The question to ask is from your listing agent what the comments from those 6 buyers,m with 6 showings you would think you would have 1 offer. On average it would say you are priced right but something kept them from making an offer.... more
I would strongly recommend that you find an agent you like and trust to help you sell your current home and buy your next home, provided you are staying in the same area. If you are moving to a new area, I would ask your selling agent to recommend someone in the area you are relocating to.
As to the practice of discounting the commission if the same agent handles both transactions, I see nothing wrong with that. That is an individual choice each agent, along with their broker should make.
Some have said that because an agent will negotiate on their own commission, that they would not work as hard for their client as someone who would not. Speaking only for myself, I would respectfully disagree because my work ethic is not determined by my commission, it is determined by my character. If I agree to accept a lower commission because my client has agreed to work with me to buy and sell their next home, I will do my best to look out for my clients best interest regardless of that agreement. Accepting that agreement binds me to do the very best I can in all that I do! I know that if I serve my client well and they make a successful transition to their new home, I get the satisfaction of knowing I did a great job for them. I also hope they would be able to recommend me to their family, friends and neighbors as an agent who is committed the highest quality work ethic and that I did my best for them every step of the way!... more
This is exactly why it is so important to find a good agent. If that was part of the contract between you and the broker, I believe the agent should have made sure you understood what would happen if the tenants backed out. Even if the deposit is "legally" the brokers commission, everyone can make an ethical decision of whether to keep it or let the landlord have it. Sorry you had such a bad experience with an agent. We are not all created equal!
Amy Suzor, Associate Broker
Cassidy & Company Real Estate
This may be able to be cleared up by the closing attorney when you sell. You should notify the closing attorney of the issue as soon as you have a binding agreement contract. There may be certain documents that will be required from you to do the paperwork, so you will want the attorney to know about it well in advance before the closing date.... more
First a short sale purchase can not be contingent on you selling your home. Second a short sale should not be considered approved until an offer is submitted, accepted, submitte dto teh bank for approval and approve din writing with no contincies by the sellers bank. The bank can approve a price ahead of time but that does not mean the short sale is approved. In a short sale purchase you can make it contingent uponm getting a mortgage and it will be contingent upon teh sellers bank approving the sale. Other than that adding contingincies may hinder your offer before it starts,.... more
Renting is a real viable solution right now. The rental market is really strong, due in part to all the displaced foreclosed families. The fees are very structured and straight forward. The listing Realtor gets the 1st months rent as a fee on a 12-month lease, or the 1st and 13th on a 24-month lease. The upside for you is that you get a fully screened, qualified renter. If you choose to have it professionally managed, the fee is generally 8-10% of the monthly rent. The upside here is that you have a buffer between you and a tenant.
I focus on this as a big part of my business. Feel free to contact me for more advice.... more
Dear Home Buyer in Georgia: It sounds like you are on the right track with the questions you are asking. My team and I offer a multiple transaction discount. We offer it on the listing side because the laws regarding buyer rebates are very restrictive and it is very easy to get into legal troubles as a Realtor by attempting to do those. Most lenders forbid them as they also have tricky legalities to deal with. Listing discounts, however, are still legal and we are very happy to be able to do this for our valued clients. The company I work for has a network of nearly 3,000 very supportive agents. In addition to giving your listing a second look when we are working with buyers, our agents will also come to an agent caravan at our invitation and will give us honest, written feedback regarding the condition and pricing of our listings. We pass this information along to the homeowner along with any suggestions for better showings. Lastly, storing those extra items in order to remove clutter is something we usually recommend. You are on the right track and I hope you will give us a call when you are ready to list your home. Good luck!... more
January sales data for metro Atlanta is in.
Agents' comments below are correct for the most part. The stats for your area are much better than the overall metro Atlanta area. Based on the last 12 months sales data, there is anywhere from 4.1 to 20 months of inventory for resale single family homes under $300,000 & much higher for homes over that price. The lower the price range the better the stats . Average days on the market for under 300k homes range from 60 to about 90. This is all good.
If we look at just January's data that's also good. For residential detached home sales in areas 112 & 113 (South Cherokee east & west of 575) there were 87 closed sales. 472 new listings also came on the market thus increasing the available inventory. Average days on market for those sales was 84 west of 575 & 124 east of 575. While homes are taking longer to sell they are still selling. It is worth noting that there were also 274 listings that expired WITHOUT selling & another 80 that were withdrawn from the market without selling. Subtract that from the new listings & we have an adjusted 118 new listings. Many of these "new" listings are expired or withdrawn listings that have "relisted". Average sales price was $196,512 west of 575 & $255,421 east of 575. Sales price to list price ratio was 95.6% east of 575 & 92.5% west.
This was just posted on our multiple listing service this past Friday. It will give you an overall picture of metro Atlanta & it is not very good.
We are starting 2009 the way we left off in 2008. There were 2,520 closings for all single family housing in January or a decline of 24.3% from January 08. We would have to go back to January 1998 to find a month with less closings than we had in January.
There were 2,220 closings for single family detached in January. This is a reduction of 22.1% from the same year ago period & the 29th monthly year-to-year decline out of the past 30 periods.
The average sale price for all single family closings in January was $181,799. You would need to go back to February 1999 for a lower average price. Januaryâ€™s average is also $90,000 below the all-time high from June 2007.
The average sale price for single family detached was $185,294 in January. This is 23.5% below January 2007â€™s average, 35% below the all-time high, and 19.4% below 08â€™s average.
There were actually a couple of positive trends to report. There were 6,511 expired listings for all single family in January. This is a large decline from January 08â€™s total of 7,619 expired listings & the 5th consecutive monthly year-to-year decline.
Withdrawn listings also declined year-to-year for all single family. There were 2,404 withdrawn listings for all single family in January 09 versus 2,906 for January 08. This was also the 6th consecutive monthly year-to-year decline for withdrawn listings for all single family.
The year-to-year drops for expired & withdrawn listings are the direct correlation to reduced inventories. For the first time since statistics have been recorded, the inventory level of all single family was lower at the end of January vs the end of December. This was also the 9th consecutive decline for all active single family inventory at the end of a monthly period. This is the longest streak since records have been kept, but with the spring season approaching it will most likely be stopped at the end of February.
Days-on-market was 96.4 for all single family closings in January 09. This was the 4th consecutive monthly year-to-year decline & was also 7.4 less DOM than the same year ago period.
This points to an upcoming shortage of homes in the under $250,000 price range & a significant increase in homes for sale over $300,000. Eventually prices in the lower price range will stabilize & start to rise as more & more buyers are forced by the economy to downsize & purchase in the low range. There will be less buyers in the higher price range forcing inventory & foreclosures higher & prices lower.
Bottom line, in my opinion, if you think you will have to sell in the next 3 to 5 years get your home in the best condition & get it on the market with a great agent ASAP to get the best price.