We are providing this monthly real estate advisor report to keep you informed about the latest trends and issues in the real estate market. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!
Click here for a detailed market report for the Greater Metro Atlanta area.
Once again, BHHS Georgia Properties was Number 1 in both homes sold and buyers represented for January 2014. We have been ranked #1 for 5 years in a row.
Closings for Metro Atlanta in January were down 39% compared to last month and down 21% compared to the previous year.
For the Greater Metro Atlanta area, listed inventory was down 1.3% from December 2013 and up 13.8% compared to last year. The limited availability of quality properties has turned some local areas into a seller’s market.
The available “months of supply” rose to 6.6 months versus was 4.6 months in December 2013. The slower pace of sales and slightly higher inventory are creating a more normal market condition.
The pace of short sales and foreclosures coming on the market has slowed considerably. In 2010, over 60% of sales were distressed properties but in January we only saw 164 foreclosures and 269 bank-owned sales. Resales and New Homes are the larger mix of sales.
New Homes are making a slow but sure comeback. There are some wonderful new home communities coming online with the latest innovations in smart building that may be great options for buyers. Click here to view new home communities.
The Case-Shiller Index reports that Metro Atlanta home values have increased 37% from the bottom of March 2012. But values remain down 16.94% from the peak of July 2007. Click here for the latest report.
The trend for mortgage rates is higher. The Mortgage Bankers Association and Freddie Mac predict 30-year mortgage rates to be over 5% in 2014. This could significantly reduce buying power for those that wait.
Baby Boomers are the leading buyer segment followed by First Time Buyers. Move-Up Buyers are showing some signs of improved activity but remain well below historical levels.
This is an unprecedented opportunity to buy the home of your dreams while prices and financing are historically low. But these conditions will not last as the real estate market continues to recover.
THE LUXURY LIVING SHOW!
Sponsored By Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices Georgia Properties is pleased to invite you to the 5th Annual Luxury Living Show at Phipps Plaza in Buckhead. In partnership with the Atlanta Homes & Lifestyles magazine and Global BMW, we are pleased to bring you the latest ideas in kitchen and bath design. Here is a brief overview of the events:
March 2 - March 31: Visit the full size "Living Kitchen and Bath" on Mall Level One, Court of the South, and experience the newest trends in kitchen and bath design. View the latest luxury automobiles from Global BMW. See the extraordinary luxury homes from the Berkshire Hathaway HomeServices Luxury Collection. Luxury Collection Specialists will be on hand during the month of March to answer your questions and discuss "best practices" for luxury real estate.
Sunday, March 2 (1PM - 5PM): Opening day festivities include fabulous shopping, along with a presentation at 3:30PM by internationally acclaimed Interior Designer, Suzanne Kasler, in the Living Kitchen. A book signing of her new book, Timeless Style, will follow her presentation.
Wednesday, March 5 - Saturday, March 8: Berkshire Hathaway HomeServices Georgia Properties will unveil an innovative Interactive Kiosk design. This is the latest technology for luxury real estate search and provides new options for consumers in a retail environment. Also learn about our new Mobile Real Estate App currently available in the App Store and Google Play Store.
Saturday, March 8 (Noon - 3PM): Top local chefs make magic happen in the Living Kitchen! Come meet them and sample some delightful treats.
Visit our Berkshire Hathaway HomeServices Luxury Collection table to enter the drawing to win a brand new iPad. We look forward to seeing you there!
Spring Forward On March 9th
Yes, it is that time of year again. Daylight Saving Time begins at 2am Sunday morning, March 9th. So remember to move your clock forward one hour before you go to bed Saturday night!
History of Day Saving Time: People often ask - what is Daylight Saving Time and why do we have it? Daylight Saving Time (or summer time as it is called in many countries) is a way of getting more light out of the day by advancing clocks by one hour during the summer. During Daylight Saving Time, the sun appears to rise one hour later in the morning, when people are usually asleep anyway, and sets one hour later in the evening, seeming to stretch the day longer.
The reason many countries implement DST is to make better use of the daylight in the evenings. Some believe that it could be linked to reducing the amount of road accidents and injuries. The extra hour of daylight in the evening is said to give children more social time with friends and family and can even boost the tourism industry because it increases the amount of outdoor activities.
DST is also considered a means to save energy due to less artificial light needed during the evening hours. Clocks are set one hour ahead during the spring, and one hour back to standard time in the autumn. However, many studies disagree about the energy savings of DST - some may show a positive outcome of the energy savings, others do not.
Benjamin Franklin first suggested Daylight Saving Time in 1784, but modern DST was not proposed until 1895 when an entomologist from New Zealand, George Vernon Hudson, presented a proposal for a two-hour daylight saving shift to the Wellington Philosophical Society. The conception of DST was mainly credited to an English builder, William Willett in 1905, when he presented the idea to advance the clock during the summer months. His proposal was published two years later and introduced to the House of Commons in February 1908. The first Daylight Saving Bill was examined by a select committee but was never made into a law. It wasn't until World War I, in 1916, that DST was adopted and implemented by several countries in Europe who initially rejected the idea. The United States, Canada and some other countries extended DST in 2007. The new start date is the second Sunday in March (previously the firstSunday in April) through to the first Sunday in November (previously the last Sunday in October).
If you would like to set your clock to the correct time, please click this link.
Lake Sidney Lanier Homes is the most comprehensive online source for information on Lake Lanier homes for sale and Lake Lanier area real estate. View the latest Lake Lanier home listings, foreclosures, lots, land, sales trends and real estate topics on Lake Lanier. Arthur Prescott is an Accredited Buyer's Representative and Certified Residential Specialist with over a decade of Lake Lanier real estate experience. If you would like to schedule a free buyer or seller consultation, please feel free to contact us directly at 678-513-2014 or email us at Arthur.Prescott@BHHSGeorgia.com.