In the Athens area, the buyers purchasing in the 100-200k range are driving the market, due in part to incredibly low interest rates and the 8000.00 tax credit. Fortunately, I have been working with a number of buyers in this range this Spring. That’s the good news. But here’s the challenge: finding my clients good properties to call home. Make no mistake about it, there homes out there, to be sure. A quick MLS search in the Athens five county area shows 833 single family properties listed between 99900.00 and 199900.00. And this doesn’t include FSBO’s. But too many of these properties are not worthy of consideration in my opinion. Many are very risky foreclosures. Then there are the un-maintained homes that need roofs, HVAC, water heaters, interior/exterior paint, updated baths and kitchens.
Where are all the really nice, well-maintained and updated homes in solid convenient neighborhoods? The answer is that they are not on the market, at least not in great numbers. Why? I am getting the sense that the sweat equity type owners who spend Saturdays at Lowe’s and knee deep in home improvement projects are staying put right now rather than subjecting themselves and their investments to what they feel will be demanding buyers and low ball offers. And who can blame them? They kind of have a point. But here’s what is happening: Since precious few really good homes in the 100-200 range are on the market, they end up getting snatched up very quickly because there are so many buyers looking for that very house. I see multiple offers on the nicer homes and the offers tend to be around 90% of asking price from the start (certainly not what I would call a low ball). This is great news for many people who need to sell and move on with their lives. Putting life plans on hold to wait out the market is no day at the beach for one’s psyche.
I know it seems counterintuitive to put your nurtured investment on the market at a time like this. But truly, if you are the type of owner that took very good care of your home, refinishing floors when your friends were playing golf, then this is the time to sell, provided you are in the 100-200k range. Don’t believe me? Get your place on the market and watch. Be ready to move, though, because you will be closing much sooner than you think. JP
