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New Year, New Opportunities: Atlanta Luxury Real Estate Edition

Happy New Year to you! This is going to be a GREAT year! The beginning of a new year is such a fantastic time to grab hold of your plans, dreams, and goals and put them into action, right?! It’s also a time to think about your plans for your home. Are you considering relocating, upgrading, downsizing or buying an investment property? If so, I’ve got some valuable inside information to help you have greater success in your home transactions this year.

As for the Atlanta real estate market, we are expecting much strength in home listings and purchases this year as the Atlanta job market and overall economy are both very healthy and strong. According to the National Association of Realtors® (NAR) real estate sales in the Southern states will outpace that of the rest of the nation. Housing inventory is expected to rise for the first time since September 2015, opening up more opportunities for buyers and leading to an increase in home sales over and above 2017’s record breaking year.

As for the luxury market, where I specialize, we see the market looking good as well. Yes, I know the media talks lots about how the new Tax Reform will affect housing and according to our brokerage and NAR alike, the net-net affect of tax reform will be minimal on our strong, healthy housing market. One of our top selling Atlanta Realtors® is quoted as saying “no client has ever based their decision to buy or sell a home on changes in the tax code.” I agree. (If you’d like to read a deeper dive on Tax Reform, visit Beacham’s great article.) So, let’s consider your goals for this year regarding real estate.

Sellers

If you are planning on listing a home for sale this year, let me be the first to advise you that now is the perfect time to get rolling on your plans. Not only does it take time to get your home ready for sale; but also, these 12 weeks before the peak home selling season begins in the spring are the prime time to capture buyer interest as many buyers begin their search online in January. We see significant spikes in web traffic on searches for homes during the month of January.

As a seller you can grab a competitive advantage, which is especially important in the luxury end of the market as the volume of buyers are fewer. So, what can you do right now to begin your preparations?

  1. Begin to Stage and De-clutter – Please give me a call and I’m happy to visit your home, discuss your options and help you begin to think about staging and decluttering your home to make it look its best.
  2. List any needed repairs, maintenance, or improvements – Many of today’s luxury buyers want updates and upgrades done before they move in. But which ones? We can create a plan together to address home improvement items so we can earn top dollar on your sale. I have lots of trusted resources I can recommend to help us each step of the way.
  3. Your Timeline and Next Steps? Once you decide to list your home, you need to think about your timeline, when you’d like to close, what commitments you currently have (i.e., vacations, obligations) that you will need to work around. Also, think through all the scenarios and timing regarding your next move. Will you buy right away or move into a rental? Where will your belongings be stored? We can walk through these details together as we put together a plan for you.

 

Buyers

For those looking to buy, now is a great time to begin your search. In many price-points, inventory has been a challenge for Atlanta home buyers. If you’ve been one of them, consider this time of year your VIP Preview to the peak home buying season. Now is the time you can get in and see homes with fewer buyers in the market. So, what can you do now to prepare to purchase?

  1. Set your budget – Whether you are paying cash or using mortgage financing, now is the time to get your finances in order, see how much you have for a down payment, and call your mortgage advisor to get pre-qualified.
  2. Make your wish list – What are you looking for in a home? What are your non-negotiables? What are your nice-to-haves? What are the neighborhoods and school districts that you’d like to be in? Discuss these with your spouse, partner, or family members and come up with a realistic list.
  3. Determine your timeline – Start thinking about your timeline. Do you have any restrictions or requirements on when you can and/or want to move based on work, school, or planned trips? For example, many families prefer moving in the summer, so kids can start the new school year in their new school. We’ll do our best to find a home and a seller that can work within your timeline.

Whether you plan to list your home or buy this year, now is your prime time to get started! All this month, I will be providing valuable tools for sellers and buyers to jump start your housing plans for this year. Reach out as I’m happy to guide you toward your goals in 2018.

All the best to you this year!

~Jess

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Exclusive Atlanta Designer Secrets for Holiday Decorating Inspiration

Decorating for the holidays is something I, as an amateur interior decorator, L.O.V.E. but I’m always looking to do something a little different, to change it up and give a new look to my tried and true decorations. Can you relate? I thought who better to ask for advice on freshening up my holiday décor than my friend Katie Walton of Flair Interiors. Katie’s specialty is high end residential design and new construction. Her goal is to “make your home your ultimate place of refuge and relaxation; the place you long to be when you are away, and relish in the comfort of when you return.” I just love that!

So, in thinking about the holidays, here are her recommendations:

 

Add a pop of color, sparkle, or lighting to what you already have

Katie says that for her clients, she doesn’t buy all new décor each year, but instead adds to what they already have. She likes to come up with a unique, surprising addition to make current pieces pop. For example, for one client she took the faux wreaths that they provided the first year and added designer ribbons and lighting. The next year they upgraded the lighting to LED lights on timers and decorative pieces of glitter covered branches for a festive pop of color.

Use fresh, handmade wreaths and garlands for special touch

Speaking of wreaths, the ultimate in luxury, says Katie, is using fresh, handmade wreaths and garland. Look for pieces made with unique greens – in addition to fir – like magnolia leaves, cyprus, and cedar. She loves using fresh greens to decorate and the look and wonderful scent make your home just that much more festive and luxurious.

Add more flameless candles

There’s nothing like the cozy, warm, romantic glow of candlelight and Katie recommends “the more the merrier!” If you already use candles as part of your holiday décor, add more! Of course, flamesless candles are recommended because you can use them just about anywhere and close to flammable items without safety concerns. Also, choose candles with self-timers, she says, so that your home lights up all on its own each evening.

The entrance is your first impression

Katie recommends that we remember the front entrance. It is the first impression of your home and the perfect place to set the tone for the holiday mood inside. She says to frame your doorway with garlands and lights, using wireless lights on timers for a low maintenance, fool-proof holiday light show each evening.

Such great advice! Thank you Katie! I can’t wait to get out and find some lovely new additions that I can incorporate in my holiday décor this year. If you would like to keep up with Katie and see her gorgeous work, please visit her website. She’s also on Instagram, Facebook, and Twitter.

And, please reach out if you are looking to list or buy a luxury home in #Atlanta. As your Realtor®, I would love the opportunity to put my experience as a 3rd generation Atlantan and practicing real estate attorney to work for you.

~Jess

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Halloween Fun!

Still looking for something new and different to do this Halloween? With the weekend coming and Halloween on a Tuesday, I feel like we have a fun excuse to make plans for the weekend AND for Halloween. Of course, with little ones, we’ll be Trick-or-Treating on Tuesday night, however, a fun date night may be in order for Saturday night! If you’re like me and looking to make some plans, here are some fun ideas I came up with. Maybe we’ll see y’all around town!

  1. Date Night – Adults-only and super scary – The Sleepy Hollow Experience

This spooky production takes place at night at the Serenbe Stables as attendees follow the action. There’s even a real headless horseman. Yikes! I’ve got goosebumps already! The production will be going on through November 5th but sells out so make plans as soon as possible. Get more info and tickets at www.serenbeplayhouse.com.

  1. Date Night – Fun with lots of laughs – The Rocky Horror Show

This live performance is frighteningly funny and great for lots of singing, laughs, and insane audience participation! If you’re not sure what I mean, watch the classic movie with your sweetie before you go. The production is going through November 5th and being held at the Out Front Theatre Company, www.outfronttheatre.com.

  1. Kid-friendly – Fun outside Atlanta – Scarecrow Trail and Pumpkin Fest, North Georgia Zoo

If you are up for a little adventure outside the city, check out the North Georgia Zoo for lots of kid-approved Halloween fun. Every weekend in October they’ve transformed the zoo into scarecrow themed fun with pumpkin patches, hayrides, and a petting zoo. Visit http://www.northgeorgiazoo.com/scarecrow-trail–pumpkin-fest.html for more information.

  1. Kid-friendly – Super cool trick-or-treating – Legoland

This is the final weekend that Legoland is hosting its unique take on Halloween with “Brick or Treat.” Stop by for a scavenger hunt, costume contest, and trick or treating…all Legoland style. You can get more information at https://atlanta.legolanddiscoverycenter.com/whats-inside/events/brick-or-treat/.

Happy Halloween y’all! Have a great weekend and Halloween night! Do you have any unique and fun ideas for Halloween? Leave a comment below and let us know how you will be spending it.

~Jess

P.S. My passion as a Realtor® is helping folks just like you have an uncomplicated real estate purchase or sale here in Atlanta. As a 3rd generation Atlantan and practicing real estate attorney, my expertise is at your disposal for expert advice and experience. Let me know how I can help you!

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Been thinking about an investment property?

If you have considered buying an investment property, now is an ideal time here in Atlanta! Now, I’m not a financial advisor, but I think a financial advisor would agree that buying real estate can be a great way to diversify your investments.

As for the rental market in Atlanta, it’s looking good! The rental website Zumper just came out with its most recent report on rental trends in Atlanta and get this, the median monthly rent for a one-bedroom here has gone up 3.7 percent this year to $1,330. Add to that the home price appreciation level sits at 5.28 percent, according to the latest S&P CoreLogic Case-Shiller Home Price Index. With the housing market so favorable and mortgage rates still at great levels, now is a great time to explore whether property investment is right for you. So, if you’re interested, what can you do to begin exploring your options?

1              Run the numbers – First, you’ll need to determine how much you can afford to buy. You may want to make a call to your mortgage loan officer to run some numbers with you based on how much money you have as a down payment and how much loan you could qualify for. Once you know approximately what your monthly costs would be, then you can figure out how much rent you’ll need to make to make have positive cash flow.

2              Start looking at some possible properties – What kind of property you buy is a big decision. There are definitely lots of options, depending on how involved in your property you want to be. Consider whether you’re most interested in an apartment, condo, townhouse or a single-family home? Do you want to own a relatively hands-off apartment? Or are you interested in buying a home and improving it? There are lots of options to consider that I can walk through with you.

3              Create the ideal scenario – Now that we know the financial model that we need to follow, as well as your budget for a property; and you have an idea of the type of landlord you’d like to be as well as the property you’re looking for we can focus in on the local properties on the market. Then we can take a look at potential properties and find just the right investment for you.

So, yes, buying an investment property in Atlanta can be a great way to build wealth for your future. I’m happy to guide you through all the scenarios and properties available as well as walk you through determining your financial model including cash flow and ROI. Let’s work together to help you make the best decision for your financial goals.

~Jess

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Checklist Before You List

So, you’ve heard that Fall is a great time to list your home for sale and you’ve decided to put your home on the market. What’s next? If you want to earn top-dollar on your sale, you’ll need to get your home in ‘top-dollar’ shape. I would be happy to help you determine what needs to be done and prioritize based on your specific home. However, to get you started, I’ve listed here the checklist that I go over to get a home ready to list:

  1. De-clutter – Box up and clear out any unnecessary items and furniture in your home. You’ll be packing it and moving it all anyway so this is a good chance to get a jump-start.
  2. Refinish hardwood floors – If your hardwood floors need some love, now is the time to schedule a refinish so that they’ll look shiny and new for potential buyers.
  3. Paint interior and exterior – If it’s been more than 10 years since your home’s exterior has been painted or it’s looking weathered, this is a great excuse to get it scheduled and done. For the interior, a fresh coat of paint goes a long way to impressing buyers; and if you can make the walls a basic, light color it will help buyers focus on the home as a whole and not be distracted by paint colors.
  4. Walk through the entire home and critique it like a buyer – Once you’ve decided to sell, you are in the business of making your home as appealing to buyers as possible. Take a walk around your home imagining that you’re viewing it as a buyer.
  5. Take down personal photos and personal items – Removing as many personal effects in your home as possible will enable would-be buyers to see themselves in the home rather than being distracted by your personal photos and mementos.
  6. Steam-clean carpets – If you have any carpeting, make sure it has been professionally cleaned and stains removed.
  7. Organize closets and drawers – Just as you de-cluttered the rest of the home, you need to de-clutter your closets and drawers that buyers will be viewing. The storage spaces will look more expansive and attractive with less stuff in them.
  8. Critique your curb appeal – Go out to the street and take a look at your home. Critique your curb appeal. Is your landscaping well maintained? Is your driveway and sidewalk clean? Is your entryway neat, freshly painted, and welcoming?
  9. Get a professional deep clean of your home – Make your home sparkle for potential buyers by calling in the professionals for a deep clean. It’s worth every dime!
  10. Consider professional staging – Speaking of professionals, having your home professionally staged is a great way to make it stand out with buyers. A good stager can make your home look like a showpiece! In fact, I’m interviewing a local interior designer to get her inside tips for DIY staging for an upcoming blog post, so keep an eye out for that one and make sure you subscribe to the blog so you get notified.

The purpose of this list is to help your home’s beauty shine through. Find ways to highlight your home’s best features, whether it’s your magnificent hardwood floors or the breathtaking view. Connect back to why this home is so special to you to help you prepare it for others to see.

And remember, each home is unique, so I’m happy to review your home with you to prioritize and decide what will make the largest impact for your sale.

~Jess

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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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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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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!