Atlanta Home Buyers Compete Over Shrinking Housing Inventory

Atlanta Home Buyers Compete Over Shrinking Housing Inventory

Considering buying or selling a home in Atlanta? Local Home Buyers Insight recently spoke with several experienced real estate professionals in Atlanta to gauge the temperature of the Atlanta real estate market to find out if now is a good time to buy or sell a home in Atlanta. The consensus is that the Atlanta real estate market is showing clear signs of improvement. Inventory levels and days on market are both continuing to fall. Well priced homes in the right locations are beginning to see multiple offers. The early spring, because of a mild winter, is helping the Atlanta real estate market to get off to a head start this year. All strong indications of a busy spring home buying season ahead.

We asked the agents we spoke with if they see any improvement in home values so far this year. Martin Archacki of Duffy Realty of Atlanta said, “prices are going up in the best areas, but only in pockets so far.” Collette McDonald of Collette McDonald & Associates agreed, she pointed out that “in the right locations yes, prices are rising, but throughout the entire Atlanta real estate market, not yet.” She went on to say “time on market has decreased, which is bringing in lots of multi offers.” For instance Collette says of the homes she’s listed in the last month “50% have multi offers.” A reduction in days on market couple with multiple offers is a good sign that home buyer demand in Atlanta is indeed growing.

So what’s changed in the Atlanta real estate market from a year ago that’s pushing this market ahead? Martin believes that it’s a matter of perception “everyone realizes that this is it, this is the bottom.” Buyers are encouraged by signs that prices have stabilized, they want to take advantage of incredibly low interest rates while they are still available. Martin added, “a small percentage of homes are well priced and ready to move in, as such you see 90% of buyers are competing to buy 20% of the available houses.”

This surging buyer interest should soon add up to great news for both home buyers and sellers of Atlanta real estate. Most real estate analysts would agree that you can’t expect to see continued reductions in supply and increased buyer demand without experiencing some home price appreciation. Rising demand should give potential home sellers more confidence to put their home on the market.

Considering the competition for well priced, ready to move in homes in Atlanta you’ll want to be prepared to make a strong offer in order to have the winning bid for the home of your choice. Martin Archacki recommends, “you need to have a very experienced team in your corner, an experienced buyer’s agent, and experienced mortgage officer and an experienced inspector.”

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Metro Atlanta has spoken and Duffy Realty is 92% referred to friends and family for our $500.00 flat fee listing to sell a home that lasts until SOLD, now 8 years in a row. Over 1 Billion Dollars saved in Listing Fees and Over 14,000 listings has reigned Rhonda Duffy, top agent in Atlanta and the #1 Agent in Georgia and #6 in the U.S. for 6 years in a row! Browse the site and you will see many success stories of loyal Duffy clients and how they sold their home and saved a lot of money in the process. Visit https://duffyrealtyofatlanta.com/ or call 678-366-7846

Would A Politician Admit To Insider Trading?

C’mon, we all know the answer to this question.   It does seem kind of mysterious that all of sudden this past week, the Senate finally passed a bill by an overwhelming 96-3 vote to ban …

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You’re buying a new home. Should you work with the listing agent? A buyer agent? An attorney?

We recently showed in this post why working with a good buyer agent can be a huge benefit to a home buyer. A listing agent can’t provide you with the level of service and advocacy that you should expect from an agent in today’s market. Remember, the listing agent works for her client, the seller. So when it comes to choosing between working with the listing agent and a good buyer agent, a good buyer agent is the clear choice.

But what about an attorney? We fully support any buyer who wishes to hire an attorney. An attorney provides peace of mind. She brings a different skill set to the table and helps to make sure that you, the buyer, are protected from all angles. A good attorney can be tremendously helpful during the home buying process.

Should working with an attorney preclude you from working with a buyer agent as well? We don’t think so. But that is the perception held by more than a few people. Some folks believe the buyer agent and the listing agent will always be in cahoots, that both agents will conspire to ensure “the deal goes through”. That’s not part of our game.

Our firm belief is that if you decide to hire an attorney, you should have a good buyer agent assist you as well. It should be a team effort. And here are 3 big reasons why.Continue reading

A Social Experiment

joshua-bellSomething to think about….

Washington DC Metro Station on a cold January morning in 2007:

He played six Bach pieces for about 45 minutes.
During that time approx 2 thousand people went through the station, most of them on their way to work.
After 3 minutes a middle aged man noticed there was a musician playing.
He slowed his pace and stopped for a few seconds and then hurried to meet his schedule.
4 mins later: The violinist received his first dollar. A woman threw the money in the till and, without stopping, continued to walk.
6 minutes after that: A young man leaned against the wall to listen to him, then looked at his watch and started to walk again.
10 minutes later: A 3 year old boy stopped but his mother tugged him along hurriedly, as the kid stopped to look at the violinist.
Finally the mother pushed hard and the child continued to walk, turning his head all the time.
This action was repeated by several other children. Every parent, without exception, forced them to move on.

45 minutes later: The musician played. Only 6 people stopped and stayed for a while.
About 20 gave him money but continued to walk their normal pace.
He collected $32.

1 hour later: He finished playing and silence took over. No one noticed. No one applauded, nor was there any recognition.

No one knew this but the violinist was Joshua Bell, one of the best musicians in the world.
He played one of the most intricate pieces ever written, with a violin worth $3.5 million dollars.
Two days before Joshua Bell sold out a theater in Boston where the seats averaged $100.

This is a real story. Joshua Bell playing incognito in the metro station was organized by the Washington Post
as part of a social experiment about perception, taste and people’s priorities.
The questions raised: in a common place environment at an inappropriate hour, do we perceive beauty?
Do we stop to appreciate it?
Do we recognize talent in an unexpected context?

One possible conclusion reached from this experiment could be:
If we do not have a moment to stop and listen to one of the best musicians in the world
playing some of the finest music ever written, with one of the most beautiful instruments ….

How many other things are we missing?

Great News About Atlanta Housing

John Adams’ Top 10 Undeniable Truths about Real Estate for the Fall of 2008

1. People have to have a place to live. — It’s basic but it speaks volumes about the real estate profession. Today there are 4.78 million people in the metro Atlanta area; it’s predicted there will be over 8 million by 2025. That’s a lot of people coming in who will need a place to live.

2. Well-selected residential real estate will always go up in value. — According to the most recent report (2nd quarter, 2008) from the Office of Federal Housing Enterprise Oversight (www.OFHEO.gov /> ), home prices/values in Georgia continue to rise. There has not been a 12-month period in which home values have declined in Georgia. Click here
for that report. http://www.ofheo.gov/media/pdf/2q08hpi.pdf
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3. All of us face challenges in our lives at one time or another. — A challenging market makes you appreciate the good times. It’s as simple as that.

4. Interest rates go up and interest rates go down, but you can always refinance when the money is cheap. — We are in a temporary situation in which it’s hard to find money for non-owner occupied properties and in which the public’s perception is that interest rates are high. But they will still buy.

5. The greatest expense you will have in your lifetime, without a doubt, is taxes. — The level of taxation we experience in this country is remarkable. Real estate is an investment that allows you to reach financial freedom and reduce your tax burden.

6. The tax benefits of real estate are, indeed, too good to be true. But they are true. — We need to constantly tout to our customers the exclusion from taxation of gain on a primary residence as the number 1 reason to own a home.

7. Inflation is our friend. — Sounds crazy, but controlled inflation can be helpful in growing our economy.

8. You can retire comfortably on as few as 8 – 10 rental houses. — Eight to ten rental properties, paid off, can be a substantial retirement income.

9. Investing in real estate is simple but it’s not easy. — Seek the advice of those who have ‘been there, done that’ but don’t be afraid to jump right in.

10. In the words of John McCain [and this is coming from John Adams, lifelong Democrat!], ‘Our economy is fundamentally sound.’ — We are in a financial crisis, not an ecomonic crisis. Some of the media is comparing our current ecomony to the Depression; however, the unemployment rate during the Depression was over 25%, whereas our current national unemployment rate is
around 6%. Also, compare our GDP to that of the Depression and they are nowhere near the same. We will overcome the current financial crisis and move on with a healthy economy.

There is a lot of uncertainty right now, and the market hates uncertainty. If we can get through the election and put a solid floor beneath us in the real estate and mortgage industries, we can get back to work!

7 Tips on Loving Being a Real Estate Agent

Anyone who has been in real estate for long knows that the reason for which someone gets into real estate, might not necessarily be the reason they stay in it. The perception of quick and good money in this industry is a widely held belief. One that has turned out to be a myth, for the truth is something quite different. Quick and good money will only materialize for those rare, exceptional agents that display both consistency and tenacity right out of the gate. The fact is most every agent struggles, at least at first, due to experiencing the roller coaster effect of closing deals and then having an empty pipeline void of new prospects.

Most agents that I talk to complain that when they enter the business their family is constantly nagging them about the hours that they keep and the phone calls that they choose to take at all hours of the day and night. Then, when they are not working, the agent is either at home, pouting over a lack of business or worrying about when the next client will surface and take up their time again – 24/7.

Loving real estate as a job is a change for many agents. Most are mired in the rut of attempting to make a consistent living while keeping the balance act of sharing time and attention between work and family.

Here are some ideas that I have used to keep on keeping on loving real estate.

Real estate is the backdrop of what you do. You are really in business. Real estate is just the canvas upon which you have chosen to paint and ply your craft. And anyone in business knows that you have to constantly be curious about what you do, challenge yourself to learn as much as you can and keep asking ‘what if…’ Because, ‘what if…’ means you are willing to change things in hopes of finding a better way. This does not mean expensive technology that has huge learning curves, nor does it mean changing the systems that work all the time. It means, saying things differently to get a new result. It means looking at things that are repetitive to see if there is a simpler way of doing them. And it especially means at all times, asking if the routine that you have been doing is necessary.

Ask yourself often, “What is real estate?” Defining it for yourself will open your eyes to what you love and hate about your profession which in turn allows you to connect deeper with and appreciate more what you love.

Set boundaries for yourself and your clients. This allows you to know when something is not working for you because you have already thought it out.
You can set quick boundaries by writing at the top of a paper such leading statements like; I will treat my clients with… And, my clients will not…

Try new things like video while you are showing houses. Make a series that is educational for your buyers to come.

Collect educational materials and make a file that you can give to your future buyers. Knowledge is empowering to both you and your clients. It cuts down on everyone’s confusion, which reduces stress leading to a more rewarding outcome for all involved.

Stay away from negative people in your business and your family for that matter. People who tell you that you can’t should now be considered motivational forces, if you have to hang out with them.

Do your best to find something that is funny everyday in real estate. Something amusing that happened at a house that you are showing, or something funny that your client said or something funny that you laugh at with another agent can make your day more memorable and enjoyable. Remember if something isn’t fun to you, you won’t want to do it.

The bottom line to all of this is that whether you love real estate or not, it is your choice. Your perception is reality. You can make anything that you want exactly what you want it to be.