Tax Time - No More Excuses! Atlanta Home Sales Should Pick Up!

By
Real Estate Agent with Crye-Leike REALTORS® 165062

In the years I've been selling Atlanta real estate there is normally a pause in home sales in April.  This year has been beyond sluggish!  Atlanta homesales are way off their norms!  Usually at certain times fo the year, sales slow and then pick up!  I call it the "Spring Bounce!"  April usually represents, Easter (This year it was early) Passover, spring break and tax time!  It is a months where sales in real estate fall off while folks attend to the more important things in life.  The last item tends to be "TAXES!"  Yep the other shoe drops!  Folks like to take a financial picture of where they are money-wise.  It is the only time of year that a person is forced to look at the dollars in the bank, taxes they are paying, and ways to avoid paying more taxes!  Home owners ship provides some of the last great tax benefits and shelters for earning money - real estate.

Owning a home allows the individual to write off the interest paid on the mortgage and deduct them from taxes.  It also allows for the deduction of local property tax.  The benefits of ownership also apply to profit if any when the home is sold, and allows over 250K in profit tax free for the individual and 500K for married couples for property held over 2 years.  It is an item too good to be true, and a major motivator for Atlanta home sales!

So now the question remains  will there be a major spring jump in home sales?  Let's face it. There are no more excuses.  Interest rates are still very low by historic standards, there are loads of properties in inventory to choose from.  Sellers are willing to negotiate and even pay closing costs of home buyers to assist them in their home purchase!  So where are the home buyers?   Unless we see a major jump in sales activity this is going to be a totally lackluster year for home sales in Atlanta.  Home sales in Atlanta always coincide with school letting out in early May and starting in early August.  I am seeing the listing side of the equation rising, but not the buyer side! All we can do is wait and see how many buyers come into this market!  Yes real estate is local, but this year in particular many other parts of the nation are also slow!  If a person cannot sell a home in Boston, Chicago, California or Florida...they cannot buy a home here in Atlanta.  The next few weeks will be critical in determining where the Atlanta market is going!  There will be no more excuses saying sales will be up next month, or I think it is picking up!  The truth will bare this out quickly, the Atlanta real estate market is either getting better, or worse!

Posted by

James Crawford ABR, Broker Associate

 

 

 

 

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Rainmaker
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Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Jim;

Lots of luck and I do wish you area have the Spring Bounce. I am wishing the same for myself..Good Luck!!

Apr 15, 2008 02:51 AM #1
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Anthony Stokes-Pereira  LOL!  Are you saying I shouldn't hold my breath?  LOL!
Apr 15, 2008 02:53 AM #2
Rainmaker
661,136
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate
I'm just glad that tax season is nearly over with.
Apr 15, 2008 02:56 AM #3
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Just what is the "norm" today.

I believe that we all need a "norm" adjustment. 

The "norm" died about 3 years ago.  It got too fat chocked on an overpriced contract.  Kinda like Cass Elliott did on a sandwich.

Did is still dead. 

Fortunatelly, housing, unlike Cass, will live again, just much slimmer and a lot smarter. 

Apr 15, 2008 03:15 AM #4
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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JL Boney  We just mailed ours out!   I'm very grateful to have earned what we did, and that we had enough to meet our obligations.  I am glad it is over too!
Apr 15, 2008 03:43 AM #5
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Jim Crawford
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MD & VA Real Estate, Homefinders.com, Lenn Harley, Broker, New & Resale Homes  I know you are right Lenn!  Nothing is worse than waiting for a guest to come to your front door, and the guest never shows up!  Sort of like the  anti climatic feeling you get at an atheist funeral.  It's sad! All dressed up and no place to go!  It is also hard explaining to home owners over and over again why no one is showing up at their door, and those that do are in no rush to buy.

Apr 15, 2008 03:48 AM #6
Rainmaker
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Esko Kiuru
Bethesda, MD

Jim,

Home buyers remain rather tentative in many markets, it seems. Hopefully Atlanta's will pick up since mortgage rates are low and there is plenty of inventory to choose from. Vegas has shown some improvement, so we are hopeful here.

Apr 15, 2008 06:26 AM #7
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Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
Jim, you hit the nail on the head. Change Atlanta to Greater New Orleans and this post could have been my though. Shifting gears, your presentation of your post is a 10. I need to work on my post. As always very professional. As far as taxes, well the extension is filed and will meet with the CPA on Friday. Last year was a great one and still awaiting on this year shift.
Apr 15, 2008 07:16 AM #8
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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 Esko Kiuru - Las Vegas NV Mortgage Consultant  that is all we can do...wait and see what is happening!

Apr 15, 2008 07:22 AM #9
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Frank Rubi Louisiana Real Estate-Homes for Sale What was interesting for us is last years income all in all was much better than I thought, I don't know where this years is going to turn out.  The next few weeks in the market is going to tell all!

Apr 15, 2008 07:24 AM #10
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