Atlanta In The Know

Archive for January, 2009

How to get a bargain in today’s Atlanta’s Real Estate Market

Categories: Atlanta Real Estate News, Buying

Okay, so you have been looking to buy a home but you just can’t commit. You have seen plenty of homes but you still think that the perfect one is just around the corner. Perfect meaning that it is a deal of a deal. Perfect meaning that it is it like walking into Saks, buying top of the line, yet when you go to pay all of a sudden you are miraculously at a Walmart cash register.

It seems you are not alone in your quest to find not only the perfect home in terms of condition and location, but to win at price, and to win big at price. Many buyers are looking at every house on the market, even finding a handful of suitable homes, yet they fail to write a single offer. Why? They fear that something better will come along. Better as in less expensive for the same comparable quality.

Enough is enough already. Aren’t you tired of shopping and shopping and coming home empty handed? Here’s the solution…follow these directions and you’ll get what want, a bargain in buyers market…

1) Select your top 5 favorite homes from your showing tours with your Realtor (be sure to include short sales, foreclosures, and even the properties that you think are way over priced)

2) Sit down with your Realtor and write offers (low offers, that is, and make sure to include closing costs to be paid by the seller) on all of them at the same time (this is perfectly legal, just make sure to have your Realtor check off the appropriate information in section 11A #4 on the Georgia Board of Realtors Purchase and Sales Agreement)

3) Once the sellers have responded to you with their counters, take a look and see which sellers are truly motivated to sell

4) Engage in another round of counters, as many as it takes. Remember, patience is a virtue. Possibly even walk away and see which ones call you back

5) Complete negotiations. Enter into one binding agreement. Have your inspections, etc, within your due diligence period. Follow your mortgage lenders requirements. Closing.

Though you and your Realtor may have to do a little more work than typical, it’s better than sitting on your thumbs. And I guarantee, at the end of this process, you will have achieved your two goals - not only will you have the home of your choice but you’ll have it at a bargain price, too!

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Spoken by Liz Bankston | Discussion: No Comments »

Ready…set…buy

Categories: Buying

Many think the real estate market is now something to avoid. I think that it’s about perspective. And opportunity. Consider these statistics…

…According the First Multiple List Service, here in Atlanta we had 53,786 single family homes sell in 2008; this is a decline of 22.1% to that of 2007. However, when compared to the all-time yearly high of 81,071 closings in 2006 the decline is 33.7%. The most recent year to have even fewer closings than 2008 was 2001.

The average price for all single family homes in 2008 was at a decline of 12.3% from 2007.

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What does this mean to the Atlanta consumer? In short, it means opportunity to buy property at discounted, more affordable prices.

Savvy real estate investors see these current market conditions as the ideal climate. Inventory is up and prices are down. These investors are able to pick and chose and buy only the best properties in terms of price, condition and location to add to their real estate portfolios.

But you don’t have to be a veteran investor to take advantage of this buyers market. You may want to buy your first home, second home, vacation home, or first investment property. This is a very obtainable goal however you must take action. My advice would be to first call your Realtor. Together develop a plan to achieve your real estate portfolio goals. Do not let this be a would of should of could of missed opportunity. The light is green so make it happen. You’ll be glad you did.

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Spoken by Liz Bankston | Discussion: No Comments »