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Wayback Wednesday… a 3fer, Cheap Ways to Prep Your Home to Sell

Wednesday, 08 February 2012 08:00
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Normally, each week I pull a post from the past to highlight again.  This week, I’m pulling three of them.  They were all part of a series I did on Cheap Tips…

 

It has never been more important to make sure your house shows as well as possible.  And for most sellers that I deal with (spelled n-o-t b-a-n-k-s), they don’t have a bottomless pit of cash to spend while getting ready to sell their home.  Finding efficient and inexpensive ways to make their home look WAY better than the foreclosure up the street are priorities. It doesn’t matter if you are hiring an agent selling unrepresented (FSBO or For Sale By Owner), these tips will help out.

Check out the posts from last year and feel free to drop some of your own tips in the comments.

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Norcross, GA, Market Report, December 2011

Monday, 06 February 2012 08:00
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Market stats for Norcross GA, December, 2011 indicate that there were 248 properties on the market.  Overall, there is about a 4.6 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much, if at all.  December saw 52 sales, above the 35 for December, 2010, and flat with the 52 for November.  This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 143 listings, with about 3.1 month supply.  Sales are up ever so slightly from last month but WAY up from a year ago in this segment, which is the main driver of sales in this area (46 v 25 in Dec10 & 45 Nov11).  For the last seven months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA.  At barely over 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 73 listings for sale, and about 12.9 months of supply.  This segment isn’t as weak as it had been over the last several months, and is continuing to build strength.  The 4 sales were dramatically down compared to last year’s 7 sales, but flat from last month’s 4 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 24 homes on the market.  The Absorption Rate is around 10.3 months.  The AR had been dropping for months, then shot WAY up in June.  It has been working down slowly since.  December’s 2 sales were flat from 2 the month before but down from last year’s 3 sales.  Basically, just like last month.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories doubled compared to last year.  The Absorption Rate is at 12 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, the last in November (0 in December), obviously it is easy to bump one way or the other.  One reason for the strong looking Absorption Rate last month was that there were so few listings.

The range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The volatile Absorption Rate is at 36 months of inventory.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

I have a page dedicated to Norcross Market Data.

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Atlanta Metro Zillow Home Value Index

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Duluth, GA, Market Report, December 2011

Friday, 03 February 2012 08:00
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Preliminary stats for Duluth, December, 2011 indicated that there were 445 properties on the market.  Overall, there is about an 7.9 month supply of properties.  Sales in December were 57, slightly down from 66 a year earlier.  But, sales were slightly up compared to the prior month (51).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last three months.

In the Under $200k arena, there were 179 listings in Duluth, GA, with about a 5.0 month supply.   The Absorption Rate for October, was 3.55.   Sales in December were up this year v last year (35 v 31), and up compared to last month (28).  The Absorption Rate (A/R) is rocking most of the county… but it has decelerated again this month, ever so slightly.

Between $200k and $400k, there are 119 listings for sale, and about 10.5 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving mostly the wrong way (up) since August.  Sales were down compared to December, 2010 (14 v 19) but well up compared to last month (8).  Duluth is a market that favors luxury, but this segment is not doing that well…

From $400k to $600k, there were 48 homes on the market.  The Absorption Rate was around 9.0 months.  December brought in 5 sales.  There were 7 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.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, but it’s better than last month.

In the $600k to $800k arena, there were 41 listings, with about 12.3 months of supply.  Sales were 2 for December… 4 for December last year.  Month to month sales were down (2 v 5).  Last month was pretty good, but I haven’t seen three consecutive months with strong sales for a while.  Since Duluth does favor luxury sales, it looks better than the rest of the County.

In Duluth, GA, from $800k to $1m, there were 22 homes listed and approximately 66 months of inventory on the market.  The 0 sales recorded for December was beaten by last year’s 3 and down from the 1 from last month.  Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R.  It isn’t as weak as that suggests… at least I hope it isn’t.

Above $1m, there were 36 properties listed.  The current absorption rate indicated about 54 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates.  There were 2 sales in the Oct-Dec period this year, and 4 for the same time last year.  Fall was weak last year, but we should be posting four sales a month here instead of the 1 we got.

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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Wayback Wednesday… Long Distance Listing (or Selling) Agents

Wednesday, 01 February 2012 08:00
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A couple of years ago I was dealing with this situation… actually cleaning up after it.

I had a client that had an offer on their house with an out of town agent (the agent was the buyer’s niece).  She was very nice, but she couldn’t be there for any of the 6 inspections we had, nor could she be there for the closing.  In effect, her clients were largely unrepresented in the sale… they were constantly asking me (the agent that is contractually bound to represent the best interests of the seller) how they should proceed or what would be in their best interest.

It came to a head at the closing…  The closing attorney got a bit testy with them for continually asking me to explain the forms to them.  He asked where their agent was.  They replied that their niece wasn’t able to come up from Valdosta.  He then asked if she was there for inspections or anything else.  One of them stated that she usually was able to help them via phone, but that often they had to rely on me.  The husband made a comment that I had declined answering some of their questions.  The attorney busted out laughing.  After a moment, he said that since I was contractually tied to the seller, there were few questions I could answer for them, and that I should NEVER have ventured an opinion about any issue they faced.  The wife chuckled and gave her husband an “I told you so” look.  The closing attorney held up the check that was going to their agent and asked what she had done to earn it…  She hadn’t answered their questions, she hadn’t shown the property, she didn’t even find it and send them information on it.

There are a lot of agents that tag their listings with language like “If I show this property to your client, commission will be X%” (generally about 1/6th of the offered split in the listing).  I don’t usually employ such language because I want to get the listing sold for my client, not punish other agents for not doing their job.  But, I understand the reason.

The bottom line is that employing an agent (whether on the buyer side OR the seller side) that isn’t in the area doesn’t result in solid representation.

Check out the original post here…

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Lawrenceville, GA Market Report, December 2011

Monday, 30 January 2012 08:00
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Market stats for Lawrenceville, GA, December, 2011, indicate that there were 1200 properties on the market.  Overall, there was about a 4.7 month supply of properties. In 2010, sales for December were at 176, so 264 sales was a excellent increase, year over year.  Coupled with the decrease in inventory, things are looking great.  Normally they start weakening in September, but we are rolling right along… even better than last month (233 sales).

For Lawrenceville, GA, Homes Under $200k, there are 1014 listings, with about a 4.3 month supply of homes.  Sales were way up from December 2010 (247 v 152).  This segment is easily the lion’s share of sales for the area.  With the 4.28 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with lower listing inventories.  In September I was hoping that October would be a follow up… and it was VERY much is what I was looking for… November reinforced that and December rocked it out.

Between $200k and $400k, there are 164 listings for sale, and about 11.2 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.   The 16 sales for December, 2011 were down from the 23 from last year.  They were up slightly from the 13 sales last month.  Sales should have been closer to 25 units for December.  We are still solidly in Buyer’s Market territory here.

From $400k to $600k, there are 17 homes on the market.  The absorption rate is around 10.2 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were 0 sales for December, the Absorption Rate has dropped from 78 months in June, through good, but sporadic sales.  There were 1 sale in December, 2010.  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 last month).  While the long term trend is looking better, it is still pretty choppy.

In the $600k to $800k arena, there are 4 listings, with about 12 months of supply, again.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in December.   There were only 6 sales at this level in all of 2011. 

Between $800k and $1M, and Above $1M there are 1 home 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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