What the heck is going on with the Atlanta condo market?
Guys- it’s tough out there right now if you’re trying to sell the average Atlanta condo. Especially if it’s under $250,000. There are fewer buyers right now due to tightened lending requirements. Banks are going out of business every week and the companies/people that actually fund the loans are very nervous. If you’ve got major credit issues chances are you cannot get a loan right now, whereas this time last year it might not have been a problem. Pair this problem with the 7,400 condos currently for sale (source: Atlanta Business Chronicle 8/2007) and you’re bound to have longer days on the market.
So, what to do if you need or want to sell your condo?
1. Make sure it shows like a model home- this can be achieved relatively cheaply by hiring a staging company. I’ve got one that will put a home manager in your home if it’s currently vacant. They’ll pay your HOA dues and utilities too!
2. Price your home realistically- Now is NOT the time to price high and plan to come down if you don’t get an offer. Your home is guaranteed to sit for 3 X’s longer if you start too high.
3. Interview and hire an aggressive Realtor- compare marketing plans, discuss strategy and ultimately go with the professional you feel comfortable with. Remember to ask them the following questions: how long, on average, does it take them to sell their condo listings?…. what is their average list price vs. sales price ratio and how does it compare to the average Atlanta agent?…. do they have a list of past clients willing to talk to you about their experience?…. can they provide you with a list of testimonials?… how many homes/condos did they sell last year?….
These are just a few questions you should make sure to ask the Realtor you’re interviewing. Now is not the time to take a chance. You need a proven marketing plan and numbers to back up their promises.
The market WILL bounce back but it will probably be the middle of 2008 before we see any positive changes.
