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.
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.
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.
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!
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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