John Foster

Today I attended a talk that was given by Ga's Senator Johnny Isakson - he spent 33 years selling real estate in North Atlanta and knows this business. Here are some of the items he discussed that I really liked:

1. He felt the market is similar to 1972-1974 - when there was a 3 year supply of inventory on the market. The congress implemented a $2000 tax credit and one year later the supply of homes on the market was around 8 months.

2. The 8,000 tax credit for first time home buyers expires November 30 and he feels the issue in todays market is there is not a move up buyer - so the requirement to be a first time home buyer should be dropped, as well as the income limits.

3. The move up buyer has disappeared (very true) and if you get a move up buyer you get two sales (one sale and one purchase). Additionally, move up buyers create a domino effect. The example he gave was when a person who works for NCR sales his home in Dayton he buys a home in Atlanta and that person goes to Sacramento and buys a home... If that person in Dayton can not sale their home none of that happens.

4. The congress felt his $15,000 per year would cost to much at a cost of 34 billion so it was not passed. Right now they have spent 5.8 trillion on the issue - amazing point.

5. Last point I will talk about he said was the cash for clunkers - where the goverment takes money from its citizens to turn in an old care instead of taking money from its citizens and using that to make an investment in a home - a car is a depreciating asset while a house historically has not been.

He obviously knows the real estate market and I was very impressed with his thoughts.

If you would like additional information on the real estate market in North Atlanta, such as Dunwoody, Roswell, Alpharetta, Johns Creek, Cumming and Duluth ( Free In Depth Current Market Analysis Of Your Home), contact John Foster with Remax Greater Atlanta at 770 722-7010 or call my pager at 770 238-0589. Full Real Estate Services including Seller and Buyer Representation, Short Sales, Foreclosures and Real Estate Consultation.

If you are facing foreclosure in Cumming, Alpharetta, Suwanee, Johns Creek, Duluth or anywhere in North Atlanta - realize you have options.

First, realize a bank does not want to foreclose on your home. In a foreclosure a banks loses money from the minute a person stops paying on their mortgage. So a bank would prefer to assist you in selling your home through a short sale.

What is a short sale? It is when the fair market value in a home is not enough to pay off the mortgage and other liens on the home (including the Realtors). The Seller has a process they have to go through to see if they qualify for a short sale and if they do list the home with an agent (hopefully me) that has experience w/ short sales and gets the home sold.

The benefit to the Seller is it provides an orderly way to sale their home and it keeps the foreclosure off their credit score (which could keep them from buying a home for 7 years). With a short sale on a credit report - some people could purchase a home in as little as two years. From the banks perspective it does not have to incur the costs of foreclosure and the subdivision wins because there is not a vacant home in the community.

A short sale is not easy to work out but is much better for a seller and the bank than foreclosure. If you are facing foreclosure and want to discuss your options including a short sale, call John Foster with Remax Greater Atlanta at 770 722-7010.

If you would like additional information on the real estate market in North Atlanta, such as Dunwoody, Roswell, Alpharetta, Johns Creek, Cumming and Duluth ( Free In Depth Current Market Analysis Of Your Home), contact John Foster with Remax Greater Atlanta at 770 722-7010 or call my pager at 770 238-0589. Full Real Estate Services including Seller and Buyer Representation, Short Sales, Foreclosures and Real Estate Consultation.

This is an update on the Real Estate market in Suwanee, Alpharetta and Cumming from an agents perspective that lives & works the Real Estate market in Cumming, Alpharetta and Suwanee.

The past month there has been several positive reports about the real estate market and I think the media will begin to drive people that are sitting on the fence trying to decide if they want to buy a home or wait and see what happens. This past week has been amazing.

On Friday I wrote an offer on a steal of a deal in Cumming - my buyer just said write a full price offer which I did. Saturday, as I drove to my first appointment I received a call that my listing in Olde Atlanta Club, in Suwanee, was receiving an offer. After I showed my first home Saturday morning my buyer decided on Saturday to write an offer on that home. Then the couple in from Co. during the week decided to write an offer on one of the homes I showed them earlier in the week.

By the end of Saturday I had written 4 offers for Buyers and received one for one of my listings. That is a day that was reminds me of 2005 - 2 of the offers written were on short sales and the homes are priced very well - we will see if the bank accepts them. One was a foreclosure that was priced at $240K and is now priced at $199K - that is a multiple offer situation. Two a straight retail offers - one home was originally priced at $440K in Alpharetta and the owner decreased the asking price to $369K - that one went under contract yesterday.

I am not sure if the pick up was due to school starting back, possibly a dip in the interest rates or the fact inventory levels are coming down or the fact prices on homes are at amazing levels - as I think about it I think all of these contributed to it.

If you are considering purchasing a home in Suwanee, Cumming, Alpharetta or North Atlanta - I would like to interview for the job of helping you find you next home. Feel free to call me at 770 722-7010 or email me at JohnFoster@remax.net.

I just called to see if I can show a home tomorrow in the Tuxford Subdivision in Alpharetta only to find out it just went under contract - it looked like a great home. This has caused me to reflect on several homes in the past week that either I have written offers on or tried to show that also have gone under contract. For Example:

1. 7555 Golden Sands in Forstyth County - last week my buyer made an offer and the home received multiple offers - we are awaiting banks decision
2. 5614 Brendlynn Dr in Suwanee (Gwinnett County) - in the Bears Best Subdivision - listed on a Thursday, they had 9 offers when my buyer submitted his offer - was not the winning offer
3. 290 Autumn Wood Lane in Roswell - Steeple Chase Subdivision) - when looking at the home there were 4-5 agents showing the home - my buyer did not submit an offer but it went under contract after being on the market only 5 days.
4. 152 Dockside Downs in Woodstock - went under contract in 5 days once they decreased the price - my buyer wanted to see this one but it went under contrac the day I tried to set the appointment.
5. 105 Windlam Ct in Estates at Wellington, Alpharetta homes for sale- is another my buyer found and it went under contract quickly.

As I show real estate in Alpharetta, Cumming, Suwanee and Woodstock- I set appointments the night before. Now I hold my breath when I ask if their home is under contract because I am getting a lot more yes answer than I used to. From my level - it looks like the market is picking up. It could be due to school just starting or the fact the economy is starting to get stronger. I think as the economy gets stronger and buyers have more confidence in their jobs we will see the inventory levels come down quickly.

The reason these homes all went under contract is because their sellers were motivated and priced their homes according to the market and their condition. Homes in good shape and priced right will sell in Cumming, Alpharetta and in North Atlanta.

If you are plan to interview agents for the job of helping you purchase your next home, or sale a home, please contract me at JohnFoster@remax.netor call me at 770 722-7010. I am John Foster with Remax Greater Atlanta and am always looking for people that need to buy or sale property.

If you are a first time home buyer, or know someone that is considering buying a home and they have not owned a home for the past 3 years, remember that the $8,000 federal tax credit expires on 11/30/09. We still have time but find homes and get them closed but do not let that date sneak up on you.

If you know a first time home buyer that may want or need information on the details of the tax credit, please have them contact me. The past year I have work a lot with first time home buyers in Lawrenceville, Suwanee, Cumming and Norcross - we have found some great deals.

A recent deal that a first time home buyer in Cumming found was a home they purchased for $184K, it was new construction and immaculate, that originally was priced at $240K. Another first time home buyer in Lawrenceville paid $106K for the home, the seller paid 8K in the Buyers closing costs and the home appraised for $148K. This home needed some cosmetic work but what at deal.

If you or someone one you is considering buying or selling a home, please remember that I am always looking for buyers and sellers to represent. Feel free to pass along my name or email me their contact information and I will call them.

Visit my website at www.FosterHomeInfo.comto find out more information about real estate for sale in Alpharetta, Cumming and Suwanee. If you are looking for great real estate deals in Lawrenceville or Duluth, let me know because I have seen some great deals this past couple of weeks.