Spring Thawing for Real Estate Market?

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

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Welcome, Have a seat and we will get started.

February 26th, 2009 by Scott

Rain, rainbow and ice?!!?

Rain, rainbow and ice?!!?

Have you ever seen rain, a rainbow, and ice all at the same time?  An unusual phenomenon made possible by human error.
Wait isn’t this a real estate blog?   OK, have you ever seen low interest rates, shrinking home values, and a stalled housing market?  Also made possible by human error.  We are in the midst of an interesting crossroads of factors that effect each and everyone of our life’s.  The largest percentage of  American’s wealth is in their home, so how values go so goes our financial statements.  The importance of real estate to individuals, investors and companies is among the top financial concerns, even as we speak the financial talking heads say that housing brought us to this recession and housing will lead us out.  That importance is why I have launched Real Estate Farmer.
My name is Scott Farmer and I am a real estate profesional located in Atlanta.  I am a Mortgage Banker with Waterside Mortgage, a Commercial Lender with Waterside Capital, an individual investor who buys distressed properties and rehabs them, and a developer currently involved in a multifamily project in Decatur, GA.  Many different hats but all with real estate on the bill.  In my daily interactions (especially in this current economy) people are always asking, “Whats going on with ___________?”  This blog is here to look at the different aspects of the market and to share some ideas of whats happening and where we are headed.
My Dad always used a phrase, “A jack of all trades” and he would probably throw me into that box.  While I am involved in many areas of the real estate market, I have several trusted advisors I call on for direction and advice.  That practice will not change here.  In the coming weeks I will post articles written by agents, bankers, builders, goverment officials, and others all brought to the table to give you their organic advise about the real estate market.  In colonial Boston there was a street they called the ‘Change.  It was where people got together to exchange ideas, advise and news, that is what we will accomplish in this community.  While much of the subjects will be regional, national or general the emphasis will always be our Atlanta community.  Who should follow the post?  Anyone who counts value in real estate as part of their life.  If you derive income from, own, invest, or are just interested in real estate you have found a stop on the information super highway.  If that is you, pull up a chair, grab something to drink, and smoke ‘em if you gottem, lets get started.
 
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