Archive for March, 2007

Recent Housing Sales Statistics For Cobb County Georgia

Posted by Doug Quance on March 4th, 2007

Our friends at Realist have tabulated the sales activity of ALL local real estate transactions in Cobb County Georgia, and these results are shown in the table below:

cobbsalesjan07.jpg

As you can see, the December 2006 Single Family sales are far behind those of the previous year – while the median price slipped slightly. In January, however, the median price increased considerably on roughly 9% fewer sales.

The Cobb County condo market continues to be the surprise, here. While overall year-over-year sales have slipped – the median price continues to climb.

This is becoming a trend – but the cause and effect has not been established. Noted New York appraiser Jonathan Miller, President of Miller Samuel, has indicated that when condo prices fluctuate upward on lower volume – it might be that the best units are the ones that are selling… thus the increase in the median price.

No matter how you look at it – this is an interesting trend.

February Atlanta Listing Trends In

Posted by Doug Quance on March 4th, 2007

Analysis of Atlanta Median Home Prices and Inventory

In our effort to keep Atlanta sellers and buyers in touch with our local real estate statistics and trends, here are the latest figures courtesy of HousingTracker.net:


Trend 02/26/2007 1 month 3 month 6 month 9 month
Median Price $214,900 +1.4% +1.7% +2.8% +4.9%
Inventory 96,111 +4.4% +0.6% +0.4% +6.2%
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Since Atlanta uses two listing services (of which not all listings are in both services) it is difficult to see the total sales trends for the greater metro Atlanta area. We can, however, use this data to understand the relationship between the prices that sellers are asking – and the amount of inventory available.

As you can see, the median asking price inched up slightly.

Inventory levels jumped significantly, which is normal for this time of year.

So is the market strengthening? Some sellers with homes priced around the median asking price seem to think so.

Median asking prices have held steady in the upper percentiles over the last month. In the 25th percentile, the asking price has remained unchanged for the last seven months at $149,900.

Although favorable conditions such as prevailing mortgage interest rates are helpful to get our Atlanta real estate market back on track – the rules are changing in the sub-prime market, which has been a big part of the engine of housing activity for the past several years.

In spite of many builders lowering their prices and offering huge incentives, new home sales dropped by nearly 13% last year in the greater Atlanta area. Had they not responded to a weakening market, that percentage would have been higher.

Smart investors buy when the herd is selling and vice-versa

This all plays into the reality of a buyer’s market. If you are renting, or looking to move up to a larger home, this is a good time for you.

What you may lose on the sale of the smaller home will be gained back in spades on the purchase of your larger home.

The market is not interested in your “Make Me Move” price

If you’re looking to sell, your reasoning to do so must be sound.

If you are a speculative seller – sit on the sidelines right now. The current real estate market in Atlanta has no room for you.


Buying your first home is truly a wonderful feeling

And it’s a wonderful feeling to be the agent assisting the first-time home buyer. For me, it’s a very rewarding experience.

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Today’s story unfolds with two very special people, Malcolm and Sandra. They work hard each day at multiple jobs – living their version of the American dream.

They understand this dream, though they were not born in America… and this dream has been with them for many years. A big part of that dream has been to purchase their own home.

They scouted out a small neighborhood that they liked where four homes were available. Each of the four homes was somewhat similar – two were foreclosures; one was vacant; and one was about to be vacant. 

The first home they visited without me. Anxious to get started, they called the listing agent of the home soon to be vacant and immediately went out to see it.

Of course, I told them that they needed to stop that practice and explained the listing agent’s job is to represent the seller.

I then showed them the remaining three homes.

We placed an offer on the vacant one that was not in foreclosure. The home was in very good shape and in move-in condition.

I ran the numbers, and formulated an offer that I felt was aggressive – yet reasonable considering local market conditions.

I submitted the offer to the listing agent by fax on a Saturday afternoon – and backed it up with a voicemail to let her know that the offer was submitted.

Late Sunday night I received an email indicating that she just received the offer, and would refer it to a co-agent in her office to submit to the seller. I called this co-agent several times on Monday, but could never reach her.

So I called the original agent and left her a voicemail reminding her that the offer was only good until 4PM on Monday. At this point, I was starting to get a little frustrated with this listing agent duo.

When I finally got to talk to this other agent, she told me that our offer had been rejected. No counter-offer.

That’s what you get dealing with Appliance Realtors

Maybe it’s in the water in Winder – but two other houses we went to see had Appliance Realtors, too. Neither agent ever called us back – and when we went out to see them, one was already sold – and the other had been rented out.

Let me take you on a sidebar for a moment. When I researched the second listing agent, I realized that she just received her real estate license. Now this can be good or bad news to me – good in that I can maneuver around her inexperience… but also bad in that I can not maneuver around her incompetence.

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