QUARTERLY NEWSLETTER
| Aug/Sept 2022
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What’s Causing
our LISTINGS M S O D ST OO U C DW R HA
Ongoing Home Price Appreciation
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Two garages
adapted from article by journal.firsttuesday.us
$819,900 4BR 3.5BA | 3842 Highland Pk Wy, Statham
D
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Fenced Back Yard
NO
RE
$450,000 3 BR 2 BA | 160 Kings Place, Athens
C RI N TO ISO S HI AD M
7.19 Ac in Morgan Co
$449,900 3 BR 3 BA | 4000 Bostwick Rd., Madison
LL NT FU ME SE BA
Curb Appeal
$349,900 4 BR 3 BA | 122 Winterberry Ln, Athens
LE K BI R O PA M E M HO
Proven Income
$320,000 9 units & Storage Bldg | 3346 Hwy 72E
If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand. WHILE GROWING, HOUSING SUPPLY IS STILL LOW Even though inventory is increasing this year as the market moderates, supply is still low. The number of singlefamily homes that were built in this country in the years leading up to the housing crisis in 2008 shows that right before the crash, homebuilding increased significantly. That’s because buyer demand was so high due to loose lending standards that enabled more people to qualify for a home loan. The resulting oversupply of homes for sale led to prices dropping during the crash and some builders leaving the industry or closing their businesses – and that led to a long period of underbuilding of new homes. And even as more new homes are constructed this year and in the years ahead, this isn’t something that can be resolved overnight. It’ll take time to build enough homes to meet the
deficit of underbuilding that took place over the past 14 years. MILLENNIALS WILL CREATE SUSTAINED BUYER DEMAND MOVING FORWARD The frenzy the market saw during the pandemic is because there was more demand than homes for sale. That drove home prices up as buyers competed with one another for available homes. And while buyer demand has moderated today in response to higher mortgage rates, data tells us demand will continue to be driven by the large generation of millennials aging into their peak homebuying years. That combination of millennial demand and low housing supply continues to put upward pressure on home prices. As Bankrate says:
“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.” WHAT THIS MEANS FOR HOME PRICES If you’re worried home values will fall, rest assured that experts forecast ongoing home price appreciation thanks to the lingering imbalance of supply and demand. That means home prices won’t decline. BOTTOM LINE Based on today’s factors driving supply and demand, experts project home price appreciation will continue. It’ll just happen at a more moderate pace as the housing market continues its shift back toward pre-pandemic levels. cont’d...
B ER N S T E I N & CO R E AL TY | W W W . A T H E N S GA H OM E S . C OM| | 7 06 - 54 8 -HO ME
BERNSTEIN&co r e a l t y athensgahomes.com
In 2021, we helped 177 clients make a move. Our goal in 2022 is to help 225. Who do you know that is moving and would love 5-star service? N W O RD T N O W WF DO RA C
All Brick Exterior
$250,000 3 BR 2 BA | 246 Park Ave, Crawford N W O RD T N O W WF DO RA C
All Brick Exterior
$189,900 2 BR 1 BA | 254 Park Ave, Crawford
cont’d...
Expert Housing Market Forecasts for the Second Half of the Year BERNSTEIN&co r e a l t y athensgahomes.com
LOTS AND LAND N
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W T NE RUC T S N
NO HOA
The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate. Where Mortgage Rates Will Go Depends on Inflation
CO
$449,900
3BR 3BA | Tr 1 Dry Pond Rd, Monroe
in O AC E C 33 E 4. ON C O
CREEK VIEW
$275,000
1091 Porter Creek Dr., Watkinsville
in O AC T C 10 ER B EL
ULTRA PRIVATE!
While one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm. This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Greg McBride, Chief Financial Analyst at Bankrate, explains it well:
“Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.” $59,900
10 Ac Mauldin Rd., Elberton NS
T
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HE AT
GREAT LOCATION
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$49,900
312 Chesterfield Road, Bogart S
EN
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H AT
BERKLEY HILLS
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$39,900
280 Rhodes Drive, Athens
Whether you’re buying your first home or selling your current house to make a move, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move. The Supply of Homes for Sale Projected To Continue Increasing This year, particularly this spring, the number of homes for sale has grown. That’s partly due to more homeowners
“
The current home price growth
rate is unsustainable, and higher mortgage rates coupled with
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more inventory will lead to slower home price growth but unlikely declines in home prices.
listing their houses, but also because higher mortgage rates have helped ease the intensity of buyer demand. Moderating buyer demand slows down the pace of home sales, which in turn helps inventory rise. More homes to choose from is great news if you’re craving more options for your home search – just know that there isn’t a sudden surplus of inventory on the horizon. Housing supply is still low, so you’ll need to partner with an agent to stay on top of what’s available in your market and move fast when you find the one. It’s not going to be easy to find a home, but it certainly won’t be as difficult as it has been over the past two years. Home Price Forecasts Call for Ongoing Appreciation Due to the imbalance between the number of homes for sale and the number of buyers looking to make a purchase, the pandemic led to record-breaking increases in home prices. According to CoreLogic, homes appreciated by 15% in 2021, and they’ve continued to rise this year. Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, rather they’re forecasting they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022. cont’d...
BERNSTEIN&co r e a l t y athensgahomes.com
ATHENS/OCONEE EVENTS AUGUST Every Wednesday ATHENS FARMERS MARKET Creature Comforts, 271 W. Hancock Ave, Athens Time: 5 – 8:00 pm Price: free to attend Join us every Wednesday for the Athens Farmers Market from 5-8 pm at the brewery! Come out to grab some fresh produce, meat, baked goods, and more, all paired with a glass of cold beer in hand. Every Saturday ATHENS FARMERS MARKET Bishop Park, 705 Sunset Dr., Athens Time: 8 am – 12:00 pm Price: free to attend Every Saturday from March to December, you can find us at Bishop Park with a variety of vegetables, fruits, eggs and meat, flowers, artisan crafts, and prepared foods. We have live music to enjoy at each market and a free children’s activity. We are proud to double SNAP dollars with the support of Wholesome Wave Georgia. There is parking provided beside the pavilion. Overflow parking is available in the gravel lot by the tennis courts that are accessible via Sunset Drive. Every Sunday DRIVE IN MOVIES AT CINE 100 Newton Bridge Rd, Athens Time: Gates @ 8:00 pm. Show @9:00 pm Price: $30/vehicle w/up to 3 people. $50/ vehicle 4+ people. $12/bicycle
July 9: Raiders of the Lost Ark ; July 16: Grease ; July 23: Finding Nemo ; July 30: Aliens ; August 6: Shrek ; August 13: Con Air ; August 20: The Lord of the Rings: The Fellowship of the Ring ; August 27: Labyrinth • Candy, popcorn, sodas, and wine/beer/ cocktails will all be available for purchase at our concessions stand. • ALCOHOL sales are provided and handled through Ciné only. Patrons and Vendors may not bring ALCOHOL onto the drive-in property. NO EXCEPTIONS. • Food trucks may be on-site, depending on availability. This varies from week to week so please check our social media or email us at info@athenscine.com to find out what will be happening for each screening. • Please make sure you have a working radio in your car. The audio will play on 95.1 FM. If you would prefer to sit outside, please bring a portable radio with your folding chairs so that you will be able to hear the audio! • Bicyclists please note: You must bring your own FM radio device in order to hear the audio. You can download an app for your phone that will allow you to pick up radio frequencies, although you’ll need an antenna, such as a wired pair of headphones. We also suggest you bring a folding chair. Aug 5 - 6 IT’S A SCAVENGER HUNT! ATHENS 3700 Atlanta Hwy, Athens Time: 2pm Friday to 12am Saturday cont’d...
BERNSTEIN&co r e a l t y athensgahomes.com
ATHENS/OCONEE EVENTS Price: tickets required. $24.95 on eventbrite This all-age activity is a smartphone-guided event where you play alone with your group in your own neighborhood on your own schedule by following instructions provided by the ingame host. Fill your virtual scavenger sack with the items you help choose through riddle-like clues! Explore your surroundings, attempting to quickly locate a variety of items as they are revealed one at a time by your game master. Get outdoors, get creative and try to get a top spot in the It’s a Scavenger Hunt!™ Hall of Fame. Teams are timed and each item found will be appraised and a combination of these two factors will be used to rank you against other teams. Aug 12-14, 18-21 A GENTLEMAN’S GUIDE TO LOVE & MURDER Athens Community Theatre, 115 Grade Ave, Athens Time: Aug 12, 13, 18, 19, 20 @ 8:00 pm. Aug 14, 21 @ 2:00 pm Price: $20 at https://bit.ly/Gentlemansguide Edwardian style and classic farce ensue when middle-class Englishman Monty Narvarro, played by Shane Pruitt, learns he is the ‘son of the daughter of the grandson of the nephew of the second Earl of Highhurst.’ He relentlessly pursues his rightful earldom, accompanied by hilarity, stunning operatics, and an array of unforgettable characters. The hilarious Andy Plemmons will be playing every single one of the eccentric D’Ysquiths.
Aug 21 DRAWING IN THE GALLERIES Performing & Visual Arts Complex, 90 Carlton Street, Athens Time: 2 – 4:00 pm Price: Free to attend Experience the pleasure of drawing in the museum’s galleries. This workshop is led by teaching artist Phil Jasen, and provides drawing instruction, art supplies and enough space to spread out in the galleries. Program is free but seats are limited; to reserve a spot email gmoa-tours@uga.edu. Aug 23, Sept 27 SUNFLOWER MUSIC SERIES Botanical State Garden, 2450 S. Milledge Ave, Athens Time: 7 – 9:00 pm Price: $5 - $17 with tickets. https://botgarden. uga.edu/.../sunflower-concert-series/ The Sunflower Concert Series at the UGA State Botanical Garden of Georgia is returning this summer, offering an opportunity for the community to enjoy music in the garden. The concerts, set in the Flower Garden, offer visitors an unparalleled experience, with some of Athens’ finest musicians performing in a beautiful horticultural setting. Klezmer Local 42 will perform on Aug. 23. Randall Bramblett will take the stage on Sept. 27 in a special concert for the 50th anniversary of the Friends of the Garden. Visitors are encouraged to bring blankets and picnic suppers to enjoy in the garden. cont’d...
BERNSTEIN&co r e a l t y athensgahomes.com
ATHENS/OCONEE EVENTS SEPTEMBER Sept 2 SONS OF SAILORS Jimmy Buffett cover band Southern Brewing Co, 213 Collins Industrial Blvd, Athens Time: 8:00 pm Kids 12 & under get in FREE! This is a general admission all ages ticket for an outdoor concert with 5 acres of backyard space to socially distance for the concert. Folding chairs and blankets are recommended but no outside alcoholic beverages are allowed on to property by law. 100% ok to bring in food though! We will have a food truck on-site for this concert! Sept 10 ATHENS WATER FESTIVAL Sandy Creek Park, 400 Bob Holman Rd, Athens Time: 10:00 am – 2:00 pm Price: $2/person Come have a dino-mite time at the Athens Water Festival! With open-ended dinosaurthemed activities, participants of all ages will enjoy activities at the festival. Dig for fossils, swim in Lake Chapman, meet live animals, splash around with water trucks, and more! Festival activities are free, but park admission is $2 per person (ages 4-64). Visit www. athenswaterfestival.com for more information. We hope to see you on Saturday, September 10 for music, magic, and watery fun!
Sept 17 32ND ANNUAL INSECT-IVAL State Botanical Garden of Georgia, 2450 S. Milledge Ave, Athens Time: 9:00 am – 1:00 pm Price: $5/person ; $20/family One of our largest and most well-known festivals–Insectival–will be coming back to the garden this year! Participants will meet and interact with a variety of entomological experts and their buggy friends. Activities include presenter booths, a puppet show and the popular butterfly release on the Flower Garden lawn. Join garden staff and partners as we celebrate our beloved six-legged neighbors. Insectival is sponsored by the State Botanical Garden of Georgia, UGA Lund Club, UGA Department of Entomology and Georgia Museum of Natural History. Pre-registration is not required. Sept 24 – Nov 6 FALL FUN AT WASHINGTON FARMS Washington Farms, 5691 Hog Mountain Road, Bogart Price: Free to attend Come on out to our BOGART farm location for lots of fun with family & friends! Go for a wagon ride around the farm! Bounce on our Jumping Pillows, and enjoy freshly popped kettle corn! Visit our furry friends at the petting zoo, let your children take a ride on our cow train, and lots more! Lots of laughs and good times await you at Washington Farms! For more information, visit washingtonfarms.net. cont’d...
BERNSTEIN&co r e a l t y athensgahomes.com
MARRY THE HOUSE,
Date the rate What does this mean? It means buy the house you want. But committing to the house doesn’t mean you have to commit to the financing available now forever. Smart homeowners always look for a better financing opportunity, and make the move when the time is right.
You can always change your financing to more favorable terms later, should better rates and products become available. And if rates only get worse, then you’ll be glad you married the house when you did.
B. Jason Bernstein
Jason@AthensGaHomes.com 706.540.3283
Ian Ingram
Ian@AthensGaHomes.com 678.294.6248
Lisa Bernstein
Lisa@AthensGaHomes.com 706.765.7441
Aleisha Kerschner
Aleisha@AthensGaHomes.com 706.480.8346
Tanya Cheek
Tanya@AthensGaHomes.com 706.621.2571