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Archive for October, 2008
Halloween Real Estate Humor
Categories: Atlanta Real Estate News, Real Estate Humor
Laughter is the best medicine…
| Discussion: 3 Comments »
How to Sell your House in a Buyers’ Real Estate Market
Categories: Atlanta Real Estate News, Market Conditions, Selling Your Home, Why Buyers Buy
Here’s what it takes to sell your house…
Adjust your mindset:
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Realize that you are no longer in a Sellers Market and you must adapt in order to get your home sold.
It wasn’t too long ago that having the best home on the block meant that you would get the best price on the block, too. Not so in today’s Atlanta real estate market. Having the best condition and location are still very important, however, no longer do they equate to getting the best sales price.
Understand the Buyers’ Psyche:
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Buyers want the same for less, or, they want more for the same.
Plain and simple, Buyers have many homes to chose from in today’s market and yours must stand out amongst the competition. How do you stand out? By giving the same for less, or by giving more for the same. Take a critical and honest look at your home’s condition and location, then price accordingly.
In a Sellers’ Market, Buyers tend to be emotional about a house.
Conversely, in a Buyers’ Market, Buyers seem to be logical about a house.
What makes a person decide to buy a home? The number one reason is that they are afraid they’ll lose it. It will be gone. Sound crazy to you? Take a look at my argument and you’ll see that it works for both a Sellers Market and a Buyers Market…
In a Sellers’ Market, not much inventory exists and it is common to have multiple offers on the same property. When a Buyer finds a property that meets their needs and desires, they will do what it takes not to lose it. Emotion drives the Buyer and even if it means a bidding war, and, perhaps over paying, they’ll do it so as not to lose the house.
In a Buyers’ Market, a lot of inventory exists. A Buyer will typically see 3 or 4 times more the the amount of homes they do as in a Sellers Market. A Buyers’ Market Buyer, otherwise known as a Seymour as in see-more, is driven by logic - he wants to see everything, know everything, research everything. He will know the market like the back of his hand. He is waiting for the right house. He is reluctant to buy until he finds the one and the only way to ’capture’ a Buyers’ Market Buyer is to give him what he is looking for… the same for less, or, more for the same …making him feel that your home is such a great deal that he’ll likely lose your house to another buyer. That it will be gone. That scares him. Logic says this a great home at a great price. Emotion kicks in and will tell him he must make an offer so as to not lose your home.
Even in a Buyers’ Market, fear of loss is the still the number one reason why people buy. Make your home that compelling case where both emotion and logic win.
| Discussion: 2 Comments »
Atlanta Real Estate Market Absorption 12 - 16 months
Categories: Absorption Rate, Atlanta Real Estate News, Buying, Market Conditions, Selling Your Home
The Atlanta Real Estate Market has historically been a SELLERS’ Market. It could be said it’s been a strong SELLERS Market for about the last 10 years, that is up until the shift. It’s been a shock to many Atlantan home owners who are selling in a BUYERS’ Market. How did this happen? The answer, in two words or less…market absorption.
Market absorption measures the number of properties currently on the market and the average market demand…how long will it take to deplete the inventory of those properties. The absorption rate is a simple equation that holds volumes of information for both Sellers and Buyers.
To learn the Absorption Rate…
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Determine the rate at which properties are selling: Properties Sold in Previous Year / 12 months = Monthly Absorption Rate
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Take a snapshot of current inventory based on that rate: Properties Currently For Sale / Monthly Absorption Rate = Months a Typical Property Will Take to Sell
How is the Real Estate Market defined?
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SELLERS Market ‹ 5 months of inventory
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Transitional Market ≤ 7 months of inventory
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BUYERS Market › 7 months of inventory
Currently, metro Atlanta has between 12 and 16 months of inventory. We have more supply than demand and that makes us officially in a Buyers Market.
| Discussion: No Comments »
The newest Flying Biscuit Cafe opens in Norcross!
Categories: Atlanta Real Estate News, Norcross Restaurants
It seems we owe a big congratulations to Joe Cannon, a commercial real estate agent in our Keller Williams Atlanta Perimeter office…Joe is the proud part owner of the newest Flying Biscuit Cafe in Norcross!
The address is 5270 Peachtree Parkway, Norcross , GA 30092 and is located just across the street from The Forum. The phone number is 770.407.5885. Hours of operation are 6am to 9pm with breakfast being served all day.
Also, The Flying Biscuit is available for all your catering needs, including: parties, team meetings, open houses, and caravans!
Congratulations, Joe! We can’t wait to come by and enjoy the great food!
| Discussion: 1 Comment »
Recent Home Sales in Dunwoody, GA 30338
Categories: Atlanta Real Estate News, Dunwoody, Market Conditions
20 homes sold in Dunwoody (zip code 30338) during the month of September 2008.
They ranged in price from $1,275,000 on Hidden Branches Drive to $229,391 on N Peachtree Road. The average sales price - or price point at which homes are selling, is about $366,000. (Just as an appraiser will typically throw out the highest and lowest priced home sale, or doesn’t count in their price analysis, I did the same by not counting the highest or lowest sale to find the average).
The subdivision with the most sales was Withmere totaling 3. Woodsong and Dunwoody North tied for second place each with 2 home sales.
Comparing year over year, month over month, September 2007, 18 homes sold in Dunwoody (zip code 30338).
They ranged in price from $925,349 on Mill Trace Drive to $295,000 on Stonington Road. The average price of the homes sold was $509,00 (using the same method as described to find the average of homes sold in 2008).
The subdivision with the most homes sold in September 2007 was Dunwoody Club Forest with 4. The second place taken by Oxford Chase with 2. There was no clear 3rd spot.
What can we take from this? The good news is we had more homes that sold in September 2008 than we did in September 2007 - up about 9%.
Where shall we keep a closer watch? Even though we topped September 2008 with a millionaire dollar sale whereas September 2007 high was just below a million, we also lost some grounding on the average sales price in Dunwoody - dropping from 599k to 366k - something to keep an eye on …
I will continue to follow the statistics of the market for our clients. If you’d like a more in-depth analysis, please call or write me - especially if you are considering selling your home. Now more than ever, accurate pricing could mean the difference of having your home on the market vs getting your from the market to the closing table.
| Discussion: No Comments »
General Election & the proposed Constitutional Amendments relevant to Real Estate
Categories: Atlanta Real Estate News, RPAC
In just two weeks, more will be voted on than just the presidential election. There will also be 3 proposed Constitutional Amendments relevant to the Real Estate Community up for a vote. They are as follows:
- Amendment 1: To encourage the preservation of Georgia’s forests through a conservation use property tax reduction program.
- Amendment 2: To authorize local school districts to use tax funds for community redevelopment purposes.
- Amendment 3: To authorize the creation of special infrastructure development districts providing infrastructure to undeserved areas.
Our Realtor Political Action Committee (RPAC) is supporting a “YES” vote on the 1st, 2nd and 3rd proposed Constitutional amendments.
| Discussion: No Comments »
Price is Right Real Estate
Categories: Atlanta Neighborhoods, Buying, Buying Your Home, Dunwoody, Price is Right
We have searched for the top “Price is Right” Real Estate deals of the week. This week we have scoured some of the best Dunwoody neighborhoods. The following single family homes for sale have made it to our Top 3.
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Dunwoody Club Forest homes typically sell around 600k with the highest topping in at 1.8 million. We have found a home that is currently for sale priced at 375k!
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Mill Glen homes typically sell between 400k and 550k with the highest topping in at 1 million 38 thousand. We have found a home that is currently for sale priced at 339k!
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Mt. Vernon Springs homes typically sell around 500k with the highest topping in at 590k. We have found a home that is currently for sale priced at 399k!
Today’s real estate market in Dunwoody affords a plentiful selection of homes, low interest rates, and motivated SELLERS…what a great position for BUYERS to enjoy!
If you’d like to see any of these home, email us or just pick up the phone and call us - you’ll be glad you did!
| Discussion: 2 Comments »
River front Rivergate in Sandy Springs
Categories: Atlanta Real Estate News, Rivergate River front
If you are looking to buy a beautiful property on the Chattahoochee River, we saw it today! We were on an agent caravan touring homes and this one stood out to us. The truly open floor plan is a rare find in Sandy Springs. Beautiful on the inside as well as the outside, this home is landscaped to perfection. If you lived here, you could take your kayak from your back yard…paddle down the river and enjoy the exercise and the splendid views. Peaceful and tranquil. It reminds me of Quiet Waters in Annapolis, Maryland.
River front, pool and spa, 5 bedrooms, 2 full baths, 2 half baths…offered at 2 million…we’d love to show it to you!
| Discussion: No Comments »
Let it Rain Real Estate Opportunity in Atlanta
Categories: Atlanta Real Estate News, Buying Your Home
Georgia is no stranger to drought. For the last 18 months it seems to have gotten worse. People can’t water their lawns. New laws have been passed mandating low flow toilets and low flow faucets. There was even talk of not opening swimming pools this past summer. There are dry creek beds and nearly empty lakes. But, today it rained. In fact, it is still raining. In any other area of the US, rain makes for a dreary day - getting wet going to school and to work just really isn’t convenient. However, when the tables are turned, convenience seems less important when faced without having water at all. Nowadays, Atlantans are actually excited about rain. It’s practically an event when it rains. It’s funny how your mind set changes.
Much like the drought (water, that is) that Atlantans are living with, Americans are facing a financial drought. It’s about mind set. In any adversity there is also opportunity.
It has taken a drought for us to realize that we can’t even take the simplest things, like water, for granted. It seems that now home ownership will also be one of those things that is highly coveted.
With today’s low interest rates and a large selection of homes available, it makes for a huge opportunity for those in the position to buy properties. Whether it is a first home, vacation home, or investment home, today’s Atlanta’s real estate market represents the best buying opportunity seen in the last decade.
And if you are one of those considering purchasing a home but are fearful that a bank won’t lend you the money, you are most likely just not looking in the right place. There are plenty of institutions that are still able to give you a mortgage, one in particular is WR Starkey and Neil Hediger.
| Discussion: No Comments »
Today’s Economy and Atlanta Real Estate
Categories: Atlanta Real Estate News, Market Conditions
Everyone needs to have a roof over their head. With this in mind, it seems logical that being Realtors we should have job security.
On top of everyone’s minds these last few days is the economy. Just watch a few minutes of any news report - CNN or Fox, pick up the AJC or any other paper, or check the headlines on the Internet - MSN, google or Yahoo, and you are bombarded with the bail out drama.
Regardless of which bail out plan, if any, that you prefer for the federal government to approve, there is one thing certain…Americans will always be in need of food, water, and shelter. Hence my theory that Realtors have job security being that we are as Realtors are in the business of helping people find shelter (homes, that is).
I sat down and came up with a short list of real life reasons why there will always be a need to buy homes - here they are…Are you a first time home buyer who wants to stop throwing away your money on rent? Do you want to diversify your financial portfolio and buy an investment property? Is your family expanding and you simply need more space? Are your kids in the right school district? Do you want to help the environment by living in an eco-friendly home? Did you just have a baby and need another bedroom? Are you getting married? Are you commuting too far? Are you getting transferred with your company and need to relocate? Are the kids out of the house and you don’t need the space anymore? Did you just get a promotion at work and can now buy your vacation home? Or, are you getting a D?
The list goes on and on…Americans will always need a roof over their heads and we are here to help them find their roof of choice, that is, their home of choice.
Historic low interest rates on 30 year fixed mortgages and plenty of inventory to choose from make this the best time to buy a home in the past 10 years!
| Discussion: No Comments »
