Not A Typical Summer

Well, after what seemed like an eternity waiting for the warm weather to arrive and stay, it’s here! And the real estate market in intown Atlanta continues to heat up along with the temperature, and shows no signs of cooling off.

Even the condo market, which has languished behind the single-family home market, has started to go back up. The current condo inventory is finally starting to clear out, and there are even new condo buildings on the horizon.

Normally at this time of year I am telling any client who is thinking of selling that we need to get it on the market as soon as possible. Generally, once the summer hits, the market gets pretty soft, due to both the hot weather and to people being on vacation. However, I have to believe that this is not going to be a typical summer in the Atlanta intown real estate market.

There is still a lack of inventory, and a backlog of buyers out there. It’s hard to imagine that’s going to change too quickly. We’re still seeing multiple offers on many properties, and homes selling within the first week or two of listing.

This boom is not without its issues. The bidding up of properties has caused many homes to go under contract at a price that a lender won’t appraise it for. Despite my argument that those deals represent true market value, the appraisers often feel their hands are tied by ultra-strict Fannie Mae and Freddy Mac guidelines. One thing that certainly has been proven during this transitional time is that cash is king. More buyers are figuring out ways to make a cash offer, even if they plan to take out a mortgage down the road. Given a choice of multiple offers, a seller is most likely going to go with a cash deal over one that requires financing. Paying cash, however, is not an option for the majority of the buying public.

Another thing to consider if your house is on the market now, or you will be listing it soon is your vacation schedule. There are a few things to consider before you go. It’s imperative that your agent knows how to contact you in some way while you’re away. A buyer is not going to wait around for two weeks to get a response to their offer. With most contracts being done using electronic signatures, all you need is some way of accessing the internet, even if it’s from a smartphone.

It’s also important to keep your home a comfortable temperature for showings, which may be a bit more difficult when you’re away. If you don’t have a programmable thermostat, consider asking a trusted friend/neighbor/Realtor to check on it periodically. The same goes for watering plants/lawns. Make arrangements ahead of time, so your yard looks fresh while you’re gone.

A good safety tip, whether your home is for sale or not, is to make sure to suspend any newspaper subscriptions while you’re gone, and have a neighbor or friend be on the lookout for any packages that may be delivered. Piled-up newspapers or packages on the doorstep are a sure sign that you’re away.

The good news in all of this is that, in my experience, offers tend to come in when either the sellers, the Realtor, or both are out of town. (Natch!) So, plan that vacation, and get your home sold at the same time!