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Alpharetta, GA

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What's Really Behind Less Home Inventory?

11-09-09
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO: Real Estate Agent in Atlanta, GA
  • view my blog
  • Office: (770) 238-0122
  • Mobile: (770) 664-9516
  • Secondary: (888) 992-5546

There is no surprise across the nation that the inventory of the number of Atlanta homes for sale is down considerably. While many in real estate are rejoicing in the streets over this supposed sign of recovery, they are not allowing themselves to consider why this has really happened. It is not an anomaly, and it does not mean that the lack of inventory bodes well for the near future of Atlanta real estate. For those that are informed, there is an acknowledgement that Atlanta home buying patterns are being refined and will not return to what many in real estate are expecting. We may not see things return to the way they were for quite some time...if at all.

First of all there are many reasons why there are fewer Atlanta homes for sale for sale. Here are just a few:

  • Foreclosures: There is a much higher shadow inventory of already foreclosed homes that are on the sidelines because if they were all on the market at the same time - home prices would collapse. The Federal government has introduced neighborhood price stabilization plans to prop up the values of homes - to protect the banks from failure.
  • No Equity: Homeowners have refinanced their homes and there is no equity for them to sell and move up or trade down.
  • Negative Equity: Homeowners have refinanced their Atlanta homes and effectively re-affirmed bad debt. They have refinanced for more than the home is worth (125%), and they still have negative equity in neighborhoods were prices are declining. This pool of buyers is locked out of the real estate market until home values rise once more.
  • Unemployment: Underemployment and those that fear they may soon be unemployed are not in the home buying frame of mind. These buyers are locked psychologically out of the market until jobs are created and unemployment has gone back to normal levels. Full employment as we were used to is not expected again for another 10 years. The real unemplyment rate nationally is estimated at over 16-17%.
  • First time buyers - the pool of buyers has been exhausted. The concept is too narrow in focus and limited in scope to really work.
  • There are no buyers: and Atlanta home sellers have resigned themselves to the fact that trying to sell a home in this current market is suicide. Sellers have taken their home off the market in hopes that some future date many be more advantageous for them to sell their home on their terms. (If buyers are not coming into the market in droves with historic 30 year fixed rate loans are available with tax credits - we're in big trouble!)
  • Real estate speculators and flippers have gotten a reality check - they cannot sell in this current market and break even. Fewer seasoned investors are entering the market - many have opted to rent their properties.
  • Lease Purchase Agreements: Many desperate Atlanta home sellers think they have an opportunity in lease purchase. They do not, since it has been my experience that over 95% of all lease purchases will never close. That applies even more in this current market - bad or damaged credit will have an even rougher time obtaining a mortgage in the coming years.
  • Poor advice from Realtors: The markets in the past few years have been inundated with many new Atlanta real estate agents that have no experience to draw on. They are offering advice that is not sound, and the sellers and buyers are following it. This plethora of new Atlanta real estate agents during our Atlanta real estate bubble has added a hugh dysfunctional component into this current real estate market. Homes are still selling, and many sellers are still in positive equity positions.
  • Rentals: - Homeowners that have rearranged the deck chairs on the Titanic have decided that they will rent their homes until times improve.
16 Comments
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Alpharetta GA Real Estate - Search Homes, Condos, Town Homes, Commercial

11-04-09
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO: Real Estate Agent in Atlanta, GA
  • view my blog
  • Office: (770) 238-0122
  • Mobile: (770) 664-9516
  • Secondary: (888) 992-5546

Atlanta-Alpharetta MAPAlpharetta GA is a city in located in north Fulton County, Georgia, 26 miles form the city of Atlanta via the GA 400. The estimated 2008 Alpharetta's population was 49,903. Alpharetta began as a campground, originally known as New Prospect Camp Ground until late 1858. Officially chartered on December 11 1958. The name 'Alpharetta' (supposedly Greek for "first town") served as the county seat of Milton County until the end of 1931 when Milton was merged with Fulton County to avoid bankruptcy during the Great Depression.

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Real Estate bar Camp RDU in Cary NC Friday November 6, 2009 From 9AM - 4PM

11-04-09
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO: Real Estate Agent in Atlanta, GA
  • view my blog
  • Office: (770) 238-0122
  • Mobile: (770) 664-9516
  • Secondary: (888) 992-5546

I am anxiously counting down the moments to the Real Estate bar Camp RDU in Cary NC forward this coming Friday November 6, 2009. I will arrive with my wife Ellen tomorrow evening. I look forward to meeting a lot of new friends and Active Rainers I've not met in person yet! Although I've spone at many reale state conventions, retreats and office get togethers, this will be my first Real Estate bar Camp. I will be participating as a Thought Leader and will be doing a session entitled "Strategizing Internet Profit with Website & Real Estate Blogging" This will be a basics session that will start with the fundamentals of a successful real estate web business in everyday plain language. I am sure I will learn a lot from this session.

Active Rainers - Please Say "Hello" and Identify Yourselves!

3 Comments
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Let There Be New Light Fixtures

11-03-09
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO: Real Estate Agent in Atlanta, GA
  • view my blog
  • Office: (770) 238-0122
  • Mobile: (770) 664-9516
  • Secondary: (888) 992-5546

Success is always in the details. My experience tells me that nothing is more important when selling a home that to pay attention to the light fixtures. I used to specialize in 'expired listings', and nothing ever had a bigger return for the sellers than changing the dated light fixtures. Most other agents never pay attention to it, but nothing will date a home more than light fixtures.

Lighting is subliminal. It is always there, but we never really focus on it. A buyer walking through a great looking home still may feel something is missing...perhaps it is tired lighting that does not yell out "Buy me!"

More often than not... sellers never change the light fixtures in the home since they purchased it. They should, because it's really is a cheap easy fix. So instead...the buyer is left looking at home with very few updates. The home lighting screams out "Cheap!" The builders cheap looking brass fixtures, one light mushrooms, and Hollywood strip bulbs in the master bath actually confirm this. Before it is too late, sellers need to wake up and replace them. They need to walk trhrough their home ans determine what can they change. The cost will be more reasonable than they could believe. It is one of those items that is a must do! Dated fixtures date leave the home without any appeal, and is lost in a time warp of 15 years ago.

For a very reasonable investment, a home can come alive from the entry way, dining and living areas, and even the exterior of the home. Lighting today is very affordable with competing stores like Lowe's, Costo and Home Depot offering some great fixtures at every reasonable prices. Changing dated light fixtures can make a major difference selling a home or not!

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Incorrect and Incomplete MLS Entries Thwart Sales - An Article I Wrote

11-02-09
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO: Real Estate Agent in Atlanta, GA
  • view my blog
  • Office: (770) 238-0122
  • Mobile: (770) 664-9516
  • Secondary: (888) 992-5546

A few weeks ago I posted a Blog on this topic on Active Rain, and I decided to turn it into a full article for RealtyTimes.com. This maybe a great article to give to your brokers, and your local MLS. As an active agent...I think we have a responsibility to ensure the listings are entered correctly. All errors are just magnified by IDX.

Incorrect and Incomplete MLS Entries: Chance of Sale is Lost Forever

"Many in real estate delude themselves if a home has the right price it overcomes all objections and will sell if placed in the MLS. I disagree. My proof are the thousands of MLS listings that expire or withdrawn every day without ever selling. Since I specialized in expired listings for a long time I have found there is always a reason why homes do not sell. Contrary to what many believe in our business, it isn't always the price that prevents a sale." Read the Rest of the Story

22 Comments