Prudential Georgia Realty Real Estate Advisor
December 2013
Introducing…
BERKSHIRE HATHAWAY HomeServices
On December 10th, our company will be adopting the new Berkshire Hathaway HomeServices brand. We are excited to begin this new chapter for our company and this conversion will bring many advantages for our agents and their clients. This year, we also celebrate 50 years of serving the needs of our clients in the Greater Metro Atlanta area. During that time, we have operated as Crest Realty, Merrill Lynch Realty, Prudential Atlanta Realty and Prudential Georgia Realty. Though the name has changed, our commitment to deliver exceptional real estate services has not. In the last five years, our company has been consistently ranked as the #1 real estate company with more homes sold than any other brokerage.
- According to the Forbes Global 2000 list, Berkshire Hathaway is the 8th largest public company in the world. The company is led by Chairman and CEO, Warren Buffett who is often referred to as “the Oracle of Omaha” for his keen insight on business matters.
- Berkshire Hathaway owns and operates approximately 55 companies and employs approximately 300,000 people. Company holdings include major brands like GEICO, Fruit of the Loom, Dairy Queen, Benjamin Moore, Helzberg Diamonds, NetJets, Heinz, MidAmerican Energy and Shaw Industries which is located in Dalton, Georgia.
- Berkshire Hathaway has major stock positions in companies like Wells Fargo (8.7%), American Express (13.7%), IBM (6%) and Coca-Cola (8.9%).
- Berkshire Hathaway was named the No. 1 company in Barron’s annual ranking of the world’s 100 most respected companies.
Being part of such a large and successful organization gives us many advantages. For example, our listing clients will benefit from an unprecedented level of exposure. Look for more details and exciting news as we move closer to our big announcement on December 10th.
We look forward to leveraging the Power of Berkshire Hathaway to deliver even more advantages for our clients and customers. Contact us to learn more.
Greater Metro Atlanta Real Estate Update
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!
- For the Greater Metro Atlanta area, listed inventory is up 26.8% from the lowest point in February 2013. But inventory remains down .2% compared to 2012 levels and down 34% from 2011. The limited availability of quality properties with reasonable value has turned many local areas into a seller’s market.
- The available “months of supply” was 4.7 months based upon closed sales (6 months is considered normal).
- Closings for Metro Atlanta in October were down 6.9% compared to last month and down 11.3% compared to the previous year.
- Compared to October 2012, closings under $100,000 were down 53%. The exit of large investors has allowed the distribution of properties to return to normal. Closings over $1 mil were down over 20%. Closings in the $500k - $1 mil price range were very strong - up 34% from 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 in October we only saw 284 foreclosures and 278 bank-owned sales. Resales and New Homes 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 37% from the bottom of March 2012. But values remain down 16.85% from the peak of July 2007. Click here for the latest report. Click Here for a detailed set of slides that show the National Market, the Metro Atlanta Market, and how our company is performing. There is a reason we are ranked #1 in Metro Atlanta.
- The trend for mortgage rates is higher. The Mortgage Bankers Association and Freddie Mac predict 30-year mortgage rates to be over 5% in 2014. This could significantly reduce buying power for those that wait.
- First time buyers and baby boomers remain the strongest market segments. Move-up buyers are showing some signs of improved activity but remain well below historical levels.
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.
Happy Thanksgiving!
Lake Sidney Lanier Homes is the most comprehensive online source for information on Lake Lanier homes for sale and Lake Lanier area real estate. View the latest Lake Lanier home listings, foreclosures, lots, land, sales trends and real estate topics on Lake Lanier. Arthur Prescott is an Accredited Buyer's Representative and Certified Residential Specialist with over a decade of Lake Lanier real estate experience. If you would like to schedule a free buyer or seller consultation, please feel free to contact us directly at 678-513-2014 or email us at APrescott@PrudentialGeorgia.com.
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