If you've ever been to Vegas then you understand the concept of "house edge". Simply put, The house edge is the difference between the true odds and the odds that the casino pays you when you win.
The current Atlanta Real Estate market has what I would call a "market edge". Simply put, The market edge is the difference between the true market value your home and value the current market pays you when you sell.
A lot of folks selling their Atlanta Homes have a hard time with this concept. And a lot of folks don't understand that the agent they hire has a huge impact on their odds of success when playing against "market edge".
I can't beat the market. I can help you maximize your odds of winning out vs. the market edge. It's me and you against this market. Those that understand this concept win out over those that don't....
I often talk to my clients and prospects about "good faith"
. In simple terms - you have to trust that people will do what they say they're going to do in order for things to work as they should....
The concept that you can Sell High and Buy Low in a local real estate market is an illusion.
Sure, if you invest nationally (or internationally) then you can apply the concept of Selling High and Buying Low becuase you spend your time identifying, tracking and hunting those markets that are at their peak when others are in a trough. This can be a time consuming and expensive process.
If you're like most folks - a "retai"l buyer or seller - simply looking to upgrade to a larger home, better neighborhood or school district in the neighborhoods of Atlanta then you should know that timing the market to Sell High and Buy Low simply doesn't work. After all, "a rising tide floats all ships". Meaning, if you sell your home at a peak of the market then you the house you go to buy will also be at the peak of the market. And if you're making an upgrade this can be an expensive proposition.
It's important to stay up on Atlanta Real Estate Market Trends
. So much that every week I send ALL of my current sellers a detailed analysis of the current market in their specific area and competing value range.
If you don't know what's going on in the market...how are you supposed to know how to take advantage of it?...
But...depending on your situation...the market might be.
I just got back from meeting with a potential client who is looking to sell his 1 bedroom 1 bath loft in downtown Atlanta. Before going to visit with him, I put together a quick market analysis for his building.
The analysis uncovered the following:
There are currently five 1 bedroom 1 bath units on the market ranging in price from $170,000 to $225,000. Two units at the lower end of the active value range have been on the market for over 9 months not selling.
In the last 6 months there have been 4 successful sales while 16 properties have gone off the market as unsold.
This means, for every 1 unit selling there are 4 units going off the market as unsold.
Of the 4 sales, 3 of them were comparable 1 bedroom 1 bath units. All of which sold at $115,000 under distressed (foreclosure) conditions.
Has made a real mess of things. Painfully funny, no doubt....
$7500 Tax Credit to 1st Time Buyers
You can read all about it here
And don't forget to check into FAQ #16 while you're there. This tax credit has to be paid back when you sell the house or 15 years after collection - whichever comes first.
Nothing in life is free....