I think in the Atlanta real estate community we can all agree that the Atlanta real estate market we've known it for the past few years has changed. Homes in Atlanta area not selling as they were last year. It is a buyers Market without Buyers! There are over 114,000 homes listed for sale in the Atlanta market, Each month the sales are now starting to be exceeded by the expireds and withdrawn listings. That is not even tapping into the foreclosure and Atlanta new homes market. However, no need for alarm, it is just part of a business cycle that is neither all up, nor all down. For those that are new to real estate it is always the end of the world. However, homes in Atlantaare still selling! Which ones? Well for one our listings are. The homes that are selling in Atlanta are the ones where the sellers that are listening to the advice of their experienced listing agents. Sales are not all made by dropping prices either! Your home in Atlanta has to be priced ahead of the curve, immaculately clean, neutral colors ready to move in,and the seller will have to work with the buyers to assist them with the new challenges of mortgage financing.
Whereas the seller could negotiate with the buyer in the past about paying any closing costs, it is now probably a smart choice if an Atlanta home seller considers paying the closing costs of the purchaser and even considering a buy down to subsidize a lower interest rate for the purchaser for the first few years of the loan, and the seller should even consider holding paper when possible Most new agents will not understand or know how to advise an Atlanta home seller, but experienced agents that have weathered tight markets in the past will jump in with solutions that work! So the seller needs to start listening to the seasoned agents that have gone through this before. It's not about boasting thta you have the biggest home in the neighborhood, the one on the biggest lot, and the biggest nails. In this market a lot of the denial of many home sellers is to believe their home is the best...in the meantime the market is slipping away. Every homeowner believes that they deserve the best price! So take a number! If you make the wrong choice when listing your home and it doesn't sell, don't go blaming the agent. You hired this!
Atlanta home sellers have to realize that they are competing with twice the homes for sale as we should normally have, foreclosures, new home construction with loads of builder buyer incentives, bonuses, and other buyer incentives that are not working either!
- Price: Priced Correctly So Buyers See You are A Serious Seller
- Appearance: Immaculate Clean, neutral decor, No Odors.
- Terms: Fast Closing, Seller Contributions to Buyer's Financing
Great info, Coach. As a new agent, I have a couple of questions.
When you suggest that the seller consider a buy down, are you meaning that the seller pay points on the buyers loan?
I have no idea what "holding paper" means. Do you have time to explain?
Thanks!