4 northfulton.com
Sponsored Section • REAL ESTATE REPORT
June 2014
Home improvements
New Atlanta North office
By: JULIE MARTIN, Atlanta Fine Homes
By BILL RAWLINGS
If you are trying to sell your home or have recently moved into a new home, you may be looking to get the best bang for your buck in the area of home improvements. Home improvements can increase the value of your home when looking to sell and by making sensible, low cost upgrades, you will not have to spend too much on a home you are soon to leave. Many are also looking to save money updating a home they have recently purchased. Here are some tips on how to get the best bang for your buck in the home improvement area. The kitchen is the gathering place of a home and some updates in the kitchen can really make it stand out. By removing outdated appliances and updating to stainless steel appliances and granite countertops, you will be able to increase your return. According to Realtor.com, a minor kitchen remodel could increase your return on investment by 83% and in a strong market, a
new kitchen could return everything you paid and more. Upgrade the master shower to a frameless glass shower, replace the MARTIN fixtures and install a new vanity and countertops in the master bathroom. The best rooms to splurge on are the kitchen and bathrooms. New carpet gives a room a clean, fresh look. A neutral color carpet is the best option to go with over colored or bold printed carpets. You can also try to clean the carpets before purchasing new carpet. On the interior of the home, repaint with natural, soft tones. Too many colors can be overwhelming for some. With neutral colors, your walls and home will have the feeling of being updated. You are guaranteed the best bang for your buck when updating these items in your home!
Vice President/Managing Broker North Atlanta Office Atlanta Fine Homes Sotheby’s International Realty The North Atlanta market is one of the shining stars in the Atlanta real estate market, so it was only fitting that Atlanta Fine Homes Sotheby’s International Realty would establish our North Atlanta office in Sanctuary Park. Our phenomenal school systems, coupled with a thriving business economy, attract many buyers to our area. As a matter of fact, we bring so many buyers that we have a real estate problem in North Atlanta. It’s not the problem we had to deal with through the
recession though: Now it’s the shortage of inventory. This inventory shortage, along with increased demand and historically low interest rates, is driving the surge in North Atlanta. In the real estate business, we call anything less than six months of inventory a “Seller’s Market.” The inventory in Alpharetta has dropped to 2.5 months over the same time last year, which shows the great demand in our market. The median sales price has increased 8.2%, which is reflective of an average price per square foot increase of 13.1% over the same time last year. So if you have ever thought of selling, or know anyone that is thinking of selling, it cannot be stressed enough that now
is the time to put your home on the market. As a result of having nearly 10% fewer homes on the market than the same time last year, RAWLINGS bidding wars – pitting buyers against other buyers for the same home – have become common. Should you want further information on how the market for your particular home is performing, please reach out to someone on my team. We would be happy to meet with you personally. We look forward to the opportunity to earn your business.
Existing homes can offer buyers more options If you haven’t already noticed, new home construction is back in full swing in our area. Everywhere you go in Forsyth County and North Fulton, there are trucks carrying lumber and building supplies to new home sites. This activity is only going to increase as we head further into summer. According to information from the Multiple Listing Service (MLS), approximately 20 percent of sales year-to-date have been new homes in Forsyth County, 5 percent in North Fulton have been new. The actual number is quite higher due to the fact that pre-sales don’t get entered into the MLS. Either way, the percentage of new home sales will continue to rise as more homes are built. Unfortunately, with all the new home construction many
home buyers are priced out of the new home market. The average sales price year-to-date for new construction in Forsyth County is $345,920 and for resale inventory the average is $310,445, a difference of 10 percent, which doesn’t seem that significant. However, only 10 percent of new home sales are under $250,000 compared to 26 percent of the resale inventory. In North Fulton the difference is far greater. The average sales price for new homes is $659,651 year-to-date compared to $408,398 for existing - a difference of 38 percent. As if you didn’t know, there are no new homes in North Fulton available under $250,000, but 9 percent of existing inventory sales fall into that price range. So, what does all this mean? To the buyer who
ROBERT STRADER
Local Realtor Keller Williams Realty
says to themselves they absolutely want, must have, will only consider new construction; then you know you’ll be buying in a higher than average price range to get what you want. But to the buyer who isn’t sure, you’ll have to ask yourself if having something brand new is worth a premium over an existing home that may offer more square footage, a larger lot, finished basement and mature landscaping for less money.