Atlanta Real Estate Blog

Some good news this morning from S & P as the Case-Shiller Home Price Index for the Atlanta market is trending in the positive direction.  This is the third straight month with a positive increase in this index which bottomed out in April of 2008.  July’s numbers are on par with the price index seen in April of 2005. Could we be coming slowly out of the bottom?

With more and more homeowners finding themselves in situations where they have to sell but owe more on the mortgages than their current home is worth, the need for experienced short sale agents is on the rise.  It is crucial that sellers deal with an agent who has experience dealing with loss mitigators from banks, marketing short sale listings and just a good understand the entire process. It can mean avoiding foreclosure and the embarrassment that comes along with having your name and address published for month straight in the paper that your home will be auctioned on the courthouse steps.

You can view some information on the short sale section of my web site here.  Also, feel free to call me directly at 404-372-8462.

Not everyone will qualify for a short sale but it is an option certainly worth checking out.

Many homeowners who fall behind on their mortgages for a number of reasons need to be aware that there are options.  A short sales is one option to help homeowners avoid foreclosure.  Under certain circumstances, lenders will consider taking a lower payoff on a mortgage which allows the homeowner to sell the home before the lender forecloses on the home.  The short sale process can be complicated and intimidating and that is why sellers need to contact Realtors who have experience in short sales.

Mark your calenders Atlanta!  The fist “Super Sunday” of 2008 will be held on Sunday, January 27th!  We will have hundereds of homes open that day for buyers to view!  This is also a good time for homeowners who are thinking about selling this spring to stop by and take a look at our extensive marketing program that we implement for our listings.

Check my web site at www.mattnewman.com for details on the upcoming “Super Sunday”!!!

Buyers and sellers of residential real estate need to be aware of some major changes in the way real estate transactions will take place in Georgia!  Members of the Georgia Association of Realtors commonly use pre-printed real estate forms/contracts to facilitate the buying/selling of Georgia Residential Real Estate on behalf of our clients.  Well, the forms committee has overhauled the 2008 contract and these changes will have a financial impact on the consumer (careful planning by well-educated realtors can minimize any impact).

First and foremost, buyers and sellers will want to make sure they are working with well educated Realtors so than can be assured that their real estate transaction takes place smoothly and with the fewest amount of headaches possible.   While problems that need to be overcome are fairly common in any real estate transaction, issues caused by an agent’s lack of education and knowledge relating to the contract changes is something that no one should have to deal with.

These changes are too numerous to list is one post but I will highlight one important change that has significant financial implications. The transfer tax on real property has been traditionally paid by the seller as dictated by all previous versions of the contract.  In 2008, the forms committee has decided to shift this tax to the buyer along with other costs relating the sale of residential real estate!

Not only are lower rates a great reason to buy now, buyers looking to purchase within the next 2-3 months could save big $$$ by closing on a home before the end of the year on their 2008 property tax bill. In Georgia, you qualify for a HomeStead Exemption by owning and occupying a home on January 1st. Your 2008 tax bill that comes due for many in the fall, will reflect this lower tax rate if you qualify and file within the required time frame (check with your county for details). If you close January 2nd, you will have to wait until 2009 to get the exemption. Depending on the value of the home, this could mean saving big money…we could be talking $100s per month on your tax payment!!! Another befit is that certain costs (mortgage points) could be deductible for your 2007 income taxes. Be sure to consult your tax professional regarding these items!

In the meantime, start searching now at www.MattNewman.com for that home! There is still time to close before the end of the year but you better get moving…

The real estate market has changed in Atlanta and we are in a buyer’s market. To refresh, a buyer’s market is when supply outnumbers the demand. This results in swelling numbers of homes for sale and possibly flat or falling prices. I am hearing from many people that they are waiting to purchase because they feel it is going to get worse before it is going to get better. I can understand this thought process but do we really know what the future holds? Putting off buying when it is a good time to buy is a bad idea. There is very often a lag in reporting on the real estate market. By the time the news media begins to report that the real estate market is improving, it will be too late. This is the danger in putting off the decision to purchase real estate in a buyer’s market. You can negotiate with leverage now but may not have that leverage come February or March. You will only know when we have reached the bottom when the bottom has passed us. Yes, you can wait until February but you could pay 50k more for that 400k house, is that something you are ok with?

Some things to consider if holding off purchasing in the Atlanta Market.

1. Builders are not building more spec homes, each one that is sold a a deep discount removes one home from the supply. Most builders will not be starting SPEC home unless a buyer has already put a contract in to build that home.
2. Buyers are out there now buying the homes that present the BEST value.
3. If you wait until after Jan 1. to buy, you will have to wait an entire year to qualify for your Homestead Property Tax Exemption, thus increasing your tax burden.
4. The Atlanta Economy Remains Strong with Population Growth Continuing.

All of the fundamentals point to a rebound in Atlanta’s Real Estate Market.  Will it be early 2008, mid-2008 or late 2008?  I do not know and neither do you, but I can tell you that Atlanta is in the middle of a down market unlike any previously seen! Why not take advantage of it?  Think about the last time you tried to time the bottom of the stock?  Very hard to do if not impossible!

Once again Prudential Georgia Realty is holding a “Super Sunday” where we will feature hundreds of Open Houses across the Atlanta Metro Area.

Visit http://www.prudentialgeorgia.com/prudential_ga/ to view all the homes and condos that will be open this Sunday!

I will be holding an open house at Peachtree Place where I have 4 condos listed for sale.  Visit http://PeachtreePlace.Info to find out more!  Prices range from the 150s for a 1-Bedrooms to the low 200s for 2-Bedroom units.  Stop on by and check out the value!

Prudential Georgia Realty is holding a “Super Sunday” this Sunday, October 21st, across the Atlanta Metro Area.  Hundreds of listings will be open for potential buyers to view.

I will be holding three listings in Peachtree Place open from 1-5 pm! Check out www.PeachtreePlace.Info to check out all the condos for sale in this premier Buckhead Condo Complex!

For more information on Prudential GA Realty’s Super Sunday, check out the ad in this week’s ajc homefinder. Also, surf over to Prudential GA’s web site to search all the open houses.

Now is a great time to buy with seller’s outnumbering buyers!

Dan Forsman, Prudential Georgia Realty, has produced this fantastic video on the buying opportunity right now in Atlanta.

Check it out: http://www.atlantarealestate2007.com/