Home sales & median sales prices were down in the 4th quarter of 2010 vs. 3rd quarter, but they started climbing in December & have continued through Spring 2011.  The Ratio of Sales Prices to Original List Prices was UP in the 4th Quarter of 2010 compared to 4th Quarter 2009 by 2% and Days on Market (DOM) was down slightly from 123 to 120, which indicate that homes are entering the market at more competitive prices. The amount of homes for sale in the Atlanta area (i.e. Inventory) also began to trend downward after June 2010, so although the market may seem a little saturated with inventory, it’s mainly overpriced homes or distressed properties that need LOTS of work.  The good homes at good prices are still going super fast.

We’ve noticed that in the $300-$400k price range, there seems to be a boom of interest from Buyers.  We’ve had 4 sets of clients in Multiple Offer situations since February (3 with Buyers, 1 with a Seller – and my buyers won all 3!!) and ALL have been between $325-$375k in Virginia Highland, Grant Park and 2 in East Cobb (yes, we can cover some territory – we have lived in Buckhead, East Atlanta & East Cobb in the last 7 years).      The $300,000 to $500,000 price range has the lowest inventory count (12 months) of any other price range besides the <$200,000 range at 9.7 months of inventory (which accounts for approx 60% of the current home sales in this market).

And to touch a little more on that price range: in the $300-$500k range, median Days on Market was down to 158 in the 4th quarter of 2010 vs. 189 days in 4th quarter 2009 (-16%).  For all price ranges, if a home is overpriced, the median DOM is 181, but if priced correctly it’s ONLY 28 DOM!!  Meaning you have to act FAST to get the goods.

So, this may have been a little scattered, but what we tried to indicate is that although the market seems to be slow-go, it’s really picking up in certain price ranges.  The Prices have fallen enough to where Buyers are definiltey taking notice.  I mean, who would’ve thought you could get a nice 3 bedroom home on a basement in Virginia Highland for under $340k?  Who would’ve thought you could get a 5 bedroom 3 bath home on a finished basement in the Sope Creek Elementary, Dickerson Middle & Walton High School district in the mid-$300′s?  The time is right, the prices are more right than ever, and the rates continue to be ridiclously low (although they do like to bounce around a little).

If you’re thinking of buying a home – do it before the rates go back up.  Seriously, that’s the biggest factor.  The prices are so good, you can’t miss if you plan on being in the home for at least 5 years.  Get the best rate, because that will ultimately have a bigger effect on your monthly payment.

If you’re thinking of selling your home, give us a call & let’s do a Market Analysis to see how your home would fit into the market.  Inventory may be low for comparable homes in your area & price range & that may help you get the best price by getting in front of those buyers looking for a great home at a great price & a great mortgage interest rate vs. waiting on the spring/early-summer inventory to come on the market & increase your competition.  You could potentially get yourself into a multi-offer situation!! Wouldn’t that be nice?!

Click here to search Atlanta Homes for Sale just like an Agent can, OR here to get a FREE Market Valuation to find out “What’s My Home Worth?.”  If you want a more custom, real-time search that pulls directly from the MLS & will prompt you when homes that meet your wants & needs, email us at HomeTeam@KellySellsAtlanta.com & we’ll have it set up for you pronto. 

With gratitude,

The KellySellsAtlanta.com Team
#1 Team in Keller Williams of Buckhead since 2007

https://entp.hud.gov/idapp/html/f17condo-maint.cfm?key=A007241&phase=001&mode=Q

This means it will be a LOT easier for their Owners to refinance and take advantage of lower rates. Also – it means Buyers can more easily get financing!!  Without this approval, Buyers would need 10-20% down to finance a condo, and many condos in the metro Atlanta area are NOT FHA approved, mainly because the Condo Management/HOA hasn’t taken the proper steps to gain approval.  Up until mid-2010, condos could get “spot” approval, which made it pretty easy for FHA financing, but not anymore. 

Thanks to the property manager, Roel Puyat, and Treasurer, Richard Gilmore, for working so hard the last several months to get this approval!! 

Click here to see a list of Ovation condos for sale.

Click here to search for Buckhead condos for sale. (or any other property in the Metro Atlanta area, for that matter!)

When you’re ready to buy or sell, think of us – we’re here to help you succeed in this market!

The KellySellsAtlanta.com Team
Your 1 Stop Real Estate Shop!

Keller Williams Premier Atlanta
404-863-8680 cell | 404-969-1600 office

Brad purchased this East Cobb Foreclosure in Gant Quarters for much less than the comparable sales & appraisal.  The water getting into the basement was due to a bent gutter from a tree limb that had fallen, and since the gutter was replaced (for less than $200), there’ve been no water issues at all!  The foreclosure bank had NO CLUE the fix was that simple so we did our due diligence & inspection & found that it was a very minor issue & repair.  Their loss is Brad’s gain!

Click here to see the full AJC article & Brad’s success story!

If you’re curious, here’s a link to search East Cobb Foreclosures. (this list doesn’t include East Cobb Short Sales, but I’ll send those to you if you’d like. Just email your request to HomeTeam@KellySellsAtlanta.com).  Let us know how we can help you or someone you know find success in this Real Estate market.

The KellySellsAtlanta.com Team
#1 Team: Keller Williams Premier Atlanta
404-863-8680 | www.KellySellsAtlanta.com

Many short sale and foreclosure situations arise from either a spike in the borrower’s payment because they were maybe on an Interest Only ARM (Adjustible Rate Mortgage) which adjusted higher, a balloon payment at the end of an ARM, or due to a job loss, etc.  Sometimes, it’s merely because the homeowners needed to move, for one reason or another, and they couldn’t sell their homes for anywhere near what they paid for it in the booming years & they just decided to move on & cut their losses.  It’s not the ideal scenario for anyone or their neighbors or neighborhood, for that matter, but it definiltey happens.

Short Sales are definiltey the better route, for everyone involved (the seller, the seller’s lender, the buyer, etc) mainly because a foreclosure does more damage to the homeowner’s credit.  Also, the Seller’s Lender is normally getting more money than if they were to take it back in Foreclosure, and the Buyer will usually be buying a home in better condition than a foreclosure would be, but still at way below market value.

So, why do we see so many foreclosures happen – why don’t they all “short sale?”  Probably the biggest obstacle with short sales is the Seller’s bank’s ability to (or willingness to) process them in a timely manner and Buyers get anxious & tired of waiting on the bank’s response, so they decide to terminate & move on to another home.  Many times, the delay comes from the secondary lender (i.e. the subprime market) from the loans in which home buyers a 4+ years ago could get a 1st & 2nd mortgage (i.e. 80-20 loan, or 80% 1st & 20% 2nd) to avoid Private Morgage Insurance (PMI) and structure interest only payment, etc, to keep the payment low (essentially buying more home than a conventional mortgage would’ve afforded them).

Short Sales are consistently becoming more & more popular in this real estate market, though, and have been for a few years now, and the Government has put some plans in place to speed up the process & close more short sales.  Every market is local & different, but we’re all seeing it happen around us.  Some markets just have it worse than others.  Currently there are just over 5000 Atlanta homes for sale in FMLS for sale marketed as “Short Sales.”  Let’s hope many of these sell without going into foreclosure!  It will help the market, no doubt.

Homeowners: Are you in trouble of going into Foreclosure?  Would you like to talk more about the option of a Short Sale?  Give us a call or shoot us an email, we have an Atlanta area Short Sale Specialist on our Team to negotiate with your lender to help you aviod the obstacles and roadblocks  mentioned above & help you succeed in selling your home to prevent foreclosure.

Buyers: Click here to Search Atlanta Short Sales in your price range (click the More Search Options link in the search criteria for the Distressed/Short Sale option).

You can also click here to search the MLS for Atlanta homes for sale, including all of the metro Areas.

Thank you for reading!

The KellySellsAtlanta.com Team
www.KellySellsAtlanta.com
Your 1 Stop Real Estate Shop!

SPECIAL CONSIDERATIONS FOR REAL ESTATE CLOSINGS:

A) FHA Condo Considerations:

a. Condominiums must be covered by hazard and liability insurance and, when applicable, flood and fidelity insurance.
b. No more than 15 percent of the total units may be in arrears (defined as more than 30 days past due) of their condo association fee payments.
c. Condo associations must have a reserve account which holds an amount equivalent to at least 10% of the condo association budget.

B) Furniture Sold as Part of the Contract:

a. Be cautious when including personal property, such as furniture, in the contract. Appraisals are consistently coming in lower than the sales price, and an inflated sales price due to personal property can exacerbate that issue.

C) Seller Mail Aways/Seller Signing Early:
a. Be aware of whether the buyer has an FHA loan. If so, the lender will send documents that must be signed by the seller with the loan package. The seller must have access to a fax machine on the day of closing so that they can sign the FHA docs and fax them back to us as these docs are usually required for funding authorization.

D) Closing Costs:

a. Make sure to prepare both the buyer and seller that closings costs can change. The lender can put a cap on the amount of seller concessions allowed or a minimum on what the buyer must contribute. Therefore, the closing costs listed in the contract will not always be the closings costs allowed to be paid at closing.

Again, our Team’s job is to avoid these issues – whether we’re the Buyer’s Agent or Listing Agent. Our Preferred Lender and Closing Attorney are with you every step of the way to ensure a seemless closing & experience for our clients. I’m serious – they’re fantastic, and our business woulnd’t be where it is without them. We’re definiltey blessed to have found them & our clients have always felt the same.

Hope this was helpful! Let us know if you need us…

The KellySellsAtlanta.com Team of Keller Williams Realty
404-863-8680 | www.KellySellsAtlanta.com | HomeTeam@KellySellsAtlanta.com

Currently there are just over 200 homes for sale in the Morningside District with an average list price of $703,889. There are 35 homes under contract (this is a HOT area) and in the last 3 months, 42 homes have sold for an average sales price of $581,184.

I’ve set up this hot sheet link for you (see below) to view all homes for sale in the Morningside Elementary School District. The list of homes is always up to date, so you can put it in your favorites & feel free to revisit anytime.

Once you’re ready, you can call or email us for a FREE home valuation on your home, to set up a listing appointment or to view some of these listed homes and we can tailor a search that fits your specific criteria.

Our Team would love to help…and until then, Happy Hunting!! Oh, and the tax credits expire in 3 weeks & mortgage rates have gone slightly this week…still really good rates, but seems like they may not stay in the 4′s too much longer.

Click here for a list of homes for sale in the Morningside Elementary School District!

Click here for the Morningside Elementary School Website…

HomeTeam@KellySellsAtlanta.com | www.KellySellsAtlanta.com | 404-863-8680 cell | 404-969-1600 office

This is one of the most popular Elementary, Middle & High School combos in all of Metro Atlanta…and it’s so close to Sandy Springs & Buckhead, you’d never even feel like you’re waaaay out in Cobb County.  Get your kids into the best school district possible!

All the Active listings are right here & updated in Real Time! Enjoy & let us know once you’re ready to go see some homes and if you’d like a more tailored search (to your price range, minimum bed & bath combination, etc) just click here to shoot me an email & I’ll get it going…

Right now, the Median List Price in the area (for homes under $1mil & over $200k) is $$595,541.

The Median Sales price since 4/1/09 has been $473,217 and there are currently 18 under contract. 

There are 43 homes currently available but only 4 listed under the max FHA Loan Amount of $346,250 & only 7 that are listed under the $417,000 Jumbo Loan amount! (FHA requires only 3.5% down, Conventional Loans 5%, but Jumbo requires 20%)

Don’t hesitate much longer!  There are just over 80 days left to qualify for the $8000 Tax Credit for 1st Time Buyers.

www.KellySellsAtlanta.com for all your metro-Atlanta Real Estate needs.

The Kelly Sells Atlanta Team > your next move is our business…

There are actually more homes in Buckhead for under $350k than you might think…and some very nice ones, I might add!  And make no mistake, Buckhead has long been THE spot to own Real Estate in Atlanta.  GREAT Schools (Sarah Smith, Morris Brandon, Warren T. Jackson, E. Rivers & Garden Hills), beautiful neighborhoods & all the conveniences you could want nestled just north of Midtown and wedged inside both I-75, I-85 & the top end Perimeter of I-285.

Buckhead is one of Atlanta’s busiest financial centers and features gracious and historic homes, world-class shopping centers, elegant hotels and fantastic restaurants.  It has been called one of the United State’s top most affluent communities.

Buckhead is also one of the busiest Real Estate areas of Atlanta.  1631 single-family detached homes sold in 2006, 1704 in 2008, 1470 in 2008 and 61 thus far in 2009 with 40 Pending & the market (& weather) just getting warmed up.  The average list price of the solds was $692,924 and the avgerage sales price of those Buckhead homes was $634,516, resulting in an average list price to sales price ratio of 91.6%.  Not a bad discount!  This means there are some deals to be had in Buckhead as well! (none of these #s are including condos/townhomes)

With all that said, you can see that if you can get into Buckhead under $350k, you’re one of the few…that’s the sweet-spot & in that 1st Time Buyer wheel-house.  After all, 1st Time Buyers have ALL the start aligning for them right now, don’t they?  Time to take advantage!!

If you’d like to see what’s available in that price range, click here to see all Buckhead homes for sale $350k & below.

For ALL Buckhead homes for sale, click here.

Enjoy these and visit daily if you’d like. This site is connected to the MLS’s and is updated daily! You’ll always find the most current data & properties for sale here. If you have a more specific search request, don’t hesitate to ask.  You can contact us through our site or email our Buyer’s Specialist, Aaron, at aaron@kellysellsatlanta.com. 

Thanks so much for stopping by & Happy Hunting!

Aaron & Kelly Allen
The Kell Sells Atlanta Team
www.KellySellsAtlanta.com
Kelly | Listing Specialist | 404-606-2219 | kelly@kellysellsatlanta.com
Aaron | Buyer Specialist | 404-863-8680 | aaron@kellysellsatlanta.com
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Named after its location at the intersection of Virginia and North Highland Avenues, this district still remains a popular spot for Atlanta’s young professionals. At one time this prime area was in danger of becoming part of a planned highway system, but with the efforts of community leaders and activists, the area revitalized itself to become the urban professional’s dream. Virginia-Highland is the area within the Atlanta city limits bounded on the north by Amsterdam Avenue, on the south by Ponce de Leon Avenue, on the east by Briarcliff Road, and on the west by the Southern Railroad Line.

Virginia Highland & it’s residents can remain proud of their investment, because the neighborhood seems to be bucking this current real estate shift and holding value:

In 2007 the neighborhood experienced 123 sales. Their average sales price was $639,127. On average, it took 63 days for these homes to sell.
In 2008 there were 96 sales (a 22 % decrease), but the average sales price stayed strong at $636,790 (a minimal decrease of less than 1%).  On average, it took a few days longer for the homes to sell, but still only took 66 days to sell a VH home.

The most current data we have thus far in 2009 shows that there have been only 7 home sales (for an average of $521,071) with 5 currently under contract, and we typically see higher priced home sales in the summer months (mainly June) so expect to see this Average Sales Price increase throughout the year.

When many other neighborhoods were seeing sliding home values, this Atlanta neighborhood was seeing it’s values remain solid.

Suffice to say that if you don’t have to sell, don’t BUT if you are a seller in Virginia Highland (or anywhere in this Morningside Elementary School District) don’t listen too carefully to the doom and gloom about Atlanta’s real estate market.

For you home shoppers that want to view the 72 homes currently for sale:

Click here for all Virginia-Highlands Homes for Sale!!

We have experience and the most up-to-date data and statistics regarding the economics of Atlanta, Georgia real estate, so don’t hesitate to give us a call or shoot us an email if we can help you in any way.

Kelly & Aaron Allen
404-606-2219 Kelly
404-863-8680 Aaron
Keller Williams Realty Premier Atlanta
404-969-1600 office
www.KellySellsAtlanta.com