June Special Section
2 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
What to expect in a pandemic real estate market By MELANIE COLLINS Ansley Atlanta Real Estate | Collins Collective As doors reopen to businesses and institutions around the country, many buyers and sellers are considering opening doors of their own. While the pandemic shuttered schools and businesses temporarily, the real estate market didn’t seem to get the memo. Ansley Atlanta Real Estate reported a 46% increase in pending sales year over year for March, as housing inventory and mortgage rates remained historically low. Agents reported normal Spring market activity, in a world that was anything but normal. As restrictions continue to lift, those who might have postponed their plans to move for health or economic reasons are beginning to revisit their options. Here’s what you can expect if you are planning to make a move this season. Prices are still increasing As the pandemic arrived, consumers were sure they heard opportunity knocking in the form of softening prices, but this turned out to be wishful thinking as low mortgage rates and sparse home inventory fueled multiple bids and quick contracts throughout March and April. Careful preparation is essential to avoid losing out or stressing out in a multiple
bid situation. Be represented. A professional agent will watch the market carefully, checking stats daily and staying in close contact with other agents to get a jump on new listings for their clients. Be ready. Sellers are requiring more proof that a buyer is serious before allowing showings. Have a pre-qualification letter from a reputable lender (or
proof of funds from your bank for a cash purchase) prepared in advance. You may need to provide this documentation just to see a property, and certainly before offering on one. Be realistic. Your agent will guide you on prices for your market and advise you when there is opportunity for a discount but be prepared to pay asking price in especially competitive areas.
Promotional Products
Weekly SPECIAL PRICING & Free Design & Layout Your source for personalized specialty products that showcase your logo and contact info at prices you can’t beat. Visit our website at AppenSigns.com and click on “Promotional Items” at the top. Manufacturer pricing incentives occur almost every week and not all are on the site so call us at 770-722-9023 to see if there are new prices on something you may want or email us for a quote at Sales@AppenSigns.com.
APPEN
SIGNS & RESTORATION
www.AppenSigns.com Call for Special Pricing Quotes! 770.722.9023 (Paul’s cell) or 770.442.3278 (Office) Sales@AppenSigns.com
Buyers are informed Even in a seller’s market, flawless presentation and pricing accuracy are still paramount to success, whether your goal is a swift sale, record-breaking sale price, or both. The pandemic didn’t have a dampening effect on prices as some predicted, and it is still possible to get top dollar for your listing by taking important steps to prepare. Presentation matters. Online searches continue to dominate the landscape of home buying, especially now. Insist on professional real estate photography and a marketing plan with a strategy for engaging buyers viewing your listing online. Price accurately. Your agent will provide you with a pricing strategy tailored to your listing and market. While market conditions determine the final sale price, the closer you list to that price, the more likelihood of selling at or close to full asking price. And waiting for your ideal price, if above market value, typically backfires, resulting in a lower sale price and costly time on the market. Getting the best results in any market requires careful preparation and realistic expectations. An important step is hiring the right representation early in the process, as soon as you begin contemplating a move.
REAL ESTATE REPORT • Sponsored Section
NorthFulton.com | ForsythHerald.com | June 2020 | 3
Re-Writing the Rules of Luxury home | family | community
A N S L E Y E X I S T S T O S E R V E O U R C L I E N T S . I T ’ S W H AT W E L O V E T O D O . Contact us to see how we can work for you in buying or selling your home.
RELOCATION BUSINESS
558% WE WORK WITH BUYERS MOVING TO ATLANTA
LUXURY MARKET SHARE
SOCIAL MEDIA DOMINANCE
No. 1
500k
BROKER IN METRO ATLANTA Q2 2020
VIEWS PER WEEK ALL REAL FOLLERS
3 1 C H U R C H S T R E E T | D O W N T O W N A L P H A R E T TA | 7 7 0 . 2 8 4 . 9 9 0 0 | A N S L E YAT L A N TA . C O M Source: Brokermetrics QTD Broker report entire MLS, residential buyers market share over $1M. All information believed to be accurate, but not warranted | Equal Housing Opportunity | Christopher Burell, Principal Broker
4 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
Tuscany Fine Furnishings safely reopens
I
mmediately upon reopening on May 1st, Tuscany deployed employee Mandatory Public Healthcare Guidelines … All our Designers, All our Delivery and All our Warehouse personnel, are now required to wear facial Masks, while working with the general public…UNTIL THERE IS A WIDELY DISTRIBUTED COVID-VIRUS VACCINE, this is our new normal, for Everyone’s Health and Safety. Moreover, we pre-ordered hundreds of Protective Disposable Masks, from our National Home Furnishings Association, along with small Shopping Gift Bags, for storage and reuse. (see insert photo) Tuscany encourages All Customers to wear protective Masks, while Shopping in Public. Any Customers entering our 18,000 Square Foot Showroom and Design Center, without a Mask, will immediately be given a Tuscany Gift Bag with a Mask to wear while they shop with us and a Gift Bag, for storage and reuse. Furthermore, all Tuscany employees, will practice Social Distancing to stay within six feet of not only Customers entering our Showroom but also between all employees, not living in the same household. As we welcome back Customers to safely shop with Tuscany Fine Furnishings, we will offer a Storewide 15% Discount on All Furnishings, Accent Pieces and Accessories, including All New Arrivals and a 30% Discount, for all Special Orders placed! We encourage all Designers and Real Estate Broker’s, that shop or recommend Tuscany Fine Furnishings, to their customers and clients, also communicate Tuscany’s strict safety shopping guidelines. In addition, Tuscany will also go on house calls and schedule appointments directly with our Designers, with protective Masks, worn by all parties. Tuscany Fine Furnishings also has an award winning New Website, launched in 2019, fully integrated to all Social Media Platforms including…Facebook, Instagram, YouTube and Google Business, where 23,000 families follow and Shop Tuscany, everyday! Tuscany is prepared to operate with the highest level of public health, safety and protection for the long-haul, so you and your families can confidently shop and accept deliveries of your merchandise…knowing we have your well-being in mind. Be safe out there and God Bless America!
Tuscany is prepared to operate with the highest level of public health, safety and protection for the long-haul, so you and your families can confidently shop and accept deliveries of your merchandise
Kathy McConnell, an accomplished award winning, Interior Designer and Owner and Kelle McConnell, Owner, at Tuscany Fine Furnishings, Offering Lifestyle Driven Design ... Furnishings for Every Room in Your Home, 1570 Holcomb Bridge Rd. Suite 315, in Roswell, 770-993-0640 ext. 2, Showroom Hours: Mon-Sat 10-6 p.m. Sun. 1-5 p.m … See why … 23,000 Families Follow and Shop Tuscany on Facebook, Instagram, Google Business and YouTube Everyday!
TUSCANYFINEFURNISHINGS.COM
REAL ESTATE REPORT • Sponsored Section
NorthFulton.com | ForsythHerald.com | June 2020 | 5
h S o l w l e r oom Featuring w s o R s ’ Y N A C S U T n s I p e i l r e y d Showcases! t s e f i L e u q i n U 30
Lifestyle Driven Design...Furnishings for Every Room in Your Home Showroom Hours Mon-Sat 10-6 • Sun 1-5 12 Months No Interest Financing Available
See Why 20,000 Families Shop Tuscany on Facebook, Instagram, Google Business and YouTube Everyday! 1570 Holcomb Bridge Rd., Roswell | TuscanyFineFurnishings.com | 770-993-0640
6 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
The Memory Center Atlanta The Memory Center Atlanta is the most unique and comprehensive community for those living with Alzheimer’s and dementia. Devoted specifically to memory care, our expertly designed program meets the challenging conditions of an aging brain with a caring, interactive community. We understand a diagnosis of dementia doesn’t mean you or your loved one stops living, rather it means finding new ways to live by providing assistance to maintain an active and meaningful lifestyle. Our residents enjoy music, dancing, live entertainment, art, gardening, - even outings, pet therapy and religious services. Enjoy a drink in the Chattahoochee Tavern, grab a movie in the Fox Theater or ice cream at the Bull Dog
Café. All residents experience socialization and activities accessible across all levels of dementia. Even those who need 24/7 care benefit from life at The Memory Center. Overseen by our medical director who specializes in the field of geriatric healthcare, our team of Licensed Practical Nurses and Certified Nursing Assistants provide the best 24/7 care. Don’t let a crisis determine where your loved one receives care. If you are considering memory care, we encourage you to explore options as early as possible. Take the time to ask questions, tour and include your loved one in the decision making process. Transitioning to memory care early ensures the best quality of life with daily socialization and
engaging activities designed to meet the needs of you or your loved one. Get in touch - ask us a question or schedule a tour of The Memory Center Atlanta to learn more about how our team provides a seamless transition for
your loved one into their new home. Located at 12050 Findley Rd, Johns Creek, GA 30097, less than ½ mile from Medlock Bridge Rd. directly behind Emory Johns Creek Hospital. Call Today, (770) 476-3678.
For those looking forward
ALPHARET TA 307 Arbor Green Lane Offered for $668,900 Holly Horwege 678.372.2663
CUMMING 8330 Majors Mill Drive Offered for $400,000 Maryanne Winchester 678.520.9922 Kelly Keeter 770.442.7300
DORAVILLE 3435 Rose Arbor Court Offered for $359,990 Jeff Tubo 404.819.1874
MCDONOUGH 1495 E. Lake Road Offered for $1,450,000 Clay Henderson 770.652.1890 Haden Henderson 678.787.9226
AtlantaFineHomes.com | 770.442.7300 Sotheby’s International Realty Affiliates LLC. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
Covid-19 design changes to our homes I think we all realize that we’re slowly exiting the Covid-19 crisis, and as we do, we can start looking back and taking inventory of what we experienced and what got accomplished. As we reflect, we’re all wondering how things will be different in the post pandemic world. Will we remain physically distanced? Will large gatherings ever happen again? While some people choose to “nest”, the pandemic forced us all to do it… the entire family… for long periods of time. It brought families closer together and it also forced us all to really focus on our homes. People quickly became restless, and as evidenced by the increased traffic and big box home improvement stores, homeowners turned their attention to their homes; to repair and improve them. “We saw an immediate increate in requests for design time with our designers, and the rate of remodeling proposals slowly increased through the pandemic” says John Hogan, owner of Remodeling Expo Center. “Almost daily, we received calls from homeowners who previously didn’t move forward with the work, but now they wanted to move forward fast. Everyone was working from home and now they had the time to focus on that project that they’ve been thinking about for years” Covid-19 inspired changes to the home “Remodeling Expo Center prepares
REAL ESTATE REPORT • Sponsored Section
We immediately saw an increase in the quantity of dedicated home offices, finishing of basements, no-touch faucets, ventilation and exhaust fans.” BRITTANY LINGERFELT Lead designer at Remodeling Expo’s Design Studio
3D renderings and plans for homeowners, so we can really see what changes they want to their homes. We immediately saw an increase in the quantity of dedicated home offices, finishing of basements, no-touch faucets, ventilation and exhaust fans,” says Brittany Lingerfelt, Lead designer at Remodeling Expo’s Design Studio. “People are making permeant changes to their homes and lifestyles, and we have adapted our designs to accommodate homeowners changing requests. If there is a beneficiary to the pandemic; its our homes… they got repaired, improved upon and adapted. People are also preparing for the next pandemic.” For more information about remodeling, contact The Remodeling Expo Center at 404 910-3969 or visit the Design Center at 48 King Street, Roswell, GA 30075. www.RemodelingExpo.com.
NorthFulton.com | ForsythHerald.com | June 2020 | 7
8 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
5 home projects to tackle now Brought to you by – BILL RAWLINGS Senior Vice President & Managing Broker, North Atlanta Office Atlanta Fine Homes Sotheby’s International Realty
For those ready for what’s next
ALPHARE T TA 2501 Carmel Way Offered for $450,000 David Kaufman 770.480.9694
ALPHARE T TA 289 Milton Avenue Offered for $1,495,000 Charlcie Forehand 678.613.4422 Tanner Woodall 678.507.4100
A L PH A RE T TA 505 Letchas Lane Offered for $589,900 Elisa Picard 404.597.1702
CU M M I N G 2450 Flat Stone Drive Offered for $1,075,000 Josh Shaw 770.380.6715 Melanie Shaw 404.408.4853
DULUT H 1065 Rugglestone Way Offered for $580,000 Kathy Rice 678.697.4984 Lea Perez 404.840.1005
FO RSY T H 345 W. Johnston Street Offered for $439,000 Clay Henderson 770.652.1890 Haden Henderson 678.787.9226
J O H NS CRE E K 5380 Chelsen Wood Drive Offered for $1,095,000 Kyle Stevens 678.982.7022
M ILTON 3107 Watsons Bend Offered for $1,850,000 Chris McCarley 678.294.5185 Jackye McCarley 678.478.7636
ROSWE LL 224 Vickery Falls Drive Offered for $505,000 Tricia Leuallen 678.699.3955
ROSWEL L 305 Windy Pines Trail Offered for $973,900 Elizabeth Taylor 770.906.0779
WO O DSTO CK 144 Foxtail Road Offered for $498,000 Theresa Strait 404.483.1894 Geri Beckmann 404.290.2330
ROSEMARY BEACH, FLORIDA 30 North Spanish Town Lane Offered for $3,750,000 Scenic Sotheby’s International Realty
AtlantaFineHomes.com | 770.442.7300 Sotheby’s International Realty Affiliates LLC. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC Atlanta Fine Homes, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. and used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
While our country RAWLINGS is practicing social distancing and quarantine methods, you may have realized that your home needs a few updates. These five home projects will not only entertain you while you’re at home, but they will also improve your living space and allow you to enjoy it even more. From spring cleaning to rearranging furniture, you can amplify your home in no time. 1. Take spring cleaning to a new level Start by moving top to bottom, cleaning walls, windows, crown molding, baseboards and more. If you have any pieces that are washable, such as curtains, take the time to do that now! Also, be sure to dust and clean hardto-reach places like shelves, drawers and blinds. Improve your air quality by investing in a new HVAC filter, if you haven’t changed it in a while, and using a vacuum to remove dust and dirt from vents. 2. Rearrange furniture If you need an easy and affordable refresh, rearranging the furniture is one of the quickest, most feasible ways to do so! Analyze different rooms in your home, and then determine how you can declutter and maximize the space efficiently. For example, you could switch artwork between rooms, use different pieces for other purposes such as a side table serving as a plant stand, organize books and other items by color or size and more. Get creative! 3. Swap out arrangements Many of us have extra linens, pillows, rugs and blankets that we may not use most of the time. Swap out your current arrangements with these items to give a new look and design to your home. You can use pieces you already have or browse online for an item you would love to introduce to your space. 4. Upgrade your yard You will love summer days spent outdoors in an upgraded yard! Now that flowers and grasses have bloomed, you can clean up your yard to make it truly
See PROJECTS, Page 9
REAL ESTATE REPORT • Sponsored Section
NorthFulton.com | ForsythHerald.com | June 2020 | 9
For your home base
Projects: Continued from Page 8 breathtaking and to enhance your curb appeal. You can do so by removing moss, debris and weeds, scrubbing outdoor furniture and patios, adding outdoor lighting and planting herbs and flowers. 5. Create a new space As you’ve spent more time at home, you have probably noticed rooms or furniture that are hardly used. Now is a great time to sell some of these items and to create a new space that you’ve always desired! Design an office space where you can work remotely with ease, a reading nook to relax at the end of the day or even a bar and beverage area for future entertaining. By implementing these simple updates, your home will feel fresh and like-new. If you need assistance with your home projects or have questions about how they can increase the value of your home, please contact Atlanta Fine Homes Sotheby’s International Realty at 770.442.7300. We would be happy to help!
DU NWO O DY 2117 N Forest Trail Offered for $215,000 Sandy Edson 404.931.9140
DU NWO ODY 2200 Dunwoody Club Drive Offered for $785,000 Babs Price 404.697.2008
D U N WOODY 2300 Peachford Road, No. 1302 Offered for $349,900 Stacey Elgin 404.229.2258
DU NWO O DY 86 Mount Vernon Circle Offered for $289,900 Theresa Strait 404.483.1894
SA NDY SPR I N GS 612 Abingdon Way Offered for $219,000 Kim Spiezio 678.873.6299
T U C K ER 3363 Kelowna Court Offered for $479,900 Allen Snow 404.931.1176
TU CK E R 3388 Kelowna Court Offered for $494,900 Allen Snow 404.931.1176
W EST VIEW 1736 Emerald Avenue Offered for $450,000 Lisa Bennett 678.531.2996
MIRAMAR BE AC H, FLORIDA 4205 Beachside Two Drive Offered for $599,000 Scenic Sotheby’s International Realty
Compiled and edited by Holly Haynes, Marketing Coordinator
WANT MORE?
FOLLOW US ON twitter.com/miltonherald
AtlantaFineHomes.com | 770.442.7300 Sotheby’s International Realty Affiliates LLC. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC Atlanta Fine Homes, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. and used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
10 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
List your home and live stress-free We know how stressful the last few months have been for everyone, especially if you were planning on listing your home, or had just listed it, and are now wondering what to do. We’ve talked to several people who are nervous about having strangers walk through their house while it’s on the market, and EVOQ Town Flats of Johns Creek has a great solution that can help calm your nerves. At EVOQ Town Flats, we offer lease terms as short as 3 months so you can list your house, and move into a beautiful, new, never-occupied flat while your house is on the market. Not only do you not have to worry about people walking through your home while you live there, but you also don’t have to worry about keeping it “show-ready” while trying to live your life. Evoq Town Flats was conceived as a luxury rental option for the 55+ market unlike anything currently on the market. Our goal was to provide condominium-quality rentals with a boutique feel and resort-level amenities, including a self-serve Tap Room with beer & wine selections, saltwater pool, concierge services, two Guest Suites for friends and family, even Peloton bikes and On-Demand Fitness. In addition, knowing the level of luxury our residents are coming from, we put just as much detail into the flats, offering 23 unique floor plans which include spacious 5-piece master bath suites, stainless appliances including 5-burner gas ranges, 11’ ceilings, even a wine-refrigerator in select floor plans. Call us today at 770-869-2785 or visit us online at www.evoqliving.com to see why leasing at EVOQ Town Flats is your best option for stress-free living.
REAL ESTATE REPORT • Sponsored Section
NorthFulton.com | ForsythHerald.com | June 2020 | 11
Welcome to luxury living in Downtown Roswell! Welcome to Vickers Roswell, a boutique residential community featuring two and three bedroom apartments, nestled on Canton Street in downtown Roswell. Vickers Roswell is one of the only golf cart permissible towns in the state! Spacious layouts and amenities welcome you home, along with exceptional service and an ideal location within walking distance to shopping, dining and entertainment options on Canton Street. The living spaces at Vickers Roswell are thoughtfully designed with comfort and convenience in mind, and are stylishly appointed with the kind of premium materials and finishes you won’t find in any other apartments for rent in Roswell. Granite Countertops, Stainless Appliances, Hardwood Floors, Washer & Dryer included, Spacious Outdoor Entertaining area, Subway Tile Backsplash and Designer, Neutral Color Schemes are just a few of the luxurious amenities that are included at Vickers Roswell. Vickers Roswell Apartments in Downtown Roswell is ideally situated to give you easy access to the best of what the area has to offer. Walk to all of your favorite restaurants and shops in downtown Roswell! One Month FREE on 13+ Month Leases! Our community is now open for in-person tours! We still offer the option of a virtual tour or a self-guided tour. Please feel free to contact us with questions on any of these options. We look forward to hearing from you! Vickers Roswell 1180 Canton St Roswell, GA 30075 vickersroswell.com (762) 239-0416
12 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section
Condo or townhouse? For your next adventure
A L P HA R E T TA 240a Pebble Trail Offered for $439,000 Bonnie Majher 678.575.4439
A LPH A R E T TA 2560 Bethany Bend Offered for $523,900 Kathryn Blanks 770.337.4493
M I LTON 15200 Highgrove Road Offered for $600,000 Emily Tate 404.547.1797
M I LTO N 393 Gables Walk Offered for $925,000 Tracie Grodi 678.756.0163
M I LTON 548 Shadow Hawk Offered for $749,000 Gina Campbell 770.866.1063
M OR E L A N D 0 Bear Creek Road | Lot 2 Offered for $645,000 Clay Henderson 770.652.1890 Haden Henderson 678.787.9226
M O R E L AN D 0 Bear Creek Road | Lot 1 Offered for $360,000 Clay Henderson 770.652.1890 Haden Henderson 678.787.9226
M OR E L A N D 0 Bear Creek Road | Lot 3 Offered for $646,000 Clay Henderson 770.652.1890 Haden Henderson 678.787.9226
D ESTI N , F LORIDA 82 Hutchinson Street Offered for $3,795,000 Scenic Sotheby’s International Realty
AtlantaFineHomes.com | 770.442.7300 Sotheby’s International Realty Affiliates LLC. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC Atlanta Fine Homes, LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. and used with permission. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
Many people use the two terms interchangeably, but there is a clear distinction in the way the builder sets up the ownership of property. The building construction may look like a “townhouse”, but the rules governing the ownership GRIFFIN can be a “Condominium” under Georgia law. Buyers can determine which applies to a particular home by checking the legal description, or consulting with a real estate professional. Also, your lender can determine this through the title search and by referring to the public legal description of the property. Condominium Condominiums can be single floor “flats” in a building, or side-by-side multi-story “townhomes” with common walls. Basically, the title holder “owns” everything inside the interior walls. From the exterior walls out is owned by all owners as one body. Each homeowner has a share of the “common areas” determined by the total number of homes. So, if there are 100 homes, each owner has 1/100th share of the common area. Common area includes entry, clubhouse, pool, tennis courts and other amenities. The board of directors makes decisions regulating the common areas. All exterior maintenance and upkeep of the grounds is usually managed by the board. Buyers can request all of the current legal documents from the board or property management company before completing a purchase. Fee Simple Townhouse In Fee Simple ownership, the title holder owns the entire structure and the land underneath. The buyer may still have monthly fees and rules that apply to the land and building, but the exterior maintenance of the structure and sometimes the surrounding yard is the owner’s responsibility. So even though the townhouses have common walls, this form of ownership is very similar to a single family home. The homeowner’s association may still have rules and handle management of the surrounding property. Usually the fee simple ownership monthly fees are lower than condominium fees. If you have further questions on the features and benefits of these two forms of ownership, please call. Dan Griffin, Broker/Realtor, Keller Williams First Atlanta, 770-8432175, dangriffinadvisors@kw.com
REAL ESTATE REPORT • Sponsored Section
NorthFulton.com | ForsythHerald.com | June 2020 | 13
Staying strong By NATALIE VANHOOK Keller Williams North Atlanta With negative economic news being reported daily, we must remember not all sectors behave the same. The St. Louis Federal Reserve’s database shows the unemployment rate is the highest ever recorded. It also shows GDP unsurprisingly shrank in Q1 2020, and as of May 19th is estimated to shrink 40+ percent (annualized) in Q2. This clearly signals the US economy is in a recession. There is good news, however. The housing market is stronger than economic conditions would imply. The Mortgage Bankers Association’s May forecast predicts mortgage originations will remain at historically elevated levels, with the sale of existing homes falling in the middle of 2020 then rebounding. Sales will be supported by the 30-year fixed mortgage rate being forecasted at or below 3.5% through the end of 2021
along with positive HPI growth. On a personal level, I have seen firsthand the strength of the housing market. The latest home I listed sold in under one week, and with only one showing. People want to still buy houses, especially in suburban areas, which should see growth in demand as people leave cities for health reasons. While the housing market is currently strong, conditions can change rapidly. Should employment not make a v-shaped recovery, the 9% of houses in forbearance enter foreclosure, or a second wave of Corona Virus emerge, the strength of the housing market could quickly evaporate. If you are thinking of selling and would like to take advantage of the current market, call me.
Buying, selling or investing— I’m here to provide the best service and care!
Natalie Vanhook 770.609.4842 natalie.vanhook@kw.com
14 | June 2020 | NorthFulton.com | ForsythHerald.com
REAL ESTATE REPORT • Sponsored Section