You've lived in this cool neighborhood for 10 years - you probably have a terrific equity position, and you pioneered!
What street are you on? I live in Kirkwood too - in Hawthorn Park. Lets talk amongst neighbors...here goes...9 out of the 28 sales in Kirkwood last year of 2/1s, 3/1s, and some with half baths, sold for over $200,000.00. Not bad - about 30%. We'll come back to that...
People are coming to Kirkwood for a lot of great reasons, but we are a street by neighborhood, don't you agree? If you are on Hosea Williams, or another busy stretch of road, you don't have the value of a tree lined section like Ridgedale at Lakeview, do you?
For that matter, you have 93 competitors right now between Turner Field and North Decatur. Just 2/1s and 3/1s. Priced between $200 and $250K. I'm not even looking at houses with 2 bathrooms - add those to the mix and you have 150 competitors. The few buyers who will buy, don't just shop Kirkwood - they have lots, and lots and lots of choices.
How many, out of all of that inventory, went pending or sold in the past 30 days? 1 went pending. None sold. That sucks.
Will 2008 be better? All signs point to a big fat maybe, with a strong likelihood of flatness and depreciation. All signs point to that reality.
Why? Because supply and demand laws haven't been repealed.
How many, out of 150, went active in December? 23
How many are going to hit the market, and compete with the other 150 in the next two months? probably 100. Give or take 20. How many of those will sell in the next 90 days? Probably about 50 - give or take 10.
In our Intown buyer's market, a few things start to matter more than others - safe, walking neighborhoods. Good schools - like Oakhurst ESD, which commands about 10-20% more value over Kirkwood right now. Shopping district proximity. Walking distance. Really nice, really cool, neat, clean and well behaved immediate neighbors. All of those factors make sales easier and quicker.
Woe unto you if you still have a shothouse or a bunch of dudes playing cards, working on their cars and drinking beer in the front yard on your street.
Regardless of where you stand financially, and regardless of whether you have a big property, if you are competing for the buyers who will buy, and by the way, statistically, only 30% or so of all of these active listings will actually sell during the listing period, if you are competing for the buyers who will buy, just like these 150, then you want to be THE ONE that sells. Only one went pending or sold in December, right?
Is $230,000 possible for you? What's the capital value of being closer to work? What's the capital value of being closer to work in February? In March? In July?
What's "some TLC" mean? What's the capital value of that.
So, will demand pick up? Absolutely. I have 23 potential Buyer clients who may buy Intown in the next 180 days. I'm sure that 12 of those will close. Other busy Intown agents are ready to hustle this year too. The great agents who add value at every consumer touchpoint are in business and will stay in business. The most aggressive, the most assertive and the sharpest agents will sell 7-8 times more than the average agent.
But I'm the only one up on this gorgeous Kirkwood New Years Day.
I wanna be your listing agent. I need to sell 25 listings this year. You can be my fourth.
When can I come over? Call me.