The Real Estate Agent Blog

By: Tim McLaughlin
For: Weichert Financial Services, Market Monitor, Issue 9, Volume 38
Published on: September 26, 2008

By this point, almost everyone associated with the
financing industry (and many whom are not) have heard
about the Federal Bailout Proposal, and are tracking its
progress with a watchful eye. Given the heavy volume of
questions and eMails this week regarding its status, here is
a high level overview:

What is it? The proposal is for $700B in funds to lever the
bad assets off of banking/finance company balance
sheets, with the main goal being to free up liquidity, which in
turn would aid the economy, jump-start lending, support the
housing sector, and ultimately increase the value (hopefully)
of the bad assets as a bi-product of the process above.

How would the $700B be used? $250B would be
available immediately to purchase bad assets. An additional
$100B would be available as a backstop, upon the Treasury
secretary’s request. And the remaining $350B would be
available subject to joint congressional approval.

Would this impact the foreclosure process? There would
be a concerted effort to attempt to modify more risky
mortgages and more modifications for loans owned or
controlled by the government, with a portion of the profits
going towards an affordable housing fund.

How would the companies transferring the debt be
impacted? Straight from the top of the house – the Treasury
secretary would set standards on pay and bonuses for
executives in all firms who choose to participate in the plan.

If there were profits, where would they go? Back to the
companies? Taxpayers? Indirectly, they would go to the
latter. The vast majority of any profits or gains would go
towards reducing the national deficit.

Who would manage the ‘fund’? The government would
create a board with ‘cease and desist’ authority, and they
would manage audits on the fund, and would appoint a head
to oversee the Treasuries authority, independent of the
process.

What is the timing? All parties involved were hoping for a
final plan today to be voted on over the weekend or Monday
at the latest. Stay tuned as final touches are put in place.
More to come as this evolves in the days ahead.

By Craig Miller
Published on: July 16, 2008

Is the real estate market experiencing a shift? The charts provided by SmartNumbers gives a hint of a shift in the market. Below, an explanation of the SmartNumbers charts for the Atlanta real estate market. The information is on the data collected about single family homes from 2000 until May 2008.

LISTINGS CLOSED on all single family properties has NOT shown an increase as it usually does during the summer months. It actually decreased from March – May, putting the number of closed listings in May 2008 at just over 4,500 (equal to the closed listings in May 2000).

AVERAGE SALE PRICE has increased $20k in three months, making May 2008’s average $240k. That average sale price is between the May 2004 and May 2005 averages.

AVERAGE DAYS ON MARKET for May is still more than 2007’s average but has steadily declined since the beginning of 2008, from over 100 days in January to about 92 average days on the market. Getting the average days on market below that 90 day period is a very good thing, since a listing agreement usually is a minimum of three months.

To sum things up. The amount of listings closed for this time of year is not the usual up-swing for , but is declining (maybe due to the fact that a greater percentage of the inventory is expiring, because the difficulty real estate agents are experiencing pricing a home in this market). The average sales price has increased about the same as it usually does this time of year. The average days on market is declining, this means that buyer’s looking for a deal have less time to act on the deal they find. It’s still a buyer’s market out there, but with small changes in the market, means that the BIG DEALS you see now, will not last forever (the first 4 properties I pulled up and wanted to show an investor went under contract before we could visit them, only two days after seeing them online).

Craig Miller – REALTOR
Published on: May 10, 2008

I’m here to discuss with you Today’s Market (Part I) a HEADS-UP on this new Real Estate market that we are currently experiencing. This market has changed, making it more important than ever to know the things you wouldn’t normally know, or find out during a Real Estate transaction in today’s Real Estate Market. Some agents don’t want you to know… Provided by the “Miller Team” of Weichert, Realtors – Private Realty Group. My team is offering a multitude of free, convenient, no-pressure services.

Let’s start with a couple quotes, from someone who is watching the market from the inside:

“Sure, it’s a bad market out there, according to what you and I hear in the media. But, for a smart buyer, this is the kind of market that will put those who dare, into an affordable home. Prices, interest rates, and inventory do NOT get any better than this. If you want and are capable, buy NOW, but buy SMART!” – Craig Miller, REALTOR

“For every INVESTOR out there, or ANYONE WITH MONEY for that matter, this market can, and will make you MILLIONS with the right real estate team. I’ve seen it, the plan that works on paper, with my own eyes.” – Craig Miller, REALTOR

Now, this is KNOWLEDGE you guys, use it!

—– Looking to purchase a home? —–
Did you know when buying a home, and calling the listing agent (the # on the sign in the yard), may be the VERY WORST thing that you can do? Why? Ask why!

Would you say that buying a home is the BIGGEST investment that you’ll make in your lifetime?

On your BIGGEST investment, would you like to have an agent, who researches daily, ASSIST YOU FOR FREE in purchasing that investment? How? Ask how!

As an UN-REPRESENTED BUYER purchasing property listed with an agent, you are, first off, NOT SAVING A DIME by choosing to not be represented by an agent. Secondly, within the purchase price, you are PAYING MORE to the listing agent, sometimes double what they’d receive if you had chosen an agent to assist you in finding you a home.

<--That said, no wonder when you make that call to the number on the sign, the agent is so eager to work with you. They are getting 2 commission checks on the sale AS IF they were representing you, the buyer, and the seller of the house. Now, tell me how that is supposed to happen? A single agent, working to fulfill two people's best interests and I'm sure those interests are different since the seller, probably wants to get as much as possible when selling the house, and the buyer... well you get the point.-->
Isn’t that like playing poker and being able to see the other person’s cards?

If you have any questions, just ask me. Don’t hesitate to CONTACT ME anytime, via phone (quicker) or e-mail (slower, I get so many).

Thanks for your support,

Craig Miller
REALTOR / Consultant / IT

Cell: (404) 421-9666
“The Real Estate Agent Blog“
Miller Team @ Weichert, Realtors – Private Realty Group
CMicroTek LLC.

“This message was created to give Real Estate knowledge and inform as many people as possible the reason the Real Estate Market is how it is today. It’s partly because of the lack of Real Estate knowledge that people had that were involved in Real Estate transactions, over the course of several years. PLEASE HELP the people involved in Real Estate, everyone that has been affected by the Real Estate Market, and BOTH YOU AND I by DUPLICATING THIS MESSAGE.”

Craig Miller – Realtor
Published on: February 29, 2008

If you travel down HWY 20 (Grayson Highway) then I’m sure you know the Department of Transportation is working to make HWY 20 a divided highway. I can’t wait until they finish working on HWY 20.

The DOT is also working on Phase I of an extension of Sugarloaf Parkway. The extension will take Sugarloaf from where it dead ends into HWY 20, to HWY 316 in Dacula. This project consists of many bridges, making Sugarloaf a limited access avenue. Roads that will have interchanges Sugarloaf’s extension include: New Hope Road, Martins Chapel Road, Campbell Road and HWY 316. Many properties will be or have been purchased by Gwinnett County. View detailed maps located at the bottom of THIS PAGE.

If you would like to relocate away from Sugarloaf Parkway’s planned expansion, then its time to get started on selling your home. I have lived in this area for 22 years and know it well, therefore I can assist you in the sell of your home while finding you a home not so close to where you’ll hear road noise all night. Call me for a FREE estimate of the “fair market value” of your home at: (404)421-9666 or email me @ Craig@MillerCribs.com‘.