Demand: February residential sales were at 3,384, a decrease of 3.8% from the previous year.

Price: Average and median sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The median sales price in February was $250,000, an increase of 10.1% from last February. The average sales price was $306,000, up 10.1% from the previous year.

Supply: Atlanta area housing inventory totaled 11,066 units in February, a decrease of 25.3% from February, 2017. New listings totaled 3,962, down 1.5% from February, 2017 and up 10.6% from the previous month. The month’s supply over a 12-month period increased to 2.3 months.

A Word from 2018 Atlanta REALTORS® President Bill Murray: “Steady positive growth has been the trend for Metro Atlanta although low inventory continues to be an issue into 2018. Median and average prices are reflecting that pressure and continue to rise over last year’s prices, but nationally Atlanta is in the top tier of affordable regions in the country.”

The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally focused synopsis of monthly sales and home prices for single family residential properties. Covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale

 

Rising mortgage rates could have a big impact on the direction you choose when shopping for real estate, especially for first time home buyers. Interest rates are forecasted to move higher in the coming months, buyers may want to speed up their home search this spring. Mortgage rates are at their highest levels in more than four years. The 30-year fixed-rate mortgage averages around 4.45 percent, according to Freddie Mac. This number is expected to increase since the Federal Reserve said it is likely to raise its short-term interest rates this year. That could prompt mortgage rates to move higher at least three times this year, starting this month.

Rate increases—even minor ones—can add up over time. Realtor.com® offers this example: On a $300,000 house with a 30-year fixed-rate mortgage and 20 percent down payment, the difference between a 4 percent and 5 percent mortgage rate is $142 a month. Calculated over the life of the loan, that is more than an extra $51,000. “Buyers thought they could wait forever because rates were going to stay low forever,” says Palacios. “They’re starting to realize that if they’re going to buy, they should probably buy now.”

Home buyers who are concerned about rising rates may want to lock in with a lender, which guarantees the current rate for a set period of time. Still, don’t linger on making a decision. It typically costs several hundred dollars to lock in a rate!

2110 Castle Lake Drive

 

 

Rare opportunity to own a RANCH in Fayette County, close to Pinewood Studios and Piedmont Hospital only 20 minutes from the airport and handicap accessible.  Enormous amount of space in this beautiful cape cod brick home.

This beautiful ranch is meticulously built with family and entertaining in mind. Ample square footage to accommodate any housing needs. The 1800 square foot attic is partially finished and offers rough in plumbing as well as a full walk out basement. 4 sided brick, oversized two car side load garage, 2 sided fireplace, sun room, skylights, roll-in shower, corner lot, near Pinewood Studios & parks in the Fayette County Schools District. This home is move in ready but also provides opportunities to engage your HGTV skills. Highly sought after Castle Lake Estates in Tyrone; a true one of a kind. One family owned and loved; now available for you to make your own memories. Call today!

 

About Life in Tyrone

The town of Tyrone is nestled in charm and safety of a small community. The town is very close to Fayetteville, Peachtree City and is just a few miles from bustling interstate 85. It is a short drive to one of the busiest airports in the nation, Harsfield – Jackson International Airport and one of the nations top hospitals, Piedmont Fayette Hospital. No other hospital in Georgia has received this recognition! The town boasts a low crime rate, for much of the past decade, Tyrone has been ranked as one of the safest cities in Georgia. In 2015 it was named “Top 10 Best Atlanta Suburbs for Families” The town also has a phenomenal parks and recreation department with many opportunities for the community to engage in events throughout the year.

Tyrone is a great place to call home – with a small town atmosphere and a great feel of community and togetherness!

 

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March is not only a great time to begin spring cleaning, it is also the beginning of the home buying and selling season. It is better to start this process early and enter the market before other buyers and sellers! The following is a list of spring cleaning tips for homeowners who want to impress potential buyers. If you don’t have time to do them all, start with the first three, which have the biggest impact.

 

Replace popcorn ceilings

They were common in homes built from 1950-1980, unfortunately modern day homebuyers don’t like it. Removing or covering a popcorn ceiling is a time intensive process, but can increase the value of your home.

 

Apply fresh paint

A new coat of interior and exterior paint dramatically improves the appearance of your home and makes it feel fresh and clean. To appeal to the widest audience, stick to neutral colors that will go with any furniture, and choose an exterior paint that matches other homes in the neighborhood.

 

Focus on the floors

Steam clean all carpets, use a wood-cleaning product on hardwood floors, and consider professional cleaning for tile or marble. The walls, ceiling and floors are what potential buyers pay the closest attention to while on home tours, so it’s important that they are as clean as possible.

 

Make a grand entrance

Consider replacing or painting the front door; if you have shutters, paint them a matching color. Clean and polish the door knob and fixtures, and dress up the entry with seasonal decorations such as flowers or a wreath. People are naturally attracted to symmetry, so place any accents on both sides of the door.

 

Replace or repair the mailbox

An old or damaged mailbox makes the wrong first impression. You can purchase a new one at most hardware stores and major retailers. If you replace the post, make sure it sits at a height of 42 inches above ground to meet federal regulations.

 

Maintain the yard

Landscaping has a major effect on curb appeal. Make sure your home looks its best by mowing the lawn, weeding the flowerbeds, and pruning the bushes. Planting small flowers in the yard can be an inexpensive way to add a pop of color.

 

De-clutter and organize

Keep only the essentials, and put everything else in storage or give it away. Not only will your home will feel cleaner and bigger when it’s not filled with stuff, this process will save you time when you’re ready to move.

 

Let in the light

Wash the windows inside and out, clean the curtains and blinds, dust any light fixtures and replace any burnt-out bulbs. A room filled with light will feel warm and inviting.

 

Deep clean the kitchen and bath

Wipe down or paint the cupboards, clean the grout between tiles, clear everything off the counters. Re-caulk tubs, showers and sinks and polish the fixtures. Make sure no mold is present.

 

Stage the backyard

The backyard is often the last thing buyers see on a tour, so it should look nice. Simple staging can make a big difference. Get rid of decorations and clutter in the yard, add a table and chair set, power wash and stain the deck and fence, and clean the pool and spa. Remove any dying plants, and take down any shed or outdoor storage that’s in poor condition.

Buying a house is an experience unlike any other. It is not like buying a new pair of shoes; it is intimidating and complicated, yet rewarding and invaluable. Many Americans go through this process with stress and anxiety instead of a positive sense of excitement. This is the next chapter in your life, and naturally with that will come some type of pressure. But this does not have to be the case!

Follow these simple steps to ensure a stress free, successful first time home buying experience that will set you in the right direction.

1. Establish Your Real Estate Goals

You’ll want to define your real estate objectives. Consider what type of home do you envision yourself in — a condo, single family or multi-family? Are you looking for an investment or are you ready to settle into your dream home? Considering such questions will help you come up with some basic criteria for your search.

2. Start Building Your Team

Buying a home takes a village. Asking your friends, family and colleagues for recommendations for a real estate agent will help tremendously. You will also need a lender and a home inspector, your real estate agent will have plenty of recommendations for you to choose from! 

3. Talk to Lender

You can establish your budget and get an idea of monthly payment amounts and loan programs. There are lots of products designed specifically for first-time buyers. Your lender will equip you with a pre-approval letter, which you will need for submitting a competitive offer.

4. House Hunt

Once you have your ducks in a row – a realtor, lender and an idea of the type of home you would like to purchase, you’re ready to start the house hunt. Have your realtor sign you up for a direct feed of new listings and keep tabs on housing websites. It’s important to track recent activity, quickly evaluate new listings that meet your criteria and window shop by attending open houses. Once you find the perfect home you will be in position to make a competitive offer!

5. Get an Accepted Offer

Your agent will be able to provide guidance on how to structure an offer that is most competitive for the situation. The offer provides a timeline for the transaction and outlines any special terms and contingencies, like a home inspection and mortgage. Offers can be accepted, rejected or negotiated. Fingers crossed for good news!

6. Do Your Due Diligence

The work doesn’t end with an accepted offer. If you negotiated a home inspection, you can hire a licensed professional to assess the property and provide you with a report of the findings. Use the inspection as a learning opportunity, gathering as much info as you can about how to maintain the house. Sometimes you can use the report to negotiate with the seller on any shortcomings that impact the value of the property.

7. Secure Your Mortgage

During the process, you’ll be working in tandem with your lender to secure a mortgage. Once you choose a financial institution, you’ll need to provide a loan officer with a ton of documentation, like tax returns and allow the lender to pull a credit report. The mortgage company will also send an appraiser and surveyor to the property. Once all is clear, you will get the green light to move along to closing!

8. Closing

Finally, the big day arrives. Your closing attorney has already performed a title search on the property and prepared a giant stack of documents that will be ready for your signature. You may meet the sellers for the first time at the closing table. The closing attorney will explain many important details, like how to pay your mortgage. After you wrap up, the deed will be officially recorded and you’ll be given your new keys.

9. Celebrate!

Congrats, you are a homeowner!

 

November 2017 vs November 2016

 

•Listing Inventory  -8.4%

•Average Sale Price  +20.3%

•Solds  +3.3%

•Pending Sales  +12.9%

•New Listings  +10.6%

•Average Days on the Market  -14.9%

•New Foreclosures  -45.3%

 

 

What Does the Future Hold for Atlanta Real Estate? The anticipated slowdown of housing sales in the 4th quarter and 1st quarter of the year is seasonal, however it is also a result of:

1. An inventory of higher priced homes and/or homes not meeting the condition or location demands of today’s buyers, and
2. An increase in interest rates that are predicted to be higher moving forward.

 

What should seller’s do in this market?

• Be positioned as the best conditioned home; you will get top dollar this way.

• As you will have less competition, now is the time to really know where to price your home. The best way to continue to attract multiple buyers is by choosing a price position below other current sales from the last 90 days.

• It’s November, and although the holidays are upon us, the relatively low inventory should be encouragement alone to place your home on the market now, versus waiting for after the holidays.

 

What should buyer’s do in this market?

• Know the trends of the neighborhood you are considering. Each neighborhood has its own unique characteristics, so examine the data before buying.

• How long will you live in your next home? This is an important question in a market of higher priced homes. If you plan on living in the home for 3 years, you want to make sure there is still an upside of value and tax savings for you.

• We are approaching a market where you, as buyers, will be able to include some terms as part of your purchase. Terms far outweigh price in most cases.

 

 

The Market is both EXCITING and CHALLENGING! I love the industry and I love helping our clients! Please feel free to call with questions at anytime. We are happy to help!