Today the reports from our MLS show a difference between what happened in the Atlanta Market vs. what happened nationally for September.
By Tim Paradis, AP Business Writer reported that nationally home sales jumped 9.4% and was the highest level in two years. Locally, the metro Atlanta area MLS reports that for single family detached homes the September number declined 18% compared to 09/08 - that is a pretty big difference.
What causes the difference - I do think that all the rain/flooding had contributed to it - but I was still out showing homes. I also think buyers are still thinking there could be better deals out there. Also, with the floods one of my closings was delayed because the mortgage company wanted the appraiser to go back to the property to verify it was not damaged - I do not know how common those delays were but it will work through the system by the end of October.
What I have seen is that homes that are priced right, in good condition are selling - buyers are very choosy right now. This past weekend a home that was priced at $350K was decreased to $337K on Friday - on Tuesday when we submited an offer it has received 4 offers the day before. It seems like the homes my buyers are attacking multiple offers.
Real estate truly comes down to supply and demand, inventory levels are coming down - in fact at the end of September we were at the same level as January 2006 - what I have noticed is there are a lot of homes on the market but not a lot of homes in "selling shape" - those that are go quickly.
If you are moving to Atlanta and are interviewing real estate agents for the job of helping you find your home - call me at 770 722-7010 - I would love to tell you why you should use me as your agent.
Last week I read in the Atlanta Journal that nationwide 83% of the homes sold were priced at $250K and below, while 50% of the homes sold were priced at $125K and below. The effects of the first time home buyers tax credits effect has been incredible.
In North Fulton (Primarily Alpharetta and Roswell) County Ga I have helped many people purchase homes, and the number of first time home buyers in Alpharetta & Roswell Ga is different than the National Average.
Approximately 30% of the homes sole from January to August 2009 were priced at $250K and below while 48% of the homes sales during that time period were priced from $250K to 500K (according to data from FMLS areas 13 & 14). A total of just under 78% of the homes sold were priced at $500 K and below with approximately 15% priced from $500 to $750K.
North Fulton to home to some of the best schools in the State including Chattahoochee High School, Milton High School and Alpharetta High School.
Are you considering selling a home, or buying a home in Alpharetta or Roswell - call John Foster and I can help you understand why this data is important in helping you get your home sold. Call John Foster with Re/max Greater Atlanta at 770 722-7010.
Last week I read in the Atlanta Journal that nationwide 83% of the homes sold were priced at $250K and below, while 50% of the homes sold were priced at $125K and below. The effects of the first time home buyers tax credits effect has been incredible.
In Forsyth county Ga I have helped many people purchase homes, and the number of first time home buyers in Cumming Ga is different than the National Average.
Approximately 47% of the homes sole from January to August 2009 were priced at $250K and below while 42% of the homes sales during that time period were priced from $250K to 500K (according to data from FMLS). A total of just under 90% of the homes sold were priced at $500 K and below.
Are you considering selling a home in Cumming - call John Foster and I can help you understand why this data is important in helping you get your home sold. Call John Foster with Re/max Greater Atlanta at 770 722-7010.
Today I attended a talk that was given by Ga's Senator Johnny Isakson - he spent 33 years selling real estate in North Atlanta and knows this business. Here are some of the items he discussed that I really liked:
1. He felt the market is similar to 1972-1974 - when there was a 3 year supply of inventory on the market. The congress implemented a $2000 tax credit and one year later the supply of homes on the market was around 8 months.
2. The 8,000 tax credit for first time home buyers expires November 30 and he feels the issue in todays market is there is not a move up buyer - so the requirement to be a first time home buyer should be dropped, as well as the income limits.
3. The move up buyer has disappeared (very true) and if you get a move up buyer you get two sales (one sale and one purchase). Additionally, move up buyers create a domino effect. The example he gave was when a person who works for NCR sales his home in Dayton he buys a home in Atlanta and that person goes to Sacramento and buys a home... If that person in Dayton can not sale their home none of that happens.
4. The congress felt his $15,000 per year would cost to much at a cost of 34 billion so it was not passed. Right now they have spent 5.8 trillion on the issue - amazing point.
5. Last point I will talk about he said was the cash for clunkers - where the goverment takes money from its citizens to turn in an old care instead of taking money from its citizens and using that to make an investment in a home - a car is a depreciating asset while a house historically has not been.
He obviously knows the real estate market and I was very impressed with his thoughts.
If you would like additional information on the real estate market in North Atlanta, such as Dunwoody, Roswell, Alpharetta, Johns Creek, Cumming and Duluth ( Free In Depth Current Market Analysis Of Your Home), contact John Foster with Remax Greater Atlanta at 770 722-7010 or call my pager at 770 238-0589. Full Real Estate Services including Seller and Buyer Representation, Short Sales, Foreclosures and Real Estate Consultation.
If you are facing foreclosure in Cumming, Alpharetta, Suwanee, Johns Creek, Duluth or anywhere in North Atlanta - realize you have options.
First, realize a bank does not want to foreclose on your home. In a foreclosure a banks loses money from the minute a person stops paying on their mortgage. So a bank would prefer to assist you in selling your home through a short sale.
What is a short sale? It is when the fair market value in a home is not enough to pay off the mortgage and other liens on the home (including the Realtors). The Seller has a process they have to go through to see if they qualify for a short sale and if they do list the home with an agent (hopefully me) that has experience w/ short sales and gets the home sold.
The benefit to the Seller is it provides an orderly way to sale their home and it keeps the foreclosure off their credit score (which could keep them from buying a home for 7 years). With a short sale on a credit report - some people could purchase a home in as little as two years. From the banks perspective it does not have to incur the costs of foreclosure and the subdivision wins because there is not a vacant home in the community.
A short sale is not easy to work out but is much better for a seller and the bank than foreclosure. If you are facing foreclosure and want to discuss your options including a short sale, call John Foster with Remax Greater Atlanta at 770 722-7010.
If you would like additional information on the real estate market in North Atlanta, such as Dunwoody, Roswell, Alpharetta, Johns Creek, Cumming and Duluth ( Free In Depth Current Market Analysis Of Your Home), contact John Foster with Remax Greater Atlanta at 770 722-7010 or call my pager at 770 238-0589. Full Real Estate Services including Seller and Buyer Representation, Short Sales, Foreclosures and Real Estate Consultation.
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John Foster with Remax Greater Atlanta discusses the trends for Alpharetta Ga Real Estate & Cumming Ga Real Estate. John is an Accredited Buyers Representative & a member of the Re/Max Hall of Fame.
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