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Atlanta Home Prices Down - Average Atlanta Home Prices Decline 14.8% - 06/30/09 06:18 PM
The latest Case Shiller Index index was just released today and everyone has out a magnifying glass trying to read the 'real estate tea leaves' and predicting it isn't all bad. The truth of the matter is that home prices in the Atlanta area fell almost 15% from last April. If I was a seller that isn't good news. 15% can add up very quickly. Sellers need to realize that if they purchased a home in the last few years in teh Atlanta Metro area, it will be almost next to impossible to break even. No, no one is giving away (22 comments)
Real Estate Double Talk - 06/30/09 09:10 AM
There is an old saying that says "Ice Cream has No Bones!" It does not mean anything but in real estate we are inundated with nonsense everyday in negotiations. Slight of hand works great in a magic show, but not in contact negotiations where it paves the way for fraud and deception. Despite our own innermost warnings, we have become so numbed to gibberish and doubletalk we sometimes move forward into a deal that we should not. Such actions redefine the word "Trust" and only can be likened to the wolves gaurding the sheep. New homes builders seem to abuse this issue (8 comments)
Snag-It A Great Tool For Real Estate - 06/27/09 09:36 PM
In real estate these days more of our life has become digital. We send contracts in .pdf file formats, use digital camera, email digital photos, write contracts on line, network by Blogging and drive business to ourselves via the world wide web. Time is truly of the essence these days where we communicate with sellers around the globe, sharing inspection reports, video tours as soon as they are in our possession. A cell phone call can instantly confirm a receipt or a transmission sent. One of the tools I use the most in the last year for Blogging, web development and (28 comments)
Wasting Time at the Expense of Others - A Real Estate Passtime? - 06/27/09 09:12 PM
I read an interesting article recently that talked about real estate agents that really just do not get it. Many of their actions are self defeating to say the least. They spend a lot of unproductive time needlessly pursuing businesses that is totally counterproductive. They will list overpriced homes that they will never sell. These are so improperly price that no other seasoned agent will show, it will not appraise if they do get an offer. We cannot compensate in price when sellers are upside down. These agents will work short sales for months while the odds are probably 20-to-1 that it will never close (13 comments)
North Fulton Homes Sales and Price Trends Area 13 - May 2009 - 06/27/09 08:42 PM
In our Georgia MLS systems the west side of north Fulton County is referred to as "Area 13!" To the south side it is bounded by the Chattahoochee River, to the East it is bounded by the GA 400 and to the north... Forsyth County and to the west Cherokee and Cobb Counties. Sales in Area 13 have long led the Atlanta area and contain sought after cities of Roswell to the South, The City of Alpharetta, and the City of Milton. Recently homes sales as in many areas of the United States have fallen off dramatically, and home prices are (0 comments)
City of Alpharetta Postpones New City Center Due to Soured Economy - 06/27/09 07:43 PM
Anyone that lives in Alpharetta GA knows that the talk of the town for several years was the redevelopment of downtown Alpharetta and the new City Center was just around the corner. The plans was to have included would have included a new City Hall, retail and office space, underground parking, and 5 acre town park. It has just been announced this week that things have changed. The new city hall and neighboring development will just have to wait until the economy improves. Neighboring business and new homes developments were disappointed in the announcement. New town homes neighborhoods sold their homes with the promise (4 comments)
Most Real Estate Agents Are Doomed to Fail. - 06/27/09 06:59 PM
Even in good times, real estate is an industry where over 80% of the agents will not make it. Most agents never survive in real estate because they did not enter the business with their eyes open. They became real estate agents because they assumed you can make quick easy money and a lot of it. They were enamored with a false image without looking at the reality of what it takes to survive. Long hours, and many dissappointments do pave a pathway for success. We can learn by our mistakes and no repeat them in the future. Those that cannot (82 comments)
2 More Bank Closed in Georgia! - 06/26/09 09:23 PM
Along with 2 other banks in the US Regulators closed the Community Bank of West Georgia (located in Villa Rica) and had another branch in Kennesaw GA...and Neighborhood Community Bank, located in Newnan, GA. Community Bank of West Georgia had total assets of $199.4 million and deposits of $182.5 million, according to the FDIC who was appointed as receiver of both banks. This comes on the heels of last weeks bank failure in Southern Community Bank in Fayetteville, GA. This is the 11th bank failure in Georgia since the failure of Netbank in Alpharetta on September 28, 2007. FDIC Failed Bank List (12 comments)
Real Estate School is Out Forevah! True Story! - 06/26/09 09:04 PM
Recently, my son expressed an interest to go to real estate school and join us in the business. I advised him that there are several options to qualify to take the real estate test including: on-line, and classes at several real estate schools. I also mentioned to him that many real estate companies also run a real estate school, and that it was probably a good idea to check them all out and make up his own mind where and when he would like to attend. On one of the schools run by a major national real estate company he was told they no longer (19 comments)
Pocketing the Listing - Unethical Behavior - 06/25/09 06:00 PM
In many real estate markets some listing agents think they are clever advertising ‘pre-listings', or the latest one I've seen on some yard signs as a rider that says "coming soon!" Upon further investigation, you'll find these listings are not entered into the MLS system. Under most state real estate license boards it is illegal to advertise a property for sale where the listing agreement has not yet been signed. Implied representation is deceptive and fraudulent. For most Realtors® and MLS board members there is an agreement and understanding that all participating brokers will place all their listings into the MLS systems, and (214 comments)
Atlanta Home Sales - Most Recent Market Update for Atlanta Metro Home Sales May 2009 - 06/25/09 09:44 AM
The latest FMLS statistics for the metro Atlanta homes for sale were just released the other day. There were 4,009 closings for all single family in May a decline of 24.7% compared to May 2008. There were 3,481 closings for single family detached in May a decline of 23.1% from May, and there were 528 closings for single family attached homes (Condos, lofts, and town homes not fee simple) in May a decline 33.6% from May 2008 and a 60% decline from May 2006. The average sale price for single family detached Atlanta homes in the Metro area in May 2009 (6 comments)
What Constitutes a Real Estate Trend? - 06/24/09 11:48 PM
It's very interesting when you read real estate Blogs or business news these days when they talk about the market recovery. One month of improved sales does not mean a bottom has been hit and we are on the road to recovery. Yes increased activity at open homes could be signs of the market picking up, and it can also be the spring markets were so anemic this year that any activity looks good. I have followed real estate statistics for some time now in several markets. The amazing things is that yes... sales are up, but compared to previous years they are way (7 comments)
The Busy Season is Upon Us! - 06/18/09 11:48 PM
Many here on Active Rain must have realized that I have not been Blogging much recently. I have also been taking care of my health...losing weight 30 pounds, and getting in shape. TI was also busy because I was actually busy closing real estate deals for a change. We have several more closings on the books which is a great thing in this market. Our deals these days are mostly buyers that are mostly Internet related deals, and a few from Active Rain! My favorite line is from the Sapranos when Carmella asks Tony to do something for her, and his response is "You (31 comments)
Atlanta Condos and Town Homes Sales Remain Sluggish - 06/18/09 10:12 PM
The Statistics for Atlanta attached homes does not seem to be improving much. Even though a quick glance in the statistics do not look disastrous but he reality is much more bleak there are loads of town home communities, and high rise condos that are not entered into the MLS systems. Condos, including once hot new projects are sitting unsold for years, and most real estate agents are resisting listing them because they are so upside down and just do not sell. I was recently asked for advice on a condo where a buyer had purchased one last year for 185K (4 comments)
Atlanta Market Update - Atlanta Real Estate Report June 2009 - 06/18/09 09:48 PM
These are the most recent Atlanta Metro area MLS figures for Atlanta homes and Atlanta real estate. There appears to be slightly less homes listed, and more homes in a "contract or pending sale' status. That is good news even if the the increases are not enormous. As of today Thursday here are the MLS June 18, 2009 MLS Single Family Detached Listings At a Glance: Active - 43732 Detached Single Family Atlanta homes Found Contingency w/Kickout- 59 Detached Single Family Atlanta homes Found Contingency - Due Diligence- 516 Detached Single Family Atlanta homes Found Contingency - Other- 337 Detached Single Family Atlanta homes Found Pending- 7446 Properties Detached (0 comments)
Georgia May Unemployment Rises to 9.7% - Historic Unemployment Level Grips Georgia - 06/18/09 09:30 PM
For over 19 consecutive months Georgia's unemployment rate has been over 9.4%. Today it stands at a record 9.7% unemployment. That is the highest historical unemployment rate Georgia has ever seen. In May over 463,883 unemployed Georgians sought work. 34% of the unemployed /157,544 are receiving GA unemployment insurance benefits, while approximately 90,000 are receiving federal extended benefits. This 9.7% rate in May of 2009 to date represents an increase of 62%! Although some economist were talking about some "Green shoots' of hope last month, none seem on the horizon here in GA. Companies are still laying off, and revenues (0 comments)
The Importance of A Final Walk Through - 06/15/09 08:17 PM
A final walk through in a home is a buyer's right that should never be waived. Buyers of a home that have not yet taken physical possession of a home still have a right to the property. That right is an called an "Equitable interest." First of all a final walk through isn't a home inspection, and it is not another opportunity for new negotiations via a second home inspection. The final walk through of a home allows the purchaser to examine the home is in the same condition as the day they placed a purchase offer on it. It is also an opportunity to examine (27 comments)
Atlanta MLS Listed Homes Inventory May Not Be that High! - 06/14/09 05:59 PM
Many home buyers are complaining that homes still are over priced, and in very opoor condition in this current market. Dispite what the press is saying that there is more homes than aever before...it isn't true. There may be fewer homes available to show buyers that one assumes in this Atlanta real estate market. Even though First Multiple Listing Service FMLS shows there are 73060 Active properties found, and over 43783 of them are single family detached homes (substantially less than last year)...this number can be totally deceiving. First of all many new homes do not seem to be entered into (8 comments)
Where are Atlanta Home Buyers? - 06/14/09 05:12 PM
I have been in real estate long enough to realize that we had a "Dry Spring" market. It was not business as usual in Atlanta real estate. The spring market was a non event. Yes in some markets they are touting sales are up, but they neglect to share the fact they are still way off their normal highs, and that home prices in many areas of the nation are in free fall. More sales is great news if prices remained stable or rose! A fire sale in home prices is not good news. That leaves home sellers are wondering where are (10 comments)
Georgia Lifts Water Restrictions - Drought Over! - 06/11/09 11:09 PM
It is official. The state of Georgia lifted the drought emergency yesterday. This officially declared the GA drought that has lasted so long as over! After years of water restrictions, conservation, browned out lawns and dirty cars we all can back back to business as usual! According to the state climatologist, Georgia had the wettest spring in 115 years in Georgia. Some areas may still have odd even watering throughout the state. Check with your local county officials for local water use policy! (If you're home is on the even numbered side of the street, you can water outdoors on Mondays, Wednesdays, and (16 comments)
Atlanta Builders in Trouble - Buying a Home in Unfinished Subdivisions - 06/11/09 10:40 PM
I was in a subdivision the other day that has been sitting for a long time. One sign struck me funny. There was an agent sign outside the former model home that said the "agent was out showing in the neighborhood!" The reason it is funny is there is no neighborhood, and no homes built! The only thing missing was sagebrush rolling across the street and a cow skull on the parched dirt! In this particular subdivision there are only 3 or 4 homes built, one is sold, one says 'under contract' (Which I doubt) and one is the vacant model! The build out should (17 comments)
Unemployment Rates - The Unemployed and Some Perspectives. - 06/08/09 10:36 PM
Have you ever wondered what the real numbers of unemployed are? How does this stack up to previous recessions? I don't know about you, but when someone mentions percentages. I get lost. What is the real number of individuals laid off? What about the nation? What about your state? How will those numbers impact you and your work? Where can you find these statistics? Did you know that in 1933, 15 million + Americans were unemployed. 25% of the nation's population. Today we have an even larger population and we have 14.5 million unemployed. Proportionally it is a smaller number, but (12 comments)
It Ain't Gonna Happen! - 06/08/09 09:21 AM
I saw a listing the other day that had in the remarks for agents, "Must be full price offer, and buyer must pay 15K at closing to cover the cost of commissions!" In all the years I've been selling real estate I have never come across that one. Now I understand the phrase "When pigs can fly!" On another listing...in the comments was the "Seller needs full price offer or buyer will force them into a short sale position!" I would hate to be the one to break it to the sellers, but they need to speak to an attorney. Last I (24 comments)
What about A Buyer Disclosure? - 06/06/09 11:11 PM
For years, home sellers have all the weight on them to provide all the information. Lead based paint, aluminum wiring, polybute plumbing, LP, Masonite siding, stucco or dryvit issues, termite infestations, flood zones, mold, leaky roofs and so much more. So what about the buyers? What about dead beat buyers? Why do they get off scott free? Many potential home buyers can deliver a less than honest picture of their ability to buy and they have to offer nothing in return to demonstrate that. They can give you a generic certificate of pre-approval from an defunct Internet mortgage site, and very frequently (140 comments)
So What's Next? - 06/06/09 10:24 PM
It is interesting to real the financial news but not let it ruin your day. The word on the street this week is interest rates are about to start ratcheting up dramatically, and the government seems powerless to turn the tide. Those that were going to buy should have locked in and purchased that home. The entire reason of having low mortgage rates was to firm up prices of falling bank assets, and move the inventory. Now with a prospect of higher mortgage rates... another thing is assured. Rising mortgate rates may totally stall this anemic recovery. There is an axiom in real estate that has (20 comments)
Dedicated Fax Lines - Are They Worth It Anymore? - 06/04/09 05:18 PM
For many years in real estate we have always had a dedicated fax line at the home office. With over 40-50 sales sides a year, it was warranted. in the past, each day the fax phone would ring off the hook with addenda, and ratified copies of executed purchase and sales agreements would allow us to complete the day. Today, Fax copies are still pretty much the best way to prove the validity of the contract because they time and date stamp acceptance sender and receiver annotations in the margins. Legally they are still preferred over email or e-fax copies for notification, and (53 comments)
A Sad Day For America - 06/01/09 09:10 PM
Unlike the stock market's 200 point sucker rally today...I do not take today's news of General Motors and Chrysler as good news. It is ominous omen of more dire things to come. The last place I would be placing any of my money is in the stock market right now. The news is not good on any level. Out nation and its leadership has failed us terribly. Free enterprise does not exist, our tax system is corrupt and broken, and the freedoms that out forefathers fought for have been thrown under a bus. We will have persons like Geitner kissing the butts of anyone that (45 comments)
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