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Buying Homes in East Cobb - A Learning Experience

04/14/08 | Kathy Drewien | Category: Buyers

home-buying-learning-experience

Buying a home in East Cobb using online home search tools has always been a learning experience for the homebuyer.

Once upon a time, when sales were brisk and inventory levels low, we - Atlanta home buyers and Atlanta real estate agents - had confidence in the listed sales price. Now, searching for 4-bedroom, 2.5-bath homes in the Dickerson school district is a learning experience for us all.

It has always been our practice to design a personal website for our buyers. This site allows buyer clients real time access to our mls with email listing alerts updated daily.

This past week my buyer and I went out to view the houses she saved in her MLS Gateway. Let me share what we learned about some of the 4-bedroom, 2.5-bath houses priced $225,000-$260,000. 13_weatherstone_parkway_marietta_ga

Located in the Wheeler school district, 13 Weatherstone Parkway is a foreclosure priced at $259,900. The house sits atop a hill on a corner lot and features an in-ground pool.

My client learned that foreclosures are a lot more, a lot less, not always what they seem. The inground pool is empty, the liner torn, and more closely resembles a terrarium.

The private backyard is certainly private with months of overgrown neglect.

What I learned: the bank foreclosed in November 2007 for $238,000 and listed the property for sale at $299,900 - market value for move-in condition. Huh?

451_springs_end_lane_marietta_ga

The next house on our list was 451 Springs End Lane. It is smaller than the foreclosure and has a “drive-under” garage. (A drive under garage is a garage in the basement level with additional room for storage or living space.)

One of the many features of this home is the exterior living space - a screened porch off the family room and adjoining deck. Every room was prepared for showing with lights on and no distracting clutter.

My client learned her emotional response to a well maintained house (set within the first 10 seconds of entering) prompted serious purchase consideration.

My experience was affirming. Listing agents who know how to get houses sold in a tough market counsel sellers on target pricing ($225,000) and staging.

4415_kings_way_marietta_ga

A candidate for Bad MLS Photo? Sure. But the listing agent for 4415 Kings Way deserves a great deal of credit for capturing a picture that doesn’t scream this house sits below street level.

Priced at $259,900, this seems like a good deal for a house in the Sope Creek, Dickerson, Walton school district. My buyer learned - even before we got out of the car - that preventive maintenance had been long deferred.

Wood rot is evident at the door frame, fascia, siding and window trim. The interior is dated (1980). Every room demands updating, which is reflected in the price.

The space over the garage (which adjoins the master suite) has been finished out with a stairway down to the garage. It’s unclear what function this space would serve in the future.

At the end of the day we had seen 12 houses for sale. Only 4 of them were inviting and priced to sell in today’s tough real estate market.

So, what did you learn today? Marianne was shuffling the data listing sheets of the houses we viewed as we drove back to her house.

I learned what I could get for my money. And, I learned that foreclosures are not discount prices. Marianne handed the listing sheets to me. No need to hang on to these.

I threw the sheets in the backseat (the mobile round file). Did you learn whether you still want to sell your house? I didn’t see anything that makes me believe this is the right decision for you now.

With that, my client relaxed and went inside. I expect she’ll live there a few more years before we get around to listing her house for sale.

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Read Comments

  1. Posted by Brad NixNo Gravatar on 04.14.08 9:05 am

    Great article on the analysis a Buyer and Seller should go through in this type of market!

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