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Atlanta Condos For Sale

What’s Causing Ongoing Home Price Appreciation?

August 4, 2022 by Thom Abbott

What’s Causing Ongoing Home Price Appreciation?

What’s Causing Ongoing Home Price Appreciation? | MyKCM

If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand.  

While Growing, Housing Supply Is Still Low

Even though inventory is increasing this year as the market moderates, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses data from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s.

What’s Causing Ongoing Home Price Appreciation? | MyKCM

The blue bars represent the years leading up to the housing crisis in 2008. As the graph shows, right before the crash, homebuilding increased significantly. That’s because buyer demand was so high due to loose lending standards that enabled more people to qualify for a home loan.

The resulting oversupply of homes for sale led to prices dropping during the crash and some builders leaving the industry or closing their businesses – and that led to a long period of underbuilding of new homes. And even as more new homes are constructed this year and in the years ahead, this isn’t something that can be resolved overnight. It’ll take time to build enough homes to meet the deficit of underbuilding that took place over the past 14 years.

Millennials Will Create Sustained Buyer Demand Moving Forward

The frenzy the market saw during the pandemic is because there was more demand than homes for sale. That drove home prices up as buyers competed with one another for available homes. And while buyer demand has moderated today in response to higher mortgage rates, data tells us demand will continue to be driven by the large generation of millennials aging into their peak homebuying years (see graph below):

What’s Causing Ongoing Home Price Appreciation? | MyKCM

Odeta Kushi, Deputy Chief Economist at First American, explains:

 “. . . millennials continue to transition to their prime home-buying age and will remain the driving force in potential homeownership demand in the years ahead.”

That combination of millennial demand and low housing supply continues to put upward pressure on home prices. As Bankrate says:

“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”

What This Means for Home Prices

If you’re worried home values will fall, rest assured that experts forecast ongoing home price appreciation thanks to the lingering imbalance of supply and demand. That means home prices won’t decline.

Atlanta Market Update

Some of this information comes at a more National level look, and we all know that real estate is local, and all about location, location, location! 

Key housing metrics, including the median sales price, swung to negative territory in Atlanta on a month-over-month basis in June, Georgia MLS reported, citing its 12-county Housing Market Snapshot. 

The median price for a home in Atlanta’s core market fell 2.1% to $403,169 from $412,000 in June. Year over year, the median price was up 15.5%. 

Atlanta-area home sales by dollar volume fell in July, dropping 18.9% month over month and 15% year over year to $2.84 billion.   

The number of houses sold in July was 5,918, down 16.9% from June and 27% from July 2021.   

New listings in July totaled 9,268, a 14.1% decrease from June and a 5.3% increase from last July, while active listings jumped 15.9% month over month and 57.1% year over year to 11,970.   

Georgia MLS’ 12-county report includes Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding and Rockdale counties. 

Bottom Line

Based on today’s factors driving supply and demand, experts project home price appreciation will continue. It’ll just happen at a more moderate pace as the housing market continues its shift back toward pre-pandemic levels.

Filed Under: Atlanta Real Estate For Sale Or Rent, Atlanta Relocation, Blog, Buyers, Market Reports, Real Estate Tips, Sellers Tagged With: Buyers, Intown Atlanta Real Estate, midtown atlanta condos for sale, midtown atlanta real estate, Seller Tips, Sellers

Want To Buy a Home? Now May Be the Time.

July 29, 2022 by Thom Abbott

Want To Buy a Home? Now May Be the Time.

Want To Buy a Home? Now May Be the Time. | MyKCM

There are more homes for sale today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:

“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”

Two Reasons There Are More Homes for Sale

The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.

Want To Buy a Home? Now May Be the Time. | MyKCM

The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The graph below outlines new monthly listings coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.

Want To Buy a Home? Now May Be the Time. | MyKCM

Bottom Line — Want to Buy a Home? Now May Be the Time!

The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.

If you are ready to start looking for your next home, you can complete our Buyer Questionnaire HERE, and we will be in contact with you shortly. And you can call us directly at 770-713-1505, or email us at Info (at) MyMidtownMojo.com 

Filed Under: Blog, Buyers, Market Reports, Real Estate Tips, Sellers Tagged With: Buyers, Intown Atlanta Real Estate, midtown atlanta real estate, Seller Tips, Sellers

Should I Rent Or Should I Buy?

July 21, 2022 by Thom Abbott

Should I Rent or Should I Buy?

Should I Rent or Should I Buy? [INFOGRAPHIC] | MyKCM

Some Highlights

  • It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
  • When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
  • If you want to learn more about the benefits of homeownership, let’s connect today. You can contact us via email at Info (at) MyMidtownMojo.com or fill out our Buyer Questionnaire! 

Filed Under: Blog, Buyers, Real Estate Tips Tagged With: Buyers, Intown Atlanta Real Estate Buyers Guide, midtown atlanta real estate, News, So You Know

The Drop in Mortgage Rates Brings Good News for HomeBuyers

July 19, 2022 by Thom Abbott

The Drop in Mortgage Rates Brings Good News for Homebuyers

The Drop in Mortgage Rates Brings Good News for Homebuyers | MyKCM

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent, and The Drop in Mortgage Rates Brings Good News for HomeBuyers!  The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.

Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):

The Drop in Mortgage Rates Brings Good News for Homebuyers | MyKCM

But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:

“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”

That’s because when rates go up (as they have for the majority of this year), they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power.

The chart below shows how a half-point, or even a quarter-point, change in mortgage rates can impact your monthly payment:

The Drop in Mortgage Rates Brings Good News for Homebuyers | MyKCM

Bottom Line

If your home doesn’t meet your needs, this may be the opportunity you’ve been waiting for. Let’s connect to see how you can benefit from the current drop in mortgage rates. Also, the best place for you to start with a mortgage is to speak with one of our TEAM LENDERS and see what you qualify for, and what your buying power is! 

Filed Under: Blog, Buyers, Real Estate Tips, Sellers Tagged With: Buyers, Intown Atlanta Real Estate, Intown Atlanta Real Estate Buyers Guide, midtown atlanta real estate, Seller Tips, Sellers

Clients Become Friends at Thomas Ramon Group and MyMidtownMojo!

June 20, 2022 by Thom Abbott

Clients Become Friends at Thomas Ramon Group and MyMidtownMojo!

In the world of real estate, I cross the paths of many different kinds of people. It is probably what makes working in the real estate industry so rewarding…at least for me! 

Getting to know people as you help them with such a large financial decision, and a life decision as well! I will admit there are some people that I lose contact with…they move out of state, and we just don’t keep in touch like those that live here in Atlanta. It’s not for trying, it just happens. But then there are those, that become friends for life, and you really appreciate those relationships. Terry and Sue’s testimonial is one example of that kind of relationship….

 

MyMidtownMojo TestimonialIt was a football Saturday probably in 2007. Sue and I walked along Peachtree St. at 5th Street near the Georgia Tech campus. Although not a resident of Georgia at that time, we spent a lot of time in midtown for Georgia Tech functions and I worked out of Atlanta. We were window shopping and became interested in midtown condominiums. Given the amount of time that I spent in Atlanta hotels, the thought of having a condominium in Atlanta became very appealing. With the proximity to Georgia Tech and a MARTA station, a midtown condo seemed perfect for my situation.

So there we were window shopping on Peachtree and Thom Abbott came out from his real estate office to meet us and offer any help. My family lived in the Atlanta area and the State of Georgia for many generations; I knew my way around Atlanta. Shortly into the conversation with Thom, I realized that Thom knew midtown very well – the neighborhoods, the trends, the people, the businesses, etc. – and certainly knew a lot more than I about midtown. Thom takes the time to meet condo management teams; he truly understands midtown’s pulse. Thus began a business relationship which is now about 15 years strong and today is both business and friendship.

I’m not sure how many times Sue and I came to Atlanta and got together with Thom to look at condominiums and discuss the market. Previously I had never owned a condo; Thom took the time to make sure we understood the finer points of condo ownership and living. Our midtown condo was a second home and simply a one-bedroom one-bath unit. We looked off and on for maybe two years and at no point did Thom ever pressure us to hurry up and make a decision or to buy more than we need for our second home. I owned property in another state which I needed to sell in order to buy the Atlanta condo. Thom was totally patient and understanding of that situation.

In due time the out of state property sold and in March 2009 we bought our midtown condo. Sue and I could not be happier with the condo selection. Thom’s knowledge and experience in midtown condos was most valuable. My time both before and after work was very enjoyable. Of course walking to Georgia Tech functions (football, baseball, basketball, band, alumni, etc.) was really nice and we never had to worry about parking. The condo was perfect for our needs.

Sue and I stayed in contact with Thom Abbott throughout the years. Thom hosted some social gatherings which were very interesting and his way of keeping his finger on midtown’s pulse. Midtown has seen incredible changes since the 1960s. Thom studies and knows the market. He is a valuable real estate agent whether he represents the buyer or seller.

A lot changed from 2009 to 2022. In about 2020 I decided to sell the condo. I hated doing that but now retired I lost most of my reasons for coming to Atlanta. Sue and I coordinated with Thom about how best to present the condo for sale. Covid hit right then and Thom’s patience was once again tested. The real estate market fluctuated some during the pandemic and once again Thom offered valuable market advice. Finally in March 2022 the condo was ready to put on the market. Thom was the selling agent and the condo sold quickly.

After many years, the midtown condo has come and gone. I have many, many really nice memories of my time in the midtown condo. One thing remains – my friendship with Thom Abbott.

Thank you Terry and Sue for the opportunity to help you with your Midtown Atlanta real estate needs…and your friendship. Clients Become Friends at Thomas Ramon Group and MyMidtownMojo!

 

Filed Under: Blog, Buyers, Interesting Stories, Sellers, Testimonials Tagged With: Atlanta Condominiums, Buyers, midtown atlanta real estate, News, Sellers, Testimonials

How do Buildings in Midtown Get Developed?

June 15, 2022 by Thom Abbott

Midtown Owners Manual Midtown Alliance

Midtown Owners Manual for Developers

I’ve been selling real estate in Midtown Atlanta since 2004. I’ve seen some pretty dramatic changes to the landscape over those years…and I think there may still be a few exciting new things in the future. As you walk down the street, you might be wondering, how some decisions were made with regard to a particular building. And you are having an interaction with that building as you look at it, or even visit a retail establishment or enter the actual lobby of the building. And it could be a residential (condominium) building, a student-focused apartment building (think University House, SQ5, The Mark) or one of the numerous office towers that dot the skyline. 

Atlanta has not had much of a flair to make their skyline stand out. Sure, you can pick up various buildings in various locations, but that’s the thing…they are all over the place. You have Downtown, Midtown, Buckhead, the Perimeter ( think Perimeter Mall area) and then the Cumberland/Galleria area. If all the buildings from those areas were grouped together say Downtown to Midtown, you could have a pretty cool looking skyline. But developers in Atlanta seem to like the 4 squares of glass. Many of the newer construction buildings are lack-luster…in my opinion. Go to a city like Miami and the skyline will blow you away. It’s like each developer it trying to outdo the last one. Sure, they have oceans and bays for views, so they have amazing balconies on all the buildings. (If you notice, in Atlanta, balconies are often pretty small…almost an after thought. 1010 Midtown and Plaza Midtown are an exception) 

But all of this goes through a pretty extensive design review process through the City of Atlanta, and in Midtown specifically, you have the Midtown Alliance and their Design Review Committee (DRC). And they have a pretty good road map for any developer to follow….but they don’t really say “hey, would you make something that will WOW us?” Mind you, I’m a residential real estate broker, not a developer or builder. So I will be the first to admit I’m lacking in knowledge on this type of construction and all that goes into it. But, I can say, if I was building a building, I’d want it to be one that people driving on the Downtown Connector would go, WOW, WHAT BUILDING IS THAT! 

But to help you understand some of the guidelines that the DRC works with, and expects developers to follow, take a look at the Midtown Owners Manual for Developers. It’s a pretty cool online book that will give you some insight into the design goals for Midtown Atlanta. 

And maybe, just maybe one day, you’ll see that 40 story building go up, be it residential or office…and you will go WOW! I know I’m waiting. 

Filed Under: Atlanta Relocation, Blog, Midtown Atlanta, Midtown Atlanta Apartments, Midtown Atlanta Condos For Rent, Midtown Atlanta News and Events, Midtown Photos, Random Topics Tagged With: Atlanta Condominiums, atlanta relocation, Condominiums, Intown Atlanta Real Estate, midtown atlanta real estate, odds and ends, personal thoughts, So You Know

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Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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