I have been getting a lot of questions recently about the real estate market and rightly so. Is it as bad as everyone says? Are you busy? Are you still making your payments on that sleek, German engineered SUV? (LOL) Has Atlanta rebounded? What about the tax credit; is it staying or going? Ok, todays’ blog will be about the market; nationally, in metro Atlanta and the west Cobb area. I have had lots of numerical help with this so a big thank you to Nancy Hayes, our wonderful market center administrator for Keller Williams and to David Lowrimore and Sharon Lintault specifically for allowing me use the material they send us each week. David and Sharon are with W.R. Starkey Mortgage and if you are thinking about buying a home or refiniancing, please give either of them a call. They are great to work with and will help you out! (Free advertising, thank you Realtor Lady!)
In regards to the tax credit and if it is going to stay, here is the latest from our preferred lenders:
A slew of professionals tied to the housing sector made eager pleas to Congress last week requesting the $8000 first time homebuyer tax credit be extended. The benefit was part of the stimulus plan and is set to expire the end of November. The White House indicated the program “helped the economy” and led to “quite a bit of success” and noted consideration of extending the program. There are additional proposals in the Senate to not only extend the program but also to increase the tax credit and remove the first time homebuyer qualification. Unfortunately the cost to extend the credit is around $1 billion per month. This has politicians from both sides of the isle concerned. The House voted Thursday to extend the credit for American service members another 12 months. Both parties have members pushing for the extension to apply to all purchasers. Analysts indicate some sort of extension is very likely.
For what it’s worth, I hope the tax credit stay because there is NO doubt in my astute real estate mind that it has helped our market here in metro Atlanta. I have even heard rumors that the tax credit would be extended to $15,000 and would be available to anyone buying a home. A nice idea but so far no word. Let’s hope the government doesn’t screw this up like they normally do with everything else.
Is the market improving, here, there and everywhere?
Again, our faithful mortgage partners provide the following facts:
*New home sales have risen for five straight months.
*Existing home sales are up in four of the last five months.
*Construction of new homes increased for the third straight month in August.
*Home inventories are down.
*Average home prices in the conforming price range are up for the 3rd month in a row.
*The Case-Shiller Index shows prices for homes in ALL price ranges in 18 of the top 20 cities up two months in a row, and up 3 months in a row in 15 of the largest 20 cities.
*Last week’s economic data that showed a 30% drop in corporate layoffs vs last year.
*The ISM Manufacturing report shows that, although weaker than anticipated, we’ve had the second consecutive month of growth in the manufacturing sector.
*90% of our workforce is working.
AND FINALLY,
With the slide in the dollar rates have dropped back to where they were last May – 4.5% to 5% depending on program and credit. And with the low rates and lower home prices, NOW is the MOST AFFORDABLE TIME IN THE LAST 30 YEARS to buy a home.
Last but certainly not least is the market statistics just for Keller Williams Realty in trendy west Cobb. Look at these numbers and tell me if we are still in a down market:
Closed volume for the month of September was $26,962,819 – 117 units! Compare that to last month at $16,141,490 and 91 units – WOW!
Written volume was $20,279,776 – 99 units – a little down from last month but still really good!
Our average sales price went up from $177,379 to $230,451 – big jump! (Thank you, Lord!)
99 listings were taken for the month. Our total units in listing inventory at the end of September was 439 with a dollar volume of $128,516,283. Fantastic!
So yes, things are coming back not just here in Atlanta, or in trendy west Cobb but across the country as well. As longer as the government doesn’t interfere and the lenders will lend money without making us jump through hoops, things should start returning to normal. Inventory wise, we are once again approaching a seller’s market. Call me today if you are thinking about buying or selling.


I gotta say, in my 46, er, few years here on this earth I have had many jobs, most of which I performed well at but never really loved. Then I found real estate and I have become enraptured by the thrill of the pursuit. Getting the lead, going all out for it, competing with other strong agents and ultimately winning the prize of the listing and sticking my sign in the front yard. It’s a high all the way, from getting the appointment to maintaining the listing and getting the thing sold, then moving on to the next deal.
e drew their body in chalk on the sidewalk, colored in eyes, hair and smiles and they were thrilled! We planted seeds with them, did face and finger painting and they loved it. They were so excited from these things and they told us thank you over and over.
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