Intown Market Update | December 2019

INTOWN MARKET UPDATE DECEMBER 2019

THE

IOFFICE N TOW N

TABLE OF CONTENTS Welcome Letter Top 10 Tips For Selling Your Home for the Holidays Market Update 2019 Atlanta Holiday Events

welcome!

Can you believe it is almost 2020? I am not sure where this year has gone but I have so much to be thankful for, and that includes you! Enclosed you will find some ideas for things to do over the Holidays, the Top 10 Tips for Selling Your Home During the Holidays, and a Real Estate update on the Intown Market.

Even if you are not thinking about selling your home or buying a new one anytime soon, I thought you may be interested in these statistics. When looking at statistics, I typically narrow down the radius search by Elementary Schools, this gives me a better idea of what is happening in each specific area. I hope that you find this information helpful and the next time you hear of someone wanting to sell their home or buy a new one, or maybe it’s even you, please give me a call!

TOP 10 TIPS FOR SELLING YOUR

Home During the Holidays Deck the halls, but don’t go overboard.

1

Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.

2 3 4

Hire a reliable real estate agent.

That means someone who will work hard for you and won’t disappear during Thanksgiving, Christmas or New Year’s. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.

Seek out motivated buyers.

Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.

Price it to sell.

No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.

SOURCE: HGTV

Make curb appeal a top priority.

5

When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.

6 7

Take top-notch real estate photos.

When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.

Create a video tour for the Web. You’ll get less foot traffic during the holidays thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don’t have time to physically see your home or would rather not drive in a snowstorm.

8

Give house hunters a place to escape from the cold.

Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.

9 10

Offer holiday cheer in the form of financing.

The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don’t sell now, there’s always next year, which, luckily, is only a few days away.

Relax — the new year is just around the corner.

The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don’t sell now, there’s always next year, which, luckily, is only a few days away.

“

We expect the positive momentum in sales to carry over into the fourth quarter and early next year. We forecast that total home sales, including both new and existing homes, will be 5.98 million in 2019 and increase to 6.03 million in 2020.”

- Freddie Mac

MORTGAGE RATE PROJECTIONS

QUARTER

FREDDIE MAC

FANNIE MAE

MBA

NAR

AVERAGE OF ALL FOUR

2019 4Q

3.7

3.6

3.6

3.6

3.65%

2020 1Q

3.7

3.6

3.7

3.7

3.67%

2020 2Q

3.7

3.6

3.7

3.7

3.67%

2020 3Q

3.8

3.5

3.7

3.8

3.70%

SELLER TRAFFIC

SOURCE: NAR

MORNINGSIDE ELEMENTARY SCHOOL

139

CLOSED UNITS

113

CURRENT INVENTORY

$1,042,320 AVERAGE SALE PRICE

44

DAYS ON MARKET

DAYS ON MARKET

21

for homes with no price reductions

81.5 vs. for homes with price reductions

That’s a 60.5 day difference!

FERNBANK ELEMENTARY SCHOOL

94

CLOSED UNITS

66

CURRENT INVENTORY

$621,599

AVERAGE SALE PRICE

59.9

DAYS ON MARKET

DAYS ON MARKET

18.9 vs. 59.9 for homes with for homes with no price reductions

price reductions

That’s a 41 day difference!

SPRINGDALE PARK ELEMENTARY SCHOOL

77

CLOSED UNITS

36

CURRENT INVENTORY

$930,386 AVERAGE SALE PRICE

38.6

DAYS ON MARKET

DAYS ON MARKET

19.5 vs. 70.3 for homes with for homes with no price reductions

price reductions

That’s a 50.8 day difference!

2019 ATLANTA

Holiday Events

Magical Nights of Lights at Lake Lanier Islands Through December 22 Atlanta Christkindl Market Through December 24 Fantasy in Lights at Callaway Gardens Through January 5 International Winter Wonderland at Centennial Olympic Park Through January 5 Macys Pink Pig at Lenox Mall Through January 5 Stone Mountain Christmas Through January 5 Botanical Gardens Garden Lights, Holiday Nights Through January 11 Home Alone Concert Atlanta Symphony Orchestra Through January 15 Santa’s Fantastical Through January 15 Skate the Station Through January20

HAPPY HOLIDAYS from

THE INTOWN OFFICE!

Harry Norman, REALTORS® The Intown Office | 1518 Monroe Drive NE, Suite E Atlanta, GA 30324 | HarryNorman.com