Never before in the history of real estate has our market been so volatile. What is happening at this very moment may be totally different than it was six months ago, and it will be totally different again in all likelihood in another 6 months. Are we in a buyer’s market or a seller’s market?
Whatever your guess is, it might be right but it could change again very soon. That’s why it’s critically important for agents and the public to be aware of the current trends and monitor changes on a monthly (if not weekly) basis.
It’s not difficult to back up your findings to your buyers and sellers by using the information available to you. We all know that in the state of Georgia, most homeowners who have a mortgage are underwater. It’s still hard for the sellers to grapple with this, so the more data you have to support the facts, the easier your job will be to help the seller understand what their options are.
The Atlanta-Journal Constitution has new articles every week to support what is happening in real estate. The lead article for Sunday, June 10 was about the housing values in Metro Atlanta. This is a great tool for sellers.
Look for items in all of the real estate trade magazines. MLS and FMLS both have data available for you to use. Don’t forget blogs…they can help you make a point too.
Asking for information from other Realtors and even staff members of your real estate organization can add to your arsenal of data. Staff members read different trade magazines than agents, and many of us have access to information because we belong to organizations that also share trends in our respective fields.
Tip: Metro Brokers agents can log into MetroNet, their intranet site, for links to industry news.
For instance, in relocation we are seeing some of the following trends:
- While all corporate transferees are getting fewer benefits and incentives to move with their employers, they are, in some cases, getting some loss-on-sale provisions.
- Another interesting trend we are seeing is that resale homes owned by corporate relocation transferees often have several offers, which can end up in a bidding war. They’re usually in good shape and in moderate to higher price ranges. This information could help you with your sellers who are in the same resale market to go ahead and list their homes now while the inventory inAtlantais so low. Buyers need to make up their minds quickly before the house they fall in love with has multiple offers on it.
Let us know if you have a great source for trend watching in Metro Atlanta.
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