March 18th, 2009 by Scott

Long has been the winter of our discontent.  Well maybe things are changing.  An article by Michael Kanell and Kevin Duffy in the Atlanta Journal-Constitution reports a 22% rise in new home starts.  The activity was centered around multifamily construction but also saw a rise in single family homes.  Discussions with several Realtors I have had in the Atlanta area shows some promise. 

Chip Ivie is a realtor with Keller Williams Metro Atlanta and he is guardedly optimistic, “Spring is always the top selling season and this year is showing a spring thaw in activity, but we will have to see activity carry through summer to start thinking things are turning around.”  Chip says, “The old advice is still the best, be priced right for the market, and make sure the home shows excellent, there are too many homes for sell and you have to make sure your’s stands out.”

Investors are beginning to asorb some of the foreclosures and distressed properties.  On one hand this helps reduce inventory but on the other short or distressed sales prices drive down appraisals in the area.  Investors are also facing problems with finding funding for purchase and rehabs of these properties which is leaving cash as king.

You can find the AJC article at http://www.ajc.com/business/content/business/stories/2009/03/17/housing_starts_atlanta.html

Scott

atlanta, bank owned real estate, Chip Ivie, home buyers, home prices, home sales, home sellers, real estate investing, real estate market, scott farmer, shortsales, toxic assets