While waiting for a client to arrive at the office yesterday another agent asked what I thought about the latest statistics released by the National Association of REALTORS. I asked if he was referring to the across the board 28% downturn in sold properties from June to July that was announced earlier this week? That was exactly what he was talking about. I told him that I had just written an article about how the numbers from NAR were totally skewed as far as the Northeast Atlanta Real Estate market is concerned.

The more I thought about the statistics that were compiled for that last blog article the more I realized that I left out a very important set of statistics…The Year-To-Date sales figures for both years. So here are the numbers:

The Year-Over-Year numbers above represent a 6.12% increase in closed transactions in Northeast Atlanta. WOW…In every area the number of closed properties is up Year-Over-Year for the same time period. OK NAR where were these type numbers reported? How do these numbers tie into the 28% downturn in real estate sales? One again folks…Real Estate is Local! To some areas of the nation that 28% number may very well be good news…Just not in the Northeast Atlanta market.

Now that you have the complete statistics, what do you think?

Recently you have not been able to turn on a news program without hearing that according to the National Association of REALTORS, the real estate market is down 28%. Taking this into account I thought it would be a good idea to take a look at exactly what has happened month over month in the Northeast Atlanta Real Estate Market.

First let’s look at the sales totals for June and July of 2010:

As you can plainly see, closed sales in these areas are down. However it is not by that 28% that the news media is referring to but 24.83%.

Next I decided to look at some fairly broad price parameters to see if there was a particular price point where the downturn was coming from:

What these statistics show is that there was a slowdown of 23.15% in the under $200,000 price point homes, a slowdown of 27.66% on the $200,000 to $400,000 and the least percentage slowdown of 21.99% was in the over $400,000 price point.

How would you interpret these statistics? Is there a lesson hidden here? Let’s look at some facts. The Tax Credit expired in April. At that point buyers had to be under contract by April 30, 2010 and close on the property by June 30, 2010. The closing date has been extended until September 30, 2010, but it only makes sense that there was a big push to get properties closed before the end of June so that First Time Buyers and Move-Up Buyers could take advantage of the Tax Credits available to them. Wouldn’t his push artificially inflate June data while leaving July data suffering by comparison? I think that may well be the case. If we do a comparison of adding June and July 2010 sold numbers together and then comparing those numbers to the same time period from 2009 then we find that there is only an 11.35% decline in sold properties in the Northeast Atlanta Real Estate Market. While this may not be the best news in the world it sure beats the 28% downturn being reported.

What all of this means is that Real Estate is very local. In order to have the most up-to-date information about your specific area requires a REALTOR dedicated to doing the research and staying on top of the market.

Would you like to know the specifics regarding what is happening in your Northeast Atlanta community? Just let me know and I’ll formulate an overview for you.

Many times I am asked when I think we will be coming out of this down real estate market. I think we are there. Will we be showing a rapid recovery? I don’t think so. Will we be making a fairly constant recovery? The Atlanta Real Estate market has a reputation for being slow and steady and that is what is anticipated with this recovery. Let’s take a look at how the Second Quarter of 2010 faired vs the First Quarter.

Forsyth County Summary

The second Quarter of 2010 in Forsyth County shows substantial growth. 990 properties went Under Contract and there were 724 closings. Compared to the First Quarter of 2010 this represents an increase of 299 properties that closed or an increase of 70.3%.

North Fulton County Summary

The second Quarter of 2010 in North Fulton County was active. 1,042 properties went Under Contract and there were 776 Closings. Compared to the First Quarter of 2010 this represents an increase of 301 properties that closed or an increase of 63.3%

Gwinnett County Summary

The Second Quarter of 2010 in Gwinnett County was robust. 3,377 properties went Under Contract and there were 2,252 Closings. Compared to the First Quarter of 2010 this represents an increase of 740 properties that closed or an increase of 48.9%.

Looking Forward

As we are into the Third Quarter, it appears that the Northeast Atlanta Real Estate Market will continue to make progress towards recovery. According to the July Case Schiller Report, which is reporting May 2010 data, home prices increased 2.13% vs the previous month in the Atlanta Market. This is good news for sellers and provides buyers with the warning that it is time to get off the fence.

Looking at the data it is pretty safe to say that we are bouncing off the bottom of this market. If you know someone looking to buy a home please let me know. If you know someone that desires to sell their home, I will be happy to meet with them and go over one of the most aggressive home marketing plans in the Region.

On a closing note, School has started back…Watch Out For The Kids!

I on my own behalf and own behalf of my entire family thank you very much for your assistance and help in finding a home here…..thank you Mack from all of us.

The Georgia Water Stewardship Act

The Georgia Water Stewardship Act signed by Governor Sonny Perdue went into effect in June of 2010. The bill allows daily outdoor watering for purposes of planting, growing, managing, or maintaining ground cover, trees, shrubs, or other plants from 4:00pm – 10:00am.

All other outdoor water usage like washing cars and pressure washing is to follow the watering schedule based on street address shown below:

Monday, Wednesday and Saturday – Even Addresses can Water

Tuesday, Thursday and Sunday – Odd Addresses can Water

Friday – No other Outdoor Watering Is Permitted

Frequently asked questions about outdoor water use:

I heard I can water my yard every day. Is that true?
Yes. Citizens in Georgia can now water any day of the week, regardless of your address, between 4:00pm and 10:00am.

Can I also wash my car or pressure wash my house any day?
No. The new state law only relates to landscape uses. The odd/even schedule remains in place for all other outdoor uses.

Are parks included in the new schedule?
Sports fields and parks are exempt from the hourly restrictions. These areas may be watered any time or day.

If I put in new landscape, do I have to water between 4:00pm and 10:00am?
No. Newly installed landscape is also exempt from the hourly restrictions for the first 30 days following installation.

What about drip irrigation?
Drip irrigation is completely exempt from the outdoor rules. It may be used any time or day.

What exemptions exist to the new hourly restrictions?

•    Commercial Agriculture
•    Alternative sources of water (grey water, rain water, condensate, etc.)
•    Irrigation of food gardens
•    Irrigation of newly installed or reseeded turf for the first 30 days following installation
•    Drip irrigation or soaker hoses
•    Water from a private well
•    Irrigation of plants for sale
•    Irrigation of athletic fields, golf courses, or public recreational turf
•    Installation and maintenance of irrigation systems
•    Hydro seeding

Are professional pressure washers hired to wash my house subject to restrictions based on my address?
No. Commercial businesses are exempt from day of the week restrictions.

Can I have a charity car wash on any day regardless of the address?
No. Unfortunately, charity car washes, like at home car washes, are subject to the odd/even schedule. This is determined by the address of the facility hosting the car wash. Partnering with a professional car wash is exempt from the odd/even schedule due to the company’s professional exemption.

For more information on exemptions and forms to submit violations, visit the Gwinnett County Department of Water Resources’ water conservation webpage through www.gwinnettcounty.com.

More information can be found on the Gwinnett County Department of Water Resources‘ water conservation webpage.

Are you tired of looking at property online only to find out that it is already under contract or it sold and closed several months ago? I know that I dislike giving the bad news almost as much as customers dislike hearing it. What if you didn’t have to rely on outdated information from general internet sources?  What if you could search the MLS in the same manner that an agent can? Are you starting to see an advantage for yourself?

In an effort to keep my clients as informed as possible I have just begun a subscription to what appears to be the most up to date, real time, accurate information for real estate buyers and sellers that the Atlanta Real Estate market has experienced. You will be able to search not only active listings but you can also access sales information. The system updates property information every 30 minutes.

Atlanta Real Estate Information for Buyers

This system allows you, as my preferred clients, to have an account that allows you to search the listing service in the same way that I do. You can easily change your criteria and we can openly communicate, almost as if we were using instant messaging, regarding which properties interest you and which one you don’t want to waste your time on.

One nice thing about the system is that you receive an email every morning; it generally arrives in your inbox shortly after midnight, which gets you current with new listings and price changes for properties that meet your criteria.

Atlanta Real Estate Information for Sellers

Sellers will receive an email every morning also. The email for sellers includes alerts for new properties coming onto the market, price changes for competing properties along with activity for the your listing, including how many potential buyers have your home in their criteria. With this type data we can customize our marketing efforts. We can also generate automated Market Analysis for you.

How to Obtain an Atlanta MLS Account

For my current clients I will be contacting you to get your accounts activated. Don’t feel left out if we are not working together yet. Just contact me via email or phone and I will get you set up so that you can receive the information also.

Buying or selling real estate is a journey. Why not travel with as much information as possible?

Welcome home to 3482 Park Bluff Way, an amazing updated open floor plan home located in the Grove Park subdivision of Duluth, GA. As you enter the home you will immediately notice the attention to detail and the architectural features that give this home its charm.

First you will see the vaulted fireside den that, like most of the main level has hardwood floors. The den opens into the formal dining room via a double arched opening. As you enter the kitchen, the impressive granite counter tops and tile back splash along with the large floor tile catch your attention.

Upstairs has seen the upgrades also. Bamboo flooring has been installed so don’t worry about allergies here. Chair railing has also been installed in selected areas. The large master retreat is relaxing and provides plenty of space. The 3 additional bedrooms are on this level, one of which is currently being used as an office.

The backyard is ideal for young children as it is fenced. Radius Windsor Wall Blocks create picturesque planting areas in each rear corner of the yard along with a grape vine that produces delicious grapes seasonally.

As with any home purchase, schools are important and 3482 Park Bluff Way is service by some of Gwinnett Counties Finest Schools, Chattahoochee Elementary, Duluth Middle and Duluth High.

For additional information or to schedule a private viewing of this home, contact Mack Perry at 770-318-2572. You can also get instant information by sending a text message to 44133 with the message 33183.

RE/MAX Regional Services, who services Georgia, Kentucky, Tennessee, Southern Ohio and Southeastern Michigan, recently presented Patrick Finnick of RE/MAX Center in Suwanee, GA their prestigious Broker Owner of the Year Award for 2009.

The momentum did not stop, even as the New Year came in. Per Finnick, “Homes from every price range have been selling rapidly and, the first quarter has been really strong for us. Not just with first-time buyers taking advantage of the tax credit or with homeowners who are behind on their mortgages and having had to “short-sell” their homes but with homes across the board, even homes priced into seven figures.”

He continues, “RE/MAX Center has strongly encouraged our associates to become experts in the various property fields we specialize in, from becoming certified “short-sale” experts to help people sell their home instead of being foreclosed on, to helping buyers and sellers at the top end of the market move up the property ladder. I am so proud of our achievements so far this year. If the rest of 2010 is as productive for us as the first quarter has been then this is going to be one of our strongest ever years.”

Through Pat’s positive attitude and by his leadership, the atmosphere at RE/MAX Center is so upbeat that it is difficult to imagine not being successful in this environment. He has instilled in the agents a team mentality where everyone is willing to help their fellow agents succeed and constantly reminds the agents that they are business owners and should treat their real estate practice accordingly.

Congratulations Pat, Ya’ll Done Good!

As a REALTOR community we have been taught for years that it is of utmost importance for us to have a Marketing Plan for Home Sellers. This plan details the services that we offer in the marketing of a home. As I see it this addresses exactly 50% of the market. It only addresses the sellers and in each transaction there is also a buyer. For that reason I have elected to publish my Atlanta Home Buyer Services Plan.

Atlanta Home Buyer Services Plan

•    Initial Counseling Session – In a personal meeting at my office we will discuss your needs, wants and desires and develop a strategy personalized for you.
•    Buyer Agency – We will discuss the Exclusive Buyer Brokerage Agreement along with its benefits and what Georgia Law requires.
•    Technology – We will review the various technologies and media that we will use to identify properties that meet your criteria
•    Mortgage Prequalification – We will meet with a loan officer to obtain a prequalification for you. This may be accomplished either in person or by phone. We will add the information from the loan officer to your criteria based on the prequalification.
•    Showing Procedure – With the vast amount of information that we will be reviewing, I want you to be knowledgeable during the property preview process.
•    Full Time REALTOR – As a full time REALTOR it will be easy for me to schedule time for you and coordinate around your schedule.
•    Property Showings – You will want to personally view the properties that meet the criteria that we established. Scheduling these showings so that we make the best use of our time benefits all parties concerned.
•    Property Evaluation – We will take an in depth look at a Market Analysis for the property that you select. We will discuss the positive and negative features of the property and how they may affect the future value of the home.
•    Property Disclosure – Together we will review the Seller’s Property Disclosure Statement. This document is prepared by the sellers and is their way of providing you with a written summary of the condition of the home along with their commitment of the various fixtures that will remain with the home.
•    Prepare Your Offer – We will discuss and identify the terms and conditions in the offer that represent your needs and desires. I will protect you in the contract via contingencies that are designed to protect you.
•    Negotiation – This is the fun part for me. I get to assist you with obtaining your goals while doing what I really enjoy…negotiating.
•    Keep You Informed – From the time we have a binding agreement and until the closing there are a multitude of details that are getting done. You will be kept totally informed as to how things are progressing. We will err on the side of over communication.
•    Inspection – Together we will review the home inspectors report. Since there has never been a perfect home built, we will decide which items you would like for the seller to repair prior to you closing on the home. I will prepare an amendment to the contract that will address these issues.
•    Walk Through – Prior to closing, together we will visit the home again and walk through it, making certain that any requested repairs have been performed while examining the property one last time.
•    Closing – I will attend your closing and handle the coordination of all the little details that are needed in order to insure a smooth closing.
•    Service After The Closing – Keeping you informed of various real estate related topics along with market conditions and trends will be my pleasure. You will receive a monthly newsletter that will help keep you up to date, and who knows there may even be a home maintenance tip or 2 included.

This is my commitment to you as a buyer in the Greater Atlanta Real Estate Market. It would be my pleasure to schedule your initial counseling session. Feel free to contact me by phone or email. I am here to assist you.

With the expiration of the home buyer tax credit, some are worried that the real estate market will cave in. I don’t think this is the case. My article of April 20, 2010 detailing the First Quarter 2010 Atlanta Real Estate Market shows that compared to the same time period in 2009, the Atlanta Market is improving. As fact would have it new construction is actually rebounding as well.

When 100% financing options went away(except for VA Financing) what happened… the sun still came up the next morning, the market still did business and yes there remained a need for qualified REALTORS to assist buyers and sellers with their real estate needs. Look what happened when the “Cash for Clunkers” program expired…automobile sales took off like a rocket shot and the manufacturers began looking toward profitability.

Let’s Look at the Facts

The First Time Buyer Tax Credit was put into place to help stimulate the national real estate market in 2008. Real estate had just been through one of the most severe downturns in history. The tax credit was continued through 2009 and in November of 2009 an additional category was included that would benefit current homeowners (in certain circumstances) with a tax credit also. When Congress extended the first time buyer tax credit and included the current owner category in November 2009, they made it clear that the program was not going to be extended again. This is not to say that there will never be another program like this, but at midnight on April 30, 2010 this program is gone.

Alternatives

While there are alternatives that are not tax credits, they do assist First Time Buyers with the purchase of a home. There are down payment assistance and grant programs from the various counties as well as the State of Georgia. For information on these programs please get in touch with me and I will assist you.

Amazing Deals Exist

Even though the Atlanta Real Estate Market is recovering, amazing deals still exist. Short Sale opportunities as well as Foreclosure and HUD properties are fairly prevalent in most areas and represent an excellent opportunity for buyers and savvy investors to snatch up a steal of a deal on a home. Do you fit into one of these categories? Just let me know and we can start locating your dream home immediately.