North Atlanta Real Estate Update

Stay up-to-date on the Real Estate Market Trends in Alpharetta, Cumming and Suwanee Ga: By John Foster, Realtor at Keller Williams 770 722-7010

Jan. 13, 2022

What's Going To Happen with Home Prices in 2022 in Alpharetta, Cumming and Suwanee Ga

What’s Going To Happen with Home Prices This Year?

What’s Going To Happen with Home Prices This Year? | MyKCM

After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or increase at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.

What’s Going To Happen with Home Prices This Year? | MyKCM

As the graph shows, appreciation has remained steady at around 18% over the last five months.

In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year – it's just not at the level that was expected. However, they also both indicate there’s continued strong price growth throughout the country. FHFA reports all nine regions of the country still experienced double-digit appreciation. The Case-Shiller 20-City Index reveals all 20 metros had double-digit appreciation.

Why Haven’t We Seen the Deeper Deceleration Many Expected?

Experts had projected the supply of housing inventory would increase in the last half of 2021 and buyer demand would decrease, as it historically does later in the year. Since all pricing is subject to supply and demand, it seemed that appreciation would wane under those conditions.

Buyer demand, however, did not slow as much as expected, and the number of listings available for sale dropped instead of improved. The graph below uses data from realtor.com to show the number of available listings for sale each month, including the decline in listings at the end of the year.

What’s Going To Happen with Home Prices This Year? | MyKCM

Here are three reasons why the number of active listings didn’t increase as expected:

1. There hasn’t been a surge of foreclosures as the forbearance program comes to an end.

2. New construction slowed considerably because of supply chain challenges.

3. Many believed more sellers would put their houses on the market once the concerns about the pandemic began to ease. However, those concerns have not yet disappeared. A recent article published by com explains:

“Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. . . . And then the new omicron strain hit in November, followed by a December dip in new listings. Was this sudden drop due to omicron, or just the typical holiday season lull?”

In Alpharetta, Cumming and Suwanee Ga our median sales price for the past three years is as follows:

Median Sales price So what is driving the increase?

It is the supply of homes compared to the demand.  Or put another way, right now there are more buyers of homes than homes for sale. 

Buyers are driven by low interest rates which appear to be headed up this year, and in our area excellent schools.

The supply of Homes is measures as months supply of inventory.  In a "Normal Market" a six month supply of homes is consider healthy.  Here is the months supply of homes for Alpharetta, Cumming and Suwanee for the past 3 years:

You see today we have less than a months supply of homes for sale is Alpharetta, Suwanee and Cumming.  

This leads to bidding wars when a home comes on the market that is priced right and in good condition, which leads to increasing prices.

I expect an early sales season this year as home sellers see the appreciation and will take advantage of this market.

Bottom Line

Home price appreciation should slow (or decelerate) in 2022. However, based on supply and demand, you shouldn’t expect the deceleration to be swift or deep.  If you, or anyone you know, is considering selling their home please contact me at 770 722-7010.  I would love to interview for the job of selling your/their home.

Jan. 11, 2022

See what is trending in Kitchens for 2022

Want to know what's Trending in Kitchens for 2022?
A. White still reigns but color shows up in cabinetry, appliances, and countertops.
B. Lighting is now in layers rather than a trio of pendants above an island.
C. Steam ovens are the hottest new appliance.
Kitchen
Click here for other trends including Islands, Wood, and more.
Jan. 10, 2022

Real Estate Market Update - as of 01-10-2022 By John Foster w Keller Williams

This weekend I showed a lot of homes in Alpharetta, Cumming and Suwanee Ga. 

There were a few homes that came on the market last week and my buyers wanted to see them.  Three of my buyers requested to see the same home and one wrote an offer on that home.  After 1.5 days of showings this is what the card agents left behind looked like: - that is a ton of cards.

Here is a summary of the offers on that home from the listing agent:

  • That home received 56 offers
  • No one offered the list price or below
  • 50% of the offers waived the appraisal contingency
  • The home was listed at $469k and 22 of the 56 offers were over $500K

If you are considering buying or selling a home how does this market impact you?

1.  Right now there is a pool of buyers that have been waiting for homes to hit the market - very few homes have come on the market in the 2 months so when anything hits the market now it is a feeding frenzy.

01-10-2022 months supply of homes2.  If you are considering selling your home in Alpharetta, Cumming or Suwanee it is a great time.  In a "normal market" there is a six month supply of homes for sale.  As you see to the right all 3 North Atlanta Cities are below a one month supply of homes - that means it is a Sellers Market.

So it is a great time to be a Seller - What about Buyers?

It is a great time to buyer a home because interest rates are so low - not as low a 6 months ago but incredibly low.  So how do you buy a home in todays market:

1.  Get the right mindset - how you think is everything.

2.  Find a great agent that will tell you the truth about the market and what to expect.  I would love to interview for the job or being your agent.

3.  There 

4.  Talk w/ your agent about your goals and together make sure your offers are as strong as possible while achieving your goals.  People are able to buy homes today and it might as well be you if that is your desire.  

5.  Homes are for sale:   

Click here to see Alpharetta Homes for sale

Click here to see Cumming Homes for Sale

Click here to see Suwanee homes for Sale

When you find a home get your agent to show it to you as soon as possible - if you want to make an offer do not wait.  Find a good agent and work as a team to get you in your new home.  

Call John Foster at 770 722-7010  Proudly serving Alpharetta Cumming and Suwanee as a Full -time Realtor since 2003.

 

Jan. 10, 2022

13 Home Trends Stealing the Spotlight in 2022

Realtor.com offers 13 Home Trends Stealing the Spotlight in 2022. 

2022 Housing Market

Here are my top 3 on the list:

1.  High-speed internet and Broadband

2.  Home theater room, yoga studio or Zen room

3.  First floor bedroom with full bath.

Take a look at the other 10 that Realtor.com list and let me know your top 3.  Click here

If you or anyone you know is considering buying or selling this year - please have them call/text me or let me know and I will be happy to contact them.

The last 2 years have been very good for people that own home - actually the last 10+ years have been outstanding.  I expect 2022 to be another great year.

 

 

 

 

Jan. 6, 2022

John Foster says thanks to all those that helped him in 2021

Thank you for such a great 2021!!.  I would like to thank everyone that has helped me in my Real Estate Career - thank you to those who have bought and sold homes and used me as their agent and those that referred me to their Family and Friends. 2021 was a great year and I think 2022 will be another great year in Real Estate in our area.


#atlantarealestate #AlpharettaRealtor #cummingRealtor #suwaneeRealtor #AtlantaLDSRealtor #MiltonRealtor #sellingmymiltonhome #thankyou #realestate #like #thankful #thanksgiving #realestateagent

 

 

Jan. 4, 2022

What to expect in the 2022 Housing Market

If you are considering Buying and/or Selling a home in 2022 - here is what the experts predict for 2022.  Want to know what to expect in your community - just call/text or email me today.  Let me know what you think of this 55 second video.

 

 

Get a copy of my FREE  Guides below.

Click Here for Free Buyer's Guide                Click Here for Free Seller's Guide

Jan. 4, 2022

Thinking of Buying or Selling Your Atlanta Home- Get a copy of my FREE Guides

Click Here for FREE Buyers Guide

Click Here for FREE Seller's Guide

 

Jan. 4, 2022

5 Tips for Making Your Best offer on a Home - by John Foster, Realtor Atlanta

5 Tips for Making Your Best Offer on a Home

5 Tips for Making Your Best Offer on a Home | MyKCM

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.

2. Be Ready To Move Fast

Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”

When houses are selling this fast, staying on top of the market and moving quickly are key. Your agent can help you put together and submit your best offer as soon as you find the home you want to buy.

3. Lean on a Real Estate Professional

No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac also notes:

“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.  I will give you my thoughts.

4. Make a Strong, but Fair Offer

According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. I will help you understand the market value of the home and recent sales trends in the area.  I want to make sure you know the market as you consider an offer. 

5. Be a Flexible Negotiator

When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.  Call/text or email me at 770 722-7010

Dec. 13, 2021

If You Think the Atlanta Housing Market Will Slow A Lot This Winter, Think Again.

If You Think the Housing Market Will Slow This Winter, Think Again.