Entries tagged as ‘National Association of Realtors’
By: Judy Price
In my previous post To Extend Or Not To Extend, I blogged about my belief that the government should extend the first-time homebuyer tax credit. Not only was I listened to, but Americans were also given an expanded credit for those living in a primary residence for more than 5 years. Well, just this past week, I sold my condo (a primary residence of over 5 years) to a first-time home buyer. And how did I do that in this economy, you ask? After doing a thorough analysis of active and sold listings in the market and looking to the success CBNRTDA is having at our on-site communities, I did the following:
• Energy-priced the home so that I was competitive with the market
• Offered an agent incentive (an additional 1% commission)
• Staged the condo so that it always looked like a model home; I even incorporated sound for showings
• Used the extensive internet exposure offered by Coldwell Banker and also invested in regular e-blasts with various messages for the market
• Reached out to local brokers
• Regularly followed-up with prospective buyers
What did I learn from selling my resale condominium in this market? That the tried and true methods CBNRTDA uses each day at our on-site communities are very effective. When I used these same methods, I generating qualified traffic and got the sale. These days, it is a combination of price, exposure and prospecting to go from listing to SOLD!
Categories: First-time homebuyer · NRT Development Advisors · Real Estate · Uncategorized
Tagged: First-time homebuyer, National Association of Realtors
By: Brad Horner
Welcome to the 2009 Annual Review edition of The Development Advisor, our quarterly report of the metropolitan Atlanta residential market. This report utilizes data based on transactions that closed in 4Q09 and compares it to that of 4Q08 as well as 1Q09, 2Q09 and 3Q09. We have compiled much of our information from our proprietary Universal Data Base, a system that pulls data for the entire metropolitan Atlanta market from both FMLS and GAMLS, deleting any duplication.
As we begin a new decade and look back over the past few years, many of us are relieved that one of the most challenging times in Atlanta real estate may be behind us. Overall, the results in the fourth quarter continued the improvement over the low points established in 4Q08 and 1Q09, signaling further signs of a slow recovery.
Similar to the third quarter of 2009, we continued to see mixed messages indicating a possible long awaited turn in the market. Absorption levels increased for new condo/ townhomes, but decreased for new single family and both types of resale. Average sales prices for new and resale condo/townhomes increased while prices for new and resale single family decreased. Even though sales prices are down overall compared to 4Q08, we have seen a light at the end of the tunnel with resale single family up 0.9%
The most significant news lies in the fact that current inventory levels continued their year long decline in 4Q09, with a 25% decline in all active listings compared to 4Q08. With building permits at historic lows and very little new construction condominium/townhome inventory being delivered in the foreseeable future, there was a 41.5% decline compared to 4Q08.
The extension of the tax credit and the expanded tax credit for current homeowners, combined with historically low interest rates and the second highest affordability index have created the perfect time to take advantage of homeownership. However, the pressures of high unemployment, difficulty in obtaining a mortgage, foreclosures and short sales continued to play a significant role in the uncertainty of the overall market’s improvement.
We hope you will find this edition of The Development Advisor informative and useful. Today’s market is unlike any we have experienced in the past, making it even more important to work with a sales and marketing partner that has a thorough and complete understanding of today’s challenges. We welcome any questions that you may have regarding this report and the future of the Atlanta residential real estate market.
Categories: Housing stats in Atlanta · NRT Development Advisors · Real Estate · Sales and Marketing · Uncategorized
Tagged: Bank Owned, First-time homebuyer, National Association of Realtors, Sales and Marketing, Value a home
By: Brad Horner
Happy new year!
We are proud to share this exciting company news with you. Based on our 2009 success, we are well positioned in 2010 to be the region’s new homes real estate sales and marketing leader. The following is just a highlight of our accomplishments:
- During 2009, NRT Development Advisors lead the market in the implementation of creative repositioning strategies for developer clients with new construction communities, resulting in immediate increases in qualified traffic and closings.
- We successfully created an innovative sales and marketing platform for bank-owned new construction homes, achieving more than $125 million in sales.
- The company has expanded its territory to cover Georgia, Florida, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. due to client demand.
- We surpassed our 2008 sales in 2009.
- The company attained the status of #1 New Home Real Estate Company in Atlanta for all property types, as well as for Multi-family Sales according to Trend Graphics (which is based on FMLS data).
Our ability to offer the highest level of resources and talent from a specialized team of new home professionals – as well as the industry insight and connections due to our partnerships within Coldwell Banker, NRT and Realogy Corporation – helped to expand our list of developer and bank clients, services and territory.
It’s rewarding to work for a company that is an exception to the rule in such a challenging economy, as our 2009 success has lead to 2010 growth. In the past year, NRT Development Advisors worked with real estate developers, investors and financial institutions to develop creative sales and marketing strategies that resulted in large volumes of homes being sold, while still preserving the integrity of developments and neighborhoods, and clients have tapped us to duplicate these success stories in other markets this year.
Categories: New Years 2010 · Real Estate · Sales and Marketing
Tagged: Bank Owned, First-time homebuyer, National Association of Realtors, REO, social media
Buying a home or a condo within a community has become a great option for many buyers. First-time buyers use them as an entryway to property ownership, and busy professionals and retired empty nesters alike enjoy the maintenance-free lifestyle that these communities offer.
But they come with additional considerations beyond what’s included when purchasing a single-family home. Here are the top five items to research in advance:
1. Understand exactly what you are buying when you make an offer, as the word “condo” refers to a legal form of ownership, not a particular type of property. Condo buyers generally own only the interior space of their homes; the exterior structure, land and amenities are usually owned collectively by all of the owners in the complex. Be sure to ask who owns the interior walls? What about the land beneath the home? What maintenance are you responsible for? Do you have your own parking? How many and what kind of vehicles can you park?
2. Research the homeowner’s association—and its board members. Ask for a copy of the association’s financials, including a certified budget and the latest annual reserve study; this can help you determine whether any fee increases are imminent. How is the association organized, and who runs it? How are voting percentages determined, and what would be your percentage?
3. Be aware of all related fees, including monthly association fees any special assessments. How are association fees charged and is there a limit on increases? Check whether utility charges and amenities are included, including pool maintenance. Also, be clear about what maintenance is included in the association fee, and what the condo owner must maintain.
4. Review the complex’s declaration, which helps you determine the monthly condo fee; the bylaws, which include items such as architectural requirements should you want to make any external changes to your condo; plats and plans; and rules and regulations. If the condo association is incorporated, your real estate attorney will want to review the articles of incorporation as well as any proffered disclosure documents. Also, have your attorney check for any “use restrictions” that might prohibit you from renting out the unit, which some associations include to protect financing and refinancing options.
5. Ask about the ratio of units that are rented versus owner-occupied. Your lender will likely require this information.
Condo ownership can be an attractive homeownership option for many buyers. But, it’s important that buyers do their research about the legal and financial implications before making an offer, in order to feel confident when getting to the closing table.
“What to research before buying in a multi-family community” is part of NRT’s podcast series. To hear this podcast or another podcast focused on home buying, please click here.
Categories: Bank Owned · Closing · First-time homebuyer · Real Estate
Tagged: First-time homebuyer, National Association of Realtors, Sales and Marketing
By: Brad Horner
The Coldwell Banker NRT Development Advisors’ 3Q 2009 edition of The Development Advisor, the company’s quarterly review of the metropolitan Atlanta residential market, has just been released. This report utilizes data based on transactions that closed in 3Q09 and compares it to that of 3Q08 as well as 1Q09 and 2Q09. We have compiled much of our information from our proprietary Universal Data Base, a system that pulls data for the entire metropolitan Atlanta market from both FMLS and GAMLS, deleting any duplication.
Overall, 3Q09 performance demonstrated a continuance of the trends we witnessed during 2Q09, demonstrating significant improvement over 4Q08 and 1Q09. During the third quarter, several key indicators suggested the beginnings of a possible stabilization in the market, while other data revealed a market still very much under pronounced stress. Absorption levels increased for condo/townhome product, but decreased for single family homes. Resale price increased slightly, while price for new construction showed a continued decline. The pressures of high unemployment, difficulty in obtaining a mortgage, foreclosures, and short sales continued to play a significant role in sustained market volatility.
On the positive side, the $8,000 first time home buyer tax credit, historically low interest rates, and the second highest affordability index on record have combined to encourage homebuyers to move from the sidelines and take advantage of home ownership. The extension of the tax credit and the introduction of a credit for current homeowners should bolster sales volume through the winter months and into 2010, though sustained levels of foreclosure activity will likely keep a lid on any significant increases in average sales price.
For the 15-county metro area, 3Q09 total absorption was down 10% compared to 3Q08. However, quarter over quarter results showed a general continuation of 2Q09 market performance. Compared to 3Q08, resale absorption was down by 6% while new construction declines exceeded 26%.
When compared to 3Q08, the fall in average sales price continued to be more pronounced in resale transactions versus new construction, primarily due to short sale and foreclosure transactions. However, new construction will likely close the gap in the months ahead, as aggressive pricing strategies implemented by developers and banks during the second and third quarter begin to show up in closing data.
With building permit issuance at continued historic lows, 3Q09 combined multi and single-family inventory levels remained well below 2008 levels. Reported new construction inventory levels were 43% below 3Q08 figures, and ended 8% below 2Q09 levels. While 3Q09 resale inventory decreased 15% since 3Q08, levels increased by approximately 4% over 2Q09. Sustained high levels of unemployment will necessitate close monitoring of foreclosure activity throughout the balance of 2009 and into 2010, as this presents the greatest challenge to normalizing supply levels.
We hope you will find this edition of The Development Advisor informative and useful. The challenges of the current market are complex and require a multi-disciplinary approach, making it even more important to work with a sales and marketing partner that possesses the ability to assess the current environment and anticipate future conditions. We welcome any questions that you may have regarding this report and the Atlanta residential real estate market.
Categories: Real Estate · Sales and Marketing · Uncategorized
Tagged: First-time homebuyer, National Association of Realtors, Sales and Marketing
By: Leslie Williamson
As metro Atlanta continues to grow, so do our means for getting around the town – which certainly changes the home search process a bit for both Realtors and buyers. Funny to think back and realize that it wasn’t that long ago that to prepare to show listings, I would actually purchase a local map to determine the location of the listing and the easiest routes to drive to the listing. In desperate times I would even call to get directions.
Now we no longer need the tried and true map or phone call, as we can rely on the following:
1) Google Maps will actually illustrate a map of listings
2) One flick of a button and Mapquest gives us easy to use driving instructions
3) GPS provides a voice that actually gives us instructions as we drive to the listing; in fact, certain GPS systems will even show you nearby Coldwell Banker listings
But as so many things are continually changing within the home buying purchase process – from the way we physically get to homes to the way we finance them – it’s nice to know that good customer service will always drive the sale. Oh, and my map is now framed and I have a GPS that I have affectionately named “Herb.”
Categories: Real Estate · Sales and Marketing
Tagged: Bank Owned, National Association of Realtors, Sales and Marketing
By: Judy Price
Estimates place the overall number of new homes purchased with the first-time home buyer tax credit at 1.2 Million, with 400,000 homes bought by those who would have never done so in the first place. With the credit set to expire on November 30th, the debate about its extension now goes all the way to Capitol Hill.
This week, Congress did vote to extend the 8K tax credit for the next year to servicemen and women who actively served overseas for three of the last twelve months. This bill now moves on to the President. What remains to be seen if the extension will apply to all first-time buyers or beyond that to all home purchasers.
The market data continues to show signs of hope. On September 29th, the most recent Case-Shiller indices reported that the data from July showed house prices in the United States increasing for the third month in a row. And the August Pending Homes Sales Index posted its seventh consecutive monthly gain in August, the highest reading in 2-1/2 years. In my previous post, I expressed concern over unemployment’s effect on recovery. Almost 10% of our population is more concerned about finding a job over purchasing a home. It sounds as if we’re stuck in a catch-22. Since housing is such a large part of our economy, it would make sense to continue to provide ways to stabilize it. But if the unemployed cannot qualify for a loan, they won’t have an opportunity to take advantage of the tax credit, resulting in a prolonged recovery in the housing market.
Interest rates remain low, and for those who can make the move, it remains a great time to buy. Would an extension of the tax credit result in another 400,000 new purchases that could boost the economy? I say we should give it a try. As bipartisan support for the extension gains momentum in Congress, it is possible that six-twelve more months of the tax credit may be on the horizon.
Categories: Bank Owned · FHA financing · First-time homebuyer · REO · Real Estate · Sales and Marketing
Tagged: First-time homebuyer, National Association of Realtors, Sales and Marketing
By: Lenny Rindsberg
How many times have you said “I should have bought that stock”….after learning that the stock doubled or tripled in price. Remember when Google stock IPO’d for $80? If only we all bought shares then. Today that same stock is worth $510. Although I can’t guarantee the same returns in real estate, now is the time that you CAN be able to buy and KNOW you bought at the right time. Several reasons include: Continued Historically low interest rates, 1st time Home buyer credit (if you qualify), reduce priced inventory, foreclosures, auctions, etc. There’s no guarantee that the rates will remain low or that the tax credit will be extended…so why not test the waters to see what kind of deals are out there. There are some amazing deals out there!!! Don’t take a risk and say “I should have purchased when I had a chance”. That time is now! Take advantage of this buyers market today!
Categories: First-time homebuyer · Real Estate · Sales and Marketing
Tagged: First-time homebuyer, National Association of Realtors, Sales and Marketing
By: Amber Cooley
REO homes – or bank-owned homes – continue to be in demand for homebuyers searching for a great deal. Many potential homebuyers may have misperceptions when it comes to the process involved in buying an REO home, negotiation power, financing and more. Having spent a lot of time marketing REO properties and working with agents on the sales of these homes, I’d like to explore some of the common myths of buying a foreclosed home and why these perceptions are not necessarily true.
Myth #1: You cannot have an inspection done on REO properties.
Reality: You absolutely can and should have an inspection on an REO property that you’re interested in buying. Just like with a traditional home purchase, you want to go to the closing table feeling confident because you understand the condition of the home you’re purchasing.
Myth #2: REO properties may come with liens.
Reality: When closing on an REO property, you will leave with a clear title with no liens. In fact, a homebuyer couldn’t close on a home purchase if there were existing liens.
Myth #3: You don’t have negotiating power when dealing with a bank.
Reality: In fact, banks will negotiate closing costs, condo dues, home warranties, appliances and more. Work with your real estate agent to put together an appropriate offer that takes into consideration current market condition and comps, meets the requirements of the lender, and still offers you real savings.
Myth #4: REO properties need lots of repairs.
Reality: Actually, many REO homes are brand-new construction single-family homes in new communities or modern high-rises. So they’re the same homes that many buyers are looking for, only they’re on the market for only a fraction of their original values. In fact all of the REO homes listed with Coldwell Banker NRT Development Advisors are brand new homes where any kind of repairs or other construction needs have been already handled.
Myth #5: Buying an REO property is complicated.
Reality: With the help of a real estate professional who is familiar with the REO process, buying a bank owned home is actually very similar than the traditional real estate transaction. Interested buyers can expect quick turnaround times from banks once an offer on a home has been submitted. In some cases, they will hear within 24 hours of an offer being submitted.
There are some incredible REO deals in the market right now. What a perfect time for someone to buy given drastic price reductions, superior product inventory, financing options, first-time homebuyer tax credits and more! Definitely keep an open mind when considering a new construction REO property – you will be pleasantly surprised by the opportunities out there!
Categories: Bank Owned · REO · Real Estate · Uncategorized
Tagged: Bank Owned, National Association of Realtors, REO
Banks become motivated sellers in order to get REO homes off their books, because every month that a home sits empty costs the bank money to market the house and keep it in good condition. While banks will still try to get as much money as they can for REO properties, they’re often willing to take a quick loss in order to move on. But when making an offer on an REO property, you need to come to the table prepared.
First, consult with your tax or financial advisor in advance to assess your financial situation and determine your target price range. In order to do so, you’ll need a copy of credit report, 1003 standard loan application, copy of W2 income statements (or 1099s if you are self employed), bank statements, and information about your past home purchases. Once you determine how much house you can buy, go ahead and get your loan application underwritten, not just pre-approved or pre-qualified. The lender is more likely to respond favorably when it has confidence that you can support your offer with proper financing.
Because banks will look at many factors in addition to the asking price, it’s recommended to come up with the largest down payment possible. 10 to 20% is recommended.
Many banks may be more likely to finance a home they own, as they have an interest in unloading the home in order to eliminate the costs associated with owning the home.
And there is often room to negotiate a lower down payment, interest rate, closing costs or asking price. Don’t be afraid to ask.
Categories: Bank Owned
Tagged: Bank Owned, National Association of Realtors
Leslie Williamson
Christine Macrenaris
Maria Mena
Jessica Weston
Amber Cooley
Brad Horner
Collin Ellingson
Bob Romano
Alec String
Judy Price
Meril Missbach
Marty Griffin
Lenny Rindsberg
joanhertz
Holly Rabits