Buying a Home in Buckhead

 

When considering a place to buy a home, Buckhead is widely considered the premier luxury neighborhood in Greater Atlanta. Conveniently located just north of Midtown, Buckhead combines urban convenience with a dash of Southern charm.

 

Residents enjoy the tree-lined streets, charming estates, and amenities, including upscale shopping retailers. Read on for insight into buying a home in Buckhead.

As of 2023, the housing market in Buckhead continues to show robust activity. Via the Multiple Listing Service (MLS), Jane Cross has access to nearly 1,000 Buckhead properties for sale. As of July 2023, the top 5% of properties were priced at $5 million and above. Meanwhile, more than a third of publicly listed properties were listed between $1 million and $5 million.

Throughout Atlanta, residential sales in May 2023 were down about 20% from the previous year. This can be contributed to a lower inventory of properties for sale. Still, average and median sales prices have held consistent year-over-year. The average sales price is comfortably greater than the median sales prices, while citywide inventory is up to 1.9 months, indicating a 4.5% increase from last May.

 

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The variety of homes available in Buckhead is as eclectic as its population. Buckhead has over 40 constituent neighborhoods, each with its own characteristic style. You can find everything from palatial estates to new high-rise condos. The oldest homes in Buckhead date back over a century. The largest properties spread out over dozens of acres and offer unique perks like lakeside views and gated communities.

Buckhead’s range of architectural styles and sizes cater to different tastes, lifestyles, and needs. You can find Colonial-style manors, Tudor revivals, and Greek revival homes. By working with the right real estate agent, you can fully explore everything Buckhead homes offer and pinpoint a handful that are right for you and your family.

 

Hiring a real estate agent is not a requirement when buying a home, but it can significantly ease the process. A seasoned real estate agent, especially one familiar with Buckhead, can provide invaluable advice, negotiate better deals, and guide you through the complex transaction process, reducing the potential stress that can come with home buying.

 

The down payment you'll need to secure your dream home in Buckhead depends largely on your mortgage type and lender. The recommended down payment varies depending on the type of mortgage you get. Conventional mortgages typically require a down payment of 20% the purchase price. For example, if you buy a house for $1.3 million, your down payment for a conventional mortgage would be $260,000. The more money you put down, the lower interest rates and monthly payments you will have.

If you can’t afford a 20% down payment, you may opt instead for a FHA loan, which requires a down payment of just 3.5% (albeit with higher closing costs and mortgage insurance premiums). Generally, you can expect to pay a percentage of the home's purchase price upfront, underscoring the importance of financial preparation when embarking on your homebuying journey.

 

Securing a mortgage pre-approval before beginning your home search is often a wise move. It not only gives you a clear idea of your budget but also demonstrates to sellers that you are a serious, qualified buyer. In a competitive market like Buckhead, this could give you an edge. And when you have a mortgage pre-approval, you have more leverage in negotiations. You can let the seller know how much you are pre-approved for and that you are willing to pay a certain price. This can help you negotiate a better price on the home.

 

Bidding wars are possible in any hot real estate market, and Buckhead is no exception. However, being well-prepared and having a strategic approach can help you navigate such situations, should they arise. Ideally, your agent will handpick several homes that meet your criteria; that way, you will feel less pressure to overbid.

 

The duration of the homebuying process can vary widely, depending on factors such as market conditions, your readiness, and the specific property. As a rule of thumb, the more expensive a house is, the longer it will take to buy. The buying process comprises overlapping phases: you need to scout suitable homes, tour them, make offers, negotiate, and contract home inspections. With so much going on, it’s crucial to maintain patience, persistence, and poise. 

 

Like in any urban setting, the prices of homes in Buckhead can vary from one neighborhood to another. Factors such as proximity to amenities, architectural styles, and neighborhood reputation can influence the price range, making it beneficial to research and explore various neighborhoods within Buckhead. A knowledgeable agent like Jane Cross can provide you with the latest information on luxury home prices throughout Buckhead.

 

While market conditions can fluctuate, the "best" time to buy a home often depends more on individual circumstances than market trends. If you are financially prepared and find a home that meets your needs, it could very well be the right time for you.

Veteran real estate professionals Jane Perry Cross and Joe Cross bring a wealth of experience, valuing buyers and sellers, demonstrating integrity and enthusiasm in their work, and focusing on exceptional listening skills to fully understand client needs.

Jane, boasting a professional journey spanning over three decades, holds the esteemed position of an associate broker and has been recognized as a Crystal Phoenix Award-winning, multi-million dollar producer. This level of success places her within the top 5% of Atlanta REALTORS®.

If you're on the journey of buying or selling a home, or if you have any queries related to the Buckhead real estate market, Jane & Joe Cross are ready to help you navigate through the process. Contact them today.