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Real Estate News
June is National Homeownership Month-Home Buyers Rejoice!
With June annually being designated National Homeownership Month, it's an especially good time to be celebrating the purchase of a home, especially here in the current metro Atlanta real estate market. Over the last nine to 12 months, the Atlanta housing market has made steady gains and is recovering at a faster-than-predicted pace. Property values have been increasing each month, foreclosure inventory is shrinking and demand is increasing for the availability of move-in ready homes.
RE/MAX Greater Atlanta would like to go on record right now, at the start of the summer, and predict that this year will be the best summer for Atlanta real estate that we have seen in the last five to seven years.
The question you have to ask yourself is will you take advantage of it? Or will you wait until next summer to buy a home, when home prices will be 12-20 percent higher than they are right now? If the last several months have been any indication, that 12-20 percent estimate could actually be low. Why would you want to pay tens of thousands of dollars more to buy the same size home in the same desired area a year from now?
And in the last week, interest rates have crept near the 4 percent mark, causing much speculation about how much mortgage rates will increase by the end of the year. Even a couple percentage points could result in home buyers paying thousands of dollars more in interest over the life of the mortgage.
So take some time today to conduct a property search while you're on the RE/MAX Greater Atlanta website and, as always, you can call us with your real estate questions or to have us pair you with the perfect real estate agent for your housing needs, 770-973-9700.
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Numbers That Will Erase Your Real Estate Indecision The fact that most media outlets are now giving positive airtime and print space to the housing industry is a good sign. So if you even remotely keep up on the latest news in the world, youll have seen a few stories about the improving real estate marketthe fact that mortgage rates are remaining in the 3 percent range, and that both home prices and housing starts are up in most major metropolitan areas, including Atlanta. At RE/MAX Greater Atlanta, we recently came across a few stats that were so amazing to even us, we had to share them here and on social media. According to Trulias Chief Economist, Jed Kolko, conventional home sales were up 23 percent nationally in March (year-over-year) when you exclude distressed home sales. That is a VERY promising number! In addition, the delinquency and foreclosure rate is 48 percent back to normal and hasnt been this low since October 2008. The result? The national housing market, when factoring in the stats weve mentioned above, is now 56 percent of the way back to normal levels. Is that 100 percent? No, but when you factor in that at this same time last year, the national real estate market was only 33 percent back to normal, youll have to admit thats a huge leap and one that should erase your real estate indecision. Whether buying or selling, its time to jump back into the Atlanta real estate market! Want to stay updated more real-time with such housing updates? Be sure to follow us on Twitter at http://www.twitter.com/RemaxGtrAtl and our Facebook Page at http://www.facebook.com/RemaxGreaterAtlanta. We look forward to interacting with you there!
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Putting Your Tax Return to Use Year-Round
With the April 15 tax filing deadline just behind us, it presents a good time to discuss what to do with your tax return. If youre fortunate enough to be getting a sizable return, the currently rebounding real estate market may be just the place to invest that money.
Whether its to buy an investment property, your first home, or a larger home for your family, the metro Atlanta real estate market is recovering so quickly that new construction starts are up and homes for sale are receiving multiple offers. Using your tax return for a down payment (or to pay off other debts to improve your debt-to-income ratio for a mortgage), is a great way to invest in yourself and your future.
Getting a large sum of money together at one time to purchase real estate can be overwhelming to even the most frugal family. Thanks to Uncle Sam, your refund could put you well on your way. But first things first. Let a RE/MAX agent help you with finding out how much home you can afford and what kind of down payment would be needed in the price range in which you qualify.
Call our RE/MAX Greater Atlanta office today at 770-973-9700 so we can answer your questions and partner you with the best real estate agent for your needs.
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Late Spring in Atlanta Doesnt Mean You Can be Tardy to Home Buying While Spring may be late in arriving to metro Atlanta, potential home buyers should not be tardy in beginning their home search. Those who are late to arrive to that hot new listing in a desired neighborhood may find the home has already gone under contract. Or you may find yourself in a bidding war with two or three other buyers. Realtors are also finding there are fewer homes on the market from which buyers can choose. The shortage is two-fold not enough listings on the market and the very best listings are going under contract within days. Realize, too, as youre out looking at homes and neighborhoods, now is not the time to be hesitant about writing a contract. Wanting the weekend or even a few days to think about making an offer could be the difference in winning or losing the bid for your dream home. The same is true for not having your ducks in a row to purchase an Atlanta real estate listing. Get prequalified so you know what your spending limit is and you have assurance there are no snags in your credit rating. Contact RE/MAX Greater Atlanta today at 770-973-9700 if we can be of assistance in answering questions, guiding you through the mortgage prequalification process or any other real estate-related question.
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First Quarter Atlanta Real Estate Market
The news continues to be positive for the metro Atlanta real estate market and for many housing markets around the country. RE/MAX Chairman and Co-Founder David Liniger was just on the CBS Morning Show March 22, 2013, to discuss the recovery going on in real estate. Two of his main takeaway points were:
1. Real estate is recovering much faster than what had previously been predicted.
2. Theres not enough for-sale inventory in some price ranges to meet the demand.
We are certainly seeing both those trends in the metro Atlanta real estate market. Nationally, the median home price for February 2013 was a full 7 % higher than in February 2012. For the last 13 consecutive months, the median home price has been higher than in the same month the previous year.
According to the March RE/MAX National Housing Report, home inventory plummeted 29.7% from last year. The most impressive stat on this report, however, was that Atlanta ranked #1 out of 52 metropolitan areas for double-digit price increases. The number? 50 %! The next highest city on the list came in at 40.2% which means that Atlanta led by a significant number.
February was also the 20th month in a row where sales were higher than the same month of the previous year. Move-up home buyers are now starting to outnumber investors and first-time home buyers in some markets!
So, if youre a seller who has been on the fence about selling or youve waited over concerns about being underwater on your mortgage, contact RE/MAX Greater Atlanta today to have a Realtor create a competitive market analysis of your home and a listing price.
If youre a home buyer, its a critical time to have a Realtor to represent you as properties are often getting multiple offers and you want an experienced professional to represent you in those negotiations. In addition, Realtors often have an inside track on new listingsthis will be a real asset to you as move-in ready properties are sometimes going under contract the week or even the day they are listed.
Contact RE/MAX Greater Atlanta today at 770-973-9700.
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8 Motivations for Buying or Selling in the Spring Atlanta Real Estate Market
Motivationone of the most powerful words in the English language. Without motivation, not much can be accomplished. Here in metro Atlanta, those buyers and sellers who act with a sense of motivation in the upcoming Spring market, will be happy they did.
We are still having to explain to people that they missed the real estate bottom in our market. Dont also be in the group that missed the relatively good deals that are still out there or the incredible interest rates that will surely start disappearing by next Spring.
For Sellers:
1. Get your home in showing-ready shape before you list. Otherwise, you may regret it once its on the market. Move-in ready properties are moving very quickly right now. So to avoid being on the market for several months, make sure your home is excellent condition. Put yourself in the shoes of the buyers. If they had three homes to choose from in your neighborhoodtwo that were in picture-perfect shape or one that has poor landscaping, peeling paint, dirty carpets and a dated interiorwhich home do you think will go under contract quickly?
2. Listen to your Realtor about price. They do know what they are talking about and have done the research on your area to come up with an accurate price. If you price your home $50,000 above anything comparable in the area, again, put yourself in the shoes of the buyer. By contrast, if you price it even slightly below market value, not only will you get offers quickly, but youll very likely enter into a bidding war in which your home may actually sell above your listing price.
3. Consider getting your home appraised before you put it on the market.
4. Have a plan in place for what you want to do and where you want to go after the home sells. Consider starting to look as soon as your home is listed or you may not have adequate time to find that perfect next home.
For Buyers:
1. If youre truly motivated to sell, prove it to both your Realtor and your potential seller, by getting prequalified for a mortgage. It eliminates unpleasant surprises later, can lock you into a competitive interest rate and it gives you a purchase price range.
2. Have your ducks in a row as well because the metro Atlanta real estate market is already indicating things are moving very fast. Having to spend five days to find your tax returns for the last couple years is not going to fly. Or having no time to pack and get moved over the next three months due to business trips, wedding plans, vacations or other obligations will make buying a home a near impossibility. Sellers are not going to want to push out a closing date to accommodate these things or a rental lease you cant get out of early.
3. In most price points, there are more buyers than sellers, creating what we call a sellers market. This sellers market isnt going to go away anytime soon. In fact, it will probably get worse as we enter into the Summer market.
4. Know what you want and be ready and willing to write an offer just as soon as you find a home that meets that criteria. The days of tire-kicking in real estate are over. At RE/MAX Greater Atlanta, we have properties going under contract the same week they are listed. Create a list of must haves for your next home as well as a wish list of what you would like, but its not mandatory. Then assess each property you see for how it matches this list. Such a list will also be extremely helpful to your real estate agent. The more completely you think about what your ideal home will be like, the more easily you will recognize it when you find it. This will help eliminate most or all indecision or hesitation about whether to write an offer.
So there you have it, eight reasons to be motivated about the current metro Atlanta real estate market. The saying, No time like the present truly does apply for both buyers and sellers.
Sellers, if you hate the prospect of having to keep your home showing ready for six to nine months, then now is the time to list because there is a clear listing shortage in most price points in metro Atlanta. If you wait until summer, you will probably have to compete against far more new home construction as it nears completion.
For buyers, home prices are slowly ticking up in the Atlanta market and have been for several months. The laws of supply and demand will not be in your favor as more buyers exist than properties available for sale. Waiting even 3 6 months could mean both a price several thousand dollars higher and losing out on your first or second choice property.
Carpe diem! Seize the day!
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The Early Bird Buyer Will Get the Worm in 2013 Word is definitely getting out that the metro Atlanta real estate market is improving with each passing month. Home sales are up. Mortgage rates are hanging out in the low to mid three percent range (a phenomenal rate) and housing prices are slowly starting to creep up. The really great deals and the bottom basement-priced foreclosures that could be found for the price of a new luxury carwell those are pretty much gone. However, the chance to buy a move-in ready home (i.e. one that wont require buying all the appliances and thousands in renovations just to be able to move in) is starting to reach its sizzle point. And thats why, at RE/MAX Greater Atlanta, we believe home buyers who purchase in the first half of 2013 will fare the best. Competition is already being felt for listings. Multiple offers are becoming more common and can lead to an above asking price sale. Homes competitively priced when listed are getting snatched off the market in as little as a couple days. All this will continue to drive up average home sales prices in the Atlanta real estate market. With each month this happens, prices will tick up a bit more. A $1,000 gain in one zip code, a $2,500 gain in another, month after month, and you can see where this is going. Wait to buy a house for 6-8 more months, and you could be paying several thousand dollars more than if you bought that same home in February or March. Early bird buyers will get the coveted worm in 2013. The question is, what are you doing, as a potential buyer to get ready? Do you know your credit score? Have you talked to a lender to get prequalified? Have you started making a wish list of what youd want in a home? Have you narrowed your search area and started looking online? Our site here can help you with most of those things. You can search homes by price point, school district, etc. You can connect to our preferred lender, Shelter Mortgage. You can select an agent or call our main office number at 770-973-9700 and well match the right person with your specific real estate needs. Buying real estate doesnt have to be difficult if you have an experienced real estate professional in your corner. However, the time to be on the sidelines waiting and watching is over. The Atlanta real estate market has already hit its bottom and is in full rebound mode. Will you be there while you can still catch a good deal?
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2013 Atlanta Real Estate Predictions With the new year, we here at RE/MAX Greater Atlanta wanted to give you an update on what were seeing in the metro Atlanta real estate market and what we expect to see in 2013. Here are 7 predictions for this years Atlanta real estate market: 1. Area rents will continue to rise and this will drive more renters into the home-buying market. 2. Housing inventoryespecially for move-in ready and new homeswill continue to drop. As a result, home prices will continue their upward trend. Its the basic laws of supply and demand at work here. In the second half of 2013, more inventory will enter the market as the pent up demand over the last few years will have more sellers entering the market. 3. Interest rates will remain steady, possibly below or around 4 percent through 2013. The Federal Reserve has promised to keep mortgage interest rates low for the foreseeable future (next 2-3 years at least). 4. Lending standards, however, will remain tight as the laws and regulations have not eased in this area and banks are understandably less willing to provide even remotely risky mortgages. 5. Short sales will continue to be a sizeable part of the market. 6. Far fewer foreclosure bargains will be available as banks shadow inventory continues to decrease as does the number of new foreclosures. As an example, in 2012, the shadow inventory in the U.S. decreased 12 percent from the previous year. 7. Total numbers of home closings will continue to increase, signifying an improvement in both the real estate market and the economy. Nationally, total homes sold in the U.S. increased 10 percent in 2012 and the National Association of Realtors predicts a similar increase for 2013. In Atlanta, RE/MAX Greater Atlanta predicts a greater than 10 percent increase, based on the market activity and the fact that a couple new, large national builders have recently entered the Atlanta marketplace. This increased new home inventory, which has been way down the last couple years, will only add to the total number of closings of the region. These mostly positive predictions all lead to one thing2013 being the best year in metro Atlanta real estate in several years. How can we help you capitalize on what promises to be a year with a lot of activity? Call us at 770-973-9700 with your real estate questions . Tell us your particular real estate needs so we can match you with the RE/MAX Greater Atlanta agent specializing in that price point and region. Make it a great year!
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Season's Greetings from Our RE/MAX Greater Atlanta Family to Yours
We wanted to wish everyone a happy holiday season. May it be all that you wish it to be with your friends and family. And a happy new year to you and yours--2013 is certainly shaping up to be a better one for the housing market, job growth and the overall economy.
As those of you who follow us on Facebook or Twitter may already know, our office annually helps the Marines collect Toys for Tots in order to make the holidays a little brighter for area children in need. Today is our deadline on that and, as of this writing, we have amassed 115 toys and 50 beanie babies. We're mentioning this not to boast, but to share with you the following story.
One night shortly after closing the office, co-owner/broker Denny Jones returned to the office for something and found a young mother waiting in the parking lot with her two small children. Apparently, they pass by our RE/MAX Greater Atlanta office regularly, saw our Toys for Tots collection sign, and the children wanted to personally put their bag of toys in the box. They wanted to make sure other children would have a good Christmas, too! Because its a real estate office, the mother figured someone would show up sooner or later to let them in. What a valuable lesson: children helping other children!
On that heartwarming and festive holiday note, we will close and say stay tuned to our blog and social media sites for continued updates on the local real estate market and issues that affect you as a homeowner, home buyer or home seller. Happy Holidays!
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Home Prices Rose 25.7% in Metro Atlanta in November 2012, Year-Over-Year
RE/MAX has just released its monthly National Housing Report and one of the key statistics that jumped out at us here at RE/MAX Greater Atlanta is the one on home prices rising. We are seeing prices here in metro Atlanta jump as available housing inventory continues to drop. But 25.7%?! That was a pleasant surprise to even us!
The November median price for all homes sold in this RE/MAX survey, which is taken from the MLS data in 52 major metropolitan areas, was $163,750. That's an increase of 3.6% from the previous month! This also marks the tenth consecutive month with higher prices than the same period last year. In addition, Atlanta was one of 19 metropolitan markets with double-digit sales price increases.
Nationally, the average increase was 6.9%, which is a promising sign of continued recovery in the U.S. housing market. What all this translates to is that potential sellers need to seriously consider listing their homes in the new year. The total number of homes for sale in November 2012 was down an average of 29.1% from the number on the market the previous November. You have fewer homes on the market to compete with and, here in metro Atlanta, we are seeing multiple offers on some move-in ready properties. Multiple offers, of course, can mean a higher sales price for you, the seller.
And the clear message for potential home buyers in metro Atlanta is: start looking now before home prices potentially price you out of an area where you desire to live. First-time buyers, in particular, need to realize that they can pay less money for a monthly mortgage than they can for rent.
If you'd like to see the entire December National Housing Report, visit fb.me/1QcGOPaY8. And, as always, if we can answer any of your questions, specific to the metro Atlanta real estate market, call us at 770-973-9700.
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