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How Long Will It Take To Sell My House?

by Leslie Edwards

To figure out how long it should take to sell a home, I use a formula that will calculate the absorption rate of each neighborhood. Knowing the correct absorption rate for the neighborhood will help the seller determine a realistic asking price for their home. 

The absorption rate formula is based on past sales, days on market, and the amount of houses currently for sale in the neighborhood/area. This information tells us how many months supply of inventory is presently on the market, and therefore provides us with information that indicates just how many months it may take to sell a particular home.  

A 6 month supply of inventory is telling us that it may take a full six months or more to sell the house. In addition, a 6 month supply is considered a balanced market, but anything over 6 months indicates there are too many houses and too few buyers, indicating it may take up to a year or more to sell the house.  

A seller whose house falls into the category of 6 months or more should be willing to position their house, in terms of price, condition, and incentives, in a way that will give them a distinct advantage over their competition.

 Sellers have different needs, motivations and desires which typically determines how aggressive they should be on their asking price.     In today's challenging real estate market, because sellers are in a price war and a beauty contest at the same time, it takes aggressive pricing and staging to show the home at it's best.                                                                                                                                                               If you would like to discuss the absorption rates for homes like yours, call or email me.  I want to be your real estate resource. 

 

leslie edwards                                                                                 Environmentally Aware, Socially Conscious, Politically Active, Real Estate Agent                                                                                         770.460.9448                                                                                        CDPE Certified Distressed Property Expert                                                CRS   Certified Residential Specialist                                                       Epro  Certified Internet Professional                                                           ABR   Accredited Buyer Representative                                                    GRI    Graduate of the Realtor Institute Dave Ramsey Endorsed Local Provider

Selling South Metro Atlanta including:Clayton, Fayette, Henry, Coweta, Merewether, South Fulton & Spalding Counties

All the towns and cities south of the Atlanta International Airport, including: Brooks, College Park, Fairburn, Fayetteville, Jonesboro, Locust Grove, McDonough, Newnan, Sharpsburg, Stockbridge, Palmetto, Peachtree City, Tyrone and more                                                                                           Moving Families Since 1978                                                                       Let My Experience Work For You                                                               fax:  770.460.0739 See all of the properties for sale in the Multiple Listing Service at www.SouthMetroAtlantaMLS.com                                                                                          .com                                              leslieedwards@leslie RE/MAX Around Atlanta.com/blogleslieedwardswww.

 Almost everyone knows someone who is behind on their mortgage payments and wants to avoid foreclosure to save their credit, relieve the uncertainty, and most of all, help their family.

Have them call me for Short Sale and Pre-Foreclosure Solutions and let's get started on the path to recovery.

http://www.leslieedwards.com/Blog/What-is-a-Short-Sale-and-Why-You-Might-Want-One

  

 

 

 

 

 

 

Stimulus Package Example

by Leslie Edwards

Stimulus Package, How it Works

 It is a slow day in the small Saskatchewan town of Pumphandle , and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit

A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night. As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.

 The butcher takes the $100 and runs down the street to retire his debt to the pig farmer. 

 The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op. 

 The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit. 

The hooker rushes to the hotel and pays off her room bill with the hotel owner. The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything. 

 At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves. 

No one produced anything.  No one earned anything.  However, the whole town is now out of debt and looks to the future with a lot more optimism. 

 And that, ladies and gentlemen, is how a Stimulus package works 

 

 

 

3rd Quarter 2008 Coweta Co. Real Estate Activity

by Leslie Edwards

The most interesting fact about the Coweta real estate market is this:  From July 1 through September 30 almost the same number of single family homes sold as expired unsold.  Meaning that a sellers chances of selling vs. expiring are currently 50%-50% in Coweta County.

Here's the interesting part:  87% of homes listed as foreclosures for the same time period sold while only 13% espired unsold.  Big Difference.

Area foreclosures drive prices down as foreclosures are typically priced substantially less than the original sales price and far below what an average homeowner can sell for and pay off their existing mortgage. Some of those homeowners let the homes go into foreclosures which continues to drive prices down, and the cycle continues.

There are currently 1804 homes for sale in Coweta County.  Based on sales over the past twelve months this represents more than a one year supply of homes for sale now.  The average list price is $257,805

477 homes sold in the 3rd quarter 2008.  The average sales price was $195,576 while the average sales price of the sold foreclosures was $141,240.

The average price of homes that expired was $250,408 which over $50,000 higher than the average sale price.

Summary, many of the homes on the market today will not sell anywhere near the listed prices.  Aggressive pricing is necessary to get ahead of the declining market.  A high price with small reductions is following the market down while always being priced over the current market indicates.

The good news.  If you are a buyer, there is no better time to purchase a home.  You will be able to buy more house for the money and interest rates are LOW.  Buy Low, Sell High.

My thirty years of fulltime real estate experience has taught me that no matter how bad the market gets, it always comes back.  Like the stock market, the real estate market moves up and down.  No one can predict how long it will take for the market to recover, but people in the know, know it will recover. 

If you are a seller, wait if you can, rent if you can't or price your home very competively and sell it.  To get a great deal on a home to buy, you may have to take a loss on the home you are selling.  If you can stomach being a landlord, do it and go buy the house you want. Buy low, sell high.

Ask me for a FREE market consultation, with no obligation, to discuss your real estate options.  I want to be your resource for real estate.

leslie edwards                                                                                 sells real estate                                                                            770.460.9448                                                                                 RE/MAX Around Atlanta

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Coweta County Real Estate Market Update 1st Quarter 2008

by Leslie Edwards

Comparing the first quarter of 2007 with the first quarter of 2008 Coweta County

                                                                2007                                  2008

#Homes Sold                                        608  63%                         386    46%

#Homes Did Not Sell                           362  37%                         445     54%  

Average Sales Price                             $204,058                         $197,844

Average # Days On Market                  103                                   122

There are currently 1917 available listings in Coweta County with an average of 138 days on market and an average list price of $267,389

What does this mean?  While the average sales price has dropped $6,214 from 2007, the average price of the 1917 current listings is $69,545 above this years first quarter average sales price which in part, explains the jump from 37% expired 1st quarter 2007 to 54% expired 1st quarter 2008.

The percentage of homes that sell vs. homes that expired unsold has dropped from 63% to 46%

Many of the available listings and expired listings were sellers who bought in the past one to four years, using low or no down payment, trying to choose a price that inclues paying off the mortgage, buyers closing costs and broker fees.  Since the market has been dropping for the past two years, the homes are often worth less than when they bought.  This means that a seller would have to write a check to sell the home.  Many sellers either don't have the money or cannot accept the idea of paying someone to buy their homes.

The answers:  If you don't have to sell, wait. 

If you do have to sell, or really want to  move, be realistic about pricing.  Look at the numbers.  Only the prices of homes that have sold and closed are use to establish list  price.  Most important is to hire an experienced agent who has worked in challenging markets  in years past and has a proven track record of getting homes sold.

I am available for a free market consulation by phone, email or in person.  There is no obligation

30 years experience is not expensive, it's priceless

Call me at 770.460.9448 or email leslie@leslieedwards.com See all the listings at www.leslieedwards.com

leslie edwards    sells real estate  770.460.9448

RE/MAX Around Atlanta All Stars

 

Don't Wait ! Buy Now !

by Leslie Edwards

Many buyers are not buying because they are still waiting for the best deal or they are hesitating to buy until the interest rates hit "bottom".  No one really knows where the bottom is but most believe that we are at or very close to the bottom now.  The danger in waiting for the rate to hit bottom is that once it does it can move up again at any time.  Don't wait too long and miss an opportunity to buy at a great rate.  Many buyers who wait kick themselves when they miss the bottom and end up paying a higher interest rate than was available just days before. 

The "best deal" shouldn't mean that you choose your next home based on which seller will negotiate the lowest.  The "best deal" is when you get the home of your dreams at a good price and for a payment you an afford.  With the lowest interest rates in years, buyers can get more house for the monthly payment they want.

Even in the worst real estate markets, the best homes sell.  If you don't have to have the best house, then you can wait for the best deal.

If you are tired of waiting and are ready to find a great deal on your perfect next home, call me.  I can help you find the house and negotiate the best deal for you.

leslie edwards       see all the listings at www.leslieedwards.com    770.460.9448  RE/MAX 

Raise Your Credit Score

by Leslie Edwards

1. Pay your bills on time

2. If you have missed payments, get current and stay current.  The longer you pay on time the better your credit score

3. Even if you pay off a collection it will remain on your credit report for seven years. 

4. If you cannot make your payments, contact your creditors or see a credit counselor

5. Keep balances low on revolving credit

6. Maintain fewer open accounts

7. Don't close unused credit lines.  Closing accounts will not help your score

8. Don't open new lines of credit

The best credit score is between 760 to 850

General loan guidelines will consider scores in the low 600's and sometimes even in the high 500's with compensating factors.

If you need help finding a loan, call me.  I work with some great mortgage people and would be happy to give you names.  It is always good to shop rates, but don't be fooled.  Often the lowest rate does not have the lowest costs and the difference in costs can make the lowest interest rate, the most expensive program for you. Get and compare all the costs, not just the interest rate.

Call me for a FREE, no obligation consultation regarding your real estate needs and dreams.

leslie edwards  sell real estate  770.460.9448 direct  RE/MAX  See 100,000+ listings for sale at www.leslieedwards.com

 

Displaying blog entries 1-6 of 6

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!