As the pandemic continues to loom, folks are trying to move forward with positive changes. This can be seen in the current real estate market. People are taking advantage of low-interest rates and advancing home-buying plans.
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Like me, I’m sure most of you have been working from home during the pandemic. As cities begin to reopen I’m starting to assess how the big societal shifts that occurred will impact the residential real estate buyer and seller.
One shift that I believe will have an immediate impact going forward is the remote work trend, it seems to me that this trend is here to stay.
Below are my key takeaways on this trend going forward.
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As the current pandemic looms, parts of the economy are still moving. One of those is the real estate market.
Buyers are still researching, viewing, and buying homes. However, given the uncertainty, fewer sellers are listing, which according to the National Association of Realtors (NAR) is creating a greater inventory shortage.
This puts savvy sellers in a good position because buyers are still looking and there’s less inventory so less selling competition. More importantly, according to the NAR, in a recent survey, 74% of agents reported that sellers have not been dropping prices.
I believe that, given the lower inventory, if you’re a seller you have a good opportunity to cater to the buyers out there in need of the right property.
How do you cater to these buyers?
Below are some tips that can put you in a good selling position in today’s environment.
As you know, things look different on camera, and with buyers now viewing homes virtually it’s important to stage your home properly to ensure the camera effectively captures the space and dimensions.
On virtual tours, it’s extremely important to remove clutter so the space comes through clearly.
Additionally, you’ll want to arrange the furniture to show the maximum space on video as well as accurately depicting the dimensions.
I recommend taking some pictures as you’re staging your home so you can see what potential buyers will be seeing.
I’ve been giving virtual tours with my properties and I always ensure the rooms look great on camera before any showings.
Coming out of the pandemic, I believe that buyers will start placing a premium on spaces that were sometimes overlooked in the past. Here are three that I believe you should emphasize in your listing.
Home office space
I think the work from home trend is going to continue into the future. While I don’t think we’ll go to a complete work from home environment, I think more companies will start opening to the change, given the grand work from home experiment during the pandemic.
For this reason, a premium will be placed on home office space. So if you have space for a home office make sure it is emphasized.
If you don’t have a dedicated room for an office, consider staging the home to showcase how the space you have could be utilized as a small workspace setup.
Home gym space
During the pandemic people have become more accustomed to working out at home, thus learning how to and becoming accustomed to at-home workouts. This puts a premium on home gym space.
Do you have a nice gym in your condo or a nice dedicated space in your house with workout equipment? If so make sure it’s highlighted as buyers will be considering this as they are searching for homes.
Outdoor space
Personal outdoor space will also become even a greater premium. As people have become more and more restricted indoors personal green space and fresh air has become coveted. Do you have a terrace, patio, yard, balcony? If so, highlight it and stage it, this will be an advantage as buyers will start moving outdoor space up on the list of “must-haves”.
Are you considering selling your home virtually? Please contact me if you are in need of an agent to show you how to maximize the value of your home.
Spring is upon us and while these are unprecedented times, there is a silver lining in the real estate market. While stay-at-home orders are definitely affecting demand, this should only be short term.
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Have you spent time in West Midtown lately?
Whether you are new to Atlanta or a seasoned resident, West Midtown deserves your attention.
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Atlanta is one of the fastest-growing markets in the nation and has become one of the best places to live and work in the South. So it’s no wonder the residential real estate market has seen phenomenal growth over the past several years.
Even with its enormous popularity, I believe there is still potential growth opportunity if you know where to look. Below I highlight two established neighborhoods and two up and coming neighborhoods with future growth potential.
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As we start a new decade in 2020, I continue to see a healthy residential real estate market both nationally and locally. With ongoing low interest rates and the latest data analysis over the past three months, I believe we will continue to see a strong momentum going into the new year.
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Most likely, you are familiar with the fact that spring and summer are the busiest time of year for residential real estate. During these seasons, the housing market can be extremely competitive and lately sellers have been able to get top asking prices for homes.
However, wintertime is a different story. If you’re in the market for a new home and willing to take some extra time to look, then winter is a great buying opportunity due to decreased competition and lower prices.
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The holiday season is right around the corner and whether you’re new to Atlanta or a seasoned resident, this guide is for you!
My insiders guide to the holiday’s in Atlanta will help you plan your season with some of the best holiday fun Atlanta has to offer. Continue reading
As we get into the fall season, I continue to see strength in the residential real estate market. With recent rate cuts and the latest data analysis over the past three months, I believe we will continue the positive momentum from the summer into the fall.
In this post, I will provide an update on both the national and Atlanta residential real estate markets.
National Market
Median US home sale prices were up 5.2% in August, on a rolling 12-month basis. The median home price in May was $252,500. This growth is slower than the growth measured at the same time last year. Nevertheless, we continue to see steady growth in the US residential real estate market and an ongoing positive outlook for sellers.
The average number of days homes have been on the market in August increased by 7.5% from the same time last year. This trend could be helpful for fall buyers looking for a little more leverage. Comparing this to August 2018 there was a slight decline in average days on the market.
Likewise, In August, we’ve seen an uptick in supply of 10.7% over the rolling 12 month period. This is most likely influencing the increase in the average number of days on the market as buyers now have more choices.
All of this indicates that we continue to trend toward a more balanced market. In fact, new construction increased by 12% in August. This is a good sign that the market is still healthy, as builders see ongoing demand.
Atlanta Market
Atlanta continues to outpace national growth. Median Atlanta home sale prices were up 7.6% in August, on a rolling 12-month basis. The median home price in August was $299,000, well above the national median price. Comparatively, in August 2018, the median home price was $278,000.
The average number of days homes have been on the market in August increased 5% from the same time last year. This is lower than national averages, indicating that Atlanta still has strong competition and continues to lean towards a seller’s market.
Nevertheless, monthly supply continues to increase as more new construction projects are completed, which is favorable for buyers. Supply has increased by 30% since August of last year. Despite this significant increase, Atlanta is still struggling to meet demand and therefore has not seen a significant shift to a full buyers market yet.
With low-interest rates, strong price growth, and new construction becoming available, I expect Atlanta to maintain both a strong selling and buying market through the fall and winter months.
Are you interested in buying or selling your home this fall, taking advantage of the Atlanta growth new inventory? If so, please do not hesitate to contact me.