08/21/2024
I often field questions about the Atlanta real estate market and how the national lawsuit settlements are affecting Buyers and Sellers in our area, so I thought I'd share some insight on Metro Atlanta market statistics as well as some data on the reality of Sellers offering to contribute (or not contribute) to a Buyer's Broker's compensation.... if you have questions or would like to discuss, let's connect.
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The charts in plain english:
*For the last 30 days, in the 6 major counties of metro Atlanta, the average sales price has been $515,807 with roughly 40% of listings needing to take a price reduction to sell.
*In the Dunwoody/Sandy Springs market, the average sales price has been $851,825 with approx 25% of listings taking a price reduction.
*Homes are sitting on the market longer- at all price points!
*If a Seller offered to contribute a compensation of 3% or more to a Buyer's Broker, Metro Atlanta sellers completed their sales with an average of $5,000 more in their pockets than sellers that chose to offer a compensation to a Buyer's Broker of less than 3%..... that figure was approx $24k in the Dunwoody/Sandy Springs market.
Take aways: Homes aren't selling as quickly as they have for the past several years. Sellers still need to reset their expectations on what they can get for their properties. Buyers are doing the math on what they want in a home and all the costs associated with their purchase... and if those costs can't be rolled into a loan, they are resetting their expectations on what is affordable.