If you’re considering purchasing a home this summer but are concerned about the macroeconomic environment’s impact on prices and interest rates, consider the argument below. It explains why buying a home in Atlanta now might be better than waiting.
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We are undoubtedly in a challenging economic environment. Now, more than ever, we need to be industrious and thorough with how real estate transactions are approached. For this reason, I want to share with you two very important factors that I use as your realtor: Experience and Data.
Below I will share with you why I believe that these two factors are essential to provide the best service to clients in the future.
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Given the recent tapering down of FED rate hikes this month, I expect to see mortgage rates stabilize in the back half of the year. This stabilization should improve buyer confidence. Nevertheless, homebuyers are consistently stepping in and buying at any rate decreases. As the year progresses, I view pent-up demand as a good sign for the Atlanta market.
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Spring is right around the corner, and veteran agents like myself, start preparing far in advance in anticipation of the influx of buyers and sellers. This advanced preparation is essential for me and allows me to expose my clients to the best opportunities and options in the market.
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As we move into February, the Real Estate market seems to be stabilizing along with rates. I am seeing buyers and sellers with renewed interest as spring approaches.
As we stabilize and look to the year ahead, I wanted to share with you some developments, neighborhoods, and ideas to help you find good long-term value and investments in our Atlanta market.
Below are four opportunities to keep an eye on and potentially explore as your next real estate move.
Are you looking for the next up-and-coming neighborhood in Atlanta? If so, put Blandtown on your radar.
Blandtown is anything but bland; the name comes from the original owner of the land, the Bland family. Blandtown is located on the Upper Westside off Huff Road between Marietta and Howell Mill.
I’ve written many times about the evolution of the Westside, and I believe Blandtown will follow the path of many other pocket neighborhoods in Atlanta that have become household names like Cabbagetown and Kirkwood.
Some new housing developments are sprouting up in the neighborhood and I will be on the lookout for unique buying opportunities for this year.
Centennial Yards is the $5 billion urban revitalization project near Mercedes-Benz stadium. It’s expected to feature 8 million square feet of commercial and residential space.
Recently, they broke ground on the first development phase, a boutique hotel and apartment tower.
The Junction Krog District brings Old Fourth Ward and Inman Park together on the Beltline’s Eastside Trail. The development will house office space, shared outdoor space, and restaurants.
I believe this development will be a spectacular urban living boost and one more reason to love beltline living.
The neighborhoods surrounding these developments will be excellent long-term investment choices if you are in the market for a new home. Now is the time to start looking.
As you read above, with the development of Centennial yards, downtown development is booming. There’s a planned $4.5 Billion in new investment going into downtown and surrounding neighborhoods. I’ve been bullish on downtown and the surrounding neighborhoods, and it appears to all be coming together as a place to live and work in the future of Atlanta.
Here are some of the notable projects underway:
Five Points MARTA transformation. $150 million will be invested in the MARTA hub to make it more accessible.
Underground Atlanta. Plans are underway to develop and improve this destination to make it more accessible and modernized.
South Downtown. $100 million has been invested in the buildings along Peachtree to be part of a large revitalization project that will include new retail, office, and residential spaces.
This is the year to get ahead of the curve and take a serious look at home-buying opportunities Downtown.
If you have followed my blog and newsletter for any length, you know that I don’t see us having any meaningful slowdown in home prices. Yes, we have seen some short-term fluctuations and pullbacks due to increased rates, but these fluctuations have been minimal in the Atlanta market, and the overall trend is still up.
We have solid population and economic growth but insufficient residential inventory to meet long-term demand. Therefore, I don’t see a significant crash in the Atlanta residential real estate market short of a black swan event.
For this reason, people trying to time the market is on my list of things to watch. I suspect many are doing this right now hoping for the best change in rate and price.
I hold a contrarian point of view, which is not to time this market because once people realize that this interest rate environment is the new norm, they will come back in full force and push prices up quickly.
Overall I couldn’t be more excited about Atlanta this year. So many big new urban developments are taking place that I believe will present a lot of new opportunities for buyers and sellers.
Likewise, I believe that if you do plan to make a move this year then now is the right time to start looking and potentially buy. I believe home prices will continue their upward trend this year given everything the city has going for it and which I’ve been discussing for the last several months.
If you’re looking for a home and are ready to see what the market has to offer in some of the up-and-coming areas and unique opportunities of urban Atlanta then please don’t hesitate to contact me.
With the continued FED rate and subsequent mortgage rate increases, it’s logical that the real estate market demand has cooled. However, because of the supply constraints over the last three years, the waning demand has not significantly affected prices here in Atlanta. I view this as a positive for our real estate market in the medium term.
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With uncertainty in the residential real estate market, many homeowners are considering renovations in anticipation of selling their home when the housing market pressure eases. So is renovating your home something you should consider if you plan to sell in the future?
The answer to this depends on a few factors, including the condition of your home, what renovations are needed, and what potential buyers are looking for. Generally, making any immediate repairs or updates is a good idea to ensure your home is marketable. This could be as simple as a fresh coat of paint or an updated kitchen or bathroom.
You should assess the cost and potential return on investment if the home requires more extensive renovations. It may be beneficial to make some renovations to increase the value of your home before selling it.
If you decide that remodeling is the right choice for your situation, below are four renovations that will add value and two to avoid.
For most people, the kitchen is the centerpiece of a home. It’s where you spend the most time gathering with friends and family, sharing meals and conversations, and starting or ending your day.
Therefore, a comfortable and convenient kitchen layout can be a solid foundation for a home and an attraction for buyers. For this reason, it’s one of the first renovations to consider in your home.
In our Southeast region, minor kitchen remodels (a facelift and new appliances) can cost approximately $27,000 and have an ROI of 68.6%.
Clean and modern bathrooms are another focal point buyers seek out.
According to the Houzz and Home 2022 home study, guest and primary bathroom renovations were the most popular among homeowners behind kitchens. According to the study, 30% of new homebuyers remodeled their bathrooms.
In our Southeast region, bathroom remodeling can cost an average of $25,000 and have an ROI of 55.1%.
This one may be surprising to you. According to remodeling.com, which does extensive research on remodeling trends and costs, new garage doors had one of the top ROIs for home investment at 92.1%. An average garage door replacement costs close to $4,000 in the southeast region. Therefore, it’s one of the few home renovations that recoup close to 100% of their cost.
New garage doors add an excellent boost to curb appeal. But they also can add a security element to the home, and a properly sealed garage door can help with energy efficiency.
Windows, like garage doors, might be an unexpected top-value add option for remodeling. However, new windows have a 65.4% ROI. In our Southeast region, new windows can cost an average of $20,000 for vinyl windows.
New windows appeal to prospective buyers because they can boost energy efficiency, increase security, and help soundproof your home. Likewise, the right windows significantly improve the aesthetics of a home and boost the curb appeal.
While a thoughtful home renovation can increase the value and attract potential buyers, there are a few to consider avoiding if you plan on selling your home in the near term.
Swimming pools are certainly welcome in the hot summer months here in Atlanta. Still, they can often detract buyers due to the high cost of maintaining them.
Likewise, if you combine bedrooms in your home to increase a bedroom size, that could potentially decrease the value of your home because, in general, buyers prefer more bedrooms in a home.
Overall, if you are considering remodeling your home but also plan on selling in the near to intermediate term, consider making renovations with the highest ROI. Likewise, avoid hyper-personalization and too much customization, as your tastes may differ vastly from future buyers.
If you are considering selling your home, I would be happy to work with you and help you think through what renovation would be best for optimizing your home value. Please contact me if you are interested in buying or selling a home in Atlanta.
I was excited but not surprised to see that Money Magazine listed Atlanta as the best place to live in the country in 2022.
Money magazine has been putting out this ranking for over 35 years. It’s among the most reputable annual “best city” rankings.
With the ever-changing U.S. city landscape, the magazine wanted to choose a city “where anyone can feel like they belong.” This statement is an excellent city description of Atlanta and its well-deserved ranking.
If you have read my previous posts, you know I have been very bullish on our city. Therefore, by extension, I am bullish on our real estate market. I believe that the ongoing growth of our city will help support a resilient Atlanta real estate market in the future.
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With such aggressive rate increases from the FED, you would expect a relatively substantial decline in home prices. However, due to the ongoing supply issues, elevated home prices have been resilient, with only moderate declines in specific markets. We seem to be at a curious standstill in the housing market where prices, buyers, builders, and sellers are not budging.
I don’t foresee any significant changes in the urban Atlanta market in the near term. Demand still exists, and there is not enough supply. However, as I wrote about last month, I am starting to see some better opportunities for astute buyers.
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The past three years have been challenging for Atlanta homebuyers. With limited inventory and rising prices, it’s been a seller’s market.
However, we are slowly shifting back to a balanced market where buyers will have more choices and less competition.
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