Category Archives: gwinnett

First Time Home Buyers… I need to see all of the options

Friday, 25 September 2009 23:42

Written by Lane Bailey

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: Image by Getty Images via Daylife

The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The second point was about excessive caution, and buyer, especially new buyers, wanting to see “everything on the market”.

I have to admit… the writer at Realtor Magazine got another solid base hit. I have worked with buyers that wanted to see a LOT of houses… even houses that really didn’t suit their purposes… even houses that they KNEW didn’t suit their purposes prior to wanting to see them. And there are a LOT of houses on the market.

While inventories are down around 25% from last year, there are still about 80,000 homes on the market in the Atlanta Metro area. Generally, in ANY given price range and area there are scores of homes. Even Lilburn, GA has several dozen homes priced under $150,000. And by the time a buyer makes his or her way through all of them, there are new ones to see. It just isn’t practical. Tighten the search criteria…

It isn’t just a matter of spending a lot of time looking at houses… it is losing out on houses because of spending time looking at other houses… It goes like this… A buyer goes out and looks at 5-10 properties. They find a couple that they like and one that they REALLY like. Instead of deciding to write an offer, they feel that there is time to look (after all, the market is weak, right?). So, they schedule more time to look at homes. In the mean time, the home that they REALLY liked goes under contract to another buyer. When they have looked at more homes and decide that the home that they REALLY liked is the one that they want to buy… that home is no longer available.

We call it analysis paralysis. Another type of analysis paralysis comes after the buyer decides to write an offer. They spend days and days trying to figure out what to offer. While they are doing that, another buyer puts the house under contract.

Don’t get me wrong… these are important decisions. Buying a home is a BIG deal… ESPECIALLY for first time home buyers. You want the right home and you want it at the right price. I understand. But, I also don’t want you to regret a lack of action. Right now, if you see the right home, be ready to make the offer. We’ll check the comps and craft the offer… but YOU need to be ready.

Being ready means getting prequalified with a lender. Getting ready means knowing how much money you’ll have available to close. Being ready means knowing that you have the down payment. Being ready means being prepared to break a lease or being out of the lease in an appropriate time frame.

But, being ready may mean getting the right house at a great price.

from GwinnettGarageGuy.com

First Time Home Buyers… Is the market weak?

Thursday, 24 September 2009 23:37

Written by Lane Bailey

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: Image by Darwin Bell via Flickr

The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The first point was about the weakness of the housing market.

They are absolutely correct that we can’t flip on the TV, radio or computer, nor pick up a newspaper or magazine… or even sit in a restaurant without hearing about the tremendous “Buyer’s Market” taking place right now. Quickly, the common wisdom is that since there are few buyers in the market, the ones that are there can beat sellers into incredible deals…

Of course, there is some truth to that. There aren’t as many buyers in the Gwinnett County and Lilburn, GA markets as there were a few years ago… at least buyers that can get financing. BUT… in some segments, there is actual competition for properties. The First Time Home Buyer’s Tax Credit is pushing buyers into the market at the entry level. Prices are rising, and we are seeing properties bringing multiple offers. For now.

So, while there is still definite weakness in the luxury market, the entry level market is much different. Just as the market can vary from one ZIP code to another, it can also vary by price range. From now until the beginning of November (the credit currently is set to expire at the end of November, but most closings take 30 to 45 days to consumate), I think we will continue to see strength in the entry level market.

This is actually helping the move-up market, since many of the first time buyers are freeing the sellers to step up to a new (to them) home.

Things could be very different by January… Or not. If this indeed kicked the market, then we may see continued strength into the first quarter of next year.

from GwinnettGarageGuy.com

Water, Water, Everywhere… DANGER WILL ROBINSON…

Monday, 21 September 2009 20:52

Written by Lane Bailey

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I wrote a post not long ago about how water (uncontrolled) can destroy your house, and how simple things like gutters and paint can protect your investment.

But this isn’t abut anything so trivial…

Displaced driveway If you haven’t been paying attention to the news… or you aren’t reading this post in mid to late September (2009), we are having some serious water issues here in Atlanta. The words 100 year flood are making the rounds… and I have NO reason to not believe that. I have been here 20 years and have never seen anything like this.

While out and about today, I saw displaced roads, flooded creeks and rivers flowing over bridges. Those things all happen sometimes, but the word is that there are several HUNDRED roads closed from flooding. And the rain hasn’t stopped.

Here is the important part…

So far there are six people that have died in the floods. Most of them have died in their cars. All of the folks that have died in their cars have died while driving through flooded roadways… and had their cars swept from the road.

Simply, if a creek or river is FLOWING over the road, do drive through it. Sure, you MIGHT make it through if the water is low enough. But you might not. Is it worth it? Not for me…

Stay safe…

Rough Water Crossing I am perfectly willing to admit that I have taken Jeeps through creeks that were fairly deep. Even some that were running pretty fast. But there are a couple of HUGE differences. With the larger tires and lifted suspensions, the vehicle is well out of the water. A standard sedan starts getting pushed by the water as low as six or seven inches. My jeep kept the body clear of the water for almost two feet…

And then there was a “happening” in Kane Creek in Moab, UT. Some friends had a Jeep start to float while crossing the rain swollen creek. The Jeep would have kept floating for a while it not attached by winch cable to a stable object. As it was, it rolled in the creek, and the driver barely escaped a dunking by climbing out the passenger side and jumping to shore. The Jeep was totaled. It could have easily been much worse.

And stay smart…

Today I saw a car parked in the middle of the road after a deep spot (pooled, not flowing). The engine may have been toast (we call it hydro-locked. Water doesn’t compress, so if it gets into the engine, bad things can happen. And the worst thing to possibly do is try to turn the engine over with the starter if it stalls in the water. Instead, get towed out, and then take out the spark plugs. Turn the engine over with the starter (watch out, because gas/water may spray out a few feet). Shoot a little WD-40 in each cylinder and then reinstall the spark plugs. If there are ugly, unnatural sounds, it might be too late, the damage may already be done.

Sounds like good reasons to NOT drive in deep water, huh? Death or mechanical devastation…

from GwinnettGarageGuy.com

Thinking of a house with a big garage in Gwinnett County, GA?

Monday, 14 September 2009 23:18

Written by Lane Bailey

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Gwinnett County, GA (just outside Atlanta, if you aren’t already familiar) is a great place to live… especially for car people, it seems. There are some great opportunities to find 4+ car garage homes here in Gwinnett.

There are rules that disallow promoting listings that aren’t my own, so I can’t give identifying information, but I am going to describe several homes in at various price points. The pictures are from a property I have listed at 590 Baltimore Ave in Lilburn, GA.

Overall, there are 138 properties in Gwinnett County, GA that are listed with 4+ car garages.

Under $200k…

Surprisingly, there are 22 homes under $200k in Gwinnett listed with 4+ car garages. And some of these are quite nice. There is a home in Buford that I visited last week that is very nice. It has two different two car garages, one is attached and the other is detached. It is also recently renovated. New carpet, paint and appliances. It comes in slightly under $190k. Other properties come in as low as $120k. I haven’t been to some of them, so the condition might be a little rougher…

Under $400k…

There are 22 more properties priced from $200,001 to $400,000 with 4 or more car garages. These are some REAL gems in this group. The pictures on this post are from my listing in Lilburn with 2 two car garages. It is a beautiful home on almost 4 acres… but only minutes from downtown Lilburn. Right at $300k, there is an amazing house in Lawrenceville. I have not been in it, but I believe it is a 4 car attached garage. This is a brand new home that is a builder close-out.

Under $750k…

There are 32 properties in the $400,001 to $750,000 range. These are obviously more luxurious. There are homes in Sugarloaf, Chateau Elan and Garner Creek at Parkview. There are several that are brand new. There is a very attractive short sale in Grayson. I have been in the neighborhood, and possibly this house (I can’t recall from the pictures, I would have been in it before the current sellers bought the home). At $700k, it sits on almost 3 acres.

Moving on up… Over $750k…

Most of the 62 homes that are listed in this range aren’t really enthusiast homes, but rather big houses with big garages… but there are exceptions, like a home in Lawrenceville, priced just under $1m with a detached workshop… looks like it would hold a few cars. It also sits on over 7 acres.

There are a few other properties that are exceptional, including some with 5 or more car garages… Pricing goes up to $8.5m. There are even some bank owned properties in this range that could be great deals for the right buyer.

(note: Due to limitations in the public database, links are to searches for homes with 3 or more car garages. If you contact Lane, he can set you up with a custom search that is limited to 4+ car garages.)

Is this the time to buy your first house?

Saturday, 12 September 2009 17:56

Written by Lane Bailey

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: Image via Wikipedia

Maybe… Maybe not…

Make no mistake, there are some deals in the market. And combined with the $8000 First Time Home Buyer Tax Credit (FTHBTC), this can be a great time to buy a first home. Interest rates have remained low… despite a LOT of predictions to the contrary. In fact, with a projected deficit THIS year of $1.8T for the federal government, there is still an expectation that rates will have to rise because of the pressure on the available investors.

In fact, that would be the case laid out by those that say THIS is the time. The FTHBTC is coming to a close on December 1st. And while that is almost two months away, in the world of home search and financing, two months can go by pretty quickly.

On the other hand…

There are some points that would suggest that for some buyers, waiting a little longer might be just the ticket. In fact, waiting until AFTER the FTHBTC expires could be a better move for many buyers.

Just as with the Cash for Clunkers program, the tax credit is pushing some buyers into the market that might not have jumped in otherwise. And we have seen upward pressure on prices for entry level homes. Buyers, in some cases, are bidding up the prices for some homes.

By waiting until many of the buyers have abandoned the market… after the tax credit expires… there is a belief that prices may drop. Some think that the drops may be more significant than just the $8000. They feel that sellers may become quite lonely by January, and may be willing to offer better deals on their homes.

Others have also speculated that there might be a new program from the government to replace the $8000 First Time Home Buyer Tax Credit. There are plans to offer a $15,000 tax credit, as well as to continue the current offering. Nobody knows if these plans will come to fruition.

What does it all mean?

For “First Time Buyers” with solid cash resources, waiting may be a better plan. For those that would be better off paying a little more, but getting the $8000 in a few months, getting on the ball and buying a home soon could be a better way to go.

Don’t forget, “First Time Buyers” are those that haven’t owned a house in the last 36 months. The credit is for 10% of the purchase price, up to a credit up $8000. In GA, there is an additional credit of up to $1800 that may be available… even for those that aren’t first time buyers.

If you are looking for a home around Lilburn, GA, give me a call and I can help guide you through the process.

from GwinnettGarageGuy.com

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Category Archives: gwinnett

First Time Home Buyers… I need to see all of the options

First Time Home Buyers… Is the market weak?

Water, Water, Everywhere… DANGER WILL ROBINSON…