Market update. . .resales are the larger mix of sales again, finally!

Prudential Georgia Realty
Real Estate Advisor - July 2013

We are providing this monthly real estate advisor report to keep you informed about the latest trends and issues in the real estate market. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!

Greater Metro Atlanta Real Estate Update

• For the Greater Metro Atlanta area, the "for sale" inventory is down to levels not seen since the early 1990s. The availability of quality properties with reasonable value has turned many local areas into a seller’s market.
• The available “months of supply” is 3.3 months based upon closed sales (6 months is considered normal).
• There is a feeding frenzy for desirable properties where multiple offers are becoming the norm. Though buyer demand is very strong, buyers are struggling to get an accepted offer on their prospective properties. As a result, closed units are down for the past four months compared to the same month last year.
• The pace of short sales and foreclosures coming on the market has slowed considerably. In 2010, over 60% of sales were distressed properties but that is now down to 37%. Resales are the larger mix of sales.
• New Homes are making a slow but sure comeback. New home closings are up 55% from last quarter. There are some wonderful new home communities coming online with the latest innovations in smart building that may be great options for buyers. Click here to view new home communities.
• The Case-Shiller Index reports that Metro Atlanta home values have increased 20% in the last 12 months. But values remain down 25% from the peak of July 2007. Click here for the latest Case-Shiller report.
• Home values will continue to rise in 2013 – especially in the lower price points driven by the very low levels of inventory and strong buyer demand.
• Appraisals can be a problem. In areas, where prices are rising the appraiser may not be considering the latest comps or may not be able to use some comps that were done as private transactions. We can help provide information to the appraiser in the formats they require. This gives us the best chance to get the highest appraised value for loan approvals.
• Click Here for a detailed set of slides that show the National Market, the Metro Atlanta Market, The New Homes Market and how our company is performing. There is a reason we are ranked #1 in Metro Atlanta.

This is an unprecedented opportunity to buy the home of your dreams while prices and financing are historically low. But these conditions will not last as the real estate market continues to recover. 

Get To Know HomeServices of America, Inc. ^TM

Now that our company is part of the Berkshire Hathaway family of companies, we thought it might be helpful to get to know more about our new organization. Click here for more info.

• HomeServices of America, A Berkshire Hathaway Affiliate is our parent company.
• HomeServices of America is ranked the nation’s second-largest, full-service residential real estate brokerage firm and one of the largest providers of integrated real estate services, with more than 17,000 agents in 21 states. In 2012, HomeServices brokered over $42 billion in home sales and closed nearly $4 billion in home mortgages.
• HomeServices of America is led by Ron Peltier, chairman and CEO and Bob Moline, president & COO. Both are real estate veterans and have a deep understanding of our industry.
• In October 2012, HomeServices also became the majority owner in HSF Affiliates LLC, which operates the Prudential Real Estate franchise network with over 1700 locations and 44,000 real estate agents.
• HSF Affiliates will also be introducing the new BERKSHIRE HATHAWAY HomeServices real estate brand.
• This fall our company will be launching the new BERKSHIRE HATHAWAY HomeServices real estate brand right here in Metro Atlanta!
• BBDO has been engaged as the advertising agency to help us make a big splash with the new brand. BBDO is the most awarded advertising firm in the world.
• The introduction of this exciting new brand will give our company and our clients an unprecedented opportunity for exposure.

Being part of such a large and successful organization gives us many advantages. We are able to leverage our resources to innovate faster and offer services that will not be feasible for smaller organizations.

If you or someone you know is interested in selling their property, please contact us to learn how we can provide the best exposure for their property.

Happy July 4th - Independence Day!

Independence Day, commonly known as the Fourth of July, is a federal holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776. During the American Revolution, the legal separation of the Thirteen Colonies from Great Britain occurred on July 2, 1776, when the Second Continental Congress voted to approve a resolution of independence declaring the United States independent from Great Britain. After voting for independence, Congress turned its attention to the Declaration of Independence, a statement explaining this decision, which had been prepared by a Committee of Five, with Thomas Jefferson as its principal author. Congress debated and revised the wording of the Declaration, finally approving it on July 4. From the outset, Americans celebrated independence on July 4, the date shown on the much-publicized Declaration of Independence, rather than onJuly 2, the date the resolution of independence was approved in a closed session of Congress.

Historians have long disputed whether Congress actually signed the Declaration of Independence on July 4, even though Thomas Jefferson, John Adams, and Benjamin Franklin all later wrote that they had signed it on that day. Most historians have concluded that the Declaration was signed nearly a month after its adoption, on August 2, 1776, and not on July 4 as is commonly believed.

In a remarkable coincidence, both John Adams and Thomas Jefferson, the only signers of the Declaration of Independence later to serve as Presidents of the United States, died on the same day: July 4, 1826, which was the 50th anniversary of the Declaration. Although not a signer of the Declaration of Independence, but another Founding Father who became a President, James Monroe, died on July 4, 1831, thus becoming the third President in a row who died on this memorable day. Calvin Coolidge, the 30th President, was born on July 4, 1872, and, so far, is the only President to have been born on Independence Day. We wish you and your loved ones a safe and Happy Independence Day!

The Summer Market Is Here And Real Estate Is HOT! If You Know Someone Who Can Benefit From Our Real Estate Expertise, 
We Would Love To Help. Better Information Leads To Better Decisions!