Kimberly Yates is a Realtor with the Yates Estates Team with Century 21 Results
Every week, we ask an Atlanta real estate professional for their thoughts on the top trends in Atlanta real estate.
This week, we talked with Kimberly Yates, a Realtor with the Yates Estates Team with Century 21 Results. The top-producing real estate team at Century 21 Results in 2012 and 2013, the Yates Estates Team consists of Kimberly as the lead agent, two other licensees and five clerical staff. Kimberly has experience in buyer representation, seller representation, builder representation, bank/REO representation and investor representation, along with experience in hedge fund purchases, foreclosure properties, flipping and renting homes.
Atlanta Agent (AA): We’ve been reporting consistently on how strong sales have been throughout Atlanta; how have sales been in your area of Metro Atlanta?
Kimberly Yates (KY): In North Atlanta, where I do 70 percent of my business, it’s a seller’s market. Most of my listings are going under contract in 45 days or less. We have investors who bought properties four or five years ago, and now they’re realizing that it’s time to sell; we have people who have been waiting for the right time to list; we have people who have been upside down, but with recent price increases can now list their homes; my first-time homebuyers are back, and now have a better understanding of how lending standards work today; and finally, down-sizers are now listing. It really is a great seller’s market.
Economic growth is driving consumer demand on the buyer side. Atlanta in general is growing and bringing business, commerce and retirees to the area. I don’t think it’s simply people moving from one side of the area to another, as is sometimes the case. Also, interest rates remain 2 percentage points lower than they were during the peak.
And I see the market remaining strong all year. I don’t see anything major changing.
AA: Foreclosures continue to fall throughout Atlanta. Do you still encounter foreclosures in your area? And is equity ever a concern with your clients?
KY: I have sold 100 to 200 properties in each of the last four years because a good percentage of my business was investors wanting those foreclosure properties, and those investors are absolutely telling me that they’re finding less and less to buy, because in most areas of Atlanta, foreclosures make up less than 10 percent of the market; in some areas, it’s as low as 5 percent.
At the same time, though, with less foreclosures on the market, consumers are excited that they no longer have to see a property and be shocked by the condition!
AA: Finally, how do you ensure that you are communicating effectively with your clients?
KY: The longer I’m in real estate, the better I think it is to be super direct. When somebody hires me, I am their employee. They hired me because of my expertise and my experience in handling so many transactions. The other day, for instance, a client wanted to terminate on a property, and I told them, “Do you realize how good of a deal this is? The listing was $30,000 less than anything else on the market, and the values are going up – in six months, I could sell this for a profit.” So, I try to be very direct with people. As they shop for agents, they can see that quality in me.