Atlanta Real Estate | Atlanta Housing News for Real Estate

Recently we received a few potential listing calls from would be Atlanta home sellers that wanted to list their homes.  It was interesting, but after speaking to them on the phone they all had a similar story. We really were not in any position where we could help them!  They were totally upside down!  I am sure we just confirmed what a few other professional agents had told them.  I guess they were just waiting for someone that told them what they wanted to hear!  We do not do that.

The problem is that as Atlanta home buyers, they incorrectly purchased homes with either an on-site agent or with a discount real estate company that rebated back a portion of the commission back to them.  One scenario for the new home buyer was that they were totally unrepresented because the new homes sales person does not represent them, And obviously the concessions they recieved purchasing at the time seemedlike a really smart idea! Too bad it wanb't!  The other was the rebate buyer agent company that kicks back a home buyer's rebate to the home buyer.  That was an interesting story...buyer companies that said they were representing the home buyers, but did nothing to for them.  The home buyers would have done better off wihtout any agent in this case!  How bogus!  In fact they had even signed buyers agency, but their rebates were coupled with an agreement that was really a "hold harmless form!"  The buyers agents did not arrange inspections, write counters, and did not even show up at the closings.  That does not sound like the services of a buyers agent! Very foolish, but did the home buyers know how dearly the $1500 buyers credit was going to cost them?  I think now they are starting to get an idea of the real cost!

One of the calls we recieved, we noticed the builder sold a home that was on the market for over 1 year, and offered the buyer a few concessions.  (The home buyer did not know that until we researched it, and told them!)  The problem?  The home buyers still overpaid by over 25K, plus added concessions!  That translates into, "SORRY WE CANNOT HELP YOU!"  Unless the you as an Atlanta seller can bring about 40K to closing to cover commissions, incentives, buyer closing costs, and cover the lower sales price you're out of luck!  Just think about it!  The result of getting back a $1500 rebate on the front side, and not asking the right questions before buying is a declining market!  A truly fatal mistake!  The sellers are so upside down they will not be able to sell without  their cash in the deal!

Upon research of the items that various sellers wanted sold, it was obvious that as home buyers both purchased homes and residences without knowing the true value of what they were buying.  They did not ask how long was the property already on the market, and what the price of neighboring properties were selling for.  When a builder says:

1. I will pay all closing costs if you use my lender.
2. I will pay a years worth of condo fees
3. I will offer you upgrades worth 15K
4. Free Granite Counters and Stainless Appliances
5. Free Fun Money for Free Furniture
6. 3-2-1 Buy-downs
7. 10K worth of Whatever You Want it For...'Free Finished Basement
8. A Free Pool for Contracts written by....
9. A sign that says Future Community Pool, and Facilities site
10. What qualifies the property as the right location?

RUN FOR YOUR LIFE!  ASK ABOUT:

1. Instead you should be asking why would the builder or on-site agent offer all of this?
2. You need a home buyers CMA  What are neighborhood sales prices
3. How long have they been on the market?
4. How many times has the unit been on the market?
5. Have prices dropped or increased.
6. Has new construction stopped?
7. What bonuses or increased commissions are offered to the agents that sell the home?
8. How many homes or units are in the total build out?
9. How many are sold? 
10. How many Closed sales?
11. How many are rental units!
12. Is rental of the purchased unit an option?
13. What are the reserves? Percentage of units in arrears? Are they Negative?
14. Special assessments planned?
15. Proximity to power lines, roads commercial real estate, creeks, airports, flood zones etc?
16. What about all the unfinished homes and 4 foot tall weeds?
17. How many units or homes are rentals?

PS...You should be allowed to use your own lender and ask the builder to contribute to your closing costs.  There is also no reason why you should not be able to negotiate the price!

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With 2007 almost at a close, we all have a chance to reflect on the year and project where our business will be next year.   Will work be easier or harder in 2008?  Has the real estate market bottomed?  Do we still have a way to go?  When will the real estate recovery begin?  Please answer all 10 questions

1. Mortgage Rates Lower or Higher? 
2. Credit Loosen or Tighten?
3. Numbers of Agents in Your Market Up or Down?
4. Real Estate Inventory Levels in Your Market Increase, or Decrease?
5. Better Real Estate Market or Worse?
6. Buyer's Market or Seller's Market?
7. More Foreclosures or Less?
8. Homes Sales Prices Flat, Rise, or Fall?
9. Condo Sales Prices Flat, Rise, or Fall?
10. Commercial Real Estate Stay Strong or Start to Soften?

My Thoughts for 2008

1. From what I am following on mortgage rates, I do not think they will get any worse.  I think we will enjoy reasonable rates for the foreseeable future.
2. Credit I believe will tighten a little more before it moderates.  There is a search for quality taking place!
3. The numbers of agents will slowly go down as it idd in the late 90's and early 90's.  First many agents will go to less expensive companies, and then many will leave the business.
4. Spring markets will rise in inventory.  Leveraged owners will realize they are not going to make massive profits!, and mortgage resets will increase ten fold in the coming year.
5. Worse real estate market first half of year, leveling out in the last 2 quarters of 08'
6. More foreclosures as 50 Billion of mortgage resets kick in
7. Flat to softer home prices
8. Home Sales start to increase as prices are more realistic
9. Condo sales A year away from major recovery
10. Commercial Sales Start to soften.

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As of today December 26, 2007 there are 117 homes for sale in St Marlo Golf and Country Club in Duluth Georgia.  The most expensive homes for sale in St Marlo is priced at $3,000,000 .  That is a new construction home on the market.  The least expensive home for sale in St Marlo is priced $559,900.   3 homes sold in St Marlo in the month of November 2007.  The most expensive home sold sold at $1,141,875 it was on the market for a total of 562 days and was a resale.  The second home sold for $760500 it was a resale home in St Marlo.  It originally listed at $ 949,900 and was on the market for a total of 156 days and sold at 80% of list price.  The third and last home sold in St Marlo was a bank owned property that sold for $ 660,000 and was originally priced at $ 870,900.   There are 7  foreclosures currently listed for sale in St Marlo!

St Marlo is a gated golf and country club in Duluth Georgia. The annual association fee is $1600 and includes swim and tennis but not golf.  If you are looking for a home in St Marlo Golf and Country Club in Duluth Georgia and want an experienced buyers representative represent you, please do not hesitate to contact us.

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I love Active Rain, but lately I noticed a lot of the blogging is really more personal an social in nature than it is about real estate.  Is that wise? Is that a productive use of time or is it just a waste of time? If a Blog does not have relevance to real estate to me it is more of a waste of time and effort.  It does not aid me in Search Engine Optimization SEO or web placement.  If I miss the score on that, that means less potential clients and closed deals down the line.  It may point to a greater issue that I am in fact just wasting my time because there isn't any work. 

The worse thing for a real estate agent is to have their routines broken by a lack of work.  The next item is the productive use of my time vs. the destructive use, or non-productive use of time.  I choose to be productive even with blogging.  Many reports are geared to localism in Active Rain.  I am looking for web placement to better serve client needs.  I am not looking to bond so much with other members of Active Rain for the sake of bonding with other AR members. 

There are still buyers and sellers out there that have a need.  What will they be looking for on the Internet?  Will they be looking for local sports, tennis, arts and entertainment, local events, home values, market reports, local festivals, local restaurants, information on your local community or your your pet peeve?  I think potential clients will be looking to fill their own needs.  What are your thoughts about Blogging on Active Rain?  Productive or just passing time?

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As of today December 26, 2007 there are 40 homes for sale in Laurel Springs Golf and Country Club in Suwanee Georgia.  The most expensive homes for sale in Laurel Springs is priced at $1,249,000 .  That is a 5 bedroom, 5 and 1 half bath stucco home with a 4 car garage and a finished terrace level with a media room.   There is a wine cellarin the terrace level.  The least expensive home for sale in Laurel Springs is priced $439,900 and is a 5 bedroom, 3.5 bath home on a slab.  There is no basement.  3 homes sold in Laurel Springs in the month of November 2007.  The most expensive home sold sold at $977,500 it was on the market for a total of 564 days and was new construction.  The second home sold for $802500 it was a resale home in Laurel Springs.  It originally listed at $ 863,500 and was on the market for a total of 345 days.  The third and last home sold in Laurel Springs sold for $584,000 and was originally priced at 642,500.  It was a brick resale  home on the market for a total of 442 days it had an unfinished basement, and a master suite on the main level.  There is one foreclosure currently listed for sale in Laurel Springs!

Laurel Springs is a gated Jack Nicklaus designed golf and country club in Suwanee Georgia. The annual association fee is $1600 and includes swim and tennis but not golf.  If you are looking for a home in Laurel Springs Golf and Country Club in Suwanee Georgia and want an experienced buyers representative represent you, please do not hesitate to contact us.

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South Forsyth Georgia Cumming  homes and real estate market report December 2007 FMLS AREA 221 East of GA 400.  Cumming homes sold.  The new statistics have just been released for the South Forsyth Cumming homes sales this week.   To skip the MLS jargon of the report... I broke down the numbers to just Alpharetta listed as the city as opposed to MLS areas that are harder to understand.  For the Month of November 2007 there were only 94 Single Family Home Sales.  This is very substantial drop in sales activity.  It must also be tempered with the reality of all time highs in inventory of other homes for sale in South Forsyth Georgia Cumming  homes.

South Forsyth Georgia Cumming Homes  November 2007 Comparison 

• November 2007 94   Sales Single Family Homes Average Sales price $ 358,369 Day to Sell 103
• November 2006 104 Sales Single Family Homes Average Sales price $ 375,703 Days to Sell 72
• November 2005 167 Sales Single Family Homes Average Sales price $ 354,021 Days to Sell  78

Active - 1441 Properties Found

This trend shows deterioration in our market of sales, increased marketing time, 15.32 months of inventory and what you cannot see is the sellers contributions towards closing costs, and repeat time on market.

South Forsyth Georgia Cumming Condos / Town Home Sales November 2007 Comparison 

• November 2007 Sold - 8 Sales Condo / Town Homes Average Sales price $ 316,528 Days to Sell 61
• November 2006 Sold - 10 Sales Condo / Town Homes Average Sales price $ 271,414 Days to Sell 81
• November 2005 Sold - 10 Sales Condo / Town Homes Average Sales price $ 273,708 Days to Sell 122

 Active - 170 Properties Found.  This translates to a 21.25 months of inventory.

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Sandy Springs market report December 2007.  sold.  The new statistics have just been released for Sandy Springs homes sales this week.   To skip the MLS jargon of the report... (some entries are placed as Atlanta rather than Sandy Springs) I broke down the numbers to just Sandy Springs area 131 listed as the city as opposed to MLS areas that are harder to understand.  For the Month of November 2007 there were only 18 Single Family Sandy Springs Home Sales. 

Sandy Springs November 2007 Comparison 

• November 2007 18 Sales Single Family Homes Average Sales price $ 585,836 Day to Sell 52
• November 2006 13 Sales Single Family Homes Average Sales price $ 548,380 Days to Sell 59
• November 2005 17 Sales Single Family Homes Average Sales price $ 583,055 Days to Sell  59

Active - 255 Properties Found

This trend shows deterioration in our market of sales, increased marketing time, 14.1 Months of Inventory. This does not reflect increased sellers contributions towards closing costs, and repeat time on market.

Dunwoody Town Homes / Town Home Sales November 2007 Comparison 

• November 2007 Sold - 13 Sales Condo / Town Homes Average Sales price $ 161,312 Days to Sell 56
• November 2006 Sold - 29 Sales Condo / Town Homes Average Sales price $ 141,989 Days to Sell 99
• November 2005 Sold - 32 Sales Condo / Town Homes Average Sales price $ 136,412 Days to Sell 75

 Active - 396 Properties Found.  This translates to a 30.4 months of inventory.

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Dunwoody real estate market report December 2007. Dunwoody homes sold.  The new statistics have just been released for Dunwoody homes sales this week.   To skip the MLS jargon of the report... (some entries are placed as Atlanta rather than Dunwoody) I broke down the numbers to just Dunwoody area 121 listed as the city as opposed to MLS areas that are harder to understand.  For the Month of November 2007 there were only 32 Single Family Dunwoody Home Sales.  This is a substantial drop in sales activity.  It must also be tempered with the reality of all time highs in inventory of other Dunwoody homes for sale.

Dunwoody Homes November 2007 Comparison 

• November 2007 32 Sales Single Family Homes Average Sales price $ 520,057 Day to Sell 61
• November 2006 63 Sales Single Family Homes Average Sales price $ 503,610 Days to Sell 63
• November 2005 39 Sales Single Family Homes Average Sales price $ 454,879 Days to Sell  59

Active - 304 Properties Found

This trend shows deterioration in our market of sales, increased marketing time,9.5 Months of Inventory. This does not reflect increased sellers contributions towards closing costs, and repeat time on market.

Dunwoody Town Homes / Town Home Sales November 2007 Comparison 

• November 2007 Sold - 11 Sales Condo / Town Homes Average Sales price $ 246,939 Days to Sell 66
• November 2006 Sold - 19 Sales Condo / Town Homes Average Sales price $ 198,095 Days to Sell 118
• November 2005 Sold - 24 Sales Condo / Town Homes Average Sales price $ 198,023 Days to Sell 85

 Active - 283 Properties Found.  This translates to a 25.72 months of inventory.

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Alpharetta real estate market report December 2007. Alpharetta homes sold.  The new statistics have just been released for the city of Alpharetta homes sales this week.   To skip the MLS jargon of the report... I broke down the numbers to just Alpharetta listed as the city as opposed to MLS areas that are harder to understand.  For the Month of November 2007 there were only 117  Single Family Home Sales.  This is very substantial drop in sales activity.  It must also be tempered with the reality of all time highs in inventory of other homes for sale in Alpharetta.

Alpharettal Homes  November 2007 Comparison 

• November 2007 117 Sales Single Family Homes Average Sales price $ 411,735 Day to Sell 74
• November 2006 150 Sales Single Family Homes Average Sales price $ 425,305 Days to Sell 68
• November 2005 198 Sales Sales Single Family Homes Average Sales price $ 425,071 Days to Sell  58

Active - 1264 Properties Found

This trend shows deterioration in our market of sales, increased marketing time, 10.8 months of inventory and what you cannot see is the sellers contributions towards closing costs, and repeat time on market.

Alpharetta Condos / Town Home Sales November 2007 Comparison 

• November 2007 Sold - 14 Sales Condo / Town Homes Average Sales price $ 184,989 Days to Sell 81
• November 2006 Sold - 26 Sales Condo / Town Homes Average Sales price $ 261,553 Days to Sell 136
• November 2005 Sold - 32 Sales Condo / Town Homes Average Sales price $ 207,865 Days to Sell 91

 Active - 278 Properties Found.  This translates to a 19.85 months of inventory.

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