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Insider strategies for a successful luxury home sale

Yes, it is a seller’s market, but having a successful, uncomplicated sale is not effortless. It takes planning and work and the more consideration we put into the sale of your home, the more money you will make and the happier you and your buyers will be. So, I’m inviting you behind the curtain, backstage for some pointers on what you can do to insure the successful, uncomplicated sale of your Atlanta Luxury Home.

Know your buyer.

Today’s buyers, more than ever, prefer move-in ready homes. If you have been putting off basic updates, like carpets, paint, or floors, get those done before putting your home on the market. Your home will sell faster and for more money if it’s been updated with a neutral color palette.

Timing is everything.

Timing also has to do with knowing your buyer. Is your home ideally suited for a family? If so, you may want to time your listing so that buyers with kids can close and move during the spring/summer when school’s out. However, if you are selling an in-town penthouse in a high-rise building, you may want to time your sale near the end of the year when lots of corporate transfers happen. Discuss the best timing with your agent.

Marketing out of the box.

Even in a seller’s market, you’ve got to market your home like a pro. Make sure your agent presents you with a thorough marketing plan that includes professional photography and videography as well as staging. The marketing plan should also include strategies such as social media and an open house for agents. If you want to fetch top dollar for your home, it’s got to look like a top dollar home. Buyers can spot value and they will willingly pay if they feel they are getting their money’s worth.

Have a plan.

Murphy’s Law is alive and well in real estate so I like to discuss expectations with my clients and have lots of contingency plans and strategies. For example, we’ll choose a starting price for the home, but if market factors change and comparables and competing properties pop up, we need to have a plan for how we will adjust for success.

Assess the strength of the buyer.

And, finally, if you want an uncomplicated transaction, assess the strength of the buyer before entering into a sales contract with them. I like to look for factors such as a short due diligence period. Now in Georgia, eager buyers can even offer option money, which is basically a good will gesture to sellers. At the end of the day, we like to see a clean offer from a buyer in a strong financial position that’s not asking for lots of contingencies.

If you look forward to a streamlined, successful sale of your home, these pointers will help you get there. And, equally as important as the above tips is choosing the right team members to work with that you can trust. As a third generation Atlantan and practicing real estate attorney I would be happy to guide you through the sale of your home and together we can make it as successful and uncomplicated as possible. Please reach out if I can be of any help to you.

~Jess

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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

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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