As an update to my recent blog on the topic of whether the housing market was dead in the Newnan, Peachtree City, and Fairburn areas (hint, it is NOT)....
I thought you might also like to know how low the foreclosure activity is right now, since there is a lingering interest in this segment of the market. When people call me to say "Hey, Jackie, I want to invest in real estate properties--find me a foreclosure", I have to caution them that limiting their searches to properties that are within this segment of the market is akin to looking for a needle in a haystack. Or as my partner says, "Looking for a needle in a haystack and there aren't even any haystacks."
Sometimes the numbers make things a little more clear. Take a look at the current inventory of foreclosed homes in our area. You'll see what I mean.
Of 816 Active Single Family Listings, there are 15 Foreclosures/Bank Owned / Government Owned properties for sale. They range from $16,200 to $244,500 in price.
Of 598 Active Single Family Listings, there are 6 Foreclosures/Bank Owned / Government Owned properties for sale. They range from $80,000 to $201,400 in price.
Of 135 Active Single Family Listings, there are 2 Foreclosures/Bank Owned / Government Owned properties for sale. The two are priced at $63,000 and $89,900.
SOUTH FULTON COUNTY FORECLOSURES
Of 723 Active Single Family Listings, there are 14 Foreclosures/Bank Owned / Government Owned properties for sale. They range from $21,900 to $244,900 in price.
You missed the bottom of the market, but trying to time the market is like trying to catch a falling knife. Better be pretty tough and able to endure a cut.
There are other ways to take advantage of the market, but it takes a more patient investor, and one (usually) with better resources--either by having a bigger budget or more skills that you can fix up those properties that no one else is willing to take on.
Either way, prepare yourself. It's a different market than it was in 2012.
As always, let me know if there is anything I can do to assist you with your real estate needs.
The reports of my death were greatly exaggerated.
Here’s the county-by-county breakdown:
Inventory is still low! In a market where 2100 – 2400 listings is “normal”, we currently have 839 single family homes that are listed in the county. Guess how many sold in the last 1 year prior to that? 1,949! That means that, on average, your realtor community was selling 162.42 houses PER MONTH. That means there is currently only a 5.2 month’s supply of inventory, and that points to a balanced market. Take into consideration the fact that there are 320 homes that are under contract, and you’ll see that the trend is very healthy AS OF THIS MOMENT IN TIME and that the slow down in activity that we typically see when the seasons change is not as significant as we have observed in the past.
Fayette always lags behind Coweta County in volume sold, but outperforms in the price category. Of course, I guess that depends on your perspective, since our Buyers don’t typically agree that being more expensive is a good thing. Of the 1467 listings that sold in Fayette County over the past 1 year period, 15 were over $800,000, when only 2 were over $800,000 in Coweta County. The high sale in the county clocked in at just under $6 million, and I’m so proud to say that yours truly--THE CAMPBELL TEAM represented the Seller on that one. (Shameless plug, I know.) There were 3 other sales in Fayette County that sold in the “$1 millions”. Oh, and there are only 629 active listings in Fayette County right now. Again, just over 5 months’ supply of houses, if you don’t count the 215 pending transactions.
Even the much beleaguered S. Fulton County housing market has a strong pulse, with 1539 homes having sold since this time a year ago, and with a near-record low 757 available homes for sale. Property values still have a way to go here, (no higher end sales for the county for the year) but the activity level is high and there are 282 properties under contract.
So, what does it all mean? In Coweta, Fayette and South Fulton Counties, the current number of pending transactions is over DOUBLE the normal number of transactions that we see in a month. You could factor out transactions that might have an extended close date, since a portion of the pending transactions will not close in the next 30 days. But still. The message from our pending sales activity suggests that now is a fantastic time to sell your property. Strong buyer demand. Low inventory. Higher than normal pending sales. These market indicators all scream, “It’s ALIVE. “
Back by Popular Demand - This is an update to my previous blog post.If you were to ask what is the top issue that prevents a house from selling or even getting an offer, most people who are not buying or selling a house will generally answer – PRICE. Although, I agree that PRICING is very important; it is generally quite a way down the list for most actual Buyers (unless the buyer is a real estate investor).
From my over 11 years of experience, here are my Top Three Deal Killers when you are selling your home in the Atlanta area. Once the Buyer has picked a general area of the city and potential neighborhood(s), here is how YOU as a home seller can guarantee that they buy ANOTHER house in your neighborhood.
Surprisingly, today, they are the same deal killers as 11 years ago. Here is my list of the top three deal killers when selling your home – nothing fancy, just my opinion.
1.) Killer 1 - Making your house hard to see
The inability to see your house or extreme difficulty in scheduling a showing can pretty much guarantee you that you will continue to live in your current home. This deal killer is generally manifested in one or more of three distinctly different ways. Many times a failed home sale effort will have more than one of these “hard to see” deal killers.
a.) No pictures or poor pictures for online websitesYou will find differing estimates, but realistically today, nearly 100% of buyers will view your home on line either before or right after they see it in person. Work with your agent (of course that would be us) to prepare the house for photos and make sure that the photos show the specific current hot buttons for Buyers. If you only have one front photo or worse, no photo at all, Buyers (and Agents) wonder what is there to hide and will generally not visit the property. b.) “Shown by Appointment Only” remarksSecurity is always important, so don’t show your house to folks who just “drive up” and want to see inside. However, unless there are specific extenuating circumstances, the longer you force an “appointment” to be made or, worse yet, require “talking to the agent” before showing, the longer you will remain in your house. This week alone I have tried to reach two different agents to show properties and "BAM" the mailbox is full. Call back messages left at the Broker's office were not returned.You are going to get calls to see your house – especially now, since inventory levels are REALLY low – so be ready. Have a contact number where you can be reached during the day and do not leave the house to go to work or shopping unless it is in “ready to show” condition. An agent should be able to contact you and show your house with no more than a 4 hour notice - the shorter the better. c.) Staying in the house when showingIf you stay in the house when it is being shown, you WILL stay in the house forever. There are a number of reasons for this, so just leave during the showing. NOTE: Always take your house keys (not just the garage door opener) with you or you WILL get locked out. Most agents will lock ALL doors when leaving.
a.) No pictures or poor pictures for online websitesYou will find differing estimates, but realistically today, nearly 100% of buyers will view your home on line either before or right after they see it in person. Work with your agent (of course that would be us) to prepare the house for photos and make sure that the photos show the specific current hot buttons for Buyers. If you only have one front photo or worse, no photo at all, Buyers (and Agents) wonder what is there to hide and will generally not visit the property.
b.) “Shown by Appointment Only” remarksSecurity is always important, so don’t show your house to folks who just “drive up” and want to see inside. However, unless there are specific extenuating circumstances, the longer you force an “appointment” to be made or, worse yet, require “talking to the agent” before showing, the longer you will remain in your house. This week alone I have tried to reach two different agents to show properties and "BAM" the mailbox is full. Call back messages left at the Broker's office were not returned.You are going to get calls to see your house – especially now, since inventory levels are REALLY low – so be ready. Have a contact number where you can be reached during the day and do not leave the house to go to work or shopping unless it is in “ready to show” condition. An agent should be able to contact you and show your house with no more than a 4 hour notice - the shorter the better.
c.) Staying in the house when showingIf you stay in the house when it is being shown, you WILL stay in the house forever. There are a number of reasons for this, so just leave during the showing. NOTE: Always take your house keys (not just the garage door opener) with you or you WILL get locked out. Most agents will lock ALL doors when leaving.
2.) Killer 2 - Smoking in your house
No one has ever requested that I find them a “smoker house”, not even smokers. The only reason that this is not number one on the list is that the Buyer has to get into the house for this to be an issue. Once inside, this is the “numero uno” of Deal Killers when selling your house. Do not smoke in the house, at the doorway, or in the garage where the smell will linger and get back inside the house. If you have smoked in your house, think about repainting, having the duct work cleaned, and having a professional house cleaning. At the very least, have the carpets professionally cleaned and the furnace filter replaced with a high quality micro filter with baking soda in the filter. Please do not burn scented candles to cover up smoking – they just add to the smell and pose a fire hazard during showings.
3.) Killer 3 - Failing to clean up after your pets
Many people love pets – including me. Most people love THEIR pets, not yours. THEIR pets are sweet angels – YOUR pets are smelly dogs, cats, and other vermin. Move litter boxes, beds, and feeding bowls out of the kitchen or other food prep and food storage areas. I see a number of cat owners who keep the litter box in the pantry – not sure why??? If you have inside pets, have the house professionally cleaned top to bottom (including ceiling fans) and replace the furnace filter with a high quality micro filter element. Also, make arrangements for the pets to be kept outside the house when you are not available to remove them. Do not force the agents or potential Buyers to look out for your pets. Non-traditional pets – snakes, tarantulas, and large birds – freak out buyers and they will generally leave without seeing the house. If you have pets in the house, be sure that this is noted in the agent listing. In most cases, you will be responsible for bites or attacks by your pets, even in YOUR house, if it is on the market and open to be shown by the Real Estate community. Pet management is especially important during the crucial, first 30 days that the house is on the market.
These are my top three home sale deal killers. Feel free to ask a question or add a post to our blog.
I appreciate the feedback!
PS: WE NEED HOUSES TO SELL, we are VERY LOW on Inventory!
Thinking of Selling, Buying, or Both? Give us a chance to show you why we remain one of the top Real Estate Teams in the SW Atlanta area.
Dan CampbellAssociate Broker, REALTOR®The Campbell Team at RE/MAX ResultsDan@BestGeorgiaHomeSearch.com
Newnan / Coweta County Home Sales Volume Up Nearly $28.3M or 15.16% in the First Six Months of 2014
Summary of Market ConditionsAlthough 2014 started with a slightly lower number of homes sold in Coweta County (MLS area 181), single family home sales finished VERY strong in both number of units sold and the total sales volume of those units during the first half of 2014 as compared to the same period in 2013. The January through June 2014 Home Sales were 1082 houses compared to 1026 houses for the same period in 2013. The 56 additional sold units represent a 5.46% increase for the six month period. The Sales Volume in $$s for the Newnan / Coweta County area was up by nearly $28.3M. Single Family Home Sales totaled $214.7M in the first half of 2014 as compared to $186.4M during the same period in 2013, a 15.16% volume increase. As you review the following report, you will see that home demand is up, home prices are rising, and inventories are remaining low. Foreclosures have all but disappeared at the individual buyer level and the prices for the foreclosures that are on the market have skyrocketed. The Seller’s market is in full swing and the bidding wars are back on homes that represent a fair value and are in good condition. New Construction is HOT, again! Buyers are still picky, but overly picky Buyers or Buyers that want to “sleep on it” ARE continuing to rent as houses are moving quickly! Sellers are continuing to see relief after being locked into their homes for the last 4 to 5 years. Sellers are now able to sell existing homes and move up to larger homes or downsize to smaller homes based on their current lifestyle requirements. However, the increase in prices is moving upmarket - the under $200k market that was hot last year is giving in to a hot $300k - $400k that is reflected in the increase in average sales price per transaction.This Report will give you a look into the data and reports that we as real estate agents use to assess home prices and market conditions. Conclusions here are drawn from analysis of Single Family Detached Home listing data from the Georgia Multiple Listing Service (GAMLS), the real estate tool used by most real estate agents in the Coweta County Area. Check out the complete report here.Thinking of Selling, Buying, or Both? Give us a chance to show you why we remain one of the top Real Estate Teams in the SW Atlanta area.Thanks,
Low Inventory, More Sales, Quicker Sale Times Mean A Healthy Recovery is Underway
One of the most encouraging indications of recovery is that the number of expired listings has dwindled dramatically across the board. This is particularly evident in some neighborhoods in Newnan where activity had previously slowed to a painful crawl. The improvement in the market is seen when only TWO LISTINGS in Avery Park have expired in the past year. That’s a huge improvement over previous years! On average, houses in Avery Park are currently selling in slightly less than two months, a significant improvement over past years. This quick turn-around has led to a very low inventory, while the demand for houses in the $100,000 to $200,000 price range is extremely high.
After a long period that seemed like Stillwood was going to remain "forever unfinished", it's great to see that new construction is once again on the rise there.
Stillwood has had several different builders throughout the years, and that has kept the properties from being too "cookie cutter", even though the building restrictions have remained in place to protect the look and feel of the neighborhood.
A return to building has its advantages and disadvantages for sellers. Having active building reassures the buying public that the community is still viable--but new construction can be a tough competitor. After all, many people love the idea of having a brand new home.
The good news is that the price per Square Foot has risen dramatically over the past year. What had been as low as $43 per SF (no thanks to some foreclosures and short sales), is now routinely $87 - $90 per Square Foot.
If you have thought about selling your home but didn't think you could sell it, now could be a good time to reconsider. With property values up, and inventory down--it could be the ideal time. Call me at 678-416-2326 if you'd like to talk about what it would take to get your house "market ready" and put you in a good position to compete with the new construction in Stillwood.
I'M THINKING OF A NUMBERThe trend for improvement in Fayette County's real estate market is being shown in the growing price per Square Foot. True to economic principal, it's really a matter of "supply and demand". As of this writing, there are only 560 total active listings in the county, which is just under a 3 month supply of inventory. That’s considered within a “healthy and balanced” range for any real estate market, but it indicates a favorable trend for sellers, especially when you consider the average number of listings that we have in Fayette County in a "normal" market. The current number of listings represents roughly half of the number of houses that were available for sale during 2011 and 2012.TRY, TRY AGAINAnother one of the most encouraging indications of recovery in Fayette County is that the number of expired listings has dwindled dramatically. The average number of days on the market is still higher in the $300,000+ price range, but the overwhelming majority of formerly expired listings eventually relisted and sold, and that’s a huge improvement over previous years!