"REAL" Real Estate In Athens, Georgia

$8,000 First Time Buyer Tax Credit ... Please Explain???

2009-03-25T07:04:00.004-04:00

One of the best homebuying opportunities you'll ever see is available right now, and most people don't really know it (or believe it).

In an effort to spur economic growth and revive the housing industry, the US Government is offering an $8,000 tax credit for homebuyers that purchase a home in 2009. I've offered below a comprehensive (yet, in Lehman's terms) explanation of the rules and regulations. Please click on the link below to download the file, and call or email me anytime with additional questions after reviewing.

Tax_Credit.doc

If, after reading the file, you agree that 2009 is the right time for you to buy your first home in Athens, GA or the surrounding area, please visit our Athens, GA real estate website for a free personalized list of homes matching your search criteria.

Athens, GA Named as top-25 Place to Visit by LA Times

2009-03-19T08:04:00.004-04:00

So, people across the country are taking notice ... Athens, GA is getting exposure nationwide as a great place to live, and a must-see place to visit.

Recently, the LA Times named Athens as the # 24 place to visit on their "29 Destinations to Visit in 2009" feature article.

Listing the historical preservation, the music and arts scene and the uniqueness of Athens, GA Real Estate, the publication suggests that the town is "not sleepy and all musty history". Those of us that live here know that already, but it's great to see others taking notice.

Deal of the Week!

2009-03-12T21:46:00.005-04:00

Occasionally, as I tour dozens of Athens, GA properties each week, I come across a few that I think stand out as extraordinary deals. As a service to my blog-readers, I'm going to feature a property each week that I think is worth some serious consideration if you invest in real estate. Yeah, I know what you're thinking ... I'm just trying to sell my listings, right? WRONG. The properties I feature will not be my listings, and nobody is soliciting my endorsement ... these are truly properties that I'd buy if I were in a position to do so.

Featured Property 03/12/09 - 541 Morton Road, Athens, GA

Literally right next-door to UGA campus, this one is a no-brainer. This 5-Points property is a traditional brick ranch with 3br/2ba on the main level, but the value here is the basement. The property has two 2br/1ba apartments in the basement, giving it (7) bedrooms total. In an area where traditional rent rates are around $500 per bedroom, this one should produce between $3000-3500/month gross income fairly easily, and renting it shouldn't be a problem, given it's unbeatable location. Priced at $375,000, the numbers work on this one. This property is listed by an agent in my office, but I'm not the listing agent, and don't personally represent the seller.

If you're interested, please email or call me anytime ... I've run a complete spreadsheet with all the figures, and I'd be happy to show you the property anytime.

Homes in Athens, GA Covered by Snow

2009-03-05T07:18:00.004-05:00

It's a rare occasion here, but homes in Athens, Georgia and the surrounding area were covered by 5-10 inches of snow over the weekend.

At my house (pictured here), we had around 6 inches, but I've heard stories of 8-10 inches from owners at neighboring Madison County homes.

It was alot of fun while it lasted, but the last few days has been difficult to manage with power outages and icey roads. But, on second thought, a loss of power forces us to slow down our frantic pace, which is a good thing - so long as it's occasional, I welcome the snow, and the temporary change of pace it brings.

New Stimulus Plan Doesn't Do Much For Real Estate

2009-02-15T21:35:00.002-05:00

The very industry that most believe pulled down the economy didn't get much attention in the recent $789 million economic stimulus plan passed by Congress last week.
The Senate had originally proposed a $15,000 tax incentive for homebuyers, but it was watered down before the bill passed. Now, homebuyers that buy before December 1st, 2009 will receive a tax credit of $8,000 instead ... and, the revised incentive is only available to first-time buyers.
There are several other minor
Personally, I don't agree with the stimulus package in general, but if the money was going to be spent, it would seem that more attention would have been paid this "problem area".

Rental Rates in Athens, GA

2009-02-12T13:20:00.004-05:00

My firm, Atlas Real Estate Advisors, has recently been working on a market study to determine rental rates for student-oriented real estate in Athens, GA.

I remember just 10 years ago when I was a student, $250/bedroom would go a long way towards a reasonable rental unit, but times have changed. Based on what we discovered in our market study, the range is now $250-750 per bedroom, with variations caused by numerous factors. Obviously, location is important, along with quality, age, amenities, etc. Another trend is that cottage-style detached rentals have stolen market share from the more traditional apartment mega-plexes. And, the fewer # of bedrooms a unit has causes the price per br to go up ... a 1-bedroom might be $750/mo in the same complex as a 2-bedroom for $500/mo per bedroom.

Newer properties such as The Summit, The Lodge, The Retreat, The Verandas, etc average out in the high $400's per bedroom, while some of the older units (the ones that were popular when I was in college) like Woodsong, Whistlebury, River Club, Polo Club, etc are now in the $300's per bedroom on average.

If you'd like more detailed information on the report we've compiled, please email or call me anytime to discuss.

Deals, Deals & More Deals

2009-02-04T15:01:00.004-05:00

As a Realtor in Athens, one could easily assume that times are slow for me right now ... not the case! Home values have leveled off and declined in some instances, and traditional home sales are not selling at the frantic pace of a few years ago ... BUT ... transactions are still taking place out there.
Investors are buying up distressed and foreclosed properties in Athens, and traditional homebuyers are realizing value in the current low financing rates and rock-bottom pricing.
There are certain segments of the market still struggling (new construction, land, development), but this is a great time of opportunity for anyone considering a purchase. There are soooooo many deals out there right now!
Please call me anytime if you're considering real estate in Athens, GA or the surrounding area ... I'd be happy to provide you with a detailed market study and list of the best deals available matching your criteria.

Obama's Impact on Real Estate

2009-01-20T20:28:00.003-05:00

So, the honeymoon will be over soon, and newly-elected president Obama will have to face a variety of economic issues currently facing our country. The current housing market should be at the top of the priority list, as it takes the blame for most of our current economic woes. Here's a few items that are sure to be on the agenda:

many people are calling for more regulation in the banking and housing industry ... at the same time, most people agree that lenders have to start lending money again for the economy to rebound ... achieving a balance may be difficult
FHA programs are in disarray and conventional lenders may be better equipped to manage the risk of new loans. Some attention should be paid to these private lenders in rescuing the market ... not just the government-backed programs
foreclosures are at an all-time high, and Obama may choose to use government power in forcing them to focus on modifications to slow the foreclosure trend. He mentioned in the past the possibility of imposing a moratorium on foreclosures, and this will be tricky
decisions must be made on how to include housing industry in economic stimulus packages that are sure to follow in coming months

Experts believe that Obama's administration will make the housing market a priority ... only time will tell how effective the new policies will be.

2008 Year-In-Review

2009-01-04T16:53:00.005-05:00

Statistics don't lie ... 2008 wasn't pretty for real estate, and Athens Realtors were not spared. My personal production was not off much, but the overall sales statistics are tough to swallow (See chart above for residential sales production. Statistics taken from Athens, GA MLS and include Clarke and all surrounding counties).

I broke down the numbers by price range, but the total figures are staggering ... 3605 total sales in for just over $666 million in 2007 ... only 2451 sales for approximately $452 million in 2008. That's a 30+ percent drop in number of units sold and gross volume sold.

Let's all wish for a Happier New Year in 2009 (-:

What is an EMC?

2009-01-02T14:30:00.004-05:00

If you've ever owned real estate in Athens, GA or the surrounding areas, you're probably familiar with companies like Walton EMC and Jackson EMC. But, do you really know the difference between an EMC and other companies, such as Georgia Power?

EMC stands for Electric Membership Corporation ... these are not-for-profit utility service providers that are operated as a cooperative, owned by those that receive their services. The "profits" made by these companies are returned to the customers as capital credits (I just rec'd one for $15 from Walton EMC last month at my personal home).

The service provided by EMC's is comparable to that offered by larger privately-owned firms, although the coverage areas are often limited to particular regions.

If you're considering buying or selling Athens, GA real estate and want to know what utility providers are available at a particular address, please let me know - I'll gladly email you back a detailed list.

Happy New Year!

2009-01-01T22:10:00.002-05:00

One of my new year's resolution is to read more ... not very exciting, huh? I just came the realization that I spend too much time in front of a computer and mind-numbing TV, so I'm actually going to pick up a few books this year.
The first book I'm reading is "The Seven Habits of Highly Successful People". The author suggests that we read the book as if we had to teach a lesson on it after each chapter, so I'll share some tid-bits that I find interesting here on my blog.
The first habit taught is "Be Proactive". Basically, don't let your atmosphere control you, but rather take control of your own decisions and actions. The author highlights a fundamental belief of mine that "our behavior is a function of our decisions, not out conditions" and that we should be proactive, not reactive, in life and in business.
In the new year, I'll apply this principle to my real estate business by not using the soft market as an excuse for failure. Instead, my goal is to focus on what I can control and make 2009 a year to remember!

What Real Estate Ads Really Mean ...

2008-12-12T14:12:00.004-05:00

As someone who writes most of my own ads, I found the following description of commonly-used marketing terms pretty funny ... the next time you're looking through the classifieds, refer to the following to determine what agents are really saying ...

CHARMING - Tiny. Snow White might fit, but five of the dwarfs would have to find their own place. Same for "Cute," "Enchanting," and "Good Starter Home."
MUCH POTENTIAL - Grim. Steer clear unless you have a lot of money. See "Ready to Rehab," and "Fixer Upper."
UNIQUE CITY HOME - Used to be a warehouse.
HI-TECH/CONTEMPORARY - Lots of steel shelving with little holes - the kind your dad used to store tools on in the basement.
DARING DESIGN - Still a warehouse.
COMPLETELY UPDATED - Avocado dishwasher and harvest gold carpeting or vice versa. SOPHISTICATED - Black walls and no windows. See "Architect's Delight."
ONE-OF-A-KIND - Ugly as sin. One-of-a-kind because nobody else wanted one
BRILLIANT CONCEPT - Do you really need a two-story live oak in your 30-foot sky dome? See "Makes Dramatic Statement."
YOU'LL LOVE IT - No, you won't.
MUST SEE TO BELIEVE - An absolutely accurate statement.

Holiday Open House & Food/Toy Drive

2008-12-09T06:17:00.004-05:00

Mortgage Rates at Lowest Point of 2008

2008-12-04T11:48:00.003-05:00

Mortgage rates have dropped again today. They are at the lowest they have been all year. In January when rates dropped to 5.25% it only lasted for 4 hours. We are currently lower than that!

In a market where selling is not easy, it's important to have the best long-term rates possible on your financing, because you may be there awhile (-:

Seriously, if you'd like to know what your payments would be at today's rates, please call me asap, and I'll put you in touch with a trusted lender.

A Cold November ...

2008-12-02T06:34:00.003-05:00

Athens-Area residential sales were down in November over 55% from just a year ago.

According to stats from the Athens, GA MLS, there were 222 sales in November '07 with an average sales price of $178,384. But, in November '08, there were only 98 total sales with an average sales price of $176,876.

I'll be updating the site with end-of-the-year statistics at the end of December, so check back frequently. If you have any questions about these stats, or any other questions about the market in general, please let me know.

Why Not "Bail" Me Out? ...

2008-11-21T11:22:00.003-05:00

Dear U.S. Government:

I am writing to seek your help. You see, I'm a hard-working American citizen that's never asked for much from the government ... I stayed in school, pursued a college education, haven't been involved in any criminal activity, got married & started a family ... and, I work hard every day at a business that I started. I'm not perfect, but I've made some good choices in my life, and I choose to take responsibility for my actions when things go wrong.

But, as I watch and listen to the news lately, I've noticed that you guys are bailing out everyone else ... greedy financial institutions, homeowners that made poor decisions, automobile companies with horrible business plans ... so, I thought I'd stick my hand out too. It just seems logical that if there's extra money to bail out the people that are screwing up, surely you can reward those of us that have chosen to do things the right way?

Signed: "Frustrated Hard-Working Self-Reliant American Citizen"

Seeking Your Advice ...

2008-11-19T13:19:00.004-05:00

Typically, mid-November through mid-January are slower than other times of year in our business, due to the fact that people are very busy during the holiday season. With Thanksgiving, Christmas and New Years all within a 45 day span, who has time to buy real estate, right?

Instead of using this down-time as an excuse not to work, I've decided to take time to improve parts of my business that don't get attention during the regular sales season. And, I'm asking for your help ...

I'm trying to increase my online exposure, and I'd like your suggestions on how to make my sites more "user-friendly" ... please visit the following sites, and leave me comments here on how I can improve them (more pictures, better navigation, different color scheme, etc). Just put yourself in the shoes of a home buyer or seller, and tell me what you would like or not like about my sites. Don't be shy about this ... I welcome your criticism!

Athens GA Real Estate - Atlas company site

Matt Thomas Real Estate - Matt Thomas personal site

Also, if any of you have advice on how to climb the search engine rankings with Google, I'm very interested in hearing your suggestions on that as well. If I can ever be of assistance with anything in your business, please email me anytime.

Downtown Athens Condo Market

2008-11-10T17:14:00.009-05:00

Not sure if you've noticed, but the luxury condo market has dried up ... and, it's not just in Florida! Downtown Athens saw an explosion in high-end condo sales a few years back with the extremely successful "Gameday" development on Broad Street. But, several attempts to follow in their footsteps with luxury residential condos in downtown Athens, have not had such good luck.

Georgia Traditions, a luxury high-rise condominium development on E. Broad Street, hasn't had much luck with prices ranging from the high $200's to $700's for 1 and 2 bedroom units. And another development planned next to the Classic Center called "412Thomas" never even got off the ground due to a lack of demand.

The most successful condo project downtown in recent years was the conversion of The Georgian, one of Athens most historic buildings, and a former hotel and apartment ... there are just over 30 residential units there, and they've sold out, with prices from the high $100's to high $200's for 1 and 2 br units. The Georgian is also the location of our office (247 E. Washington St.), so please stop by anytime to check out the building and say hello.

What Affects Your Credit Score?

2008-10-29T07:32:00.007-04:00

Your credit score is affected by many things, and the system for determining your exact score is impossible to figure out. However, here's what we know: The scoring companies place the most emphasis on the following scoring components:

35% your payment history
30% how much you owe
15% length of your credit history
10% your new credit
10% your mix of loan types

Save on Your Property Insurance

2008-10-27T05:27:00.004-04:00

While the most significant increases are in areas where hurricanes are a risk, even homeowners in non-coastal areas are seeing increases in their home insurance rates. Here's a few tips on how you can save on your monthly premium:

get a copy of your CLUE report - just like a credit report, this will give you a detailed list of every claim ever placed on your home. And, just like a credit report, this can contain errors. Insurers can justify increases based on your CLUE history, so it's worth checking it out.

get a quote from several companies - most new homeowners just use "someone my family recommended". Sure, loyalty is honorable ... but, a 10-20% savings annually with another company would be worth a switch. If nothing else, a lower rate from a competitor will give you ammunition to ask your current company for a lower rate.

make sure you're getting all discounts available - believe me, your insurer is not likely to remind you about these, but they can all save you big money on your annual premium ... install burglar and fire alarms ... combine home & auto policy ... install deadbolt locks ... update your plumbing & electrical ... these are just examples that you may already be doing, but your insurer needs to know!

If you'd like a recommendation on companies to compare your current rate with, please call or email me anytime - I have some great contacts in the industry.

Housing Sales Up in California...

2008-10-21T08:12:00.004-04:00

Many of my local readers may not care, but housing sales are up in southern California by over 69% from this time last year. While it may seem insignificant to someone in north Georgia, I think otherwise.

You see, this is simple economics in action ... the median sales price for this area was down 39% from last year ... even though the # of sales were up. What this tells me is that there ARE still buyers out there, and they WILL buy once they feel the prices are reasonable.

What we experienced over the past few years was a bubble, no doubt. But, just like the case above, the # of sales will slowly come back around as buyers home prices adjust downward to correct the inflated values of a few years ago. The # of people interested in buying and selling real estate hasn't diminished ... we've just lost all the potential purchasers that were using real estate as a tool for big appreciation gains. Once investors and owner-occupied buyers alike get more realistic with their expectations of what a house will return (or lose), the market will rebound.

Business Is Good ...

2008-10-15T08:23:00.004-04:00

Often times, when I'm introduced to someone, one of the first questions asked in conversation is "where do you work?" or "what do you do for a living?" ... when I respond with "real estate", it's inevitable that the person I'm talking to immediately has a look of pity on their face. It's really funny. It's almost as if I'm asking for a handout, and they feel obligated to pull out their wallet and help me out. It's great.

However, the look of pity often changes to a look of surprise when I explain that life is good for Atlas. Our company, opened just as the housing market "crashed" is thriving, my personal sales are comparable to years past, and the past few months have been as busy as any I've ever had.

You see, while the typical buyer/seller is admittedly not as active as in years past, our investor clients are very active seeking deals ... and there are many deals to be found. I've had to refocus my business strategy somewhat to keep up with the changing times, but those of us willing & able to do so will not only make it through the "tough times", but we'll be successful in doing so.

How Did We Get Into This Mess? ...

2008-10-09T09:30:00.006-04:00

Most of you reading this aren't involved day-to-day in the real estate world like I am, so you may not understand how we got ourselves into the current housing crisis. A good friend of mine recently forwarded me an article written in 1999 in the NY Times, one of the most liberal newspapers in the country. The following excerpt from that 1999 article highlights the "everyone should be a homeowner" mentality that led to our current crisis...

"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.'' In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'' Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings. Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage."

If we could go back now, don't you think they would reconsider? Not necessarily. Many of our elected officials are currently proposing programs to offer incentives to these same borrowers and offering to buy back the "bad debt" ... when will we ever learn?

It is my opinion that the home-ownership is a privilege, and one that must be earned ... it's not a right ... and, real estate is not an industry that should be subsidized or regulated by our government.

Is This The Best We've Got To Choose From?

2008-10-07T23:14:00.005-04:00

I'm hesitant to express my political views in a business forum like this, because I honestly believe the US is split 50/50 along party lines ... and quite frankly, in this booming real estate market, I can't afford to piss off half my client-base by expressing an opposing political view.

However, I am 100% comfortable expressing the following opinion after watching tonight's presidential debate ... the 2 candidates we're forced to choose between can not possibly be the best available options in a country of over 300 million people.

Fast Foreclosure Facts ...

2008-10-04T21:56:00.004-04:00

Just a few statistics that I picked up recently that may be of interest ...

Georgia ranks 8th of 50 states in the # of foreclosures
foreclosures are up 112% in the past year, when comparing the 2nd quarter of '08 to the 2nd quarter of '07
over 1% of all homes in the U.S. are in some stage of foreclosure
every 3 months, over 250,000 families enter into foreclosure

According to a recent Freddie Mac / Roper poll, 6 out of 10 homeowners that are delinquent on their mortgage were not aware of services that mortgage lenders offer individuals having trouble with their mortgage.

If you're having problems with your payments, please feel free to call me anytime. At no charge and with no obligation, I'll gladly offer suggestions, and I'll help negotiate on your behalf for a workout plan with your lender.