Real Estate Information Archive

Blog

Displaying blog entries 1-6 of 6

Selling Your Home in a Down Market

by Leslie Edwards

Even in a down market, the best homes sell.  Read this USA Today Article for ways make sure your home gets SOLD.

http://www.usatoday.com/money/economy/housing/2011-07-02-home-sellers-down-market_n.htm

If you are ready to sell, or just want to talk about it, call me.

leslie edwards                                                                             770.460.9448                                                            leslie@leslieedwards.com                                                 www.SouthMetroAtlantaMLS.com                                                           RE/MAX Around Atlanta

 

This is not what I signed up for....

by Leslie Edwards

Way back in Elementary School, my expectation was that I would go to college and study to be a therapist.  Some say that lots of crazy people go into the field to figure out what is going on with themselves. Hmmm...                        College came 5 years after High School (that's a whole other story) and it took me another 5 years to get a degree in Psychology while working full-time.          It was pretty exciting when I got my first job/internship with the Fulton County Alcohol and Drug Treatment Center.  I thought I was on my way to the career I had planned for since Elementary School.                                                       The reality of the situation was not at all what I expected.  The failure rate of addiction treatment was huge compared to a very small success rate. I found out quickly that the chance that I could actually help someone was minuscule.  All I could really do is listen, which left me seriously depressed.  If the patient cried, I often cried too.  I carried their pain home with me and it did not take me long to realize that the job was too hard on my own mental health.                  

In 1977 I got a real estate license on a lark.  Part time I closed a few transactions and soon, real estate was in my blood. I could actually help people get what they wanted and if they came back, it was a success, not a failure. At closing, everyone was happy. The buyers got a house, the seller got a check, agents, loan officers and attorneys all got paid a fair fee for their work. 

There is a "new normal" in real estate today and my job has changed so much that it now looks and feels more like my Therapist experience than my real estate experience of the first 30 years.

Today, buyers have to wait months to close a foreclosure or a short sale, both of which dominate the current real estate market.  Sellers who have to move, because of the foreclosures and short sales in their neighborhoods, are bringing money to closing or negotiating a short sale or deed in lieu of foreclosure with their mortgage companies, which has a huge negative effect on their credit ratings.  The fees for real estate agents, loan officers and attorneys have steadily decreased while expenses and the work involved have more than doubled.  So rarely at closings today, is everyone happy.  Often nobody is happy.   Listing appointments today consist of telling sellers their homes are not worth what they paid and finding out if they are behind on their mortgage payments and if so, how much.                                                                 It often feels like I am in my Psychologist mode rather than in my Sales Person mode.  A lot has changed in the past few years. So many sellers are experiencing hardships that make it impossible to make the payments and are at risk of losing their homes.  When I listen to some of them tell me their stories, I still want to cry and I still take their pain home with me                                                         

It does not look like things are going to improve any time soon.  The news reports claim people are once again spending money so the economy must be recovering.  I don't think so.                                                                  Often, right after people have an accident or serious illness, they will drive more cautiously, quit smoking, eat right and exercise.  Human nature is such that, over time, these same people will start falling back into their old habits. 

           My sense is that those spending money are just reverting to old spending habits that got them into trouble in the first place.

Foreclosures are moving steadily up in the higher price ranges.  There are also many interest only loans that cannot be refinanced because the appraisals willl not support the loan amount they approved when the interest only loan was made.  Because we have had historically low interest rates, those loans have remained manageable for many.  Once the interest rate starts moving up, and it will, those interest only loans will start to adjust to higher interset rates and monthly payments, causing a whole new stream of foreclosures and short sales.

The job has changed. Because I have 32 years of experience in the real estate trenches, I can help some people fix their problems and that is some consolation. Some people can't be helped.  Sometimes it is their own fault but most often something bad has happened to cause them to lose their home.

If you know someone who needs help, have them call me. I will do a free consultation to find out what we can do for them.

I am ready for the business to return to the time when we all got to be happy at closing, but until then, I am trying to help everyone I can.

You cannot change the world one at a time but if you help one person, you can change their world.

leslie edwards 770.460.9448                                                               selling real estate throughout South Metro Atlanta

environmentally aware, socially conscious, politically active

 

 

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

be environmentally conscious

Guard Your Metal

by Leslie Edwards

As long as I have been selling real estate, I never, until late last year, heard of people stealing  metal to sell to the recyclers.  I have had air conditioners stolen and wiring and copper pipes stripped from homes I was selling. 

Late last year I was marketing a foreclosed property on 5 acres with a huge, way bigger than the house, metal outbuilding.  One day the man who had the property under contract called in a panic because he bought the property because of the huge building and demanded to know why was it being torn down? 

We contacted the police who went over there and arrested three men who were attempting to dismantle the entire building to sell the metal to scrap metal dealers.

I saw this article about copper and it reminded me about that transaction and that I should warn homeowners about this new trend in crime.  Remember to guard your metal.

Copper Is Like Gold These Days

With copper at more than $4 per pound, thanks to demand in Asia, home owners should guard the metal like it was gold.

"You would never leave gold sitting out in the yard," says OneBeacon Insurance Group executive Charlie Sidoti, who estimates a 300 percent increase in claims of copper theft in the past 18 months.

Homes sitting empty are easy targets. Sidoti recommends installing fences, motion-detector lights and security cameras to discourage thieves from ripping out air conditioner coils, plumbing, rain gutters, sprinklers and bronze lawn ornaments.

Meanwhile, 35 states have pending or signed legislation requiring people selling metal to show identification to scrap dealers.

Source: Time Rebecca Winters Keegan (06/23/2008)

If you want to talk real estate, call me at 770.460.9448 or email leslie@leslieedwards.com

leslie edwards     sells real estate     RE/MAX Around Atlanta

30 Years  Experience Isn't Expensive ......  It's Priceless

5% Mortgage Interest Rates !

by Leslie Edwards

Available Mortgage Interest Rates can change daily.  Today I am seeing quotes of  5%  for a 30 year fixed rate convention loan.  Rates can be even lower for a 15 year loan.

     There are lower rates available for adjustable rate mortgages but PLEASE don't consider one of those loans.  I advise my clients to choose a fixed interest rate instead of a loan where the rate starts low and changes periodically.  My experience has been that although buyes are told that the rate can adjust up or down, most of the time the rate is going UP, not down.          

 Five years ago, I sold a home to a military couple who insisted on buying a home that they could only afford using an adjustable rate mortgage with an interest rate 1% below the fixed rate available. Their rationale was that he would be transferred before the rate change at 3 years so it would not affect them.  He did get transferred in three years, but meanwhile, the couple divorced and she was stuck with a home they could not sell, she could not qualify to refinance and the interest rate was rising.

More than showing buyers homes, we provide extensive market information and guide them through the process from financing through closing.  For a market consultation, call or email

leslie edwards                                 the name you know in real estate 770.460.9448   leslie@leslieedwards.com   www.leslieedwards.com                                                                                                                                      

serving south metro Atlanta Georgia       RE/MAX Hall of Fame    RE/MAX Lifetime Achievement

 

 

 

There's Lead in Those Plates From China

by Leslie Edwards

The news about lead in toys made in China has me thinking about everything that is made in China.  I have everyday dishes that say Made In China on the back so I began searching the internet for information.  What I read is that yes, there is lead in plates from China and that cracks or chips can be dangerous as there is a release of  lead dust.  These dishes, according to the article, can also be dangerous when used in a microwave or with highly acidic foods like spagetti sauce.  Even if I don't use the Made In China plates when chipped, cracked, in a microwave or with spagetti sauce, I still don't feel comfortable eating off of them. 

Yesterday it was announced that someone is suing Martha Stewart because of lead in the dishes sold under her name claiming a variety of afflictions related to lead poisoning

Are people in China ingesting lead from dishes, toys and any number of other commonly used products?  Is there a widespread epidemic of lead poisoning in China?  Or, if you believe in conspiracy theories, could be a plot to poison Amerca? 

Another good reason to choose products that are Made in America.

There are tests for lead in products and simple blood tests to determine if the body has a dangerous level of lead.  Next time my Doctor's office does bloodwork, I am going to ask them to test for lead.  If I had children, I would have them tested immediately.

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!