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Getting real about short sales

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I just had a short sale attempt fail. My former 1/1/1 townhouse listing near the East Atlanta Village. We were in agreement for a $65000 purchase. In a short sale, both the buyer and the seller have to get real about the tenuous elements of their particular short sale. What do I mean by getting real? Well, here is a quick explanation via this example: The seller has now decided to attempt a deed in lieu of foreclosure with their lender and in doing so, the seller got real about his short sale. He is so real about short sales, that he has decided to just not attempt to complete this particular short sale. The seller is so real about short sales that he is willing to walk away from the property and let the bank have it, in lieu of attempting the rigorous processes, month after month, to win this short sale. If I counted up my short sale transactions since 2004, when my first attempt for a Buckhead condo owner resulted in foreclosure after months of work, and I was … [Read more...]

Finding value in Intown Atlanta lofts

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My 6 showings of lofts in Castleberry Hill yesterday made me think of some of the considerations that buyers must make when choosing a loft as a “primary residential” lifestyle choice - this is a hyperlink to a question on Trulia Voices that I answered about this subject, and here is some of the dialogue: “I've been to Castleberry Hill for a couple of the Art Strolls and nights out...seems like a pretty hip area. I travel for work (70% of the time), but don't want to be down by the airport. Looking to stay out of the suburbs. Any other viable options - Decent nightlife, nice restaurants in the area, easy access to interstates, in the city without the suburban feel. East Lake is nice, but has a suburban feel.” I answered: I like Castleberry Hill as long as you choose a good community, watch out for insolvency and understand that resale factors in the general neighborhood of Castleberry Hill, are a building by building consideration. Plenty of buildings down there outsell the … [Read more...]

What exactly is “culture” in a real estate office?

Concentricity. Ever heard that word? It means “to have a common center.” I just learned that in the world of fiber optics, the definition of concentricity is about being “well-centered.” At any given real estate brokerage office with more than a few agents on staff, even the most free-wheeling and independent agents are part of the culture – the good, the bad, and the ugly. At my “market center” in Decatur, Georgia – we live up to the title of market center. We sit in the center of our core submarkets and we dominate the numbers in FMLS Area 52 – the “Greater Decatur” submarket. We also have significant market share in the nearby areas both inside and outside the perimeter. How do we do it? Well, pretty much just like other successful, mature Keller Williams market centers do it. 1. provide the The Best Technology tools to our agents As technology continues to transform the ways in which buyers search for homes and real estate professionals … [Read more...]

The secrets to finding a buyer in the Intown Atlanta real estate market

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Many different features attract buyers to a real estate purchase, but the seller only has control over two of them. Sellers can still get the highest possible list-to-sell ratio and sell their homes as quickly as possible if they are willing to put their trust in two time trusted principles of real estate: condition and price. Since 72% of all sales transactions are “equity” transactions – not distressed, not some odd luxury transaction and not an estate sale, the chances are favorable for sellers who “get it.” Here are the the top ten features that attract buyers according to the Keller Williams Realty International survey conducted for our 2011 Market Navigator booklet. 1. Location – favored by 69% of buyers 2. Neighborhood – favored by 55% of buyers 2. Floor plan – favored by 37% of buyers 3. Updates to the house – favored by 36% of buyers 4. Curb appeal – favored by 30% of buyers 5. Square footage – favored by 28% of buyers 6. Back yard – favored … [Read more...]

Intown Atlanta Median Sales Price down 24.4% in 4th Quarter

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Median sales prices were lower in each quarter during 2008 compared to the same periods in 2007 and 2006. The overall median 2008 sales price was -12.9%, compared to that of 2007. The 4Q 2008 median price was 24.4% below that of the same period in 2007. We gathered this data from researching the following Intown Atlanta submarkets: Vinings, Inside the perimeter Sandy Springs, Inside the perimeter North Dekalb (Brookhaven, Chamblee, etc.), Greater Buckhead, Greater Decatur, Eastside Atlanta – Fulton, Eastside Atlanta – Dekalb, and Southside Atlanta (Grant Park, Ormewood Park, etc.). Intown Atlanta and Decatur Buyers – it’s OK to wonder if “the time is now.” It’s certainly OK to stay a renter, or to stay in a neighborhood that you do not want to be in next year, or to stay in a school district that is not your favorite, or to spend more time with your windshield than you do with your family, or with your best friends, or with your pets, or … [Read more...]

Pain Is Weakness Leaving The Body – Intown Atlanta Sales Drop by Quarter

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Declining economic conditions during 2008, including an acceleration of decline during the fourth quarter, along with large numbers of property foreclosures glutting the market, contributed to a difficult year for property sellers. One of my first encounters with a US Army Drill Sergeant was the proclamation of this statement: “pain is weakness leaving the body.” I believe that same statement applies to our collective financial body right now, although we have a lot of “working out” to do over the next few years, don’t we? Chuck Norris can not help you, Atlanta Sellers. Low interest rates, declining prices and a high inventory of listings combined to make 2008 and 4Q 2008 particularly, an especially good time to buy property, but what is a Seller supposed to do in 2009? Right now appears to be an even better time to buy, so a Seller should do what they know they should do already: price the property to be competitive, not to be … [Read more...]