What Does “Low Inventory” Mean In The Atlanta Market?

Lots of people are asking that right now..it seems to be the buzz term within in our media and among the real estate community. It

What does low inventory mean to you if you live in Atlanta?

means different things to different groups.

Agents

Low inventory simply means less real estate for sale. In metro Atlanta, we see that in all price ranges and areas as much as 40% less inventory is available as compared to this time last year.  Buyer’s agents all over the metro area are on the hunt to find property for buyers that have been searching and can’t find that perfect house. Whether it is the in-town condo buyer, first time home buyer, move up buyer and even in the luxury market, we all have buyers that haven’t found a home yet. As realtors that means we are networking to find listings not on the market yet.

Buyers

What it means for buyers is that you may need to be patient in finding that one home that you love. You and your agent will have to work closely on new listings and unlisted property. A listing we showed this week in Chastain, to one of our clients, was not even on the market yet. This particular home had four showings the morning prior to being listed on FMLS and officially on the market. We knew about it from networking with other agents and were able to show our buyer. As a buyer, it will help if you are pre-approved with a reputable lender so when you find the one that you do love, you are ready to make a strong offer.

Sellers

For sellers, make the changes and do the upgrades. Now more than ever buyers want the place move in ready. So go ahead and paint and touch up, freshen up carpet, change out hardware and do the things that were on your list “to do” or “not to do” in order to sell. If you do those items combined with staging, professionally photography and choosing a great agent  who will market your home  and take you through the transaction to closing you will sell, and sell relatively quickly. Not without any hurdles of course….:-)  But you will sell!

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Three reasons your home may not sell in today’s market

John Adams is an author, broadcaster and investor. He answers real estate questions on radio station WGKA (920 AM) every Saturday at noon. money99.com

Written by John Adams for the AJC

The other day I overheard one very young agent talking to another very young agent about the listing she had that would not sell. The listing agent blamed her owners for not embracing social media and paying to set up a Facebook page and a twitter account to help market the house.

Don’t get me wrong. I’m all for smartphones and websites and tweets and blogs and SEO, but the real estate world just does not revolve around social media.

In fact, there are three primary reasons that your house won’t sell. They haven’t changed in the thirty five years I have been in this business, and they bear repeating:

CONDITION :

The condition of your house is unacceptable.

It’s vitally important to remember that prospective purchasers will buy your house emotionally, then justify it logically. Buying a home is a very emotional process. And the house carries all manner of feelings along with it.

If your buyer simply can not imagine themselves living in your house and enjoying raising their family, they won’t fall in love with it and they won’t even make an offer. All buyers say they just want the facts, but in reality, emotions rule the day.

So if you are fooling yourself into believing that you shouldn’t replace your smelly dirty carpets because the new owner will want to pick out their own color, you are only hurting your chances of getting a sale.

MARKETING :

Nobody knows it’s for sale.

In today’s tough real estate selling market, it’s not enough to just stick a “for sale” sign in the yard and hope a prospective buyer will show up. OK, I admit it’s possible. But not likely.

In my opinion, this is where an experience real estate professional really earns their commission. Surveys show that almost 90 percent of homebuyers begin their home search on the internet, and there are literally a thousand ways to capture them as leads.

A good agent is worth his or her weight in iPads if they can bring the power of the Internet to bear in helping spread the word. The Internet-based Multiple Listing Service is likely the most powerful tool in the agent’s arsenal. But it takes even more than that.

My own experience shows that about a third of my prospects come from the internet, another third from yard sign and directional signs, and the final third from all other sources. It’s that final third that has become elusive in today’s younger real estate agents.

It involves everything to holding a neighborhood open house for nosey neighbors to posting fliers are nearby schools, churches and employers. It can be as expensive as catering an agent open house with great food and prizes to as little as taping business cards on the yard sign so passers-by will remember to call.

Great marketing will get the word out, but the third problem is the real deal killer.

PRICE :

Your asking price is too high.

I saved this for last because inexperienced agents always want to start with the price.

My advice is to get the house in excellent condition, have the house professionally appraised by a licensed appraiser, then list the house for sale at that amount.

Remember that almost every potential buyer will want to get a loan to purchase your house. And if the house won’t appraise for the contract price, they won’t be approved for the loan, and the deal will fall through.

In today’s real estate market, there is nothing more frustrating than reaching a meeting of the minds, signing a contract, having your inspection, applying for the loan, then watching the whole thing blow up because the house didn’t appraise for the contract price.

Further, you are better off turning down low ball offers than you are getting offers that won’t get to the closing table. Get it appraised, hand out copies of the appraisal to every prospect, and rest comfortably knowing you are selling it for what it’s worth.

Condition, marketing and price. Unless these three parts of the selling puzzle are in place from the beginning, all the facebook and tweeting in the world won’t move your home into the sold column.

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Top Reasons to Sell Your Home During the Holidays

Currently listed: 3125 Gadsden Street in The Palisades. Click here to see this home for sale in North Fulton and access to full search capabilities for all homes for sale in the metro Atlanta area.

We’re getting close to the end of the year, which begs the question of whether it’s worthwhile trying to sell your home now. Is it a waste of time? Will it sit on the market and become shopworn? Should I take my house off the market for the holidays? Will the home-sale market be better for sellers in 2012?

The first question you need to ask yourself is: Are you emotionally prepared to sell? Selling is a challenge for most sellers, although some markets are better than others.

The next thing to consider is the condition of your home. Is it ready for the market? The most salable homes are those that are in move-in condition.

Most sellers don’t put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale tends to dwindle during the winter months. Interest rates are low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting.

Some sellers feel that if they’ve waited this long to sell, they should put the process on hold until spring and get the house ready in the meantime. Certainly, it’s not a good idea to put your house on the market until it looks great. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedure to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday gift.

Article written by Dian Hymer, a real estate broker with more than 30 years’ experience, and nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

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