Home Buying in 30317>Question Details

O, Home Buyer in 30307

I found a great home in Kirkwood, but it's listed at about 20K more than I want to spend. Are houses in?

Asked by O, 30307 Mon Jul 14, 2008

Kirkwood selling for less than the asking price?

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BEST ANSWER
While it depends on the house, price and several other factors, homes in Kirkwood are tending to sell for less than list price. In 2007, the average list price-to-sale price ratio for Kirkwood was 97.5%; in other words the homes on average sold for 97.5% of what they were listed for.

The newly released AJC Home Sales Report confirms the general health of the Kirkwood and East Lake real estate market and that of the immediate area.

The report (available at http://www.ajchomefinder.com) shows that the strongest sector is new home sales. While the median price of new homes in the area fell slightly by 2.3% over the year, new home volume more than doubled from forty-one units in 2006 to ninety-two units in 2007 marking a 124% year-over-year increase in the number of new homes sold in the area. After years of consistent price gains, I view this slight drop in new home sales prices as nothing more than an slight correction and the dramatic increase in volume as an indicator that demand for new homes continues to strengthen.

While prices of new homes prices dipped somewhat, the average price of resale homes experienced a nearly 11% gain. While the overall volume of resales fell 17%, the pricing has strengthened dramatically. When considering that the total sold units (both new and resale) remained consistent year-to-year (464 units in 2006 and 441 in 2007, I feel that the slight decline (less than 5% in total unit sales) can be explained by sellers choosing to stay in their current home, or having mortgage situations where they are unable to sell may explain the lions share of the dip in volume.

These numbers stand in stark contrast to many other markets in the metro area where double and even triple digit decreases in price and volume were the unfortunate norm for the previous year. While the pain at the pump is pinching all of our wallets, the increasing cost and time of commutes is causing many in Atlanta’s suburbs and exurbs to seriously consider intown living that is closer to work centers and entertainment.

Additionally, with Eastlake and Kirkwood now included in the Grady High School cluster, these communities are considered more desirable than when in the lower performing Crim Cluster. The transition to the Grady cluster is viewed as an overwhelmingly positive development for Eastlake and Kirkwood, which now have access to the city's top performing high school and places these areas in consideration for homebuyers with children along-side other higher-priced communities which are currently served by Grady such as Virginia Highlands, Morningside, Inman Park, Candler Park and Lake Claire.

All of these communities have significantly higher home values than Eastlake and Kirkwood currently have, and this development has already begun to exercise positive price pressure as families in the previous district seek out larger and newer homes in these new areas without having to trade-off for lower quality schools. If current market conditions continue, it is expected that Eastlake and Kirkwood will experience significant gains as the price points move towards their higher priced in-district neighbors.
Web Reference: http://www.kennycook.net
4 votes Thank Flag Link Mon Jul 14, 2008
Contact a Realtor who works in this area to help you prepare an offer. There are so many variables to help determine what kind of offer you may make on this property, but undoubtedly it is a Buyer's Market right now. Kirkwood is a great neighborhood to invest right now and there are so many great deals for Buyers. If you have found a home you really like, then by all means make an offer on it and be sure to leave yourself some negotiating room with your initial offer. Good Luck!
Linda Jackson, Realtor
Atlanta Intown Real Estate
404-217-3376
2 votes Thank Flag Link Mon Jul 14, 2008
I live and work in Kirkwood and I can say that the market is still fairly strong. The average sale price is about 96% of the asking (list) price -- so if the list price is $300,000, the average final sales price is approximately $288,000.

Are you working with a Buyer's Agent? If not, I do think that is very important -- an agent can assist you in the preparation of a STRONG offer and negotiate on your behalf to hopefully get the price down to your confort level. If you need assistance or have any other questions, please don't hesitate to call me at 404.432.1844.

Many thanks,
Kerry Lucasse
Realtor, Keller Williams
404.432.1844

View all available Kirkwood homes at: http://www.inKIRKWOOD.com
Web Reference: http://www.inkirkwood.com
2 votes Thank Flag Link Mon Jul 14, 2008
Sean Casey rocks. Excellent analysis about the Kirkwood and the greater Dekalb - Atlanta submarket.

That man lives and breathes Kirkwood.
1 vote Thank Flag Link Wed Jul 16, 2008
Please contact a REALTOR that can assist you through the enitre process.
Good luck to you
Web Reference: http://www.torilawson.com
1 vote Thank Flag Link Mon Jul 14, 2008
Make an offer. A list price is just a suggestion. It's not set in stone. Are you not working with an agent? If not, you really need to consider working with a buyer's agent who is familiar with the Kirkwood market. There are several on this board who will no doubt be along in a minute. :)
1 vote Thank Flag Link Mon Jul 14, 2008
Dear Home Buyer,

House everywhere are selling for less than the asking price! Of course, to what degree they are negotiable depends on a lot of things. A good Realtor can dig out the information that will help you determine how much leverage you might have. Properties new on the market are far less likely to negotiate a substantial price decrease than those on the maket 6 months or more. If you're working with a Realtor who is representing you as your Buyer's Agent, expect them to provide complete information to help you determine the seller's level of motivation. If you're not working with a Realtor...you should be!

Good luck!

Bob Engert
RE/MAX Greater Atlanta
770-592-3218
Bob@BobEngert.com
Web Reference: http://www.BobEngert.com
1 vote Thank Flag Link Mon Jul 14, 2008
Housed in Kirkwood area are selling for less than list price. It all depends on the seller's motivation as to what they will accept as an agreeable offer. I assume you do not have an agent representing you at this time. I'd encourage you to find an agent to represent you so that you get the best deal on the house. There are many things to take into consideration when making an offer.
I and other realtors work the Kirkwood area and can help you with the purchase of your house.
0 votes Thank Flag Link Mon Jul 14, 2008
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