Should You Sell Buckhead Real Estate Right Now?

Should You Sell Buckhead Real Estate Right Now?

  • Kelly Boudreau
  • 12/19/22

Those living in Buckhead have a few things to consider when listing their real estate. This large district appeals to buyers for its neighborhood diversity, as well as its amenities like fine-dining restaurants, luxury shopping at centers like Lenox Square, and great recreation. The current market is cooling down, which sellers should think about when timing their property’s sale. Also, consider personal constraints, the property’s condition, and other factors before selling Buckhead real estate.

Atlanta housing market

The housing market in Atlanta provides a mix of market conditions that both benefit and hinder sellers in the area. The median sale price has increased by 13.6% since last year, which is good news for the types of offers sellers can expect on their properties. Areas of Atlanta like Fulton County have higher median and average prices overall. Additionally, new listings are down 8.2% since last month. This, coupled with a low month’s supply of inventory (currently at 1.9 months), means there are fewer options for buyers and more opportunities for sellers in the area.

However, cooling market conditions will likely catch up with Atlanta sellers. Although new listings are down, and the month’s supply of inventory is low, inventory overall is on the rise. Over the past year, inventory has increased by 32.8%. Additionally, buyer demand is slowing, likely due to higher interest rates and inflation. Compared to last year, residential sales in Atlanta were down 23.3%, but homes selling today do so quickly, averaging 20 days on the market. For all purposes, Atlanta is still in a seller’s market, with insufficient supply to meet buyer demand.

Buckhead housing market

Those listing their homes for sale in Buckhead can expect a similar mix of home prices and sales. Single-family homes in Buckhead experienced a 9% increase, and other property types like condos and townhomes also saw appreciating sales prices. However, average days on market have remained stagnant compared to the same time last year, while total properties sold have decreased considerably.

With the number of sales down 37%, yet Atlanta is still in sellers’ favor, it can be hard to know how to act. Likely, increasing prices and decreasing sales reflect a reduction of home sales in lower price brackets. Even with these decreasing statistics, buyers are still drawn to Buckhead for its outdoor areas like the Chattahoochee River National Recreation Area, a range of shopping areas like Phipps Plaza, as well as its historic attractions.

When to sell

There’s a lot to consider when deciding to sell. Start by researching market conditions, particularly if you’re in a buyers’ or sellers’ market. Listing your Buckhead real estate when the supply is low, like it is now, is ideal, as increased buyer competition for fewer properties gives you more negotiation power as a seller. For example, a seller in a seller’s market is better able to negotiate the number of contingencies a buyer asks for in an offer and can price their homes higher.

Another consideration when selling is interest rates. Typically, it’s best to sell when interest rates are low, as when you move to a new property, you’ll be able to lock in a lower rate. Currently, interest rates in Georgia and across the country are on the rise, which may make it more difficult to sell. The average rates for a 30-year fixed loan in the state are 7.26%, while rates for a 15-year fixed loan are 6.48%. Those who aren’t pressed to sell could save money by waiting, although they risk less favorable market conditions in the future.

Also, consider personal constraints and motivations for selling. There are several reasons a person may need to relocate, like moving for a new job or a promotion, sizing up for a growing family, or sizing down to retire and cut down on maintenance. When personal constraints are time-sensitive, the decision to sell can become essential.

When to wait

When listing homes for sale in Buckhead, there are a couple of reasons a seller may want to wait. If you’re selling without a clear plan or purpose, you may want to hold off on doing so, as the listing process takes a lot of resources. Make sure you’re not wasting your time or energy in selling simply to make a profit, especially if you have no set intentions for how to use that profit or where to go next.

Additionally, if your home is in poor condition, you may want to wait to list. A property that needs a lot of repairs isn’t going to attract as many offers, and its value will be impacted by the work that hasn’t been done to it. Instead, take the time to invest in necessary repairs, then list to generate the best offers possible from interested buyers. Relatedly, deciding to sell a home with incomplete renovations can also impact buyer interest and the types of offers you receive on your property.

If you plan on upsizing after you sell, be sure you can finance the property, as it’ll be more expensive than your current home sale. Especially in areas like Buckhead, where average sales prices are on the rise, planning out your next move financially is integral to making a good decision. Also related to finances is home equity. Sellers who have built up more home equity are in a better position to list, as they can use the profit to pay off the remaining mortgage and closing costs.

Ready to sell your Buckhead home?

There’s plenty to consider when selling your home in Buckhead. Atlanta is currently a seller’s market, making it a good time for sellers to list. To take advantage of favorable conditions, sellers may want to list sooner rather than later. Be sure to weigh the selling process against your motivations to sell, the condition of your property, and your ability to buy a new home. When you’re ready to list your property, contact local agent Kelly Boudreau to guide you through the process. You can also view other Buckhead homes for sale to gauge the current market.

*Header photo courtesy of Kelly Boudreau

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