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When will it end? That is the question everyone in real estate is asking. The “it” being the current slowdown in the housing market both locally and in most major markets across the country. Inventories are rising, prices have leveled, and days on market have increased considerably. Fortunately for Metro Atlantans, the “slowdown” is more of a cyclical correction that is normal following a boom. Interestingly, million dollar plus closings have not slowed nearly as dramatically as the rest of the market. More than one out of fifty homes closed in June was a million dollar plus closing. Those closings represented 11 % of the total volume for June. In the previous month, there were 97 closings in the million plus market that represented over 9% of May’s volume. (Source: FMLS)
Click here for million plus properties currently listed by Jenny Pruitt & Associates, REALTORS®
Senior Vice President, Managing Broker
Johns Creek office
Source: Georgia Realtor magazine, July/August issue
Americans will spend nearly $233 on home remodeling this year, according to the National Association of Home Builders‘ (NAHB) 2007 industry forecast. That represents a 1.9 percent increase from the record $228 billion spent in 2006, according to estimates from the U.S. Census Bureau.
Driving the remodeling market are the size and characteristics of the housing stock. With an average age of 33 years and rising, older homes require more remodeling – both in terms of upgrading features to compete with new construction as well as maintaining their physical quality. Though remodeling is somewhat cyclical with new construction, homeowners cannot put off a major repair like a leaky roof as they can discretionary upgrades, and that stabilizes the industry during slower housing markets.
Article taken from the Daily Real Estate News – June 19, 2007
Moscow is the most expensive city in the world, according to this year’s annual Mercer Human Resource Consulting survey. London comes in second place, up from third last year. Overall, Asian cities dominated the top 10 of pricey cities. On the other hand, Asuncion, the capital of Paraguay, is the least expensive city for the fifth year in a row.
Mercer surveyed the cost of living in 143 cities, comparing the cost of more than 200 household incomes. Strong currencies dropped New York City to 15th place and Los Angeles to 42nd. No Canadian or Latin American cities were in the top 50.
- Moscow, Russia
- London, United Kingdom
- Seoul, South Korea
- Tokyo, Japan
- Hong Kong, Hong Kong
- Copenhagen, Denmark
- Geneva, Switzerland
- Osaka, Japan
- Zurich, Switzerland
- Oslo, Norway
- Milan, Italy
- St. Petersburg, Russia
- Paris, France
- Singapore, Singapore
- New York City, U.S.
Senior Vice President
Director of Relocation and Business Services
Three homes in Ivey Mills, a community of classic homes in Roswell prices from $1.2 million, will be included in the Roswell Woman’s club 2008 Showcase Home Tour. The homes will be professionally decorated by many of Atlanta’s top designers, and all proceeds from the tour will benefit different charities chosen by the Roswell Woman’s Club. Ivey Mills, a gated community near the heart of historic Roswell, is being marketed by Jenny Pruitt & Associates New Homes Services. “We are so honored to team with the Roswell Woman’s Club for the 2008 Showcase Home Tour,” said Ada Love, Senior Vice President – New Homes Director for Jenny Pruitt & Associates. “The elegant estate homes at Ivey Mills offer the finest in luxury in the Roswell area, and we know tour attendees will enjoy seeing the quality craftsmanship and beautiful designs these homes offer.”
The homes on the tour are being built by Glenn Knowles of Moncler Homes LLC, Jason Rosen of Rosen Custom Homes LLC and Randall Tharp of Tyson Homes. These builders have partnered with the Roswell Woman’s Club during the upcoming tour which will be held March 9 – March 30, 2008. The club chose the Ivey Mills community for the tour since the location provided an opportunity to help link the past with the present in historic Roswell. The site of Ivey Mills is land once owned by one of Roswell’s earliest residents, Franchis Minhinnett, a stonemason who arrived in America from Plymouth, England. Minhinnett completed stone work for one of the mills in Roswell, and he laid the foundation for Barrington Hall, one of the three historic city-owned homes in Roswell. because Roswell Woman’s Club actively builds foundations in the community, this connection provides a great theme for the 2008 tour.
The two-story custom estate homes at Ivey Mills are built by some of Atlanta’s finest custom home builders and developed by Jim and Richard Wernick of Land Sellutions, which has developed land in the Atlanta area for 20 years. The luxurious homes within the community will range in size from 6,000 to 10,000 square feet, and all homes will be located on three-fourths of an acre sites. Children will attend schools in the highly-rated Fulton County district including Sweet Apple Elementary, Elkins Pointe Middle and Roswell High.
Is the second home market a buy or a bust? The simple answer is a buy! The second home market has typically been mostly buyers that are baby boomers, as they continue to drive the market in second homes. They are at a point in their lives when they’re at the peak of their earnings and with interest rates still historically low, they want to diversify their earnings. The National Association of Realtors contends that 41% of vacation-home buyers have purchased second homes for vacations, 31% to use as a family retreat and 28% to diversify investments.
How has the second home market changed? The speculative investors who came into the market, were trying to make a “quick buck” and were buying multiple properties, were distorting the market numbers, and thus are not as prevalent. Some of the inventory left over from the investors have softened some of the secondary home market.
So, is the second home market a “bust?” Not really. Sales of this market are expected to stay strong for years, due to the fact that the youngest of the baby boomers are only 42 years old. The typical buyer for a second home is about 52 years old and has a gross income of about $85,000 according to NAR. As the younger Baby Boomers age, they will be a steady pool of buyers for the next ten years. Many of the second home buyers want to have something they can hand down to their kids or if necessary, use it as a rainy day fund.
Now is as good a time as any to purchase a second home, so please consult with your Jenny Pruitt & Associates Realtor to begin the process of purchasing a vacation home!
Senior Vice President, Managing Broker
Sandy Springs office
If you are preparing to sell your home, make sure that you present it at its best. Use these simple and cost-effective tips to make your home more appealing to potential buyers:
- Keep it clean! This may seem simple since cleaning costs you nothing, but showing your home at its best can make a huge difference.
- Decrease clutter. Organize and store belongings you can do without for a few months. Decreasing clutter makes your home appear bigger and brighter. Removing excess furniture helps buyers envision their own decorating and furnishing ideas.
- Add a fresh coat of paint. Painting rooms in neutral, toned-down colors makes them appear bigger and brighter. In addition, painting walls covers marks from everyday wear and tear. Painting the outside is also helpful to present your home as being in “move-in” condition.
- Replace worn floor coverings and broken fixtures. Potential buyers want to feel like they are moving into a new home, not like they are moving into a worn piece of property. After all, it is new to them. Make your home look new and inviting by replacing worn carpet and/or flooring and repairing broken windows and light fixtures.
- Remember landscaping. First impressions are lasting ones. The first thing that buyers will notice is the outside of your home. Keep the shrubbery trimmed, the shutters painted and the lawn mowed and edged. Add plants, and repaint the front door.
All of these simple tips can make a difference in the impression that the buyers have of your home and the potential for a quick sale. If you have any questions on selling your home, or are interested in listing it, please contact a Jenny Pruitt Realtor today!
Senior Vice President, Managing Broker
Sandy Springs office
