Lesley and I both are  proud members of the Atlanta Board of REALTORS®  I had the pleasure of attending a recent Atlanta Board event.  One of the topics was “What is a REALTOR®?”  Before I became a real estate agent, I just assumed that everyone was considered a REALTOR® if they were in the business.  I would also sometimes refer to these people as Real-a-tors.  It wasn’t until I became a REALTOR® that I really realized what this designation means to me and to the people who utilize my services.  I quickly learned that real-tor is the correct pronunciation, that it is spelled in all caps, always had that circled “R” symbol, and that actually being a REALTOR® was different than being just a real estate agent. 

All real estate brokerage houses don’t require the membership of its agents in a Board of REALTORS®.  Our Keller Williams offices require it with no questions asked.  Now, why would they be so insistant on its affiliates joining? 

1 - Code of Ethics - the REALTOR® Code of Ethics is at the forefront of the REALTOR® designation, and it provides an important difference to consumers.  All real estate agents are required to understand and operate under state mandated licensing laws, but only REALTORS® are held to a higher standard.

2 - Accountability - The Atlanta Board of REALTORS® mitigates disagreements and conflict between its members.  A violation of the code of ethics and a member finds themselves facing harsh consequences such as fines, suspension of Board membership, suspension of MLS access, etc.  This sort of accountability amongst the members creates a self policing that makes all of its members better.

3 - Community - the Board has a long-standing history of supporting the local community. In the past several years, the Atlanta Board of REALTORS® has sponsored building several Habitat for Humanity homes through the Atlanta Chapter.

4 - Awareness - membership in the Atlanta Board of REALTORS® places an agent in one of the most powerful and influential grassroots lobbying efforts in the country related to real estate issues affecting the industry.

5 - Networking and Exposure - by being a member, your listings appear on one of the heaviest searched site for homebuyers in the nation, www.realtor.com.  In addition, through various networking and educational opportunities members are able to promote their business and listings to their colleagues in a professional manner.

These are the top 5 benefits of being a REALTOR® as I see it, and why every agent should seek this designation.  It kind of makes you wonder about those who aren’t members, doesn’t it?  The more pressing question is always, “What’s in it for ME?”  I understand that everything I do and say should probably be followed with a “So what?” 

Here’s what’s in it for you and why you should use a REALTOR®:

Educated students of real estate law who understand the law and work to ensure you have the safest transaction possible.

Ethical leaders who understand and are willing to do the right thing even though it may mean more work on their part.

Community minded people who understand that a home is more than a place to live.

Politically active advocates for the real estate industry, helping to protect all of our investments.

Well connected professionals always searching to expose you to more than the average agent.

Lesley and I would love to show you the benefits of having a REALTOR® on your side first hand.  We want to be the difference maker in your real estate transaction.

The Peters Company’s latest listing is a beautiful, like new townhome in Norcross.  Many thanks to Emily for giving us an opportunity.  Emily found us online, as so many of our clients do.

 Best value in neighborhood • Move-in ready • Neutral paint colors throughout • Kitchen features stained cabinets, island, like new black appliances,  & pantry • Open floor plan with large family room/dining room combination • Gleaming hardwood floors on main level •  Sturdy, neutral berber carpet on 2nd floor • Expansive master with vaulted ceiling • Large 2nd bedroom perfect for roommate  floor plan  • Great exterior storage closet • Private patio •  Come home to this quiet community conveniently located to I-85, I-285, and Hwy 78 • Seller will pay 6 months HOA fees

Keller Williams produces and distributes very useful information.  The video included below is a nice review of the national market for the month of October including statistics and in depth analysis.  I encourage you to take a look if you are interested in the macro view of the real estate market.  Keep in mind that our goal is to ALWAYS keep you up to date with the micro view in the metro Atlanta area.  You will see local statistics scattered between here, our mailings, our email updates, our Facebook update group, and our Active Rain blog.

Perhaps one of the greatest statistics:  If interest rates go up 1% that represents a 10% increase in the purchase price.  Interest rates are incredibly low and fell again last week.  Don’t wait too long to take advantage of this prime opportunity to buy your first home, your first investment property, or move up.

My business card reads Realtor, not Psychic.  Nobody knows when the turnaround will occur in the real estate market for sure.  It’s been said that you don’t know when you’ve reached the bottom until things start to go back up again.  On a national level, I’ve heard “experts” say the end of the first quarter.  I’ve heard middle of the year.  Economists at the National Association of Home Builders semi annual forecast conference suggested that home prices will hit bottom in the middle of next year as a result of increasingly affordable prices, new home incentives, fewer housing starts, declining interest rates and pent-up demand (Wall Steet Journal, June Fletcher 10/29/08).  We really are blessed in Atlanta.  Recent data from ChartMaster is positive suggesting a turnaround is ocurring right now in metro Atlanta.

Home inventory in the metro area appears to have reached a bottom.  The months supply of homes has come down every month since July of 2008 after a steady climb at the beginning of the year.  Do you see the bottom?

The rate of decline in number of homes sold vs. the same quarter one year earlier accelerated during early 2007.  However, the rate of decline from the previous year reversed after the first quarter of this year.  Do you see the bottom?

All we can do is deal with the hands we are dealt.  Make lemonade out of lemons.  Make mole hills out of mountains.  Put on our big boy drawers…Whatever cliche you want to use.  The good news is that it can’t get much worse.  The election will most likely bring some stability to our economy, no matter who is elected.  Rates will go up a little further in the very short term and then fall in the long term once the dust settles in my opinion.  The government is trying to spur on refinances of troubled mortgages, which should help stave off a percentage of the foreclosures rushing through the market.  In the meantime, be opportunistic if you are a buyer or investor, and if you are a seller, play the percentages and think like a buyer.

As always if we can help you in any way, it would be our pleasure.

When a home goes on the market that is overpriced, the market rejects it and it fails.  A failed listing can come as a withdrawal from the market or an expired listing.  Either one is not good if your goal is to sell your house.  Most of the time a “re-list” is accompanied by a price reduction, more time on the market, and further frustration. 

Here are the ChartMaster statistics showing failed listings in Metro Atlanta over the last three years:

3rd Quarter 2006 - 47.8% of listings failed

3rd Quarter 2007 - 62.5% of listings failed

3rd Quarter 2008 - 66.9% of listings failed

With the trend going up, it’s a black eye for our industry.  It shows that more and more people are pricing their homes too high.  Maybe its caused by denial.  Maybe its caused by greed.  Maybe its caused by real estate agents who don’t know the statistics.  I think it’s a little of all three.  We all need a good dose of reality.  As mentioned before, you can’t play to the possibilities in this market.  You have to play the percentages.  Selling homes in this market is not difficult, although it’s more difficult than before.  People are still buying homes, but you have to be well priced to attract buyers and you have to be “best dressed.” 

Now more than ever you need a realtor to sell homes, and you need that realtor to be realistic and proactive.  The Peters Company has built a reputation for selling homes in the least amount of time (30 day average days on market in 2008) for the most amount of money (96.6% of sales/list price in 2008).  How do we do this?  It takes the right statistics and the right reaction to those statistics along with a dedication to overservicing and overdelivering.  We tell all of our clients when they have chosen to do business with us that it’s always “us” against the market.  If we can beat the market, it’s a win for our clients and it’s a win for us.  Let us show you how we do it.

I was fortunate enough to be in a meeting today with our Operating Partner Shaun Rawls.  In the meeting Shaun shared with us the 3rd Quarter Market Statistics for the Metro Atlanta area.  I’ll be weaving some of those statistics through online blogs here, on the Metro Atlanta Real Estate Update on Facebook, as well as our mail pieces.  By the way, if you ever want to be added to our mailing list, simply shoot me an email.  We’d love to stay in touch with you, keeping you up to date with the market.

Everyone knows this is a buyer’s market, but what if you have to or JUST WANNA sell your house?  Lesley and I are going on at least 2 listing appointments per week, but we don’t take every listing.  We truly believe in being honest with our sellers, and we would much rather turn someone down than let them down by taking an overpriced listing.  We know that when property is priced right that it not only sells, but that it sells for more than a property that is priced high taking a price reduction.  Now, more than ever, you need a realtor who knows the stats, knows how to professionally market your home, and who is prepared to shoot you straight on your home’s value.  Now is not the time to “try” the market.  It’s brutal, and it will make you look pretty silly.  Now is not the time to play in the possibilities of what you may get for your home.  You have to play the percentages.  You have to have real statistics to price with in order to even get a whiff of activity, much less get your home sold.  In the 3rd Quarter, nearly 67% of listings failed, meaning they were either withdrawn or expired.  51% of listings needed a price reduction before they sold last quarter, and of the homes that sold nearly 1 in 5 was a foreclosure.  Yikes! 

Don’t choose a real estate agent because they give you a price that’s higher than all the rest.  Chances are they are setting you up for failure in this market.  Choose a real estate agent based upon their plan to sell your home.  Keep in mind that until your house sells you’re not a seller.  You’re a tryer.  Don’t be a tryer.  Be a seller.  Sell your home, and let us show you how.