The housing market is in a state of flux, and successfully navigating these changes requires staying informed. Whether you’re buying or selling, understanding current trends is crucial to making the most of your real estate decisions. Here are the top three things you need to know about today’s North Atlanta market

1. Pricing

Price is a pivotal factor in today’s market. Sellers need to adapt to the reality that the market has shifted, and that determining the right price for a home is more critical than ever. To achieve a successful sale, sellers should closely examine current active listings, their time on the market, and other relevant factors.

For buyers, the dynamics have changed significantly. They now have increased negotiating power, allowing them to request more due diligence time, submit lower offers, and even make offers contingent on the sale of their current property. This is a stark contrast to just a few months ago when bidding wars and above-list price offers were the norm.

2. Time on Market Equals Lower Price

Getting the list price right from the start is essential. Homes that linger on the market without selling often face price reductions. For example, a recent property in Roswell was initially listed at $1,395,000 but ultimately sold for $1,200,000, or 86% of the original asking price.

In our local market, 31% of attached active listings have seen a 5% price reduction, with an average market time of nearly three months, while 47% of detached listings also saw a 5% price reduction, with an average market time of 110 days.

3. Presentation Matters

In a competitive market, presentation can make or break a sale. Homes that stand out in terms of presentation are more likely to attract buyers. Cost-effective improvements such as fresh paint, landscaping, and professional staging can significantly impact a property’s appeal.

While buyers may find better value in homes needing updates or repairs, those properties often require the buyer to invest additional time and money. Homes that are updated, especially those located in desirable areas like top school districts, remain in high demand and have not seen a significant slowdown.

We’re working on our next in-depth report on the North Atlanta housing market and will have more insights soon. In the meantime, if you have any questions or need personalized advice, don’t hesitate to reach out.

Navigating a shifting market can be challenging, but with the right information and guidance, you can make informed decisions that align with your real estate goals!