Milton Insider: Volume 2, Issue 1

As you can see from these yearover-year graphs from November, the average sales have decreased compared to the previous month, but they remained similar to prices this time last year. Additionally, the number of new properties hitting the market this time of year is always low. When this number increases, we may see an uptick in sales prices and a decrease in the days on the market. It’s essential to look at the whole picture when studying the market, not just want has happened recently.

The Milton real estate market may have slowed from the spring of last year, but it remains strong. Research shows that while fewer buyers are looking for homes, those looking to buy are ready and making solid, competitive offers. The due diligence and inspection periods, although short, are now back. Milton’s appeal is strong, with buyers purchasing homes off the market and coming from Buckhead, Brookhaven and all over the country.

Sincerely,

Market Stats | 30004

Number

For a more comprehensive market perspective of 30004, please scan here.

New Business Spotlight

Butter Bloom Bakery

Stunning, hyper-realistic floral cupcakes that not only wow but are incredibly delicious. Created and baked by Alpharetta-based Holley Wolfe. DM on Instagram for orders.

@butterbloombakery

Poe & Company Bookstore

Independent, family-owned bookstore that encourages reading with a book in hand and offers storytime, a book club and author signing events. Downtown Crabapple. poeandcompanybookstore.com

Alumni Cookie Dough

Out of Athens, this café offers cookie dough by the scoop, and all ingredients are of the highest quality and 100% safe to eat raw.

Crabapple Market. alumnicookiedough.com

Ameline Shoppe

A timeless, curated collection for the modern woman with an array of well-known designers and an emphasis on oneon-one customer service.

Crabapple Market, Building G. amelineshoppe.com

TRENDING

New Year. New Trends.

Layered Interiors

Think intentional “maximalism” with draperies, patterned upholstery and wall coverings.

Organic, Earthy Hues

Brown is the new black, and earthy hues create warm, inviting spaces.

Curves

Featured in everything from sofas to marble backsplash, curves are back.

Antiques

Go raid grandma’s house because old is new again.

Specialty Rooms

Forego the formal dining room and create a cozy sitting with four swivel chairs or a music room. Rooms are meant to be used.

Dark and Textured Counters

It’s the end of an era for the all-white kitchen.

Brandon Luther

Brandon Luther is a Georgia native and nationally recognized American artist. His work captures the essence of animals and wildlife in their element through the eye of his lens. Brandon can best define his passion for his subjects in the words of Anthony Douglas Williams, “When I look into the eyes of an animal, I do not see an animal. I see a living being. I see a friend. I feel a soul.”

Each one-of-a-kind piece created by Brandon is made by his hand using a mixed-media process unique only to him. The process begins with his photography, which is then mounted onto a hand-made custom frame constructed by Brandon. Then, layers of different mediums are applied, creating original works of art with varying textures and finishes. His work can be found in private collections of celebrities across the country, local galleries in and around Milton, Georgia and many boutiques and galleries nationwide. His work can be curated from his exclusive collection or commissioned privately to create an original, one-of-a-kind piece of fine art.

Brandon lives and works with his wife Kristen and two daughters: Riley, age 16, and Piper, age 13, in Milton, Georgia.

To purchase or view more of Brandon’s work, visit southernbit.com or scan the QR code.

Tacked

Marley

Magnolia Elizabeth

BUILDER UPDATE

The construction industry is proceeding forward with an optimistically cautious attitude. Builders and developers put so much on the line in the past couple of years trying to reach the demand for housing, only to have an abrupt change in the economic environment that has transpired in less than two years. However, housing is still way below inventory, and demand continues to be strong for those who can afford down payments or cash to purchase the home outright, which we see often.

From a construction standpoint, the interest rates matter, but it matters most for the first-time home buyer, the entry-level home buyer and the second-home market. The housing market in Milton offers few homes for the entrylevel group due to the existing population and median average household income. The median household income in Milton is 108% higher than the state average. Milton still has a shortage of inventory for prospective buyers looking to move into the community, and buyers that have bought in the community are also looking for new homes.

Many of today’s buyers want space, endless amenities and room to roam when purchasing a home. These perks often include a pool, office and study spaces, finished basements with in-law suites, outdoor living areas, sculleries, smart home technology and more.

Land

There is still a shortage of lots. Prices have subsided slightly, but this decrease is only the market correcting itself from the recent over-valued prices; however, new developments keep popping up.

Lumber

Lumber is down and is currently at its lowest level since June 2020.

Labor

Labor was an issue before the pandemic, but it is improving. Higher salaries have increased the number of workers, but the need for and retention of experienced workers comes at a high cost.

Permits

Building permits are still up from this same time last year. Singlefamily home prices are down, but attached-home prices are up.

Materials Pricing

Concrete prices have increased in 17 of the last 18 months, with concrete pipe up 30%, which is the largest required material for infrastructure; there is also a five- to six-month wait time. Drywall is up 23% from 2021, with a 7.6% increase year-to-date. Steel is twice as high as it was in January 2021 but steadily declines.

Focus on Milton

Milton seems to defy the odds when it comes to housing, its citizens, community, businesses and overall environment from what you would hear and see in the news and media. Milton’s core history and value has withstood this test of time and has only benefited from the pandemic and the transitions in lifestyle and work. Builders continue building, and buyers close on their dream homes. There has been significant growth in population over the past few years in Milton.

Not only are people moving to Milton, but businesses are also moving as well. One hundred thirty-nine new business licenses were issued in the City of Milton in 2022. Those businesses, whether home-based or office based, will need a place to call home as well as housing for their employees. These new enterprises further create the need for housing in Milton.

Milton’s median income is

108%

higher than the Georgia average.

Are we in a bubble like 2008?

No. One thing to think about when discussing what we are seeing today versus what the housing industry saw in 2008 and 2009 is the demand. In 08/09, there was an average of 50 homes for every one qualified buyer. Before that, too many homeowners who were not qualifying buyers were given loans that inevitably defaulted.

Currently, in 2022, there are about 50 homebuyers for every one home. Qualifications are much more stringent, and who and how much the banks lend money to are significantly different. If we take into account the interest rate hike and remove half the buyer pool, there is still an average of 25 buyers for every one home. The odds are good, and this levels out the home and land prices to what they should be, creating a healthy but still competitive housing market.

Obviously, this is different for all price points and cities, but looking at Milton, the demand for new homes in the city continues because of the incredible community the citizens of Milton have built.

Contributed by Ken Walick President, Vertical Luxury LLC.

New Construction IN MILTON

The Homestead at Milton

A new community of 32 estate lots – each between 3.04± and 10.33± acres – is on 172.8± total acres off Hopewell Road.

Claxton Subdivision

A 17.27± acre site at 15070 Hopewell Road that will contain 12 single-family homes.

Milton Pointe at Broadwell

A new mixed-use development in the southern part of the Crabapple District. Milton Pointe at Broadwell will be home to a mix of condominiums, restaurants and retail, including a fitness studio.

Heatherton Subdivision

A new neighborhood, named Heatherton, containing 21 singlefamily lots on 33.99± total acres off Mayfield Road.

Little River Estates

The community consists of 15 single-family lots spread across 27.49± acres at 1040 Taylor Road, near Little River Farms.

Crossroads at Birmingham

A new development that will be home to 35 single-family homes with ample green space and access to future commercial development in the area.

Whisper Woods

A new residential development featuring five new single-family homes on over 11± acres at the corner of New Providence Road and Birmingham Highway.

Providence Point

A new residential development featuring five single-family homes on 6.56± acres.

Millstone Parc

Millstone Parc is a new development of nine stacked flats, or duplexes, on 1.401± acres at the corner of Webb Road and Deerfield Parkway.

Manor Estates

Manor Estates is a large lot subdivision featuring six residential lots. These lots range from 3.05± acres to 3.70± acres in size and are located off Longstreet Road in northeast Milton.

Mortgage Update

Economists have a positive outlook of rate trends for Q2 and Q3 of 2023. There is a sense that the worst is behind us and that more normalized rates should be on the horizon. While these rates more than likely will not meet the rate environment of 2021, they should still show relief from the rates in Q2 and Q3 of this year.

Buydowns

A buydown is a method of obtaining a lower interest rate by purchasing discount points at closing. Discount points are a one-time fee that is paid in advance to decrease the interest rate, resulting in a lower monthly mortgage rate.

2-1 Buydowns

Many lenders these days offer a temporary (2-1) buydown, which reduces the initial mortgage payments for the first two years, giving the borrower a temporary lower interest rate. However, the mortgage rate will revert to the original rate after the two-year period. Some lenders are even offering a three-, four- or five-year option.

- Brant E. Gilmore, Vice President Truist Bank, NMLSR #756279

Spring Break Destinations

30A - Panhandle, FL

Located on the Gulf of Mexico, this stretch of oceanside highway includes Seaside, Rosemary Beach, Alys Beach, Watercolor and more. 30A.com

Old Edwards Inn - Highlands, NC

Located in the Blue Ridge Mountains, Old Edwards Inn and Spa and set in the vibrant town of Highlands. oldedwardshospitality.com

Blackberry Farm - Walland, TN

Situated in the foothills of the Great Smoky Mountains, Blackberry Farm is one of America’s greatest hidden treasures. blackberryfarm.com

Steamboat Springs, CO

Located in the Yampa Valley, Steamboat is known as “Ski Town USA” and is renowned for its world-class skiing, famed champagne powder and charming town. steamboat.com

Dollywood - Gatlinburg, TN

Located in the Great Smoky Mountains and owned by Dolly Parton, Dollywood offers family fun with rides, slides, music, food and laughter. dollywood.com

Jackson - WY

Ski nearby Jackson Hole, snowmobile through Yellowstone National Park, or enjoy this classic western town surrounded by the soaring Teton Mountains. jacksonwy.gov

The Spring Market

Tackle those projects or repairs.

Potential buyers will notice items in disrepair and think your home isn’t well cared for, which will almost certainly be reflected in your selling price. Now is the time to start thinking about 2023 and what it looks like to get your home showready if you plan to sell.

Start packing and decluttering.

Clutter is distracting for buyers and makes spaces feel smaller. Plus, over-packed closets will make potential buyers think your home lacks storage. A good rule of thumb is to reduce items by one-third. If you’re not moving for several months, start with seasonal items or things you need to toss or donate

Consider a fresh coat of paint.

If your home is painted in dark or very bold, highly personalized colors, it’s probably worth paying for a fresh coat of neutral paint. Whites are popular and make rooms feel bigger. You’ll be surprised how much a fresh coat of paint will do.

Interview agents.

Most people wait until right before they list their house to select an agent, but they miss out on a lot of the benefits and rush to get on the market. An experienced agent who works in your area can give you specific recommendations on prepping your home for what buyers in your area want. Depending on your location and target price point, these things can vary significantly, and you don’t want to waste money on tasks or projects that might not be needed. It could be swapping light fixtures, removing or keeping certain furniture pieces or the honey-to-do list of pressure washing, cleaning your roof, freshening up pine straw, etc. and most importantly, the benefits of staging and photographing to present your home in the best condition and light.

Staging and photography make all the difference.

Below are some examples of homes we sold in Milton, Georgia, in 2021 where staging and photography made all of the difference. The first at 1970 Bethany Way was an agent/owner that had tried selling his hobby farm/estate for 297 days. He called us to list his home, and after two weeks of staging, painting and adding new lighting for the owner, we raised the price and sold it with multiple offers, well over our asking price. The little things all add up to make a huge difference in our client experience. You do not want to wonder if you could have sold faster or for a higher price. Doing all these things gives our clients, as well as us, the ability to know the offers we get are the very best possible.

Don’t hesitate to reach out for a free consultation from our team.

1970 Bethany Way

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