Looking Out From the Garage

Are you a Home Buyer? Don’t Forget This…

Cold CashIf you are eligible for the First Time Home Buyer Tax Credit, or the Move-Up Buyer Tax Credit? If so, time is ticking away…  Properties have to by under contract BY April 30th, 2010.  This means that they contract’s Binding Agreement date can’t be later than that.  Offering on a property on April 30th could lead to missing the deadline.  In fact, with many bank owned properties, offers should be in in March in order to make sure negotiations are completed prior to the deadline.

After the property is “Under Contract”, it has to close prior to June 30th, 2010.  That means that the loan is done, the papers are signed and the keys are probably handed over…

There are still opportunities with new construction.  In fact, there are some custom home builders that have partially completed homes that can be completed by the deadlines…

If you are a seller… GET ON THE STICK.  If you are going on the market with a likely home that meets the criteria (under $800k…) then this is the time.  Of course, the closer you get to the $800k, the less important the credit becomes, since someone that would qualify for it would likely not be able to get financing for that amount.  But, under about $400k, there will be a flurry of market activity before April 30th… and a slowdown after.

Give me a call!

from LaneBailey.com

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

0 commentsLane Bailey - REALTOR & Car Guy • March 11 2010 10:02AM

Sugar Hill GA Market Report, January, 2010

Where the name came fromSugar 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...

 

Market stats for Sugar Hill, January, 2010 indicate that there are 199 properties on the market. Overall, there is about an 8 month supply of properties, with sales remaining steady... and fairly strong.  It is one of the few markets to show more strngth in the last three months than in the last six.

 

In the sub-$200k arena, there are 115 listings, with under 9 1/2 months supply.  This segment has been slowing longer than the last couple of months...

 

Between $200k and $400k, there are 77 listings for sale, and just under 10 months of supply.  Sales were quite strong in December, and fair in January.

 

From $400k to $600k, there are 4 homes on the market. The absorption rate is around 6 months, but with only 2 sales in the last 3 months, it is tough to calculate.

 

Above $600k, the sales are too inconsistent to have a solid read on, but there are only 3 homes listed for sale in that price range.  No sales have been recorded in the last 15 months or so. 

 

From LaneBailey.com.  I have a page dedicated to Sugar Hill Market Data.

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

1 commentLane Bailey - REALTOR & Car Guy • March 07 2010 10:26PM

Suwanee Market Report, March, 2010

Suwanee GASuwanee, 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.

Market stats for Suwanee, January, 2010 indicate that there are 529 properties on the market. Overall, there is about an 9 1/2 month supply of properties, with sales matching the pattern set in most of the rest of the county, sales dropped off after November.

 

In the sub-$200k arena, there are 113 listings, with under 7 months supply. This is stronger than most of the rest of the county, but not as strong as it was in November (less than 4 months supply).  Part of that is because of the increase in listings... and half the sales.

 

Between $200k and $400k, there are 254 listings for sale, and under 9 months of supply. Sales dropped off dramatically during the Holiday period.  Some slowing is normal, but we'll have to keep an eye on the upcoming data to see if things change.

 

From $400k to $600k, there are 81 homes on the market. The absorption rate is around 12 months. Sales aren't that bad compared to December/January 2009.

 

In the $600k to $800k arena, there are 34 listings, with about a 14 1/2 month supply.  Sales are actually picking up here...

 

The range from $800k to $1m, there are 7 homes listed and approximately 10 1/2 months of inventory on the market.  While it is pretty strong at this price level, the number can bounce around a lot because of the low overall volume of sales.

 

Above $1m, there are 40 properties listed. The current absorption rate indicated 5 years of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales.

 

From LaneBailey.com.  I have a page dedicated to Suwanee Market Data.

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

1 commentLane Bailey - REALTOR & Car Guy • March 07 2010 10:08PM

Lawrenceville Market Report, March, 2010

 

 

Lawrenceville GALawrenceville 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.

 

Market stats for Lawrenceville, January, 2010, indicate that there are 1441 properties on the market. Overall, there is about an 10 month supply of properties, with a slight deceleration in sales.

 

In the sub-$200k arena, there are 1028 listings, with about a 7 month supply of homes. Sales accelerated through November, but then fell off as the first tax credit was slated to end... and the Holiday slowdown hit.

 

Between $200k and $400k, there are 358 listings for sale, and about 17 months of supply.  Sales have slowed dramatically since December.

 

From $400k to $600k, there are 33 homes on the market. The absorption rate is around 50 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  

 

In the $600k to $800k arena, there are 15 listings, with about 45 months of supply.  As with the lower priced segment, a couple of sales makes a big difference.

 

Above $800k there are 7 homes listed and no sales data to give an accurate absorption rate.  There hasn't been one sale in this range in the last 15 months, according to FMLS. 

 

From LaneBailey.com.  I have a page dedicated to Lawrenceville Market Data.

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

0 commentsLane Bailey - REALTOR & Car Guy • March 07 2010 09:47PM

Lilburn Market Report, March, 2010

Lilburn in the Snow!

Lilburn is in Gwinnett County, GA, just outside of Atlanta.  As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County.  It was incorporated in 1910.  Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School.  Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

Market stats for Lilburn, January, 2010, indicate that there are 359 (January 31st) properties on the market. Overall, there is about a 10 month supply of properties, with a slight acceleration in sales during October and November, but slowing in December and January.

In the sub-$200k arena, there are 214 listings, with about an 10 month supply. The same pattrern hold that sales accelerated through October and November and slowed after that.

Between $200k and $400k, there are 128 listings for sale, and about 10.5 months of supply. Even though the tax credit for First time Home Buyers wasn't as important to this segment, it still affected the sales distribution.

From $400k to $600k, there are 11 homes on the market. The absorption rate is around 11 months, and it is definately slowing.  Of course, there is a seasonal dip around the Holidays and the pick-up isn't until March and April.  

Above $600k, there are 6 listings, but too few sales to have any sort of reliable number of months of inventory.  There have been two sales in the last three months, but prior, there had only been one other sale in 2009 (February).  Two of the listings are above $800k, and there is no market activity in the last 12 months for that range... 

From LaneBailey.com.  I have a page dedicated to Lilburn Market Data.

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

0 commentsLane Bailey - REALTOR & Car Guy • March 07 2010 09:15PM

New Toy... I mean Tool...

My Tablet PC is on the ropes... and as much as I wanted to get another, I couldn't... I got a "normal" laptop...  It is still pretty cool. 

I got another Toshiba, the last one was mostly trouble free for the last 5years, I can't really complain.  I did consider a few other machines...

  • HP TouchSmart TM2.  This is a convertible Tablet PC, like my old one, except smaller.  While it was my first choice, it was also around $1000... and so I opted for being able to return home... 
  • Toshiba Satellite T135D-S1325RD.  This borders on the Ultra-Portable range.  It is small, with a 13.3" screen.  It was a hard one for me NOT to get.  It runs about $600, but Office Depot had it on sale for $530.  I might have been able to come home, but it wouldn't have been fun...  
  • Toshiba Satellite T115S-S1120.  I actually bought this one... but then found out that the processor was just a single core, unlike the previously mentioned machines.  IT was on sale for $470 at Office Depot... 
  • Toshiba Satellite L505D-LS5007.  We almost had a winner, but I really wanted a smaller machine with more battery life.  The price was certainly right, $550... on sale for $400 at Office Depot.  The size was the only issue... and if I was dedicated to using it as my only machine, I might have gone for it... 
  • Apple iPad...  Sorry, but it really wasn't seriously in the game.  Aside from not being available yesterday, the performance is sub-par for a real computer.  The price wasn't bad for an Apple... but I need WAY more flexibility. 
  • Toshiba Satellite® L515-S4010...  We have a winner.  A little more battery life than the big machines and a little smaller.  It also has a little bigger screen and built in optical drive compared to the little ones.  The price was marked down from $570 to $500.

So, that is what I looked at and what I ended up with.  I'm still getting used to Windows 7 (Home Premium).  I like it, but it is a big change from where I was.  I have MS Office 2010, FireFox, Thunderbird, Open Office and most of the rest of the stuff I need loaded up... 

The "old" Tablet PC isn't going to go away.  I loved having the ability to write on my screen and a lot of the functionality of the Tablet.  We aren't sure what the problem is, but we are going to play with it and hot rod it some.  It doesn't HAVE to start up on Monday morning to go to work anymore, so there are some things we can try... 

Anyone have a license for Windows Vista or Windows 7 laying around that they aren't using anymore? I've heard that it can be 'mostly' upgraded to run those...  I've already upgraded to a 320GB Hard Drive and 4GB of RAM.  The problem might be an intermittent issue with Windows (we have just completed a fresh install to test) or it could be a motherboard issue... 

 

In with the new...  ;^ )

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

10 commentsLane Bailey - REALTOR & Car Guy • March 06 2010 08:55AM

Oh Garbage! again...

Late in 2008, Gwinnett County, GA, announced the implementation of a new Waste Management Plan.  I wrote about the announcement here...  You can check out the costs and so forth there... 

Just a few weeks later, the plan was killed in court.  The trash haulers that weren't selected successfully sued the county to stop the plan.  The plan was to take effect on January 2nd, 2009. 

It's Baaack...

On March 2nd, the Gwinnett County Board of Commissioners approved the plan.  It has been slightly modified, but is largely the same plan.  Instead of two haulers dividing up the county, now there are five haulers.  The plan is expected to start effective July 1st, 2010. 

On the plus side, there should be curbside pick-up for more recyclable materials.  Costs are projected to be almost the same as they are for most private contracts. 

Will it hold?  We'll see...

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

6 commentsLane Bailey - REALTOR & Car Guy • March 04 2010 10:17PM

The Latest on Legends at Parkview…

I stopped into Legends at Parkview recently to find out how the new project was coming.  They didn’t have a model ready to go yet, but should have one built out completely soon.  And I’ll be back to visit when it is ready to go.  But, in the mean time…

Image by lane.bailey via Flickr
CIMG3652

If you haven’t been following along, DR Horton picked up the remaining lots after another local home builder went belly-up on the project.  Previously, homes had been marketed for as much as $700,000 in the development, with most of the homes they sold selling in the $500K range.

DR Horton was shooting considerably lower… currently starting in the $290Ks.  But there is even a little more to it than that.  When they picked up the project they were advertising in the $260Ks.

It has been kind of interesting.  Every few weeks, while driving by, I would notice that the prices had edged up a little.  First was the $260s, then the $270s, then $280s… and now it is from the $290s. (expect to add about $35k for a basement).

On the good side, these are reasonably comparable.  They are generally slightly smaller than the existing homes.  But they are 4 sides brick with interesting elevations. But they aren’t a custom home builder.  While buyers will have their choice of finishes and colors, they won’t be able to make major changes.

While the previous builder was primarily building with 3 car garages, the DR Horton homes are almost exclusively 2 car garages… but almost all will be side entry.  One of the plans actually calls for a three car front entry garage… but it has been converted to two car side entry.  But it is deep enough for a nice project space at the back of the garage…

Stay tuned, and I’ll be happy to post up when I make it into a few of their homes.

If you just can’t wait, give me a call and we can visit together. They have managed to put more than 20 homes under contract.  When they start getting sales closed, they will have one of the hottest properties in the area.  And who can blame the buyers… these homes seem to have built in equity…

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

2 commentsLane Bailey - REALTOR & Car Guy • March 02 2010 11:01AM

A Financial Strategy To Help Sell Your Jumbo Loan Sized Home Or Listing

For both buyers and sellers, this is a great option when practical.  It can help bridge the gap between easier to obtain conventional, conforming financing and higher priced luxury properties. 

Of course, it all needs to be disclosed to the first mortgage lender.

Via Phil Caulfield Jumbo Loan California DRE #01030082 (RMC Real Estate Loans - Jumbo, Construction, Private Money):

  Are you aware how difficult it is to get a jumbo loan these days? If you are selling your jumbo loan sized home or listing one, what are you doing to make it easier for a long line of qualified buyers able to buy your home? Line of Buyers

One strategy you may want to consider is a seller carryback. A seller carryback is financing by the seller, usually in the form of a second mortgage. 

The easiest way to understand how a seller carryback works is to look at an example. Suppose you own a home worth $1 million. You owe $300,000. You plan to buy a new home for $1,500,000, and make a 25% down payment of $375,000. 

Assuming a sale price of $1 million minus 7% selling costs, you net $930,000. If you pay off your $300,000 loan, you can net $630,000. You only need $375,000 for the down payment, plus $25,000 for closing costs, moving expenses, and a little vacation after all this stress! Now you have $230,000 left over. What are you going to do with these funds? 

Suppose you offer a $230,000 seller carryback second mortgage. How does that benefit a buyer:

 

  • A smaller down payment may be needed
  • It takes the financing out of the jumbo category and puts it in the conforming category, which is easier to obtain
  • It gets rid of the need for private mortgage insurance, which is an additional monthly cost to the buyer
  • The buyer does not have to qualify for private mortgage insurance, which is very difficult these days
OK, you say, that is great for the buyer, but how does a seller carryback benefit me? Here's how:

  • You get a higher yield than if you put the $230,000 in a low yielding account
  • You have opened the door to a larger pool of qualified buyers to purchase your home, therefore
  • You may be able to sell your home for a higher price because you have reduced the toughest barrier to purchase a home today, financing
Now that we have the benefits of a seller carryback, let's talk about implementation. First, let's talk about what the first mortgage lenders usually require with a seller carryback:

  1. The term must be at least for 5 years
  2. There must be monthly payments (no deferral of payments)
  3. The payments must at least cover the interest
  4. The interest rate charged must be a "market" rate (I interpret this to mean not way lower or way higher than the current market rates)
How do I make myself comfortable, you ask, that this buyer can make the payments? Well, the first mortgage lender will only approve the buyer if they are comfortable with the borrower's ability to pay. There is comfort in knowing that, especially today when almost all of the loans being approved are with full documentation.

To make yourself more comfortable, you can write into your contract that you reserve the right to have a mortgage originator of your choice review the buyer's loan application and package. Be specific - ask to review current paystubs, two years of tax returns and w-2s, the most recent two months of bank statements, and a credit report. 

Staging your home, marketing it with massive exposure, and making it accessible are all important factors in getting your home sold.Sold Home Equally as important, and I think even more important in these days of difficult to obtain mortgage financing, is to have a financing strategy in place to make it easier to buy for a larger number of people. The seller carryback is one tool, the seller buydown is another.

Implement these strategies and sell your home fast for top dollar!

 

 

 Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me                                                                                                           

 

Look! Sitting at his desk! It's an accountant! No,it's a telemarketer! No, it's Your Buddy The Mortgage Broker!

Jumbo Loans

 

Local Real Estate And Mortgage Information

 

 

Bookmark and Share

 

      

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

0 commentsLane Bailey - REALTOR & Car Guy • March 01 2010 09:01PM

Congrats Team USA...

The Gold Medal match was a great game.  Like many, I would have preferred to see Team USA come away with a victory and a Gold instead of a Silver... 

But I don't think anyone can say that they didn't deliver a great game.  The game tying goal with under 25 seconds left in regulation was amazing!  After I got done yelling, I think I could hear shouts from around the neighborhood. 

Until that very last game, Team USA was undefeated.  They had beaten Team Canada earlier in the Games.  I know that the Canadians came into the game with something to prove... but it still took Sudden Death Overtime to do the deed... 

Congrats to Team USA

The Silver Medal is nothing to be ashamed of... with the level of play in that last game...  I think that you managed to make a lot of new hockey fans!

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2009 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

9 commentsLane Bailey - REALTOR & Car Guy • February 28 2010 11:18PM