Atlanta Real Estate | Atlanta Housing News for Real Estate

Nationally today the National Association of Realtors NAR issued some new statistics regarding home sales.  (keep in mind that these numbers are a national average, and do not apply across the board!)  What the numbers do reveal are trends.  Nationally of course home sales are off, but they are off 20.7% from this time last year.  Seasonally adjusted, sales of re-sale homes are 4.97 million units in October.  a big chunk in the drop was condos which accounted for 9.1%!  Why? Because they are glutted!

The problem in many markets are that home sales has dropped in the last few months almost 40% in certain price ranges and areas.  Some locals have seen even bigger drops.  In the Atlanta area this is compounded by a 300% increase in agents for the last few years..they are all pursuing less deals. In the real world it will mean that many cannot pay thier bills. 

In recent weeks in the Atlanta area I know of 10 major real estate offices that closed their doors unexpectedly!  You can call it what you want, some may have called it a consolidation of offices, elimination of duplicative efforts, but the reality is that there isn't enough money going around to pay the bills and keep the lights on. Sometimes you cannot help but wonder how many agents survive, pay hospitalization, or car payments.  The Atlanta area has about 45000 agents, and last month there were 3500 single family home sales, and 676condo/town home sales throughout the entire area of the MLS.  A few years ago we had only about 13000 agents, and about the same number of sales. In my own area of North Fulton county where there are about 15000 agents that reside here...last month we saw 79 sales in area 13, and 107 in Area 14.

I guess it is safe to say, that if you are a buyer or a home seller, it is going to make sense to work with someone that can afford to advertise your home to sell it for you.  Home buyers will have to find an agent that is not rushing them to buy a home to pay the agents rent or mortgage.  Representation is supposed to place our cleints first!

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Sandy Spring Homes 12 sold in the Month of October, compared with 22 October 2006, and 31 in October of 2005. If you are interested in the most recent Sandy Springs homes sales, the most recent data for  homes closed sales for the month of October 2007 has just been released.  Sandy Springs in the Atlanta MLS  is noted as area 131.  Sandy Spring homes are still selling because of Sandy Springs great location to downtown Atlanta.  Sandy Springs lies just outside the Perimeter and has quick access into Atlanta.  To increase your odds of selling in this market, Sandy Spring homes need to be updated, painted, and priced correctly.  There is no margin for error.  Sellers need to be realistic and work with buyers when they get an offer.

(October Sales Report just released 11/27/2007)

• Sold - 12 Properties Found
• 265 Active Listings
• 22 Months Absorption Rate
• Average Sold Price - $496,468
• Average Days on Market - 79.3
• Average List Price / Sales Price Ratio - 96.8%
• Average Original List Price - 529,975

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I think in the best of times all of in real estate look at subdivision names, and ask ourselves who thought of that one!  The names are so far fetched that no one on a salary should have ever been paid to think them up!  If we are on a caravan there is a lot of great belly laughs as agents joke around about some names they could have used!  I was searching the Internet this evening and actually found there are random name generators that will make up and generate random subdivision names.  It was a lot of fun seeing them, and then I added a few of my own make believe subdivision signs.

• Generator Land : Subdivision Name Generator
• Pseudo-Elizabethan Placename Generator
• random subdivision name generator
• subdivision name generator
• Yalestar.com Subdivision Name Generator

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Atlanta ranch homes for sale?  Buying a ranch home in Atlanta makes a lot of sense every way you look at it!  Ranch homes are very practical, and cost efficient both in energy and maintenance!  First of all in a ranch homes there are no steps! Thats right, stepless! As we get older, one level living is a no brainer!  Gravity make our knees feel the need  not to climb up and down stairs all day to make beds and do laundry.  It starts to make sense when you ask yourself a few questions!  Why should you have to walk up stairs to unload the car with groceries, or when moving furniture?  Is is smart heating an empty two story foyer or family room?  As you get older...do you need al the extra room to take care of?  If you are the busy executive type and busy with a job where a lot of traveling is required then a ranch home may be perfect for your needs!  There is less maintenance to take care of in a ranch home, especially if you do not want to live in a condo or town home.  We have an abundance of great looking ranch homes for sale in Atlanta!

• Alpharetta Ranch Homes for Sale
• Atlanta Ranch Homes for Sale
• Cumming Ranch Homes for Sale
• Dunwoody Ranch Homes for Sale
• Marietta Ranch Homes for Sale
• Roswell Ranch Homes for Sale 

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Dunwoody Georgia homes sales.  If you are interested in Dunwoody real estate, the most recent data for Dunwoody homes closed sales for the month of October 2007 has just been released.  In the Atlanta MLS Dunwoody is noted as area 121. Dunwoody homes are still selling because of the location and appearance.  Homes need to be updated, painted, and priced correctly.  There is no margin for error.  Sellers need to be realistic and work with buyers when they get an offer.

(October Sales Report just released 11/27/2007)

• Sold - 26 Properties Found
• Average Sold Price - $444,563
• Average Days on Market - 65
• Average List Price / Sales Price Ratio -  95%
• Average Original List Price - 480,123

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All too often in real estate Atlanta new homes subdivisions and will make a pitch to real estate agents to bring their buyers to their Atlanta new home subdivisions. They will routinely host free real estate agents luncheons, drawings, bonuses to get your attention! When times were really hot in real estate, they would lower commissions and incentives because the product is selling itself, and they didn’t need the real estate agent! Now that times are really slow, and builders are getting a little desperate…some Atlanta new home builders they are doing things a lot more unethically! Since homes with tremendous incentives aren’t selling some Atlanta new homes subdivision agents are resorting to telling buyers…“If you come back without your Atlanta real estate agent, I can work a better deal for you!” How do I know? Atlanta home buyers are telling us so! Some builders do this because they do not want anyone to find out how bad a product they build, or advise you as an Atlanta buyer not to proceed without having a new home inspected, and the deficiencies fixed. If you have your own buyers representation, your buyer’s agent may advise you that the deal the builder is offering you for closing with their lender is not such a good deal after all! That more favorable rates and terms may be more easily found elsewhere.

Atlanta home buyers need to beware of purchasing a home without buyer representation. A builder can never represent the buyer’s interest; they only represent their own interests. The best advice? Never by a new home unless you have an experienced buyer’s agent representing your needs!

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Atlanta real estate market report.  Sold homes in Atlanta: Listings in the Atlanta MLS are at an all time high and not softening.   The current First Multiple Listing Service FMLS is showing 86340 Active homes for sale, and 4336 Sold in October 2007 VS. 6359 sales in October of 2006.  That is a 32% drop in sales. We are at a point that Expired listings, and Withdrawns listings (unsuccessfully sales) are exceeding sales 2 to 1.   The problems is compounded by rising foreclosures are almost twice that of sales.  This is not a good scenario.  Even though Atlanta did not have a major run up in price, homes were sold in Atlanta to marginal buyers that could scarcely afford to repay.  Those homes are coming back on the market, and there is not enough demand to take up the slack!  What does this all mean?  Prices are going to fall.  As sellers that need to sell become desperate, and banks need to move the foreclosures off the books there is going to be a Major softening for real estate values for some time to come. 

The good news that homes are still selling, and that attention to detail must be paid.  It still is a great time to sell a home, and to buy a home in Atlanta.

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Thanksgiving is the perfect time of year to look back and reflect and to give thanks for all the benefits and blessings that have been bestowed upon us.  In real estate we have a definite advantage to be of service to many others that are not as fortunate as us.  For them the sale of a home may not be a choice this year.   They may have apprehension, and fear.  Home  sellers are pressed with great decisions, that will impact their lives and their family for years to come.  Unlike us, they do not look at a home as a deal, but rather a turning point in their lives.  Thye viewed their purchase as a place to fufill their dreams, and provide shealter to their families and loved ones.  We are in a great position to assist them with our expereince.  For those that have given up we offer some solutions, ideas and better yet hope.  Not false promises, but a sincere desire to offer solutions that work.

Let us take a moment to step back and reflect and give thanks to God for all the graces, the blessings, and so many wonderful folks we meet each year in our great career! And let ust count our blessing and share the abundance with all.  We live in a great country, with great abundance, with more freedoms than most countries in the world.  We have a standard of living that most in our world just dream of!

PLEASE VISIT OUR ATLANTA THANKSGIVING WEB PAGE 

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I don't know whether it is the time of year or the softness in our real estate business or just people being generally depressed, but we have never had so many requests to "Let's get together and have lunch!"  Let's not, and just say we did! 

Lately we are besieged for lunch request by loan officers, other agents, and brokers looking for free advice, and possible referrals.  I wouldn't mind, but most of it is not really about business or sharing ideas.  So why bother? Gossip and commiseration is not a good use of time.  I guess with slower times, many in our business do not know what to do with all the free time.  We were all used to working on a moments notice to close our next deal.  It isn't that way anymore.  It is not that I dislike lunch...it can be a great learning tool.  It is my belief that just having lunch is a great way to network perhaps at a convention, and listen with an undivided attention to a new marketing ideas, and building rapport with clients, and other agents.  It is not something to do out of habit.  As in once a week let's meet for lunch because there is nothing else going on!

Lunch hour tends to be a frenetic time of day which can lead to loss of the most of the day.  A luncheon has to be planned to avoid the business rush at lunch hour!  Between travel time, gas, tips, return trip the day is shot!  A late lunch is disastrous!  3:30PM is almost 4 PM.  So to make this short there is a loss of major productive time.  The day is basically shot after a lunch, and sometimes if you have other work to do...you'd rather pass on real work!  Why not nap?  The other side of it is that it is easy to fall into the habit of "Let's Do Lunch!"  So let's think before we eat!  If not the consequences can be dire!

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There are many Atlanta home buyers that buy a home in Atlanta without a buyer's agent or real estate agent that represents their interests.  The buyers make a fatal mistake of going directly to the builder and buy directly from them.  This is incrediby naive of them. And it is like having unprotected sex with a stranger! Not smart at all!  The listing agent can only represent their principle the seller!  The Atlanta home buyer's mistake?  They thought that by going directly to the builder they could shave off the commission because they purchased without a buyers agent.  That is mistake #1. 

Another mistake is that the the builder developer will give the buyer if they close with their preferred lender: furniture up to 15K, closing costs up to $7500, a decorator allowance, a free exotic trip, and up to 100K off!  Wow!  How could a buyer pass this up?  Who needs an agent?  Just think, that if you could get all of the above without negotiating...what is wrong with the picture?  Mistake #2.

The friendly Atlanta new homes agent asks you as the buyer that if you returned to purchase the home without your agent, they can give you a much better deal.  Please keep in mind that after all they have to pay a big commission to them.  If you buy an Atlanta new home without an agent, you could really get a sweet deal! Mistake #3.

If you buy our home, not only can we get you a great deal, but at the closing, we could give you cash back!  That's Mistake # 4 (it is Illegal you could go to jail!)

The same friendly Atlanta new homes agent, asks you "Why are you wasting your money by doing a home inspection and paying all that money to a mediocre home inspector?"  The builder is a really great guy, he's a Christian and can be trusted!  And after all, this is a new home, and you are under a builders warranty!  Mistake # 5 is often Fatal!

Wow, I could write a book on this!  The truth is you are a sucker for buying a home without an experienced advocate representing your needs only!  There is no free lunch!  In spite of all the concessions the builder made for you, the home may just be a total loser and is still way overpriced!  What happens if the builder goes bankrupt?  What happens to your builder's warranty then?  What happens when you find out the builders lender changes the loan agreement at the closing table and you pay a substantially higher interest rate?  What happens when the subdivision goes into bankruptcy and you find out the hard way there is no pool or tennis nd there never will be, or that the builder is going to undercut your 250K home price and finish the rest of the subdivision with homes that are a $100K less in the 150's?  I can tell you what will happen.  You have just made thee most expensive mistake in your life that will take a decade to make right!  Caveat Emptor.  Let the "Buyer Beware!"

There are loads of foreclosures in today's market and the untold story is that many of them were sold to persons that could not afford to buy them.  When the mortgage readjusts your monthly payment beyond your reach... a buyer agent may have assisted you in using other lenders and having them explain costs, and payments to you.  There are many new homes subdivisions where the majority of homeowners are in foreclosure.  A good Atlanta buyers agent may advise you not to buy a home from a particular subdivision, or may show you that there are much better bargains in resale homes. They may even have advised you, not to buy a home.

Don't make a costly mistake buying a home in Atlanta.  Before you buy,  buy with a Atlanta buyers agent that represents you alone.

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