Atlanta Condos For Sale

Midtown Atlanta Real Estate Market Report October 2017

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Midtown Atlanta Real Estate Market Report October 2017In our Midtown Atlanta Real Estate Market Report October 2017, we want to make a disclaimer as to how we did the numbers this month. 

Midtown Atlanta is located within Area 23, a designated listing area by the First Multiple Listing Service. (FMLS) When we pulled the numbers for this report we used Area 23, and did not try to define it by just Midtown Atlanta. There is no classification with in the MLS for just Midtown Atlanta. So, this market report covers a broad area, as show in the map on the right. 

If you have specific questions about your neighborhood, or condominium building, we’d be happy to do a market report specifically for you. Just CONTACT US!

Midtown Atlanta Real Estate Market Report October 2017

Single Family Homes

Properties Active on the Market:  170

(High was $3.195M in Ansley Park to Low of $275,000 in Reynoldstown)

Properties Pending/Contingent: 75

(High was $1.249M for a home on Charles Allen to a Low of $315,000 in Reynoldstown)

Properties Sold:   29

(High was $1.74M in Morningside to the Low of $393,000 in Reynoldstown)

 

Condominiums and Townhomes

Properties Active on the Market:   232

(High was $4.336M for Opus Place and the low was $100k at City Heights and $105,000 at 1280 West)

Properties Pending/Contingent:   159

(High was $899,900 for a 7th Street townhome to a Low at $105,000 at 1280 West)

Properties Sold:   102

(High was $746,000 at Square @ Glen Iris to a low of $120,000 at 12th Street Commons)

As we pulled these numbers at the end of October, we completely forgot to do Average Days on the Market..Whoops!

If you’d rather hear this report in a video format, just click on the video below. 

If you have any questions about the Midtown Atlanta Real Estate Market, feel free to EMAIL ME, or you can call me at 770.713.1505

 

How Do You Handle Showing Requests?

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This post should fall under a “Frequently Asked Questions” column, but it’s a question that a SELLER should be asking their agent during the listing presentation.

How Do You Handle Showing Requests?

Showing Your Home For SaleWhen you hire a real estate “professional” you base your decision on any number of varying criteria. But after you have selected your agent, do you ever wonder just HOW they do their job? You’ve hired this real estate professional to market, and sell your home. But… what happens behind the scenes? And a question you should be asking your agent is, “How Do You Handle Showing Requests?”

See, once your home is on the market, it has to be SHOWN by a Buyer’s agent. And that Buyer’s agent makes a showing request a number of ways:

  • via an automated showing service
  • texting the Listing Agent
  • Calling the Listing Agent

But HOW does your Listing Agent respond to these requests? Let me give you a real life example that happened last night and again this morning. I was out showing property yesterday, and was not able to sit down and schedule today’s showings until 7-8:30pm last night (Last night was a Friday night for a point of reference) The quickest way for me to do this is via text messages to the agent. I have short cuts programmed into my phone and can send a message in about a minute. Now, if the agent requests phone calls, or that I use a showing scheduling service, of course I follow those instructions. Repeat. I follow those instructions. So last night, I sent out 12 of these texts to schedule showings for my buyer for Saturday morning, starting at 10am. 

I’m contacting the Listing Agent because I have a qualified buyer, ready to buy and wants to see your home.  A no-brainer that I’d get a text message, or phone call back right?

How Does Your Agent Handle Showing Requests

I actually ended up showing THREE homes where the listing agent never bothered to call or text me back! Seriously!!! And just because a listing says the home (or condo) is vacant, I still call. Maybe somebody has not moved out, or has moved back in! (GASP…it has happened!!!) Maybe there is an offer in..or even an accepted offer but the listing status just has not been changed yet. I just want to confirm things before I show. 

Imagine my concern if my Buyer LIKES one of these listings?? How will the REST of the home buying process be? Will the agent be more responsive then? Will they even respond to our offer? Yikes! 

Sure, it was a Friday night. But I’m trying to schedule a showing to show YOUR home!!! How does your agent respond to a request like this? Do you miss a showing because they never called back? Hmmm. There’s some food for thought!

When you are talking to a real estate professional, on your check list, you might just want to ask….

How Do You Handle Showing Requests?

 

 

 

How Can I Lease My Midtown Atlanta Condo?

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How Can I Lease My Midtown Atlanta CondoYou’re a real estate investor. The Midtown market is hot, hot. You want to cash in and get an investment property.

You’re already a Midtown condo owner. You just met the guy (or girl) of your dreams and they want a house in the new real estate hot spot of Chamblee. But you want to keep the condo. 

How Can I Lease My Midtown Atlanta Condo?

All of the above are scenarios I encounter on a weekly or monthly basis. Another is that dreaded, ” I got a job in _______ (Fill in the blank) but I want to come back to Atlanta and I still want my condo here. Unfortunately, you may have a problem with what to DO with your condo….be it in Midtown or anywhere in Atlanta.

And this is nothing new, just because of the hot real estate market and limited inventory! I wrote about this very subject in 2012! 

You can’t just up and decide to lease your condo. All condominium buildings (well actually the Homeowner’s Association a.k.a. the HOA) have requirements as to the number of condos that can be rented at any given time. And that number in most buildings is around 25%. But why? It’s MY condo! I’ll do what I want with it!

NOT SO FAST!

When you purchased that condo, you agreed to abide by a set of rules and regulations, also called the Declaration of Condominium. They can also be called the CC & R’s ( Covenants, Conditions and Regulations). When you move into a condo building, you agree to these rules, and there will always be a provision regarding leasing your condo. And in that provision, you must have a leasing permit, issued by the HOA, to lease your condominium. 

And in most communities, certainly Midtown Atlanta, there is a waiting list to get such a permit. A long, long list.

Why Do I Have to Have a Leasing Permit? 

How can i lease my midtown atlanta condoOne primary reason is because of financing. Most lenders require a certain number of the homes in any community be owner-occupied. To get financing for a buyer, the lender will ask for a condo questionnaire to be completed, and the HOA must disclose how many homes are currently leased. If there is too high of a percentage, the lender may feel that a loan in that building is not a sound investment. There is also the un-founded truth that renters are less desirable neighbors, and don’t take care of a home like a homeowner would. (Not true..I’ve seen some pretty scary condos that were owner occupied…and I’ve seen many a owner bang into a wall, or scuff the paint with a suitcase of moving cart!)

Some HOA’s will allow a hardship leasing permit. Like the job example above? Let’s say you DO have to move out-of-state for a job, but want to move back as soon as you find a new job here in Atlanta! These situations are handled on a case-by-case basis, and differently from building to building. 

I’ll Just Rent It “Under The Table” They Will Never Know

Ah, that would be a big….NO! 

Have the HOA (remember that neighbor you never met…but now knows someone ELSE is living in your condo) find out you are renting and  your tenant could face eviction. You will most certainly get a fine…as little as $25 per day to as much as $500 per day. The HOA can turn off access to common areas like the garage where you park, the club room and any other amenities. It can get pretty messy. Probably NOT worth the risk. 

So if you are looking to buy a Midtown Atlanta condo, or a condo anywhere in the Atlanta area, make sure you place your name on the lease waiting list as soon as you close. Some HOA’s have a grace period of 90-120 days before you can, but get it on there when you can. It may take 4-5 years to clear the list, but when you do, it may be perfect timing to THEN turn it into an investment property and rent it! (And I can help you with that process!) 

Or you may have no choice but to sell. I can help you through that process as well. Here are some tips about selling your Midtown Atlanta condo!

Just know that you need to be living in that condo, and don’t think you will be renting it out! 

Beware of CyberFraud in Real Estate

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CyberFraud in Real EstateIt’s a strange, and sometimes kinda sad world we live in these days. Seems like everyone is out to get you, or your stuff, or your identity anyway they can. And now you have to beware of CyberFraud.

You have to be careful in keeping your home and car locked. Watch where you sign on to the Internet and what personal info you do while in the unprotected environment. (I can’t imagine using some city-wide wi-fi and doing some banking transactions…..shreek!) 

Well, the fraud gig has found its way to a part of the real estate transaction. The MOST important part of it…and that would be the money part! In Georgia, our closings are coordinated through a closing attorney. They complete all the necessary paperwork, but they represent the LENDER that requires all those documents to be signed. And part of this process, is the wiring of funds for the closing. This is mostly on the Buyer side of the closing, but there can be times when the Seller would have to wire funds as well. Well, now, there seems to be a chance that your funds for closing could end up in the wrong hands! 

When you are getting ready for the closing, you will get communication from the closing attorney regarding the wiring of your funds to their account. You will never get that request from myself, or my real estate brokerage. This will always come from the attorney’s office. 

That said, we offer up this caution regarding Cyber Fraud:

 

Beware of Cyber Fraud.

Fake e-mails attempting to get you to wire money to criminal computer hackers are increasingly common in real estate transactions. Under this scam, computer hackers fraudulently assume the online identity of the actual mortgage lender, closing attorney and/or real estate broker with whom you are working in the real estate transaction. Posing as a legitimate company, they then direct you to wire money to them. In many cases, the fake e-mail is sent from what appears to be the authentic web page of the legitimate company responsible for sending the wiring instructions.

You should use great caution in wiring funds based solely on wiring instructions sent to you by e-mail. Independently verifying the wiring instructions with someone from the company sending them is the best way to prevent fraud. In particular, you should treat as highly suspect any follow up e-mails you receive from a mortgage lender, closing attorney and/or real estate broker directing you to wire funds to a revised account number. Never verify wiring instructions by calling a telephone number provided along with a second set of wiring instructions since you may end up receiving a fake verification from the computer hackers trying to steal your money. Independently look up the telephone number of the company who is supposed to be sending you the wiring instructions to make sure you have the right one.

 

So, as the info suggests, when you get a request to wire funds, search out the firm separate from the info provided in the email. Then call, and confirm the wiring information. 

You just have to watch out for the bad guys. They can be anywhere!

Spring Has Sprung and So Has the Spring Buying Season!

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Spring Has Sprung Spring Buying Season

Spring has Sprung with the Spring Buying Season!

It would seem based on this week’s weather forecast we could have a couple nights dip into the upper 30’s, but otherwise, Spring has Sprung! Things are bloomin’ and the lovely pollen is out and about.

You know what else is out and about? Buyers! And Lots of them! We are working with several clients at the moment, some are quickly finding (and getting) what they want, and others…well, we are still on the hunt! We’ve missed out on a couple opportunities and these Buyer’s have quickly learned they have to “up their game” a bit. What exactly does that mean?

Have a Lender Pre-Approval!

Never fear, all of our Buyers have been pre-approved with a lender! But if you happen to be reading this as a Buyer looking to get into the Spring real estate market, get your mortgage pre-approval from your lender BEFORE you step out the door!! With limited inventory, you are going to be competing with other Buyers, and you want that approval letter in your toolbox! 

Now is Not a “Low Ball Market!”

I’m here to help my Buyers (and YOU) get the home or condo you are looking for. And when we are making an offer, I am working with my Buyers to educate them about the market. I’ve done the research, and if the home is NOT overpriced, it may be priced JUST RIGHT! What does that mean? It means making a FULL PRICE OFFER is the right buying decision! Don’t be playing the, “oh, let’s see if they will take ‘x’ for it” and you then lose out over another offer that was right on the money. 

Focus on the Big Things on Your Inspection

Unless you are buying a brand new home, your home inspection is probably going to show some things that need attention on the home you are Under Contract to purchase. But, let’s focus on the Big Things! Maybe the HVAC is way past it’s lifetime, and you could be faced with a major repair. That’s worthy of talking about the price of the home, or other options. But when a door does not close properly, that’s something you can deal with at anytime. I’ve had a Buyer lose a home over some little things like this…and now they regret it….they really wanted that home, and just knew the Seller was going to fix ALL those little things. When the Seller said NO, the Buyers said NO, and it was over. Well, they thought the Seller would call their bluff….and they didn’t…and took a back up offer. And we were out. Over little stuff. 

It’s the Spring Buying Season! Let’s get our game plan together and get you the home or condo you are looking for! 

 

Understanding the Atlanta Real Estate Market

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Atlanta Real Estate MarketYou’ve heard it. Or maybe you’ve read it somewhere. “It’s a Buyer’s market,” or “It’s a Seller’s market.” Some of will even say the “market is on fire!” But what do those statements REALLY mean? Knowing that information will be a big help to you if you are buying or selling by Understanding the Atlanta Real Estate Market.

The Housing Market

This term references the overall real estate market, referring to houses (and condominiums) being bought and sold between buyers and sellers. While most of these sales are happening with the assistance of a real estate agent, their are those sales happening directly between owners. (We call that a For Sale By Owner or FSBO). As with any product, the market is dictated by the inventory of the product, a.k.a. Supply and Demand. If we have high demand for a product, and low inventory, the market appreciates. But if demand is low, and inventory is high, the market depreciates. 

Inventory in the Housing Market

Supply and demand in the housing market is related to the number of homes on the market, or the inventory. And we measure the market like this….If no other homes were to come on the market after today, at the current pace of sales, how long would it take for ALL the homes to be sold? If the inventory is high, the prices go down, as you compete to find a buyer for your home. 

So What is a Buyer’s Market and a Seller’s Market?

When you have high inventory, it is considered a buyer’s market, because the homes are on the market longer, and the supply is greater than the demand. The longer a home is on the market, the more a seller is willing to negotiate. (Or, in a worse case, they take their home off the market and wait) During this market, the buyer wins by getting a good deal on a house, or they enjoy a buyer’s market. 

But when we have less inventory, and a large number of buyers, the seller’s market kicks in..and it is the seller who is in the driver’s seat with their price. Mind you, you can ask whatever you want for a price on your home, but it will have to appraise if the buyer is getting a mortgage, or the buyer will need to have the financial means to make up any difference between the agreed sales price and the appraisal price, if there is a difference. (Oh, and yes, that does happen…and happens OFTEN!)

talking atlanta real estate
“Let’s grab a coffee and talk real estate!”

Take another example….if the new iPhone was not popular, and they were not selling, you would see the price come down. Apple would have all this inventory that is not moving, and they’d be adjusting prices to move it. On the flip side, if there are lines to buy the latest iPhone, rest assured, the price will be right up at the limit.

You have to remember that markets, especially real estate, have cycles. There will be a time of rapid appreciation, then stable markets, and then the potential for another decline. (UGH!) Thankfully, are price appreciation HAS slowed down, the market is stable, and homes are selling at a fast pace…hence the seller’s market we are currently in. 

You can find many real estate tips for both buyers and sellers in the blog posts on our site. If you have questions about your specific building (prices DO vary from building to building) or in your neighborhood, why not contact us to get a more detailed market analysis that tells you about YOUR real estate market! 

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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