May 17, 2020 Back on April 27, 2020 I predicted and posted that the Atlanta housing market would come back strong. Well, it definitely has, and the number of new listings as recorded by the First Multiple Listing Service support this fact.
Jubilant Feeling of Georgia Re-Opening Confirmed – First Weekend of May New listings for both houses and attached homes (condominiums and townhomes) saw their biggest increase the weekend that Georgia Governor re-opened the state. Houses saw a 32.7% increase in new listings while attached homes experienced an 81.5% increase.
Condominium Listings Leading The Way – 218% Increase As you can imagine with all the precautions and concerns about contracting Covid-19, attached home listings were dramatically lower than house ones from the end of March of until the May 1st re-opening. During this gloomy period, there were 193 new listings, and now since approximately May 1st, 420 new ones. Count as that as a 218% increase homes coming on the market. Admittedly, these numbers still languish compared to house ones, as 506 houses were added to the market at this time.
Line of Delineation -Weeks of April 19th – 25th & April 26th-May 2nd The number of houses coming to the market stayed in the weekly range of 102-109 prior to April 26th. Since then, the lowest number has been 154 last week and jumped to 194 for this one, a 25% increase. For condominiums and town homes until the 26th, numbers fluctuated in the range of 56 to 79. Now, as of the line of delineation, the lowest number was the weekend Georgia re-opened, 118 units. Since then, the listings have increased to 143 and now 159 for this past week.
House Market Retaining Strength – Its second highest growth in the number of listings took place this past weekend at 25.9%, after a slight dip 3.4%. That hiccup followed a 32.7% increase during the weekend of the re-opening.
Buckhead Atlanta and Midtown Atlanta Markets – They have followed the same patterns as the overall Atlanta ones.
Rising up from the ashes, Atlanta proudly displays “The Phoenix” on its flag. Scrap the original reason for the symbol, but think about the goal of the city, then and now, a world-class city. 10 years ago, commercial real estate investors looked at Atlanta as a 2nd tier market. Now, it is considered a primary and safe one.
Source: RISMEDIA – Thursday September 19, 2019 – (TNS) – In recent years, sellers have called the shots in home-buying negotiations. They’ve had plenty of leverage, too, thanks to surges in buyer demand, tight inventory and soaring home prices in many top markets around the country.
But we all know that the housing market is a cyclical one. Pricing and demand that goes up eventually goes down, and that hot summer market often cools by the time winter rears its chilly head.
If you’re needing to sell a house and can’t wait for next year’s warm-weather sales surge, you’ll need to act fast. To get to the closing table sooner rather than later, sellers may need help to adjust their expectations and approach. Here are six (6) important steps you can take now to sell your home before the new year is here.
Rely on Comps – Not Emotion – to set a realistic asking price – First things first. Experts say you’ll want to jump into the housing market with a realistic asking price that has the potential to stick. This part can be hard for sellers to wrap their heads around since many want to “test the market” with a higher sales price knowing they can drop it later. This approach, however, is a mistake, says Chicago real estate agent David Cahill. “If your home is priced too high, it can be very difficult to overcome, even when you eventually reduce the price,” he says.
This is one area where you may want your agent to lead the way. Cahill says a good real estate [- the best in Atlanta and around the globe being Berkshire Hathaway HomeServices-] will do a comparative market analysis that helps you price your home based on recent comparable sales in your area – not just hopes and dreams.
The best agents [- Berkshire Hathaway HomeServices -] will even go the extra mile to find out the prices of comparable homes with a recent or pending sale in process, he says.
You’re paying your agent for their professional advice and expertise, so when they suggest a sales price based on mountains of research, you should listen.
Ask Your gent for “first look” Feedback – Homeowners hoping to unload their properties by year’s end will need to enter the market with their best foot forward. This means having a house that is easy to sell and free of glaring problems.
Michael Kelczewski, a real estate agent in the Greater Philadelphia area, says you should not only ask for real estate agent feedback but review all their notes — both positive and critical. It’s also a good idea to have your agent gather buyers feedback from people who tour your property. (Note: Maker sure they are serious buyers. You do not want feedback on a steak house from a vegetarian.)
Your real estate agent – Berkshire Hathaway HomeServices – may be able to point out defects you’ve overlooked like forgotten windows with cracked seals or the fact that your teenager has heavy metal posters plastered wall to wall. Or perhaps they’ll remind you that most people want to park in their garage instead of using it to store boxes of photos and old clothing.
Consider agent feedback carefully and implement their suggested changes to potentially avoid losing out on a sale due to minor issues.
Clean, Organize and Declutter – It’s possible your agent will advise you to take down family photos and clear out your closets right away, but you should make time for a major cleanup, independent of your Berkshire Hathaway’s agent input.
Cahill says you should “do everything within your budget to ensure your home gives a great first impression.” For example, give your front door a fresh coat of paint, trim back overgrown shrubs and keep your lawn in tip-top shape.
While your home is on the market, the interior should also be clean and ready for a last-minute showing at all times. Cahill says you should start by removing clutter, getting rid of any oversized furniture and taking down busy decorations.
“Rent a storage unit if you need more space,” he says.
Stay on top of cleanliness by taking time to wipe down counters, sweep floors and touch up bathrooms every day. Nobody wants to buy a dirty house.
4. Consider Hiring a Professional Stager – If you have the cleaning part down pat but need help making your home visually appealing, you can also consider hiring a professional stager, Cahill says. Home stagers have furniture, art and decor – an important consideration for anyone, but especially if your home feels especially dated.
Does staging work? Most experts would say it does. In fact, a recent study from the National Association of REALTORS(R) showed that 83 percent of buyer’s agents said staging helps helps their clients envision living in that specific home. Also, 28 percent of seller’s agents said they’ve staged all of selling clients’ homes before putting them on the market. However, 13 percent reported staging homes only if those properties were difficult to sell otherwise.
5. Spring for Professional Photos and Video – Where potential buyers perused the local newspaper for new-home listings decades ago, pretty much all home marketing is done online now – either through multiple listing services (MLSs), real estate websites, email marketing or a combination of all these avenues.
Susan Bozinovic, a REALTOR (R) in Troy Michigan, says this is why quality pictures are crucial if you hope to achieve a quick sale. Hire a photographer to take high-quality pictures and consider having your real estate agent’s office create a marketing video, she says.
Drone photography might be an important factor to sell a sprawling property with land or a ton of outdoor features, she adds.
Bozinovic also emphasizes the importance of social media marketing – especially on Facebook.
“I found that running ads on the Facebook platform is superior to any other social media space because the audience can be targeted very specifically.” (Note: Facebook removed demographic targeting due to fair housing laws.) LinkedIn is better: 1. Hashtags make your listing easier to find, 2. LinkedIn is not cluttered with garbage. 3. Your posts appear in real time.
If you’re hoping to spread the news of your home for sale far and wide, it may also help to work with a real estate agent who has knowledge of social media marketing to get more eyeballs on your virtual listing.
6. Get an Optional Pre-Sale Home Inspection Never assume your home is in perfect physical condition; take time to make sure. Paying for a home inspection upfront is typically a safe bet. With prior knowledge of issues like missing shingles on your roof or faulty electrical work, for example, you can buy time to fix these problems before they become a problem.
Cahill also says that hiring a home inspector to conduct a thorough inspection before you list your home may “inspire greater confidence in your home’s condition among potential buyers.”
This is even true though most savvy buyers will likely hire their own inspector.
Also note that, if you take time to fix big problems discovered in an inspection before a sale is underway, the negotiation process could be “short and sweet,” Cahill says.
Bottom Line A speedy home sale could be in your future if you take steps to avoid common problems that turn off potential buyers. This includes making sure your home is beautiful and clean, but also means uncovering major defects or repairs needs before someone else does.
There’s still plenty of time to get to the closing table before the end of the year. Working with an experienced REALTOR (R) who knows the local market trends, and can help you set a realistic price are key pieces to the puzzle.
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Buckhead Atlanta House Market Is Strong – Last month I posed the question as to which market was stronger, Buckhead Atlanta or Vinings. After comparing the last two months, unequivocally, the race is even. Let’s keep track for the rest of the summer months, including October. (Here in Atlanta, we have two summer endings: 1. Kids go back to school at the beginning of August, 2. College Football begins the Thursday before Labor Day, and 3. October when we starting wearing jackets.)
Buckhead Atlanta, just by the single-family-home stats, blows away Vinings. Across the board, as what happened for Vinings in May, the Buckhead market improved for sales price (+24%), Days on Market (-10%), and Units Sold (+5%). Vinings only had 4 sales in June of this year, and 6 during the last one. (Must be something in the Chattahoochee for June sales.)
When it comes to the condominium / town home (attached) market , we have some mixed numbers. Depending on what statistics mean the most to you, the Buckhead Atlanta or Vinings attached market will be stronger in your opinion. If you look at sales price, Buckhead Atlanta again blows away Vinings. In the former, the average sales price increased by 44% while they decreased by 9% in Vinings. For units sold and average days on the market, Vinings retains the lead.
For more information about how to get your home sold for the most amount of money in the shortest period of time, please contact me at James.Kobal@BHHSGeorgia.com and (M) 678.993.4951. If just wondering about your home’s value, please click here.