This was an interesting week in our Atlanta real estate market. We had several Atlanta listings for sale for quite some time, they were priced right to begin with, staged and prepped for sale, but in this market they just sat on the market. As they sat, other listings, and more foreclosures came on the market and made it even more difficult to sell. But this week we've managed to get 3 of our Atlanta homes under contract, and the battle is not over yet until we can close them. This is in stark contrast to the Atlanta real estate market that spoiled all of us just last year. This year it's different, but homes are still selling. Homes have to show well, be priced to sell, have the new paint, carpets cleaned. When an a offer comes in the sellers do not have many options...there is just too much competition to get cocky. Selling a home in Atlanta these days means that the seller may have to contribute to the buyer's closing cost, provide a home warranty, and throw in a termite retreatment repair bond to sweeten the deal. If it is a Nehemiah deal, the seller may also be asked to give the purchasers a 3% down payment to get the deal closed. Some of these listings have been on the market with other agents for over a year before we took the listing. Another listing was no the market with us over 11 months, but they are under contract...because the sellers we realistic and willing to listen to all our advice and strategies. This is a difficult real estate market, but you cannot throw up your hands and surrender to it! Homes do sell, if you have a strategy and the perserverance needed for to effect a sale. All you need is a professional with experience to guide you.
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Jim: I still can't get over that 89K number you threw at us earlier! I am glad to hear that you're getting the job done--and yes, we do have to roll with the punches in life and it sounds like you're doing that nicely.
Debe Maxwell (Helen Adams Realty) The problem is that it wears you out. There is so much more effort, patience and skill that has to go into the mix to get the deal closed. Our other MLS....GAMLS has 118483 Active listings and that is only Single Family Homes, Condos and Town Homes.
Hi Jim, we have a 25-month absorption rate, and still more homes going on the market. Because our buyers (endangered species now!) tend to be more prevalent in spring/summer, sellers have been holding out for their influx; however, no influx yet.
Susie Blackmon NC Realtor, Maggie Valley, Waynesville (COLDWELL BANKER) This is not a recovery... what few buyers are out there right now is a seasonal thing. It will disapate shortly and a lot of home sellers won't know what to do because they missed the market because they were too busy playing know it all.
Jim, I always like your straightforward and factual approach to the challenge of selling homes in your area. If people will listen to you about what is working you are the professional that will get the job done for them. The increased effort everyone (you and the homeowner) have to put forth in today's market climate has got to be the part that takes so much of your energy these days.
Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty) This market is the worse I've ever seen. I've been licensed since 1979. Most agents think there is notinbg to this, but yet they leave the business every day.
Jim,
It's good to hear that some sellers are realistic and listen to their agent's advice on price and other stuff. Homes do sell even in a tough market when the process is handled professionally.
Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) Sellers believe you if you present them with the facts.
Sounds as if we are doing more of the same. Giving the down payment, paying the closing costs so that the buyer gets in for nothing. Thought the subprime was over, didn't you?
Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage) I did! Have you noticed there are no sales being made with 20% down? The buyers are still out of money!
Glad to hear you've had the success Jim. And FHA has just taken the place of the subprime market. This is nothing new - just the name and the players have changed.
Nashville Tennessee Area Real Estate Rhonda Burgess (Realty World Southern Living) I fully agree. Thanks! It is still a difficult market.