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Tag Archives: financial crisis

Wayback Wednesday… Is NOW the Time to Buy?

Wednesday, 08 December 2010 08:57
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National Association of Realtors streetscape
Image by dannyfowler via Flickr

Listening to the NAR (National Association of Realtors®, it is ALWAYS the right time to buy.  If the market is going up, they pound the “buy the rising market” drum.  If the market is going down, they beat on the “buy into value” drum.  Frankly, I’m tired of it, and they have killed a massive amount of credibility by constantly trying to spin reality for “our” perceived benefit.

A couple of years ago this week, I was on Social Media Edge, on Blog Talk Radio, talking with Ken Cook about this very thing.  I’ve had my strong opinions about this for quite a while.  And, while for some folks, it is a GREAT time to buy, for others it isn’t.  I haven’t ever been shy about saying it, even when I have taken flak from my peers for not “cheerleading the market”.

On Social Media Edge, we talked for about 20 minutes about this.  Here is a link to the original post, and it has links to the Blog Talk Radio site, as well as a podcast of the broadcast.  Stop in, check it out.

If you are wondering if NOW is the time for you to buy, give Lane a call.  678-200-5895.

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Wayback Wednesday… Homes ARE Selling!

Wednesday, 01 December 2010 08:39
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This home is owned by a couple, who are writer...
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A couple of years ago I wrote about a deal on a property I ran across.  It was priced around $330,000.  At the time I said that it would have around $75,000 equity.  It sold for $300,000.  The most recent comps in the neighborhood have sold around $400,000 in the last couple of months.  Also of note, it was only on the market for about two weeks.

Since then, I have posted a couple of other times about properties that looked like good deals.  None of them were on the market for more than a couple of weeks… often less.

I have also been working recently with a buyer that made 7 offers before getting one through.  In 4 of those cases (at least) the properties were in multiple offer situations.  Our offers were close to (in one case… OVER) list price.  These were properties that were on the market LESS than a week. He wasn’t the only one… other buyers I have dealt with over the last year have been in the same boat… lots of offers and a lot of multiple offer situations.

Adam and Eve in the Garden of Eden
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So, in what is supposed to be THE worst housing market since Adam and Eve were foreclosed in the Garden of Eden, there are properties selling for OVER list price, within DAYS of coming on the market.  Of course, there are others that languish for months (or years) without so much as an offer… and barely a look.

If you are a seller, the secret is the price.  If you are giving it away, there WILL be a line.  A low price MAY actually start a bidding war… or it may not.  But price HAS to represent value to the buyer.

If you are a buyer, time may NOT be on your side.  Low prices and killer mortgage rates are pulling people in.  There is a good chance that the property YOU are attracted to, if priced right, will be attractive to someone else.  Make realistic offers (regardless of the list price).

Of course, a LOT more goes into it… if you need an agent that understands it, feel free to give me a shout.

Here is a link to the original post…

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Wayback Wednesday… Case-Shiller Index

Wednesday, 24 November 2010 08:30
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Graph of the Case-Shiller index values through...
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A couple of years ago I was writing about the Case-Shiller Index and the Atlanta market.

I still am not a huge fan of the index as an “end-all” summation of all things related to real estate value, but it is always fun to look over data like this and see what in might glean.

There is no doubt that we were in a bloodbath a couple of years ago.  Values were dropping like a rock and there was no end in sight.

Hopefully, we’ve seen the end.  Values appear to have stabilized… but I am of the opinion that jobs are the key.  And until the job market recovers, I don’t think we will see a spring-back in housing.  I DO think that we might have found a support level… but unemployment seems to be fairly consistent (crappy, but not getting worse).

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Wayback Wednesday… Political Incorrectness

Wednesday, 17 November 2010 08:21
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Plot of U.S. home prices, population, building...
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There is a video clip that has been EVERYWHERE on the internet.  It has been re-subtitled more times than I can count.  Almost any subject that is causing anyone frustration, from the collapse of the housing bubble to the Democrat meltdown to the way some people drive in traffic…  They’ve all had a version of this video.

And while it isn’t politically correct, it is funny.  And I don’t care about being politically correct.  I prefer funny.  And Bill Mahr is politically correct… and NOT generally funny.

Pop back a couple of years and see what the fuss was about…

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Wayback Wednesday… Median Price Comparison… Ouch!

Wednesday, 03 November 2010 08:12
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Midtown and Downtown Atlanta as seen from Vini...
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A couple of years ago I was looking at median house prices in the Atlanta area, via a map that the NAR (National Association of REALTORS®).  My friend Jay Thompson unearthed it… I think before the NAR was quite ready to release it.

The map is a fun little interactive tool, but the information is the real story here.  A couple of years ago, I noted that the Median Home Price in the Atlanta area was $158,300 for the 2nd Quarter of 2008, down 9.8% from the 1st Quarter of that year.

For the 2nd Quarter of 2010, we are sitting at $122,700… up 1.1% from last year.

If you were wondering how values have fared over the last couple of years, this was a pretty telling indicator… and it wasn’t good.  I honestly didn’t expect that the Atlanta market would go down by this much.  I expected a 10-15% decrease in values, but not something closer to 20% as we have seen.

Here is the link back to the original post… with the map.

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