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Ouch! Intown Atlanta Sellers and the Price Reduction Effect!
This chart is a big eye opener.
Take into account the following facts:
1. The <$200K price range had a more severe impact (-24.9 percentage points) on the percentage of listing price realized after a price reduction, but all price ranges are affected heavily when a reduction is necessary
2. The lower price range impact was likely amplified by the number of foreclosed properties in that price range
3. Between $200K and $999,999, Sellers who don’t price their property right the first time are losing anywhere from 5-8% on the sale … that doesn’t even account for the lost capital - time is money, and monthly debts must be paid, month after overpriced month
In the past 2 weeks, we’ve concluded the following, in addition to this bold statement about the effect of price reductions:
A. Sellers are paying some or all closing costs in about 71% of Intown transactions
B. Most Listing Agents and Sellers, most of the time are off by about 7% List vs. SOLD on Intown sales
C. The Median Sales Price is down 10.1% through the first half for the Intown neighborhoods we surveyed
Here are the submarkets that we studied…
1. Ansley Park and Morningside southward to Inman Park and Reynoldstown - that includes Midtown and VAHI
2. Eastside Atlanta Dekalb - the neighborhoods East of Moreland and Briarcliff, plus Johnson Estates and southward to Edgewood and Kirkwood - all North of I20
3. Southside Atlanta Fulton - Grant Park, Summerhill, Boulevard Heights, Ormewood Park, EAV
4. Greater Decatur - South of Mercer U, down to I20 at South Dekalb Mall
If you seek a detailed, street by street market analysis of your neighborhood, or if you are tired of hearing the same old thing from real estate agents and so-called property marketers, then call The Rootdown Group. You will be glad that you did…
