The Truth

October 9th, 2008 Sharon Merritt

Some days it appears the real estate market is picking up.  The first of this week is one of those times.  I wonder if my belief that we are at the bottom of the declining market communicates nonverbally and brings me phone calls.  In the last two days I have received three referrals and all three were told the same thing, Sharon will tell you the truth.  Wow, what a compliment.   Do you want to know the truth about what your home is really worth?  Check out your subdivision sold comparables.   If there is a sale of a home similar to yours that was not a foreclosure or short sale, that closed during the last 90 days, you have a very good comparable.   You may be able to easily determine a range of value based on that sale.  In addition to the sales price, condition of the home and layout of the lot, other things to consider include days on market and seller concessions.  However, there is not much selling and you may have to determine value based on old sales, or sales in other subdivisions, or sales of homes very different from yours.  Ususally you can look at sold comparables from years past and determine the value your subdivision has for various features, including basements, bonus rooms and fenced yards.  In this declining market we are hearing figures of homes depreciating 17% to 20%, but this has not been my observation.  As always, I would consider it an honor to talk with you about your personal real estate goals.

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Before it’s too late…

October 7th, 2008 Sharon Merritt

Today a friend of mine is losing her home to foreclosure.  Her home will be auctioned on the courthouse steps and she and her family are going to have to move.  Unfortunately, I did not learn of this situation until this past weekend and by then it was too late for me to help her.

If you, or someone you know, is in a similar situation please give me a call.  At the very least I can tell you what to expect in the dispossessary timeline (information my friend found valuable).  However, with my knowledge of the mortgage markets, procedures for restructuring finance, short sales and local real estate there is always the chance I will know about an option you, or your friend/acquaintance, may not have considered.  Please do not hesitate to call or e-mail with any real estate question, concern, or need. 

How may I be of service to you?

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1400 foreclosed homes are going to be auctioned

September 30th, 2008 Sharon Merritt

If you are in the market to buy you may want to check out the auction of foreclosed homes at www.USHomeAuction.com.  If you want a book showing the addresses, information about the home, previous value and starting bid price let me know and I will send you one in the mail.  All of the homes that are scheduled for this auction are going to be held Open for the next two weekends and then the auctions begin on Saturday, October 18th. 

Last weekend I sat at an Open House for one of these properties and 8, yes 8, potential buyers came by that one house.  There are buyers in the market today.  If you are a buyer in the market today and are interested in attending the auction and maybe bidding on one of these homes, please let me know–I can guide you through the process and help you make that winning bid.  If you are a potential seller in this market I would look at this auction as a positive thing.

Some of you have been seeing TV ads for this auction over the past weeks but I did not learn about it until last week.  This news in another piece of information that leads me to the conclusion that we are at or near the bottom of the housing decline.  When these 1400 homes are no longer on the market, what is going to happen?  My opinion is the value of homes will start creeping up.

If you were not a news junkie and you dropped out of the sky into our real estate market and saw that the value of homes was good and the the cost of money was good you might share my positive outlook.

As always, I am available to answer your real estate quesetions and/or help you identify and meet your real estate goals.  When you let me discuss your personal real estate goals with you, I consider it a great honor.

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September 26th, 2008 Sharon Merritt

Yesterday was an eventful day for me.  The opportunity to participate in a meeting with a Developer, Land Planner, Project Funder, and a truly amazing Economic Guru (University Dean) was one of the most exciting events I have recently attended.  This group of highly educated and successful people discussed the feasibility of bringing a large scale development out of the ground in southwest Georgia in approximately two years.  There is a new Kia Plant down that way and growth will follow.  Leaving this meeting I was greatly encouraged about the Metro-Atlanta Real Estate Market.

Several days have passed since my last entry into this blog.  I was preparing a couple of sentences that said my opinion was that we were nearing the bottom of the real estate downturn.  In the September/October issue of the Georgia Realtor Magazine the President wrote: ”Things ARE beginning to turn.”  A recent article in the Gwinnett Daily Post from an AP business writer headlined: “Consumer outlook up; housing bottom may be near.”  Then the awful Wall Street meltdown occurred. 

After readjusting my thinking, my opinion is the same.  Real Estate is a localized market.  In the Collins Hill High School District it appears to me that we may be very near the bottom of the downward real estate cycle.

If you are a Buyer that has been waiting for the very best time to buy, consider purchasing now.  If you have not owned a home in the last three years and you qualify (there are income limitations), there is up to $10,000 grant money available to you for use in purchasing your new home.

If you are a Seller that wants to sell as soon as home prices become stable, it is time to start watching your subdivision closely.  If you want me to set you up a Client Gateway so you are notified via e-mail when new inventory comes on the market in your subdivision, let me know.

If you are a Home Owner wanting your equity back, just be patient a little longer.

Real Estate is my passion and I love to talk about it.  Please feel free to contact me at any time.  I am available to discuss your personal real estate goal and/or talk about real estate in general.

Wishing you the very best, I remain…Respectfully yours, Sharon

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October foreclosures in Collins Hill

September 11th, 2008 Sharon Merritt

The foreclosure ads are out for homes scheduled to be sold on the Gwinnett County courthouse steps on October 7th, 2008. The good new is that, if you take out the builder foreclosures, the number of individuals scheduled to lose their homes in foreclosure in the Collins Hill High School District is down more than 30% from the past several months. If you are a buyer there is another piece of good news, there is a builder in this area in jeopardy of losing 17 brand new homes. This may be a great time to grab a wonderful deal. Call me if you want more information.

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New Home contracts, be careful!

September 9th, 2008 Sharon Merritt

In the business of real estate nothing remains the same. A buyer I am currently working with needs to sell their current home before they can buy a new one. McCar Homes, with several new home subdivisions, has a new clause in their contract. Although they accept contingencies (they will allow you to put one of their homes under contract even though you have to sell your current home to close on theirs) the clause says:

“Buyer agrees that if at any time within sixty (60) days after signing this Agreement he/she is offered a contract to purchase or lease such property at a price that is within fifteen (15%) of the current asking price for such property (hereafter defined as “A Reasonable Offer”) then this contingency shall automatically be removed.”

If you are a buyer with a home to sell this clause should be of great concern to you. The way I interpret this clause, the McCar new home buyer has a great deal at risk (thousands of dollars in earnest money at least) unless they are willing to sell their home at 85% of list price. How many sellers do you know that are willing to accept 85% of the value of their home? My buyers were not able to proceed with the purchase of this home, McCar homes is very happy with this sentence. If I was a Seller I would be happy with that sentence too.

Alway remember, an experienced Realtor can guide you through any real estate transaction, always looking out for your best interests and helping you to avoid expensive pitfalls.

Please let me know if I can be of assistance to you in any way at any time.
Sharon Rose Merritt
REALTOR
RE/MAX Center
770-846-5252- Cell
770-338-8307- FAX
sharonmerritt@remax.net
www.real-estateresource.com

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Did You See Margaret Kelly on ‘The Today Show’ Last Week?

September 5th, 2008 Sharon Merritt

RE/MAX International CEO Margaret Kelly was interviewed live by TV host Al Roker on Tuesday, August 26, in the NBC Studio. Margaret was featured in the “Today’s Real Estate” segment, where she shared her best strategies on - How to Sell Your Home. Click here to watch the video.

According to the Realtor database, First Multiple Listing Service, during the month of July, 2008, 38 homes in the Collins Hill High School District closed. Of those 38 homes, 18 of them had a RE/MAX Realtor representing either the Seller or Buyer and 4 of them had RE/MAX Realtors on both the Buyer and Seller side. There is a reason RE/MAX has Premier Market Presence. RE/MAX Realtors are among the most experienced and educated and RE/MAX Realtors are selling houses in this market. Of those 38 homes two of them were sold by the Listing Agent, and one of those was my listing. I understand this market and I know how to get your home sold. Real estate is my passion and I love to talk about it, call or e-mail me anytime with your real estate questions and let’s talk.

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Proper Representation

August 25th, 2008 Sharon Merritt

Today I was at a new home subdivision.   New Home Subdivisions often use their own contract forms and you need to read them carefully.  This particular new home subdivision had a paragraph in the contingency addendum that I had never seen before.  The paragraph stated: “Buyer agrees that if …he/she is offered a contract to purchase or lease such property at a price that is within fifteen (15%) of the current asking price for such property (hereinafter defined as “A Reasonable Offer”), that this contingency shall be automatically removed.”  What I want to know is if the new home subdivision is going to discount all of their homes 15%.   Be careful out there.  There is currently more than a years worth of inventory, and in some price ranges there are two years of homes in inventory.  It is important that Buyer have proper representation.  Please let me know if I can be of service to you in any way.

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Closing Attorneys

August 23rd, 2008 Sharon Merritt

Today I was invited to attend a round table discussion with Realtors from my office that have had a successful summer.  It was absolutely a wonderful way to spend two hours.  One of the things we discussed is how essential it is to have a qualified closing attorney handle the file when buying or selling real estate.  A good closing attorney will know early in the process if there is going to be a title issue; and they will also know how to solve the problem and can tell you up front a good estimate of the time needed to clear title.  A good closing attorney will help handle funding, provide an enhanced title insurance policy, and not tack on unnecessary fees.  A good closing attorney will be responsive to the buyer’s needs.  I am happy to recommend Ganek, Wright and Minsk, 1735 North Brown Road, Suite 150, Lawrenceville, GA (I-85 and Sugarloaf Parkway).  Phone 678-376-8008 and FAX 678-376-2292.  Feel free to call Harry or Paul with your legal questions, especially regarding real estate. 

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Legal Descriptions

August 20th, 2008 Sharon Merritt

In today’s Gwinnett Daily Post there is a front page article about the Gwinnett County real estate records becoming electronic.  Yea!  I’ve been accessing the deed records on-line for years now; and not only Gwinnett but all of the Metro-Atlanta Counties.  If you want to go check out the website, it is www.GSCCCA.org.  As a subscriber to this website, I can view and print the documents.  One of the things I do when working with a Buyer or a Seller is find the deed to the subject property being bought or sold and make sure all of the agreements have the correct legal description.  An incorrect legal description can cause a property not to close at the last minute; it can also cause title problems long after closing.    A copy of your legal description is available on your deed.  If you do not have a copy of your deed and would like to have a copy of your legal description, send me an e-mail with your full legal name and street address and I’ll print and mail you a copy. 

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