80 YEARS IN THE NORTH GA REAL ESTATE BUSINESS

The Norton Agency is celebrating its 80th anniversary as the leading real estate, and insurance company in North Georgia.

Every year The Norton Agency presents its annual forecast. This is the opportunity for our President Frank Norton Jr to present his insight into the North Georgia market. In this current, turbulent, real estate market our forecast gives the developer, elected official, businessman, buyer, and seller, some direction going forward.

Here is an excerpt from our opening statement:
"Norton has reinforced its own business commitment to thrive in a market like this and not just survive by stepping up our associate recruitment, purchasing 2 different insurance firms, merging small capable real estate firms with our own, expanding offices and redeploying (not cutting) marketing resources. Norton is old enough to have see this before. It's five or six times we've seen this movie, and the plot is always the same."

If you would like to see the forecast go to www.accessnorthga.com and look at the link under Media Center.

When you are looking for stability in a real estate company to navigate you through troubled waters look no further than your backyard. If you are buying or selling in the North Georgia area look to the Norton Agency. WE ARE THE BIGGEST REAL ESTATE COMPANY IN NORTH GEORGIA. LOCAL KNOWLEDGE WITH NATIONAL EXPOSURE MAKES US YOUR BEST CHOICE!

Check out The Wells Team, of The Norton Agency, at www.randywellsteam.com

Contradictions of Buyers and Sellers In the Current Real Estate Market

The 2009 real estate market: Good, Bad, or the same? Nobody knows for sure.

Here is one thing The Wells Team knows for sure: When people are buying a house they wear one hat. When they want to sell they wear a different hat.

What is the buyer looking for in a house? EXACTLY WHAT THEY WANT! They want the exact floorplan, decorating, paint, and price. If a room is decorated in a different style,a bathroom or kitchen is outdated, or a room painted in an unusual color, the buyer is done with the house. They do not want to renovate. They also lack the imagination to see the house in their style. They have lots of houses to look at and they hold the upper hand in pricing.

At the same time we have seen some of these buyers act as sellers. Let the contradiction begin. They do not want to see their competition. They price their home based on a list of comparable properties. They do not want to physically see their competition.They cannot or do not want to make the big changes to be competitive. Out of date bathrooms, kitchens, paint, and flooring are some of the items they do want to acknowledge. The answer is to have the buyer renovate when they purchase.

What happened? When the buyer becomes the seller they look at housing from a completely opposite viewpoint.

Opinion from The Wells Team:

Talking to sellers about their house is extremely difficult. However our company, The Norton Agency, preaches the following: TELL THE PEOPLE WHAT THEY NEED TO HEAR NOT WHAT THEY WANT TO HEAR! When we do this we are met with angry homeowners in a state of denial.

Decorator allowances are not working. People do not have the time to renovate. People have limited imagination. Unless you are giving your house away then you must do the necessary work yourself prior to listing.

When you list your home for sale keep your buyers hat on instead. This will keep you from being one of the homeowner contradictions!

Busy during the Holidays, Why You do not Take Your Home off of the Market!

For years we have heard clients say that they want to have their homes off of the market during the holiday period. Their thought is that during the November-January period the market stops. The Wells Team has seen differently.

We had activity! Matter of fact we showed houses New Years Day!

Our activity came from our signs, 800 verbal tours, Internet, and coop agents. In other words our all around marketing works!

If you want to be aggressive you cannot take your home off of the market during the traditional holiday period! Decorate your house, it shows better! Have your family get togethers! Enjoy the season!

As we head into January we will have clients who say: "I want to wait until spring to list my house". Why? Right now there are half the listings in my neighborhood as compared to last spring. Less competition! There is also a new president coming into office, lower interest rates, and a potential economic plan that might motivate more people to buy the home that they want.

The Wells Team is trying to emphasize this point: This is not a traditional market! The traditional wisdom of when to have your house listed is outdated!

Remember:If you do not have it listed then you know what your odds are selling it are going to be!

We serve the north Atlanta metro market to the North Georgia Mountains! Let us know how we can help you!

EVERY MARKET IS LOCAL!

Everywhere you turn the US real estate market continues to be the showpiece of the current economic downturn. Good news, from any source, is hard to find.

You need to ask yourself this question: Where does my neighborhood, town, county, and state fit into “the big picture”? How do I find the answers?

You find the answers from companies with the local expertise and their ability to compare it to the entire country. The Wells Team, and The Norton Agency, provide you that expertise.

We are the oldest real estate company in North Georgia with over 80 years in the business. WE ARE #1 IN OUR AREA!

Our President Frank Norton Jr. adheres to a philosophy of making all of his agent’s experts in North Georgia. He is our “professor” of demographics, sales statistics, trends, and insight in our local market. As “students” we make it a point to share this information with our clients.

Some statistics from our latest sales meeting:

• New home inventory, in 5 Metro Atlanta counties, continues to decline
• Metro Atlanta home sales from 0-$149,000 are on a pace to be the same as 2007
• The two price parameters that have the biggest changes from 2007 are $300,000-$399,000 and $400,000-$599,999
(Pricing statistics from GAMLS and FMLS)
This represents a small part of the information that we review and discuss to benefit our clients!
If you would like a copy of this report on the North Atlanta area let us know! We will be glad to give you one!


The next time you are thinking about buying or selling, ask yourself the following questions:

• What are the average priced home sales in my area?
• What are the average days on the market in my area?
• What are the average number of expired and withdrawn listings in my area?
• What price range of home is the best seller?
• What are the total number of home sales and what is the future trend?
• Does my community have any projects on the horizon that could affect the sale of my home? (new schools, shopping, highway, etc)
• Do I have a real estate “expert” who can provide all of this information?

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Remember: ALL MARKETS ARE LOCAL! YOU NEED YOUR LOCAL EXPERT TO GIVE YOU AN ADVANTAGE IN THIS VERY COMPETITIVE MARKET!

The Wells Team has lived in the Atlanta area a combined 28 years! WE ARE YOUR NORTH METRO ATLANTA, NORTH GEORGIA EXPERTS! OUR SUCCESS SPEAKS FOR ITSELF!

Why move to the Chestatee Neighborhood in Dawson County Georgia?

Why would you buy a house in the Chestatee Neighborhood, Dawson County Georgia?

The Wells Team, all Chestatee residents, asked ourselves the same question.
LIFESTYLE!

This neighborhood presents a total change of pace from your typical suburban neighborhood.
18 hole golf course designed by Dennis Griffith
Community Marina on Lake Lanier. Take the boat out to ski or fish!
Large Pavilion with stone fireplace where we have hot dog cookouts
Olympic size Swimming Pool with plenty of room for the neighborhood
Playground for the kids and grandkids
4 lit tennis courts. One resident is a tennis instructor
Nature Trail
Garden club, Southern Living group, Women's Bible Study, and other groups

A quieter slower paced lifestyle for all age groups. We have couples with young kids mixed in with our empty nesters and residents with grandchildren.

How about the location of the Chestatee neighborhood?
Far enough away from the congestion but accesible to Atlanta.

4 vineyards, with wine tasting, just to the north in Dahlonega
20 minutes from Amlicalola Falls and the start of the Appalaichan Trail
5 minutes from The Norton Georgia Premium Outlets
Close to Helen GA, a beautiful German town
10 minutes from the quaint town of Dahlonega
10 minutes from North Georgia State University. Plenty of continuing ed classes!
10 minutes from Rock Creek Park, Dawson County. Great sports programs for the kids.

But I still need my "city fix"

One hour from Braves stadium, the Georgia Aquarium, and The Atlanta Zoo
35 minutes from Verizon Ampitheatre. This new venue has had the Eagles and Boston perform this year.
35 minutes from Northpoint Mall in Alpharetta

After 8 years of "country living" I can honestly say that my family has truly found a home here. Our involvement with the Chamber of Commerce and Rotary Club has helped us give something back to this community. The locals and new residents are friendly and reflect the slower lifestyle.

The Wells Team is proud to be the #1 resale agents of homes in Chestatee. We currently have 10 homes listed for sale. THE OPPORTUNITIES TO OWN IN THIS NEIGHBORHOOD WILL NEVER BE GREATER!

Come up and see us. It would be our pleasure to show you around and introduce you to the lifestyle that you deserve.

See all of our Chestatee listings at www.randywellsteam.com

Has the North Georgia real estate market hit bottom?

I realize that nothing but bad news is being said about the real estate market. The Wells Team supplies its clients statistics on our local market. At the end of the day that is the information that is most important.

We had a very informative monthly meeting at our company The Norton Agency. Here are few facts and opinions that we given at the meeting.

In the last 12 months, Atlanta was number 7 in job growth nationwide.

Nationwide the housing market has been in a down cycle for 2.5 months. Historically down cycles have not lasted longer than 36 months

Home inventory is down 25% from its peak

The top 10 builders are down to a 4 month supply of new homes

5 states make up 57% of all foreclosures nationwide (CA,FL,OH,AR,MI)

The number of foreclosures in Georgia have declined 2.61% 2Q08 vs 1Q08

In July 08 The Norton Agency had a 27% increase in sales over June 08

Dawson County has a 17.6 mo supply of homes

Forsyth County has a 8.9 mo supply of homes

Opinions:

Frank K Norton Jr, the President of The Norton Agency expresses the following in our Mid Year 2008 Market Report and Forecast. "Norton Native Intelligence sees the bottom and in fact believes we've been bouncing up and down on bottom for several months now".

If you would like to read the rest of the summary and the rest of the Mid Year 2008 Market Report, let us know. I will be more than happy to supply you with a copy.

Another opinion was given by a local real estate attorney who spoke. He says the time to buy is now. His concern is the interest rates. In his opinion interest rates will probably go up after the Presidential election. The result? That house payment will be higher every month.

Summary:

Throughout the last six months we have discussed the market with all of our clients. This includes buyers and sellers.

If you are a seller we told you that price, condition, and location matter with an emphasis on price. If the market has hit bottom then you need to ask yourself this question: Should I be aggresive on my pricing, take a slight hit on the sale of my house, and make up for it on the other end? If prices start to go back up or interest rates go up slightly did I do better by getting a little bit more for my house but missing out on a lower price on the other end and a better interest rate?

If you are a buyer ask yourself this: What am I waiting for? Are the prices decreasing further? Are the "bargains" still there? If interest rates go up then all of that waiting for a lower price will be lost with the higher rate.

Recovery will happen not if but when. If you reference the data then this is the time to buy. Do not use the news as your sole source of information on the real estate market. ALL MARKETS ARE LOCAL! We have consistently said this to all of you. That is why The Wells Team and The Norton Agency can help you. We know this area.

Lake Lanier's low water levels affect the lake home market!

Lake Lanier, one of the largest and most visited Army Corp lakes, is seeing lake home sales significantly decrease.

The 4th of July weekend traditionally brings out large numbers of boaters and families taking advantage of all of the recreation that the lake offers. Unfortunately Lake Lanier will have its lowest water level ever for the 4th of July holiday. Most boat ramps are closed and swimming areas resemble a desert. Add gas prices on the lake averaging $5.00 per gallon and you have all of the ingredients for a disappointingly slow weekend.

As the Atlanta metropolitan area continues to grow many people looked to Lake Lanier for second homes as well as primary housing with commutable access to Atlanta. Prices rose much higher than the Atlanta area.

We are now in the second year of this down market. The Atlanta area has felt the effects but not on the level of other parts of the country.

Lake Lanier property has not seen the same pricing declines. However the number of houses sold has seen a dramatic change.

Jan 07-Jun 07 112 homes sold on Lake Lanier. Average price $643219
Jan 08-Jun 08 49 homes sold on Lake Lanier. Average price $642051.
As the level of the lake hit all time lows the real estate market has seen the effects.

Our observations:

Houses are marketed with boat slips. However there are no attached details on the water level under the dock
Sellers are forced to pull out their boat slips in order to find water. They are at their limits.
The second home market has seen a dramatic slowdown. Less buyers means a natural decrease in homes sold.
If your boat slip is not usable you are at a competitive disadvantage.
The lake does not seem poised for a recovery. The Atlanta area is in its second year of a drought. The lake water continues to be claimed by Georgia, Alabama, and Florida. The politics of the lake are not going to be resolved in the near future.
Our opinion:

If you live on the lake and do not need to sell sit tight. If you need to sell you need to be realistic about the external factors that effect your home. Remember the market dictates the price not your personal opinion.

We will see you out on the lake.

Randy and Barb

The Wells Team

The Norton Agency