If It's Wednesday -- It Must Be Market Conditions Wednesday!

Yes, that's right. If it's Wednesday, it must be Market Conditions Wednesday. Each week, on Wednesday, when I am lucky enough to remember it's Wednesday, I provide a market snap shot of current market conditions affecting a specific city in the Atlanta metro area. Wednesday's have become known as "Market Conditions Wednesday", as I publish details about what is ACTIVE, PENDING, SOLD in one of Atlanta's major cities.

Today, we focus on the city of CUMMING.

Cumming is located in Forsyth County, Georgia and north of the city of Atlanta. The closest neighboring cities to Cumming include Canton and Ball Ground to the West, Daswsonville and Gainesville to the North and Alpharetta to the South. The population was 4,220 at the 2,000 census. Census estimates of 2005 indicate a population of 5,802. The city of Cumming is experiencing new growth. The completion of Georgia 400 has helped turn Cumming into a commuter town for Atlanta. The city holds the Cumming Country Fair & Festival every October. The Sawnee Mountain Preserve also provides views of the city from the top of Sawnee Mountain. In 1956, Buford Dam, along the Chattahoochee River, started operating. The reservoir that it created is called Lake Lanier. The lake, being a popular spot for boaters, has generated income from tourists for Cumming as well as provide a source of drinking water. However, because of rapid growth of the Atlanta area, drought, and mishandling of a stream gauge, Lake Lanier has seen record-low water levels in recent years. In 2009 and 2010 the lake is finally now at full pool for the first time in what residents feel has been a very long time.

According to the latest FMLS data and as I write this, there are currently 73,444 homes on the market in the entire Atlanta metro area. Likewise, as I write this, there is a total of 1,474 single family homes on the market in Cumming and a total of 170 condo or town homes available and actively listed for sale in Cumming.

Actively Listed Single Family Homes
This week, actively listed single family homes in Cumming range in price from $19,000for a 1966 A-frame cottage with 1 bedroom/1 bathroom located in close proximity to GA-400; to a sprawing gated estate home featuring 7 bedrooms/9 full and 11 half bathrooms on more than 20 acres. This fabulous home offers a 2 lane Brunswick bowling alley, 50's style diner, sprawling in-ground pool, formal gardens and much more for a cool $25 million which is more than a $25,000 million reduction from what it cost to build the property in 2006.

Actively Listed Condo / Town Homes
Active Cumming Town Homes / Condos range in price from $54,000 for a 2 bedroom/2 full bathroom 1976 townhome just a short walk from the lake to a 1 level ranch style condo with a 3 car garage, 3 bedrooms/2 full and 1 half bathroom home in Ballantrae at Creekstone for $469,900.

Pending Sale
Currently there are 215 single family homes pending sale in Cumming. Of the 215 Pending, there are 23 properties that are awaiting lender approval. These 215 homes range in price from $40,000 to $799,999.

Likewise, in Cumming there are 34 condo / town-homes that are currently PENDING SALE. They range in price from $69,900 to $375,000. Of the 34 properties pending, there are 10 awaiting Lender Approval.

SOLD Properties (5/1/2010 - 7/21/2010)
Believe it or not, homes are selling in Cumming. Since May 1st, 471 single family homes sold in Cumming. The sold prices ranged from $16,850 to $1,099,999. Likewise, during the period, there were 40 condo/town homes sold in Cumming with price tags from $60,500 to $325,000.

So, as you can clearly see, there is strong activity in the Cumming area -- predominately with single family homes. Please contact me if you are interested in a home in Cumming or the Atlanta metro area. I look forward to guiding you throughout the process when the time is right for you. In the meantime, please feel free to call me anytime with your many questions regarding the real estate market in general or specifics regarding the relocation / buying / selling process. I can be reached at 770-399-8108 or sara.hibbard@metrobrokers.com. Don't forget to visit my websites located at www.SaraHibbard.com and www.SaraHibbardRealEstate.com.

Home Inspections....For Sellers

I hear that most people think a home inspection is something that Buyers do sometime between making an offer and before closing on a home. For a number of reasons, more homeowners are choosing to have their own home inspected before putting it on the market.

This is a great idea -- especially in this very competitive housing market.

The reason is simple: uncovering problems early on enables you to fix them, often making it possible to add value to your sale price. An inspection is designed to reveal any potential problems a house may have -- and that's true for both buyers and sellers. Sellers may benefit from gaining this kind of detailed information about their home, so that they can choose to handle problems long before the negotiation process is underway.

Many sellers also report that their buyers feel more comfortable when the information from a pre-sale inspection is shared early on, even if the buyers choose to have their own home inspection as well. Sometimes, Buyers choose to forgo the expense of an inspection if the seller shares and discloses the results of a recent home inspection and provides proof that certain problems have been fixed, repaired or replaced.

A pre-sale inspection can reduce the chance of a surprise and help speed the closing process and due-diligence period, which would otherwise have been delayed by scheduling repairs and having the buyers confirm they were completed properly. Because for buyers, making an offer contingent upon a home inspection is about saving expenses and trouble -- not to mention providing confidence in what may well be the biggest investment they ever make.

Even if you're not a buyer making an offer, or a seller thinking of listing a home in the next few months, a home inspection can provide homeowners with a complete to-do list for maintenance -- or even a little peace of mind. If you have any questions about inspections, or if you would like a referral to licensed and qualified inspector in the state of Georgia, please don't hesitate to call or e-mail. Sara Hibbard can be easily reached at 770-399-8108 or via e-mail at sara@sarahibbard.com or sara.hibbard@metrobrokers.com.

Mortgage Rates Fell To New Lows This Week

In case you have not heard yet, long-term mortgage rates fell again this week, with both 30-year and 15-year fixed rate mortgages at the lowest levels since Freddie Mac began keeping track.

According to the Atlanta Business Chronicle, Freddie Mac, which has a regional office in Atlanta, reported the average rate on a 30-year fixed rate mortgage in the week ending July 22 was 4.56 percent, down from 4.57 percent last week and the lowest since at least 1971. A 15-year fixed-rate mortgage averaged 4.03 percent, the lowest since at least 1991.

A one-year, adjustable-rate mortgage averaged 3.70 percent, down from 3.74 percent last week.

“The decline in mortgage rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Freddie Mac (OTC BB: FMCC) chief economist Frank Nothaft.

Despite record low mortgage rates, housing sales and builder confidence are pausing.

A separate report Thursday from the National Association of Realtors said sales of existing homes fell 5.1 percent in June, the second straight monthly decline. Another report earlier this week from the National Association of Home Builders said its gauge of homebuilder confidence fell to the lowest level since August 2009.

Every now and then I hear people ask, "when is it going to get better"? My answer is, get better for whom? This is the best buyers market EVER! Interest rates are less than 5%. For those folks with good credit histories, this is an excellent time to buy.

Rates on July 23rd at Metro Brokers Financial were published as follows:

Conventional Rates
Comforming 30 year fixed rate........4.25
5/1 ARM..............................3.375

Government Rates
30 Year Fixed FHA....................4.25 - 4.5
30 year Fixed VA.....................4.5


Please feel free to call me for a consultation and to learn more about the Atlanta metro real estate market in general or the specifics regarding the buying / selling process. I am always happy to answer your many questions and help you determine whether this is a good time for you and your individual situation. I can be reached at 770-399-8108 or e-mail me at one of the following e-mail addresses: sara@sarahibbard.com or sara.hibbard@metrobrokers.com. I look forward to working with you and answering your many questions when the time is right for you.

If Its Too Good To Be True -- It Probably Is!

OK. I’m going to say this one more time!


If It Sounds Too Good To Be True – IT IS!


No Kidding! TRUE STORY!

Last week, I had a call from a woman who now lives out of state. I’ll call her Mary. When I answered the phone, Mary was in tears. She said, “...oh Sara, I think I have a big problem!”

I gently and patiently inquired about the situation. Then the story began to unfurl.

While Mary was living in Georgia she purchased a home in Cherokee County in 2000. In 2005, she “sold” the home and moved out of state to be closer to grandchildren. Since 2005, the buyer of her home has evidently used the property as a rental home for rental income.

Everything was fine until last week when Mary’s old mortgage company called to inquire about 4 months of missing mortgage payments.

Mary received a phone call from Wells Fargo inquiring about 4 months of missing mortgage payments! Mary was shocked. She told the Wells Fargo representative that she sold the property in 2005.

Wells Fargo hung up and did a little research of their own. The next day the bank called back to inform Mary that she in fact does own the property. They told Mary her name was on the Deed as well as the Title.

Obviously, this realization scared Mary a little. She began to research and call Attorneys and Realtors in Cherokee County. Somehow, Mary found me online.

According to Mary, in 2005, she needed to sell her home and sell it quickly to make her move out of state. She was having trouble finding a buyer until one day she noticed a sign at the local intersection which would make all her problems go away.

I bet you have seen the signs too. Mary called the telephone number on the sign that was conveniently located near her neighborhood.

The sign read:

"WE BUY HOUSES”.

Mary called the number on the sign. The deal closed quickly. After all the Buyer was a professional home buyer and an attorney -- or so Mary thought until last Monday!

To make a long story short the home has been trashed by renters. Interestingly the buyer/attorney has no address or phone number. It turns out that the home was never legally SOLD. In fact, Wells Fargo is correct. The home is still in Mary’s name on both the deed and the title. No transaction ever occurred. Just a scammer paying Mary's mortgage each month -- until recently.

Was Mary the product of a scam?

YES

Is Mary Lucky?

I would say that Mary is very lucky. Wells Fargo is willing to forgive the 4 months of back mortgage payments. Wells Fargo has suggested that if Mary no longer wants the property to sell it through a qualified real estate brokerage. Although the property is not currently in “move-in” ready condition, it needs some minor cosmetic work before it goes on the market. I have advised Mary, that before I will list the property for sale, she must have a title search completed by a qualified real estate attorney to confirm a clear title.

Yes, Mary is VERY lucky! This scenario could be so much worse.

Moral of the story?

If It Sounds Too Good To Be True – IT IS!

Do Not Attempt To Sell Your Home To Anyone Without Proper Real Estate Representation.

Don’t cut corners! If you need to sell your home --- call a REALTOR!

If you are a Seller, you need sound real estate advice from a qualified and licensed Realtor. Sellers need a qualified Real Estate agent representing their best interest in the sale of any real property. Likewise, the home buyer should also have a Buyers Agent representing their best interest too.

Sara Hibbard works individually with Buyers and Sellers alike. Please feel free to call Sara Hibbard with all your real estate questions and concerns. Ms Hibbard specializes in buyer representation, relocation, foreclosure and short sale properties and more. Call her anytime at 770-399-8108 or e-mail her at sara@sarahibbard.com. Visit her websites located at www.SaraHibbard.com or www.SaraHibbardRealEstate.com.

If It's Wednesday -- It Must Be Market Conditions Wednesday!

If its Wednesday, It Must Be Market Conditions Wednesday!

Every Wednesday, or perhaps should I say, as many Wednesday's as possible, I provide a market snap shot of current market conditions affecting a specific city in the Atlanta metro area. Wednesday's have become known as "Market Conditions Wednesday", as I publish details about what is ACTIVE, PENDING, SOLD in one of Atlanta's major cities.

Today, the focus city is on COVINGTON.

Covington is a city in Newton County, Georgia. The population was 11,547 as of the 2000 census. Census estimates in 2005 indicated a population of 13,856. It might interest you to know that Covington has served as the location for filming of several television shows including the TV Series In The Heat Of The Night, the first five episodes of The Dukes of Hazzard and major films such as My Cousin Vinny, Remember the Titans, Friday the 13th Part VI and Halloween II. Currently, The CWs television series The Vampire Diaries uses downtown Covington as the filming location for the fictional town of Mystic Falls, Virgina. Covington is located approximately 35 miles west of Atlanta along Georgia Interstate Route 20.

According to the latest FMLS data and as I write this, there are currently 72,731 homes on the market in the entire Atlanta metro area. Likewise, as I write this, there is a total of 296 single family homes on the market in Covington and a total of 5 condo or town homes available and actively listed for sale in Covington.

Actively Listed Single Family Homes
This week, actively listed single family homes in Covington range in price from $15,900 for a 1978 1 story 3 bedroom ranch style home needing a significant amount of work, to $1.325 million for an estate home in Lochwolde with 6 bedrooms/6 full and 2 half bathrooms on lakefront property.

Actively Listed Condo / Town Homes
Active Covington Town Homes / Condos range in price from $64,900 for a 3 bedroom/2 full bathroom ranch style unit on Hazel Street to $209,500 for a town home in a wonderful location in a premier Newton development with 3 bedrooms / 2.5 bathrooms and 4 sides brick construction.

Pending Sale
Currently there are 50 single family homes pending sale in Covington and 1 condo/town-home Pending Sale in Covington. The single family homes range in price from $16,781 to $369,000. The condo/town home property pending sale is listed at $119,500 and is scheduled to close on or before 9/30/2010.

SOLD Properties (5/1/2010 - 7/21/2010)
Believe it or not, homes are selling in Covington. Since May 1st, 64 single family homes sold in Covington. The sold prices ranged from $17,850 to $376,000. Likewise, during the period, there were no condo/town homes sold in Covington during the period.

So, as you can clearly see, there is activity in the Covington area -- mostly with single family homes. Please contact me if you are interested in a home in Covington or the Atlanta metro area. I look forward to guiding you throughout the process when the time is right for you. In the meantime, please feel free to call me anytime with your many questions regarding the real estate market in general or specifics regarding the relocation / buying / selling process. I can be reached at 770-399-8108or sara.hibbard@metrobrokers.com. Don't forget to visit my websites located at www.SaraHibbard.com and www.SaraHibbardRealEstate.com.

Selling Tips In a Buyers Market

A buyer’s market means it’s the seller’s turn to be flexible, especially with sale terms. Purchase price, closing dates, move-in dates, storage, appliances, window treatments, points and fees may all require a little negotiation. Whatever the terms, don’t let personal feelings stand in the way of a good deal.


The Basics

In a buyer’s market, curb appeal, cleanliness, overall good condition and updates are especially crucial. Any little flaw should be taken care of before the first buyer drives up.

* Attend open houses in your neighborhood to see what “sell-ready” really looks like. If you’re shy, ask Sara Hibbard,your Better Homes and Gardens® Real Estate sales associate to walk you through a few sell-ready examples.

* Back home, start with the exterior to ensure you’re making a good first impression. Reseed or throw down some turf on lawn patches, change the lights in the lamppost, and if necessary, reset the walkway stone.

* Clean the interior beyond your standards. Even if they are impeccable, rent an industrial carpet cleaner or hire a professional cleaning service. Brighten the interior ambience with light fixture updates, as new lighting is one of the most inexpensive and noticeable improvements you can make prior to listing.

* Fix leaky faucets and make sure the water pressure is strong in both the kitchen and bathrooms.

* If necessary, a great way to improve the appearance of your home is to paint. Use only neutral colors that can easily lend themselves to different décor and styles of furniture.

Don’t Reject Low Offers; Negotiate

* Don’t dismiss lower-than-expected offers. Instead, consider buyer incentives that help you meet your asking price. Offer to pay the buyer’s closing costs, moving costs or loan origination fee. These can help the buyer with upfront costs. As well, you may consider offering a limited home warranty that covers HVAC systems and some appliances for a definitive period of time.

* Be careful of purchase offers that are contingent on the buyer selling their home first. Their home may be in a softer market than yours and you could be in for a long wait. Be sure that the purchase agreement includes a contingency-release clause. This way you’ll be able to sell if another buyer comes along.

* Work with Sara Hibbard, your Better Homes and Gardens® Real Estate Metro Brokers agent to find creative solutions to make a deal come together. The purchase price is just part of the deal. Anything that makes your property stand apart from the competition will give it an edge in a buyer’s market. Sara can be reached directly at 770-399-8108 or e-mail Sara at sara@sarahibbard.com or sara.hibbard@metrobrokers.com.

Remodeling ROI: Low Price, High Return Renovations

Are you thinking about a "weekend warrior" project for this weekend or some weekend this summer?


If so, I thought this information from Better Homes and Gardens might be of interest as consider and plan your projects.

Remodeling ROI: Low Price, High Return Renovations

Putting some sweat equity into your home can do wonders when it comes time to sell. But before dropping big dollars on a major home makeover, consider a few smaller changes that may just give you a bigger dollar-for-dollar return.

A few cosmetic changes go a long way
Tearing apart your old kitchen may be the cause of countless daydreams; however, first consider a cost-effective facelift. Things like changing fixtures, fresh paint, updating cabinetry handles or adding a decorative backsplash are simple and relatively inexpensive ways to modernize your kitchen and give buyers a better sense of the room’s true potential.

Getting that stain out
Before ripping out every square inch of carpet, consider a steam clean. Find the least toxic method and get rid of all the splotches and stains and see what can be salvaged. Oftentimes, cleaning a carpet using a professional cleaner or a rented steam machine can give it a new lease on life and help save a few dollars that can be better invested in other parts of the home.

Bold may not always be beautiful
Start with the basics: kitchens and bathrooms. According to Remodeling Online / Hanley-Wood, renovating your kitchen can generate an approximate 71 - 88 percent return on investment, as most buyers like these areas to be in move-in condition. Avoid custom cabinetry in favor of something contemporary and neutral. The idea is to generate maximum appeal and increase the value of your property for the broadest possible audience.

All things relative
Keep in mind that no matter how beautiful, a $35,000 bathroom does not belong in a $100,000 home. While bathrooms generate the same return as a new kitchen, a renovation will only get you what buyers can afford. Consider re-glazing the tub for a few hundred dollars before spending thousands on a complete remodeling. Changing the vanity can also give you the updated look buyers are searching for. Adding new faucets or a new mirror can be a dramatic improvement and can be relatively inexpensive.

Consistency is key
One of the questions few renovators ask themselves is whether or not their changes match. Keeping the look and feel consistent will add continuity to the home and allow buyers to see where your improvements could lead them long term. Don’t neglect the outside of the home in favor of fixing the interior. Ensuring things stay consistent throughout the property gives buyers a sense that your property is worth top dollar.

Ask your agent
A Better Homes and Gardens Real Estate Metro Brokers sales associate like Sara Hibbard can provide you with some quick and easy advice that is often overlooked when preparing your house for sale. Sara can supply you with the latest trends and local supplier knowledge that you may not be familiar with. Sara Hibbard can be reached anytime at 770-399-8108 or via e-mail at Sara@SaraHibbard.com or sara.hibbard@metrobrokers.com. I look forward to working with you when the time is right for you.

If It's Wednesday -- It Must Be Market Conditions Wednesday!

If its Wednesday, It Must Be Market Conditions Wednesday!

Every Wednesday, or perhaps should I say, as many Wednesday's as possible, I provide a market snap shot of current market conditions affecting a specific city in the Atlanta metro area. Wednesday's have become known as "Market Conditions Wednesday", as I publish details about what is ACTIVE, PENDING, SOLD in one of Atlanta's major cities.

Today, the focus is on the city of CONYERS.

Conyers is the only city in Rockdale County, Georgia. Conyers is located 24 miles east of Atlanta along Route 20 and about a 2 hour ride to the Georgia/South Carolina border. As of the 2000 census,the city population was
10,689. Census estimates of 2005 indicated a population of 12,205. Conyers will be familiar to many folks for its part in the 1996 Summer Olympic games as the host city for all equine events. Conyers holds the distinction of hosting the Equestrian events of the 1996 Summer Olympics. In 1993, the city of Conyers began construction of an equestrian complex. The work was precipitated by news in 1991 that equestrian events for the 1996 Summer Olympics would be held in Conyers.

According to the latest FMLS data and as I write this, there are currently 72,827 homes on the market in the entire Atlanta metro area. Likewise, as I write this, there is a total of 313 single family homes on the market in Conyers and a total of 22 condo or town homes available in Conyers.

Actively Listed Single Family Homes
This week, Conyers actively listed single family homes range in price from $21,000 for a 1962 ranch style home needing a significant amount of work to bring it to a livable condition to $1.5 million for an estate home on 20+ acres with 7 bedrooms/9 full and 1 half bathroom with private lake an dock, gazebo, swimming pool, lighted tennis court and amenities too numerous to mention.

Actively Listed Condo / Town Homes
Active Conyers Town Homes / Condos range in price from $18,000 for a 1 story one side of a duplex needing cosmetic work to $174,900 for a new construction bank-owned ranch style condo located in Silver Summit featuring 2 bedrooms/2 full bathrooms.

Pending Sale
Currently there are 64 single family homes pending sale in Conyers and 7 condo or town-homes Pending Sale in Conyers. The single family homes range in price from $109,900 to $575,900. The condo/town home properties range in price from $14,900 to $154,900.

SOLD Properties (5/1/2010 - 7/12/2010)
Believe it or not, homes are selling in Conyers. Since May 1st, 59 single family homes sold in Conyers. The sold prices ranged from $30,100 to $475,000. Likewise, during the period, there were 4 condo/town homes sold in Conyers with prices ranging from $32,000 to $85,000.

So, as you can clearly see, there is activity in the Conyers area. Please contact me if you are interested in a home in Conyers or the Atlanta metro area. I look forward to guiding you throughout the process when the time is right for you. In the meantime, please feel free to call me anytime with your many questions regarding the real estate market in general or specifics regarding the relocation / buying / selling process. I can be reached at 770-399-8108 or sara.hibbard@metrobrokers.com. Don't forget to visit my websites located at www.SaraHibbard.com and www.SaraHibbardRealEstate.com.

LQI: Potential Closing Killer

The very first time I sit down to council my Home Buyer clients, one of the very first subjects we discuss is the closing process. During that discussion I always advise my clients to avoid purchasing any big ticket items such as washers, dryers, refrigerators, motorcycles, cars, whatever. Typically, the Lender too always advises Buyers NOT to make any purchases or open any new credit during the mortgage process.

Unfortuneately, many home buyers don't listen. What home buyers need to understand is their credit and purchase history will be highly scrutinized by underwriting throughout the process and from the time they apply for a mortgage through the day of closing. There must be a paper trail for every purchase and if the paper trail ultimately affects your buying power to purchase a home you will be disqualified from the purchase process. It happens every day.

So, as a result, just when Realtor's and Lenders are thinking that the underwriting process and scrutiny couldn't get any worse, Fannie Mae and Freddie Mac have now implemented a new rule effective June 1, 2010. The rule is called LQI (Loan Quality Initiative). Fortunately, this new rule only applies to Conventional Loans. However, FHA and VA have not yet indicated whether or not they will also adapt this new rule to their mortgage guidelines.

Home buyers could now find their closing stopped the day of closing if they make ANY new purchases or changes to their credit, income or assets after they make the loan application. The LQI rules require Lenders to re-check all the borrower's data to ensure that there have been NO CHANGES since the original loan application.

The actual rule states that all Lenders must determine that borrower liabilities incurred up to and concurrent with closing are disclosed and evaluated in qualifying the borrower for the loan. Lenders know that the best way to do this is to run an additional credit report right before closing. Lenders will be taking a close look at each file to ensure the borrower's occupancy status of the property is correct. Social Security numbers are filed with the IRS tax returns will also be closely reviewed.

Lenders are utilizing a new credit report called a "Comparison Report" which quickly and easily highlights changes between the qualifying report and the new refreshed report.

Any changes -- even minor ones, could result in a closing delay, pricing adjustment or worse, loan approval being withdrawn all together and at the very last minute before closing.

Fannie Mae's LQI mandates are already in place, and the best advice to borrower's is NO SPENDING BEFORE CLOSING, PERIOD.

If you have any questions about the Loan Quality Initiative, please contact me at 770-399-8108 or sara.hibbard@metrobrokers.com. I look forward to working with during your quest to home-ownership and guiding you throughout the entire process.

Selling Your Home In Today's Market

Putting yourself in the right mindset to sell is essential. Once your house goes on the market, it’s no longer “Home Sweet Home”, but a product that will be seen by prospective buyers and their agents who have no attachments to the house. It’s the most difficult aspect of selling for most sellers.

Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia and staging your home for sale can help you view the home as a product that needs to be sold rather than as your personal sanctuary.

In addition to having your home in top showing condition, proper pricing is critical. Your home is worth what a buyer is willing to pay, which may not be what you think it is worth. Putting your home on the market at a price that reflects what you want and not what the market will bear can cost you time and money as it sits on the market unsold.

The home-sale market is very local. The only way to get a clear picture of what your home is likely to sell for is to find out which properties sold in your neighborhood and for how much. The most recent sales — those that closed within the last three months — will be the most reflective of what you can expect for the sales price of your home.

Pay close attention to your competition – those properties that are currently on the market. Don’t fall into the trap of pricing your home higher than your neighbor’s home because yours is “better”. If your neighbor’s price is too high for the market, neither of your houses will sell. And if your price is too high and the neighbor’s isn’t, you’ll just help your neighbor sell their house more quickly.

Your home is most marketable when it is new on the market. Buyers and their agents monitor the market for new listings and, as a result, the greatest activity is usually during the first few weeks. If your house isn’t attracting buyer and agent interest in the early weeks, it’s likely overpriced. A property that gets a lot of showing activity when it first hits the market but gets no offers is also probably overpriced.

Properties that don’t sell relatively quickly often languish on the market. And despite price reductions, often end up selling for far less than market value then if they had been priced right from the start. Your home needs to be perceived as a good value to a buyer to sell in this market. Buyers have lots of choices and the homes that are selling are priced right and are in great condition.

So, what’s the best strategy to get your home sold in today’s market? First, get it in top condition. Then price it right… from the start!

The Fabulous Front Porch

Lure buyers from the curb with an inviting front porch.

In the June 2010 issue of Realtor Magazine Kristin Hansen discusses the lure of the front porch. Recently, I'm not sure if it's the season for wanting one, but it seems that every buyer I am currently working with has had a front porch, back porch and / or a wrap around porch on their "wish list". For that reason, I share the following article. This is for porch lovers every where as well as those of you who are considering the possibilty of buying a home or selling your current one.

When Lisa Sevajian, a real estate professional with Coldwell Banker in Haverhill, Mass., recently listed a home, it was the front porch that nabbed a buyer.

"All three potential buyers knew they were buying it before they even saw the inside," she says. Sevajian had added bamboo flooring and a ceiling fan to the porch. "It looks like indoor living space but it's a porch." The home sold the first weekend it was listed — and for more than the asking price.

For another listing she again played up the porch. Staging the 6-foot-wide farmer's porch, which ran the span of the house, with quality furnishings enticed potential buyers to check out the home. "Whether it's in Miami or Boston, people want a front porch for that extra living space," Sevajian says.

"I'm glad to see the revival of the front porch," says Bryce Sanders, sales associate at Halstead Property in New York, who admits his region — dominated by high-rises — is not an area with many front porches. He applauds Seaside, Fla., one of the country's first New Urbanism communities, with the revival of the concept. "It brought back the idea of the porch," he says.

This renewed interest in having a front porch dovetails with a want for compactly designed and pedestrian-friendly communities, the kind of blocks where you chat with neighbors. A row of front porches encourages those casual conversations.

Today's ideal-sized porch, says John Norquist, president of the Congress for New Urbanism, is one where you can comfortably sit in a rocking chair. "A pseudo-porch really doesn't work. Dimensions matter. Modest-size streets and small lot sizes are ideal so people can stroll to each house comfortably. The idea of walking to the corner store is doing well in the current economic downturn," he says. "If the streets are too big or too wide, that can take away from the neighborhood feeling.

"Generally, porches are considered an asset," Norquist adds. "There's no real downside to porches." About 40 years ago, he says, home owners spent more time in their back yards, and upgraded those areas with intensity, in part to create a private space away from the street and surrounding houses. "All the social space was in the back yard," he says. Now he's noticing a shift in older homes where front porches are added and integrated into the design, offering not only curb appeal but an extra space to congregate.

"When you talk to people about neighborhoods, their favorite neighborhoods in the United States are comprised of front porches that are part of the design," says Tim de Noble, dean of the college of architecture, planning, and design at Kansas State University in Manhattan, Kan. He's noticing more and more front-porch designs in new-home construction projects.

Front porches provide the best of both worlds: privacy and community. "They make great communal sense," he says. "We can become isolated as we retreat farther and farther back in the house." Yet it also provides a "sense of separation" between the indoor living space and the street.

A front porch also provides ecological advantages. "Because the windows are protected, you don't have to close everything down to keep the sun out. The porch provides that gasket of environmental relief," de Noble says.

Like all home design, the range of styles runs the gamut, from traditional to contemporary and a lot of eclecticism in between. But one thing is for sure: There's a desire to bring the indoors outside (with comfy furnishings) and let the cool breezes from outdoors waft inside.

"Patio furniture has morphed into higher-quality furniture, even at Target, for a luxury-resort feel," Sevajian says. "We're also seeing a lot of gas lamps within the last 18 months."

Robert Cohen, president of Meyda Custom Lighting, has even noticed chandeliers — mostly wrought iron — on front porches. The company's Craftsman series of outdoor lighting, those made from brass and copper, continues to do well, but he's also seeing a draw towards Victorian- and mission-style lighting. "I don't think there's any one design theme going on these days," Cohen says.

Renovating a home's front porch can definitely boost its chance of selling, which is what Sevajian found in Massachusetts. "It absolutely adds value to the house and makes it more saleable as you have more living space," she says.

Lighting is a part of that equation. "We use varying levels of brightness to create an elegant look," says Brandon Stephens, vice president of marketing at NiteTime Décor, which designs custom lighting for homes' outdoor spaces. Projects range from $1,200 to $50,000, with the average job running around $4,000. A recent client survey revealed that the No. 1 reason for buying a home is its curb appeal, in which lighting plays a huge role.

"The name of the game is to provide a warming, welcoming atmosphere on the front porch," Stephens says. Lately he's noticing more sconces on porches that result in a "figure-8 shadow," or softer, light.

For homes on the market, adding lighting to the porch, he says, can double the viewing time as many people shop for houses or do drive-bys after work when it's dark outside.

In a time where financial concerns are pushing people away from the thought of expensive vacations or trading up for a larger house and instead opting for home improvements, more care is being put into the adjacent outdoor spaces, too.

"We're finding ways to enjoy what we do have," says Sevajian. "It's all part of the idea that people don't want to spend as much money, and it ties into the 'staycation' idea if you have more yard space."

Great Kitchens Sell Homes

Great Kitchens Sell Homes!

The kitchen is the most important room to stage in your home. Potential home buyers will want to view it void of unnecessary countertop appliances and clutter. By showcasing your kitchen in the best possible light, you can potentially sell your home faster and; increase the closing price. Even in a slow real estate market, making your kitchen attractive to a buyer could make the difference.

Clean up the kitchen
Studies have shown that one of the dirtiest places in the home is the kitchen. Before you list, pull out those rubber gloves and give everything a good scrub so that the kitchen sparkles. Replace unsightly floor tiles, or in a worst-case scenario, consider a complete floor makeover. Pay special attention to the cabinetry; in older homes, it is common to see cracks in the beaded caulking between the ceiling and the trim above the cupboards. For less than $10, you can buy a pre-mixed tube of crack filler and make it look like new. Also, to give the kitchen an inexpensive facelift, consider replacing the fixturing – an affordable way to give doors and drawers a second wind.

Clutter is a kitchen killer
Kitchens are the focal point of almost every home. A great rule of thumb for the staging of a kitchen is to leave no more than two appliances on your counter. After you have uncluttered the kitchen counter, brighten and soften the space by adding some fresh fruit, new dishtowels, a cookbook, and plants or flowers.

Modernizing today will help you sell tomorrow
Modernizing your kitchen can help you sell your home for years to come. Renovating your kitchen now will let you enjoy new appliances while boosting the value of your home for the future. While you may want to take specific appliances with you, stainless steel can make almost any kitchen sing. Another way to add value to your kitchen is to install concealed appliances – hiding the dishwasher and fridge, for example, can really spice up your kitchen for buyers. Also popular are dual microwave/convection oven (prices can vary between $200 - $900 for higher-end stainless built-ins) – another appliance quickly becoming a staple in most modern kitchens.

If you can’t replace appliances, be sure to have them repaired and cleaned. It’s also a good idea to clean your fridge and stove, as buyers will almost always open oven and fridge doors.

Lighting
Take the time to make sure all the existing light fixtures have working light bulbs. Make sure the blinds are open on all the windows and, if required, add a small table lamp or two to accent a dark corner.

… And the kitchen sink
Another kitchen remodeling idea is to upgrade your “sinkware.” New faucets, soap dispensers and sinks (whether you are reglazing or replacing altogether) are affordable ways to give the kitchen an immedite facelift. Don’t forget, buyers love to turn on the kitchen faucet when touring a home.

The kitchen is the most important room and biggest selling feature in your house. Staging it properly can make every potential buyer say, “this could be my kitchen.”

Why Pre-Qualify? Why Do I Need To Get Pre-Approved?

One of the most important steps in the home buying process is receiving pre-approval for a home loan. The pre-approval process is actually the very first step toward the home buying process regardless of whether you are a 1st time home buyer or you have been around the block several times and purchased several homes.

The very first step is still the pre-approval / pre-qualification process regardless of price range. Many buyers confuse pre-approval with pre-qualification, but they are actually very different. When a buyer is pre-qualified, the lender has determined how much he/she can borrow based on information the buyer has provided to the lender. However, none of the information has been verified. The buyer must still fill out a loan application and go through the lender's approval process at a later date.

These days it has pretty much become a requirement to be pre-approved before you visit any property. Due to the economy, as well as real estate and mortgage requirements, most Buyers Agents require clients to be pre-approved before you can visit and tour properties. Additionally, nearly all Foreclosure, Short Sale, HUD and REO properties require that a Pre-Approval Letter from a Lender be included in the package when submitting an offer on a property. Sellers and their Agents are now reluctant to have strangers in their home if the prospective buyers have not been pre-approved/pre-qualified for a mortgage. If you put yourself in their shoes, it is perfectly understandable. Why should any Seller race around getting his/her house in "show shape" for your arrival if you -- the prospective buyer is not qualified to purchase the home?

Why is pre-approval important at the beginning of the home buying process?

Here is a true story that illustrates the importance of the Pre-Approval Process. This actually happened as recent as Tuesday, July 6th.

A family faced with a relocation from North Carolina to Georgia saw what they perceived to be their "ideal" Georgia home during an on line search. They called a local agent in Georgia on Sunday afternoon, July 4th to inquire about the home and schedule a visit and tour. At the time of their call the property was showing up as an Active Listing. On Tuesday July 6th, the family drove 4 hours from North Carolina to Georgia to visit the property and place an offer.

But guess what!

The family had not been pre-approved or pre-qualified prior to their visit. This meant they could not not place an immediate offer on the property which turned out to be "perfect" for their needs. The agent referred them to a Lender who immediately began the pre-approval process. The lender needed 24 to 48 hours to research the information and get them processed. The Lender worked fast and was proud to have a pre-approval completed within 38 hours.

After receiving the lenders approval, they made an offer on the property only to find out that the property was no longer available! OH NO! PENDING SALE! How could that be?????

Guess what?

As the agent and clients were leaving the property 2 days earlier, another agent and her clients drove up to visit the same property. The second prospective buyer had already been pre-approved. They already had a pre-approval letter and they were already qualified to visit and make an offer on the house. As a result, they did exercise their right to make an immediate offer on the property. The offer was accepted within 24 hours. They were under a Binding Agreement.

Moral of the Story?

YES!

Get the pre-approval process out of the way BEFORE you go to see your first house. The pre-approval process is sure to save you a lot of heart-ache later.

Georgia Is #1 For Retirees & Taxes

States Attract Retirees With Favorable Taxes


States are wooing retirees with tax breaks. On average, retirees pay only half the state income tax levied on working-age people, according to researchers at the University of New Hampshire and Georgia State.

Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming — don't tax personal income at all. New Hampshire and Tennessee tax interest and dividends but not other income. Still, these states may not offer the best total deal for seniors because other states have crafted special programs that reduce taxes and fees across the board.

Considering everything, here are the states that tax experts say offer the best deals for residents older than 65:

1. Georgia
2. Pennsylvania
3. Mississippi
4. Illinois
5. Michigan
6. Kentucky
7. New York
8. South Carolina
9. Delaware
10. Louisiana

Source: Forbes, Ashlea Ebeling (06/28/2010)

If Its Wednesday, It Must Be Market Conditions Wednesday

If its Wednesday, It Must Be Market Conditions Wednesday!

Every Wednesday, or perhaps should I say, as many Wednesday's as possible, I provide a market snap shot of current market conditions affecting a specific city in the Atlanta metro area. Wednesday's have become known as "Market Conditions Wednesday", as I publish details about what is ACTIVE, PENDING, SOLD in one of Atlanta's major cities.

Today, the focus is on CARTERSVILLE.

In case you don't know, Cartersville is located in Bartow County, GA. In the 2000 census, the city population was 29,925. Growth is evident as the communities population rose to 41,234 as of the 2005 mid-census estimate.

According to the latest FMLS data and as I write this, there are currently 71,894 homes on the market in the entire Atlanta metro area. Likewise, as I write this, there is a total of 432 single family homes on the market in Cartersville and a total of 68 condo or town homes available in Cartersville.

Actively Listed Single Family Homes
This week, Cartersville single family homes range in price from $19,000 for a mobile home in good condition with new carpet at Alatoona Landing Marina TO $5.9 million for a brand new home under construction with 4 sides brick, 4+ car garage. This elegant home sits on more than 20 beautiful lush green acres with 8 bedrooms / 8 full and 4 half bathrooms and amenities too numerous to mention.

Actively Listed Condo / Town Homes
Active Cartersville Town Homes / Condos range in price from $25,000 for a 1 story brick townhome sold in as/is condition which was built in 1991 TO $215,000 for a loft style condo located in the Lofts at Interity Plaze with 2 bedrooms/2 full bathrooms overlooking downtown Main Street. This condo is located in the historic district. You could walk to local bakery, meat market, restaurants, shopping and cultural festivities.

Pending Sale
Currently there are 69 single family homes pending sale in Cartersville and 3 condo or town-homes Pending Sale in Cartersville. The single family homes range in price from $40,000 to $899,900. The condo/town home properties range in price from $29,900to $59,900.

SOLD Properties (5/1/2010 - 7/7/2010)
Believe it or not, homes are selling in Cartersville. Since May 1st, 94 single family homes have been sold in Cartersville. The prices have ranged from $15,000 to $260,000. The home which sold for $15,000 was a fixer-upper bungalow which was orginally priced at $9,900. The terms were 100% cash and the home sold after 17 days on the market. The closing date was 5/12/2010.

Likewise, the most expensive single family home sold in Cartersville since May 1st is located in the Reserve at Pettit Creek. This particular home was originally listed at $369,900 and sold for $353,000 or 95% SP/OLP. This home offers 6 bedrooms/5 full and 2 half bathrooms. The basement has a complete kitchen. The home offered 4-sided brick construction, as master bedroom on the main floor with a lake view, 2 fireplaces and great lot. This home closed on 6/10/2010 after 65 days on the market.

There were 9 condo/townhomes sold with prices ranging from $23,000 to $107,500.

So, as you can clearly see homes are selling in Cartersville, GA!

If Cartersville is calling your name, please call me. I can be easily reached at 770-399-8108 or email me at sara.hibbard@metrobrokers.com. I would be honored to answer your many questions and guide you throughout the entire buying / selling process when the time is right for you. If Cartersville, is not exactly your "ideal" location, please call me too. I will be happy to help you find your ideal home or sell your current one when the time is right for you.

In the meantime, I invite you to visit me at www.GeorgiaRealEstateOnMyMind.com or www.SaraHibbardRealEstate.com. Happy House-Hunting!

Happy 4th of July Weekend!

Happy 4th of July Weekend!

I have always believed that nothing makes a house look better than when the stars and stipes are proudly waving. My flag flies most of the year. If yours isn't displayed yet, make sure you hoist it with pride this weekend.

Have a very happy and safe 4th of July weekend!

Please feel free to call me with your real estate needs at anytime throughout the year. I look forward to helping you find the "ideal" home or listing, marketing and selling your current home. Call or e-mail anytime at 770-399-8108 or sara.hibbard@metrobrokers.com.

The Tax Credit Extension Bill Has Passed

WOW! Talk about going right to the 11th hour!

H.R. 5623, the tax credit closing date extension bill, has now been passed by the Senate. All that is needed now is the President's signature. Once signed, this extension allows those home buyers who were under contract by April 30, 2010 and who meet the other criteria to close up to Sept. 30, 2010 and still get the tax credit they qualify for ($8,000 or $6500).

This legislation helps ensure the credit works for people who followed the terms of the incentive and need a little more time to close on their pending contracts.”

I had closings yesterday. My 1st time home buyers have been ready, willing and able to close since early March. Because they were buying a short sale property there have been many challenges involved with ultimately getting to the closing table. The Sellers Lender has taken their good old time to approve the purchase. Through no fault of the buyers or the sellers, we have been scheduled to close several times only to have to file Extensions for the closing date. Ultimately and typically the short sale bank extended this out to the very last minute. We were lucky. We finally closed at 3PM yesterday.

Due to the plethora of closings occurring not only at Better Homes and Gardens Real Estate Metro Brokers or the state of Georgia but nationally, there were many other buyers and sellers who were not as fortunate as my clients. Many transactions did not occur yesterday simply because banks and financial institutions were unable to handle the sheer volume of transactions.

If you are considering the possibility of purchasing your 1st, 2nd or even 3rd home OR if you would like to sell your current home, I will be happy to guide you throughout the process. Please call or e-mail me anytime to set up a time to meet and discuss your unique situation. I look forward to serving your real estate needs when the time is right for you.

Sara Hibbard can be reached at 770-399-8108 OR sara.hibbard@metrobrokers.com.