Atlanta Housing Outlook 2009

As we are recovering from the holiday season, many of us in metro Atlanta are wondering when the housing market will return? With inventory numbers at 75,000 homes and condos for sale it would look like a stronger market is coming. Atlanta is recovering and good things are happening.

With a foreclosure rate increase of 80% from 2007 to 2008, Atlanta's metro counties have received funding from HUD to revitalize communities. These counties which have received these funds are Cobb, Dekalb, Fulton and Gwinnett. Gwinnett received 10 million dollars and has allowed non profit and for profit organizations to apply for a grant to receive funding to purchase and rehab homes in Gwinnett county. Taking these homes and repairing them will do nothing but better Gwinnett County. Though our unemployment numbers are high, I predict that over the course of 2009 we will see these numbers decline. All we need to do is hang in there.

Margo and I are asked is this a good time to sell? Yes. We have less homes for sale. So if you are needing to move give us a call. Happy 2009 to everyone!

RENTAL FRAUD ON THE RISE!

I was listening to Clark Howard yesterday and heard of a scam that I wanted to share with you. If you are in the market for rental property....please do your research on the leasing agent and property. Folks are leasing foreclosed and vacant property that is not there's to lease! The scam is a leasing agent arrives to a vacant home, leases the property with a first and last month's rent. Months can pass by and the proper owner, usually the bank, evicts the tenant.

If you are looking for a rental here are a few tips to protect your $$.

1. ask agent for their license pocket card. As a licensed agent I am required to carry a pocket card. The card has the agent's license number, broker information and the seal of The State of GA. You can also check any agent's license information by visiting The State of Georgia Real Estate Commission.

2. Check tax records. Most counties in GA have their tax records online. This information will give you the proper owner's name and mailing address on record with the county. Visit qpublic.net to be linked to the county tax assessors office. Some of the information is a couple of weeks behind so you can always call or visit the clerk of court. Remember this is public information and you have the right to review it!

3. Last but not least....review the lease. Try to have the lease executed on a Georgia Association of Realtors form.

Interest Rates on Mortgages may drop!

Looking for the ultimate Christmas gift? Look no further. Predictions are that the US Treasury will drop interest rates to 4.5% for a 30 year fixed mortgage. Rates haven't been this low since 1992. Some of the National Building companies like Plute, Ryland stock increased yesterday by as much as 15% with the mention of this rumor. Stay tuned to see if this will turn to fact. My prediction is that it will and for those thinking of buying now will be the time. Building permits in metro Atlanta are down by 75% and builders are not building spec homes forcing inventory numbers to decrease...yes making prices increase in the second quarter of next year.

The housing market is the backbone of the US economy. If the treasury can jumpstart it this economic downturn won't last very long.

Stay tuned....