As we slip into the official summer season it's important to note how the historical real estate market fluctuations can affect you as a home buyer or home seller. Atlanta Real Estate has had several economic factors affect the Metro Atlanta real estate market in a variety of different ways. From the standpoint of a home seller and in my capacity to successfully list and sell homes in Atlanta and surrounding areas, let's focus first on the things we cannot change:
Overall National Economy: Despite the luxury of mortgage rates that are still holding at historically low levels, the rise in gas prices, consumer uncertainty due to down real estate markets in other geographic areas, the ongoing war in Iraq, and the heating up of the race for the Presidency, consumers are feeling uncertain, this is where an educated real estate agent should shine, guiding you through the home buying process.Local Economics: Georgia's HUGE foreclosure rates, due in particular to extremely lax lending guidelines and mortgage fraud.Sadly, many sellers took advantage of easy mortgage underwriting guidelines - they took out loans that are at or near 100% of today's actual market value. Remember, there are hundreds of different loan programs out there. Use caution to ensure that you get the mortgage that fits your needs and goals.Atlanta Real Estate listings are expiring at a rate of over 50%!While this sounds ominous, the Atlanta Real Estate Market is, in fact, still appreciating! The challenge facing home sellers and their real estate agents in today's market is comprised of several factors:Pricing the home correctly the moment it hits the market.Actually bringing the home up to par with the competition currently on the market.Staging the home correctly.Marketing! No longer are we in a seller's market which allows a real estate agent to simply place a sign in the front yard and enter the home into the Multiple Listing systems. Your Real Estate agent should have a thorough plan to market to both buyers and buyer agents.The new GAR Contract allows for a Due Diligence Period - this makes it much easier for a buyer to walk after inspection, or to renegotiate the price, etc. Your real estate agent should be well educated on the "ins and outs" of the new contract. If she is you will find that the particular option can be used to everyone's advantage.More later on the important things you CAN do to list and sell your Atlanta Real Estate as we head into the dog days of summer!