The Real Scoop on Atlanta Real Estate

Prudential Georgia Realty On The Air – WDUN 550AM

ATLScoop — Thu, 26 Aug 2010 17:45:25 +0000

Dan Forsman President and CEO of Prudential Georgia Realty was the special guest today for “The Local Hour Show” hosted by Katie Highsmith on WDUN 550AM. Dan shared insights on the local real estate market and some insightful forecasts for future trends.

This week has produced some major news for the national and local real estate markets.

NAR reported that existing home sales dropped 27% to levels not seen since May of 1995.
The Commerce Department reported that new home sales dropped 12% to the lowest levels on record.
Trendgraphix reported a 37% year-to-year decline in closings for all FMLS counties in July.
The Atlanta Journal Constitution reported today that only 5,000 new jobs have been created this year and unemployment is expected to remain above 9%.

Those are some gloomy numbers. Did you know that the atlanta real estate market is about the same for year-to-date closings as last year? The market is not really as bad as it may sound. In fact, the article that was published by the AJC forecasts a major rebound in new jobs for Georgia in the next two years with over 60,000 in 2011 and 78,000 in 2012. Demand for our real estate will be strong. We will work through our inventory of foreclosures and short sales. We will even see a seller’s market in a few years!

So what does all this really mean? Where is all this going? Should consumers be buying now? Dan has some interesting perspective to share. Just click on the audio player below to hear the broadcast.

Big Changes In Appraisals For Atlanta Real Estate

ATLScoop — Wed, 16 Sep 2009 21:07:49 +0000

Consumers are often confused by the process used by appraisers. The podcast included in this post includes an interview with Scott Murphy of D.S. Murphy & Associates. Scott is one of the most respected appraisers in the industry. He has personally performed over 17,000 appraisals and was appointed to the Georgia Real Estate Appraisers Board.

Scott estimates that Atlanta home values have dropped by 10-25% since the peak in July of 2007 depending upon your local area. As always, real estate is local and every market is different. Scott suggests that many of our local markets are now stabilizing and showing some signs of recovery. However, that may not be reflecting in the appraisals used by lending servicers.

Scott discusses big changes with the new HVCC process and the new 1004MC form. He also makes specific recommendations for sellers and real estate agents to impact the process.

Prudential Georgia Realty agents are receiving specific training on this process and using the right information tools for CMAs (competitve market analysis) and the 1004MC forms.

Significant Changes That May Impact Closing Timeframes

ATLScoop — Wed, 05 Aug 2009 20:35:54 +0000

New rules for the Truth in Lending Disclosures associated with all resident real estate mortgages could dramatically impact the timeframes for closings. These changes are part of the Housing and Economic Recovery Act of 2008 and are effective beginning July 30th, 2009. Real estate agents must be aware of these changes and properly advise their buyers and sellers. This is an excellent example of the value that a skilled real estate agent can deliver for their clients. The consequences of these new rules could cost consumers hundreds or even thousand of dollars. Prudential Georgia Realty agents have received special training and are well-prepared to advise their clients in negotiating successfully in this new environment. We have prepared special contract stipulations and provide ongoing updates as additional changes are announced.

This audio podcast provides a detailed review of the new changes and some of the considerations for buyers and sellers.

Just Click on the Audio Podcast to hear the Interview with Melissa Hancock from SunTrust Mortgage

We have also attached a flyer that gives a brief summary of the new changes. If you have additional questions, please contact your Prudential Georgia Realty agent or contact us by leaving a reply at the end of this post.

Click This Link To Download The Informational Flyer