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Good News, Bad News

by Leslie Edwards

New homes starts fell to the lowest since 1945.  Several local builders have gone out of business and new homes are being foreclosed at rates I have never seen during my 30 years as a REALTOR. This is bad news for builders, construction workers, the trades, vendors and real estate agents who typically work in new home neighborhoods.  The effect on small business, individuals and families is widespread.

On the other hand, while there has been a glut of new homes on the  market for years, builders continued to build on speculation, hoping for a buyer. It was obvious that there were more new homes than potential buyers and builders were competing for a few buyers. What is happening now in new homes is truly a market correction. It had to happen.

The benefit for a few is that qualified buyers can buy new homes for much less than they would have appraised for two years ago.  The builder may not be in business and unable to come back for minor repairs under a builder warranty but, if the deal is great, a buyer can afford a handyman.  All new homes are inspected by the counties throughout construction so buying a foreclosure does not mean less quality.

As the inventory of new homes declines, prices will begin to rebound.  It is all about supply and demand.  It will take awhile, but it will happen. 

If you are a buyer, this is the time to get th emost house for your money. Buy low, sell high.

If you have questions, comments or just want to talk real estate, call me, email me or leave your comments here.  I am available for a FREE buyer or seller consultation, with no obligation to buy or sell with me.

leslie edwards                                                                                sells real estate                                                                 770.460.9448                                                                         RE/MAX Around Atlanta                                             leslie@leslieedwards.com                                                           Search the entire MLS at www.leslieedwards.com

Conserve, Reuse, Recycle

3rd Quarter 2008 Henry County Real Estate

by Leslie Edwards

In Henry County, there are currently 3386 single family homes FOR SALE.  The average list price is $241,519                                  From July1st through September 30th, 2008                                801 homes sold with an average sales price of $172,920              1165 homes expired unsold                                                         41% sold and 59% expired unsold

For homes listed as foreclosures                                                   82% sold and only 18% expired unsold.  A huge difference.        The average sales price of the foreclosures in the third quarter was $152,191, 12% less than all sold homes.                                       The average list price of foreclosure homes for sale during the same period was $178,331 or $63,188 less than the average list price of all homes.

The increasing number of foreclosures selling under market, drives  prices down.  Anxious sellers accept low offers and the prices continue to fall. Sellers who owe more than they can sell for, often find themselves unable to make their payments, and they end up letting their homes foreclose which continues to depress values... and the cycle continues.....

Nobody knows for sure where the bottom is or when the market will turn.  Thirty years esperience as a Realtor, through several market shifts, has taught me that the market always comes back.  I don't know when, but I believe it will.

The downside of an upturn in the real estate market is that lots of people will be kicking themselves for not buying real estate while the market was down.

If you want to discuss buying or selling, call me for a FREE consultation with no obligation.  In any real estate market, the agent you choose is important.  In a challenging real estate market the choice is critical.

Call me                                                                                      leslie edwards                                                                              sells real estate                                                                               770.460.9448                                                                          RE/MAX Around Atlanta

see homes at www.leslieedwards.com  email leslie@leslieedwards.com

 

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If you hear of anyone who wants to buy or sell in any of these areas, please mention me and then call me so I can contact them. I appreciate your referrals!