to in-law suites and Atlanta wine cellar.
7. Most had a extremely developed outside leisure space full with pool and/or outside hearth or kitchen, significantly the resales.
8. In nearly each case they didn’t promote giant bonuses to the promoting brokers.

We’re all attempting to get the solutions to the identical questions. Vendor’s need to know “What do I have to do to my residence to make it promote and what are my probabilities of getting a profitable sale and at what time?” Patrons need to know ” How can I make certain I’m doing the appropriate factor?” “Am I overpaying?” You hear expressions like “catching a falling knife” and “chasing the market down” and marvel must you proceed to cut back your worth or make a dedication to purchase? None of us has a “crystal ball” studying on the precise mixture that can produce a profitable scenario however there are particular issues we are able to conclude from wanting on the particular transactions talked about above. My interpretation is;

1. That patrons are pickier than ever and should not on the lookout for a fixer-upper except the situation is value it so sellers should make certain their property reveals to it is best benefit.
2. That whereas there are fewer lively patrons available in the market than up to now, they’re fast to reply when the appropriate property enters {the marketplace}.
3. If the worth appears proper to them the patrons are prepared to shut with out important worth reductions.
4. Sellers who’re working with severe patrons and might be satisfied their OLP (unique checklist worth) was not appropriate are prepared to barter substantial reductions.

The possibilities for achievement in these situations enhance tremendously when an skilled educated agent is concerned. Mastery within the artwork of negotiation is essential when working in a irritating and unsure market coping with sellers who should considerably modify their expectations. Additionally, having a dedicated skilled scanning the market each day for you and ensuring you might be educated, pre-approved for financing if crucial and able to act when the appropriate alternative seems offers a purchaser a transparent benefit.

Another notice, now we have many individuals ask us if we “solely” promote houses over 1M. The reply is not any. We simply discover that tendencies “trickle down” and by staying knowledgeable on this market throughout neighborhoods and communities within the prime tier we are able to truly anticipate patterns within the cheaper price factors.