Because of you… We are still the #1 Team at Keller Williams Realty Peachtree Road and now ranked in the Top 50 amongst all Keller Williams Realty agents in the Southeastern Region. Thank you for trusting us to be your real estate agents for life!

We have closed 15 transactions since July 1, 2009! 11 out of those 15 came from your referrals. What an honor!

Through September, we’ve sold over $6 million dollars in real estate. We’re busy but we are never too busy for new clients. As we begin to approach 2010, please don’t keep us a secret!

Your agents for life,
Lesley and Andy

 As I’ve mentioned before, the only way to tell if we are in a bottom is after we have ascended out of it (See diagram above on timing the market).  The supply is still outweighing the demand unfortunately.  Having said and seen all that, there’s certainly a case to be made here for improvement. 

Some are going to say that the rising tide of interest rates over the last few weeks is going to stymie any chance at a housing recovery (see LA Times article).  I can’t speak for everyone, but we are active in virtually all price ranges and we are active in the market every day.  I’ve recently fielded more than a couple phone calls  from home buyers fearing they have missed their opportunity.  Worse yet, they are afraid that if they wait further they may miss another wave of opportunities at sub-6% interest rates.  Wow!  Buyers are starting to cry about high 5% interest rates versus the 4.5-4.75% rates around the first of the year.  Fear is a powerful motivator.  It feels good to say that buyer activity is back in business.  The lower price ranges are leading the charge thanks to first time home buyer tax credits, rising levels of distressed inventory, and the fear as mentioned before (See 1Q 2009 Number Sold: by Price Range diagram below).  The results of the savage buyer activity under $200,000 should have a trickle “up” effect on the other price ranges as homeowners become displaced.  Another good sign is that multiple offer situations are back.  Whereas the fall and spring market meant the buyer was in charge, nowadays the seller has a larger pool of buyers and a better bargaining position.  I expect that trend to continue if at least for the short run.  So, are we in the bottom?  I guess your buying habits and the buying habits of those around you will tell.  It’s only a buyer’s market if you’re buying, and we know in real estate that things can’t stay depressed forever.  I think we can all agree that this is a monumental opportunity to buy real estate.  If we miss the bottom point, we are still going to be buying at a historically low water mark. 

If you have been wondering when is the right time to invest in real estate, buy your first home, or move up to that dream home you have always wanted, we can help.  The Peters Company is skilled in all price ranges, and we represent both buyers and sellers.  We have the manpower, the knowhow, and the tools neccessary to help you make the best decisions possible.  It would be our pleasure to talk with you in a no cost and no risk consultation.  You can contact us at andy@thepeterscompany.com or find more information about us at www.thepeterscompany.com.  In addition, we are proud to be one of the top rated residential real estate teams in the metro Atlanta area on Kudzu.com, where over 40 of our past clients have rated and reviewed our service.

As is customary, the Peters Company is proud to share with you the latest statistics on our Atlanta real estate market.  Whether you are a buyer or seller or just curious, we hope you find this information helpful.  We have a market consultant who provides this information for us on a quarterly basis.  While it would be impossible to provide you with the over 30 pages of metro Atlanta statistics, we felt like it would be beneficial to share with you some of the “meat” from the report.  If you have specific questions about your area or neighborhood, it would be our pleasure to share some more in depth statisics with you.  In the meantime, please keep in mind that these statistics are for the metro Atlanta area at large and represent averages for all areas.

Here’s how the individual price ranges are performing broken out by new construction and resale:

Here’s a bird’s eye view of the market:

• The number of properties listed for sale compared to the number  of properties which sold each month, illustrates the current imbalance existing between Supply (listings) and Demand (sales)
• Using a more current 3-month average of 1Q 2009 sales yields a 15.5 months’ supply, meaning that it would take more than 15 months to sell the current inventory of listings if no new listings came on the market
• A supply of more than 6 months is usually considered to be a Buyer’s market (see green line)

After reviewing all the statistics, here are The Peters Company observations:

Cumulative sales of single family detached homes were down 20.2% from 1^st Quarter 2008 and down 43% from 1Q 2007.  We’re hoping we can look back at 1^st quarter 2009 as a bottom for our market.  Fingers crossed!

Sales decreased in all price ranges except those properties under $200k which represent a large amount of foreclosures.  Only 257 homes sold between $500-750k in the ENTIRE Metro Atlanta market which includes 36 FMLS areas. 

The foreclosure market has drastically affected prices and the abundance of inventory as foreclosed properties represented 37% of all sales in the 1^st quarter.  This is unfortunate as appraisers are now also using distressed sales to appraise property which is driving down prices/appraised values.

The median sales price was down by 23.2% in the 1Q 2009 from 1Q 2008.

On average, of all the sold properties, homes are receiving about 78.6% of their original list price in a total of 178 days.  Days on market has increased about 17% since 1Q 2008. 

70% of all listings in the Metro market failed (expired or were withdrawn). 

Again and again this market is proving why you need a real estate agent on your side that KNOWS the market, KNOWS how to interpret the market, and KNOWS how to help you win.  The Peters Company is the real estate team for you.  Email us today.  www.thepeterscompany.com

As is customary, The Peters Company brings you this monthly market snapshot for the metro Atlanta area.  We believe in market statistics, and we are proud to provide you with the best stats in the metro area from Chartmaster Chuck Carr.  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 first time homebuyer is the one that’s driving the bus here.  When the lower priced homes sell, it creates a domino effect throughout all price ranges.  The new tax credit, the coming Spring season, and the historically low interest rates have created a perfect storm for the first time homebuyer. 

The detached home market is included here:

Here are a couple of observations:

• After comparing these numbers to the February MMO, total inventory has jumped from 12.7 months to 13.9 months.  Now that spring has sprung, we expect more and more homes to hit the market.
• Foreclosures are up to over 32% 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 over $5,000 from last month.  Sellers are becoming more and more realistic, and the first time homebuyer is back in business thanks to low prices, low rates, and free money courtesy of the $8,000 tax credit.
• The percentage of failed listings (listings that did not sell) jumped to 70%, a little over a 3% increase over last month.  Effective pricing strategies and superb condition continue to make the difference in whether or not you sell.

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.  If you would like to subscribe to our bi-weekly email, The Metro Atlanta Real Estate Update, simply send us an email.  We’ll be glad to add you to the distribution!

The Peters Company is involved in more and more distressed property transactions these days.  It’s the unfortunate state of affairs right now in our market.  Distressed property is categorized as most commonly “short sales” and “foreclosures.”  The truth is that these distressed sales are providing amazing opportunities for our buyers.  It has been said that one in four transactions in the metro Atlanta area is a foreclosure according to 4th quarter 2008 statistics.  I might argue that it’s a little higher than that as many agents miscode their listings and seem to leave off the fact that their listing is a foreclosure.  Given the numbers of buyers searching specifically for foreclosures, the idea of leaving off a glaring marketing code such as “foreclosure” is hard to believe, but it happens quite frequently.  In addition, many people have called 2009 as the “Year of the Short Sale.”  The short sale route is a much more beneficial route for a seller to go without having to deal with foreclosure.  The lenders are VERY accomodating at this point for those in trouble qualifying for hardship. 

In an effort to provide our clients with the highest level of service, I am taking a class to receive a special designation as a Certified Distressed Property Expert (CDPE).  I hope to use this new designation to help our clients have even more success finding, negotiating, and obtaining distressed property.  In addition, we will be even better positioned to represent sellers in short sale transactions, and we anticipate marketing more great foreclosure properties through our banking relationships. 

By mid April, I should have the CDPE designation, which you will start seeing on more and more of our marketing.  It’s believed that only 1% of all real estate agents have this designation, and we are so happy to add this additional value for our clients.  If you have questions about distressed properties as a buyer or a seller, it would be our pleasure to privately consult with you on the benefits.  Thanks for trusting The Peters Company for all your real estate needs.

Are you looking for timely information that is relevant to the real estate market?  How about accurate information and statistics on the metro Atlanta market specifically?   How about up to date mortgage rates from reputable lenders?  The Peters Company has a bi-weekly email update called the Metro Atlanta Real Estate Update.  Past topics include Buckhead foreclosure searches, Brookhaven foreclosure searches, Buckhead best buy lists, legal tips from Atlanta’s top real estate attorneys, intown Atlanta home insurance advice from local property/casualty agents, Atlanta first time homebuyer question and answer, education on Buckhead short sales, Brookhaven short sales, and Decatur short sales, creative Atlanta financing, Atlanta real estate investing, and first time home buyer tax credits. We are adding subscribers to the Metro Atlanta Real Estate Update every week, and we would love to add you!  Simply send us a quick email, and we will be happy to add you.  This Atlanta real estate market presents such an amazing opportunity for you.  Make sure you are staying on top of the latest, and if you don’t have enough time to do that, let us help!  You won’t miss a beat with the Metro Atlanta Real Estate Update.

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.

According to the latest report by Broker Metrics, our very own Keller Williams Peachtree Road office in Brookhaven is #3 in market share within the metro Atlanta area.  Our office is home to some of the brightest and best talent within metro Atlanta.  The Peters Company is proud to be a part of the successful team at Keller Williams Peachtree Road.  We are located off of Peachtree Road just south of North Druid Hills at the intersection of Colonial.  We are the flagship Brookhaven real estate office, and we know the Brookhaven market better than anyone.  The location of our office is also well positioned to service the other great areas of Atlanta including Sandy Springs, Buckhead, Decatur, Downtown, and the northern suburbs like Alpharetta, Roswell, Norcross, and Duluth are a quick drive north.  If you or anyone you know is interested in the real estate profession or interested in learning more about what makes our office so successful, we would love to share with you.  Joining the real estate profession in a “valley” real estate market is a wise move.  You will be well positioned when the Atlanta real estate market roars back.  Feel free to contact us at any time.  We’d love to talk “shop.”

The latest edition of “This Month in Real Estate” provided by Keller Williams gives us some valuable figures to ponder.  Did you know that a 1% drop in interest rate effectively translates into a 10% discount on the sales price of your new home?  With interest rates still at historic lows and home prices already depressed, you are getting more than a deal these days.  Historically speaking, you’re getting a steal.  Enjoy the latest stats and comments in this video…

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!