Ok that was a just a tactical title to get you to read this blog. The market is not crashing, but in some areas of Atlanta we’re seeing a shift from a sellers market to a buyers market.
Over the past 4 years sellers have been blessed with a robust market and double digit appreciation. Many real estate agents have gotten lazy and formed bad habits while newer agents don’t even know what it takes to market a home (they don’t teach marketing in real estate school).
But with rising inventory and houses not selling as quickly as they did in the past, things are changing…
The other day I went on a listing appointment and pulled the inventory statistic report. It blew my mind when I saw the chart below. This is an illustration of how volatile the market is right now. The graph illustrates the spike of inventory in a one mile radius in a Buckhead neighborhood. In March 2024 there was only 2.6 months of inventory, but check out May. In less than 60 days, the surplus of new listings and lower buyer activity increased to 20 months of inventory, yikes!
That means unless something spurs buyer activity, like a drop in interest rates, it will take 20 months to sell all the homes that are currently listed in this one mile radius.
Crazy right?
What does this mean if you plan on selling this year?
First off, do your homework. Interview more than one agent and ask them the tough questions like:
“How do you plan on marketing my house outside of the MLS so that it stands out from the competition?”
Your home is the most attractive to buyers the first week it’s listed. It’s new, it’s fresh and everyone wants to see it. After the newness wears off and its been sitting on the market for a couple of weeks, the first question every buyer asks themselves is “why hasn’t this house sold?” Then they make the assumption that something must be wrong with it. Next it is time for the inevitable price drop.
Here’s a recent case study from January of 2024 showing why who you work with matters.
Two very similar homes with same bed/bath count and same square footage. Both have been renovated beautifully with brand new kitchens, and full finished basements. They are both located in the same Lakeside High school district. Both homes are positioned on half an acre lots with big fenced back yards.
House A listed with Other Broker:
Marketing included: MLS, professional pictures, lock box, sign, flyer and an open house. SOLD FOR $710,000 February 6th, 2024.
House B listed by DOMO:
Marketed included: MLS, professional pictures, lock box, sign, flyer, open house plus
- Social media blitz on:
- Drone photography
- You Tube video that went viral
- Award winning copy writing that received over 5000 views on Zillow
- Custom Marketing email to over 4000 buyers
- Unique landing page boosted with SEO on DomoRealty.com
- 100 had addressed letters to neighbors inviting them to the Open House
SOLD FOR $795,000 January 31st, 2024
There’s a difference when it comes to marketing. Not all agents are willing to invest in the marketing of your home like we do. When you’re ready to make a move, lets have a conversation.
Here’s what the sellers of the above home had to say.
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