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Recently we partnered with Hammertime Home Renovations on a project next door to our office space. After living in the home for more than 30 years, the homeowner was ready to downsize and transition into the next phase of life. The home needed some work and we were ready to take on the task! Once we got a vision for the space we started our demolition days! We asked Hammertime contractor, Barak Gibson to tell us more about the project from his point of view:

Old homes are amazing! This 4 sided brick home was built to last, the initial walk through was dark and very dated, which is to be expected from a 60 year old home. The walls were covered with dark paneling and the living/kitchen space was split by a wall and floor to ceiling cabinets. My favorite part of remodels is seeing the potential. Walking through we discussed a new open floor plan which meant removing a load bearing wall and installing an engineered beam. One of my highlights was discovering beautiful oak floors that had been covered with carpet for the last 50 years. We were able to use the same type of oak in the kitchen and dining room to create one big living space. The basement needed the most work. We completely gutted the basement and started fresh. It now has new carpet and an added bedroom in the basement. We finished the kitchen off by painting the existing cabinets as well as re-working the layout. We created a 4’x8′ granite peninsula designed for serving guests. This house has completely been updated, from the two bathrooms, the basement, laundry room and ultimately the kitchen.

The entire project took about 8 weeks. Not bad for a complete overhaul.

Demand: November residential sales were at 3,953, a decrease of 9.1% 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 November was $263,000, an increase of 7.3% from last November. The average sales price was $328,000, up 8.6% from the previous year.

Supply: Atlanta area housing inventory totaled 14,455 units in November, an increase of 10.2% from November, 2017. New listings totaled 4,066, up 16.0% from November, 2017 and down 18.1% from the previous month. The month’s supply over a 12-month period decreased to 2.9 months.

A Word from 2018 Atlanta REALTORS® President Bill Murray: “New listings have risen the past few months, which has helped moderate price growth and has kept the inventory level higher than this time last year. Atlanta’s market is still positioned as a great long-term strategy for homeowners.”

If you are shopping for a place to live, buying a new house vs an old one may be one of your primary and most important decisions. There is no one-size fits all answer, but there are distinct pros and cons to each purchase.

Upfront Costs: How Much House Can You Afford?

The median listing price of an “old home”  in Georgia is $259,000, where as a “new home” costs anywhere between $250,000 to $499,00 on average. That is a sizeable price difference! However, the money you may save purchasing an older home you may not be able to save! Older homes on average, are less energy-efficient, which means it may cost more to heat and cool. Sooner or later, something is bound to break down or need an upgrade, too!

Maintenance: How Much Are You Willing to Spend?

Old homes come with the need for repairs, replacements and upgrades. While on the other hand, new homes should be worry free for several years. With a new home comes a brand new hot water heater, HVAC-system and roof. These brand new items should ensure no major out of pocket expenses for at least 8-10 years on average. This really boils down to a personal decision – are willing to spend some time and money repairing and upgrading your home, or do you want to purchase a home with a peace of mind that all systems are new, up to date and no problems should arise for quite some time.

If you decide to purchase an older home, make sure you have the home thoroughly inspected. A home inspection will provide you with a list of problem items that need addressed before you move into the home as well as a list of items to look forward to repairing down the road!

Investment: How Much Are You Willing to Risk?

I always tell my clients that purchasing a home is the biggest investment they will ever make. With an older home, history will tell how much the property has appreciated over the years. However, that doesn’t ensure future market appeal, but you will at lease have a starting point. With a new home, with no history, an investment is more of a gamble. The market could increase the price of the property or decrease it significantly. However, one thing you can be certain of is your new home will require less work to be in position for what the market is demanding.

Home Design & Layout: Vintage or Modern?

When it comes to choosing a home, looks matter a lot! Both old and new homes come with different features that you will either love or hate.

In an older home, more often that not you will feel a sense of tradition and attention to detail – think crown molding and real hardwood floors. On the other hand, brand new houses often come with more modern luxuries –  open living spaces, wide hallways and energy efficient amenities.

At the end of the day, buying a new home or an old one is a personal preference. If you are still uncertain which decision is right for you – I always tell my clients to purchase a modern home with ‘good bones’ and take some time to renovate or hire someone else to do it.  

I was out and about with clients the other day, they were looking for a home in Fayette County. When I suggested looking at homes in Peachtree City, they told me Peachtree City wasn’t “family friendly” – the city didn’t offer a lot of activities for children. I couldn’t believe that to be true! So, I began researching and compiled a list of activities to do with children in Peachtree City.

The city is a suburb south of Atlanta and is notable for its 90 miles of trails that are used by golf carts, joggers, cyclists and hikers. The city has many parks – including the Picnic Park-All Children’s Playground, a disabled-accessible playground with brightly colored playground equipment, horseshoe pits, fishing and picnic shelter.

Are you moving into the area and looking for activities to do with your family? There are many activities for the children and the family to partake in!

Geocaching

You’ll find more than 70 caches hidden in the city. Take your kids and your GPS unit and combine them with the growing, high-tech sport of Geocaching. You can enter the coordinates of a spot in Peachtree City to find nearby caches, then track them down as a family.

Cycling

Peachtree City has designated some of its streets as cyclist-friendly, and also allows bicycle use on its trails network. You can buy bicycle-friendly route maps from City Hall and the Peachtree City Visitors Center (visitpeachtreecity.com). Southside Cycling Club is an offshoot of Atlanta Trek bicycle store (atlantatrek.com), and sponsors periodic special events, such as the Breast Cancer Awareness ride, a group ride that’s open to all ages and skill levels and benefits breast cancer research..

Aviation Museum

The Dixie Wing Museum (dw.squawk1200.net) is an aviation museum at Echo Court in Peachtree City. Regular hours are limited but you can call 678-364-1110 to arrange access. On display you’ll find airplanes from the Korean and WWII eras, along with uniforms, toys and model airplanes. The planes are operational, and if you have four-figure amounts of cash available, you can commission them for rides.

Flat Creek Nature Area

Flat Creek Nature Area (sctlndtrust.org) is one of four local nature reserves run by the Southern Conservation Trust. Flat Creek lies within Peachtree City’s boundaries; its more than 500 acres include a nature trail, boardwalk and viewing platforms. A visit here gives you and your kids a chance to learn about local wildlife and native plants. You can even bring the family dog, as long as Fido remains on a leash. Trust land is donated by individuals in an attempt to preserve it for future generations.

Live Entertainment

Nicknamed “The Fred,” the outdoor Frederick J. Brown Amphitheater (amphitheater.org) has a full program of events such as tribute bands, summer concerts and improv comedy. Past family-friendly shows have included “The Wizard of Oz” and “Footloose: The Musical”; the venue also puts on family-friendly events such as their holiday “Not-so Frightful Storytelling.”

Library

Peachtree City Library runs regular programs for parents and younger children. Some, such as Babytime, bring parents or caregivers of children up to 2 years old together with songs, toys and stories. The SOUNS program is an early-age literacy program that kick-starts toddlers into reading. Summer storytime events are aimed at children between 3 and 5.

Lakes

Lake Peachtree and Lake Kedron are within Peachtree City’s boundaries. As of October 2011, a third lake, Lake McIntosh, is under construction. You can bring your kids here just to walk, fish and play, but those 16 and older must get a Georgia fishing license. According to the City of Peachtree, you can buy permits at local businesses or online. Non-gasoline powered boats are welcome at both lakes, but you can only swim at Lake Peachtree.

At Pinewood Realty Group we have helped many veterans purchase a home. Throughout this process we have noticed that many veterans do not know about their benefits and the process involved! We thought we would make a simple blog post to educate individuals on VA Home Loans.

Veterans Affairs (VA) helps Service members, Veterans and their families become homeowners. The loans are provided by private lenders (banks and mortgage companies) and not by VA directly. There are many benefits to obtaining a VA Home loan: lower interest rates and closing costs, potentially no down payment, mortgage insurance is not required, no penalty for paying off home loan early (cite).

If you are eligible for a VA Home Loan, you can use the loan for many things: buy a home or a residential condominium, build a home, purchase and improve a home at the same time, refinance an existing non-VA loan, refinance an existing VA loan to reduce the interest rate and obtain energy efficient improvements such as solar heating (cite)!

There are three types of loans to choose from: Purchase, Streamline Refinance and Cash-out refinance. A purchase loan can help you purchase a home at a competitive interest rate, however, you will probably need to make a downpayment or buy mortgage insurance to obtain this type of loan. With a streamline loan you can obtain a lower interest rate by refinancing an existing VA loan or refinance a VA adjustable rate mortgage into a fixed rate mortgage. A cash-out refinance loan will let you cash-out your home equity to pay off other debts, pay for school tuition or make home improvements.

If you choose to move forward with a VA Home loan you will have to get a home inspection and an appraisal. The home inspection will inspect the home for defects and potential maintenance issues. The appraisal will ensure there is sufficient collateral in the home and provide an opinion on the value. Many people as why the VA requires home a appraisal. Simply put, they care about veterans and want the home to be of quality and take the worry of major maintenance issues from a veteran’s mind so they can spend time with their family.

We hope you find this information helpful! Please do not hesitate to contact us with any questions!

Demand: October residential sales were at 4,448, a decrease of 2.9% 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 October was $263,000, an increase of 9.1% from last October. The average sales price was $324,000, up 6.9% from the previous year.

Supply: Atlanta area housing inventory totaled 14,947 units in October, an increase of 5.3% from October, 2017. New listings totaled 4,962, up 12.7% from October, 2017 and up 2.7% from the previous month. The month’s supply over a 12-month period was unchanged at 3.0 months.

A Word from 2018 Atlanta REALTORS® President Bill Murray: “Price growth and inventory have been stable for many months, and the positive economic signs are that the market should continue to be strong into next year. These healthy trends, however, depend on homebuilders adding new inventory to keep pace with demand.”

The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month’s report, please contact the Association at 404.250.0051.

*Each month, the numbers reported for the previous month are updated to reflect additional recordings.