Atlanta - New figures out this month show the Atlanta real estate market has cooled considerably.
“It has been flat since August of last year,” said Keller Williams realtor Michael Bunch. That may be why so many homeowners seem to be hunkering down.
“With low inventory and so many homeowners still owing more than their homes are worth on today’s market, they’re probably opting to stay where they are.”
In fact, a new study by Sun Trust bank says that’s exactly what more than half of all homeowners are doing.
“We anticipate about 56-percent of homeowners to be spending money on home improvement projects this year,” said Sun Trust Sr. Vice President Gary Miller, who heads up the bank’s Lightstream lending division. “They’re more likely to pull the trigger on new projects or on deferred maintenance projects they had in the past.”
About 20-percent of those renovating this year are spending at least $10,000 to do so. Of those:
27-percent are building an outdoor project (pool, patio/deck, landscaping)
17-percent are remodeling or building a bathroom
16-percent are replacing their HVAC or replacing the roof
11-percent are updating their kitchens
5-percent are adding space
5-percent are finishing their basements