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Author Archives: Lane Bailey

Foreclosure Paint…

Wednesday, 01 August 2012 08:00
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Real estate agents wander through a lot of houses.  Since we see so many, sometimes we come up with back-stories for the homes… what the sellers or previous occupants were like… or why the homes are on the market.  Some of those back-stores start to get familiar.

Paint is a huge clue.  For me, seeing “Trading Spaces” designs is pretty common in distressed properties.  I loved watching the show, but it seems like people with properties that were in trouble liked quick and easy design tips.  That doesn’t mean that people that like quick and easy design tips all have homes in trouble, though…  Could just all be a coincidence…

Duluth, GA, Market Report, June 2012

Monday, 30 July 2012 08:00
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Preliminary stats for Duluth, June, 2012 indicated that there were 402 properties on the market.  Overall, there was about an 4.5 month supply of properties.  Sales in June were 98, WAY up from 60 a year earlier.  Sales were also up compared to the prior month (91). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months.  Good, but not pack leading at the moment.

In the Under $200k arena, there were 138 listings in Duluth, GA, with about a 2.8 month supply.  The Absorption Rate for last June, was 6.5.  Sales in June were way up this year v last year (52 v 41), but only slightly up compared to last month (50).  The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 122 listings for sale, and about 6.4 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now.  Sales were down compared to June, 2011 (21 v 13) and compared to last month (20).  Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected…

From $400k to $600k, there were 42 homes on the market.  The Absorption Rate was around 4.7 months. June brought in 13 sales.  There were 2 last year and 8 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  But this could be the great turning point for this segment.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA.

In the $600k to $800k arena, there were 45 listings, with about 11.3 months of supply.  Sales were 5 for June… 0 for last year.  And month to month sales were up (5 v 2).  Last month was ok, but I would like to see three consecutive months with strong sales, and haven’t seen that for a while.  Since Duluth does favor luxury sales, it looks better than the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 14 homes listed and approximately 3.2 months of inventory on the market.  The 6 sales recorded for June rocked last year’s 1 and tied last month.  Sales haven’t been moving much for the last couple of months, but 13 sales for the last 3 months bumped the same 3 months from last year (6 sales).  And six months ago the A/R was 69 months.

Above $1m, there were 41 properties listed. The current absorption rate indicated about 15.4 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 8 sales in the Apr-June period this year, and 8 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 1 sale.  Last month there were 5 sales and last year there were 3 for June.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently. Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia. It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the former Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, June 2012

Friday, 27 July 2012 08:00
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Market stats for Lawrenceville, GA, June, 2012, indicate that there were 1001 properties on the market.  Overall, there was about a 3.8 month supply of properties. In 2011, sales for June were at 276, so 272 sales was a slight decrease, year over year.  Last month’s sales were at 267.  Coupled with the decrease in inventory, things are looking pretty good.  Normally the market picks up from January through about June-August.  This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 824 listings, with about a 3.4 month supply of homes.  Sales were well down from June, 2011 (248 v 254), although sales may very well be down because of constrained inventories.  Last year in this segment, there were 1309 listings v the 824 now.  This segment is easily the lion’s share of sales for the area.  With the 3.43 month A/R, it is solidly in Seller’s Market territory.  The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories.  Month over month sales were down, though, from 235 in May.

Between $200k and $400k, there are 148 listings for sale, and about 6.2 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 23 sales for June, 2012 were only slightly up from the 21 from last year.  They were well below from the 31 sales last month.  But, we are close to Balanced Market territory here.

From $400k to $600k, there are 22 homes on the market (big jump from the 16 last month).  The absorption rate is around 33 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There was 1 sale for June, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales.  There was 1 sale in June, 2011.  This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 7.1 six months ago).  While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in June. There were only 6 sales at this level in all of 2011, 2 of them were last January. There was 1 sale in January 2012 and 1 last month.

Between $800k and $1M, and Above $1M there are 2 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Want to Look at Foreclosures?

Wednesday, 25 July 2012 08:00
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Are you sure?

As a Real Estate Agent, I see a lot of foreclosures and talk with a lot of people that want to (or think they want to) buy foreclosures.  In fact, even more buyers target foreclosures than short sales.  But a lot of times, the buyers really don’t want a foreclosure… they just want a deal and think that the foreclosure search is the way to find it.

There are some pros to foreclosed properties:

  • They are available to close in a reasonable time-frame.
  • They are what they are.
  • Often, they are priced pretty attractively.

But, it isn’t all roses and honey… there are some drawbacks:

  • They are what they are.
  • The selling group usually won’t do (or even allow) work on the property to pass lender inspections.
  • When they are over-priced, the seller often takes forever to negotiate.
  • Offers may not be answered in a timely manner.
  • There might be a lot of hoops to just through.

Often, buyers go into the process with buying a foreclosure not knowing what to expect.  They expect it to be like buying their last house… which probably wasn’t a foreclosure.  They don’t know know to expect the peculiarities of dealing with a bank or other agency… Freddie Mac, HUD, etc.

If you are thinking about looking at foreclosures in order to find a deal, give me a shout…  We can talk about what kind of strategy will get you the deal you are looking for.  It might be a foreclosure, or a short sale, or just an aggressively priced traditional sale.

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Buford, GA, Market Report, June 2012

Monday, 23 July 2012 08:00
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Market stats for Buford, GA, June, 2012 indicate that there were 393 properties on the market.  Overall, there was about an 4.3 month supply of properties (Absorption Rate or A/R).  There were 102 sales for June, well up from 86 last month and up from the 97 sales last June (2011).  It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at.  It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 213 listings, with a 3.5 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were up from last month 68 (v 54 last month), but flat compared to last year (67 sales in June, 2011).  But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 137 listings for sale, and about 5.6 months of supply.  The 29 sales recorded were up from the 25 from last month and from the 25 sales last year for June.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county (aside from Suwanee).

From $400k to $600k, there were 20 homes on the market.  The absorption rate is 4.0 Months.  There have been 15 sales in the last 3 months (6 for April, 7 for May and 2 for June).  When the market is rolling, there should be 6-8 sales a month during this part of the year.  Just for comparison, there were 5 sales in the Apr-Jun period in 2011.  This segment has been bouncing all over the place… but it is VERY strong right now.

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 24 months… but it jumps around a lot.  Sales in this range are pretty sporadic, but steady when looking at the long-term.  The drop in inventory over the last few months from 14 homes to 8 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March and 1 in June.

The range from $800k to $1m, there were 5 homes listed.  Trends are hardly definable.  Listings are down.  June recorded the first sales since December, 2012.  There were 2 sales in June.  That gives the segment a 7.5 month Absorption Rate.

Above $1m, there were 10 properties listed.  The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011.  So, we have 66 months of inventory.  I hope, but am not expecting, sales to be more consistent.

Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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