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Category Archives: sellers

This is what I feared… Gwinnett Market Report – July, 2010

DSCN0559
Image by lane.bailey via Flickr

I have been kind of expecting this, but of course it will take a couple of months to confirm…

The Tax Credit did not kick the Gwinnett Market into gear…

Instead, its expiration killed sales.  Looking over the last few months of sales we see that for 2010, sales were (compared to 2009):

  • January – down 10.9%
  • February – up 1.7%
  • March – up 10.1%
  • April – up 14.1%
  • May – up 17.3%
  • June – down 0.8%
  • July – down 26.2%

As we look over these numbers, there are a few things to keep in mind…  To start with, the July numbers will likely get a little better.  Although sales are supposed to be reported within 48 hours of closing, there are always stragglers that take a few weeks to make it into the reports.  Contracts had to be written by April 30th, and sales here usually only take 30-45 days to close.  That would be why sales were up in May, but not in June… those sales were likely closed.  I didn’t see a lot of buyers playing chicken with the contract dates.

All isn’t doom and gloom…  Inventories are down a bit from last year.  This is helping to keep the absorption rates at a reasonable level.  But they are still decelerating.

Look for specific reports over the next couple of weeks for Lilburn, Lawrenceville, Duluth, Suwanee, Sugar Hill, Buford and Norcross.

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Cool Garages… Yahoo

Old garage.
Image by Elsie esq. via Flickr

Yahoo Real Estate had an article about cool garages a few days ago.  They focused on some very high end homes… with some really cool garages.  Nice pictures.

I tend to focus on garages that are a little more within the budget realms of [reality].  Not that I would mind representing $10m properties… but there aren’t that many opportunities, and it isn’t a circle I travel in a lot.  Luckily, I love the people I work with, buyers and sellers that share a love of cars, Jeeps, trucks and motorcycles… just like me.

Anyway, hit the link for some great garage shots… and if you are looking for an agent that actually WANTS to check to see what the garage is like when touring a home, give me a call…

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Wayback Wednesday… The Dirty Little Secret…

Secret Bunker
Image by marcmo via Flickr

Here is a post that actually goes back three years, but I posted it two years ago on this blog.  It is about the ‘Dirty Little Secret’ that the folks offering to list your house for $999 (or whatever) don’t want you to know.  Yep, they have a business plan, and there is an integral part of it that they will NOT tell you about.  If you ask them about it directly, they will hem and haw… but it is pretty doubtful that they will come right out and tell you…

I’m NOT telling you that one of those services can’t be a great option, but only if you know the secret, and go into it with your eyes wide open.  In fact, I offer a similar services… but I add something that they don’t.  It doesn’t alter the basic premise, but there is a reason why my discount listing plan is different…

But you’ll have to talk with me to find out all of the details.  Don’t worry, I don’t bite.

BTW, I have had a lot of discussions with discounters and they don’t like that I have said this out loud…  They can’t counter it… but they are mad at me.

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There IS a New Real Estate Transfer Tax in the ObamaCare Law

Assorted international currency notes.
Image via Wikipedia

One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.

Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President.  In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this.  And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…

I have an answer…

There is indeed a tax on the sale of real estate.  It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties.  The exact amount will be based on a formula that includes the profit from the property and the income above $200,000.  The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.

It does not just apply to real estate, but also applies to investment income and dividends.

The bottom line is that both groups are right… and both are wrong.

But…

It will drive another nail into the luxury real estate market.  It has been in the doldrums for a while.  Adding new taxes will not get it going again.  And if you are thinking that this only affects ‘the wealthy’, think again.  Those homes are not built by ‘the wealthy’.  Those homes are not renovated by ‘the wealthy’.  Those consumers are more likely to hire contractors to do improvements.  And they are more likely to update more often…  They are a driver in the housing sector.  This added tax is NOT putting gas in the tank…

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Wayback Wednesday… Add on or Get out?

Two years ago I wrote a post about whether a (would-be) seller would be better adding on or moving if their current home wasn’t meeting their needs.

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