Perfect Property Pricing Sells Your Atlanta Home Faster

Perfect property pricing is one of the most important strategies you can undertake to ensure greater success in selling your Atlanta home. The type of buyer you attract and the length of time your home is on the market is directly correlated to your price. Studies have shown that pricing impacts the following:

  • How buyers feel about your home
  • How many showings you have
  • The quickness of your sale
  • More lucrative outcome

Some home owners decide to under-price their homes in the hopes encouraging more bidding. While a reduced price is better than being overpriced in terms of selling your home, this is not always necessary. Speak to your Realtor to establish where your selling price needs to during the current market. Overpricing your home has a few psychological pitfalls.

  1. Home buyers tend to be knowledgeable about the general and will have a good idea about the market value of your home. If you have a right-priced home, you can hold out for the right buyer without the possibility of generating the mistrust that can occur if you overprice your home.
  2. You will inadvertently become the example of what an overpriced home is as Realtors compare your home to others that are reasonably priced. You will be helping your competition and harming yourself.
  3. Overpricing a home can drain a homeowner with every decision to drop the price as the property languishes on the market. The longer a home sits on the market, the more often the seller has to vacate the home for open houses. Also, the constant feeling of being on show instead of relaxing in your own home can be tiring.

Since pricing can determine the length of time your house is on the market and your ultimate profit, it’s best to follow the pricing advice that Barry Wolfert will provide you as your Realtor. Get your property sold by being properly priced for the current market so that you can be happily living in your next home.

For more tips and information on selling your home, contact me, Barry Wolfert, Associate Broker at Keller Williams Realty Consultants. As an experienced and professional Realtor, I can help you sell your home for the most money and in the shortest period of time.  My in-depth knowledge of the real estate market in north Atlanta will guarantee you results, not excuses.

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Re/Max Communities Becomes Atlanta Communities Real Estate Brokerage

Effective October 30, 2009, Re/Max Communities will officially become Atlanta Communities Real Estate Brokerage.  Having opened in 1990 as a Re/Max franchise, this office has been ranked as one of the top companies and real estate brokerages in Atlanta.  In fact, from 2002-2004, Re/Max Communities was the largest franchise office worldwide out of over 4,200 offices in 43 countries.

Atlanta Communities Real Estate Brokerage

Positioning the company to react ahead of changes in the market and not after the fact, has been the focus of the owners since the beginning. As we are in the midst of one of the most challenging times in the real estate industry, now is the time to innovate and and evolve.  Real estate is local, high-touch, relationship driven profession and business models must evolve to reflect this reality in order to better serve our clients.

To that end, the broker/owners decided that the revenues spent by the company and charged to the agents in order to belong to a national franchise should be re-directed to local marketing efforts that actually provide results and strengthen our client relationships and value.  All company principals and staff will remain the same.  Both of our office locations (Johnson Ferry Road in Marietta and Barrett Parkway in Kennesaw) will remain the same.  In essence, all of the key components that have made this company a leader in the market will not change.  By becoming an independent organization, the agents will now be free to innovate and stay ahead of the market.

This transition will be seamless for all clients.  The transition is in progress and listings are being moved over to the new company name in both MLS systems.  In the next week, you will see our yard signs pop up all over the city.  And, in a few weeks, it will seem as if Atlanta Communities was always here.

All of my contact information (cell, fax, email, website, etc) remains the same as before.  Our office phone number will change to 770-240-2001 and my extension is 385.  I look forward to continuing to serve everyone who is looking to buy or sell a home in the north Atlanta area.

Atlanta, GA Housing Market Review

The most common questions I am asked are: Is the market getting any better and is activity picking up?

The problem in providing an answer is that is really depends on the day you ask.  Over the last 12 months, there really has been any consistent trend in the market.  Some weeks see lots of activity and interest while others have no activity.  It has been this lack of consistency that has made this such a difficult market.

Positive News

Interest rates continue to be low (in the high 4%/low 5% range) and the $8000 federal tax credit for first time buyers and $1800 Georgia state tax credit for all buyers are good until the end of November.  In fact, houses are probably the most affordable they’ve ever been.  And, if you’re a home buyer, it’s still a buyer’s market.

On The Other Hand

National unemployment in about 10% and Georgia’s is slightly over 10%.  Job losses and uncertainty have undermined the confidence of home buyers.  In addition, while money is cheap, it is also still difficult to get a mortgage if your credit is not very good.

To get a clear picture of the overall Atlanta market, I have broken down the sales trends for 2006 through 2008. For 2009, I kept my original analysis period of January thru April  and have added May thru September.  This way you can see how the year is trending. The chart below shows the trends for all of the Atlanta using the FMLS data for single family homes.

EXPLANATION OF CHART

This chart shows the number of homes sold in 2006, 2007, 2008 and 2009 (thru September). 2007 and 2008 are also broken down into Jan-July an Aug-Dec time frames.  The last column represent the the number of currently active listings and their average asking price.  The actual data for each bar and line is shown at the bottom of the chart.

Metro Atlanta Housing Market Analysis

ANALYSIS

Units Sold – 2006 – 2008

2006 saw 46,437  homes sold with that number increasing to 58,115 in 2007.  We know that that market slowdown began in summer of 2007.  This is clear by looking at the breakdown of 2007 sales: 37,497 units from Jan-July and 20,618 units from Aug-Dec.  Total units sold in 2008 declined to 46,677 with the second half of the year seeing only 18,178 homes sold.

Units Sold – 2009

Thru April 30, 2009, 11,631 homes sold.  If we extrapolate this for the entire year, 2009 would see approximately 35,000 homes sold.  From May thru Sepetmber, 21,317 homes sold with an average sales price of $207,000.  This represents an 83% increase in home sales AND a 12.5% increase on average sales price.

There are currently 37,674 homes on the market which is approximately 15% less homes than at the end of April. This also represents 10.3 months of inventory at the current absorption rate. Clearly we are seeing a positive trend in sales. However, inventory is still above the 7-9 months which would represent a balanced market.  In addition, the current average list price of $361,000 for active listings is way too high and will need to come down in order to sustain this sales trend.

Average Sales Price

In 2006, the average sold price was $264,000.  This increased slightly to $265,000 in 2007.  The average sold price peaked in the first half of 2007 at $269,000. By 2008, the average sold price was down to $229,000.  For the first four months of 2009, the average sold price was $184,000. From May thru September, the average sales price increased by $23,000, approximately 12.5%, to $207,000.

Average List Price

The average list price in 2006 was $271,000.  The difference between the average list and average sold in 2006 was 2.7%.  By 2007, the gap between list and sold price increased to 3.4%.  In 2008, the gap had further increased to 6.1%.  For the first four months of 2009, the gap reached an amazing 20.0%. From May thru Deptember, the gap between asking and sold prices had narrowed to 9.1%.

Average Days on Market

This data is not shown on the chart but in the table below:

2006: 76

Jan – Jul 2007: 84
Aug-Dec 2007: 91
2007: 87

Jan-Jul 2008: 95
Aug-Dec 2008: 91
2008: 94

Jan – Apr 2009: 98
May – Sept 2009: 93

As we can see, the average days on market has decreased slightly increased from to 98 to a current 93 days.

Please feel free to contact me with questions about your specific market or community.  You can request a FREE home market analysis here.

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Atlanta, Georgia Housing Market Review

Marietta, Georgia Fourth of July Parade and Events

Fourth of July Celebration

Marietta, Georgia - July 4thThe city of Marietta’s Fourth in the Park celebration begins July 4 at 10 a.m. and includes a parade, free live concerts, museum tours, arts and crafts show, food, carnival games and fireworks finale.

The Marietta Freedom Parade includes 110 entries, 2,000 participants and an estimated 30,000 spectators.

The parade begins at 10 a.m. at Roswell St. Baptist Church and travels west on Roswell Street, north on E. Park Square past Glover Park and the Square, down Cherokee Street and ends at North Marietta Parkway.

Entries include marching units from the city of Marietta, Air National Guard Band of the South, civic organizations, beauty queens, scouts and local businesses.

[Read more…]

Atlanta, Georgia Housing Market Review

The most common questions I am asked are: Is the market getting any better and is activity picking up?  The problem in providing an answer is that is really depends on the day you ask.  Over the last 6 – 9 months, there really has been any consistent trend in the market.  Some weeks see lots of activity and interest while others have no activity.  It has been this lack of consistency that has made this such a difficult market.

On the positive side, we have low interest rates, an $8000 federal tax credit for first time buyers, an $1800 Georgia state tax credit for all buyers and a buyer’s market.  On the negative side, high unemployment, low consumer confidence and a credit crunch have kept buyers from jumping back into the market.

To get a clear picture of the overall Atlanta market, I have broken down the sales trends for 2006 through April 2009.  The chart below shows the trends for all of the Atlanta using the FMLS data for single family homes.

[Read more…]

Atlanta-Sandy Springs-Marietta, Georgia Make Top 100 List Of Affordable US Housing Markets

Housing Affordability Surges to Highest Level in 18 Years

house-web4RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

[Read more…]

Cobb County Schools Consider Later Start Date

The Cobb County School District is considering moving the starting date from August 10 to August 17 for the Fall 2009 school year.  Many are asking where the extra five days are going to come from.  The state mandates at least 180 days of instruction.  State school Superintendent Kathy Cox has said calendars are a local decision. A bill to require a later start date for all public schools failed in the state Legislature in 2005. [Read more…]

Atlanta Ranked As Third Most Vacant City In US

Atlanta Third Most Vacant City In USWe don’t typically use vacancy as a measure in the residential real estate market.  That term is more common in commercial real estate or the hotel industry.  Having been a hotelier for 15 years, I get flashbacks when I start to hear about vacancy rate and unoccupied rooms (or homes).

According to an article at Forbes.com, Atlanta ranks third behind Las Vegas and Detroit.  Not exactly the company we are striving to be associated with.  According to the article, the national rental vacancy rate is 10.1% up from 9.6% a year ago; while homeowner vacancy is up from 2.8% to 2.9%.  Still, these trends are not good as empty houses can have an impact on the surrounding homes and areas.

[Read more…]

Atlanta’s Home Prices Drop 11.2% But Still Better Than Most Other Places

Falling Home PricesNationally, the US experienced an 18.2% price drop, year over year according to Standard & Poor’s Case-Schiller Home Price Index for the 20 largest metropolitan areas. This represents the sharpest fall in prices ever recorded. Many cities that experienced record price growth were hardest hit by the drop in prices.

  • #1 Phoenix, AZ – 32% drop
  • # 2 Las Vegas, NV – 31.7% drop
  • #3 San Francisc0, CA – 30.7% drop
  • #11 Atlanta, GA – 11.2% drop

From October to November, Atlanta prices dropped 2.7%  Because Atlanta has been among the top cities in new home construction, Atlanta was still experiencing some price growth when some cities started to feel their bubble burst.  Atlanta’s drop in prices came a but later than that in most cities.  The Case-Schiller index for the largest 20 markets topped out and started to slip in mid-2006 — a full year before prices crested in Atlanta. [Read more…]

Atlanta Ranked As One Of The World’s Top Cities

New Global Cities Index Ranks 60 Global Cities
Based on Quality-of-Life Factors

Source: Metro Atlanta Chamber of Commerce

Atlanta is now recognized as one of the world’s most global cities, according to Foreign Policy magazine.

While New York, London and Paris are still considered the world’s most global cities, the list reveals that top-ranking cities face strong competition from growing global cities such as Beijing, Moscow, Shanghai, [Read more…]