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John Foster

New Home Construction looking stronger

05-19-09
John Foster

Things may be looking up for homebuilders. This group has had it very tough the last couple of years so I am happy to see some good news. The National Association of Home Builders reported one index that tracks builder confidence for single-family homes jumped two points in May 2009 to its highest level since September 2008. The report is the Wells Fargo_NAHB market index and the two point increase follows a 5 point increase in April. One more month and we may have a trend.

The index is based on a survey of builders and their sales expectations for the next six months. It also include their thoughts on traffic by prospective buyers to new homes.

I think the reason for the increase is that interest rates are very low, builders are pricing there homes to make them more affordable, and the $8,000 tax credit for first-time buyers all make it a great time to buy a home.

If you are thinking of buying a home in Alpharetta, Cumming or Suwanee - call me at 770 722-7010. If you are not moving into or out of those areas, I do offer a referral service if you want me to help you find a good agent anywhere in the USA.

There are many deals available in Suwanee, Cumming and Alpharetta - if you are interviewing agents to help you find your next home, or an investment property - call me - I would like to interview for that job.

Update on the Cumming Real Estate Market (and Alpharetta Real Estate Market)

05-04-09
John Foster

This week I have two inspections scheduled for buyers and had one last week. One item that is coming up more and more often is roof damage from the hail storms we had about a month ago. The Seller is replacing the roof on one of the homes a buyer I am representing is buying - it worked out well for the seller because his insurance company is paying for it.

In talking with my inspector today I asked how his business is doing - his response was out of 10 slots to do inspections this week, 9 are filled and next week is looking good for him also. I am seeing more life right now in the Alpahretta Real Estate Market, as well as the Cumming Real Estate market.

If you are considering buying or selling real estate, please call me at 770 722-7010 or email me at JohnFoster@remax.com. Rates are great, with an outstanding selection and lower prices - all of these factors make this a great time to buy a home.

Atlanta Real Estate market

04-28-09
John Foster

Builder magazine published an article where they interview 5 so called housing "authorities" and asked them which markets they felt would recover the fastest. I am glad to hear that James Diffley, the Group Managing Director at IHS Global Insight, named Atlanta as one of the top 5 markets to recover first. His top 5 markets to recover first are:

  1. Washington, D.C.
  2. Atlanta, GA
  3. San Antonio, Texas
  4. Raleigh, NC
  5. Minneapolis, Minn

He feels the strong economy and the low cost of housing in Atlanta will be the major cause as well as he feels the long term outlook for the economic factors for Atlanta are favorable. Right now I am seeing more activity than I have in a long time. My office manager said there are more contracts in our office - I am just not sure if this is the normal Spring increase or the the market is turning.

The article I read was by Laura Everett and on Atlantarealestateforum.com by Laura Everett (4/27/09).

If you are considering buying or selling a home in Cumming or Alpharetta or Suwanee - call me at 770 722-7010. I know the market and am always for for buyers and sellers - give me a call.

Finding Great Real Estate Values

03-06-09
John Foster

I have a buyer that is a first time home buyer. We have been looking for a home for the past two weeks and found thisgreat deal. This is a ranch home with the bonus room over the garage plus a full unfinished daylight basement. The prior appraisal estimated the home to be just under 2000 sq. ft (remember that does not include the basement). The prior seller paid $160K for the home in 2002. When I showed the home on Monday new carpet was being installed, new vinal was in the kitchen and the home was just painted. My buyer offered $106K and asked the bank to pay $4,800 in closing costs. The bank just countered back with a 109K purchase price. We should go under contract tomorrow with a sales price of $108K and the seller paying 4,800 in closing costs (net of 103,200). After my buyer receives the first time home buyer tax credit of $8,000 - he will be buying this home for around $95,200 - this is an amazing deal.

If you are considering buying a home, call me at 770 722-7010. I work with first time home buyers as well as people who have bought and sold many homes. My system educates buyers and allows them time to find the right home.

Want more information on the First Time Home Buyer Tax Credit? Email me at JohnFoster@remax.net. I will be happy to discuss what it takes to qualify.

The Value of a Good Listing Agent

03-03-09
John Foster

I have a couple of neighborhoods where I have sold alot of homes in the past 5 years. Chadbourne is a community that I "farm" consistently. I have a new listing in Chadbourne and today I received a call from an agent I do not know and he asked me about my listing. I readily told him about and asked him if he has a buyer that might be interested in the home. He said no he did not, but he is getting ready to list a home in the same community - he then describes the home to me - 4 bedrooms, master with a sitting room, in O.K. showing shape, very good lot etc.. I said sounds great, what price are they listing it at? He said that is the reason hecalled me - to see where I would list it at. He has not been in the business for over a year and wanted my advice. I told him without seeing the home I do not know, but the average sales price in that community will be around $250K. He said his Seller would take $150K, then he asked me how to look up a specific property in our MLS. I have not doubt the Seller will leave lots of money on the table when this home sells (I assume it is in good showing condition and does not have any "major issues". If you are a licensed agent, how would you have handled this call?

If you are looking to buyer or sale a home, call me today at 770 722-7010. I am happy to provide you are FREE market analysis on your home.