Local Market Snapshot- Sept thru Nov ’08

Area	Total Active	Avg List Price	Total Pend ing	Avg DOM	Total Sold	Avg List Price	Avg Sales Price	Avg Sold DOM	Sold  Price Range
Decatur 30030	171	$433,686	23	46	63	$364,507	$352,638	67	$135,900-$836,000
30033	171	$390,228	24	84	47	$360,388	$335,737	87	$53,000-$1,050,000
30032	454	33% LT 50k	90	NA	102	60% LT 50k	61% LT 50k	NA
Avondale Estates	54	$381,759	4	67	8	$355,501	$320,213	81	$200,000-$416,500
Lilburn	459	NA	46	108	89	$184,729	$176,523	98	$63,750-$514,100
Stone Mountain	889	NA	161	78	183	$112,528	$107,075	90	$25,500-$344,000
Snellville	1013	NA	90	94	158	$166,741	$161,965	72	$35,000-$670,000
Lithonia	653	NA	117	78	132	$126,022	$120,404	87	$31,101-$385,000

                                            LT– Less Than         Pending – Under Contract        DOM – Days on the Market    

 

Hi! I trust everyone is doing well, keeping warm and staying right on top of all the constant real estate market shifts. What???!!!! Not warm???? Well, bundle up and gather ‘round this alluring chart…

 

I’ve compiled some numbers to show you what’s really happening in specific local areas. It looks just like a bunch of blocks with numbers in them, and it is.  What the numbers are saying though, is that in the past month, sales appear to be increasing and over the past 3 months, sales prices are holding close to the asking price (avg 95%).  The average DOMs in October show the first year to year monthly decline since Aug. ’06. (FMLS Smart Numbers).  Notice that the avg list price for solds is on avg 90% of current active list price.  Sellers are still starting a little higher in price than the market warrants, but the current rule of thumb is to adjust the price every 2 weeks.  The rules of the game change in a shifted market (and we are in a shifted market, not a shifting market). The new rules state that to sell you must price your house to sell -not to negotiate.  You can be either a “seller” or a “tryer”.   The biggest problem Buyers will have right now is deciding which house to buy.  Interest rates are low, and good selections are abundant. Buyers need to realize however, that the market is flattening out and the good houses really do go fast. (It’s very easy to lose a good deal because you wait or don’t bid full price)(Greed is Out – Speed is In) 

 

Decatur 30030 – Lucky Buyers and Sellers!  Properties here are selling around 97% of asking price and you have the shortest DOM, a great time to get into this desirable area.

Decatur 30033 –Good Buys to be Had!  A little slower market then 30030, good deals here (my clients just put an offer on a house that is 30-40k under market)

Decatur 30032 – Great for Buy & Hold Investors!  Foreclosures abound here, many under 40k that don’t need over 40k in repairs.

Avondale Estates – Great Selection for Buyers!  Sellers – it’s slow going, too many on the market right now. Good time to invest here, there is a new Charter school coming in Aug 2010.

Lilburn – It’s Improving for Sellers!

Stone Mountain – Buy the House Next Door and Rent it!  Get someone to go in with you on that $30,000 brick house, use the Home Depot credit card to fix it up, offer for rent or lease purchase.

Snellville –Price it Right Sellers, it’s Slowing Down!

Lithonia – Get it Sold Now!  More sales, sales avg 96% of asking price, less time on the market.  Also a great area to find foreclosure deals (see Stone Mtn).

 

At present I have no way to get average list price for actives when their number exceeds 250. I am hoping to correct this defect by the next report.  Please let me know if you want more detailed info on your area, I am happy to provide. Also, let me know if your area was not included here and you want it to be!

 

Till next time –

Peace, Love & Jazz,

 

Maria Rossoto

Your Realtor of Note…In Tune with Your Needs

Cell: 678.933.4393  txt me!   mariamaria@kw.com       www.RealtorOfNote.com    www.myspace.com/mariajazz

Caniget65? squeebabubbadidlisquatSOLD!!!

skibidabubba-do I hear 65 thousand? deebadeebadeebadee...

Difficult to understand the title of this month’s RealtorOfNote blog? Exactly! Just a tiny taste of what a Real Estate auction is like- completely incomprehensible at first, then, hmm…you can pick out a word here or there…then before you know it (hopefully before you bid!) every word out of the auctioneer’s mouth sounds just like English!

You may already know about the monthly foreclosure auction that happens on the County Courthouse steps.  That had been a popular way for the savvy investor to pick up some great deals. Well, it’s not so popular anymore since foreclosures have flooded the market. Here’s what happens: A property gets foreclosed on – goes to the courthouse steps – does not get sold- bank retains ownership and wants to sell-  bank lists deeply discounted property with a Realtor – property has no liens and can be thoroughly inspected- investor gets a better deal than at the courthouse auction. So investors now wait for foreclosures to show up on the regular market. In the meantime, banks must sell lots of properties fast so… 

New auctions have sprung up that sell real estate (residential, commercial and land/farm) at live locations and/or online.  Properties are sold quickly and at less cost  to the seller so most banks are now offering their properties through these new auctions. This is THE new great way to get deals. 

Anybody can participate.  You can find properties online or through your Realtor.  Your Realtor can give you access to the property so you can inspect thoroughly. In fact, you must inspect thoroughly before bidding because you are buying AS-IS/WHERE-IS.  You have to register to bid at the auction, sometimes through your Realtor.  By registering you are stating that you agree to the terms of the auction (as-is, you are buying it if you are the highest bidder, you will have the down payment, agree to the Buyer’s Premium, etc.). Once at the auction, you are given a bidding card which you hold up to bid.  It’s best to be with someone who has gone to these so they can tell you what’s going on because everything happens very fast.  It’s easy to miss your chance to bid! 

Now you have a winning bid. Congratulations! A ”Buyer’s Premium” (5-10% of the winning bid) will be added to your bid amount and that becomes the Sales Price.  You must give Earnest Money amounting to 5-10% of the Sales Price at the auction.  You have 30 days to close so you can get financed. If you can pay the full amount at the auction, you can do a “Quick Close” and save about $1500 in closing costs.  BTW- in most cases, Seller’s will pay part of the closing costs. 

No negotiations, no contingencies, no endless faxing  phone calls signing. 

NOTE TO SELF: Call Maria when I want to know the market value of a property.  Zestimates are often high. 

Check these out to get started:

Live Auctions            

  http://www.auctionbid.com         

 http://cowetafayetterealestate.com

 http://williamsauction.com  (live and online)

Online Auctions       

 http://www.propertyauction.com     

http://ga.foreclosure.com ( $9.95 wk to “join”)              

http://www.governmentauctions.org  ($39.95 to get listing access)

Farm & Land               

 www.myersjackson.com 

Best Local Investor Resource     

GA Real Estate Investors Association    http://www.gareia.org         

They have meetings the 2nd Monday of the month in Norcross.  $25 for non-members but that is applied to membership if you join.

I’ll go to the next local auction with you – just invite me. It’s thrilling and fun and a great way to spend money!  :~)

I am thrilled to be a part of your enrichment.  Let me know how I can help.

Peace, Love & Jazz,

Maria Rossoto   

Realtor Of Note…In Tune With Your Needs

678.933.4393

mariamaria@kw.com

RealtorOfNote.com

Keep a Low-Flow Profile

Hi! And Welcome to the all new Realtor of Note Blog.  This will be a regular feature from now on and a cozy place for you to get useful real estate related information.  Let’s get started -

When you purchase residential property built before 1993 in Unincorporated Dekalb County, beginning 1 June 2008, you will be responsible for ensuring compliance with the new Inefficient Plumbing Fixtures Replacement Plan Ordinance (Section 25-45 through Section 25-60).

What did I just say? 

If you are buying a house that fits the above description, it MUST have water conserving plumbing fixtures intact before you can have the water service turned on. “Water conserving fixtures” means: Ultra low-flow toilets max 1.6 gallons per flush, urinals max 1 gallon per flush, showerheads max 2.5 gallons per minute, lavatory faucets max 2 gallons per minute, kitchen faucets max 2.2 gallons per minute.

A Certificate of Compliance, signed by 1) a Licensed Plumber OR 2) a Home Inspector OR 3) a Dept. of Watershed Management Inspector is required before Dekalb County will give you water.

Reportedly, Dekalb County Department of Watershed Management has a toilet rebate program. I would certainly love to insert a lot of bad jokes here…. They will give you – wow!- $50 when you install a 1.6 gpf toilet, and -wow!- $100 when you install a 1.28 gpf toilet. Only (3) per household, please.

Properties that are exempt: those being advertised for foreclosure, any property that will be demolished after the sale, any property sold or conveyed between spouses or between parents and children, and through estates, and in cases where compliance would cause the owner extreme economic hardship.

This new ordinance will be in effect for commercial property beginning 1 January 2009.

Water Service Application   http://www.co.dekalb.ga.us/revenue/waterapp.pdf

Certificate of Compliance   http://www.co.dekalb.ga.us/revenue/CertificateofCompliance.pdf

Exemption Form   http://www.co.dekalb.ga.us/revenue/ExemptionForm.pdf

Watershed Mgmt Toilet Rebate Program   http://dekalbwatershed.com

Since this is the first blog entry, I hope it had a good flow.  I would hate to think this effort is wasted…just going down the drain.  My face will flush with embarassment should I discovered a major flaw.  Please be neat and leave a comment. :~)

Peace, Love and Jazz,

Maria Rossoto,  Your Realtor of Note…In Tune with Your Needs

    

 

 

Mobile: 678.933.4393    

 mariamaria@kw.com

Keller Williams Realty Metro Atlanta