There have been recent news reports that pending home sales are up. That is a good thing, right?
Last week Jim Crawford put up a great post,Atlanta Pending Home Sales - The Truth Behind the Numbers!.
Jim correctly pointed out that many of the current pending home sales are really not pending homes, they are just lease purchases. A week or two ago I got the email from FMLS stating that the status of "lease purchase was being eliminated and all lease purchases would now be reported as pending sales. It didn't really click for me since I don't do lease purchases. They almost never close and they are a crummy deal for buyers. They can be a good deal for sellers if all they really want to do is rent the house. If the seller thinks it will sell from the lease purchase they are greatly misguided.
Anyway I did a sampling of Cobb county pending sales sales and here is what I found. For all types of property (land, commercial, single family, condos, etc) there are 1204 pending sales. I narrowed my sample to single family pending sales in the Hillgrove High School district. The list prices for these pending sales ranges from $74,900 to $624,900.
48 pending sales.
13 of those have closing dates that are 6 months or more after the binding agreement date.
6 of the 48 have closing dates that have passed by at least 30 days!
In other words, 27% of the pending sales are probably some form of lease purchase. So are pending sales up or down? I say in truth they are down! What's your opinion?
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Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs. Visit my website
Call me for all of your Real Estate needs 770-656-9134 Copyright © 2008 By Bob Southard, All Rights Reserved
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Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs. Visit my website
Call me for all of your Real Estate needs 770-656-9134 Copyright © 2008 By Bob Southard, All Rights Reserved
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Hi, they might be down, however I feel the Market is picking up. And to be honest I think we are all lloking for the light at the ned of the tunnel. But it might be to early. My broker and realtor contacts are telling me they are getting busier, selling more...