What is Different about This Market than in Years Past?

By Sherry Ajluni

I've been giving this question some thought lately. We've been through buyer's markets before, so what is different this time? A buyer's market means there is more than 6 months of inventory on hand. I am seeing inventory on hand creep up closer to the 12 month range in certain areas and price ranges again. It had reduced to 8-10 in some price ranges and areas of North Atlanta. This is peak selling season so we would expect some increase in inventory but there are obviously still not enough buyers out there to absorb that inventory fast enough.

So what is selling and what makes a buyer pick one property over another? Well, what we are seeing is that buyers not only want the great deal, they also want an updated property. Even properties listed at great prices for their communities tend to sit longer than they should if they don't have the latest updates. The kiss of death for some? White kitchen, white laminate or even white solid surface counters, old worn carpets, homes in need of painting (interior or exterior). Are they all cosmetic? Yes! If a house looks updated but has old HVAC units, will it still sell? Yes! Now, they have to work of course, but if they are old, we can get past that and get the house sold. That white kitchen, wallpaper, and other updating needed will hurt pricing more than outdated HVAC. I'm sure that's not what the HVAC companies want to hear, or the roofing companies, but hey, we live it every day, and we know what buyers are looking for!

Young buyers have their hands full with work or young families and don't want to take the time to do the updating. Older clients may have already been through that on their last house and just don't want to do it again. And neither has to if they just wait for the right house! I am seeing houses go under contract that are priced significantly higher than the ones that need updating- more than the updating might even cost to do. That doesn't surprise me for the buyers that are moving to the area that need to be able to just move in, but it does surprise me somewhat for those buyers that call themselves the deal shoppers! They look at foreclosures that look like the houses only Eddie Monster would love and think they are getting a deal (this takes me back to a saying my Dad had for my Mom after a full day of shopping - "you'd buy s**t if it was on sale!")They need to calculate what it will cost to update them! I've honestly thought about just listing our regular listings as foreclosures and watching people fight over them. Ridiculous. I'll give you an example... we sold a well maintained, move in perfect home in a nice community at $565,000. A foreclosure hit the market a couple months later at $509,000. The house was bid up to $551,000. What??? Were they looking at the same house I was? Yes, same floor plan as ours, great house, but needed work- paint, carpet, exterior work. So, did they get a deal? I would say NO! It's just like shopping in general, not everything that is on sale is a good deal. Or as Kenny Rogers said, "You have to know when to hold ‘em and you have to know when to fold ‘em". That would be a good reminder to those foreclosure bidders.

So, my advice to homeowners and those thinking of selling in the near future, get your homes updated, move in ready- granite, carpets new or nearly new, neutral paint, get rid of brass, good general maintenance, clean- and then list them as foreclosures! Just kidding. Do get them move in ready and updated, then call us to list them and they will sell! We have a good track record so far with over 30 homes sold so far this year. It's still a challenging market out there and you need a team that will fight for you. We haven't lost an appraisal yet either- don't know anyone else that can say that. Appraisals are coming in low; appraisers have to be very conservative. We haven't had to lower ANY of our purchase prices due to an appraisal coming in too low, and that is happening everywhere.

As always, please don't hesitate to ask if you have any questions at all about your area, community or individual home- from what to update to what's it worth? We're here to help! Write us at Info@SherryandMariaTeam.com. Helping you maintain the most value in the biggest asset you have...

The Avenue Forsyth keeps their events calendar active Every other Thursday from 6-9pm with Jazz in the Park.  The first Jazz in the Park will begin today, May 27, 2010 with the Dean Balkwell Trio performing. 

If you're looking for an excuse to visit the Avenue Forsyth (or just sit back and relax with the family), come out to visit Jazz in the Park. 

Event sponsored by Relax the Back.  For more information click here to visit the Avenue Forsyth website.

Welcome Home
The Sherry & Maria Team
Keller Williams Realty
Sherry 678.283.1710
Maria 678.548.5513
www.sherryandmariateam.com

 We're never too busy for your referrals!

Each Keller Williams office is independently owned and operated.  Equal housing opportunity.

5 bedroom, 4 bath offered at $479,000.  Drastically reduced Osley custom built home with all the upgrades!  Granite, Hardwoods Everywhere (Main Lvl & Upstairs) - no carpet anywhere, Heavy Molding throughout, 3 car garage.

Your search is over! This is a dream home, custom built, quality and excellence are evident. Impeccable construction and design marry to form a stunning home at an affordable price. Custom granite kitchen, stunning two story family room with wall of windows, gas fireplace and two oversized built-ins. Sunroom off of kitchen overlooks private level backyard. Hardwoods throughout home- main level and upstairs! Easy to care for, lasting elegance and great for those with allergies. Guest suite on main with attached full bath. Separate living room with french doors works well as an office, banquet sized dining room. All this at an unbelievable price- the most house for the money in Windermere, the luxury golf, swim, tennis community. Check out the virtual tour!

A Kitchen so beautiful, you'll want to cook and entertain every day! Upgraded cabinets, granite counters, large pantry, spacious breakfast area and view to 2 story family rooom. Perfect!	Gorgeous 3 1/2 side brick home built by Osley. All the custom finishes plus more added by current owners! Pristine move in condition. Incredible location, incredible community, incredible deal! What more could you want??
Great attention to detail. This is one of a kind.	Breakfast area large enough to seat 6 or more!
Stunning 2 story family room with wall of windows, gas fireplace and custom built ins.
Hardwoods throughout main and more added to upstairs level.	Large formal living room makes a great office.Separate formal dining room also.
Huge sunroom overlooking private backyard. Great for entertaining or a quiet place to read a book.	Spacious master with sitting area. Hardwoods in master too. Large tiled master bath with huge closet also!
Harwoods on upstairs level and wrought iron spindles.	Adorable nursery. Secondary bedrooms are spacious with large walk in closets.
Two story foyer for a grand entrance.	Look at the size of this home! Plenty of yard for play area and double cul de sac street. Very little traffic. Invisible fence and irrigation too! It's all ready for you.
Custom stone patio.	Oversized three car garage, level driveway. Room for a game of basketball and plenty of room for guest's cars.

Contact the Sherry & Maria Team to set up a showing.

Welcome Home
The Sherry & Maria Team
Keller Williams Realty
Sherry 678.283.1710
Maria 678.548.5513
www.sherryandmariateam.com

We're never too busy for your referrals.

Each Keller Williams office is independently owned and operated.  Equal housing opportunity.

The accuracy of all information, regardless of source, including but not limited to square footage, is deemed reliable but not guaranteed and should be verified through personal inspection by and/or with the appropriate professionals. © 2002-2010 FMLS

There's a new pizza in town and it's called Pizza Primo! The Knapp family has brought their secret recipes from their restaurants in Michigan and will soon be opening Pizza Primo! in South Forsyth. I've known about this opening for months now and I can't tell you how excited I am! We have some decent pizza in the area but nothing like they make in Chicago. If you have never had Chicago style stuffed pizza you are in for a real treat. It's not just the style of pizza that will make Pizza Primo! stand out but the high quality ingredients, like a blend of 4 all natural cheeses, high quality meats and fresh veggies.

Pizza Primo! will also be serving a traditional hand-tossed pizza, subs and gourmet salads. The same rule applies for all of their signature dishes- only the highest quality ingredients are allowed! The owner, Reed Knapp, talks about his "Bold Sauce". My mouth is watering already. He says his subs are piled so high you'll need a larger mouth to eat them! He talks about customers stopping him in his Michigan restaurants and telling him that "This is the BEST pizza I've ever had!"  Their only complaint, "It's more than we can eat!"

The Knapp family consists of Reed, Jennifer, Jordan (14), Tyler (12) and Heidi (11). They have been in the pizza business for 25 years. According to Reed, "It's in my blood". Their first Pizza Primo! will open in late April, is open 7 days a week,  and is located at the corner of Windermere Parkway and Front Nine Drive. Reed is busy scouting out areas for additional restaurants. The Knapp's are happy to be residents of South Forsyth and really appreciate the "Southern Hospitality" they have received. Sounds like the kids are loving the area schools too! They look forward to serving their neighbors. Please stop in to say "Hi" and try a pizza, sub or salad you won't soon forget! Use the coupon below. Enjoy!

Vist their website at www.pizza-primo.com

Location:  Windermere Pkwy at 4415 Front Nine Dr., Suite 100   Cumming, GA 30041

Welcome Home
The Sherry & Maria Team
Sherry 678.283.1710
Maria 678.548.5513
www.sherryandmariateam.com

We're never too busy for your referrals!

Wow, what a year it was! 2009 definately had it's challenges, which is why we are even more pleased, thrilled really, to be awarded the number ONE team in Keller Williams Realty Consultants, Roswell, GA! This is a fantastic office full of many top producers so we are in excellent company. I think this office will continue to feed off of each others current successes. We listen to each other, brainstorm with each other and want each other to succeed! It never ceases to amaze me the open atmosphere at Keller Williams.

Our team is also among the top 10 teams in North Fulton and Forsyth Counties (North Atlanta areas). In a time period where many of the largest teams are selling foreclosures, it is comforting for us (and our clients) to know that we can still be extremely productive without selling foreclosures. We did close several short sales last year and helped our clients avoid foreclosure but the vast majority of our sales were traditional resales. We helped our clients sell their current homes and move into new ones. What a great time to buy! For our clients that were moving up in price point, just think of the investment! We made sure they stood to gain much more in their new house than the loss they may have taken in their current home. We won't sell a house we know we can't resell easily. We want our clients homes to be the investments they should be!

As for 2010, we plan to increase sales yet again and help more homeowners make a move that benefits them! Know someone ready to make a move? Call the team that is making it happen!

Here's to 2010!!

Sherry and Maria

www.sherryandmariateam.com

sherry@sherryandmariateam.com

If you are struggling to make mortgage payments, you have two options.  First, we counsel clients in how to go back to their lender and renegotiate the terms of their loan. With the initiation of the Homeowner Affordability and Stability Plan, part of the recent stimulus bill, homeowners have the option of refinancing even if their loan to value ratio is above 80%, the current guideline for conforming loans.  There are also options for those that have had their income reduced. The new plan allows for government and investment banks to work together to lower interest rates on loans and thus lower payments for those with either reduced income or reduced equity in their homes. The bill is somewhat complicated. Make sure you are talking to a mortgage broker or bank that is staying on top of these changes.

If you do not qualify for these new programs either because your income is now too low or you are too upside down on your home (you owe considerably more than what your home is worth), you may qualify for a short sale. This is when the bank is "shorted" what they are due according to the mortgage terms. It does reduce your credit score but looks better than walking away from the home and allowing it to go to foreclosure. According to RC Thielemann, of Capital Mortgage, a short sale will drop your credit score about 100 points, where a foreclosure will drop your score 300 points and make it very difficult for you to purchase again. The added benefit is that you have a place to live while you are selling your home. If you think this is an option for you or someone you know, please call us. We don't want to see anyone lose their home but if they must, this is a better way to do it.

TOP 5 REASONS NOT TO FORECLOSE!!

1. THE HOMEOWNER WILL ALWAYS HAVE TO DISCLOSE THAT THEY HAVE HAD A FORECLOSURE ON ANY MORTGAGE APPLICATION. FOREVER!!! NOT JUST 7-10 YEARS.THE MORTGAGE APPLICATION ASKS IF YOU HAVE "EVER" HAD A FORECLOSURE.

2. CREDIT SCORES WILL BE LOWERED BY 300 PLUS POINTS AFFECTING THE ABILITY TO GET A CAR, APARTMENT, CREDIT CARDS, EVEN CAR INSURANCE. SHORT SALES LOWER YOUR SCORE ON AVERAGE ABOUT 100 POINTS. YOU MAY BE ABLE TO BUY ANOTHER HOME A YEAR LATER.

3. A FORECLOSURE IS THE ONE CREDIT REPORT ITEM THAT IS ALMOST IMPOSSIBLE TO "REPAIR".

4. MILITARY AND GOVERNMENT SECURITY CLEARANCE COULD BE AT RISK WITH FORECLOSURE.

5. MANY EMPLOYERS RUN CREDIT CHECKS ON PROSPECTIVE EMPLOYEES AND FORECLOSURE IS ONE OF THE TOP ITEMS THAT WILL PUT A POTENTIAL NEW HIRE IN JEOPARDY.

AGAIN, IF YOU ARE STRUGGLING, YOU AREN'T ALONE. JUST CALL AN AGENT THAT IS EXPERIENCED AND CAN HELP YOU THROUGH THE PROCESS. WE'RE REO CERTIFIED (DISTRESSED PROPERTIES) AND HAVE NOT LOST ONE SHORT SALE YET TO FORECLOSURE! AND WE DON'T INTEND TO START NOW!

GREAT VALUE!!! MOVE IN READY! PRICED TO SELL!

Adorable move in ready home on one of the largest lots in the community, quiet street,largest floorplan- all at an incredible price!! Great new elementary school, close to the new Avenues Mall. Fabulous south forsyth location!	Stunning 2 story family room with gas fireplace. Open floorplan, great for entertaining. New flooring.
Entire home shows so well! Great colors, super clean.
Pristine kitchen with new flooring, decorator paint. Sliding glass doors lead to large fenced backyard.
Separate living room and dining room. Living room is a great place to entertain after meals.	Large separate dining room adjoins kitchen.
Foyer with new flooring.	Spacious master suite with vaulted ceiling. Decorator colors, blinds in all rooms.
	Large master bath with dual vanities, separate tub and shower.Huge master closet too.
Adorable nursery.Extra large closets in secondary bedrooms.	Secondary bedroom.
Secondary bath with neutral colors.	Did we mention this home has one of the largest lots in the community??! Fenced and level, with large patio for entertaining/ grilling.
Beautiful swim tennis community in an incredible area. Welcome home...