In Response to a Client (in Cherokee County, Ga.) saying that they hear things are really bad with the housing market right now, and wondering if anything at all is selling right now:

When you hear about the market being slow, it's a generalization. I've noticed that Higher priced homes, may take a little loner to sell due to the amount of homes on the market. But the repercussions of the mortgage industry hasn't had much impact on the homes around $800k, $900k+ are still selling steadily. Plus, homes in the $130-$150 range have been selling even better, in some areas. But there are so many things that factor into it, such as having your home priced appropriately for the market, and having it "market ready."

Actually, statistics show there were more homes sold this year, than the same time last year.  Also, Pending house sales have been on the rise. Pending sales of existing homes rose 5% in June compared with May. That's the largest monthly gain in more than three years.  The median home price in June was up in June, by .3 percent. That's a 3.3 percent increase in home prices over May 2006. Home prices improving but sales down in most states. (Statistics from NAR)

So, when you hear about the home sales being down. Keep in mind, that it's a generalization of all the homes, including ones that are Overpriced, not Market Ready, and the ones that are higher in price range of like $400k, $500k, $600k, and so on.

For instance,  a starter home in Kennesaw in the $130's in move in condition with new carpet, paint, light fixtures. If priced appropriate, it will shortly be under contract, PLUS even have may back up offers coming in.  After I sold the listing I had like that, I wished I had three more listed just the same. So, I would say the opposite of what most people are hearing, definitely a seller's market in that specific area and price range.

Also, Ranch Homes, All on One Level, are always a hot seller. If they are priced appropriate and not in need of a whole lot of TLC, then when it's put on the market it will get a lot of showings and sell quick.

But speaking of TLC, everyone and their brother seems to be an investor lately! Since people hear about the Foreclosure rate up, and all the Foreclosures on the market, the trend is Everyone wants a Foreclosure. However, they also want one extremely below market value, with only carpet and paint needed. Most newbie investors don't seem to be realistic. Then when they do find the ONE Foreclosure with only cosmetics needed, they offer waaaay too low, and lose out on it. So, if you are new to investing, remember to stay realistic!

Anyway, the point is, take everything into consideration when you hear that the market is slow. It's a large generalization, and if you take each different market (area, price range, etc.) into consideration, your findings may greatly vary.

If you have a knowledgeable Realtor, who can assist you in pricing you home appropriately, and tell you what you need to do to make your home marketable, then you shouldn't have any problems.  As long as you take their advice to make your home marketable and price it right.  (You must make your home Market Ready, because the Home Buyer's that do not want a Foreclosure want the total opposite, something that doesn't need any work, has new carpet, paint, light fixtures, and move in ready!)

One of the other assets that you should look for when choosing a Realtor is whether they are technically savvy and Up To Date with the new marketing techniques.  Answer this question: Where would you look first if you were considering Buying a Home?  If you answered the Internet, then you are among the other 90 something percent of the population that would do the same thing.  Most individuals, if just merely thinking about the possibility of buying or selling will go to the Internet to do some searches before even speaking with a spouse or significant other about the possibility.  If you are selling your home, then that is where you want your home to be, and you want it to be at the top of the list! Plus, not only at the top of the list but also throughout the internet in different places, so that the potential buyers not only see your home once but several times. 

Click Here for "Home Price Analysis for Atlanta Region" by the Research Division of the National Association of Realtors. Here you will find that Home prices in the region rose at a respectable 6%, in the first quarter of 2006 following a 7% rise in 2005. Home price declines are very rare.

Now the next question... WHO sold more homes in your area last quarter? RE/MAX of course. Click here to view market share reports for Cherokee County, Cobb County, Fulton County, Forsyth County, and Bartow County.

The average Days on Market(or DOM for short) for a "3 Bedroom/2 Bath Ranch Home" within the zip code of 30115 of Cherokee County is only 79 days (statistics pulled from current day 8/30/2007 back through 8/30/2006).  Using the same criteria, and same date range, a home in Acworth only had average Days on Market of only 65 days, which was also the same number of days on market for homes Kennesaw, Ga.

However, take another market.....   For example Homes in the price range of up to only $135k, 2Bedroom/2Bath Ranch home, and you will find the statistics can sometime get even better. Only 38 avg. DOM for Kennesaw; 55 DOM for Acworth 2/2 Ranch homes.  If you look at the avg. DOM for All homes sold in Kennesaw between 8/30/2006-8/30/2007 in the price range of $125k-$135k it is still only 48 days on market. Not too bad! (above/below stats pulled from fmls)

Now let's look at the statistics for actual Sales Price vs. Original List Price. For Cherokee County (beginning of  '07 through end of July '07). Seller's got an average of 97.41% of their Original List Price.  For Example a home listed at $206k sold at an average of $200k. Or more simply put, a home listed for $100k sold for about $97,410. Cobb County is about the same at 97.34%. Still not too bad!

Another scenario... let's say you have a home you'd like to sell, that is a 3 Bedroom / 2 Bath, 1 Story home in Canton, Ga. for about $150k. Well, you are in luck if you are a Seller! Because there are only 15 other 3/2 homes in Canton currently under $150k. Plus if the home is 1999 or newer, even better, since only two of those 9 homes was built in 2003, one in 1999, the rest were older (ranging from 1930-1995).  Now, if the buyer is looking for a 3/2 with a 2 car garage, that narrows it down to only 7 homes.  I'd say that's Good News for the Sellers of any 3 Bedroom 2 Bath homes with a 2 car garage in Canton, Ga.! ! ! ! !

I hope you found this Real Estate Status of the Market Report informative. If you are thinking about Buying a Home, Selling a Home, or if you need any additional information just contact me.

Lorrie Thomas, Realtor
RE/MAX Town & Country of Hickory Flat
6124 Hickory Flat Hwy Suite E Canton, Ga. 30115
Cell (678) 778-6020 / Office (770) 720-4300
Direct/Voicemail/Fax (678) 496-4own
Website: http://www.ahelpfulrealtor.com/
My Blog: http://activerain.com/blogs/lorriewithremax  

If you would like to Sell A Home in Cherokee County, Canton, Holly Springs, Woodstock, Hickory Flat, Cobb County, Acworth, Kennesaw, Marietta, Roswell, Alpharetta, Cartersville, or surrounding areas, Contact Me for a free, no obligation, Market Analysis of your home. Contact me today, to learn more about my Internet Marketing Plan that I use to sell your home in today's rapidly changing market.

If you are looking for Cherokee County Homes for Sale, Canton Homes for Sale, Holly Springs Homes for Sale, Woodstock Homes for Sale, Hickory Flat Homes for Sale, Cobb County Homes for Sale, Acworth Homes for Sale, Kennesaw Homes for Sale, Marietta Homes for Sale, Roswell Homes for Sale, Alpharetta Homes for Sale, Cartersville Homes for Sale, Cherokee County Estate Homes, Foreclosures, or homes for sale in surrounding areas, Contact Me for Free Buyer's Representation, to protect your best interests when buying a home.  Don't search the hard way, Contact me today!

My general service areas are Cherokee County, Cobb County, Canton, Hickory Flat, Holly Springs, Ball Ground, Cartersville, Woodstock, Alpharetta, Roswell, Marietta, Acworth, Kennesaw, and other surrounding areas. I am licensed to sell homes anywhere in the state of Georgia. I generally work in the counties of Cherokee, Cobb, Bartow, Paulding, Fulton, Forsyth, Gwinnett, but if outside my service area, Contact me and I can refer you to another reputable RE/MAX Realtor.