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Just like there are stages of death and dying, there are stages in a market cycle. In today’s market, we are still trying to work our way back to hope. Whether you are investing in real estate, gold, or fine art, there is a predictable cycle with any investment. The nine stages are optimism, excitement, euphoria, denial, fear, panic, despondency, depression, and then hope. The euphoria stage is where you have the maximum risk for any investment. The lowest point, between despondency and depression, is where you have the maximum point of opportunity and that is where we are today. According to NAR, home values appreciate about 4.5 percent annually, but if you look at the years between 2000 and 2006, values appreciated 89% or nearly 15% per year. What is happening today is a correction to stability.
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The National Association of Realtors just released its latest profile of home buyers and sellers and it contained some great information. Characteristics of home buyers- -The median age of home buyers was 39 years old. Among first time home buyers , the median age was 31. -61% of home buyers had no children under the age of 18 living at home. -First time home buyers accounted for 41% of recent home purchases -41% of first time home buyers between 25 and 34 years old -47% of home buyers report using social networking sites such as My Space and Facebook. Among buyers 18 to 24, 83% percent report using these sites. Characteristics of homes purchased -New home purchases were 32% of recent home purchases -The median price of homes purchased in Georgia was $195,000 -Commuting costs were considered somewhat or very important by 80% of buyerswhen considering which home to purchase The home search process -89% of buyers used the internet to search for homes -The typical home buyer searched for a home for a median 9 weeks and saw a median 12 homes -36% first learned about the home they purchased from a Real Estate Professional. 29% first learned of the home they purchased from the internet. -83% of buyers found their Realtor to be a very useful information source -10% of buyers purchased a foreclosed home. 40% considered buying a foreclosure Home buying and Real Estate Professionals -76% of home buyers purchased their home using an agent 72% of buyers will definately use their agent again. 15% will most likely use their agent again. For Sale By Owners -13% sold their home without the help of an agent -53% of those sellers repoorted difficulties doing it themselves. What does all this mean? The numbers may have changed a bit but one thing remains consistent. A Realtor is your best source to buy and sell your home. Contact us today to help you through the process! -
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Well we are knew that Atlanta's a great place to live. Why? We have a warm and pleasant climate, reasonable cost of living, and affordable homes. Our median home price is $164,100. Sperling's BestPlaces rated the ten best places and you can click this link to hear what they have to say: http://realestate.yahoo.com/neighborhoods/ten_best_places_to_live.html
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RIS Media has a great article on 101 ways to save. We all know it's a great time to save. There are tips on everything from Keeping a Thrifty Home, Paying and Cutting Bills, Your Ride and Your Routine, Eating Healthy, Paying Less, Looking Good and Paying Less, Going Online for Savings, Being a Smarter Shopper, Ideas to Use Over and Over, Using Credit Cards Wisely, Traveling More, Spending Less, Staying Fit, Letting Savings Fatten, There's Green In the Garden, Eating Out with a Light Check, On Holidays, Being a Scrooge, and Entertaining on the Cheap. There are some great ideas so enjoy the article. I hope you find something useful. Click on the following link: http://rismedia.com/wp/2008-10-20/101-ways-to-save/
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Posted by Heyward Young Although home values are falling in other parts of the country, Atlanta has had an increase of 0.2 % over the last year. This number is great news for those of us in the "ITP" area of Atlanta. (That's inside the perimeter for you out of towners) While the suburbs seem to be facing the same problems as the rest of the country, Intown neighborhoods are thriving and increasing in value. Well established neighborhoods such as : Buckhead, Virginia-Highland, Morningside, Dunwoody and Sandy Springs are perfect examples. There is no correction in the intown market because there was nothing to correct. Foreclosures in these neighborhoods are much more scarce than in outlying areas. The prices are not being undercut by the plethora of foreclosures that are plaguing the suburbs and other areas of the country. The more established a neighborhood and the closer to town it is located , the better chance it is holding steady or gaining in value. While markets such as Vegas, Miami and Phoenix have declined 20-30%, Atlanta is holding steady and actually increasing in some areas! Money is now available and rates are still very competitive. NOW IS THE TIME TO BUY!! Atlanta's market will continue to increase due to job growth and quality of life. We are still one of the most reasonable markets in the country. Let us show you the value of this market. Contact us today!
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The plan to remove up to $700 billion in bad mortgages from financial institutions passed on Friday. The soaring foreclosures in the US are seen as a top threat. You will be glad to hear that S&P says that markets in Atlanta, Boston, Dallas, Denver, and Minneapolis have home prices that have increased in the past three months. The weakest US markets are Las Vegas, Phoenix and Miami.
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The government takeover of embattled mortgage giants Freddie Mac and Fannie Mae may well be just the thing for the sluggish real estate market. Although taxpayers will have to foot the bill for the bailout, a sense of stability is expected to arise from this takeover. Existing Fannie and Freddie mortgages will be shored up and new mortgages easier to get. As with any government agency, the new Fannie and Freddie will require a lot of paperwork. Buyers can expect to be asked to provide 2 full years of tax returns and several months of bank statements and check stubs. Interest rates have fallen to around 5.5% on news of this takeover. This is a great time to buy! Chase Mortgage , our preferred lender, has a great program utilizing these new guidelines. The program is called "Passport to Purchase". Make sure and ask us how to qualify and we will put you in touch with Keith Spain our Chase representative. Posted by Heyward Young
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Here's a little good news for Atlanta for a change. Atlanta Business Chronicle just reported that Atlanta's five year expected growth rate for total number of households ranks No. 1 among the top 13 metro areas with a 10.6% expected overall household growth rate. Even though it's too soon to call a bottom in the housing market, UBS is pinpointing which geographical markets will be the first to rebound. Well, you'll be glad to know Atlanta, Austin, Charlotte, Dallas/Ft. Worth, and Houston are the top picks for markets that will lead in a housing recovery. Reasons why we will lead in a housing recovery is due to the fact we exhibit strong, positive trends in demographics, economic growth, affordability, and inventory. So buyers. . . now is the time to buy! We are already seeing the market pick up for us. With the amount of inventory out there, you can have your pick of great homes.
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What I love about Sanctuary is that we are a full service boutique. It's one stop shopping for any buyer or seller we work with. I was reading an article in Realtor Magazine titled, One Stop Shopping, and I was reminded about all the great benefits of our brokerage. Not only do we have a fantastic group of agents, but we have a great partnership with Chase, our lender, and Ganek, Wright, & Minsk, our closing attorney. They are both in house so if you ever need to talk with someone, you can get it all here at Sanctuary. Having just purchased a home, I know how often I had questions and how often I needed to speak with someone. Keith Spain, our lender, is here in house so you can always get in touch with him at our office or you can always call him. He does return your call and pretty quickly. As for Ganek, Wright, and Minsk, you can close on your home here at Sanctuary. They will come to us! We hold closings at the office because it's convenient and it makes our clients feel more comfortable. So, if you're looking for one stop shopping, we're what you're looking for. So, let me tell you what the article said. It says making the process as convenient as possible for the home buyer is what is important. Closing with a brokerage that has all the services packaged together makes the transaction process quick, convenient, at less cost, and with fewer mistakes. Eighty percent of buyers say the biggest perceived benefit is the chance to save money and just over seventy percent say there's less of a chance of the whole deal falling apart. They have found out that home buyers who have used this one stop shopping concept have a higher rate of satisfaction. The problem is that seventy percent of buyers surveyed had not heard of this concept until this survey. Let's get the word out. We want our clients to be happier!
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Interest rates have fallen again and ar at historical lows. It is one of the best times in recent memory to be a buyer. Sellers are negotiating more than they were just 2 years ago. To combat the negative news drummed into our brains on the nightly news, the Greater Atlanta Home Builders have started a website to highlight the positives of the Atlanta market. www.gethomeatl.com has great facts and figures and reasons why now is the time to buy a home. Buying a home is the best way to build a nest egg for your future and to begin building equity. Home prices are still increasing in the Atlanta market at healthy rates. It is a much lower risk than a gamble on the stock market. So come on Atlanta get home today!! Published Friday, September 28, 2007 1:33 PM by Heyward Young
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Wow, it is an exciting time to be living in Midtown. Did you know there are about 100,000 people living within 2 miles of Midtown and the median age is 32? Your average family income is $92,500 and the median home value is $332,000. Here are the changes that are happening in your neighborhood. Do you know about the Midtown Mile? It consists of 14 consecutive city blocks (North Avenue to 15th Street) and will have 1 million sq. ft. of retail space on Peachtree. A major component of Midtown mile is already underway. It’s a 2.5 million square foot mixed-use development and it is Phase I of three phases. 1010 Midtown, a 35-story building, broke ground September 2006. It will have 443 condominium residences and $50,000 sq. ft. of retail space. Selig Enterprises and Daniel Corporation are developers that control the largest piece of retail on the Midtown Mile. They plan to attract retails unique to the market. These stores will be able to operate on multi-levels to maximize space and deliver that urban, yet sophisticated shopping atmosphere. You didn’t hear it from me, but we may be getting a Barney’s. In Phase II, the developers will be adding office and hospitality space to the project. Construction is scheduled to start in the summer on a 725,000 sq. ft. office building with 60,000 sq. ft. of retail on the bottom. Part of Phase II is the addition of a 452,000 sq. ft. hotel and condominium building. There is no question; Midtown lacks an upscale, good business class hotel. Phase III will include about 500,000 sq. ft of office space, 40,000 sq. ft of retail space and a super luxury boutique hotel. This phase will start when the developers are comfortable with how the second phase has progressed. If you’re wondering about parking, don’t worry. The project will accommodate plenty of parking! So, what do you think? Midtown is definitely a place you will want to live if you’re not here already. Sanctuary Real Estate is in the heart of Midtown and we know Midtown! If you’re looking for an agent who knows what’s going on and what’s hot and new, give us a call 404.644.3146. We would love to find you a Sanctuary in what will be the next New York Madison Avenue.
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As we have been saying, the market is on its way to recovery. The new numbers out last week along with the good economic news released this week, mean a recovery is in the forecast. The recovery has already begun in some Northeast markets. The Atlanta market is expecting a recovery in the first quarter of 2008. That being said, now is the time to buy. Prices are still low and rates for 30 year fixed mortgages have held steady around 6% or less. Sellers are still motivated and seem to be giving concessions like never before. We at Sanctuary Real Estate try to keep ourselves "on top of the market" so we can get our clients the best deal. As the market continues recovery, Prices will increase. Contact one of our agents for details about how to get the deal you deserve! Please explore the link above and don't hesitate to call us with any questions. Sanctuary Real Estate strives to provide the best and most current market information for our clients. Enjoy and we look forward to working with you soon! Published Thursday, December 13, 2007 3:20 PM by Heyward Young
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Enough of the gloom and doom! CnnMoney has just listed as Atlanta as the #4 city to invest in Real Estate. because we had moderate growth instead of over inflated double digit growth, the feeling is that we have hit the bottom. That being said , Atlanta is on the way up! Economists predict Atlanta's median sales price to increase 5.6% between 1st quarter 2008 and 1st quarter 2009. That is healthy growth that makes us a great buy. In addition to the housing recovery, Atlanta boasts one of the highest rates of job growth. Don't listen to all the naysayers. Atlanta is open for business and it is a smart investment!
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I read an article in the AJC the other day titled, “Inside Advice: Uncontrolled decline in prices? Numbers say no” by John Adams. He recently heard a report that home values were in a “free fall”. If you don’t know what free fall means, it means a rapid and continuing drop or decline. Well, I’m a homeowner and this little bit of news was very unsettling. After reading further, I was pleased to see that home prices are NOT in free fall. Instead, the most widely trusted home price index for the US showed that Georgia home values for the fourth quarter of 2007 were slightly higher than they had ever been.
Here are some interesting facts from the index, which includes data from home sales and appraisals for refinancings: The index rose 0.1% over the last quarter and 0.8% for the year 2007. One percent my not seem like much of an increase, but after news of home values being in a free fall, 0.8 percent nationally does start to sound pretty good. States with the greatest rates of appreciation from fourth quarter 2006 and fourth quarter 2007: Utah (9.3%), Wyoming (8.3%), North Dakota (7.9%), Montana (6.9%), and Alaska (6%) States with the lowest rates of appreciation for the same period: California (-6.6%), Nevada (-5.9%), Florida (-4.7%), Michigan (-4.3%), and Rhode Island (-2.6%) Georgia’s price appreciation for 2007 ranked 24th on the list of states and our homes increased in value by 2.55% during the year. Atlanta metro area showed homes were up 1.67% for the year.
I thought I would share some encouraging news with you all.
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