One of the joys of our job is to help our clients achieve their goals and through that process become good friends.  We have accomplished that yet again with Berkley and Lee.  Having first met with them in October of 2008, we decided in February to eventually rent their current Norcross townhome and help them find a “deal” on a larger Norcross single family home now.  While these results are not typical, we were able to secure them a deal alright at 83% sales/original list price.  Buyers are holding a lot of cards right now, but this was truly a diamond in the rough.  We closed on their new home on Thursday, and coincidentally we closed on the rental of their townhome on Friday.  We are so appreciative of the opportunity that Berkley and Lee gave us.  It was a real pleasure working with them, and best of all we made new friends in the process.

If you have been thinking about taking advantage of this market and need another opinion, we would be more than happy to invest an hour with you to determine your best move.  There are so many options out there for today’s Atlanta homeowner.  You can always reach us through the website at www.thepeterscompany.com.  We look forward to working with you!

The Peters Company KNOWS Ashford Park in Brookhaven.  Not only have we personally lived in Ashford Park, but we have helped Brookhaven homesellers and homebuyers in Ashford Park time and time again.  It’s amazing to see what this neighborhood has done through the years!  If you are interested in Brookhaven, you should definitely consider Ashford Park, and we’d be happy to help.

Here’s the details on our latest Brookhaven listing:

Developed in the 1950’s, Ashford Park was home to military personnel stationed at the site of today’s Peachtree-DeKalb Airport (PDK).  The military housing is a distant memory, but this area is still flying.  You’ll appreciate the history of the neighborhood while enjoying the incredibly desirable location in the heart of Brookhaven’s rejuvenated east side.  With the new Village Place Brookhaven blossoming now and within walking distance on Dresden, there’s a lot to be excited about here.  This charming two bedroom two bathroom cottage provides the perfect setting for city convenience and affordability. 

The front of the home has been freshly painted and finished with fresh landscaping.  From the moment you walk in the door, you’re greeted by rich history filled hardwood floors.  You’ll have plenty of space to relax in the main living room and adjoining separate dining room.  There is no need to waste a bedroom for your home office with the bonus nook off of the living room.  The kitchen features white cabinets and a brand new dishwasher as well as an extra cupboard cabinet for additional display and storage.  Come outside and find the screened porch you have always wanted.  Relax or entertain in privacy with a large flat fenced backyard.  The master bedroom and guest room are accompanied by a traditional full bathroom.  With an excellent lot, the possibilities for expansion are endless here.  The neighbors are friendly and wonderful.  You’re going to love it.  Welcome home to Ashford Park!

The buyers are out in full bloom already, braving this flood weather we have experienced recently in Atlanta.  We’re working with homebuyers in Norcross, Alpharetta, Roswell, Sandy Springs, Brookhaven, Buckhead, and Decatur.  Rain can’t keep people away, and it’s just wonderful to see the pickup a little earlier than expected.  Atlanta home sales are on the move.  Our phone continues to ring daily with new homebuyers ready to take advantage of the market.  With the new buyers also come new listings.  In the past week we have added three new single family listings in Decatur, Sandy Springs, and Buckhead.  You’ll note those listings on our blog.  Week after next we will be adding a foreclosure listing in the well known Park Place condominium building of Buckhead. 

Remember that it’s only a buyer’s market if you’re buying.  If you are a seller, think like a buyer.  If you are interested in learning more about our metro Atlanta market and perhaps how you can take advantage of it, we would love to spend an hour with you over lunch, coffee, or at your home.  We have some wonderful statistics, tips, and tricks for ensuring that your next move is a great move.  If you are an intown Atlanta homebuyer, we would like to meet with you, and if you are an Atlanta first time homebuyer we definitely want to meet with you!  This is an amazing market for you first timers!  All the best. -Andy & Lesley

The Peters Company just listed this beautifully renovated 3bed/2bath classic in historic Decatur. It’s located in the Clairemont-Great Lakes neighborhood and incredibly convenient to Emory Hospital, DeKalb Medical Hospital, and CDC.  The home has been renovated and updated front to back, side to side, and a recent addition makes for an expanded kitchen and an oversized master suite.  The home sits back tucked away from the road, and the lot is large and deep with a deck overlooking the private fenced in yard.  You must see this home. You’re going to love it, and it won’t last long!  We are well versed in the Decatur home sale market, and we have helped many buyers in Decatur as well.  To see this listing, please contact Andy at 770.634.2782 or andy@thepeterscompany.com for an easy appointment.

Having attended at least one listing appointment per week for the last several months, we have had to share our fair share of bad news.  In fact, we talk more people out of selling than into selling.  That’s the truth.  As we have said before, we are in the market of selling homes, not listing homes.  If we take a listing it is because we think we can sell it.  This is not the market to get what you want for your house, and it’s really not, in some cases, the market to get what you need.  If I can paint with a broad brush here, I don’t think I’m going out on a limb by saying that inventories remain high and homeowners remain frustrated. 

There is some positive though.  This strange market we are in has created a counter culture for the rental market for the landlord and the tenant.  It has become harder and harder to secure financing thanks to the tightening credit market so more and more renters are looking to take advantage of the market not by buying, but by renting.  What does that mean? 

Many homeowners find themselves upside down on their mortgage or simply refusing to take a large loss by selling their home.  So, what’s a homeowner to do?  Rent it baby!  As in the resale market, a well priced rental home rents fast.  It’s really a great time for the tenant too because they are, in many cases, able to rent a home/townhome/condo at a discount versus the traditional apartment complex.  It’s a win-win for everybody because these new opportunities for tenants allow the landlord homeowner to move on and accomplish goals as well, such as moving up, down, or out of town. 

We have been fortunate to work with some smart couples recently that did not let the market scare them.  In fact, they are rolling with the punches and maximizing their opportunity.  Two couples in particular have already bought or are under contract to buy their “move up” home while renting their current condo/townhome.  This window of opportunity to buy in a perfect storm of high inventory, depressed home values, and historically low interest rates will not last forever.  The smart buyer understands the economics of this decision beyond the initial sticker shock of two mortgages.  A break even on a rental, or even a slight negative cash flow, can pay massive dividends when coupled with a purchase in these times.  As said before, money can be made in an “up” market, but a whole heck of a lot more can be made in a “down” market. 

If you want to move, but you feel stuck or out of options, let’s talk.  We have some great ideas, and we will be happy to discuss the options available to you with no obligation to buy whatsoever.  We aren’t here to talk you in to anything.  We don’t operate like that.  In fact, I think our clients would agree that we are fairly conservative on the risk front.  Regardless, we have relevant statistics and ideas to share with you, and we want all of our clients to make the decisions that are best for them and consistent with their long term goals.

As is customary, The Peters Company brings you this monthly market snapshot for the metro Atlanta area.  We believe in market statistics.  It’s hard to sell homes in this market, but it’s even harder when you don’t understand the market.  We have always paid the upfront price to ensure we know what’s going on out there and so we can provide timely insight and valuable advice.  The detached home market is included here. 

Here are a couple of observations:

• After comparing these numbers to the January MMO, total inventory has jumped from 9.2 months to 12.7 months.  This trend is not too surprising given that February is really the first full month back from the holiday season.  Inventory is up in every price point from last month.
• Foreclosures are up to nearly 30% of market sales, a number that is likely understated given the tendancy of some agents to “miscode” their listings.  This just means that there are a lot of great deals out there that buyers are taking advantage of.
• The median list price is down $15,000 from last month.  This is not all a bad thing.  I believe that sellers are becoming a lot more realistic on price, which only helps us get out of this mess faster.
• The percentage of failed listings (listings that did not sell) held steady at 66.9% when compared to last month.  Here’s some good news.  Now, let’s just get that percentage to come down a little.  The only way out of this is more and more buyers buying on the heels of more realistic pricing.

If you have interest in the attached (condo/townhome) market, simply shoot us an email, and we will be happy to provide it for you.  These statistics are the tip of the iceberg.  If you are considering buying or selling this year, I hope you will give us an opportunity to share some more with you.  It would be our pleasure to work with you.

At the beginning of every year, we send a letter out to our clients we represented from the previous year.  Our purpose of the letter is twofold.  First and foremost to thank them for giving us an oppotunity in an ocean full of real estate agents.  Secondly, we always remind our past clients about the importance of filing for the Homestead Exemption on their primary residence.  This year’s letters have already gone out, but I wanted to post some helpful information and links in the event that you have purchased a home in the last calendar year.  

As you know, buying a home can be a huge tax advantage, so we want to be sure that as a new homeowner you know you may be eligible for a Homestead Exemption.

Georgia allows homeowners to claim a Homestead Exemption as a tax benefit that could amount to considerable annual savings.  To qualify the homeowner must occupy the residence and file at the county Court House or Tax Commissioner’s Office in person, by mail or on the web, depending on the county in which you reside.  Filing deadlines do vary by county, but we encourage you to do this as soon as possible.

For your convenience, we have attached the contact information below of most major Georgia county Tax Commissioner offices, so that you may file for exemption quickly and easily.  If your county is not listed, please visit www.georgia.gov/00/topic_index_channel/0,2092,4802_5083,00.html to find your county’s tax office information.  If you have any questions about the homestead exemption and its benefits, we encourage you to talk with your accountant.  Many thank to Leigh Clack with Neel and Robinson for providing these updated links and contacts.

Fulton County – deadline is April 1, 2009                   404-612-6440

http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&taxyear=2007&ownseq=1&jur=&LMparent=180

DeKalb County – deadline is March 1, 2009 (file by Friday, 2/27)  404-298-4000

https://dklbweb.dekalbga.org/taxcommissioner/index.asp?pg=homestead#applications

Gwinnett County – deadline is March 2, 2009            770-822-8800

https://ssl.gwinnetttaxcommissioner.com/Property/information/TypesOfExemptions.aspx

Cobb County – deadline is April 1, 2009                     770-528-8600

http://www.cobbtax.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&LMparent=189

Clayton County – deadline is April 1, 2009                770-477-3311

http://www.co.clayton.ga.us/tax_commissioner/exemptions.htm

Cherokee County – deadline is April 1, 2009              678-493-6122

 http://www.cherokeega.com/ccweb/departments/assessor/

Henry County – deadline is April 1, 2009                    770-288-8180                 

http://www.co.henry.ga.us/taxcommissioner/PropertyTaxExemptions.shtml

Forsyth County – deadline is March 1, 2009 (aim for 2/27)     770-781-2106 

http://www.forsythco.com/DeptPage.asp?DeptID=25&PageID=299

Douglas County – deadline is April 1, 2009                  770-920-7272

http://www.celebratedouglascounty.com/tax/

Fayette County – deadline is March 1, 2009 (aim for 2/27)   770-461-3652

http://www.fayettecountytaxcomm.com/HOMESTEA.html

Paulding County – deadline is April 1, 2009                 770-443-7606

http://www.paulding.gov/gov/taxcommissioner.asp

In an effort to bring you the best information on the market possible, we make this research available.  We have a world of data to share with you if you are interested.  Just give us a call or send us an email.  Here’s a little glimpse of what we can provide thanks to Chart Master Chuck Carr.  It’s a great example of what is going on in the market.  Here are a few interesting observations:

1. The month supply of listings by price range goes up as the prices go up.  Hope you aren’t trying to sell your $2M+ listing right now.  There’s 44.7 months worth of inventory or close to 4 years.  The good news here is that the total amount of inventory represents 9.2 months.  This number has been over 12 months less than 6 months ago so we are making progress.
2. Foreclosures are clogging the <$200,000 price range. 
3. Foreclosures represent 1 in 4 market sales right now.  We actually think its higher than that.  Unfortunately there are some agents who miscode their listings.  Agents have to “code” the listing as a foreclosure for it to relay in this data.  Many times agents are calling their foreclosure listings “corporate owned.”   In our market center circles we believe the number of foreclosures may be more like 1 in 3 sales.
4. The price ranges that are moving best over the last 6 months are the <$100,000 and $200,000-$300,000 ranges.
5. Homes are selling on average in 77 days on the market for 91.9% of their list price.

With new tax advantages coming (fingers crossed) for homebuyers, historically low interest rates still hanging around, and spring busy season almost among us, I feel comfortable in saying that we are in for a boost.  If you are considering selling your home, we understand that this data is rather daunting.  However, if you are buying up, it is safe to say that you can make up your loss and then some on your next home.  We can help you take advantage of this market.  When selling your home, think like a buyer.  We are in a price war right now.  You have to be ready for battle and dressed to kill!

One of the joys of this job is getting to see beautiful property every day.  This is truly one of those type properties in the Classic Chastain Park area of Atlanta.  You are going to love this Sandy Springs cottage!

50 Mount Paran Road :: Atlanta, GA 30342

This 1940s traditional residence was originally built when Chastain Park was a vacation getaway for the city-dwelling Atlantans. As one of the few original cottages remaining, this home has been recently restored and renovated to retain the classic charm of the 1940s era! The spacious kitchen, formal living room, separate dining room, and large fam-ily room are fantastic for entertaining or open living. Kitchen features beautiful custom cabinets and island, gran-ite countertops, pantry, top-of-the-line stainless appliances, and sitting area. Family room boasts a vaulted beamed ceiling and fireplace. Master suite features 2 closets, jetted tub, double vanities, oversized shower and beautiful tile. In addition to the master on main and bedroom, an additional bedroom and full bathroom is upstairs. This room would be perfect for guests or even children as it is located adjacent to a bonus room that could be used for an office, playroom, or sitting area. Storage space galore in unfinished basement and garage. Conveniently located in the middle of it all – Buckhead, Downtown, Dunwoody and Sandy Springs. You’ll quickly have access to Roswell Road, GA400, Peachtree Road, and I285, and you will take comfort knowing your children are districted for the highly desirable Riverwood High School.  Come home today and enjoy the spring and summer season in the relaxing rocking chair front porch or private backyard deck!

Andy and Lesley Peters with The Peters Company at Keller Williams Realty Peachtree Road are well versed in intown Atlanta and Sandy Springs real estate.  We represent both buyers and sellers, and we are intimately familiar with the Sandy Springs resale, short sale and foreclosure market. For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com under “The Peters Company” where we have received well over 40 5-star reviews and are ranked as one of Atlanta’s highest rated real estate teams. Give us a call today at 770-634-2782. We look forward to working with you and helping you take advantage of today’s market!

The buyers are coming, the buyers coming!  Why do I feel like Paul Revere on his famous midnight ride?  We have spent a great deal of time in the field with our buyer clients over the last three weeks.  With all this renewed activity, I had a couple of observations.  First of all, I don’t think the sellers were prepared for this type of bump in activity so early in the year.  Of course, this is what we were hoping for and the trends suggested as much.  The rates continue to hover in the mid to high-4% range, and buyers are hard pressed for a better time to buy than right now.   We have had several clients here recently that are renting their primary residence so that they can take advantage of the opportunities in this market.  After meeting with these clients, we have a clear cut strategy to help them achieve their goals in a short window.  I think, no matter the market, every buyer wants to feel good about getting a good deal on their home purchase.  Now that I’m in the business, I have a little different take on what value is and how I, as a buyer myself, determine it.  It’s not all about getting a seller to come off the purchase price at a ridiculous percentage.  It’s about getting the best house that meets specific needs at the best price possible – that’s value to me.

Part of our fiduciary responsibility as real estate agents is to provide accurate and helpful data that aids our clients in making sound business decisions so we can market homes to sell and find values for our buyers.  A lot of sellers think that a real estate agent’s interpretation of the market, as it relates to a list price, is a determination of value.  No, that’s an appraiser’s job.  It’s a tough position to be in right now as a real estate agent.  Sellers look at you like you have a third eye when you simply report the news.  We are empathetic with our sellers, but we wouldn’t be doing our job if we were anything shy of honest.  When we list a house, we are not listing it at it’s value neccessarily; the buyer determines the value.  We are listing it at the best marketable price to attract a buyer and ultimately an offer.  That’s our job.  As mentioned here before when Lesley and I list a home, we list it to sell.  We aren’t in the business of listing houses.  We’re in the business of selling houses.  As a general rule when pricing, we try and find that “worry price.”  I wish I could take credit for that term, but we picked it up from our broker.  Nevertheless, it’s an accurate strategy that I wish every agent proclaimed and every seller subscribed to.  Here’s how it works.  Buyers today are not just looking at 3 homes and making a decision.  They’re looking at 15+ houses and making a decision.  Therefore, it’s important to be the prettiest and most competitively priced.  You’re looking for that price that a buyer walks into your home, loving it, loving it, loving it, and then worrying that its not going to last long at this price.  When I look back on my own personal real estate purchases, I followed a similar logic.  It’s where emotional attachment meets reality. 

When trying to evaluate value in a home, we think it’s important to take into consideration everything you have looked at.  In a buyer’s market, you have to rely more on the active listings as competition when pricing as a seller and determining value as a buyer.  The ultimate principle at work here is that the home is worth what you think it’s worth, but just be careful with that.  The story about your buddy getting a home at 85% of list was about 4 months ago.  Those kind of deals just are not out there as much anymore in the resale market because prices have been falling, and agents have been busy adjusting.  Even on the foreclosures and short sales, banks are pricing properties to sell, and you won’t find them coming significantly off their prices.  If they don’t sell within a short period of time, the prices are adjusted lower.  If you are fortunate enough to get a home at 85% of list price right now, the home was most likely overpriced and/or the owner was probably already considering a 5%+ reduction before your offer came along.  The latest figures from the fourth quarter of last year suggest that 53% of all homes on the market required a price reduction.  That says two things to me.  First, as professional real estate agents ALL OF US have done a lousy job pricing property, and secondly, this market has changed enough that it has thrown everyone off. 

So, where does that leave us?  Values are down, sure, but let’s all think twice about that lowball offer on the prettiest and most competitively priced listing that you are so worried someone else is going to grab.  The worry price works with pricing property for listings, and chances are good that if you, as a buyer, like something out there because you think it’s a good deal, someone else thinks its a good deal too.  Move on it if all things add up because it won’t last long.  Always keep in mind that the best opportunities sell first and sell for the most money.