Thursday, October 29, 2009

Holding...penalty -- 3 years!

Three years is the estimate that most are throwing about in reference to the question: "How long will it be before the Atlanta market gets rid of these foreclosures?!?" Most real estate professionals are already ringing the bell, advising their clients that holding on to homes waiting for the smoke to clear will bring worse consequence than taking a loss now and moving up. I listened to a very reputable and brilliant executive from Bank of America today forewarning a group of top realtors of the tidal wave of foreclosures that are to come. You've heard the old saying... it's gonna get worse before it gets better? Banks have been holding out on releasing these inventories, for various reasons. But they can't hold out forever. You better have your friend Katie go ahead and bar that door. Think it's tough now to sell a home? Just imagine looking down your street and seeing 5,6,7 or more signs with the words FORECLOSURE on them. If you have friends in Florida, they have likely already sent you photos from their iPhone having lived through this themselves.

For a peek at what these distressed sales are already looking like in Midtown, Buckhead, Ormewood Park, Virginia Highland and Morningside, go to

My advice to those looking for bigger space remains the same....sell now or forever (or at least it will feel that way) hold your peace.