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Relocating to Atlanta? Top Buyer Relocation Tips

Between now and the end of the year, lots of companies will be relocating folks to Atlanta. If you happen to be one of the lucky ones moving to our fine city and you are wishing you had the inside scoop on buying and living here, I’m here to help with a few insider tips for buyers relocating to the area. As a 3rd generation Atlantan and Realtor®, I’ve learned a few things along that way that can help you become a savvy Atlantan in no time.

Tip #1: Talk to people that know the city

The best way to figure out the area of the city that will suit you and your family the best is to talk to as many people as you can that either live here or have lived here. Reach out to your network on Facebook or LinkedIn and ask for recommendations and advice. As in many cities, being near the right schools is hugely important, so if you have school-aged kids you’ll want to talk to folks about our school system too.

Tip #2: Know what you want from a neighborhood

There are lots of great neighborhoods in Atlanta, which is nice but can also be overwhelming. You’ll need to consider what kind of lifestyle will work best for you and your family. For example, you’ll hear folks here talk about Inside the Perimeter (ITP) and Outside the Perimeter (OTP). Interstate 285 circles our city and the communities inside the circle are much more urban, city living, higher density, walkable; while OTP communities are more suburban, spread out, and can be less expensive.

Tip #3: Understand the Atlanta real estate situation

Once you have an idea of what you want from your neighborhood it’s time to discuss the realities of being a buyer in Atlanta. We have a very robust and competitive real estate market now; and as a buyer you’ll need to be patient, open to new ideas, and possibly face a multiple-offer situation. If you have a good real estate agent, they will be able to find homes that are off market and have access to information on quiet listings. I’ve been able to find homes for my clients in neighborhoods that had no homes for sale by speaking to current residents and persuading them to sell and to create opportunities that weren’t there before.

Tip #4: Consider traffic

Traffic in Atlanta, like many metro areas, is a major consideration when planning where to live, work, and go to school. If not planned out well, you could find yourself spending huge chunks of your days in the car, sitting in traffic. So, talk to locals – like me! – and plan out your commutes before you buy a home.

Tip #5: This is a good time to buy

This time of year, between now and the end of the year, is a great time to be shopping for a home. My friends in the mortgage business tell me rates are looking good still and as for the real estate market, the frenzy of the peak home buying season has tapered off some. What that means for you is that there are less buyers in the market and those that are shopping are generally more serious about buying.

I hope these tips help put you at ease about relocating to Atlanta and help you feel a little more savvy about shopping for a home here. If you have any questions or need some suggestions on neighborhoods you should consider relocating to, give me a call! I’d love to help!

~Jess

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Top Ten End-of-Summer Bucket List Activities

Did this summer go fast or what?! Now, don’t get me wrong, I love it when the weather isn’t as hot and humid, but right around this time each year I’m thinking of all the great summer activities I wish I would’ve done with the family. Well, if you can relate, read on because it’s not too late! Yes, the clock is ticking and we have about one month left of summer. So, check out the bucket list I’ve put together below of my Top 10 End-of-Summer Bucket List Activities. Then grab the family, get outdoors, and soak it all in!

  1. Host a pool party. If you’re like me and love getting people together, what better way than a pool party to be together and enjoy the last days of summer!
  2. Go to a Festival. Check out net to find one.
  3. Take a hot air balloon ride. For an outing that will no doubt create great memories, take flight in a hot air balloon to see the sights in a whole new way.
  4. Go on a hike. Summer is a great time to spend some time in the great outdoors. Find a new trail and escape into nature! I found this listing of hikes right in and around Atlanta.
  5. Set up a stand and sell lemonade. Feed your kids’ inner entrepreneur and sweet tooth with a lemonade stand.
  6. Make popsicles. Yes, you could buy them, but dream up some fun flavors and make them with your kids. And for the adults, try summer sangria popsicles.
  7. Eat outside. Few things say summer more than eating outdoors. Fire up the grill and cook and enjoy as many meals outdoors as possible!
  8. Make homemade ice cream. No doubt one of the best ways to cool down is eating ice cream. Make some summer fun as you dream up a small batch of your family’s own artisanal ice cream. Here’s a simple recipe you can use whether you have an ice cream maker or not!
  9. Attend an outdoor concert. Another great way to enjoy the outdoors is spending a warm evening kicking-back on a beach chair or blanket and enjoying some live music. Check net for dates and times.
  10. Go to a drive-in movie or outdoor movie. There are lots of outdoor movies showing in different venues all over Atlanta. Here’s a listing of some of them.

Well, I hope you can steal a few of my bucket list items and add them to yours. Enjoy these remaining days of summer! I’d love to see your pictures or hear your stories of how you like to spend the last days of summer, so leave a comment here or on my Facebook page! Remember, if buying or selling a home is on your bucket list this summer or in the coming fall, give me a call and I’d love to help you make it happen.

~Jess

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Real Estate Market Update: Tale of Two Cities

Often people will ask me about the luxury real estate market here in Atlanta and why it’s so different than the rest of the market. We all see the headlines on the news that the housing market is tight and inventory is low and homes are under contract as soon as they hit the market. Yes, that all may be true for the market priced $750,000 and below. However, for those above $750,000 it’s a different market. It’s like a tale of two cities. And let that be the backdrop as we take a look at some encouraging news on the luxury market from the most recent Beacham Insider, a monthly newsletter published by the brokerage I work with, Beacham & Company Realtors®.

Although sales of Atlanta residential real estate (priced under $750,000) weakened in the first half of 2017, average home sales prices continued to push higher – both signs of a local housing market with very limited supply. However, in the luxury market (priced over $750,000), tight inventory is not an issue we’re seeing, in fact, the Beacham Insider revealed that:

>>Sales of homes priced $1 million or more increased 7.5% through May led by noteworthy jumps in Buckhead condo sales and Atlanta Intown (Morningside/Virginia Highlands) single family detached homes.

>>Luxury market sales increased 3.9% year-over-year. The $1 million and up market represented 1.85% of all sales in 2017 versus 1.78% in 2016.

>>The number of ultra-luxury home sales ($3 million+) was 13 versus 10 through the first five months of 2016.

>>As for inventory in the $750,000+ market, it stands at about 15 months, which is relatively normal.

Some notes on pricing:

As I read this data from the Beacham Insider, it confirms how important pricing is in the luxury market to making a sale or purchase happen that’s consistent with your goals. Here are some important points:

>>Luxury home sales up 7.5% but average sales price down for fourth consecutive year.

>>The disparity in inventory – with the under $750,000 market – shows in average sales prices;

>>The average price of homes sold for more than $1 million was $1,495,056, a decline of 1% from 2016 ($1,510,817).

>>The average sales price of ultra-luxury homes ($3 million+) dropped 12.3% from $4,827,500 to $4,235,684.

Encouraging words for future buyers and sellers in the luxury market:

>>Today, third time move-up or higher buyers make up 40% of the market and first-time move-up buyers represent 25% of all home buyers. Just 1 in 5 homes are currently purchased by first-time homebuyers.

>>The Atlanta economy will add 90,000 jobs in 2017 but the key is what percentage are high-paying jobs. Last year, 35% of jobs added in Atlanta were considered high-paying. High-paying jobs fuel the real estate market, according to Rajeev Dhawan, speaker at the MarketNsight presentation and Director of the Economic Forecasting Center at the J. Mack Robinson College of Business at Georgia State University.

So, there’s the latest on the luxury housing market for the first half of 2017. It’s really looking great! So, if you are considering a sale or purchase, your timing couldn’t be much better. Get in touch and I’d be happy to discuss your scenario.

~Jess

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Back-to-school season offers improved opportunities for home sellers & buyers

As we enter the back-to-school season here in Atlanta, some of the frenzy of the peak home buying and selling season will begin to wane. For the most part, all those families that wanted to move their households before the start of school are nestled into their new homes. But as the housing market activity moderates a bit, it’s likely to offer both sellers and buyers some added opportunities and advantages.

For buyers

You will face less competition for available homes and may even have more negotiating room. Here are some additional reasons why back-to-school is a great time to be a house hunter:

>>Homes that have languished on the market may have increasingly motivated sellers.

>>Prices tend to come down a bit in the Fall for homes that have been on the market for a while.

>>With fewer buyers in the market, inventory should re-balance somewhat.

>>Competition for purchases should not be as fierce as we’ve seen over the spring and summer.

For Sellers

Fall is also a great time for sellers to list their homes!  Inventory, thus competition tends to be lower and the buyers that are in the fall marketplace are generally more serious. Here are some additional reasons why selling in the Fall is optimal:

>>Companies that are helping employees relocate usually want the purchase done before the end of the year, thus we often see quick closings on these types of sales.

>>It’s a great time of year to photograph and video your home before all the lovely, colorful foliage goes into hibernation.

>>Shoot for a closing in December, which is historically the best month for closings in the off-season (September to May).

>>It’s reported that appraisals tend to be more favorable in the Fall and easier to find as compared to the busy summer market.

Also keep in mind the latest data from the Atlanta Board of Realtors revealed home sales in June moderated somewhat, yet the number of sales in the five-county metro area are higher than any other year in Atlanta’s history. Home shoppers continue to demand greater inventory, even as sales prices have risen. All-in-all, it’s a great time to be a home buyer and seller in Atlanta! I’d love help you take advantage of the unique opportunities the Fall brings, so give me a call. I look forward to speaking with you!

~Jess

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You’ve Never Seen 1930’s Renovation Like This

Recently I had the pleasure of listing an amazing and rare home on Peachtree Battle built in 1930 and completely renovated in a fusion of classic and contemporary style that amazed me when I had the chance to tour the home for the first time. This home has the perfect blend of historical charm and elegance mixed with modern day conveniences, luxuries, an open floor plan, as well as a unique contemporary style.

Want to check it out yourself?

View: Video & View: Photos

Now, come along with me as I share my favorite features of this spectacular, classic Atlanta home:

Location, Location, Location!

The location of this home is perfect for a young, busy family. It’s within easy walking or biking distance of Peachtree Battle shopping center as well as E. Rivers Elementary School. It’s also convenient to Buckhead, Midtown, and the interstates for those that commute. It’s also part of Haynes Manor neighborhood, an area known for its unique architecture and home styles. Part of the desirable Buckhead neighborhood, it’s also convenient to many beloved Atlanta attractions.

Spectacular backyard

This home is on a corner lot with a generous, well-landscaped backyard, under a canopy of mature trees with lush green grass. The outdoor living room is made for outdoor gathering under the covered patio with plenty of room for lounging and lots of overstuffed patio furniture. There’s also an outdoor fireplace! The home does not have an outdoor pool but there is plenty of room for the next resident to install one.

Unique mix of classic charm and contemporary design

What I love about the design of this renovation is that it maintained the beauty inherent in a 1930s home – like its archways and molding – but upscaled it to a 2017 design. The home includes all of today’s desired conveniences like en-suite bathrooms in each bedroom, dual sinks in the master bathroom, an open floor plan on the main floor, a generously-sized kitchen for gathering and entertaining, and top of the line appliances throughout. The styling throughout is distinctive and unlike any you’ll see anywhere yet it blends beautifully with a 1930s home.

Whether you’re in the market for a home like this one or just looking for some great design or renovation inspiration, this place has got it all! Also, I’m happy to help you list your home or find more luxury home like this one in Atlanta. Give me ring!

~Jess

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What you need to know when pricing your luxury home

One of the most important decisions, as well as one of the most difficult when selling your luxury home is deciding how to price it. If we price it too low, you may lose out on profit potential; but if we price it too high it will languish on the market, decreasing the likelihood of fetching a good price the longer it sits. Of course, pricing is something we work on together. Choosing the right price can be difficult when selling any home but pricing a luxury home comes with a whole additional layer of complexity. Here’s how I like to approach the pricing of a luxury property:

Find the right comparables

Pricing in the luxury market can be challenging because there are often few (apples-to-apples) comparable sales for a variety of reasons. Factors that I look at when researching comparables include but are not limited to:

Customization
Location
Time of year
Other homes on the market

Look honestly at your home

In looking at comparable sales and properties, I also consider the strengths and weaknesses of your specific home compared to others that have recently sold as well as those currently on the market. We will also consider any upgrades or updates that may need to be made to bring your home in line with buyer expectations and other homes in the target price range.

Your goals

We also want to consider your goals for the sale. Do you need to sell the home quickly; or do you have time to wait for the right buyer at the right price? In the luxury market, the pool of buyers gets smaller the higher the price tag goes. Additionally, the stats – and my own experience – show that the first 2-3 weeks is the most important period.

Testing the price

I like to consider the first 2 to 3 weeks a great test of the pricing. Some of the questions I like to discuss with sellers are: Are we getting the interest we thought we would? Have other homes in the area or price range sold or come onto the market? Can we do better when it comes to pricing? How does this sale at this price compare to recent sales? If the answers suggest we need to make a change with pricing, now is the time to do it. Let’s pull the trigger and get the word out!

Remember, pricing correctly will make it much more likely that we get some good interest and even an offer in those first few weeks on the market. This will give you as the seller more leverage than if the home sits on the market for an extended period. One of the worst fates for your wonderful luxury home is to sit on the market long enough that real estate brokers and buyers begin to suspect something is wrong with the house. So, let’s get the price done right from the start!

If you would like help listing and selling your luxury home in Atlanta, please let me know. Put my experience as a Realtor®, Real Estate Attorney, and 3rd generation Atlantan to work for you. I pride myself in providing you with uncomplicated results for your luxury real estate sale and purchase.

~Jess

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Sweet Spot: Atlanta housing market

Just like a sweet Georgia peach at its peak ripeness in the summertime, our current real estate market here in Atlanta is looking pretty sweet; whether you’re considering buying or selling. Now is an optimal time to make a move, especially if you want to close, move and have your family ready for the start of school in the fall. There are so many exciting developments happening here in Atlanta in job growth, our economy, and the revitalization of many of our neighborhoods. It’s no secret that the Atlanta market is heating up, so if you are planning to buy or sell a home this year, let’s get to work. Consider this your notice that the stars have aligned for you! Here’s why:

  1. The best listings are coming on the market now

    In my experience, most of the homes that are going to be put on the market are in the process of being listed now. So, if you are considering buying, it’s a great time to start your search. If you’re considering selling, you need to get your home on the market as soon as possible. Most buyers prefer to close in the summer – or at least before school starts in the fall so they can get their family settled. Don’t delay, it’s time now to call me to get to work for you!

  2. Mortgage rates are great!

    Rates right now have been hovering near their lowest point for the year – of course they can change at any moment. And, many of the mortgage experts are predicting rates will drift higher, especially as the Fed Policy continues to change throughout the year and they continue to raise their key interest rate.

  3. Home appreciation is favorable

    Home prices in Atlanta are rewarding homeowners as annual appreciation stands at an average of 5.5 percent for the last 12 months, as of the end of March, according to the latest S&P CoreLogic Case-Shiller Home Price Index. Also, we’ve struggled with available inventory in our area and it looks like inventory numbers are coming up a little too.

Life is busy, believe me, I understand. You’re trying to juggle life, family, career and consider a move. I’m here to guide you through the real estate process and make it as stress-free as possible. Give me a call and we can discuss your options and how I can take that burden from you and get to work on your behalf. I look forward to hearing from you and serving you soon!

Cheers,

Jess Cooke Scarborough

P.S. As a new service to help you become a savvier buyer and/or seller of luxury real estate here in Atlanta, I’ve launched my weekly blog. I hope you find this article helpful! If you have any questions, comments or ideas of subjects you’d like to see me cover here, just drop me a line. I look forward to hearing from you!