Here is our August 7th, 2020 Email Update about Real Estate in Northwest Atlanta (primarily Woodstock, Canton, Roswell, Acworth, Alpharetta and parts of Marietta.)
Covid 19 Dominates the News with lots being focused on Schools Reopening. Fulton and Cobb County are Online Only while Cherokee County allows a choice as to whether they go in person or learn from home. When given the choice in Cherokee 70%+ of the parents are sending their children back to school. Other districts have pushed back the start dates. Canton has already shut down one classroom after a student tested positive. More on this next month – we are praying cases don’t spike and that our children and their families stay healthy.
It looks like our local governments are concerned about tax revenue with all of the businesses that have closed and or have no profit. Cherokee County is proposing a significant property tax increase and Cobb County is asking to extend for another 6 years the SPLOST tax. Cherokee County’s proposals will add up to $65 a year in property taxes for an average home worth $285,000. The extra money collected is planned to go to 45 new positions created and to pay for 7% salary increases. Cobb’s SPLOST tax (a 1% sales tax) will be primarily used to repave roads. We are pretty sure Fulton county will stand pat after last year’s fiasco with property taxes and the formulas used to define the taxes.
Overall in the housing market we are seeing better activity than expected with all that has gone on. Sales prices year-to-date compared to the first seven months of 2019 are up in every area (although very slightly in Woodstock which had seen previously years of explosive appreciation) yet the number of sales has declined. For our region, sales prices rose an average of 4.68% yet the number of sales dropped 10.34%. The drop in the number of sales can be attributed to the changes in business Covid has necessitated and to reduced inventory. All real estate is hyper-local and if you’d like a professional analysis of value at no charge let us know (contact info below)
If you’re thinking of selling or refinancing – here’s an article on appraisals you may find interesting and valuable. Cleaning up is the point I liked the most because even seasoned appraisers can be swayed by a good looking yard etc.
If you’re here in Atlanta here’s some ideas of North Georgia vineyards to visit.
Finally, I’d like to invite you to a private meeting with me to discuss any real estate related questions you may have regarding rent rates, handling problem tenants, exploring whether you should refinance, or sell. We can also show you some properties we think will prove to be good investments. Simply give me a call at my office 770-726-1454 or email me at mike.stott@mac.com. I promise to give you honest information, un-thought of options, and proven solutions; with no heavy-handed sales pitch.
