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What to know when buying a home October to December

Yes, we know the spring/summer seasons are the most popular time of year for home buyers. And this year, here in Atlanta, it was a crazy, busy, competitive season. Of course, if you were a buyer in this market, you well know what I’m talking about.

If all the craziness had you sitting on the sidelines, or losing out on a few homes, now may just be the perfect time for you to step back into the market. According to data released by Trulia, October through December is the best time of year for buyers as home inventory goes up and prices improve.

Also, in general, there are fewer buyers in the market and sellers are often eager to get their home sold and closed before the end of the year.

The combination of all of these factors make this time of year a great season to be shopping for a home and negotiating a competitive price. Speaking of negotiation – if you know me, you know I love negotiating a great deal 😉 – here are a few of the points of the deal that I like to use as leverage to get you a great deal on your home purchase during the fourth quarter.

Tax benefits

By closing before the end of the year, you will get all the tax benefits to closing in 2018.

Need to close before the end of the year

Often corporate relocations happen in the fourth quarter, so if the seller needs to have their home sold and closed on before the end of the year we can offer a nice, neat closing process to meet their end of year deadline.

Where do we want to spend the holidays?

If the sellers want to spend one last Christmas in their home or be moved out in time to spend it in their new home, this can be a great negotiation piece to make their holiday desires happen.

So, how about it? Are you ready to take advantage of the pendulum swinging closer to the buyer’s favor this season? If so, I’m happy to help you find your perfect place here in Atlanta, all wrapped up in a holiday bow.

~Jess

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Spring 2018 – Beacham Insider

Beacham sellers time the market to their benefit as the firm experiences a blistering start to 2018 with a 53.5% increase in homes sold and a 33.6 % increase in dollar volume closed from 2017.

Get all the details in the latest issue:

Spring 2018 Beacham Insider

 

Enjoy!

~Jess

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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

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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