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If April Showers Bring May Flowers …

For those that have not seen this video, or for those who have not visited our YouTube channel, here’s one last look at the 4th quarter 2008 video and a promise that we’ll have the 1st quarter 2009 video completed by mid-May. We get the latest charts and graphs, from Chartmaster Chuck, next week.

In the meantime, here is a 3 point summary of what’s happening with the Atlanta real estate market, right now. I base this on the most recent letter dated 4/21 from Steve Palm at Smart Numbers:

1. Closings for Single family detached are down 23.3% and are down 34.4% for single family attached for March 2009 versus March 2008. Single family attached is down more than 50% from March 2006, 512 closings versus 1,158.

2. The average sale price for single family detached was $183,800 for March 2009. This is down 22.9% from March 2008 and also the highest average so far in 2009.

3. If the banks can loosen their grip on lending this market will definitely head up.

My caution to buyers is that they need to be circumspect and conservative – they need to be thinking longer term – like 7-10 years for holding a primary residence -  and they need to base their decisions on “monthly net income” not “monthly gross income.”

My caution to Sellers is the same that it has been for over two years – get real, or don’t attempt to sell. 70 out of 100 sellers failed to sell last year. 20 out of 100 sold with price reductions and they took over 200 days to get that done. The 10 out of 100 that sold quickly realized that this is the best buyer’s market in history, and that proper pricing, on hard price points that attract the most activity is really the primary driver.

One more thing, yeah, I skipped on blogging for 5 weeks. Sorry – the Blog Brawl competition led me to the final 8, and I’m honored, but I’ve re-trenched, re-invigorated and re-established the purpose of intowninsider.com and you’ll see what I mean over the coming weeks.

Here’s Smart Numbers April 21, 2009 letter for Metro Atlanta if you want to see the whole summary – stay tuned!

So, if April showers bring May flowers, then what do May flowers bring? PILGRIMS!

Keep hope alive!

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