Savannah Homes – Living in Luxury

Thank you to the Savannah Morning News for doing a wonderful piece on our Luxury Listing at 18 Rockwell Avenue in the Sunday paper!  It is truly an amazing, one-of-a kind property!

To read the full article
just click on the picture.

To view more pictures and information on the home go here.

You can also see more of the home by watching this video.

To view more pictures and information on 18 Rockwell Avenue or other Savannah Luxury Homes click here.

Where Will Home Values Go in the Next 5 Years?

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When most people buy a house, they think at least 5 years out.

That’s one of the reasons it’s a good idea to look that far ahead when you are considering purchasing or trading up to a bigger home.

The Home Expectations Survey, published quarterly by Pulsenomics, provides a quick summary of what a nationwide panel of 100+ economists, real estate experts and investment & market strategists expect housing values to do in the next 5 years.

Search All Homes for Sale in the Savannah Area. 

The average projections of all the experts are summed up in a single percentage that defines where they think prices are headed.

Here’s What the Latest Survey Revealed

  • Home values will INCREASE by 4.1% in 2015 over 2014 values.
  • Home Values Will INCREASE by 18.1% (cumulative) by 2019.

That’s an average annual appreciation of 3.4% over the next 5 years. (3.4 x5=18.1).

Pessimists and Optimists

The most pessimistic experts taking the survey thought the cumulative appreciation would be at least 10.5% by 2019. While the quartile of experts with the most optimistic outlook expected home values to rise over 25% in the next 5 years, exceeding bubble-era peaks by February 2017.  If the panelists’ projections hold true the median U.S. home value will break through the April 2007 pre-recession peak of $196,400 in December of 2017. (See Chart Above)

Bottom Line

As I’ve said here before, sooner rather than later is the best time to buy a home. This survey further supports my conclusions. Values are expected to go up. Also, this month, the Fed may raise rates. Even if they wait — due to stock market volatility — it is only a matter of months (not years) before they do so. The bottom line:  If you plan to buy or sell in the next 5 years, NOW is the optimum time. If you wait, you risk higher prices and interest rates eating away at your buying power. 

Contact Us Today and We’ll Help You Find the Home of Your Dreams

Call me at 912-844-9000 or fill out this contact form and I’ll reach out to you.  But hurry, you don’t want to wait too long and miss this optimum buying opportunity.

Search all home for sale in the Savannah area. 

6 Reasons You Should Sell Your Home Now

shutterstock_23503294It’s been an extra hot summer, but it’s almost over (at least for kids going back to school). Home sales have also  been hot this summer and that’s one of the reasons why now is the time to sell your home. Here’s a few more reasons why there’s “no time like the present” if you’re thinking of listing and selling your home.

1. Buyer Demand Is White Hot

One of the ways to measure buyer demand is to look at foot traffic. This refers to the number of people who are physically out browsing homes for sale. The most recent foot traffic data shows that more prospective buyers are looking at homes right now than at any point in the last two years.

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Obviously, the best time to sell is when buyers are hungry to buy and this stat shows that there’s a huge number of buyers ready to find and buy a new home.

2. Inventory Levels Have Dropped

This means sellers  face less competition than they used to. In fact, The National Association of Realtors recently found that housing supply (or inventory) has fallen to 5.0-month of supply across the nation. This is considered a sellers market — a normal (or balanced market)  has 6 months of inventory. When a inventory levels reach seven months  and beyond, the market is in the buyer’s favor.

Since there are fewer homes to choose from, your home has a better chance of being noticed and sold.

3. Demand is Pent Up

Many homeowners wanted to move years ago, but they had negative equity in their homes. Now that housing sales and values have increased, they’re in a better position to sell an old home and buy a new one.

As their equity grows, more will sale. That means you’ll have more competition in the future.

4. Home Prices Are Appreciating Again

In a recent report, RealtyTrac, noted that sellers (in 2015) have seen the biggest gains in home appreciation since 2007. In June, sellers also averaged a sell price above estimated market value for the first time in two years.

5. Prices Should Keep Going Up

If you plan to upsize (sell and buy a bigger, more expensive house) you will probably pay more in the future than you will right now.  Some real estate experts expect prices to increase nearly 20% by 2019.

View all Savannah area homes for sale. 

6. Higher Interest Rates = Less Buying Power

Interest rates also sit at historic lows, but many think that will end soon. Some lenders expect a 1 percentage point increase over the next year (from 4% to 5%). So if you sell and buy later, you’ll spend more because your buying power will have decreased.

Ed and Lisa Yannett, Keller Williams Realty

List Your Home for Sell Today

Call us today at 912-844-9000 and we can evaluate the value of your home. In fact, we have some buyers just waiting for the right home to come on the market. Maybe it’s yours.

Contact us via email. 

U.S. Luxury Home Market Report (Charts)

US Luxury Home Market July 2015

The Institute for Luxury Home Marketing recently released charts showing how luxury real estate is performing across the nation.

The charts are a snapshot of all luxury markets across the US are performing. You can see the 7-day and 90-day rolling averages for median list price, days on market, and inventory.

Go here to view the charts. 

Go here to view all Savannah Luxury Homes for Sale. 

A Look at the Savannah Home Market in 4 Charts

In Q2, Nearly 19% More Homes Sold Than in Q2 of 2014. For 2015, 19.6% More Homes Have Sold.

Number of Savannah Home Sold

Median Sales Price Climbed 9.7% in Q2 2015. For the Year Median Sales Price Is Up 11.7%.

Savannah Median Sales Price Q2 2015

(View all Savannah Homes Currently for Sale.)

In Q2, the Median Sales Price for Savannah Home Was Nearly 97% of Original List Price. So Far This Year It’s 96.7%.

Savannah Homes - Median Sales Price as a % of Original Listing Price

Savannah Homes Took an Average of 70 Days to Sale in Q2 of 2014, Which is the Same as Q2 of 2014. For the year, homes have stayed on the market 77 days, one more day than in 2014.

Savannah Homes - Days on the Market

A Quick Summary:

Savannah homes are staying on the market for the same length of time as in 2014, but almost 20% more homes have sold at a median price nearly 12% above 2014. 

How Much Is My savannah Home Worth?

What You Need to Know About Tybee Island Before You Buy a House

Tybee Island Pier
Tybee Island Pier

Tybee Island, a short drive from Savannah and known by some as “Savannah Beach,” has become a popular vacation destination over the past decade or so.

Most of the vacation homes and hotels stay packed throughout the Spring and Summer. And more and more people are moving to the island as part-timers and full-timers.

Search all Tybee Homes for Sale

They come as visitors, discover it’s quirky, laid-back vibe, fall in love and eventually buy a home. Some buy and visit on the holidays and weekends. Others invest and rent their homes out to vacationers, before settling down as residents later in life. Still others become full-time residents of the quaint island community that has about 3,000 year-round locals.

Tybee is a quirky, small town

If you spend much time on Tybee, you’ll meet or at least see just about everyone. Whether your biking or golf-carting to the Post Office to get your mail, heading to the Tybee Market for some groceries or to one of the many great restaurants for a beer, pizza or some seafood.

Just keep in mind, you’re on Tybee time so don’t get worked up over little inconveniences. The long-timers and locals don’t.

Tybee is laid-back and casual — all the time

Most people dress casually all the time. So you really never know if you’re talking to a millionaire living in a mansion on the water or a local simply trying to earn enough to buy beer and go surfing as much as possible. And you’ll find folks in just about all areas in between. It’s okay to dress up, but you don’t have to — and most people you see won’t be wearing their best clothes.

Tybee offers a lot to see and do

Tybee Lighthouse
Tybee Lighthouse

If lying out on the beach for hours is not your thing you will still find plenty to do — on the water and off. Of course there is fishing, crabbing and boating. But you can also kayak around on the inlets and explore or even camp on Little Tybee, which has no homes on it.

You can also visit the marine science center. In fact, Tybee recently started a charter school focused on marine science.

Tybee also offers live music venues, a wine festival and has many planned parades and events throughout the year. It has its own St. Paddy’s Parade, Pirate Fest, Beach Bum Parade (keep your windows rolled up and stay off the streets if you don’t want to get soaked) and an Independence Day fireworks show, usually the day before Savannah’s.

You can also participate in the Tybee marathon and half marathon, watch professional beach volleyball, and maybe even get cast as an extra in one of the many movies that film on the island.

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Tybee has great eats for every palate and price range

If you love to eat out, you’ll be amazed at how many excellent restaurants you’ll find on Tybee.

And they run the gamut, you can get a cheap slice of pizza and draft beer at Huca Poos, a mid-range meal at places like the The Tybee Island Social Club or a 5-Star Fine Dining experience at the Sundae Cafe (don’t be fooled by the fact it sits next to a convenience store. Many consider it the best place on the Island.)

You’ll also find plenty of great seafood places, from the tourist-friendly Crab Shack, the North Beach Bar and Grill (which is on the less traveled north beach area next to the Tybee Lighthouse), A.J.’s Dockside on the Back River or Marlin Monroe’s on the beachfront. You can also visit the Tybee Pier area where you will find the greatest concentration of tourists and hotels and bars and grills, including long-time staples Spanky’s and Fannies.

There’s too many to list here so here’s a list if you want more ideas.

Where Should I Live On Tybee?

The north side of Tybee is less touristy and more residential than the Southside of Tybee, while the middle of the island (1st through 10th Streets) offers a mix of residential homes and vacation rentals, as well as smaller hotels and condos.

There are also some mostly residential neighborhoods off the main drag before you actually get to the beach in the Spanish Hammock and Horse Pen Hammock areas.

Want to Learn More About Tybee or Tour Some Homes?

Contact us today or next time you’re in Savannah and we can take you on a guided tour of the area, showing you the neighborhoods that match up best with your wants and needs. Call me at 912-844-9000 or fill out this short contact form.

Selling a Home? Go here to find the value of your existing home.

How the End of “Free Money” Will Affect Savannah Mortgage Rates

falling dollars

It’s the end of “free money” according to Erik Davidson, chief investment officer for Wells Fargo & Co.’s private bank. He called this week’s Fed announcement a “major inflection point.” Now the question is how will this impact Savannah mortgage rates.

As expected Yellen and the Fed did not raise rates, this time, but almost everyone expects at least a 0.25 percentage point bump up when the Fed meets again in September.

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Mortgage Rates Climb Above 4% for First Time in 2015

Mortgage rates recently jumped over 4 percent for the first time this year according to Freddie Mac’s Mortgage Market Survey. Expect to see even bigger increases as time goes by and September draws nearer. (Read More)

Savannah Golf Course Communities Move Beyond the Links

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Luxury developments all over the U.S., which used to rely on Golf Courses as the centerpiece of their selling strategies, are now adding enhanced amenities to draw buyers with new tastes. Fishing ponds, skate parks, orchards, horse parks, nature trails and even movie theaters and bowling alleys have become a part of the new “lifestyle” amenities.

(View all Savannah Luxury Homes for Sale)

Over the last few years, luxury developers have weathered the real state market meltdown, as well as dwindling interest in the game of golf.

In 2014, more golf courses closed than opened in the U.S. according to the National Golf Foundation. The decrease in golfers continued to fall too, but less than it had in previous years. There are currently about 25 million golfers in the U.S. That’s about 8.5% of the population. But 20% of homebuyers in master-planned development play the game.

Reaching Out to Families and Kids

Golf communities have started to provide more opportunities for families, particularly kids to develop more interest in golf. They are creating smaller family and kid-friendly courses and providing golf lessons and camps focused on getting younger people interested in the game.

Developments also offer other recreational activities for families and kids, including fitness centers with yoga and “boot camps,” as well as sports families can play together like flag football. Some communities even focus on horseback riding and luxury camping.

Master-planned communities also provide less expensive sports memberships, which give residents access to these types of activities, but not golf.  Typically, they run about half the price of a golf membership and allow members to play some golf if they pay the greens fee.

Savannah’s Golf Course Communities

Locally, The Landings on Skidaway Island boasts 40 miles of trails that are frequented by walkers, runners, bikers, and golf carters. The development also includes many parks — one just for dogs. It also has two deep water marinas, five restaurants, 34 tennis courts, six pools (indoor and outdoor) and a fitness center to go with its six Championship Golf Courses.

The Ford Plantation in Richmond Hill has an equestrian center, fresh and salt water fishing areas, a deep water marina, day spa, 10 miles of horse, biking and hiking trails, and an organic garden in addition to a Championship Golf Course.

Southbridge in the West Chatham area of Savannah offers The Grand Lake Lodge and Spa, which has six acres of recreational amenities, including walking trails, beach volleyball, basketball, and state-of-the-art workout equipment. The Lodge also has a full-service spa, saunas and steam rooms. Southbridge also has a golf course and golf academy. 

Savannah Quarters located in Pooler has a huge swim and fitness center, including a junior Olympic lap pool and another with a towering waterslide, as well as a golf course and tennis courts. The community also houses the 29,000 square foot Savannah Quarters Golf Club House, which includes the golf grille, wine room and main dining room.

— Ed Yannett

Interested in Discovering Savannah’s Amenity-Rich Luxury Communities?

Contact me today and I can give you a firsthand look at all the lifestyle amenities and beautiful homes these luxurious communities offer local homebuyers and those seeking a vacation or retirement home.

You can reach me at 912-844-9000 or email me here.