Lesley and I had the pleasure of working with Ravi and Satya as they sought a new home in the Sarah Smith school district in Buckhead after relocating from Chicago earlier in the year.  We closed earlier today.  Ravi and Satya were referrals from past clients, Eric and Joyce, and we loved working with them. 

We were able to find Ravi and Satya a beautiful home in the Wieuca Trace neighborhood at a great price, and I think Lesley and I are just as excited as they are about the find.  Thank you again to Ravi and Satya for giving us an opportunity to help!  We are looking forward to the house warming party!

The Peters Company’s latest listing is a beautiful, like new townhome in Norcross.  Many thanks to Emily for giving us an opportunity.  Emily found us online, as so many of our clients do.

 Best value in neighborhood • Move-in ready • Neutral paint colors throughout • Kitchen features stained cabinets, island, like new black appliances,  & pantry • Open floor plan with large family room/dining room combination • Gleaming hardwood floors on main level •  Sturdy, neutral berber carpet on 2nd floor • Expansive master with vaulted ceiling • Large 2nd bedroom perfect for roommate  floor plan  • Great exterior storage closet • Private patio •  Come home to this quiet community conveniently located to I-85, I-285, and Hwy 78 • Seller will pay 6 months HOA fees

This congrats goes out to Edric and Ging who just purchased their first home at Carlyle Woods.  Andy and I are big fans of Carlyle Woods and we currently have 3 clients living there!  Carlyle Woods is a condo/townhome conversion community located in Brookhaven.  It’s convenient location, amount of space, and outstanding upgrades make it a great VALUE, especially for many of our first time homebuyers.  There’s further gentrification in this area as word on the street is that the apartments across the street have been purchased and could potentially become a development similar to Carlyle Woods!  This area is within walking distance to Dresden’s new development, Briarwood Park, and a short drive to the future Sembler development. 

Congrats to Edric and Ging as they have made an excellent choice!  And, many thanks to Edric’s brother and sister-in-law, who are our past clients, for sending them our way!   

Simple Math:

Amazingly Low Rates + Depressed Home Values + Vast Inventory

= First Time Homebuyer Heaven

If you are a first time homebuyer sitting on the sidelines, your amazing opportunity window may be shortening as the home market is poised to rebound.  For months we have been proclaiming the dubious position that first time homebuyers are finding themselves in.  We have been fortunate to work with more than a handful of first time homebuyers this year, and I’m always blown away at what is out there waiting for them. 

Great Mortgage Interest Rates!  I heard my dad and my father-in-law for the last few years tell me about how high rates were “back in the day” of the 1970’s and 1980’s.  10-12% interest rates were not only common, they were pretty darn good.  We have really been spoiled here recently.  In fact, rates dipped below 6% again this morning, and they appear to be going lower according to our friends at Countrywide Home Loans.  If you are floating in the short term, waiting for interest rates to drop further, I encourage you to lock those rates.  With the volatility we are seeing in all the financial markets, anything could happen.  You may lose a little on your rate by locking, but you could also look like a hero on these sudden spikes we’ve seen in the last couple of weeks.  Adjustable rate mortgages may be tempting, but with rates this low and if you can afford to do so, lock your rate for 30 years and forget about it.  You’ll be glad you did.

Home Values are Down!   The Median YTD September 2008 sales price was down 10.3% versus the same period in 2007.  Foreclosures represented over 23% of the overall sales in the 3rd Quarter.  As mentioned before, you can’t always consider a foreclosure a good “deal”, but you sure have to look at them in this market.  It’s an equity cash grab if you find the right one.  Sellers received 93% of their list price in the 3rd Quarter, which is 3.5% worse than the same time last year.  The sellers are finally starting to accept the market, which is even further good news for the homebuyer. 

Inventory is Still High!  There is a 12.3 month home supply in the market right now, which is 20% higher than the same time last year.  However, it’s important to note that the home supply has dropped each of the last two months as this market attempts to correct itself.  A 6 month supply of homes is a good balanced market to give you a point of reference.

Other great benefits in this market for first time homebuyers include the fact that 75% of all home sales included seller paid closing costs!  FHA loans are available with 3% down, which can be in the form of a gift.  The other good news is that we are entering the winter months when home sales typically slow down, making an offer even more attractive for a seller. 

If you are considering buying a home for the first time or for the fiftieth time, there truly could be no better time than right now.  We have received high praise from our clients for our consultative approach, making the homebuying process a simple and enjoyable experience.   We would love to help you.

All statistics are cited from Chartmaster, 3rd Quarter 2008 Metro Atlanta Profile: Single Family Detached Residences.

The Peters Company believes in the power of information, and we are constantly updating our clients with news and views on all things real estate through a variety of media including electronic and print.  If you’d like to be added to the mailing list via email and/or regular mail, simply contact us at andy@thepeterscompany.com.  We would love to keep you posted!

Lesley and I would like to congratulate Lynn on the sale of her home, which closed today (Tuesday October 14th).  Lynn is more than a client.  She’s a friend and a neighbor in Brookhaven Gardens.  We’re so sad to see her go, but we are happy for her and her move to sunny California.  Before moving out Lynn had an estate sale, which we advertised on the blog earlier, and someone asked her if she had miracle workers selling her house.  I don’t know about miracle workers, but we have certainly provided our clients with information and processes that get results.  If we can help you with anything relating to real estate, give us a call or shoot us an email.  We’d love to help you. - Andy

Yesterday I talked a little about the opportunities out there, and I wanted to add a few more thought.  I received an uplifting email from our operating partner Shaun Rawls, and it inspired this message…

Increasing gas prices and the backlash from gas lines due to a shortage will continue to force people to evaluate the locations of where they live and where they work in the metro area, and you’ll see many home sales and purchases take place to solve these dilemmas. 

Consumers’ lack of confidence in the financial markets will, once again, prompt a flight to the real estate market.  After all, you can actually do something to improve the value of any piece of real estate, whereas the only thing you can do to improve the value of your stocks is to hit your knees and pray. 

Also, it’s hard for anyone to make a case other than “this is the worst of times.”  I think the prices of real estate in the wake of the biggest financial mess in modern history are virtually as low as they will go.  Any buyers who continue to hang onto the stale position of “it’s going to get worse before it gets better” has got to be responded to with a look that says, “You’ve got to be kidding.” 

This may be one of the blessings in this whole financial mess.  I think every real estate professional in our industry has the ammunition to feel confident in declaring, “This is the worst!  It can only get better from here!”  That means opportunity for those who seek it.   

There are two very important things in our near future, both of which will put wind in the sails of our industry.  One, a financial bailout WILL occur. Two, a new President will soon be elected.  I think November 5th will be a great day no matter the outcome.  With the election comes the removal of the dark cloud of uncertainty that we all have to live with for five more weeks.  Change is coming with either ticket.  Republican or Democrat, both parties offer a historic change component. 

In the meantime, Lesley and I must study the data, study the numbers and study the information that helps us be the most prepared real estate agents, selling houses for sellers and finding opportunities for buyers.  You must combine the right mentality with the right actions to create your success, and Lesley and I are poised to help you make sound decisions and take advantage of the market.  It’s easy to fall prey to fear just like everyone else, but if you rise above it, you can really prosper.

First time home buyers, Clients who need to buy their first investment property, Clients who need to sell and buy a bigger home, eco-friendly buyers and sellers, people who have growing families, getting married, commuting too far, dying, divorcing, losing their jobs, getting new and better jobs…all represent opportunity for you in this market!  Turn off the news, and you’ll notice that by removing the blinders your opportunities are much easier to find. 

Today was a big day for Charlie and Liz as they closed on their awesome new home Wednesday afternoon.  Charlie and Liz found us through a friend’s referral, and they were a joy to work with.  They were looking for a large move-in ready home, and we found it in Alpharetta.  Lesley lived in Alpharetta, and I worked in Alpharetta for eight years.  We know the area very well, and we helped them find a great deal on a beautiful home.

Shepherds Pond home in Alpharetta

We’d like to thank Charlie and Liz for entrusting us to represent them on their transaction, and we’d also like to thank Kristin for referring us.  You don’t know how much we appreciate your referrals.  It’s the greatest compliment someone can give us.

Hillsdale home in Brookhaven

We are happy to report that Mark and Kelley closed today on their Hillsdale home as well as a wonderful new home in Wyntercreek (Dunwoody) just two short months later.  Thank you so much for trusting us with your two transactions Mark and Kelley!  We loved working with you, and we are just as happy about having you as new friends.  We hope you enjoy making your new house a HOME.

Wyntercreek home in Dunwoody

As previously mentioned, the home buying and selling process can be like swimming in shark infested waters.  Our goal is to always make the process a win for our clients by simplifying the transaction, overcommunicating and overdelivering.  Kudzu.com provides us with great clients like Mark and Kelley.  If you have never checked us out on Kudzu, I encourage you to take a look at what others have said.  You’ll see a link below. We would love to help you in any way. - Andy