Atlanta Real Estate Archives -

Don’t Be Afraid of Today’s Housing Market

October 21, 2022 by Thom Abbott

Don’t be afraid of Today’s housing market! Just think, there is a good potential that interest rates may go even higher than they currently are! So buying now, you could lock in a lower rate than might be around in say, 3 or 4 months. And with the equity that you have in buying a home (let’s make sure you don’t overpay…and that market has cooled enough to help us with THAT goal) you can look to refinance your mortgage when interest rates come down in the future.

Of course, every person’s situation is different. We might even tell you that it does not make sense for you to buy a home right now. But, let’s sit down and talk and see what your options may be!!

If you would like to know more about the home buying process ….perhaps you are new to Georgia and the real estate buying process DOES differ from state to state …. check out our Atlanta Real Estate Buyers Guide. And if you still have questions….well that’s what we are here for!

Atlanta Real Estate to outperform rest of United States

February 26, 2015 by Thom Abbott

Atlanta Real Estate to outperform rest of the United States

The Atlanta real estate market is brisk and most metrics indicate positive growth. The seller’s market continues and Atlanta will likely out-perform the rest of the country in both value growth and unit volume.

The intown market has experienced the greatest appreciation, with many communities seeing more than a 20 percent increase in value since early 2013. Empty-nesters and millennials alike continue to migrate to the intown market to take advantage of the lifestyle benefits that urban density offers … including restaurants, shopping, public transportation, entertainment … and of course the Beltline. The Beltline phenomenon may be the single biggest driver for intown growth outside of the rebound of key intown employment sectors. Professionals are seeking communities that offer a walkable live-work lifestyle and are abandoning expensive commutes. The announcement that NCR will move 3,500 employees into the city only reinforces this trend.

With prices having accelerated to 2007 levels in many intown and Buckhead sub-markets, I think we can expect only moderate value increases in 2015. Inventory has stabilized into the four-month range (six is considered normal) as seller pent-up demand levels off. Clearly, there appears to be a normalizing in the market. Sellers can sell at prices that motivate them and buyers, anxious to lock in — in advance of rising prices — and at low rates, continue to step up.

The suburban market was subject to some of the market’s worst foreclosure rates and value declines in the recession. The evaporation of foreclosure notices has helped property values rebound. Suburban values are edging close to 2004 levels, according to Case-Shiller. Also, the tide of foreign purchasers continues to be a positive factor for suburban — and to a lesser extent — intown sellers. Anecdotal reports suggest that as many as 20 percent of all suburban purchases are driven by international buyers. This is true at all price points. The Atlanta market continues to be a magnet for inbound international migration as well as foreign investment.

Exurban markets continue to lag, but are showing unit and price growth as well. Only the second home market remains for value hunters. Prices in the North Georgia and North Carolina mountains — as well as the Georgia coast — have not yet approached a full rebound, though anecdotal reports from our brokers are that signs of vibrancy are returning. That said, absorption is still slow in those markets.

New home construction is at a seven-year high. Intown infill building has led the way with players scouting the market for tear-downs. With builder margins in the 20 percent range and so much buyer pent-up demand for new construction product, it’s clear that home-building will be a leader in the 2015 market. Of course, leading corporate homebuilders are selling new homes as fast as they can build them in the suburbs.

The vibrancy of the intown and Buckhead condo markets continues to surprise. Inventory is at a record low (one to two months) and prices are rising at the rate of 1 percent per month and have been doing so for 24 months. Buckhead uber-luxury projects such as Sovereign and The Ritz-Carlton Residences, which had been sluggish, are now long sold out. The Mandarin Oriental – with unit prices in the $2 million range – only has some 18 homes remaining. The Midtown market’s key recession-plagued projects — 1010, Luxe, Viewpoint, and lower Buckhead’s The Brookwood — are also long recovered with recession buyers in those projects being rewarded richly in this seller’s market. With few or no new condo projects over 100 units on the horizon, lack of inventory will continue to drive price gains. In Midtown, only The Atlantic (some 250 units remain) and The Lowes project (60 units, give or take) are scheduled to release new inventory in 2015. Alta, a Wood Partners proposed 250-unit project on Piedmont Park, has yet to confirm whether its units will be built for sale or lease.

Interest rates continue to remain at historical record lows and lending requirements appear to be softening. Good or bad, Fannie Mae and Freddie Mac have just unveiled new mortgage programs that will allow qualified homebuyers to put down as little as three percent and President Obama has announced reductions in private mortgage insurance (PMI) rates. This should aid first-time buyers, buttressing the foundation of the marketplace, and allow trade-up buyers to migrate through the cycle.

In short, 2015 looks to be a fine year to be in the residential real estate business whether you’re a broker, a builder, a lender, a closing agent … or a buyer or seller.

Kevin L. Palmer is the CEO and founder of PalmerHouse Properties, a residential and commercial real estate agency. Prior to founding PalmerHouse Properties in 2006, Palmer spent 25 years in the financial services industry within Atlanta

Thomas Ramon Realty is affiliated with Palmer House Properties. MyMidtownMojo.com is owned by Thom Abbott.

Chipper Jones Places Roswell Home For Sale

December 28, 2012 by Thom Abbott

It seems that Chipper Jones has finished up with the Atlanta Braves and his little 23,000 sq. ft. bungalow in North Fulton.

According to the AJC, he’s already purchased another home in the Atlanta area. With such details as 7 bedrooms (lot’s of room for the visiting family?) and a 6- car garage (ok, now I’m in love with it) it’s priced about 25 percent less than the former Atlanta Braves third basemen paid for the home. It’s listed at $3.2 million.

Interested? I’d be happy to schedule a showing for you. I suspect you will need to prove your financial ability to purchase the home first.

We're sorry, but we couldn't find MLS # 5092957 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Buy or rent: 10 biggest cities Including Atlanta

September 12, 2012 by Thom Abbott

See on Scoop.it – Other Atlanta News Events

Atlanta According to Zillow….and I’d take it with a grain of salt….keep in mind this is a METRO Atlanta average, and is going to be different for different parts of the city…one thing the article DOES point out!

Median home price: $176,200
Median rent : $1,950
Breakeven time: 5.9 years
Foreclosures have plagued the Atlanta area recently. The metro area saw increases in foreclosure activity during each of the first half of this year.

Part of the increase is due to the national mortgage settlement which set new rules that banks should use to pursue foreclosures. The settlement, which was reached as a result of the robo-signing scandal, has opened the way for banks to clear their backlogs of foreclosures more quickly.

Now the market is flooded with short sales and bank-owned properties, depressing prices — and creating bargains. The median home price in Atlanta has fallen to well below $180,000, which, combined with low mortgage rates, has made buying a great deal in most area communities.

But, as in most cities, it all depends on where you buy. In a depressed town like Jonesboro, where incomes is about 50% lower than the state average, you could breakeven in just over a year. But if you opt to purchase in the pricier Druid Hills area, it could take closer to seven and a half years.

See on money.cnn.com

Intown Atlanta Real Estate Buyers Guide | Desire vs. Require

May 30, 2012 by Thom Abbott

We all have our dream home. Maybe it has a resort-like pool in the back yard, or it’s the penthouse on the 36th floor, or it has mountain views. Whatever it may be, it may not always be. In this edition of the Intown Atlanta Real Estate Buyers Guide, it’s Desire vs. Require.

When you start shopping for your new, or next home, you have to prioritize as to what you desire (want) and what you require (need). By establishing what you absolutely need in your new home (4 bedrooms, 3 baths, private balcony, fitness center, etc) it will help both you and I narrow down what homes to look at. Let’s look at both.

Require (NEED)

Location — Close to work, shopping, schools, or transit
Bedrooms/Bathrooms — Maybe you need them for family, guests or a home office/studio
Style — Condo vs. townhome vs. single family home. This goes back to location as well. Some locations won’t offer a high-rise condo, or the single family home options may be to expensive. (Think a condo on Peachtree Street vs. a single family home in Historic Midtown).

When purchasing your new/next home, think long term as well. If you are planning to stay in the home for several years, will the home “grow” with your needs. In otherwords, it will still be big enough in the future without having to make major renovations or add on. On the opposite side, if you think it may be a shorter stay, then location and price will be big factors in your ability to sell in a couple years.

Desire (WANT)

This is the wish list. If you can have it all, your home would include the Needs from above and this list of wants. They are a personal as you are. From a three-car garage, to a spa master bath, private yard, the list can go on…and on…and on! But these are the things that you can live with out if your requirements have been met.

Keep in mind, these lists are going to vary, and some things will become interchangeable between them. You might have had Intown Atlanta Real Estate (living Inside the Perimeter – ITP) as a requirement. But as you search for the perfect home, one might show up in a different location. As your real estate agent, it’s my job to show you the options that fit your Desire and Require. I often say that your list of homes is like a funnel. There are numerous choices as we start, but then we narrow them down for various reasons and out of the funnel comes the 5-10 (or whatever the number may be) homes for us to look at. And it could be 5 Midtown Atlanta condos, 5 Buckhead Condos and then maybe 5 homes in a certain neighborhood.

Listening For Your Needs and Wants

All of this is what makes working with a Home Buyer such a fun job for me! I like going through the various homes and condos, and as we do, I listen, and take notes. I see and hear what you like and don’t like, and along with the above Desire vs. Require, I start to “build” your home in my mind. Then as I do additional searches, I’ve got a good idea of what you are looking for.

When I work with a Home Buyer looking at Intown Atlanta Real Estate, I usually always try to preview all the homes I’m going to show you before you ever see them. If we have already been out shopping, some of my previews will quickly remove a home that I thought might have been a potential for you. But, we always review all of them, because there might be that one thing a home has (require) that will trump the desire.

But as we work together, I get to know you and understand what you are looking for, and together, we’ll find that perfect home.

Next time, we talk about the process of looking at homes, or “Let’s Go Shopping!”

Looking for a particular article in our Intown Atlanta Real Estate Buyer’s Guide? Here’s the entire series!

Finding the Right Agent

Your Lender, Your Loan, Don’t Lie

Desire vs. Require

Let’s Go Shopping — Looking For Your New Home

Making The Offer (The Contract)

Contingencies In The Contract

Inspections, Oh My!

Walk and Close, Oh Happy Day!

Regal Buckhead Estate “Rossdhu” For Sale

November 28, 2011 by Thom Abbott

Have you been looking for that stately hideaway? Convenient to the city lights, yet secluded and private? Perhaps this Tudor-styled estate, built in 1918 is what you have been looking for. (Keep in mind, in 1918, this would have been MILES outside of Atlanta!)

Available at $10,900,000.

We're sorry, but we couldn't find MLS # 4296764 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

For More Information on how we can best serve your InTown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in InTown Atlanta Real Estate single family homes and condomiums. If you are planning to Buy InTown Atlanta real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

Please use the following links to Search for Homes by Intown Atlanta Neighborhoods or Zip codes!

Brookhaven/Ashford Park 30319	Buckhead 30305
Buckhead 30327	Buckhead 30342
Chamblee 30341	Decatur 30307
Doraville 30340	Downtown Atlanta 30303
Druid Hills 30329	Dunwoody 30338
East Atlanta/Ormewood Park 30316	East Lake/Kirkwood 30317
Grant Park 30312	Midtown Atlanta 30308
Midtown Atlanta 30309	Midtown West/Collier Hills 30318
Morningside 30306	Morningside 30324

Are you looking for a specific Intown Atlanta neighborhood to focus on? Contact Thomas Ramon Realty and we can set up a search for any specific neighborhood you are looking for!