John Foster

Today is an amazing time to buy a home, interest rates just dropped below 5% as the Fed trys to jump start the economy. Outstanding rates to go along with sellers that seem eager to discount prices makes this a great time to buy a home.

Here is a summary of the Cumming GA Real Estate Market for Detached Homes at the end of October 2008:

• Ending inventory 2,473 homes for sale
• Under Contract 200 homes
• Sold in October 133 homes
• The inventory level is down 10% from October 2007
• Pendings were down 21% from October 2007
• Solds were down 24% from October 2007

With the stock market melt down October was particularly tough. I do think with interest rates coming down the demand will return to both of these markets. The stats above for Alpharetta are defined as areas 13 & 14 in the MLS stats.

If you or someone you know needs to buy or sale a home - please call me. I know the market and know how to get homes sold in the current market. You will see I am direct and know the business. Visit www.FosterHomeInfo.com for more tips or call me at 770 722-7010 if you are planning on moving.

Today is an amazing time to buy a home, in interest rates just dropped below 5% as the Fed trys to jump start the economy. Outstanding rates to go along with sellers that seem eager to discount prices makes this a great time to buy a home.

Here is a summary of the Alpharetta Real Estate Market for Detached Homes at the end of October 2008.

• Ending inventory 2,931 homes for sale
• Under Contract 182 homes
• Sold in October 129 homes
• The inventory level is up 1% from October 2007
• Pendings were down 25% from October 2007
• Solds were down 29% from October 2007

With the stock market melt down October was particularly tough. I do think with interest rates coming down the demand will return to both of these markets. The stats above for Alpharetta are defined as areas 13 & 14 in the MLS stats.

If you or someone you know needs to buy or sale a home - please call me. I know the market and know how to get homes sold in the current market. You will see I am direct and know the business. Visit www.FosterHomeInfo.com for more tips or call me at 770 722-7010 if you are planning on moving.

Certainly right now the housing market is pretty tough from a sellers prespective. I think right now steps are being take that will really benefit sellers into 2009. These are a few positive signs I see:

1. I see the FEDs action bringing down mortgage rates considerably. Yes, we have already seen rates drop into the low 5s, but I think they can go lower. The Fed said it would purchase up to 500 billion in mortgage securities from Fannie and Freddie - this has already started the rate decline because it frees up capital for the banks to lend. Lawrence Yun, NAR chief economist said if the interest rates decline by 1% this would increase home sales by 500,000 units, this would definitely help from a sellers perspective.

2. The refinance activity in the last week has just about doubled based on my converstation with Mark Zielinski at hometown mortgage. This helps homeowners stay in their and again decreases the supply on the market as well as provides a little additional spending money for the homeowner.

3. There has been very little new building going on in Alpharetta, Cumming and Suwanne - so the supply of new homes is way down.

4. Showing homes this week I have called to show a couple of homes and they were under contract - that is something has not happened in quite a while.

From a negative side I think the auto industry is a big unknown. With that said, with rates approaching 5% and home values way down - it is a golden time to be buying a home. If you are thinking of buying or selling a home in Alpharetta, Cumming or Suwanee - call me at 770 722-7010. Make sure you benefit from this market.

In November I sold one home in Cumming - in the Three Chimneys Community. We also have another under contract that should close in mid December. The location of Three Chimneys is excellent, close to HWY 400 and Windward Parkway help in the sales of the community. Windward parkway is home to many large technology companies like McKesson, Choicepoint, AT&T and UPS. While negotiating these transactions here are some stats that were helpful about the Cumming Area (area 221 according to the MLS:

Cumming Real Estate Report: (All information is as of October 2008 for area 221)

• Current homes for sale as of 11/1/08 951
• Homes sold in last 12 months 933
• Months Supply 12.2 months

There is a big difference in the months supply of inventory based on the price points. For example:

• Homes priced at $250K and below - the months supply is about 8.3 months - which is higher than the six month supply of an in balance supply and demand
• Homes priced at $250K to 750K - the months supply goes from 11.7 months to 16.2 months supply - definitely a buyers market
• Homes priced above 750K - the months supply goes from 33.9 months and more - in this price range it is a very strong buyers market.

Interest rates play a key role in the affordability of a home and when the rates rose over the past year, I think the higher priced homes slowed down considerably. Now that interest rates are below 5.5% we should see some move up buyers getting great deals on homes.

So how does this information help you? If you are selling your home having this information is key to getting your home sold. Remember buyers have lots of great values to choose from when buying a home so make sure your home is priced right. I will help you get your home sold.

If you are thinking of buying a home in Cumming- call me. This data is helpful in negotiating at purchase price you can be comfortable with. I know the area, know the market and as you can tell I know the stats of the area. All of these helps when we negiociate the purchase of a home. Call me at 770 722-7010 - John Foster Re/Max Greater Atlanta

Do you want to see the homes for Sale in Chadbourne? Visit www.FosterHomeinfo.comto search the MLS.

In November I sold two homes in Alpharetta - One in the Chadbourne Community and one in Deer Valley. The location of both communities plays a big role in the homes sales - both are close to Windward Parkway and HWY 400. While negotiating these transactions here are some stats that were helpful about the Alpharetta Area (area 14 according to the MLS:

• Current homes for sale as of 11/1/08 1,081
• Homes sold in last 12 months 1,295
• Months Supply 10 months

There is a big difference in the months supply of inventory based on the price points. For example:

• Homes priced at $250K and below - the months supply goes from 2.4 months to 6.8 months - which is not a bad balance at all
• Homes priced at $250K to 750K - the months supply goes from 8.8 months to 14.3 months - definitely a buyers market
• Homes priced above 750K - the months supply goes from 17.9 months to over 23 months - in this price range it is a very strong buyers market.

Interest rates play a key role in the affordability of a home and when the rates rose over the past year, I think the higher priced homes slowed down considerably. Now that interest rates are below 5.5% we should see some move up buyers getting great deals on homes.

If you are thinking of buying a home in Alpharetta- call me. I know the area, know the market and as you can tell I know the stats of the area. All of these helps when we negiociate the purchase of a home. Call me at 770 722-7010 - John Foster Re/Max Greater Atlanta

Do you want to see the homes for Sale in Chadbourne? Visit www.FosterHomeinfo.comto search the MLS.