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Tag Archives: real estate

Buford, GA, Market Report, April 2013

Friday, 24 May 2013 11:49
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This map shows the incorporated and unincorpor...Market stats for Buford, GA, April, 2013 indicate that there were 296 properties on the market, an decrease of 26 from last month. Overall, there was about an 4.0 month supply of properties (Absorption Rate or A/R). There were 90 sales for March, up from 67 last month and from the 86 sales last Apr12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.

In the sub-$200k arena, there were 111 listings, with a 2.7 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 49 (v 42 last month), and well down compared to last year (61 sales in Apr12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we are usually seeing an increase is sales… and listings.

Between $200k and $400k, there were 123 listings for sale, and about 4.5 months of supply. The 33 sales recorded were up from the 23 last month and up from the 19 sales last year for April. This had been one of the weaker segments in the county, but had improved dramatically until last month it was fairly balanced, though tilted towards buyers… now it is further into Seller’s Market territory.

From $400k to $600k, there were 38 homes on the market. The absorption rate is 12.7 Months. There have been 9 sales in the last 3 months (2 for February, 0 for March and 7 for April). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 9 sales in the Feb-Apr period in 2012. This segment has been bouncing all over the place, though…

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 4 had made things look less slow… but they are back on the rise.  There were 0 sales in April last year and 0 in April this year.

The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There was 0 sales in April. So it now has a 12.0 month Absorption Rate.

Above $1m, there were 12 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September, 2012. There was 1 sale in April. So, we have 18 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 opened for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Options Instead of Foreclosure…

Wednesday, 22 May 2013 21:39
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Yes, there are still buyers out there underwater.  Things are getting better, but just because the flood waters have started to recede doesn’t mean that all of the land is out of the water.

English: Sign of the times - Foreclosure

English: Sign of the times – Foreclosure (Photo credit: Wikipedia)

Here are the choices that “under water homeowners” face if they need to sell… or just really want to sell.

  • Short Sale – These have gotten much better over the last couple of years, and especially the last few months, but they are still tough and hurtful.
    • They take a long time to process.  While it isn’t the 2 years that they took not that long ago, don’t expect the bank to be done in less than 60 days… after they start looking at the offer.  And they might drag it out for six months or more, only to end it all with a rejection.
    • Credit scoring agencies look at a foreclosure and a short sale in EXACTLY the same light.  So, despite all of the work that you, as a seller, may put into a short sale, the bank doesn’t care.
  • Foreclosure – Stressful and kills your credit for two to three years… or maybe a little more, depending on what you do to recover.  And for many, the stress of knowing that a Sheriff’s notice could hit the door any day can be pretty rough.  It may be embarrassing, too.  Many don’t want their neighbors to know about financial hardships they may be facing.
  • Renting your home – There are a lot of folks out there we call “accidental landlords”.   But it isn’t all flowers and unicorns…
    • A credit card, the biggest beneficiary of the ...

      A credit card, the biggest beneficiary of the Marquette Bank decision (Photo credit: Wikipedia)

      It might seem either like it doesn’t matter or nothing matters more, but you NEED to be able ot be cashflow positive… more in rent than house payments.  And remember, insurance is a different game as a landlord than as a occupant.

    • You need to be financially solvent enough to afford repairs on the home if needed.
    • Keeping up with the house payments will take on even more importance.  If you were to rent out your house and default on the payments… if the renter could prove that you knew you could default, they might take you to court… maybe not, but…
    • Your mortgage likely includes language saying that if you move out, the mortgage is due in full.  Again, the mortgage company may not care, but it is a risk.
  • Write a check – If you can pay off the shortage at closing, that is a pretty good option.  But most people don’t have the resources to write the check…

If you are wondering if you are underwater, we can talk about it.  I have an option for those that want to go the short sale route.  If you are interested in renting, we can talk about that, too.  I generally don’t handle rentals, but we can talk over the options.

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Sugar Hill, GA, Market Report, April 2013

Monday, 20 May 2013 10:27
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This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Sugar Hill, GA , April, 2013 indicates that there were 96 homes on the market. down 1 from last month. Overall, there is about an 3.4 month supply (4.5 last month). There were 26 sales, compared to 33 last month and 32 last April. Of course, then there were 152 listings on the market.

For Sugar Hill homes priced under $200k, there were 56 listings, with about 2.9 months supply. There were 18 sales this April, a little below last year for the same time (25). There were 24 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a slight increase in listings… but we are very low. In fact, sales may be stifled by lack of inventory.  Things have been a little choppy, though… up one month, down the next, then back up.

Sugar Hill Listings between $200k and $400k, there are 36 listings for sale, and about 4.3 months of supply. Last April there was a 12.3 month supply. There were 7 sales then, this year there were 8. Last month had 9 sales. That makes four of the last five months look pretty strong. We are back in  Seller’s Market territory here.

For listings in the $400k to $600k range, there were 2 homes on the market. The absorption rate was around 6.0 months, but with 0 sales this month, it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I’ve finally started to see some consistency here. Hopefully we’ll have a little more action during the rest of the Spring selling season.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there were 2 homes listed for sale in these price ranges. No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

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Suwanee, GA, Market Report, April, 2013

Friday, 17 May 2013 11:33
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This map shows the incorporated and unincorpor...Market stats for Suwanee, GA, April, 2013 indicate that there were 353 properties on the market (up from 337 last month). Overall, there was about a 4.8 month supply of properties (up from 4.8 last month). April had 92 sales. Compared to April, 2012 (75), this year was WAY up, but inventory was down compared to 2012 (426). There were 65 sales last month, so this month rocked last. I think that part of the sales for this month were delayed from last month.

In the Under $200k arena, there were 56 listings in Suwanee, GA, with about a 2.6 month supply (compared to 3.5 months supply last year). This April’s sales were 24 (28 last year, 16 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Sales were likely limited by constricted inventory. Last year at this time, there were 117 listings.

Between $200k and $400k, there were 184 listings for sale (200 last year, 177 last month), and 4.5 months of supply. Sales in April, 2013 were 54 (38 in March), compared with 35 for the same period in 2012. Sales have been consistent for the last few months, but had fallen off somewhat, but may have started a recovery. I’d like to see it stay up past 50 sales or so for the next couple of months. This shouldn’t be a “peaky” market/price segment. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks. Make no mistake, this is still basically in Seller’s Market territory.

From $400k to $600k, there were 65 homes on the market. The absorption rate was at 8.5 months (8.7 in March). There were 11 sales in April (6 last month)… up from 10 last year at this time. Looking at the three month average, there were 23 sales this year and 24 for the same period last year. This segment had become dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 20 listings, with about a 6.7 month supply. Sales at this level are not consistent, but there were 2 sales this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 9… For the same time last year, the sales were 6. With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county. It is fairly strong right now… we’ll have to see if it holds.

The range from $800k to $1m, there are 11 homes listed and 33 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some more sales activity. There was 1 sale in March.

In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 25.5 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 25 homes listed in this segment at this time last year. There was 1 sale in April, but 2 in the Feb-Apr time frame, 4 the year before.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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It’s the Photos…

Wednesday, 15 May 2013 08:19
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One of the most important things you can do to make your home stand out, whether it is on the MLS, Zillow, Trulia, Craigslist or some other site, is to have exceptional pictures.  Not just for bazillion dollar homes, either…

Vivienne galleria, in the 2nd arrondissement o...

Vivienne galleria, in the 2nd arrondissement of Paris. This panorama is made from 6 portrait pictures taken at 10mm (16mm in 35mm equiv.), f/8.0 and ISO 100. 3 exposures were blended to extend dynamic range and keep details in heterogeneously lit areas. All work was done with Hugin, Enblend, Enfuse and Gimp. (Photo credit: Wikipedia)

There are some challenges, like vacant houses or those that really could use some freshening, but still, pictures are the first step in selling your house.  Video is nice… and virtual tours can add to the pictures… but in the end, having 5-10 great pictures, along with 15-20 good or better pictures (our local MLSs only accept 25 pictures) can be what gets eyeballs INSIDE your house.

Where the problems start are that few real estate agents take the time to learn how to shoot good pictures, or worse yet, they think that grabbing a few pictures with their phone will be just fine.  I know, phones have come a long way… but that doesn’t mean that they take pro-quality pictures.

Even better would be to hire a photographer to shoot the home.  Again, most agents just don’t feel that “this listing warrants that type of expenditure”.  Oddly, I have had agents tell me that when we were talking about $1M+ homes…  If they aren’t willing to hire a pro for a “seven digit home”, when are they?

Image created using the redscale technique wit...

Image created using the redscale technique with Kodak MAX 400 film. (Photo credit: Wikipedia)

Luckily, I have a background in photography… and I still have hired in pros to shoot some of my listings.  It is simply too important.

But there is another problem that I run into… although not as frequently… that is manipulated images.  A little tweaking is fine, and some HDR shots might even be appropriate (HDR is High Dynamic Range, allowing both highlights and shadows to retain detail).  But, I see large areas of homes being digitally enhanced.  In fact, there is a service that digitally adds furniture to listing photos.

Of course, there actually IS a place for digital manipulation.  I have used a service that allows prospective buyers to “digitally remodel” a house.  They could go into key rooms and digitally alter details like wall and trim colors, floor surfaces and cabinetry and counters.  The big difference is that THEY started with a true representation of the room, and THEY made the changes.  They weren’t presented with an unrealistic portrayal of the area.

Some common things that get edited that might be ok would be trashcans by the street (seems easier to me to move them…) or a reflection of the photographer in a bathroom mirror.  But some things that cross the line… at least in my mind… are editing out power lines in the backyard, getting rid of stains on the carpet, cracks in the driveway and other defects which are factually accurate.

One direction that we have as REALTORS® is that we HAVE to honestly represent the property.  And as real estate licensees, we aren’t allowed to hide or lie about defects of which we have knowledge.  Advertising a proeprty should put it in its BEST light, but it should be honest, as well.

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