One thing that we can all agree on regarding Atlanta residential real estate is that it is not homogenous. Real estate is always influenced by local conditions and although values are impacted by geography they are also impacted by price point. Overall, Atlanta is a highly desirable place to live and whether it is a good time to buy or sell depends on one’s perspective. Buyers may view the same set of facts differently than sellers based on how it impacts them. Let’s explore this further.
For instance, rising prices may be great if you are a seller…until you become a buyer. Low inventory makes it a challenge for buyers to find the right home, but may benefit the seller as demand outpaces supply. While 30-year fixed interest rates are still within the historically low range, they are beginning to rise.
According to CoreLogic, Georgia experienced a 6.5% year-over-year increase in home prices. This is being driven primarily by under $500,000 single family home price range where there is about two months of inventory in metro Atlanta (a balanced market will have approximately six months of inventory). The average sales price for more expensive homes generally decreased and the inventory supply was far greater. For example, inventory in the $2 million plus category has more than two years of supply in the metro Atlanta market. CoreLogic is projecting a 35% reduction in the home price appreciation rate for Georgia in the coming year. While the appreciation rate is slowing, economists still predict slow but steady price appreciation for the next five years.
From a market timing perspective, this is an optimal time for sellers to realize the paper gains in their property and secure their next home before the mortgage rates increase. Buyers may be challenged to find their perfect home, but waiting for it to come along has consequences – especially with the reduction in purchasing power as interest rates rise.
Every situation is unique and we specialize in market expertise. It would be our pleasure to assist you in sorting through the variables to help you make the best decision from your perspective.
Touches of drama and hits of black: This Buckhead abode has a high-contrast edge
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Ten years ago, no one would have expected a fusion of modern and industrial looks to thrive in a traditional house in Buckhead—particularly with the color black as a dominant theme. But the house that Anna Wooten Loggins (formerly with Amy Morris Interiors) designed for the Harrison family does just that. When Amy and Jay Harrison purchased this 1970s home last August, Anna Wooten was tasked with updating almost everything about the decor. “The interior had been a little more ‘glam’ than my clients liked,” Anna Wooten says. “Jay and Amy had different styles, so we had to work to marry his rustic s tyle with her cleaner look.”
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A new ‘complete streets’ initiative kicks off in Midtown
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Midtown Alliance recently launched an initiative to improve a major neighborhood thoroughfare, aiming to better accommodate alternative modes of transportation. A new installment of Atlanta’s “ complete streets” projects, this plan would welcome a makeover of just more than a half mile of Midtown’s 5th Street, which links an abundance of residences, retail, and restaurants near Georgia Tech. The stretch of road in question runs from the 5th and Myrtle Street intersection 0.6 miles west to the downtown Connector at Williams Street, which abuts part of Tech’s campus.
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How to throw a festive May Day brunch
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What a wonderful way to ring in spring! The modern hamlet of Serenbe marks the beginning of the season on the first Sunday in May with a traditional celebration featuring dancing, flowers, and brunch. May Day festivals date to pagan times and are celebrated around the world. Serenbe’s founder, Steve Nygren, grew up in a farming community in Colorado, where they celebrated May Day as the start of the planting season. He wanted to bring the bucolic village a taste of the charming festivities, including dancing around the May pole.
Se renbe held its first May Day party on the Selborne Green in 2006. For the past three years, Kristen Genet, a former film set designer (and Serenbe resident), has helped bring a colorful dose of whimsy to the kid-friendly event, combining food, fun, and outdoor play.
Since welcoming fans through its gates last year, Atlanta’s Mercedes-Benz Stadium has solidified itself as an architectural icon. The vision of Arthur Blank and St. Louis-based design firm HOK—in collaboration with tvsdesign, Goode Van Slyke Architecture, Stanley Beaman & Sears, Darden & Company and Holder Construction—the first-of-its-kind venue abounds with innovative design features, most notably a translucent, eight-petaled retractable roof and an angular winglike exterior that pays homage to its home team, the Atlanta Falcons.
This commitment to novel detail also extends to Blank’s owner’s suite. He tasked renowned Atlanta interior designer Suzanne Kasler to design a suite that was equal parts welcoming and sophisticated. “Arthur was very sensitive to making sure everyone would feel comfortable, so he wanted to create a sense of warmth through unique materials and engaging details, color and art,” she says.
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