Market thoughts for the first four months of 2010.

Spring has hit us quickly in North Georgia with summer right around the corner.

Every real estate market is local and the Wells Team knows this market as well as anybody.

We saw a surge of lookers (drive bys) in Mid April. This group gave us some of the best open house results we had seen in a year. This group is pretty consistent in their home buying status. They will soon be emptynesters, retiring, or move back to the area to be with their family. Some return to work with us. Overall they procrastinate waiting for the perfect home to be found. They are a test of patience.

Those that buy now represent the "sharks". This group wants an upper end of foreclosure home with all the bells and whistles. They have circled knowing which ones are appearing. They strike quickly and land themselves a victim of a home!

Then our last group: Return customers who are looking for a home that does not exist, the price that does not exist, and with the intent of torturing themselves looking for perfect situation.

In other words the players are the same from last year.

However we state this fact our first four months of 2010 have far exceeded this time last year. We have gone from 0 closings in 2009 to 4 closings in 2010 with number 5 on the way!

Why the improvement? Working with long-term customers has finally paid dividends! The Wells Team has the patience, and the expertise, to eventually place our clients in their "dream home".

Conclusion: We believe the market will loosen up slightly the remainder of the year. Price will drive the sale of the home unless the home has that "extra special feature". Buyers still want to think that they are getting a deal. At the same time they are beginning to realize that there is not an unlimited supply of those deals available. If they continue to "snooze they will lose"!

As for our sellers: The market has not come back to "normal". If they bought their home in the last five years, and want to sell, do not expect to walk away with a large profit. If they do not need to sell we ask that they wait a while longer. If they are in a position that they need to sell they need to realize that the market dictates the price of their home instead of how they feel about their home. This can be a source of friction between the seller and The Wells Team.

The first four months have given The Wells Team an excuse for guarded optimism. However our expertise, and research, tells us to wait a while longer before beginning the celebration on the home market.

If we can help you in the North Atlanta area give us a call! We are The Wells Team of The Norton Agency. www.randywellsteam.com