Butts County, Clayton County, Coweta County, Fayette County, Henry County Real Estate Numbers!

What's going on in Southern Crescent of Metro Atlanta Real Estate!? I've compiled some information below to show where some of the cities in the local market stands in terms of inventory levels, absorption rates, and average sales price. Of course, the average sales price is nothing more than the average sales price -- it varies from subdivision to subdivision, area to area, etc, but this is just to provide an overall view of what's going on on the south side.

If you don't know what an absorption rate is, here's a quick definition from this blog post:

What's an absorption rate? Absorption rate is a term used in real estate regarding the current inventory level and is a calculation that shows how much time it will take for the current inventory to be "soaked up"/absorbed/sold. The calculation is based on the current trend and rate of sales.

Fayette County:
Brooks:  Ave. Sales Price: $186,822   Absorption Rate: 21.99 months   # Homes for Sale: 41
Fayetteville: Ave Sales Price: $200,168  Absorption Rate: 17.2 months   #Homes for Sale: 1002
Peachtree Cty: Ave Sales Price: $268,269 Absorption Rate: 15.8 months  #Homes for Sale: 508
Tyrone: Ave Sales Price: $233,279   Absorption Rate: 17.24 months   # Homes for Sale: 135

Henry County:
Hampton:  Ave Sales Price: $130,299   Absorption Rate: 11.47 months   # Homes for Sale: 280
Locust Grove: Ave Sales Price: $119,825 Absorption Rate: 12.95 months  #Homes for Sale: 325
McDonough: Ave Sales Price: $130,438 Absorption Rate: 11.98 months  #Homes for Sale: 1139
Stockbridge: Ave Sales Price: $96,317   Absorption Rate: 9.73 months   # Homes for Sale: 498

Coweta County:
Newnan:  Ave Sales Price: $137,329  Absorption Rate: 16.38 months   # Homes for Sale: 1507
Palmetto:  Ave Sales Price: $71,849   Absorption Rate: 16.39 months  # Homes for Sale: 153
Senoia: Ave Sales Price: $154,527  Absorption Rate: 14.44 months   # Homes for Sale: 278
Sharpsburg: Ave Sales Price: $210,051  Absorption Rate: 12.36 months  # Homes for Sale: 270

Clayton County:
Forest Park:  Ave Sales Price: $30,526   Absorption Rate: 7.22 months   # Homes for Sale: 192
Jonesboro:  Ave Sales Price: $61,169   Absorption Rate: 7.93 months   # Homes for Sale: 700
Morrow: Ave Sales Price: $51,478   Absorption Rate: 6.8 months   # Homes for Sale: 136
Rex: Ave Sales Price: $47,751   Absorption Rate: 7.29 months    # Homes for Sale: 180

Butts County:
Jackson:  Ave. Sales Price: $84,522   Absorption Rate: 20.73 months  # Homes for Sale: 387

I haven't included every city in the Southern Crescent of Metro Atlanta, obviously. If you would like detailed information for your city or if you would like for us to compile a report for a particular subdivision, please let us know! Real estate is our job and it's what we love!

Preparing Your Home for the Market... Do Your HOMEwork!

Consider this a warning ... If you're looking to sell your home in 2011, you need to make sure your home is ready for the market! Long gone are the days when a sign in the yard would bring a contract in 15 days. Your home must not only be priced aggressively, it needs to be in top condition. Here are some tips from Inman News as to how you can get off on the right foot (remarks from Rebekah in red):

First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale (sidenote from Rebekah: Check! That applies to us in the South Metro Atlanta Market!). That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door. Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:


* Clean the windows and make sure the paint is not chipped or flaking. (Believe it or not, chipping/peeling paint can actually scare a buyer away -- trust me, I've had it happen! To some buyers, that's an easy fix. To others, it's too much work).

* Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure that bathrooms and kitchens are spotless. (Clean your kitchen counters off. Clutter on the countertop makes the kitchen appear small and the kitchen is one of the most important rooms in a house. In regards to the bathroom, make sure it's clean and make sure the toilet lid is down for showings -- one of my biggest pet peeves!)

* Organize closets. (Yes! Yes! Yes! Organize those closets! Don't let things fall on the potential buyer when they open the closets to explore closet space! Storage space is important!) 

* Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords. (Leaky faucets can run buyers away! Although many leaks are easy fixes, some buyers can't see past the "plumbing issue.")

* Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting. (Whatever you do, don't try to mask any bad smells. For instance, "clean cotton" air freshener doesn't really cover up kitty box. Your home will then smell like "clean cotton kitty box." The key word in this tip is ELIMINATE. Odors of any kind are not good -- pets, smoke, etc).

* Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers. (Do anything and everything to give potential buyers that "warm & fuzzy" feeling. Buyers have gut feelings with houses and you want to do everything possible to try to make them connect with your home).

These are just a few tips! Don't stop here though, if you really want to sell your home and you're serious about doing it, you want to do EVERYTHING possible to make your home stand out above the others! Buyers have so much to choose from. Make them remember YOUR home!



If you're interested in selling your home, please call us for a detailed market analysis and we'll be happy to review your property and offer suggestions as to how you can prepare it for the market. The following are areas that we service: Fayetteville, Peachtree City, Brooks, Senoia, Tyrone, McDonough, Stockbridge, Locust Grove, Hampton, Jonesboro, Morrow, Rex, Conyers, Covington, Jackson, Griffin, Newnan, Sharpsburg, Moreland, etc.

Hire a Professional to Sell Your Home!

Why You Need a True Professional to Sell Your Home


by The KCM Crew on May 27, 2011
Many people ask us whether they should hire an agent to sell their home or whether they should first try as a For Sale by Owner (FSBO). In today’s volatile market, we believe this is an easy decision: you need an experienced professional!

You need an expert guide if you are traveling a dangerous path

The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer willing to pay fair market value for your home at a time that there are mass inventories of foreclosures and short sales will take a true real estate professional. Finding reasonable financing can also be tricky in today’s lending environment.



You need a skilled negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that off after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.

Bottom Line

We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Atlanta Makes Top 10 for Most Searched Markets & Most Foreclosures!

Inman News and Realtor.com have released the top 10 most searched real estate markets and Atlanta is one of them! Perhaps buyers are looking to take advantage of the great deals that are out there. Those looking to sell won't be thrilled to hear that Atlanta, after Detroit, has experienced the largest decline in prices when comparing year-over-year, with an average decline of 13.6% (Detroit's year-to-year decline was 18.2%).  The complete list is as follows:

1. Chicago
2. Detroit
3. Las Vegas
4. Phoenix-Mesa
5. Los Angeles - Long Beach
6. Tampa - Saint Petersburg - Clearwater
7. Philadelphia
8. Atlanta
9. Dallas
10. Orlando

Sadly, in regards to foreclosure rates, Atlanta takes third place for foreclosure filings amongst the list. Nationwide, 1 in 191 housing units received a foreclosure filing last quarter; whereas, 1 in 78 received a foreclosure filing in Atlanta (1st was Las Vegas with 1 in 31 units and 2nd was Phoenix-Mesa with 1 in 48).

With low prices and low interest rates, now is definitely the time to buy!! If you know of anyone who is looking to purchase in McDonough, Locust Grove, Stockbridge, Hampton, Fayetteville, Peachtree City, Tyrone, Senoia, Newnan, Conyers, Jackson, etc, please let us know -- we would love to help them with their real estate needs!!

For the complete article, visit: http://lowes.inman.com/newsletter/2011/05/24/news/143465

Wells Fargo Short Sale -- Mission Complete!!!

We recently closed a Wells Fargo short sale in Fayetteville, GA! In this market, short sales make up a great deal of the inventory and we're not afraid of them (unless it's a Bank of America short sale, but that's another post for another day!). There's nothing more rewarding than helping good people out of a bad situation that they had no control over! There's no sense in just letting your house go into foreclosure without trying a short sale first! If you're behind on payments and face foreclosure, please call us! We've successfully closed multiple short sale transactions and would love to help you!

We're so passionate about short sales that we go above and beyond to help our clients out of their situation. In fact, our most recent short sale was initially denied by HUD and so therefore, Wells Fargo declined the short sale. Most agents would have stopped there -- what more could be done? Melissa and I were not happy with that answer so we started researching contacts at the U.S. Department of Housing & Urban Development and came across the name and number of a gentleman that is a "Housing Program Specialist" with HUD. We contacted him, explained the situation and the circumstances and he did his magic. Within a day we received an email that he had reversed the decision and had the file reopened at Wells Fargo. A couple of weeks later, we closed this transaction. What would have happened if we wouldn't have cared enough to be persistent and get this done? Our clients' home would have gone into foreclosure, their credit would be damaged more so than with the short sale, and they would have been devastated. Our clients even received a $1000 check for their participation in the short sale versus letting it go into foreclosure! See, it pays to take action!

INTEREST RATES ARE AT AN ANNUAL LOW!

In declining for the fourth straight week, mortgage rates reached their lowest levels of 2011.

The 30-year fixed-rate mortgage, a popular choice among home buyers, averaged 4.63 percent this week, reports Freddie Mac in its weekly mortgage market survey. Last week, the 30-year mortgage stood at 4.71 percent; compared to last year at this time, it averaged 4.93 percent.
Meanwhile, the 15-year fixed-rate mortgage also reached its lowest level of the year, averaging 3.82 percent this week from 3.89 percent last week. Last year at this time, the 15-year mortgage averaged 4.30 percent.

The 5-year adjustable-rate mortgage averaged 3.41 percent, down from last week’s 3.47 percent average. A year ago, it averaged 3.95 percent.

As rates continue to fall, the number of mortgage applications are increasing. Mortgage applications increased 8.2 percent this week compared to one week earlier, reports the Mortgage Bankers Association. The refinancing index increased 9 percent--it’s highest level since mid-March. Mortgage applications for purchase also got a boost, rising 7.1 percent compared to the previous week.


Source: realtor.org

5 Reasons You Should Consider Selling Now!

If you plan on moving anytime in 2011, you should strongly consider selling your house now rather than waiting. Here are five reasons why:

1.) This is when your house will get the most exposure
The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW!

2.) Foreclosures and short sales will increase in about 90 days
The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.

As an example, LPS reported in their latest Mortgage Monitor that:

■ There are still twice as many loans going 90+ days delinquent as are starting foreclosure

■ There are almost three times the number of foreclosure starts as there are foreclosure sales

■ Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales

This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.

3.) Interest rates have risen over the last six months

Interest rates have stabilized recently. However, in the last six months, interest rates have climbed over 1/2%. Every time the rates increase 1/4%, approximately 250,000 buyers are eliminated from qualifying for a mortgage. In an environment of volatile rates, waiting could mean that there will be fewer buyers eligible to purchase your house. It also could mean that you will pay a higher rate on the next home you buy.

4.) Qualifying for a mortgage is about to get even more difficult

Besides increasing rates, there are other factors that will hinder a buyer’s ability to qualify for a mortgage as we move forward. Lending standards have been getting tighter over the last year. And as the government debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.”

This may impact any potential purchaser for your property and may also impact your next purchase.

5.) It’s time to get on with your life

Probably the most important reason to sell is so you can get on with your life. You placed your home on the market for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you decided to move in the first place. Are these reasons still important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.

Bottom Line

If you plan to sell this year, the reasons above prove that selling now makes more sense than waiting to later in the year. We would love to sit down and talk with you. No obligations!

Blog from KCM blog - Steve Harney

Almost 14,000 Homes Sold Yesterday!

One of the biggest misconceptions in today's housing market is that homes are not selling.

That is simply not true.

 Last month's Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an "annual rate of 5.10 million". That's an average of 13,973 every day – 365 days a year!

And the monthly Pending Sales Report, which measures the number of houses going into contract each month, has showed increases in six of the last nine months prompting Lawrence Yun, NAR's chief economist to say:
"Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index means modest near-term gains in existing-home sales are likely."

We realize that 40% of the sales are distressed properties and that 22% of buyers are investors. Yet, that still doesn't negate the fact that homes are in fact selling... and 60% of them are NOT foreclosures or short sales.

And Yun believes this uptick will continue:
"Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year."

Bottom Line

Homes are selling. You probably will need to offer a compelling price if you put your house on the market. But if you do, it will sell....and we know someone who can get the job done....US!