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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Business Environment Spurs Growth and Renewal with Government Support
I Feel The Need for Speed…to Relocate to Atlanta. Atlanta 3rd Best Among Large Cities for First Time HomeBuyerrs – Reality is #1 Now if you look at the list about Atlanta has to offer compared to the two cities ranked higher, we are most definitely #1. Look at the great business climate in which to work, and corporate one for relocation. Add to the fact, Atlanta is one of the most popular tourist and convention destinations, we are the best. Last but not least, are the other cities really major ones?
Atlanta So Strong It Cannot Be Ignored by Competitor Cities: Originally published on June 14th, Atlanta’s attraction for being a top business destination in “which you want to work” attracted attention in the Midwest by a was noted this rely by the renowned Key Tower Ohio. It ranked Atlanta as the #1 city in which to work.
Public-Private Cooperation: The Atlanta Westide Future Fund is one of the best present embodiment of cooperation between the city government and private philanthropic support to spur Atlanta’s commercial and residential real estate development while protecting its current residents against real estate tax increases for – the next 20 years. SunTrust Bank, earlier this May donated $5 million to the fund. Ms. Ebony Ford, according to the Atlanta Business Chronicle on May 3rd, benefited from it.
I thank Tim Keane who said the Westside of Atlanta provides the best commercial and residential real estate investment opportunities and highlighted the private-public cooperation, at the Atlanta Design Fesitval’s “Thoughtful Development for a Sustainable Future” on June 4th 2019. He and Nathan Hedges said that Atlanta’s Westside provides the greatest opportunity for commercial real estate re-use. Therefore, we have only tapped the surface of the Westside Atlanta’s growth.
Such cooperation can be traced to a great relationship between Atlanta’s city hall and business sector, especially its Fortune 500 companies.
What does that mean for residential real estate? Midtown Atlanta continues to assert its position as the strongest sub-market, the prime area for Fortune 500 Companies relocation. Berkshire Hathaway HomeServices Georgia Properties is the best Midtown Atlanta real estate has been entrusted to serve the relocation of iconic Atlanta corporations.
Fortune 500 Companies: Atlanta’s Fortune 500 international business environment continues to grow. In its recent recent history, the Georgia Aquarium grew from the incredible collaboration between Atlanta May Shirley Franklin and one Home Depot Founder Bernie Marcus. Now, you have rejuvenation of the West Side of Atlanta with the other owner, Arthur Blank after he built the world renowned Mercedes-Benz stadium.
The private and government sector are always looking to collaborate to improve the city. Rarely, do hear about a perpetual dispute between the two parties. This cooperation has its origins in the Civil Rights Movement as the “City too busy too hate” and former Mayor Kasim Reed, “Cooperation is better than confrontation.”
Forget “Hotlanta.” New York City and Chicago are just as hot in July and August as Atlanta. Our winters are mild, and we do not suffer from the winter drudgery. Forget about statistics. Atlanta’s weather consistently changes, except for the summer.
Diversity of Neighborhoods
In Atlanta, as we continue to unify a city of transplants, we celebrate and visit the greatness of the uniqueness of each neighborhood. Each one has its own special feel that you can immediately experience. Look back to Atlanta’s origins and Buckhead Atlanta’s founder Henry Irby who founded it back in 1840 after moving here from South Carolina.
“Atlanta is putting a smile on its face.” A friend told me that when we met at an Urban Land Institute meeting. Just looking at the map, you could see the smile as the BeltLine continues to grow on its southern and western corridors. The eyes could be the neighborhoods of Buckhead in the northwest and and DeKalb neighborhoods along the I-85 corridor. The nose would be Midtown, with the upper lip being downtown and lower one the BeltLine.
I wrote the following message to a Berkshire Hathaway HomeServices Georgia Properties colleague in the New York City office who inquired about the state of the market. It starts at “Atlanta Market -“
Atlanta Market – Starting Point Stat – City of Atlanta population will soon return to its 1970 level, and is expected to double in the next 10 years. Overall, Companies are either relocating or expanding their corporate office size here. Commercial real estate is active that way, and that means more residential business.
Area around Emory continues to do well, along with its neighbors in downtown Decatur and East Lake.
The BeltLine is another huge driver in the Atlanta market. As the name suggests, this project is connecting the city like it has not been for over 40 years. This desire for walkability has impacted Buckhead Atlanta with the continue growth of Path 400.
West Side of Atlanta is just starting to take off, and will be a key player in the next 5 years. Two new parks are driving the growth. One will immediately accelerate the re-vitalization of the area, next 10-12 months. The other, Bellwood Quarry Park, provides well-founded optimism. This one will be TWICE as big as Piedmont Park. (I have been working this area for the past few years.)
Brave Stadium – The Atlanta Braves’ relocation has meant the growth of the old Turner Field as Georgia State University moves the focus of its campus to there. Simultaneously, Vinings, where the Braves now play, is seeing unprecedented growth.