Inventory is Lowest it has been all Year!

December ended with 8.4 months of inventory in the Atlanta Real Estate market based on the 39 MLS areas we track.  Fundamentally this is good news because the closer we get to 6 months of inventory, the faster we will see prices start to increase again.  There is nothing I would rather see more than prices start to increase so that I can share good news with my Sellers again, but I think we are going to see that this is a false trend and here is why: Read the rest of this entry »

Atlanta Metro 12 Month Market Stats - October 2009

The amount of inventory has continued to shrink, which is great.  Since February, we have seen a decrease in the number of homes on the market which can be attributed to many things.  One reason for that number coming down can certainly be attributed to the $8000 First-Time Home Buyer Tax credit expiring on November 30th, which caused many of the ‘fence-dwellers’ to pull the trigger and buy a home to take advantage of the credit.  Read the rest of this entry »

Last night, the House voted 403-12 to expand and extend the Homebuyer Tax Credit (as part of the Unemployment Insurance Bill).  The bill is now on its way to President Obama for his signature.

The agreement on the extension and expansion of the credit is as follows:

1. Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
2. Credit remains at $8,000 for first-time purchasers. No change to definition of first-time purchaser.
3. New $6,500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
5. New anti-fraud limitations are imposed.

Contact Mike if you or anyone you know would like to discuss how you can take advantage of this tax credit over then next few months.

Cobb County’s Department of Transportation will coordinate pick up of flood debris from properties in unincorporated Cobb County. Between September 29 and October 26 residents can request a dumpster for flood damaged materials (furniture, carpeting, sheet rock). Requests must be made by October 26. No vegetative debris or concrete allowed in containers. Dumpsters are removed after seven days. Call 770-528-3666.

Inventory Continues to Drop!

Atlanta Housing Stats - August 2009

The last few months have resembled what we usually see in a Spring-time market in Atlanta Metro.  Sales have been up and Inventory has been falling!  Actually falling below the double-digit mark for the first time since December of 2007!  Does this indicate that Atlanta housing is bottoming.  I think it does.  Inventory levels continue to fall and the closer we get to 6 months of inventory, the closer we get to seeing prices rise again instead of continuing to fall. Read the rest of this entry »

Here is a great little video that explains very simply, the details of the First Time Home Buyer Tax credit offered on the Federal Level. You’ve only got until Mid October to get serious about taking advantage of this, if you want to have your home closed by the November 30 deadline!

Atlanta Real Estate Market Update – July 2009

June Numbers Are Good News!

12 Month Atlanta Housing Statistics - June 2009

Numbers improved this past month on almost all fronts.  A large increase in sales was reported and we also saw a shrink in the Months of Inventory.  Remember, to get to a market where we can expect prices to start to go back up, we are looking at that Months of Inventory number to get down near 6.0 months.  Above 6 months means that we are in a Buyers market, which we are here in Atlanta, and below 6 months would indicate a Seller’s Market (which property owners are looking forward to). Read the rest of this entry »