As reported in the recent AJC Article two more new condo communities will be on the auction block.  What are the pros and cons in relation to the Altanta market?

1) The auctions aid in moving inventory of new product off the market quickly. 

2) The auctions also set or reset the  current Atlanta market prices among new condo communities and resales.

3) The auctions stimulate the economy and bring ready, willing and able buyers to the table, excited to take advantage of the discounted pricing!

4) Auctions take buyers out of the market  - many buyers wait and see the response to the actual auction before moving forward with their own buying decision.

If you are looking for a deal or a steal, take advantage of the auctions, but also do your research, the same deal could be just around the corner offering auction pricing with the auction.

There are many firsts in life that I wouldn’t care to do over again – my first day of school, my first date or my first job interview.

But I would love to be in the process of buying my first home all over again.

I wish I had the same opportunities that first-time homebuyers do now.  Prices on new homes – including single family, condos and townhomes – have been discounted and interest rates are at an all time historical low. Developers and home builders are pushing the $8,000 first-time home buyer stimulus as well as offering alternative incentives to entice contracts.  Many of our developer clients are offering stimulus packages that include FHA financing, alternative financing choices, buy-down interest rates, buyer bonuses, and paid closing costs.

And there seem to be plenty of first-time homebuyers taking advantage of these opportunities.  The auction of condos at The Element illustrated that there are first time home buyers in the market.  In fact, CNN’s lead story today talked about the great opportunities for first-time homebuyers and focused one homebuyer who went to an auction planning to purchase a home for his family.  As he told the CNN reporter, “I just have a feeling that in six to nine months, we’re going to start to see a resurgence in the market. So, I think now is the time for us to get into it, if we can.”

This is a great opportunity for the first time home buyer to get off the fence and take advantage of a real estate opportunity that will not get any better.  I just wish I could be one of them.