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Spotlight on Country Club of the South - Summer 2009 | Letter to My Neighbors | Alpharetta, GA

By Maura Neill

Real Estate Agent with RE/MAX Around Atlanta GA RE License #296541

August 17, 2009 03:25 AM

From our quarterly magazine, Spotlight on Country Club of the South - to request your copy, please email Maura@GebhardtGroup.com.

Spotlight on Country Club of the South - Summer 2009

Dear Country Club of the South Neighbors,

Like many other upper end areas throughout the country, the home sales in Country Club of the South continue to be sluggish. According to the National Association of REALTORS®, the national share of home sales above $750,000 has fallen from 4.4% in 2007 to around 2.3% in 2009. In addition, the months' supply of inventory in this price range has risen from 18.7 months to 41.1 months. While the current government economic stimulus has helped the lower end, first-time home buyer segment, the limited availability and higher interest rates have stalled the jumbo loan market. Unfortunately, most homes here in Country Club of the South would require jumbo financing. Jumbo financing is defined as any loan over $417,000, also known as a conforming loan. These "jumbo" loans now carry much higher interest rates, more stringent qualifications and larger down payments. Lawrence Yun, the Chief Economist of NAR, has stated that the bulk of the potential buyers in this price range remain sidelined and unwilling to buy a home and take out mortgages that carry interest rates higher than the conforming mortgages.

On a more positive note, Atlanta has been recognized as #6 by BisJournals as one of the top 10 cities poised for growth in the next ten years. In another study by HIS Global Insight, an international economics firm, has Atlanta listed as #2 of the top 5 cities predicted to recover first once the economy turns. We have already seen the seeds of this planted by the recent announcements of three major corporations selections of Atlanta as their new headquarters. We all just need to be patient,

If you would like further information about the current real estate market in our neighborhood or any other community in Atlanta, please feel free to contact me.

If you would like to view the real estate activity in our community or the surrounding neighborhoods, please log onto my website at: WWW.PAMGEBHARDT.COM. See all homes listed in Country Club of the South!

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