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The Phones Should Be Ringing Off the Hook Right Now!

It is disturbing that there is not more business in Atlanta real estate these days. The phones are not ringing off the hook, even though they should be..they are not. In all my years in Atlanta real estate I have never seen a better time to buy a home than right now. This is opportunity time. Mortgage rates are better than they were in the 1960's and conforming 30 year fixed rate loans can be obtained under 5% here in Georgia. Sellers are willing to negotiate and prices in the Atlanta area are off 27% sin their August 2007 peaks. Buyers can even obtain some seller assistance for closing costs, and concessions in negotiations. For first time buyers there is still an 8K tax credit that will be running out soon, and that is trumped by GA credits for first time buyers that is even better! This should be the time where buyers should be out there looking to buy before the rates rise and the tax rebates disappear.

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 09/25/2009 08:30 AM

Comments (38)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: The Phones Should Be Ringing Off the Hook Right Now!

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38 Comments on The Phones Should Be Ringing Off the Hook Right Now!

SEP

Jim - Buyers (especially first-time home buyers) should definitely be calling you. I can't imagine a better start on life than getting a well-priced home at 5.0% and $8000 or more to make improvements, buy a little equity, pay off debts, etc. Regardless of how it seems, these conditions will not last. People are going to be sickened when they realize the opportunites that they missed.

Jim you are so right and though (in Austin, Texas) we don't have as many of the issues other parts of the country are encountering, we still have a lot of pent up demand and many are STILL sitting on the fence. I think it's a problem with "perception" on a national basis! Here's hoping the phone starts ringing soon!

Jim ...none of us will be surprised years from now when we look back on this small window of opportunity and see the deals that some got and that some didn't pull the trigger on.

Erik Hitzelberger, --Louisville-Bullitt County Real Estate (RE/MAX Alliance - Louisville REALTOR-Luxury Homes) There are still loads of great opportunities and it is cheaper to buy than rent!

Russell Lewis, Broker,CLHMS,GRI (AvenueOne Properties, Austin Texas Real Estate) Russell, Ican at least understant their apprehension. Atlanta has very high unemployment, and I guess fear is ruling the day!

Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH. I must admit, I have my own issues in pulling the trigger on some of the bargains that are out there. It is almost like being a child in a candy story. Too many choices!

Hey Jim,

People are for the most part scared of their own shadows. Even in the best of times there is a segment of the population who are unwilling to pull the trigger.

This last year while watching a political commentary the questions was asked about the number of people upposed to the subject matter at hand.

The respondent commented that even if all the stars were aligned perfectly there would be about 30% disaproval. It is just the nature of life.

You can't hold on to a listing in our area if it falls within the first time homebuyers range. Low inventory is feeding the frenzy. It will be interesting to see if the change of seasons or the end of the tax incentive will really have an impact on sales.

Jim, I am worried that people don't have confidence enough in our economy to take advantage of these stellar rates!
Begin each day as if it were on purpose,

Paul

Jim Even here in Northern Virginia there is apprehension, but certainly not of the type you are experiencing. As you well know, we are somewhat insulated Karen

Jim, I have a little momentum moving forward. Unbelievable is that it is not the first time buyer who is coming to the forefront. Only about 1/3 of my pending sales are first timers. I don't get it myself.

Hopefully your home is high and dry from the recent flooding in your general area.

Oh yes, they should absolutely be ringing off the hook right now. The times have never been better for purchasing a house. I am not sure what it is, maybe fear of the future that is holding people back. Not even the tax credit has earned much interest here.

Hello Jim, I agree there are so many positive factors weighing in to support a home shoppers sensibilities to become a Home Buyer! On the fear side, some may worry that home prices will fall further - I agree they probably will -- however, in our market and perhaps in Atlanta's the rate of price decline has become much less severe to where any further price declines may likely be a negligible blip on the long-term home equity appreciation equation. This should now be considered a Market Friendly to Buyers! John

Hi Jim, unfortuantely lot of potetial homebuyers are still scared and with the economy alsow worried about loosing their jobs, so everything is put onhold. Fully agree, great time to buy...

Downtown Portland Real Estate Broker~Herb Hamilton (RE/MAX Preferred Inc. Realtors) Herb I agree. I also should acknowledge that many potential buyers are no longer in the pool. Perhaps their credit was ruined if they had a short sale, a foreclosure or they have taken a cut in pay. My post was probably more of an observation of the super low 30 year rates.

Pat Fenn (Marketing Specialist for Cindy Jones RE/MAX Allegiance) We will all have to just wait and see. That is not the case here in Atlanta.

Paul Henderson, Realtor ® Lacey & DuPont Washington homes (RE/MAX Professionals & Four Seasons Inc.) Paul, I definitley agree with you that there is a confidence issue here.

Karen Kruschka - Fairfax Prince William Stafford County VA Real Estate Service (Long & Foster America's #1 Privately Owned Real Estate Co.) The DC area has the 5th largest economy in the nation, and much of it is not private sector. In private sector we must be concerned with profits. Companies cut back, employees get laid off, and then they stop spending. We are over 10% unemployment here in Atlanta, and I guess that is concern for everyone.

Frank Rubi Kenner/Metairie LA Real Estate (Frank Rubi Real Estate) I am not seeing many first time home buyers either. Yes we are high and dry thank God.

Janice "Jan Marie" MacMillan, Realtor ~ Military Relocation (Century 21 Winnersville) I think the tax credit was too limited in nature and should've had a much broader brush. The credit should have been over 15K, (for investors that had ample cash) and not limited to the first time home buyers. Congress was way too politically correct is doling out the portions.

Alexander-Slocum REMAX Team - Vancouver WA Real Estate (RE/MAX equity group, inc. - Vancouver Washington) I totally agree. It is like a stock on Wall Street. No one can time the bottom, and there are still loads of great opportunities.

Barbara Heil-Sonneck - Home Staging Atlanta (Design2Sell - We Stage Atlanta ) I received a quote today in Atlanta for a conforming 30 year fixed rate of 4.75%.

Jim,

There sure are plenty of good reasons to buy a home now, including low mortgage rates and low prices. The uncertainty with the economy is probably making many cautious, though.

Jim:

Back in 1990, I had a very wealthy young client. We went out and bought prime retail property's.

He was one of the few bidders because he had cash from an inheritance. Some of those properties are extremely more valuable today. However, there were few people who would or could step up.

That is the way it is, every one wants over priced properties. They shun bargains.

We have the herd mentality.

Richard

Perhaps you need to drop the "Magic Jack" : )

Did your competitor call forward your calls to "him"?

spring/summer probably has twice the sales rate of fall/winter... time flies but we are entering the slow season?

All kidding aside, do you think these sales trends will be any different than the cars sales trends considering cash for clunkers vs. $8k rebate? Now does it make sense? Car sales off 40% from last month now that the cash for clunkers rebate has ended!

Esko Kiuru - Las Vegas NV Mortgage Consultant (FHA, VA, Conventional, Refinance, Jumbo) I agree. There are other reasons consumers are cautious right now.

Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) I agree. Lemmings just get lost in the rush of the crowd.

Phil - Just wait until the credits are removed from home purchases.

SEP

Fear not Jim I am sure there will be alight at the end of the tunnel soon! Keep on selling:)

Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) Let's hope so Bill.

SEP

Jim,

Thanks for the post. Hopefully the activity we are seeing here in the northeast will find it's way south. The market has picked up, the phones are ringing and we are writing contracts. It's a good thing!

William Collins, Broker Associate (ERA Queen City Realty) Thanks William, that is great news!

OCT

Jim it's the same here in southern Alabama. The tax credit didn't really bring new business, it just replaced my former sales of higher priced homes. I just wrote a quick blog after I read this one of yours questioning the effectiveness of the tax credit.

Jim - I have had no increase in business whatsoever due to the $8000 Tax Credit, the low prices or the huge amount of inventory. In fact, the people that I have had simply CAN NOT qualify! I have a listing appointment tomorrow for a home that will most likely be priced around $450,000. Anything over $250,000 isn't even getting looked at here. C'est la vie

Teresa King, e-PRO, CDPE (RE/MAX By the Bay) Teresa, that is basically what happened here in Atlanta.

Leesa L. Finley, REALTOR® Wake Forest NC Real Estate and Area Info (CIRCA PROPERTIES - Your Wake Forest/North Raleigh Specialist) Lisa, long time no see. We saw 2 deals this year that were due to the tax credits.

I have been busy...over and over with a lot of the same buyers. Crazy right now, but would always like the phone to ring more.

Chuck Carstensen (Re/max Associates Plus/The Discovery Coach) I have a lot of buyers, but they are all over the map. The phones are not ringing like they use to.

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