Welcome to the Spring Home Buying Season: Luxury Home Market Update

Happy Spring, y’all! I just love the hope and promise of this time of year as we see the trees budding and spring bulbs blooming. Of course, in the housing market thoughts turn toward the peak home buying and selling season. Are you preparing for a move this year? If so, you may be interested to see how the Atlanta Luxury Home Market shaping up so far this year to help you make wise choices when it comes to your next move. Here’s what I’m seeing:

Housing market is strong in Atlanta.

So far this year, we’ve seen about 144 homes sell for $1 million and up (You can take a look at them HERE), with another 25 under contract (view them HERE), as of the publishing of this article.. Inventory has still been a little tight; however, it seems that the luxury market is leveling out a bit. The pendulum may be swinging toward buyers’ favor slightly.

Speaking of buyers, they’re looking for value.

Buyers are holding out for value, if the home is priced right, it’s selling; but they’re not going for homes over-priced. If you are listing your home, be sure that it’s priced right. For some guidance, take a look at my recent post on Pricing Right for some valuable tips. It also pays to have a plan for negotiations and what you’re willing to bring to the table or concede during your sale. As a practicing real estate attorney and Realtor® I’m happy to offer any advice or assistance. 😉

Still time to beat the rush.

Want to time the market? Beat the rush of competition? The good news is, it’s not too late! The peak season is upon us but we’re early yet, competition for homes is still at early-year levels. But if you’re ready to make a move, whether that means listing or buying, let’s get moving! Beginning the process now allows you to have more options and better, more serious buyers. I’m happy to work with you to accomplish your real estate goals for this year.

I often have clients and friends ask me if now is a good time to sell their home and upgrade to their next one with the tax law changes, rising mortgage rates, tight housing market. The answer is unequivocally, yes, it’s a great time! The facts are that the economy and job market here in Atlanta are great, the tax laws didn’t change much as far as your home purchase or sale goes; and mortgage rates are still historically low. The average mortgage rate over the last 45 years is near 8.5% for a 30-year fixed rate loan and current rates are hovering near 4.45% (according to Freddie Mac).

Here in Atlanta we’re looking forward to a healthy Q2 of 2018; so if you’d like to see how you can capitalize on this market, feel free to reach out, I’m happy to explore your options and see how we can help you achieve your real estate goals in 2018!

~Jess

Location, Location, Location

We’ve all heard the title’s axiom about buying real estate, but what does that exactly mean for buyers of luxury real estate in Atlanta? As a 3rd generation Atlantan, I’ve seen lots of changes in this city and I’ve had the chance to experience many of our city’s neighborhoods in many different phases of my life and my family’s lives.

Now as a Realtor® it’s fun to get to share with my clients – and now you – all I’ve learned over the years about the best places to live for the various seasons of life. I cover my top picks in this article and soon will be publishing a downloadable map that you can take with you as you go and explore these neighborhoods yourself. And, of course, I’m always happy to chat with you about finding the right Atlanta neighborhood and home for you and your family.

Smyrna/Vinings

Nicknamed “Smynings,” these two adjacent suburbs have become the latest “it” communities thanks to the new, SunTrust Park, home of the Atlanta Braves as well as new neighborhoods, dining, and entertainment popping up. Smynings is located just across the Chattahoochee River from Atlanta.

My Insider Info: Smyrna is a city, Vinings is not, it’s a small portion of town and in Cobb County. This is a great area for families, very family-friendly; plus, Cobb County taxes are the lowest in metro-Atlanta. With the new Braves stadium in the area there are lots of new restaurants and entertainment options. For example, The Battery is a new live-work-play development. There’s fun galore and you’re close to both the airport and downtown.

West Midtown

Once largely an industrial area, the Westside of Atlanta is experiencing a re-birth and being developed into a hip scene of urban living, working, and playing. There are numerous new housing and mixed-use developments popping up as vintage warehouses are being given make-overs and becoming home to new businesses flooding into Atlanta. This area is generally defined as west of Northside Drive and Georgia Tech, south of Buckhead, east of Marietta Blvd, and north of Hollowell Parkway.

My Insider Info: This is a booming, newer area that’s got lots of hot, new restaurants; a Whole Foods Market is coming. It’s also adjacent to the Beltline above ground trail system, which is nice for those that like to get around on foot or bicycles as Atlanta doesn’t have a great mass transit system. This area is perfect for young professionals that want to be in a fun, up and coming area.

Buckhead

Buckhead now comprises 22 Atlanta neighborhoods that make up the northern fifth of the city of Atlanta. The area is summed up in one word: upscale. The area is known for its elegant residential areas, Rodeo-Drive-like shopping experiences, and awe-inspiring architecture and landscapes. Buckhead is also a major economic and financial center of the Southeast.

My Insider Info: There’s something for everyone in Buckhead, if you have the budget – from skyrise condos on Peachtree Street to sprawling family homes in Kingswood (where the Governor’s mansion is), to the family feel of Garden Hills. The best shopping in Atlanta is in Buckhead at Lenox Square and Phipps Plaza!

Brookhaven

This area is a northeastern suburb of Atlanta that just recently, in 2012, became a city. Even though it’s a newly minted ‘city,’ it’s full of history as well as historic homes, cottages, and bungalows. With a population around 50,000, it is now the largest city in DeKalb County. The area is known as an affluent area with spacious homes and high-quality public and private schools.

My Insider Info: Brookhaven is a booming suburb, north and east of Buckhead. It has a mix of fantastic traditional homes and new construction options. The area is great for professionals and families. Residents love that it’s close to Sandy Springs, Dunwoody, Buckhead, and lot of shopping options.

Midtown

This area of Atlanta is sandwiched between Buckhead to the north and Downtown Atlanta to the south. It’s all that you’d expect of an urban lifestyle – cultural attractions, great dining and entertainment as well as high-rise residences. It’s also home to Georgia Tech University and Georgia State University. Midtown is also known for being easily walkable and bike-friendly; and many of the young hipsters that live here enjoy Piedmont Park.

My Insider Info: Midtown is Atlanta city living at its best. It has tremendous walkability, Piedmont Park, and Ansley park. This area is perfect for those who want intown living, an intown commute, and the joys of living in the city.

Old Fourth Ward

Called O4W for short, this is one of the oldest and most historic areas of Atlanta. Martin Luther King Jr. grew up here and delivered many sermons at Ebenezer Baptist Church located here. You can still visit his boyhood home, now known as the MLK Jr Historic Site. Most recently, this area, on the eastside of Atlanta has experienced a renaissance as its abandoned warehouses are being converted to lofts and mixed-use commercial spaces for small businesses. With attractions like Beltline Trail, Ponce City Market, and lots of new homes, this area is one of the top 10 best places to live in America.

My Insider Info: This area has seen so much change and is now teeming with new construction. It’s close to midtown with the feel and livability similar to midtown but without midtown prices. It’s got great walkability, the Ponce City market, and lots of very cool attractions. It offers newer and additional opportunities compared to midtown. It’s still developing so it’s a great option for home buyers wanting to be in up and coming, fun, new area. It also has great proximity to Interstate.

I could go on and on about all the wonderful neighborhoods in our fine city. Hopefully this provides you with some ideas of areas that fit into your lifestyle and season of life. I’m happy to further explore with you personally which areas and communities within them might be the best fit for you and your family. Reach out today. I’m here to help!

~Jess