|January came and went so fast. This has been a very busy real estate week and I have been glad to see things picking up. There have been lots of appointments with sellers who want to sell soon and just as many appointments with buyers who are ready to buy after the hectic holiday season is over.
I have a new tool I wanted to show you below. I am going to start doing client real estate reviews to let you know what your equity position is with your real estate. Even if you are not moving for a long time I think it’s good to know how your assets are performing.
I did an example below on the subdivision Hamilton Mill. It’s a giant neighborhood of 2200 homes that is fully built out so it has a lot of resale data. There are several portions of this report that I find interesting. The Buying Pattern blue and grey graph is fascinating to me. We all think Summer and spring are the busiest months for selling. The graph shows that March had the highest closings which means they likely went under contract in late January to late February which is not typically considered busy. Then you jump over to November of 2023 and it had as many closings as May and June. This graph shows me what I have always known, we are not a seasonal market it is always real estate selling season in Atlanta. The worst months of the last 12 were also shown as December and January. The interest rates crested to 8.25 at the end of November and I think that fueled the dip in sales along with the holidays.
The second graphic shows the fair market line. For instance, if you wanted to sell your house in Hamilton Mill and were hoping to get $700,000 for your home and your square footage was around 3000 square feet you would see that on the fair market line, you would be an outlier for that square footage by about $150,000. Some people have differentiating features that justify those big outlier prices. I think knowing the baseline and the averages is helpful to get the pulse of your community value and what home buyers are willing to pay for homes like yours.
I will be getting in touch this year as I do my best to do one of these for every client. If you are thinking of selling soon and want one of these quickly along with a market analysis just give me a call or reply to this email