Happy New Year!! Well, the McGowan Team here at Prudential Ga Realty survived in 2009! I only use the word "survived" because our industry saw a mass exodus from the real estate business and although it's never a good thing to see folks having to leave one business/job/profession and try to move to another, I'd have to say it's not all bad for this to have happened in our market.
Too many people/"wana be agents" think/THOUGHTbecoming a real estate agent was a way to make eeeezzzy money with little to no work and little to no emphasis on striving to enhance their knowledge and skills to become a true professional. In addtion, too many of these "agents" did not work to or even thought to build a true business that prepares for and survives( there's that word again) the cycles that almost all business go through. Well, some agents may have actually been able to make some $$ and get by, and think they were hot stuff along the way, by NOT being a professional during the boom years of 2001-2006 but guess what? Reality set in and slapped those who practiced real estate in this lackluster manner right upside the head! Way to go reality!
Being a 3rd generation Realtor, I've never viewed this profession, and real estate is a profession unless you were one of those aforementioned slackers, in this manner and most of my professional counterparts who continue to operate their real estate businesses today, never have either. It takes oooh so much more than a nice car and yard signs to be a true professional and I salute those in my market (those with my company and those with other companies)that continue to better themselves and their businesses in order to better serve their clients and our community as a whole!
Hold on....this blog post was about the impact that First Time Home Buyers had on the Atlanta market thru most of 2009 and especially in November! I got a little of course above but I'll get back on track!
Happy New Year and hope to hear from you soon!
The facts continue to show that first-time home buyers are getting more active in the national and local real estate market. The National Association of Realtors reports that 51% of purchases in November were first-time buyers. Remember, the definition of a first-time home buyer is ”a buyer who has not owned a primary residence in the last three years.”
Here in metro Atlanta, the story is similar. SmartNumbers reports that 43% of local buyers in November were first-time buyers. Their data shows that first-time buyers were 37% of the market prior to 2003. In 2003, we saw that new home prices began escalating and essentially started pricing these buyers out of the market. Now that prices have dropped, these buyers are able to afford properties that were previously unrealistic for them. In the 3rd quarter of 2009, we saw first-time buyers return to historically normal levels. Of course, the $8,000 Tax Credit and low mortgage rates are also driving this behavior. In November, we saw the numbers jump to 43% and would expect that momentum to continue to the spring market.
Atlanta 1st Time Buyers Return To Market!
One of the biggest obstacles for many first-time home buyers is the fear of losing their job. They know that there are fabulous properties available, low mortgage rates and tax incentives. But they are worried about losing their job and then losing their new home. Prudential Georgia Realty is pleased to offer Job Loss Protection which provides a “nest egg” of $10,800 to cover 6 monthly payments of $1,800 in the event of an involumtary job loss. Conatct your local Prudential Georgia Realty agent for details – and get started now! These low rates and exceptional properties will not be there forever. The clock is ticking on the $8,000 Tax Credit which expires on April 30th 2010. See our video channel for details of the Job Loss Protection program, Tax Credits plus other local real estate news – at www.AtlantaRealEstateChannel.com.