We have seen the first six months of 2009 speed pass us as time has a tendency to do. As Barb and I communicate with our clients on the North Atlanta market, and what has transpired this year, we find ourselves trying to grasp what has actually happened.
In other words: THE ATTACK OF THE QUESTION MARK!
As we write this we are working on three different contracts with prices varying from approximately $150,000 to approximately $750,000.
We show foreclosures to prospective buyers. On some occasions they feel inclined to put in a "low ball" offer on a home that has already seen a price reduction. The offer is rejected and the buyer disappears. As a result we see a large amount of foreclosures that have been sitting for almost six months! These homes are priced to sell. Why haven't they disappeared?
The procrastinators and quick escape artist have dominated our year to this point. One neighborhood that Barb and I work seems to be a magnet for the continual looker. We have encountered buyers who have been looking for 10 years (the current record)! What are they looking for: A DEAL! That continues to be the overwhelming response for this group. Our answer is quite simple: EVERY HOUSE WE HAVE IS A DEAL! You could not build a new home for what you can buy in our current listings. Despite this they continue to procrastinate waiting for THE BETTER DEAL! As they express their interest on a particular home they leave us and turn into the quick escape artist. They have disappeared.
Conclusion:
We are summarizing the first six months of 2009 with the question mark. The job market in the Atlanta area, the unemployment rate close to 10%, government bailouts, and consumer confidence have all contributed to the caution of buying a home.
There continues to be so much choice for the buyers that they cannot make a decision. If I wait will prices go lower? Can I find a better deal if I keep waiting? When will the deals end? And so they wait.
Pricing continues to be #1 among our clients. However we are selling homes to buyers who want a particular home, location, or lifestyle with the price being secondary.
The question mark continues to follow the real estate market.
As of this writing we are only five feet below "full pool" on the lake. Residents are once again boating, fishing, swimming, and enjoying everything that the lake has to offer.
In terms of real estate this represents a great time if you are looking for the second home, weekend getaway, rental property, or a new primary home.
Barb and Randy of The Wells Team are 9 year Chestatee residents. Chestatee is the only golf course/lake community on Lake Lanier. Our community marina looks great and there are some boat slips available.
As nine year residents of the lake we have the knowledge you need to buy the right property at the right price. Our real estate company, The Norton Agency, also has an investment on the lake. Now entering our 81st year The Norton Agency sold the first lake lot on Lake Lanier. We have also had representatives from the lake present classes to some of our agents, including The Wells Team. We wear the Lake Lanier Expert designation with pride!
Take advantage of the low interest rates and the slower market to find a great opportunity on the lake!
How many of us feel inclined to ask our friends and neighbors for help? Can you help me move a piece of furniture, pick up my kid after school, or pick up my mail while I am out of town? The majority of us would say that we would ask for help and would also help if asked.
What is the limit? Would you help me paint my house, build a wireless network in my home, build a deck, or watch my kid for a weekend? That could be pushing.
Your neighbor is a doctor, lawyer, or CPA. Do you constantly seek professional advice without compensating them?
How do you treat your neighbor the realtor?
Barb and I of The Wells Team are faced with this on an ongoing basis.
The opinions that we receive from some strengthen a stereotype about realtors: "All you do is show a couple of houses and receive a commission!"
We would like to dispel a couple of myths:
We work hard! We are 24/7 constantly marketing, making contact with clients, doing research, and sending information.
We give up time with our families to accommodate buyers and sellers
We are continually taking classes to better serve our clients
Being a realtor cost money! Marketing, technology, insurance, and gas are not free.
This is our job. We are doing this to provide for our families!
Despite this many people feel inclined to ask us for our time, our knowledge, and our resources only to take advantage of us in the end!
Remember this fact: A commission is placed on a home. The majority of the time that commission will go to the buyers and sellers agent equally. However if you decide to purchase a home without using an agent the selling agent will collect the entire commission. Sales agents from various communities address our real estate agent meetings. They emphasize the same point: Their homes will sell at a set price regardless of the number of agents involved. They want, and encourage, agents to represent you the buyer.
After four successful years we at The Wells Team are proud of the job we have done. If you every need assistance we are only too anxious to help. However before you contact us or any agent please remember that this is how we make a living.
Please check out our website: www.randywellsteam.com
We wanted to pass this information along to our fellow Georgia residents. The following is an excerpt from Georgia Senator Chip Pierson's update that we receive. This excerpt describes a Georgia tax credit that passed in the legislature. We would encourage you to contact your elected Georgia representative for more details.
The Wells Team is here to help you with your next home. Your North Metro Atlanta experts.
"As I have said before, fixing housing is the first step to fixing the economy. In the past year, Metro Atlanta has seen a 20 percent decline in home values and 13 percent statewide. If we do nothing, housing values will eventually be set back 10 years at this rate. Recognizing that immediate action is crucial, the legislature voted in favor this week of revitalizing Georgia's housing market by offering a $3,600 home buying income tax credit. This incentivizing credit will be available for only six months, encouraging home buyers to act now. This represents the very definition of a true stimulus: a quick thrust that incites activity within the market, producing tangible results. Under House Bill 261, the credit will apply to new and previously occupied homes and condominiums, including foreclosures.
This legislation is a product of the joint Economic Development hearings held late last year on Georgia's housing market. I was proud to work with Rep. Ron Stephens on the issue and to carry his bill to passage in the Senate. In December, industry experts warned that in Georgia, particularly in our area of Northeast Georgia, the housing market was in a depression. At that point, housing starts had plunged 67 percent. Though the situation has continued to worsen, we had some good news recently with the unexpected 22.2 percent rise in housing starts for the month of February. While we still face an uphill battle of stabilizing housing, this tax credit will go a long way in incentivizing the market and start providing immediate relief. "
Remember the AFLAC commercial where Yogi Berra is in a barber shop giving his words of wisdom. By the end of the commercial the AFLAC duck walks out of the barber shop shaking his head in total disbelief of what he has just heard.
Barb and I are starting to imitate the AFLAC duck. (No bill or wings but close). We have listened to potential buyers and are just lost in what they want.
They have been looking in our area, specifically our neighborhood, for years but will not buy.
They have no house to sell but do not buy
They know every house by square footage, feature, and price but will not buy.
They have looked at expensive properties that now sell for half their original price but do not buy
They know a resale is a better opportunity than building the same house yet they do not buy
Interest rates are at a low rate that will not be seen again for many years to come yet they do not buy
They say they know what they want but the "perfect house" has not and will never exist so they do not buy
They tell us to keep in touch, send them information but they do not buy.
We want to work with you to find the best buy. However the customer has to make the next move. If you have interest in a house MAKE AN OFFER! In this market anything is possible.
No situation is perfect. However if you are a qualified homebuyer this is about as good as it gets!
Next time you are in the North Metro Atlanta area look us up. We will be the two agents shaking our heads and making noises like a duck!
We realize that the current real estate market is very competitive. Things will turn around and when they do exposure is important.
What do we mean by exposure? Simply having your house available in many different forms of marketing.
Our primary source of marketing is the internet. According approximately 84% of potential buyers start their search on the internet. We feel that the internet becomes more important as people have less time to look for houses and gas prices will go back up.
The Wells Team takes great pride in their internet exposure. Our listings our on 5 of the top 20 overall websites. This group includes Google, AOL, Yahoo, MSN, and Craigs List. When it comes to real estate websites we are on 10 of the top 18.
We also add the following to make sure that you are "fully exposed":
Audio Tour with 800 number
Two virtual tours
CD's in front of your house with a copy of your virtual tour
Full color flyers
The Norton Agency Homes for Life Magazine
This is one time that you want to be fully exposed. Let the Wells Team help you!
The Norton Agency is celebrating its 80th anniversary as the leading real estate, and insurance company in North Georgia.
Every year The Norton Agency presents its annual forecast. This is the opportunity for our President Frank Norton Jr to present his insight into the North Georgia market. In this current, turbulent, real estate market our forecast gives the developer, elected official, businessman, buyer, and seller, some direction going forward.
Here is an excerpt from our opening statement: "Norton has reinforced its own business commitment to thrive in a market like this and not just survive by stepping up our associate recruitment, purchasing 2 different insurance firms, merging small capable real estate firms with our own, expanding offices and redeploying (not cutting) marketing resources. Norton is old enough to have see this before. It's five or six times we've seen this movie, and the plot is always the same."
If you would like to see the forecast go to www.accessnorthga.com and look at the link under Media Center.
When you are looking for stability in a real estate company to navigate you through troubled waters look no further than your backyard. If you are buying or selling in the North Georgia area look to the Norton Agency. WE ARE THE BIGGEST REAL ESTATE COMPANY IN NORTH GEORGIA. LOCAL KNOWLEDGE WITH NATIONAL EXPOSURE MAKES US YOUR BEST CHOICE!
The 2009 real estate market: Good, Bad, or the same? Nobody knows for sure.
Here is one thing The Wells Team knows for sure: When people are buying a house they look through one set of glasses. When they want to sell they look through a completely different set of glasses.
What is the buyer looking for in a house? EXACTLY WHAT THEY WANT! They want the exact floorplan, decorating, paint, and price. If a room is decorated in a different style,a bathroom or kitchen is outdated, or a room painted in an unusual color, the buyer is done with the house. They do not want to renovate. They also lack the imagination to see the house in their style. They have lots of houses to look at and they hold the upper hand in pricing.
At the same time we have seen some of these buyers act as sellers. Let the contradiction begin. They do not want to see their competition. They just price comparison based on square footage. They cannot or do not want to make the big changes to be competitive. Out of date bathrooms, kitchens, paint, and flooring are some of the items they do want to acknowledge. The answer is to have the buyer renovate when they purchase.
What happened? When the buyer becomes the seller they look at housing from a completely opposite viewpoint.
Opinion from The Wells Team:
Talking to sellers about their house is extremely difficult. However our company, The Norton Agency, preaches the following: TELL THE PEOPLE WHAT THEY NEED TO HEAR NOT WHAT THEY WANT TO HEAR! When we do this we are met with angry homeowners in a state of denial.
Decorator allowances are not working. People do not have the time to renovate. People have limited imagination. Unless you are giving your house away then you must do the necessary work yourself prior to listing.
When you list your home for sale keep your buyers hat on instead. This will keep you from being one of the homeowner contradictions!
We had activity! Matter of fact we showed houses New Years Day!
Our activity came from our signs, 800 verbal tours, Internet, and coop agents. In other words our all around marketing works!
If you want to be aggressive you cannot take your home off of the market during the traditional holiday period! Decorate your house, it shows better! Have your family get togethers! Enjoy the season!
As we head into January we will have clients who say: "I want to wait until spring to list my house". Why? Right now there are half the listings in my neighborhood as compared to last spring. Less competition! There is also a new president coming into office, lower interest rates, and a potential economic plan that might motivate more people to buy the home that they want.
The Wells Team is trying to emphasize this point: This is not a traditional market! The traditional wisdom of when to have your house listed is outdated!
Remember:If you do not have it listed then you know what your odds are selling it are going to be!
We serve the north Atlanta metro market to the North Georgia Mountains! Let us know how we can help you!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
We realize that the current real estate market is very competitive. Things will turn around and when they do exposure is important.
;)
;)
