After reading the following article it was so informative that I just had to pass this good info along. It is quite a long read so I've highlighted (in bold) some of the key elements to pay attention to.  So, as you can see after reading below, the Real Estate market isn't as bad as the media is making it out to be !

Sorting Out Atlanta's Housing Market

by Seth Weissman and Dan Forsman

While the sky may be falling in other housing markets, it is certainly not falling in Atlanta's. However, the old saying that all real estate markets are local has certainly gotten lost in the shuffle of the bad news coming out of our national press.
   A housing bubble definitely existed in some housing markets in the United States and we are now paying the price for that bubble having burst. According to the National Association of REALTORS®, between 2001 and 2006, housing values doubled and tripled in parts of Florida, California and Nevada. While the thought that housing values in these markets may now fall anywhere from 10% to 40% sounds scary, the reality is less so when you put it into context. If a house in Las Vegas worth $500,000 in 2001 was worth $1,200,000 in 2006, even a 30% decline in value leaves the house today worth $840,000. That rate of appreciation is none too shabby for buyers in these markets if they purchased in 2001. Unfortunately, if you purchased at the peak of the market in 2006, you would not now be in the best shape. Of course, this is only the case if you have to sell your property in a down market. If you do not have to sell, you have not gained or lost anything other than possibly your sense of financial well-being.
   Atlanta's real estate market never had the kind of run-up in prices seen in bubble markets. Between 2001 and 2006, our home prices increased by a much more modest 30% or so. This means that a $200,000 house in 2001 was likely worth $260,000 in 2006. While this $60,000 increase in value may not seem like much over five years, as a rate of return on the cash investment most buyers put into their properties, it is quite significant. The point is that housing is still a tremendous long term builder of wealth for those who can stay put in their homes for awhile and ride out the periodic ups and downs in the market.
   The bubble markets where prices skyrocketed are now seeing the greatest price declines. Housing markets like Atlanta's where the prices increased at a more normal rate are seeing much smaller price declines. For all the bad news, home prices in the Atlanta region have only fallen around 4.8% over the last year (according to the S&P/Case Shiller Index) as compared to other markets where prices have been in a free fall.
   While the number of overall home sales has fallen dramatically in our region over the past year, home prices should not fall anywhere near as much. There are two reasons for this. First, while housing is a commodity with an investment value, it is also a place where people live. The majority of home moves are discretionary. If the market is unfavorable to make such a move, buyers and sellers considering a discretionary move simply sit it out on the sidelines. This can cause a decline in the number of homes sold without having much of an effect on prices. The second reason home prices in the Atlanta region are somewhat immune to a larger price drop is that our metro area has a safety net that does not exist in most other metro areas. Specifically, according to Metro Atlanta Chamber of Commerce statistics, our metro Atlanta region adds about 150,000 people per year 60% of whom move here. Between 2000-2006, our region added 856,266 people, a growth rate that was the highest in the nation. Some two million additional people are expected to move here over the next 12 years. That's the equivalent of the entire city of Denver relocating to Atlanta during that time frame. With so many new families moving to our region, the demand for housing will remain strong and prices will continue to appreciate.
   Even with slightly more than 100,000 homes on the market today it won't take long for that inventory to be absorbed based on our current rate of growth. This is particularly the case since the number of new homes being constructed in our region is falling so dramatically. Since the fourth quarter of 1994, permits for new homes are down almost 60% according to the Greater Atlanta Homebuilders Association.
   Homeowners who see that their homes are worth less than they were a year ago often feel poor and have a hard time selling their homes for less even though they can get an equally good deal in purchasing another home. It's the same logic that causes investors to hold onto an underperforming stock rather than cutting their losses and investing in a stock with a greater likelihood of outperforming the market. However, savvy sellers who can overcome their angst and see the big picture have a great opportunity to presently improve both the location and quality of their housing investment.
   The two wildcards in our housing market are foreclosures and the ability to get mortgage financing. While there have been irresponsible lending practices in the mortgage market over the last decade, it is still surprisingly easy to get a mortgage today if you have decent credit. Good credit appears to even be trumping the lack of a large down payment. Like it or not, buyers with bad credit have been shoved out of the market and this is and will dampen sales in some markets. The effect of this will not, however, be uniform and will disproportionately affect areas with large numbers of starter homes that buyers with marginal credit purchase often purchase.
   In 2001, the foreclosure rate for the metro Atlanta region was a 1.1% of all homes. By the end of 2007, that rate had increased to 2.7%. Moreover, recent reports indicate that 6% of all mortgages in Georgia statewide were over 30 days past due. While foreclosures will stress our market, it must be remembered again that our region, just like our nation, is also not a monolithic housing market. Some local housing markets within our region are doing far better than others and will continue to do so. Foreclosures are by no means evenly disbursed but are unfortunately, concentrated in certain neighborhoods and locations within our region.
   While irresponsible lending practices played a huge role in the high number of foreclosures, mortgage fraud also accounts for a larger part of the problem than most experts like to admit. The U.S. Department of the Treasury reported that between 1997 and 2005 mortgage fraud increased by 1,411%. For several years running, Atlanta led the nation in instances of mortgage fraud. Billons of dollars were literally stolen from investors in these mortgages leaving numerous foreclosures and devastated neighborhoods in their wake.
What will the future bring? Housing in areas without large concentrations of foreclosures and starter homes should be seeing housing prices stabilizing as demand catches up with supply.
   As crazy as it may seem, there may even be a shortage of housing in desirable areas over a 3-5 year window if the number of new housing starts does not increase. Areas hard hit by foreclosures and mortgage fraud will unfortunately limp along and in some cases may never recover from the excesses and abuses of the last seven years. The difficult challenge for government over the next decade will be to figure out how to restore health to neighborhoods where housing demand was artificially created through lending abuses and fraud. Hopefully, there will be unique opportunities to absorb this excess supply for decent affordable work force housing in the metro area. If this does not occur rich neighborhoods will likely get richer and the poor neighborhoods will likely get poorer.
   As REALTORS® like to remind people, smart housing decisions tend to boil down to a focus on location, location, and location. Buying in a good location will always pay dividends over the long haul. While there are many factors that make a neighborhood desirable, some of the more important ones include good schools, low tax rates, good access to work centers and shopping and low crime rates.
   Demographic changes are also reshaping our region's housing and re-defining somewhat what is considered a great place to live. Our city is urbanizing at a remarkable pace. This is driven by the three horsemen of traffic congestion, an aging population and changes in consumer preferences.
   While there are a lot of condominium units presently on the market in Atlanta, there was a reason that all of those condominiums were built in the first place - they were filling (and will continue to fill) a demand at either end of the demographic spectrum. Condominiums are perfect for aging baby boomers seeking to downsize and enjoy maintenance free living. They are also the housing of choice for busy young professionals who in many cases cannot yet afford single family homes in intown neighborhoods. While developers may have gotten a bit ahead of themselves in developing mixed-use and condominium developments, the smart money is still on the long term demand for this type of housing growing exponentially.
   Residential real estate markets have always been cyclical. The only difference this time around is that the sizes of the swings have been larger and the scope of the downturn has been national rather than limited to certain niche markets. Housing prices will recover and in a few years, due to the health of our economy, will likely be much higher than prices at the peak of the previous cycle.
   A strong buyer's market and low interest rates are allowing buyers who buy now to get unbelievable deals. As the spring market starts to gain momentum, some of the best deals will be gone. The advice of "buy low, sell high" has never been more apt than at this time in Atlanta's housing market.
   Atlanta and Dallas (the other city benefiting from huge population increases) will likely lead the nation out of the real estate recession. It is always darkest right before the dawn. Dawn is breaking in many segments of our market and buyers should act accordingly.

Seth Weissman is a senior partner in the law firm of Weissman, Nowack, Curry & Wilco, P.C. and serves as general counsel to the Georgia Association of REALTORS®. Dan Forsman is President and CEO of Prudential Georgia Realty.

If you are interested in selling your existing home and finding one of these great deals that are available today, contact me for a free consultation.  ~Lorrie Thomas

I recently came across this article and I wanted to share it since these are indeed the most commonly asked questions regarding Short Sales.  With the media contstantly talking about the foreclosure rates up, the term Short Sale is becoming more and more used. However, most people have many questions about what a Short Sale actually is and if they qualify for one.  Below are the most common questions, but if you have any additional questions that you need answered do not hesitate to contact me with your questions.

Top 10 Seller Short Sale Questions Answered
Most Common Questions A Seller Will Ask You; by Tim and Julie Harris

Number 10
I can't make my house payments, but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score...is a short sale right for me?
Probably, not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder), it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.

Number 9
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?
The mortgage insurance is not there for your protection, just the mortgage lender's.

Number 8
Do I have to have my home "Approved" by the lender prior to offering it for sale as a short sale?
No. Technically speaking there is no such thing as being "Short Sale Approved." The actual approval only happens with an accepted offer.

Number 7
I just missed a payment and I know I will miss more...how long does the foreclosure process take and is there time to do a short sale?
The foreclosure process takes differing times depending on your state. In the Midwest a foreclosure can take over a year. In California its taking 6+ months. Generally speaking a well priced short sale being processed by an educated short sale listing agent will sell and close in less than 120 days.

Number 6
Will I still have to pay property taxes if I do a short sale?
Property taxes will always have to be paid as part of any accepted short sale. Whether it's you or the lender, it depends on their policies and the specific agreement you reach while negotiating the short sale.

Number 5
I owe more than my home is worth and I can't make the payment. Do I have to somehow qualify for a short sale?
The simple answer is NO. If someone can't make their payment and they are otherwise insolvent, they qualify for a short sale. Note: insolvent simply means their total debts are great than their assets.

Number 4
Do I have to pay income taxes...I have heard that I will get a 1099. Will the loss the bank takes be treated as a taxable gain to me...the seller...is this true?
It WAS true, now it's not. Consult your Tax Attorney or Qualified CPA. Very recently the tax law was modified and now most people who do a short sale will have no taxes due.

Number 3
How do you, my listing agent get paid...who pays your commission?
The bank will pay the commission along with all the other usual closing costs.

Number 2
Do I have to miss a payment to do a Short Sale?
No. Late last year most major lenders started accepting short sale offers from sellers who have never missed a payment.

Number 1
I want to do a short sale and have a 2nd mortgage, does this make me ineligible?
No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holders.
Source: Broker/Agent News, April 2, 2008

If you have any additional questions please contact me!

Lorrie Thomas, Realtor   ~  RE/MAX Town & Country

2007 Home Sales were Fifth Highest on Record !

Existing-home sales declined in December following several months of stable activity. Even so, total sales in 2007 were the fifth highest on record, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5 million in November. For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record. Lawrence Yun, NAR chief economist, says the market is experiencing uncharacteristic weakness. "Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate," he says. "Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase."     Source: National Association of REALTORS®

So, if you are a potential buyer who is delaying a purchase, STOP Procrastinating! NOW, is the time to buy! Prices are down and so are interest rates, so it is a great time to make an investment in Real Estate.  In some cases even if you cannot make a lot of money on the sale of your current home (for example if you only break even), there is still a lot of potential to sell and find a great deal on another home with a lot of equity already there.

Call me today and I can help you locate some of these awesome deals!

Lorrie Thomas, Realtor    ~   RE/MAX Town & Country

Shearer’s Farm is an Exclusive Enclave of fifteen Hi-Tech Luxury homes built by Collier-Edwards Building Group and personalized to meet each individual homeowner’s needs. All homes in Shearer’s Farm are built pre-wired with the ability to integrate all of the latest high tech features. Having this wiring already in place for the future will greatly increase the resale value of these homes because they won’t be left behind with the changing times.

• Virtual Tour     
• Website  www.HiTechLuxuryHomes.com
• Click Here to view the Buyer Full Page Report for the home at 3814 Ballard Drive
• Click Here to view the Buyer Full Page Report for the home at 500 Baxter Way

Lorrie Thomas, Realtor | RE/MAX Town & Country | lthomas@remax.net | 678-778-6020 3814 Ballard Drive, Marietta, GA Smart Homes of The Future 6 Bdrm Single Family House   offered at $889,900 Year Built 2008 Sq Footage Unspecified Bedrooms 6 Bathrooms 5 full, 1 partial Floors 2 Parking 3 Car garage Lot Size .75 acres HOA/Maint $0 per month DESCRIPTION Shearer’s Farm is an Exclusive Enclave of fifteen Hi-Tech Luxury homes built by Collier-Edwards Building Group and personalized to meet each individual homeowner’s needs. Each home is situated on a ¾ acre lot located, just off Casteel Road in the wonderful area of West Cobb, within a mile of The Avenues on Dallas Hwy 120. All homes in Shearer’s Farm are built pre-wired with the ability to integrate all of the latest high tech features. Having this wiring already in place for the future will greatly increase the resale value of these homes because they won’t be left behind with the changing times. But we don’t think you’ll want to leave anytime soon after having your Dream Home built to fit your unique needs. Select from many of Frank Betz or Garrell Associates versatile home plans with a minimum of 3500 sq.ft, and then we will work with you to personalize each home specifically for you. Choose to have a complete technology package which can include a range of features where the possibilities are endless, from automated lighting control to bathroom floors that are preprogrammed to warm for you at a specific time each morning. You’ll enjoy waking to gentle music and then it fades out as the television automatically turns on to your traffic and weather channel so that you can prepare for your day. Imagine the time you would save searching for the remote! You can have the capabilities to log on to your computer at the office and visually check on your kids to make sure they have started on their homework after they’ve arrived at home. Or have the lights turn off in an empty room after a predetermined amount of time, and turn on upon entry. The possibilities are only limited by your imagination. You may also elect to have your basement completely finished with the ultimate High Tech Media Theater Room, Recreation Room with Second Kitchen and Bar area, Private Office, Exercise Room, Play Room for the kids, and a full Guest Suite. Another option you may choose is to have an Outdoor Living Sanctuary for dining and entertaining, complete with a full outdoor kitchen, fire pit with flagstone gathering area, and a luxurious salt water pool with a waterfall cascading into the hot tub. Plus when the hot tub is integrated with the latest smart home technology, you’ll have the ability to send a message from your phone to your home and have the hot tub bubbling at a warm 98 degrees and awaiting your arrival. Shearer’s Farm is part of ”The RE/MAXCollection” of fine homes, with marketing provided by RE/MAX Town & Country Visit www.HiTechLuxuryHomes.com for more info   see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Hardwood floor Tile floor Family room Living room Bonus/Rec room Office/Den Dining room Breakfast nook Dishwasher Stove/Oven Microwave Granite countertop Stainless steel appliances Attic Basement Laundry area - inside Balcony, Deck, or Patio Yard Jacuzzi/Whirlpool COMMUNITY FEATURES Garage parking Gated property Secured entry   ADDITIONAL PHOTOS Seller contact info: Lorrie Thomas, Realtor RE/MAX Town & Country lthomas@remax.net 678-778-6020 For sale by agent/broker Equal Opportunity Housing Posted: May 8, 2008, 6:48pm PDT

Perfect for First Time Homebuyers!  Only $112,000!  Almost an acre lot and No HOA!

Click Here for the complete  Buyer Full Page report

Lorrie Thomas, Realtor | RE/MAX Town & Country | 678-778-6020 909 Pinecrest, Canton, GA Convenient Location! No HOA! 2 Bdrm Single Family House   offered at $112,000 Year Built 2000 Sq Footage Unspecified Bedrooms 2 Bathrooms 1 full, 0 partial Floors 1 Parking 2 Covered spaces Lot Size .75 acres HOA/Maint $0 per month DESCRIPTION Lovely home situated on a 3/4 acre lot with NO HOA! You'll enjoy relaxing in the porch swing on the Large Front Porch! Secluded setting in a HOT growing area of Holly Springs! only 8/10ths of a mile to I575! Perfect for first time homebuyers!   see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace Family room Attic Balcony, Deck, or Patio COMMUNITY FEATURES Covered parking       OTHER SPECIAL FEATURES Private 3/4acre Lot in convenient Location!   ADDITIONAL PHOTOS Seller contact info: Lorrie Thomas, Realtor RE/MAX Town & Country 678-778-6020 For sale by agent/broker Equal Opportunity Housing Posted: May 8, 2008, 5:30pm PDT

Click Here to view the Buyer's Full Report: Buyer Full Page

Haunted Home For Sale ! 

 Catchy title, huh!  Well, , ,  Would you buy a Haunted House?

Well it might not be any where near Halloween, but I watched that new episode last night of something like Ghost Hunters (but it wasn't actually Ghost Hunters) about the ghost children and the shadow people that they photographed. Click here to view the most amazing photo of the "shadow people" on Zombie Rd and click here to view more info on the shadow people of Zombie Rd.

Did you know that you can buy a whole ghost town (only 3 hrs from Las Vegas) for only $249,900. The name of the Town is Modena.  It is a modern ghost town and popular spot for UFO sightings, and ghost hunters.  

Spain's most haunted house has been put up for sale. The owner claimed that faces appeared on the concrete floor in the kitchen, she then chipped away at the floor to get rid of it but soon a dozen other faces appeared.  Possibly the restless souls of her past family members that were massacred during the Spain's Civil War?  Maybe. There was a trench dug in which bones from a 13th century graveyard were found. The strange thing was there were no skulls found.  

Home for Sale w/ a special clause in the purchase and sale agreement, the new owner must agree to letting the ghost stay.  The owners of home in Wales had that special requirement when selling their home.      In Casper Wyoming you can buy a haunted Bed & Breakfast.  Fortunately, the ghosts are not malicious and the Bed & Breakfast has a happy feel.

The Goldfield Hotel in Goldfield Nevada was sold by county auction for $360,000.  This hotel has been featured in many tv shows about america's most haunted places.  Many psychics claim that it is sitting over the seventh gate to hell due to it's location.  Read the complete article for all the interesting details.

  Do you know of a haunted home in the North Metro Atlanta area?  If so, please share your story by leaving a comment. Thanks!

Here I am in the Top Perfomers ad in the Cherokee Ledger

Four Secrets to Give Your House Model Home Appeal
(ARA) – Ah, the model home – it’s not just a selling tool for builders. In many ways, model homes are the perfect portrait of the American Dream, with their manicured lawns, gourmet kitchens and designer window treatments. The model home is what we all aspire to have our homes look like.

The reality, however, can be far different from the ideal; living in the perfection of a model home may not be realistic for most of us. The good news is there are many ways you can borrow some model home tricks for your own abode – and boost your home’s value, and your enjoyment of it, in the process.

Here are five tricks model home makers and decorators use to create the feeling of real estate Nirvana:

* Curb appeal is king. If you mother didn’t tell you this while growing up, home shopping or selling will certainly teach you the lesson: first impressions count. Nothing sends buyers running for cover faster than a shabby exterior, so power wash siding every spring and take care of needed repairs like dangling shutters or peeling paint. Keep the grass mowed and flowers flourishing during the summer. If you don’t have a green thumb, plant easy-care flowers like petunias to add pizzazz to your landscaping.

* Add designer touches that impart the biggest impact for the least amount of money, such as a wallpaper mural. Custom murals are all the rage in design circles and are popping up in model homes across the country. But hiring someone to paint a custom mural is probably out of the budget for most of us. Wallpaper murals, like those manufactured by Murals Your Way, can provide the same designer effect at a fraction of the cost. What’s more, installation is quick and easy. Most homeowners can tackle the project on their own.. Check out www.muralsyourway.com to learn more.

* Keep the rooms clean. If you’re selling your house, keeping rooms clean and clutter-free is a priority. Homebuyers rank dirty rooms at the top of their turn-offs list. If you’re just living in your home, keeping it clean will make it a more healthful, comfortable place to live. In addition to your regular house chores, don’t forget often overlooked tasks like cleaning the carpets and windows.

* Invest your renovation dollars wisely. Most families spend the greatest amount of their time in the kitchen and bath. It’s no surprise, then, that upgrades to these rooms consistently deliver the highest payoffs in terms of increased value and homeowner enjoyment. You’ll almost never see a model home with a common kitchen or a boring bath. If you want to evoke the drama of a model home in your own domicile, invest your remodeling budget in these two important rooms.

Recreating model home techniques in your own house can help maximize resale value and your enjoyment – and bring your abode that much closer to the ideal of the American Dream.
Courtesy of ARAcontent

For more information or to find Local Home Staging companies that can assist you with getting your home ready for the market contact me today. I work with Home Stagers to maximize your homes potential and give it the edge over other homes on the market.

Facing Foreclosure? You May be Eligible for Tax Relief
(ARA) – When your home is losing value and your family is facing the financial stress of foreclosure, the last thing you need is to be hit with an enormous tax bill. The Mortgage Forgiveness Debt Relief Act of 2007 helps protect Americans facing foreclosure from higher taxes while they attempt to refinance a home mortgage.

This temporary act creates a three-year window for some homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. This means if the value of your home drops and your bank or lender forgives a portion of your mortgage, the federal government won’t treat that amount as taxable income. This exclusion only applies to discharges made after 2006 and before 2010. Additionally, the basis of the principal residence must be reduced (but not below zero) by the amount excluded from gross income.

“To claim mortgage tax forgiveness on your 2007 tax return, taxpayers need to complete IRS Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment),” says Stephanie Behrends of 2nd Story Software, makers of the popular TaxACT tax preparation software and online services. However, because it wasn’t until late December that lawmakers signed this legislation into law, the IRS only just started accepting the Form via e-file on March 3.

“TaxACT Standard, our completely free tax preparation program that prepares federal income tax returns, and our premium TaxACT Deluxe software edition both include Form 982 as part of the software package,” she adds. Because not all taxpayers whose homes have been foreclosed are eligible to claim mortgage tax forgiveness, it may be necessary to consult a tax professional or attorney prior to submitting Form 982 to the IRS.

More information regarding The Mortgage Forgiveness Debt Relief Act of 2007 can be found at www.IRS.gov. Use key word “Form 982.” Information regarding TaxACT can be found by visiting www.TaxACT.com.
Courtesy of ARAcontent

If you are facing foreclosure contact me to learn about all of your options. Call today before it's too late, I can work with your lender to usually postpone foreclosure.