Atlanta Real Estate Blog - Jim Crawford REMAX Greater Atlanta

Congratulations ActiveRain on 100000 in Membership!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 25 Jul 2008 17:26:43 -0500

Congratulations ActiveRain on 100000 in Membership! I just red the ActiveRain Official email announcement that Activerain membership today July 25, 2008 has hit 100000 in membership and has exceeded it! Way to go ActiveRain. This is a testimony to the importance of a real estate centric social networking. When the market picks up, Activerain will become even more invaluable as a source of knowledge, networking, referrals, and technology for all involved. I am very happy and proud to be a part of the growth in Activerain, and of our own personal growth in social real estate networking. So congratulations to the founders, the developers, the moderators, sponsors and members! You all played a part in this! Here's to the next 100000 ActiveRain - this is just the beginning!

NAR - Your Last Reports Said This Wasn't So! What Gives?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 24 Jul 2008 13:05:55 -0500

I just read the latest news stories about Existing home sales fall 2.6% to a 10 year low, but last month...if my memory serves me correct NAR reported we were on track to have existing home sales remain in the 5.31 Million range for 2008. Now today I read they have fallen to an annual rate of 4.49 million home sales for existing homes! What gives? Just 22 days ago the number was 5.31 million! Those numbers aren't very close! So which set of numbers are we to beleive? Do they have kindergartners crunching out the numbers at NAR? What about credibility of NAR? I know the public and news media has access to this public data, and If I were not in real estate and listened to such a wide discrepancy of numbers I would have to stop, pause and shake my head. Can you still believe NAR when they say it is a great time to buy? Perhaps it is misleading sets of numbers that are actually spooking the buyers in the market.

I just wrote a blog recently on this topics, and I know I have not lost my own mind. I wrote a blog on the pending homes sales on existing homes on July 8, 2008

"NAR Revises May 2008 Pending Home Sales Statistics or Rethinking Bad PR?" July 8, 2008

"In the report, the NAR lowered its existing-home sales outlook for 2008, saying it now expects sales of 5.31 million, down from the 5.39 million forecast in April."

US House Approves Fannie Me and Freddie Mac Bill

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Wed, 23 Jul 2008 21:12:11 -0500

I just read on-line that the US House of Representatives passed the Fannie Mae and Freddie Mac Bill by a vote of 272-152. The Bill now move to the US Senate - where if passed the President already said he will sign it. Most of the descenters in the house were Republicans who voted against passage because it will place US Taxpayers money at risk! In the US Senate there is concern that the house Bill does not have any language in it to prevent Fannie Mae and Freddie Mac from lobbying. It is a big conflict of interest to have a company being bailed out by the US Government with Taxpayers money still operating as if it is the heyday. Democrats reject that option because that means that it would have to go back to the house to be reconciled. God forbid anyone in either the house or the senate really take the taxpayers interest at heart first. The passage of this Bill will leave the US Taxpayer on the hook for countless billions of dollars.

Google New on US House Approves Fannie Mae and Freddie Mac Bill

Fannie Mae and Freddie Mac...some history.

Free Tools for Real Estate | Two Free Tools for Real Estate

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 22 Jul 2008 21:29:59 -0500

I recently came across a few free tools that I really like! I thought I'd take the time to share them with you. The first one is a Graph Creation tool that I just stated using. It is called CreateAGraph and it is free, and I can create a variety of different charts and comparison charts for my Blogs and web and then email them to my self. When I receive them I open them in Snagit.Com (Not free - Screen Capture), and colorize them to give them some life! A very easy process!

The Free Graphs are all on line, all I have to do is enter the data and send them to myself. It is much easier than messing around in Excel, and perfect for my purposes for a simple graph I can create in a few moments.

The second tool is a Day Calcualtor for Duration Between Two Dates. A perfect tool for real estate. If I wanted to find out the number of days a home is on market or count the days forward from a beginning date and end date, then this is the perfect free tool for you! Bookmark it for future reference.

Here is a sample of a graph I just created

FMLS*

Atlanta Homes Sales Decline | Atlanta June Home Sales for Single Family Detached Homes Drop | Atlanta Real Estate Market Report June 08

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 22 Jul 2008 20:02:51 -0500

Atlanta Homes Sales Decline | Atlanta Homes Sales for Single Family Detached Homes Dropped again in June. The most recent statistics for Atlanta Georgia real estate was just released today from our FMLS.

Atlanta Georgia FMLS* metro area saw 4,041 Atlanta Homes sold in June 2008 (detached single family). Sales were down 35.6% from June 2007 and down 47.0% from the peak of the market in 2006. June home sales are now below 1999 June sales levels*. Atlanta Condos and town homes closed 631 units in June which was 44.7% below June 2007 and 58.3% below June 2006.

Average sales price for an Atlanta single family detached home sold in June 2008 was $258,736 - 9.2% below June 2007. The average year to date sale price through June YTD for single family detached is $241,656 - a decline of 8.9% from the total in 2007.

Average sale price for condos and town homes in June was $178,775 or a decline of 8.9% from June a year ago. The average year to date sale price through June 2008 for condos and town homes is 8.0% below 2007.

Atlanta had 7,012 expired listings for all single family detached homes almost 20% more than June 2007. YTD there were as many expired listings through June, as for all of 2002.

Atlanta saw 3,139 withdrawn listings for all single family. YTD, there are as many withdrawn listings through June 2008, as for all of 2005.

June 2008 At A Glance:

Atlanta Active FMLS Listings - Active - 88766 Properties Found
Atlanta Single Family Homes Detached - Active - 57736 Properties Found
Atlanta Condos and Atlanta Town Homes - Active - 11329 Properties Found
Sold Single Family Detached Homes 4,041
Atlanta Condos and Atlanta Town Homes Sold 631
Expired Listings 7,012
Withdrawn Listings 3,139
Average Sold Price Single Family Detached Home $258,736
Average Sold Price Condo / Town Home $178,775
13 Months of Inventory Single Family Atlanta Homes
14 Months of Inventory Condos and Town Homes

FMLS*

Did We Learn a Lesson from This?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 22 Jul 2008 10:25:47 -0500

I love history because you can learn from it. It applies to the real world and our own personal lives. A hand that gets burned by placing it too close to the fire - develops a reluctance to repeat the same mistake again. So too in financing. As a student in school I learned about the Great Depression, and the failure of banks and the onslaught of foreclosures that threw more fuel onto the fire of an already disastrous economy. The lesson learned back then was move away from the risks of the interest only and balloon notes and into an 30, 20 or 15 year fixed rate instrument that budgeted for repayment of the Principle, escrowed for the Annual Tax and Insurance, and paid the interest due. In real estate we call it PITI. It was a smart plan that worked for many years because it was tested by fire! To insure it worked, the down payment needed was at least 20% but at times was as high as 30% down! In the time of the Great Depression...even with massive foreclosures the requirement for cash in the deal was 50% down! So what made us think no money down would work? So when PITI 30 year fixed rate mortgages were introduced - it survived in this format with out another major repeat of a tsunami of foreclosure failures until now. If we had a 20% pad in price, the banks would not be in any trouble. It would have been your dime absorbing the loss. But guess what? There is no pad to absorb the loss. There isn't even insurance on many loans because we did away on paper wiht 80/10/10 and other loans that were designed to avoid the PMI. We out foxed ourselves with greed because we forgot the lessons.

Now I hear real estate agents and mortgage brokers argue over Down payment assistance DPA plans, 100% financing no money down, no closing costs, and they want more of it. I am not in that camp. I believe the lesson learned has been lost on a society that wants what they want when they want it, and persons in the real estate industry having no conscience and just satisfy the impulse. I hope that when this is all said and done, we get back to an industry that has some rules and regulations that prevent this from happening again. I also believe the Government caused a lot of this and should not bail out anyone at taxpayers expense. Otherwise, there will be no lesson learned. No one will be afraid of the consequences of getting burned.

Wachovia Exits Wholesale Mortgage Business!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Mon, 21 Jul 2008 23:40:35 -0500

In an after hours announcement today Wachovia Bank anounced this evening it is exiting the wholesale mortgage business. Wachovia will no longer offer mortgages through brokers. This move follows similar moves of Bank of America, and Nationals City Corp. What is interesting is how the banks and lending rules, and who is lending or no longer lending is changing by the day. What I noticed that is most interesting is the number of recent press releases after the cose of business. Wachovia is the 4th largest mortgage lender in the US. This story was posted just 4 hours ago.

For more information on Wachovia exiting the wholesale mortgage business.

Your Homes Assessed Value Has Nothing to Do With Actual Value.

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Mon, 21 Jul 2008 21:45:31 -0500

Beauty is in the eye of the beholder, and so is value. A home or a piece of real estate is only worth what a buyer is willing to pay for it. Just because you purchased a home at 200K does not mean that a buyer will pay that same amount when you resell it. If you can admit that prices rise in appreciation, you also must acknowledge depreciation. What goes up, can come down. Home prices and their values are not immune to that. If we have 5 homes on a street, one in a flood zone, one on a hill one under a high power line, on the tax records they may all share the same or similar values. To the consumer, they will have their preferences also. Most consumers like a clean home, without major objections or negatives. A consumer may not like your choice of interior selections. You have white cabinets, they want wood, you have a ruby red tile, they want hard wood floors. It is all a matter of personal choice. They do not like a home on the road, or the fact it is next door to an auto dump. It doesn't matter that it did not bother you or that the same model 4 miles away is selling for 300K more...the fact is we are discussing your homes real and unique value.

Some agents that do not have a lot of experience will post a listing in the MLS that will say...priced 100K less than tax assessment! If it were such a buy, the listing agent should have purchased it for themselves. We live in a day and age where the extras, the closing costs, the options were all rolled into a home price and financed. It does not reflect true value. Years ago, you paid for extras in cash. Yes that is right cash. These numbers for the most part were not rolled into the financing, nor was the closing costs financed. So what we have become accustomed to is bloated home prices. Agents that are in real estate for just the last few years falsely beleive it is normal, it isn't. Prices may dip futher and reflect a lower value of the home especially when other home buyers are not having an easy time obtaining financing. Scarcity of mortgage monies can lead to lower property values. If potential home buyers cannot obtain financing to buy your home, you must ask yourself the question, "What is it worth now?" The tax offices do not care what your situation is, they are guided by values, and look for any reason to tax you at a higher rate. In this market it is wise to understand real values, and challenge your tax assessors value. Why pay more tax for you home that reality of the market dictates?

Down Payment Assistance Programs - Go Away!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Mon, 21 Jul 2008 10:20:59 -0500

In the last few years in real estate a lot of money was made with various seller down payment assistance (DPA) programs. The only problem is that now we are hearing they are most likley to default! No Duh! FHA is now saying that the bulk of their foreclosures come from these programs. No money down, no sweat = "What me worry?" Easy credit has blighted this country, changed neighborhoods and lives forever. It created and fed false expectations, and created a false bottom of security that is now falling out beneath our American society. When I grew up the text books were about America the Land of Opportunity. There was no promise of entitlement, but rather one of hope and vision. I embraced that dream, and did very well my entire life. My parents that emigrated to the USA, also shared that dream. They too were not dissappointed. I wish that others would share in that vision also. As a nation we've gone way off track! What ever happened to saving up a down payment? Working a year or 2 to save up for a down payment, and closing costs? It is called goal setting, and there is a great feeling to accomplish your goal. This other process is what lives are built on, good self esteem, healthy pride, achievement, a sense of accomplishment. It creates good patterns for savings, endurance, and setting other goals for your future.

If we look back over the last few years what did any of the no money down do for anyone? Have prices held up in those neighborhoods? Are the owners still in those homes? Was that beautiful neighborhood still nice looking with 20 for sale signs? The problem wiht no money down is simple. No pain, no gain! If the going gets tough, the tough get going! It cannot go on forever. I hope DPA programs do not come back! Oh, before I forget, do not tell me about being poor! Been there!

Marietta Georgia Homes for Sale | Marietta GA Active Listings - Marietta Real Estate Market Report July 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 12:18:01 -0500

Marietta Homes for Sale, Marietta GA Active Listings - Marietta Real Estate Market Report July 2008*. As of today July 20 2008 there are currently 2916 Marietta homes for sale in Cobb County GA. Please keep in mind many of the Marietta pending sales are also new construction and have to be delivered - it could be this month or in a few months. Homes in Marietta that are in the status of Contingency other or CO - denotes inspections, due diligence, financing. So many of these Marietta homes may come back on the market within the due-diligence period. This is a direct result of the Georgia Association of Realtors GAR contract has just changed, and the new contract is quite different than the previous version. It is a great time to buy a home in Marietta, there are many Marietta homes and fine properties to choose from and the sellers will negotiate. Mortgage rates are still low!

Active - 2916 Properties Found Marietta Homes for Sale Detached Fee Simple
Contingency w/Kickout - 13 Marietta Homes for Sale that are in in CK Status
Contingency - Other - 52 Marietta homes are in CO Status
Pending - 327 Marietta Homes for Sale are in Pending Status

*FMLS

Duluth Georgia Homes for Sale | Duluth GA Active Listings - Duluth Georgia Real Estate Market Report July 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 12:03:48 -0500

Duluth Georgia Homes for Sale, Duluth GA Active Listings - Duluth Real Estate Market Report July 2008*. As of today July 20 2008 there are currently 734 Duluth homes for sale in Gwinnett County GA. Please keep in mind many of the Duluth pending sales are also new construction and have to be delivered - it could be this month or in a few months. Homes in Duluth that are in the status of Contingency other or CO- denotes inspections, due diligence, financing. So many of these Duluth homes may come back on the market within the due-diligence period. This is a direct result of the Georgia Association of Realtors GAR contract has just changed, and the new contract is quite different than the previous version. It is a great time to buy a home in Duluth, there are many Duluth homes and fine properties to choose from and the sellers will negotiate. Mortgage rates are still low!

Active - 734 Properties Found Duluth Homes for Sale Detached Fee Simple
Contingency w/Kickout - 1 Duluth Homes for Sale that are in in CK Status
Contingency - Other - 10 Duluth homes are in CO Status
Pending - 81 Duluth Homes for Sale are in Pending Status

*FMLS

Cumming Georgia Homes for Sale | Cumming GA Homes Active Listings - Cumming Real Estate Market Report July 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 11:53:51 -0500

Cumming Homes for Sale, Cumming GA Homes Active Listings - Cumming Real Estate Market Report July 2008*. As of today July 20 2008 there are currently 2040 Cumming homes for salein Forsyth County GA. Please keep in mind many of the Cumming pending sales are also new construction and have to be delivered - it could be this month or in a few months. Homes in Cumming Georgia that are in the status of Contingency other or CO- denotes inspections, due diligence, financing. So many of these Cumming homes may come back on the market within the due-diligence period. This is a direct result of the Georgia Association of Realtors GAR contract has just changed, and the new contract is quite different than the previous version. For Contingency Kick out or KO, the purchase is contingent upon an event or an occurrence - perhaps their home has to sell before than can buy the next home. It is a great time to buy a home in Cumming, there are many Cumming homesand fine properties to choose from and the sellers will negotiate - mortgage rates are still low!

Active - 838 Properties Found Cumming Homes for Sale Detached Fee Simple
Contingency w/Kickout - 15 Cumming Homes for Sale that are in in CK Status
Contingency - Other - 28 Cumming homes are in CO Status
Pending - 234 Cumming Homes for Sale are in Pending Status

*FMLS

Roswell Georgia Homes for Sale | Roswell GA Active Listings - Roswell Real Estate Market Report July 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 11:33:55 -0500

Roswell Homes for Sale, Roswell GA Active Listings - Roswell Real Estate Market Report July 2008*. As of today July 20 2008 there are currently 838 Roswell homes for sale in Fulton County GA. Please keep in mind many of the Roswell pending sales are also new construction and have to be delivered - it could be this month or in a few months. Homes in Roswell that are in the status of Contingency other or CO - denotes inspections, due diligence, financing. So many of these Roswell homes may come back on the market within the due-dilagence period. This is a direct result of the Georgia Association of Realtors GAR contract has just changed, and the new contract is quite different than the previous version. It is a great time to buy a home in Roswell, there are many Roswell homes and fine properties to choose from and the sellers will negotiate. Mortage rates are still low!

Active - 838 Properties Found Roswell Homes for Sale Detached Fee Simple
Contingency w/Kickout - 2 Roswell Homes for Sale that are in in CK Status
Contingency - Other - 23 Roswell homes are in CO Status
Pending - 101 Roswell Homes for Sale are in Pending Status

*FMLS

Alpharetta Homes for Sale | Alpharetta GA Active Listings - Alpharetta Real Estate Market Report July 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 11:07:43 -0500

Alpharetta Homes for Sale, Alpharetta GA Active Listings - Alpharetta Real Estate Market Report July 2008*. As of today July 20 2008 there are currently 1513 Alpharetta homes for sale in Fulton County GA. Please keep in mind many of the Alpharetta pending sales are also new construction and have to be delivered - it could be this month or in a few months. Homes in Alpharetta that are in the status of Contingency other or CO - denotes inspections, due diligence, financing. So many of these homes may come back on the market with in the due-diligence period. It is a great time to buy a home in Alpharetta, there are many Alpharetta homes and fine properties to choose from and the sellers will negotiate. Mortage rates are still low!

Active - 1513 Properties Found Alpharetta Homes for Sale Detached Fee Simple
Contingency w/Kickout - 3 Alpharetta Homes for Sale that are in in CK Status
Contingency - Other - 41 Alpharetta homes are in CO Status
Pending - 171 Alpharetta Homes for Sale are in Pending Status

*FMLS

Do You Google Phone Numbers? You Should!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 20 Jul 2008 09:19:21 -0500

I think that for many in real estate the worse thing to do is end up on a wild goose chase. Each day we have to make quick assessments on good leads of bad leads or just mediocre ones. It is part of the process of prioritizing your most valuable resource Time! It never ceases to amaze me what shows up when you Google or White Page a phone number. We've come up with more answers and more insight that we would have thought possible. Known real estate scams is a biggie. We recently came across one from the Virginia area that called into our Atlanta lines. Page 1 was an identified scam setup that everyone was blogging about. Another phone number that shows up are the numbers of lazy agents acting as buyers. I guess they need more information, on either how we run our business or their client was on our website. Also, when a phone number is listed, I can track that number to a home owner, or listed property and then make assessments from the available information. If I choose to call a potential customer...I may already sound like the neighborhood expert on the information I've gathered! Googling is an incredible time saver for real estate! If you do not use it, you should!

Thank You for Telling Me!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 19 Jul 2008 20:35:24 -0500

A lot of Allanta real estate agents lose business everyday by not knowing what to say on the phone. Their conversation foretells what working a deal will really be like. Their intentions may be good by trying to protect the interests of the seller, but the way in which they deliver the message may turn off the other agent. The other agent will just decide this is just not worth it! When calling for feedback many Allanta real estate agents talk too much. Instead of just sticking to the point of the call feed back, they try to ascertain your clients interest in the property...and instead go in another direction in hopes of leading the conversation and the sale. Sometimes, they are just dead wrong. Their manipulative intents and attempts at control show through as vain veiled attempts, and are totally counterproductive. Making nice small talk would be more beneficial. My own experience is that many agents are not skilled in real estate, negotiations, marketing - but instead rely on lying, manipulation and bluffing. These are not college courses in the art of negotiations. Instead these are the tactics of obvious losers.

If an agent is experienced about the properties they show, for the most part they are familiar with the property history of that property. Who built it, what are the issues (EIFS, polybute, LP Siding, Days on Market, previous times on market, flooding etc) are common knowledge to any agent that takes their job seriously. So when the other agent says...

"Let me know if your people are interested - this is a hot property..."
"Another couple looked at the home today and are going to write an offer"
"It's already priced to sell!"
"The sellers will not accept any offer less than...$XXX.."
"The sellers do not have to sell, they are not in a rush..."
"My sellers need to buy a home in Manhattan and need every cent they can get"
"Another offer has just come in..."
"I'm supposed to get an offer this afternoon..."
"Another agent has just shown this home for the 5th time..."
"It is so nice if it doesn't sell, I'll buy it myself!"
Or after the feedback is given - they become argumentative...

My resonse is "Thank you for informing me, we will remove your listing from consideration and hang up."

Atlanta Real Estate Market Report July 2008 | Atlanta Active Real Estate Listings

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 19 Jul 2008 20:08:02 -0500

Atlanta Real Estate Market Report July 2008. As of today July 19, 2008 in our First Multiple Listings Service FMLS there are Active - 88643 Properties Found.

Active - 88643 Properties Found Atlanta Real Estate - All Classes
Active - 57722 Properties Found Atlanta Homes for Sale - Single Family Detached
Active - 11280 Properties Found Atlanta Condos for Sale - Atlanta Condos Town Homes
Active - 3431 Properties Found Atlanta Land / Farms for Sale
Active - 8535 Properties Found Atlanta Residential Developed Lots for Sale
Active - 901 Properties Found Atlanta Multi Family Dwellings for Sale
Active - 4426 Properties Found Atlanta Rentals for Rent
Active - 2349 Properties Found Atlanta Commercial Properties for Sale

Atlanta School Starts Soon In Georgia | Atlanta Schools Starts in August

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 19 Jul 2008 13:34:49 -0500

Interested in the Atlanta education and schools? Within the next few weeks school will begin in August for both public and private schools. Since our Atlanta real estatemarket is more local these days....that means the selling season for homes will becoming to an end fairly soon. Parents like to have the home they are purchasing closed and settled into prior to school starting. In previous years, we used to deal with a lot more relocation traffic in the Atlanta area, and sales were not limited by the school calendar year. Those days are now gone and fewer companies are moving to the Atlanta area. For those living in Atlanta, that means in recent years Atlanta homes sales have coincided more with the school calendar year. The bulk of our our own sales activity were concentrated between April and August. This will also hold true this year. The reason for this is that schools in Georgia tend to dismiss in the first half of May and start again in the first two weeks of August. For many homes that are still sitting on the market, this will mean a longer timeframe to sell their home, or withdrawing of the listing again until early spring. For more information about schools in Atlanta GA view our Atlanta Education Page.

Where Did You Get the Listing Price?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 17 Jul 2008 18:41:38 -0500

Selling an Atlanta home? It's a good thing if you know what you are doing, and setting the right listing price is the first place to start. Recently in the Atlanta I've noticed listings that just sold within the last year for lets say 250K. The very same Atlanta home is now listed for sale at 475K. What? Yes, you heard it right! The current Atlanta home seller hasn't done one thing to the property to justify the new price. When the obvious is looked at closely by an experienced agent...reality is unavoidable! It is obvious that because the sales are so recent...that interior photos, and features can be compared. The last sales data and marketing information are all available. The previous owner was the one that installed the new kitchen, finished basement, and added in-ground pool and patio. The new owner did nothing but stage around the old decor. It is very obvious.

I may be missing something, but I've never seen appreciation like that in Atlanta even in good times. The neighborhood prices may still be +/- that same price range for a recent sale in a flat real estate market...and as a professional I'm at a loss to even fathom the logic. I wish I could say this was an isolated incident, but is is more common than I would like to admit. From what I've seen... these overpriced listings have a few things in common.

•1. They are listed with new agents with little or no experience.

•2. The homes were all purchased with 100% financing in one form or another.

•3. Some are agent / owner.

Perhaps the seller has watched too much TV and believes they can flip a home for a hefty profit. It may be akin to kids jumping out windows when I was a child from watching too much Superman...and believing they could fly. It simply isn't reality. Perhaps selling Atlanta real estate should carry a warning! "Please, do not try this at home, we are trained professionals."

My own thoughts are even if the Atlanta home seller were to get an offer, the home will not appraise, the seller will not negotiate, the current price will hinder any sale, and the seller will lose a year or more of marketing time before they come to there senses. At that point, the home price may move lower than the current price point. The reality is simple.

Because the seller purchased the home at market price, it means they will sell the home at a loss by the time the commission is paid, and negotiations are over. They purchased a home at the peak of the market, just as the market started dropping. It is the sellers problem. Not all investments increase in price, and many drop in value. Our stocks, bonds, and other material investments fall, and real estate is not exempt. The consequences are unavoidable, but losses can be pared if the sale of the property is swift and reality based. An agent that lists the home is an enabler, and too weak as a professional to tell the seller the truth. Other agents simply by-pass showing the listing because of the unrealistic price, and back at many real estate offices...the listing agent is the brunt of many jokes. There is a difference among agents. When you go to sell a home, whom will you hire?

Nancy Pelosi Calling for More Stimulus Checks?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Wed, 16 Jul 2008 09:14:36 -0500

I just heard on CNBC that Nancy Pelosi Calling for More Stimulus Checks? Am I hearing this right? I'd like to ask what the last ones accomplished? Nancy Pelosi needs to spread around her own money. I noticed after she acquiesced to appointing the last attorney general...her husband received a major pork barrel gift that he directly benefited from. I had heard over 100 million. It is interesting how she and many in her party are interested in buying votes before election. I am not. I do not care which party it is, they are both wrong. I was not the recipient for any check, and I still pay my estimated taxes in spite of not earning what I used to earn. We need to start calling our elected Representatives and telling them that we do not approve. They are robbing us of our future for their own political gains!

Politicians need to stimulate the economy by cleaning up their own house. Term limits are needed, campaign reforms, and real direction instead of raping the land and citizens for their own political gain!

Atlanta Agents are Being Cited on Atlanta Foreclosures.

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 15 Jul 2008 14:44:49 -0500

Atlanta foreclosures, who really needs them? Just when you thought it was safe to go back in the waters! I just received a broadcast email from some of my friends that the city of Atlanta is ticketing real estate agents for having run-down properties. You know Atlanta foreclosures. Grass debris I assume are fair game! Agents are being hauled into court for having listings that are eyesores. In multi-family units, citations are being written for each individual unit! So... an 8 family building can have 8 citations! Ouch! Sort of like insult to injury. The City of Altanta wants to keep the city from looking like trash, and the agents are exactly that...just agents, not the owners. To me this is counterproductive in the sense that I could see this as a hindrance to me taking an intown listing on an Atlanta foreclosure. For the city, they are looking at agents as having deep pockets, and I feel this is very counterproductive and short sighted. One agent last month was fined over $3300. The local Board of Realtors is trying to arrange a meeting with city officials to put a stop to this. City officials are claiming they are not after listing agents, but agents that are really in some sort of property management agreement to maintain the property. IN the meantime....I will pass on taking distressed listings intown.

What's Next?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 15 Jul 2008 07:12:17 -0500

Sometimes I need to step back and ask myself "What's Next?" What strategy, what target market, where are the next dollars to be earned in our business? Sometimes there are brick walls to earnings, and a need to step back and refocus. Real estate lately has become more challenging, more stressful, and a lot less productive in the sense the externals have changed. Interest rates, saturated listing inventory, foreclosures and the ability to obtain a loan has become a lot more difficult for many, and both buyers andsellers have some major challenges ahead. The price of a gallon of gasoline, has placed doubts in the minds of buyers...and all of the above affect out business directly.

Since buyers are scarce, and listings are slow to sell...I've used this time to clear the decks, and have finished all my CE renewal credits for the states I am licensed in, and and I am am expanding my web presence. I'd like to think that when the markets do settle down, and start to return to normal I will be in a great position to capture even more work from the Internet. I am treating this as an opportunity time to get my house in order, review my expenditures, cut out waste, and refocus for tomorrows business. I've already made the decision that the web is the best way to go. I am very grateful to God, and feel blessed that I saw some of this coming, and positioned myself for the storm. Now all I have to do is focus on future needs. What changes are you implementing?

Thank You Chuck Schumer! Did Anyone Ever Tell You Loose Lips Sink Ships?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Mon, 14 Jul 2008 23:01:14 -0500

Sen. Chuck Schumer (D-NY) did Anyone Ever Tell You Loose Lips Sink Ships? You wonder how stupid a US Senator can be and the American public cannot even put 2 and 2 together and ask for him to step down! Persons in his position should know better than to mix bad politics and posturing into a major collapse of the American Banking System! What bothers me most is that the story which is widely reported as true, and yet no one is asking for accountability!

It is hard to believe that the FDIC will have to bail out a bank because his comment apparently created a run on the bank! The FDIC has had to use as much as $8 billion of it's $55 Billion to Bail them out! Chuck Schumer's callous comments may have triggered a collapse of public confidence, and in my own opinion if he was a man of any character he would resign! Since the dollar is no longer baked by the gold standard, it is backed by "Fiat!" It is worth what you think it is worth. The one thing it this economy and the dollar thrives on is confidence. Chuck Schumer's comment have evidently seem to have had a big impact here, and he is given a total pass. That is wrong!

Capitol Hill jumps down the presidents throat all day long, but the ball on this is in their court. OK, Chuck how about some accountability to the people and our tax dollars? Should we put you on a budget plan to to reimburse those 10000 folks that were not insured today? They lost over 1.5 billion since the withdrawals from IndyMac started after your comments and contributed to its collapse, and the FDIC was forced to move in and shutter the bank. What about the $8 Billion drained out of the $55 Billion FDIC insurance fund? Chuck Schumers public notice about the bank... since he is on the Banking Committee and should have known and acted on this long before it became a problem without a solution is like....

THE ARSONIST THAT CALLS IN A FIRE HE HAS SET, TO MAKE IT LOOK LIKE HE IS A HERO!

If nothing else he should be censured by his Peers!

Chuck Schumer (D-NY) News

Why Are You Not Listing Your Home with the Agent that Sold You The Home?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Mon, 14 Jul 2008 01:47:32 -0500

We have an upcoming listing appointment...we may not even take, but we are troubled by the fact that on a several million dollar home, the seller is not contacting the agent that sold them the home in the first place. (The agent is still in business, and yes they do list homes) Before you answer, please do not tell me that the reason is that agent is only a buyers agent. First of all I know better, am not one to buy into that lame way of thinking. You either understand real estate or you don't. A state real estate license does not say "buyers agent only" or "listing agent only!" I sometimes think that the first agent knows fully well they oversold their supposed clients with the neighborhood white elephant. My experience shows me that when this happens the home is normally grossly overpriced for the comps. The selling agent does not want to be the listing agent on the property knows they cannot sell the home anywhere near what their buyers paid for it. Also, that agent does not have the guts to tell the sellers they are upside down. I would not mind but this is a very common scenario in real estate these days. Someone else is called into do the dirty work and tell it like it is. I am really not into real estate interventions!

White House and Fed Just Announced they will Rescue Fannie Mae and Freddie Mac

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 13 Jul 2008 20:12:43 -0500

Breaking news story! ***** I was just checking this evenings business news on Google when I caught sight of a breaking news story. The White House and Fed Just Announced they will rescue Fannie, Freddie. I guess trying to avoid a financial melt down in tomorrows stock market and financial institutions. The White house and Federal Reserve just announced within the hour that they will throw the weight of the Government behind Fannie Mae and Freddie Mac. The government will provide the capital they need to let them survive. Fannie Mae and Freddie Mac will have immediate access to the Federal Reserve window. The Government will seek approval from Congress to allow the Government to buy into the corporations, have a say in their operations and increase the amount that can be borrowed by them.

More news to follow as it appears!

News within the last hour on Fannie Mae and Freddie Mac

Full Text on Fed Announcement