As the calendar flips to March, we move toward spring and into what many think of as the real estate selling season.
Chuck MacPhee, team lead, at Berkshire Hathaway Level Up Real Estate Team, explains that real estate professionals have seen substantial price appreciation over the last several years, especially in the 2021–2022 timeframe. “I would say over the last year or so home values have somewhat stabilized and the volatility in pricing has calmed down," he says, adding that today’s housing market is fairly strong and healthy.
Along with stability in prices, Chuck says there has also been an increase in days on the market, another key housing indicator. On average as of January it was at about 81 days, and a bit longer than it's been in quite some time. Even so, he says there's still a healthy demand.
Chuck says rising interest rates have significantly impacted buyer’s purchasing power over the last few years. “You just can’t afford as much house as you used to,” he says. And then there’s been the psychological impact after seeing low interest rates of the past. But Chuck says that’s just not the reality anymore. “It feels like consumers have accepted that, and they’ve made the decision that life moves on. We still have to have shelter,” he says. Even though the housing market may have cooled somewhat from the days of bidding wars, Chuck says there’s still a very healthy demand when it comes to housing in metro Atlanta, and more specifically, Chamblee.
According to Chuck, what’s going on in the Chamblee market is that home prices have risen year over year, and home values continue to appreciate. “When you look at average sold prices, from a data perspective, they’re actually up about 20% year over year,” he says.
Is there a preference between new construction versus existing home sells? Chuck says there’s a healthy mix, and location is what people are looking for. “They want the in-town location,” he says. “They want the convenience of highway access." They want easy access getting to restaurants, sporting events, the airport, and more.
If you’re considering putting your home on the market, Chuck says now is a good time. “It’s a great time to sell before that official deep spring market kicks off,” he says. And if you need some updating he says there are a few things to consider.
First, Chuck suggests meeting with a real estate professional to evaluate your own situation.
You should also consider the curb appeal of the home. “Typically having a strong curb appeal presence is a good start,” he says. Refreshing the pine straw or mulch, planting some flowers, and fresh coat of paint on the front door may be enough to capture someone’s attention as they drive by or when seeing an image online.
In general, if you feel you need to make some upgrades inside your home, Chuck says it’s updates to the kitchen, living spaces, and the primary bathroom that can help give the home an added boost when it’s time to sell. “We [Level Up Real Estate] offer a concierge service, where you may not have the financial means to make the upgrades,” he says. “We partner with contractors that will make significant updates to your home and not receive payment until the home sells.” There’s no initial out of pocket expense to the seller. With the concierge service, you must have equity in your home, and contractors are paid at the time of closing out of the proceeds from the sale.
Chuck, along with his business partner, Alexandra French, created the team at Level Up Real Estate located at 3744 Roswell Road, Atlanta, Ga., 30342. For more information, visit leveluprealestateteam.com.
It’s a great time to sell before that official deep spring market kicks off. Chuck MacPhee, Level Up Real Estate