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Anticipated Drop in Pending Home Sales Come True

by the zac team at Ponce Realty

Hello neighbors,

According to the National Association of Realtors, pending home sales took an anticipated dive after the expiration of the home buyer tax credit.

The Pending Home Sales Index experienced a 30% drop to 77.6 based on contracts signed in May 2010 in comparison to April's number of 110.9. In addition, this number is 15.9% below May 2009's average of 92.3.

This data from the NAR is actually based on contracts and not closings. However, many closings have been delayed due to factors such as a rush of buyers due to the tax credit and the dragging process of short sales. Approximately 180,000 buyers who signed contracts by April 30th may have missed the tax credit deadline's closing date of June 30th, however a recent extension from Congress will expand the closing deadline for delayed contracts.

Some industry experts feel there's a good chance for prices to start accelerating in the upcoming years if the already existing low levels of new home construction continue for the next year or two.

Stats:

The PHSI in the Northeast fell 31.6% to 67.0 in May and is 14.8% lower than May 2009. In the Midwest the index dropped 32.1% to 70.8 and is 20.2% below a year ago. Pending home sales in the South fell 33.3% to an index of 82.5, and are 14.4% lower than May 2009. In the West the index declined 20.9% to 85.3 and is 15.1% below a year ago.

Metro Atlanta Housing Shows an Increase in Pricing on Existing Single-Family Housing

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Brief overview of metro Atlanta Housing

Recent reports from the National Association of Realtors showed an increase in pricing on existing single-family housing in metro Atlanta to $124,900 last month.

This number showed a 3% increase in comparison to April 2010's median sales price of $120,800. In comparison to a year ago, May 2009's median sales price was $121,000 in metro Atlanta.

In addition, the number of metro Atlanta homes sold also showed an increase of 9.3% in comparison to May 2009.

Existing Home Sales Showed a Steady Pace throughout the Month of May

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Existing home sales, which are defined as completed transactions on single-family, townhomes, condominiums and co-ops, seem to have remained at a pretty steady level throughout the month of May according to the National Association of Realtors.

For the month of May, existing home sales came in with a seasonally adjusted annual rate of 5.66 million-units. This number was down 2.2% from an upwardly revised surge of 5.79 million-units during the month of April. In addition, May 2010's closings are 19.2% above May 2009's 4.75 million-unit level. Sales were revised to show an 8.0% monthly gain in April.

As for the national median existing-home price for all housing types last month, $179,600 came in as the magic number which was up 2.7% in comparison to May 2009. Distressed homes took up 31% of sales last month which was a decrease from April's 33% which was the same as May 2009.

There was a decrease of 3.4% in total housing inventory by the end of May giving a total of 3.89 million existing homes available for purchase. This number produces an 8.3-month supply at the current sales pace. The previous month of April produced an 8.4-month supply. In addition, there was a 1.1% increase in raw unsold inventory when compared to May 2009 however this number is still 14.9% below July 2008's record of 4.58 million.

In reference to single family homes, there was a decrease of 1.6% to a seasonally adjusted annual rate of 4.98 million last month from April's 5.06 million. Despite the decline, this number is still up by 17.5% in comparison to last year's number of 4.24 million during May 2009. Last month, the median existing single-family home price came in at $179,400 last month which was an increase of 2.7% in comparison to last year.

As for condos and co-ops, existing sales dropped 6.8% to a seasonally adjusted annual rate of 680,000 from April's 730,000. The median existing condo price for the month of May was $181,300 which is a 3.4% increase from last year's number.

4 Tips for First Time Homebuyers to Follow During a Professional Home Inspection

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

With factors such as the now expired first time home buyers tax credit and historically low mortgage rates, many Americans are being drawn to the housing market and deciding to purchase for the first time. According to the National Association of Realtors (NAR), almost half (47%) of the homes purchased last year were purchased by first time buyers.

Of course buying a home for the first time can be both exciting and scary. Therefore first time purchasers should do as much research as possible before making that major decision. In addition, one major action that proves to be extremely educational for first time buyers is a professional home inspection. Home inspections provide the potential owner with information regarding the home's systems and can also be used as a tool in negotiating the home's price. Here's a list of things for those who are purchasing for the first time to be aware of during a professional home inspection.

Inspect the Inspector

Make sure you do your homework when searching for a home inspector. You would need to look for someone who possesses accreditation and a superb reputation. Make sure to ask questions such as: How long has the company been in business? It is also a good idea to find out about the inspectors formal training and continued education. You should also verify that the inspector possesses personal liability insurance or "Errors and Omissions" (E&O).

Ask for a sample of the report

You should want to see a sample of the report to verify that the quality is both professional and concise. A good quality report will consist of pictures and details regarding the home's systems and accessible elements. A poorly prepared report will not be taken seriously by the home seller.

Inspect ancillary systems

Because many first time buyers are not fully aware of what inspections are needed, many companies will offer you additional services at a discounted rate. For example, if you're looking to purchase a home with a septic system, a professional company may be able to offer septic system inspections. Termite inspections, mold screening, and water/radon testing are other common inspections offered by professional companies.

Go along on the inspections

Find out if the company will allow you to tag along for the inspection. If a company doesn't agree to this, find another one. Home inspectors can also show the home buyer how to operate different systems of the home and can also provide valuable tips on how to save energy and etc.

2009 Realtors Conference & Expo

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

As you know, our team is always learning and staying on top of the latest real estate news and market changes to ensure we are qualified to better serve you.

With that being said, we are pleased to announce Zac Pasmanick's attendance at NAR's 2009 Realtors Conference & Expo in San Diego, California. This year's theme was Chart A Winning Course. For the first time in San Diego, this year's conference & expo focused on how to achieve success in the real estate market for the year 2010. This year's speakers focused on the latest topics affecting today's real estate market.

Zac had the opportunity to hear a variety of speakers which included: Daniel Shapiro (Dealing with Emotions in Negotiation: Five Practical Tools) who focused on how to deal successfully with the five core emotional concerns which has a direct impact on the success of your negotiations, Paul Martinelli (Seven Levels of Decision Awareness) who introduced the seven levels from reactive to responsive and ways to introduce change, Tara Hunt, author of The Whuffie Factor, Using the Power of Social Networks to Build Your Business (Whuffie for Real Estate Professionals: How Social Capital Sells) who focused on the effect of online communities and community marketing relationships and it's impact on our culture and businesses, and Sugar Ray Leonard (Chart a Winning Course) who's dialogue consisted of metaphors and references to being a winner inside of the boxing ring as well as being a winner in real estate.

With 150 sessions and 400 exhibitors, Zac gained a plethora of knowledge during the 2009 Realtors Conference & Expo and we here at the zac team look forward to absorbing as much knowledge as we possibly can.

Economy and the Housing Market, Looking Pretty Good

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Looks like the economy as well as the housing market may actually be on the rise based on the latest from the National Association of Realtors.

This rise is largely in part to the extension of the first time home buyers tax credit which has had a much larger impact than expected. It is now estimated that there will be between 2.3-2.4 million first time home buyers by the end of the year.

According to a study by the NAR, there has been a 6 percent increase in first time buyers purchasing homes, with 47 percent this year and only 41 percent who purchased homes last year in 2008.

It is expected for existing home sales to reach 5.01 million dollars this year which is a 2 percent increase compared to last year. The expected existing home sales forecast for 2010 is 5.69 million which will be an increase of 13.6 percent.

In addition, the NAR also reported that the 30-year fixed - rate mortgage will average approximately 5.3 percent in the fourth quarter and is expected to rise to 5.8 percent by December 2010.

Tax Credit Coming to an End?

by the zac team @ RE/MAX Greater Atlanta

Hello, neighbors!

Many of you have already heard about the $8000 tax credit for first time homebuyers, and many of you have taken advantage of the great opportunity it represents. For those who haven't, time may be running out.

The plan, as it stands, requires buyers to buy before December 1st, 2009 in order to receive the credit, but the National Association of Realtors is making a case for the extension of this successful program by releasing this video.

Rob Arnold, of Sand Dollar Realty Group in Altamonte Springs, FL, offers up his doubts about the efficacy of the program in his recent blog post.

Whether or not the program is extended, the program will continue to apply to all qualified closings before December 1st, 2009, so act now or you may lose your chance!

As always, whether you're a first time homebuyer or you're looking for your next  home, it's a pleasure serving your real estate needs!

National Association of Realtors' response to the Obama administration's propsed budget

by the zac team @ RE/MAX Greater Atlanta

Below is an email sent out from the president of the National Association of Realtors (NAR) expressing concern over the possible future adjustments to the tax write-off of interest on mortgages for families who earn over $250,000. We wanted to share it with our Atlanta, Decatur, and Buckhead neighbors as well!

You may have seen news reports about President Obama’s budget proposal that was released today at 11:30 AM Eastern Time. A small section of the sweeping budget plan has the potential to become a major impediment to a recovery in real estate markets across the nation. NAR is 100% opposed to the provision that modifies the Mortgage Interest Deduction and is prepared to use its formidable array of resources against its enactment.

As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.

As you read this NAR is launching a multiphase plan of action to eliminate this provision from the budget plan. In the next 24 hours, NAR will be expressing our concerns directly to President Obama, to all members of the United States House of Representatives and the Senate, placing advertisements in the publications read by Washington, DC decision makers. Additionally, NAR will be forming a coalition with other groups affected by this proposal.

This communication is the first part of our response, we will continue to update you as the situation and events warrant.

Sincerely,
Charles McMillan Signature
Charles McMillan, CIPS, GRI
2009 NAR President

Quick reference for the new first-time home buyer tax credit!

by the zac team @ RE/MAX Greater Atlanta

We at the zac team would like to share with you a quick reference chart for the new first-time home buyer tax credit! Click here for the chart from the National Association of Realtors that gives you a side-by-side comparison of the previous $7,500 tax credit versus the $8,000 one recently passed.

Zac Pasmanick attends the Bill Barrett Superstar real estate workshop

by the zac team @ RE/MAX Greater Atlanta

Zac Pasmanick of the zac team @ RE/MAX Greater Atlanta attended the annual Bill Barrett Superstar Workshop at the National Association of Realtors convention in Orlando on November 4th, 2008.

 

Bill Barrett is an international real estate speaker who brings together agents from all over North America once a year to share their latest ideas and systems to give buyers and sellers better services.

 

The average agent only sells 7 to 13 homes a year, but Barrett only accepts agents into his workshop that sell more than 100 homes or $40 million in annual sales.

 

Zac was selected nationally as one of the top agents from the Atlanta area to participate in this once a year sharing event.

 

Stated by so many of the participants, “This is the best day I spend in real estate every year because I get the best ideas from the very top agents in the nation.”

 

“This is one more way to give the best possible services to the home buying and selling public,” says Zac. “I am privileged to be invited as representative of this great profession.”

Displaying blog entries 1-10 of 10

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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