Gwinnett County Real Estate Adventures

Dacula's Hebron Baptist Church has Annual Movie Night

Fri, 07 Aug 2009 10:31:33 -0500

Hebron Baptist Church has Annual Movie Night Under the Stars.

It's a summer tradition all over Atlanta for movies under the stars. People gather with lawn chairs and blankets and watch a movie, usually an animated or children's movie, outdoors. It's kind of like going to a drive-in without the car!! Last night we attended Dacula's Hebron Baptist Church annual movie night on the lawn. The movie was "The Tale of Despereax", a movie about a mouse with big ears and no fear and a very inspiring story and message.

When Hebron Baptist has an event, it's usually done all out and last night was no exception. There were food vendors selling pizza and sodas (very cheap I might add) and free popcorn and snow cones for the kids. The church orchestra was playing in the parking lot as the pre-movie entertainment and everyone was enjoying the fellowship.

Then about 9pm the movie starts on a HUGE 25' inflatable screen. I was amazed at how good the sound and video was considering it was an outdoor event. My wife, daughter and two of her friends and I sat on a blanket and had popcorn and sodas and really enjoyed ourselves. Of course the kids wanted to run around more than watch the movie but that was okay because we were all together with a couple thousand of our friends!!

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to www.SteveSellsGwinnett.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I have over 5 years experience selling real estate and I'm a life long resident of my coverage area.

Straight Talk about Making Low Offers

Fri, 07 Aug 2009 09:38:04 -0500

Straight Talk About Making Low Offers

This is a tough subject to cover and not be condescending or insulting to buyers or buyer's agents but I have to vent. I received a call yesterday from an agent inquiring about one of my listings. She called just as I was about to sit down to dinner and even though it was 6pm on a Sunday and I was about to sit down to dinner, I answered it. The buyer had already called me earlier in the day just before church....yeah this pair has great timing.

The buyer had already let me know he thought the house was overpriced but the land was what he was interested in. Needless to say I wasn't getting into that argument with him because I know the house is priced correctly. So the agent calls and asks about the lot and what's included in the sale. Then she begins to tell me the house is too small and is overpriced and wants me to provide her comps for my price!!! Wha Wha What?? So you want ME to do YOUR job is that it??

It's one thing to interrupt a man's dinner with his family but to then insult his intelligence and his seller is quite another! She tells me the buyer has a large family and the house was not large enough and he would have to build on. Oh yeah, and the house has vinyl siding and he would have to replace that because he doesn't like vinyl. This among some other RIDICULOUS comments sent me over the edge. I told her that if her buyer needed a larger house then show him a larger house, and show him a brick house. She obviously didn't know or just didn't listen to her buyer's wants and needs because she was way off track.

Later in the evening she calls back to say that her buyer is interested in making an offer and wants to give me a verbal offer. She begins to tell me he is a cash buyer and can close quickly and that's when I said..."uh oh" here comes the lowball. After about a minute or two of her stressing to me that it would be a quick close I interrupted her....."I've already had low offers that have been rejected so why don't you just tell me what he's offering and I'll tell you if it's in the ballpark, that will save us some time". She then tells me he wants to offer $70k less than a list that is already $70k off the last appraisal!! This is not a bank owned or short sale property but I'm starting to think she thinks it is. I told her I would present it because I have to but there was no way it would work.

Here's where it gets funny! She tells me I should talk to my seller and explain that this cash buyer can close quickly and she would be crazy to turn away a buyer like this!!! My response was "So you're telling me I should just throw my listing contract out the window and start representing your client as a secondary agent"? Her response was to say that she knew how buyers were scarce and since the house had been on the market for a couple months the seller should consider it. That was the end of that conversation.

Well, after receiving the original offer in writing we countered a couple thousand less than list and after a few counters back and forth it was really becoming annoying.

What is my point with this story?Buyers make sure you or your agent does the homework when making an offer on a property. If you make ridiculous offers you more times than not put yourself in a TERRIBLE negotiating position. This is the case with bank owned properties too. The banks aren't staffed for the kind of volume they've been dealing with lately and when you send in your lowball offer they tend to put it on the back burner. Also remember they don't have to respond at all so if your offer doesn't stand out you're less likely to get a response. When making an offer on a bank owned property, your best offer should be your first offer. Make it as clean as possible, very few stipulations because more than likely the bank's addendum will override them anyway. If you're an investor and purchase several properties a month and have multiple offers in on multiple properties this doesn't apply to you.

There will always be someone that thinks you can buy a $500,000 home for $250,000 and yes those deals are out there but they are very few and far between and are usually gone before they hit the market!! If you're a buyer purchasing your first home or a move up buyer looking for more space, be sure to hire a professional Realtor to help you negotiate the best deal.

Gwinnett Braves are a Hit!

Mon, 27 Jul 2009 14:29:13 -0500

I found out on Friday night why everyone is saying the Gwinnett Braves Games are lots of fun. It was guys night out, myself and three others and we had great seats....first row, first base side, right beside the dugout. If you've never seen a game from this perspective it's quite different from being too far back to hear the ball hit the catcher's mit.

We saw everything close up, including the mascots, Reggie the Purple Party Guy and Chopper. The game was obviously the main attraction but the between inning entertainment is worth the trip. It is very much a family oriented setting with inflatable bounce houses for the kids in the outfield and entertainment geared for the kids.

The outfield seating is all grass and you can bring your own blankets and food and enjoy the game while the kids play. Check out ticket pricing for the 2009 season here.

The best thing is if you live in Gwinnett or Barrow County it's right in your backyard!! You don't have to drive downtown and fight the traffic and pay $12 to park. The parking at the Gwinnett Braves Stadium is $3! The location is good for before and after game activities like dining and shopping. The Mall of Georgia is only a couple miles away and I85 and hwy 316 is very accessible too.

If you're considering moving to the Gwinnett area this is one more reason why you should. There is a lot going on in this county no matter what side you choose to make your home. Real estate values in Gwinnett have not seen the declines as in most areas of Metro Atlanta and the country and inventory is still plenty. Check out www.SteveSellsGwinnett.com and search for your new home today. You can also sign up for my weekly best buy list just by clicking on the link on the home page.

See you at the ballgame!!

Gwinnett is Still Great!!

Thu, 23 Jul 2009 15:34:22 -0500

In today's Gwinnett Daily Post there was an article describing what once was a booming new construction area as a ghost town for new construction. There has been a definite slowing in new homes being built in the county but I see this as a good sign for a couple of reasons. For one, the amount of inventory is affected in a positive way. According to Ga MLS currently there is 9.6 months supply of inventory on the market in Gwinnett County. This means that if not another house was listed after today it would take 9.6 months to sell the existing inventory. Although new construction provides many jobs in the community and a lot of jobs have been lost due to the decline, this decline is good for the market long term because it helps the inventory levels get back to what is considered normal (6-8 months).

This slow in new construction has also caused a surplus in vacant lots and subdivisions. Everywhere you drive in Gwinnett and surrounding counties for that matter you see paved streets with white PVC pipes sticking out of the ground marking the lots. Most of these empty lots will eventually be sold and the homes will be built but it could be years from now. If you're an investor and can afford to sit on these lots for a while now would be a good time to snag a few of these. Many of them are bank owned which means you could buy them for pennies on the dollar.

Secondly, this slowing will help prevent some of those subdivisions from being built where they probably shouldn't be. In 2004 which was the peak of the boom, Gwinnett County Planning issued 10,463 permits to build new homes. I don't think anyone would disagree that Gwinnett is a large county but that's a lot of new homes in addition to the thousands already built in the previous 2-3 years leading up to that peak. I don't believe any area of the country could support that kind of growth for an extended period and it had to end at some point. Who wants to live with a highway in your backyard or a strip mall in view from your kitchen window??

So all that being said is the economy still bad? Yes. Are there still too many homes on the market? Yes. Is the end of this housing crisis in sight? Maybe but we have to flush the market of the current inventory of foreclosures and short sales to see a definite increase in values. New construction has taken itself out of the game for a while for sure.

Hiking and Selling a Home are Strangely Similar!

Thu, 09 Jul 2009 09:19:58 -0500

I met someone this weekend that hiked the entire Appalachian trail last year. I've always heard about people doing this but never met anyone that had done it. Can you imagine walking from North Georgia to Maine in one trip carrying all your gear and camping overnight in the woods with snakes and bears and bobcats in weather sometimes too cold for even the bears. I love to camp and love the outdoors but I don't think I could spend 5 ½ months hiking in the wilderness.

I was thinking about how this is similar to selling a house and believe it or not there are some similarities. Wanna hear them? Good, here they are.

Imagine walking for 5 ½ months and finally reaching your goal....the end of the trail. You've accomplished something that only about 10,000 or so people have done. You walked 2178 miles, took approximately 5 million footsteps, and traveled up to elevations of 6625 ft and down to only 124 feet above sea level. But you reached your goal. Success.......and a shower and shave.

Now imagine trying to sell your home in a buyer's market like we have today. You're on the market for 5 months and have shown your home a handful of times and then the listing expires.........no payoff, no reward, no goal reached. Homeowners are seeing this happen more often than not lately mainly due to overpricing. If you want to sell your home in this market you can't chase it, you have to stay ahead of it...simple as that.

Like the hiker, your goal is clear, to sell your home for the most money in the quickest time possible. This takes some sacrifice in today's market and it's hard to swallow when your Realtor tells you what your home will probably sell for and it's much less than what you think. And if your Realtor isn't providing you with a detailed market analysis and explaining exactly how the suggested value was comprised that Realtor is not helping you and is part of the problem. As a Realtor, we have an obligation to give you the facts and show you the data, not sugarcoat and tell you what you want to hear just to put a sign in a yard. Overpricing a home is like a car with no wheels......you can push the gas until it runs out but it's never going to go anywhere.

Sellers, keep this in mind when you're hiring a Realtor to market your home. Be honest with them and demand they be honest with you even if it hurts and if you do this you will reach the end of the trail.......hopefully in a lot less than five months!!!

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to www.SteveSellsGwinnett.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I have over 5 years experience selling real estate and I'm a life long resident of my coverage area.

Copyright Steve Rider All Rights Reserved Hiking and Selling a Home are Strangely Similar!

Dacula Ga Memorial Day Parade- Thousands Come Out to Pay Tribute

Wed, 27 May 2009 21:17:46 -0500

Living in Dacula Ga for the last 9 years I never knew how many people came out for the annual Dacula Memorial Day Parade until today. It was so impressive to see so many people come out in support of our troops and celebrate our freedom. I'm almost ashamed that I never went to the parade until this year. Driving through Dacula it was amazing to see all the people.....kids and parents and grandparents. It's billed as the largest Memorial Day parade in the southeast. The weather was kinda soupy but the rain held off except for a few sprinkles. The parade started in the Hebron Baptist Church parking lot and ran all the way down Dacula Rd into the downtown area. There were several veterans in the parade including WWII and Vietnam Vets. Lots of old cars and tractors and a marching band and they were all throwing candy, which my daughter thought was the coolest thing since Halloween is a few months away. This was her first parade and it made a big impression......mostly because of the candy! She hasn't eaten any of it yet but mommy and daddy have!!

Here are some sights from the day's festivities...

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to www.SteveRider-Realtor.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I have over 5 years experience selling real estate and I'm a life long resident of my coverage area.

Copyright Steve Rider All Rights Reserved Dacula Ga Memorial Day Parade- Thousands Come Out to Pay Tribute

More Tax Incentives for Gwinnett County Home Buyers

Thu, 14 May 2009 12:07:14 -0500

NEW GA TAX CREDIT EFFECTIVE JUNE 1ST

Ga. House Bill 261 passed May 11 and allows for an $1800 or 1.2% of the purchase price (whichever is less) tax credit over the next 3 years. This credit is in addition to the $8000 Federal Tax Credit and is available to all buyers, not just first time buyers! You can claim $600 a year over the next 3 years and any amount not used will carry over and there are no income restrictions. You will still be eligible for this credit if you purchase a foreclosure property as well.

Okay Gwinnett home buyers.......here is even more incentive to GET OFF THE FENCE! With all the banks and Wall Street companies getting bailouts these days isn't it time you took advantage of it too?

Here is the press release from Governor Sonny Perdue

ATLANTA - Governor Sonny Perdue today signed House Bill 261, which provides a $1,800 tax credit for home purchases. The credit, which would be taken over three years, takes effect immediately and is meant to spur activity in the housing market.

"The housing tax credit is a strategic investment that strikes at the root of this economic downturn. Much of the financial turmoil we have seen stems from a severe downturn in housing," Governor Perdue said. "Families interested in buying a home will now have an additional incentive to act."

The bill provides an income tax credit for the purchase of a single family residence during the next six months. The amount of the credit will be the lesser of $1,800 or 1.2 percent of the purchase price. A taxpayer may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts.

For first time homebuyers, the state credit would be in addition to the federal tax credit authorized by the American Recovery and Reinvestment Act. The federal credit gives first-time homebuyers a credit equal to 10 percent of the purchase price, up to $8,000. The state credit is available to all buyers for six months.

"I'm proud of Governor Perdue for signing this legislation, and I'm proud to have brought it before the state legislature. This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia's economy," said Rep Ron Stephens.

"Jumpstarting the housing industry will mean more money flowing through our economy and more customers for Georgia's real estate professionals, appraisers, closing attorneys, and others who depend so heavily on regular market activity. This bill is a signal that we are doing all we can to spur Georgia's economy and lead the nation in financial recovery," said Rep. Larry O'Neal.

If you are on the fence about purchasing a home in the Gwinnett area and would like a consultation on the feasibility of your move, call me today and I will give you a no cost evaulation of your home buying situation.

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to www.SteveRider-Realtor.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I have over 5 years experience selling real estate and I'm a life long resident of my coverage area.

Copyright Steve Rider All Rights Reserved More Tax Incentives for Gwinnett County Home Buyers

Gwinnett County Home Sales- Today's Zip code Lawrenceville 30045

Mon, 04 May 2009 09:14:39 -0500

Okay I got behind over the weekend so today I'm posting two new zip codes. This post includes 30045 in Lawrenceville.

Gwinnett County home sales are improving every month. Today we will look at another of Lawrenceville's zip codes 30045. This zip covers an area east of Sugarloaf Parkway and includes downtown Lawrenceville, just past Gwinnett County Airport then south to the Tribble Mill Park area. The western border is Ozora Rd and portions of Hwy 124. The southern portion of 30045 is somewhat rural with horse farms and large tracts but still is only 10 minutes from downtown Lawrencville. There are several estate style neighborhoods in this area like Trail's End, Tapestry Ridge, and Helen's Manor as well as starter home neighborhoods and move up homes. There are several new schools being built in this area of Gwinnett County too. Archer High School will be located off New Hope Rd, and Bay Creek Elementary will be off Cooper Rd in Grayson. Go to Gwinnett County Schools website for district information.

Here are the Lawrenceville home sales statistics for zip code 30045 for April.

Current active listings in 30045. Click here for a custom MLS search of all active residential listings in zip code 30045.

Expired listings in April in 30045

Sold listing in April in 30045

The number of homes sold in April was down from March in 30045 but that is the case with most areas of the county due to spring break vacation falling in this period. Average Days on Market was down though compared to March. If you want more info on your neighborhood or if you're considering a move to Lawrenceville Ga, contact me and I'll help you find the perfect home for your needs!

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to WWW.SteveRider-Realtor.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I'm a life long resident of this area with life long knowledge of the market.

Gwinnett County Home Sales- Today's Zip code Lawrenceville 30044

Mon, 04 May 2009 07:28:21 -0500

Today's featured Gwinnett County home sales zip code report is......drum roll please...........30044!!!

This is one of Lawrenceville's many zips and includes communities like Brookwood, Bethesda, and Northwood Country Club. The boundaries run from west of Sugarloaf Parkway, south of Hwy 316 down to Hwy 124 and over to just west of Ronald Reagan Parkway. Neighborhoods in this area are Enclave at Brookwood, Churchill Commons, Flowers Crossing at the Mill, and Longmont at Sugarloaf. Click here for a custom search of all homes for sale in Gwinnett County zip code 30044.

Here are the home sale stats for zip code 30044 for April 2009.

Active listings in 30044 as of 5/4/09

Expired listings in April 2009

Sold Listings in April 2009

If you're interested in what's going on with home sales in other areas of Gwinnett County, contact me and I'll be happy to discuss it with you. Click on the zip code to see previous posts on 30019 and 30043 in Gwinnett County .

Lawrenceville Ga Homes for Sale- Today's zip code 30043

Thu, 30 Apr 2009 09:17:57 -0500

How does the housing market look in your neighborhood? There are many websites out there that say they can give you accurate sales and value info on your area but do they really? I'm not sure what algorithms these sites are using but most of them are usually way off in determining the value of your home. There are some that are closer than others but they all have something in common.....they all rely on the local MLS and tax assessors to get their information.

So my question is why go to those sites when you can consult a local Realtor and find out real time and accurate information?

Yesterday I started reporting on homes sales in Gwinnett County by zip code for the month of April. Yesterday's post was Dacula zip code 30019. I'll post a different zip code everyday throughout the month until I've covered them all. If you're wondering about what's going on in your neighborhood and you don't want to wait for me to post it, just email me and I'll be happy to pull your specific area and discuss it with you. Heck, I can even be more specific and get down to a specific subdivision!!

Today's we'll look at Lawrenceville Ga zip code 30043 which covers an area north of hwy 316 from the I85 split east to just past the Gwinnett County Airport. This includes the Collins Hill area, Discover Mills, Gwinnett County Airport, Gwinnett College, and the UGA Gwinnett Campus.

Homes for sale currently in Lawrenceville Ga zip code 30043 Click here for MLS search of 30043

Listings expired in Zip Code 30043

Homes sold in Lawrenceville Ga zip code 30043 in April 2009

If you have any questions about the data provided here or would like a market analysis of your home please don't hesitate to contact me.

Dacula Ga Home Sales

Wed, 29 Apr 2009 11:45:30 -0500

Gwinnett County Georgiais a very large county with many cities and many zip codes. So starting this week I'm going to feature a different zip code each day with market stats and info related to the real estate market in that zip code. Real estate is very localized and what's happening in some areas might not be happening in others so if you're considering relocating to the Gwinnett County area or maybe you already live in Gwinnett and just want to move to the other side, you can come here to get local sales info to help you stay informed.

This information is helpful for buyers and sellers. Currently we are in a buyer's market with a surplus of inventory. If you're a seller in this market, you need to be patient and also flexible. Price is the number one component of selling a home right now and the homes that are priced right are selling. If you're a buyer the ball is in your court. There has never been a better time to buy with the lowest rates in 50 years and deals everywhere. Don't miss the boat!!

Since I live in the Dacula Ga zip code 30019, we'll look at some analysis of that area. The town itself is relatively small with approximately 4600 people living within the city limits. Most of the area residents live in the unincorporated areas with a Dacula address. Communities like Hamilton Mill and Harbins are located in this 30019 zip code. Click here for a previous post on the growth in the Dacula area.

Active listings in Dacula zip 30019 as of 5/4/09 Click here to see MLS search of all homes currently on the market in Dacula 30019

Expired listings in Dacula zip 30019 for April 2009

Sold listings in Dacula zip 30019 for April 2009

You can go to www.steverider-realtor.com to and click on the "MLS Search" tab to see all available listings in Dacula and surrounding towns as well.

Gwinnett County Home for Sale- 2.5 Acres & No Subdivision Less Than 5 Minutes to Mall of Ga!

Thu, 23 Apr 2009 13:31:02 -0500

Gwinnett County Home For Sale! Over 2 1/2 acres and no subdivision less than 5 minutes from the Mall of Georgia.

2550 Mitchell Rd Lawrenceville Ga 30043

I previously posted about a "difficult listing" that I took and how it's not difficult because of price or location but because it was owned by a close friend that was killed in a motorcycle accident. This house was his pride and joy because he built it and selling it is very hard for his mother but will bring some closure to the situation. Unlike every other home I've sold this one has a little more emotional attachment even though I know as a Realtor you should keep emotions out of it. Obviously this is not possible here so as with any other client I'm going to market the home to the fullest and also be a shoulder when she needs it. I'm sure closing day will be tough for both of us.

There are not too many 2.5 acre tracts left in this area so there's no doubt this is a valuable selling point. Here is a link to the plat.

In addition to the acreage, there is also a detached 2 car garage with plenty of space for parking for an RV or boat. Unbelievable storage above this garage too.

Click here for a virtual tour of the property.

Steve Rider Realtor with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to WWW.SteveRider-Realtor.com to see my featured listings or search for your new home.

Gwinnett County Parks Opens 1795 Acre Multi Use Park

Mon, 20 Apr 2009 22:07:26 -0500

If you live in Gwinnett County then I don't have to tell you about the award winning Gwinnett Parks and Recreation Dept. named the #1 park system in the nation in 2008 by National Recreation and Park Association. But if you're considering moving to the Gwinnett area then you'll want to know about the newest jewel in the impressive collection of county parks we have here. Harbins Park is the newest and largest of the over 40 parks currently open in Gwinnett County and is 1795 acres of Equestrian, hiking and biking trails as well as picnic areas, a huge playground for the kids, rental pavillions and open areas. Located in a more rural area of the county but still only 10 minutes to either Lawrenceville or Dacula this park is within a few miles of many desireable neighborhoods. Here is a short list of the neighborhoods in the area......

Alcovy Landing
Biltmore Woods
Ewing Estates
Alcovy Ridge
Bullock Estates
Enclave at Stonehaven
Amberly Glen
Crossroads
Great River
Arden Crest
Edwards Estates
Harbins Landing Estates
Barimore Place
Crystal Lake
Plantation at Bay Creek

The Master Plan of Harbins Park shows future growth and expansion to include a skate park and recreation area for teens but here are some of the current areas of the park open to the public.

The main playground has two sections, one for the smaller kids and one for bigger kids. The main playset has three levels and multiple slides and the kids love it, including my daughter!

The equestrian area has a separate entrance and parking lot designed specifically for horse trailers. Click here for a map of the riding trails.



This pavillion is available for rental for parties, family get togethers, etc.

There are currently 8 miles of mountain biking trails open with another 5 to be added soon. These trails are rated intermediate to advanced. I have yet to ride these trails but will update this post once I have for those of you who are avid mountain bikers.

If you're moving to Dacula Ga or Gwinnett County and want to find out more about what's going on in our community, contact me and I would be happy to help!

Riders of the Fence- How Can You Be Undecided About Buying a Home in this Market?

Fri, 17 Apr 2009 14:30:02 -0500

There's a new sport that's catching on all over the country......

It's called "Fence Riding". It's kind of like what you see the kids on the skateboards doing with the rail on the steps only there's a fence and a potential buyer involved. The fences vary in style, shape and height but the buyer's are all the same, they can't make up their minds to jump off on one side or the other. I've heard there are professional leagues starting up all over the place and soon we'll have the "US National Fence Riders Championship". Hundreds of the best fence riders all over the country will compete to see how long they can hold out while being offered a 4.75% 30 yr fixed interest rate on a house that's priced $50k off fair market value.

If you're a Realtor you deal with this on a daily basis and with any luck and some training you know how to coax these folks off the fence. To me it seems that the better the market gets for buyers the more they are holding out. The only explanation I have for that is they think since it got this good it might get even better. Ahhh, the dreaded "Bottom of the Market Syndrome". The only cure for this affliction is an increase in prices and rates which leads to another disease called "I should've listened to my Realtoritis" because by the time they're cured the best deals are gone.

If you're one of these Fence Riders there are many reasons to stop this nonsense and yes, I'm going to list plenty of those reasons.

The first thing any buyer should realize is that no one will know exactly when the bottom is reached until it starts to improve. Which means values start to increase along with mortgage rates and sellers start to gain more confidence. This will eventually turn this buyer's market into a seller's market. All things are cyclical and real estate is no different.

Secondly, the best priced homes are what's selling right now and they're selling fast. If you're not ready to buy then don't look until you're ready. The best deals are being purchased by motivated buyers that have their financing ready to go and don't have to sell another property to purchase one. You'll only get frustrated and be heart broken when your dream home is purchased by someone else who was ready to buy. Check out this previous post on purchasing a foreclosed home.

Third, if you have a home to sell and you're worried about not making any money or possibly losing money on that sale, you can usually make up your losses on the buying side. I know that's not like having cash in your pocket but long term it could be very beneficial. Most foreclosed homes are deeply discounted by the banks that own them so buying a home with instant equity is a very real possibility. That equity will be compounded by rebounding values and that equity is where you make up the losses you might have taken on the sale of your previous home and although it might take a few years to see that return, it's real. Click this link to read about a great example of instant equity from a previous post.

Let's see, what else is there.......?

Lenders are making loans! Don't let the media fool you, there is money to lend but the requirements have tightened and banks now require more down payment. The days of 100% financing are over with the exception of the Rural Development loans in certain counties in North Georgia. I'll explain those a little further into this post. If you are worried about whether you qualify for a mortgage, the first thing you need to do is call your loan officer. If you don't have one contact me and I'll refer you to one. Find out where you stand financially, you might be surprised! On that subject, talking to your lender should be the first step in purchasing a home. Especially in this day of bank owned properties flooding the market, as I said before the buyers getting the deals are the ones ready to buy and if you don't have a pre-qualification letter from a lender or at least have talked to one you're not ready. Sellers these days want to know the buyers making offers are qualified to buy the house and don't want to waste time with ones that aren't. Have that letter in hand when you start looking and save the time later on because that could be the difference in getting the house of your dreams or losing it to another buyer.

Rural Development is available in most of Barrow County, Jackson County and Walton County. RD is a USDA backed loan that requires no down payment and no PMI (Private Mortgage Insurance). This can lower your payment significantly and could mean the difference between qualifying and not qualifying for a loan. If you're considering buying in one of these areas and want more info on this loan program, contact me.

The Federal Government wants you to give you an $8000 tax credit! That's right, a tax credit and this one doesn't have to be paid back. If you're a first time buyer and you close before Dec 1 2009, you can get this credit on your 2009 tax return. Here's the best thing....if you don't use the entire credit the difference is given back to you!! Why wouldn't you want to take advantage of that? Check out the full details here.

As you can see, there are many reasons why you should get off the fence and get started purchasing that home you've been dreaming about. Don't wait too long because "I should've listened to my Realtoritis" is a very painful!

I Took a Difficult Listing Today......

Thu, 16 Apr 2009 14:41:42 -0500

I took a difficult listing today. Not because it was in rough shape, or because the seller wants to overprice it or because it's in a bad neighborhood but because it was once owned by a very close friend that was killed in a motorcycle accident. You talk about difficult try finding a middle between helping a grieving mother and friend and trying to make a commission. This listing has such a long back story that one blog post wouldn't explain it all so let's just say the property has been in litigation for over two years and has just now been released to my friend's mother who contacted me to list it. We were friends since high school and roommates for 6 years after.

The other part of this story is the friend I'm speaking of always dreamed about owning his own home. He had lived in apartments and duplexes all his life and wanted to build his own home. He worked as a superintendent for a local homebuilder for many years before his dream came true in 2002. He was able to get a construction loan and purchased a 2.5 acre tract not far from a very bustling area in Gwinnett County. Construction began and he supervised every facet of the job from the pouring of the slab to the fixtures installed in the kitchen. Taking pictures through the entire process and keeping them in a scrapbook. He was very proud of this house and it showed in the finished product. He even kept the blueprints, original plats, and electrical plans all together with the scrapbook. His dream had come true and I remember the first time I walked into the finished product. I was impressed and happy for him but it sure was a lot of house for one person!

A couple years later he built a detached garage and poured a driveway to it. When we were in high school and years after we always were doing something to our cars. Typical guys I guess but none of us had a garage or shop of our own to be able to work on them. Another dream of his was realized when this garage was finished and it is nice. Two car with storage and plenty of room for other stuff too.

While his mom and I were at the house today talking about all that needs to be done to get it ready for the market it was hard not to think about him and my emotions took over. As a Realtor it's not good to get emotionally involved with any listing but this is a different situation obviously. Since she lives over two hours away from the house, there will be a lot of extra work involved for me but I have offered to do it. He was an only child and his mom only has me and a couple other friends to rely on. Closing this house will bring some level of closure to this long and difficult situation and anything I can do to make that day come quickly will be done.

The listing will be on the market within a couple of weeks and we have priced it well so hopefully someone will buy and love this house as much as he did. I can only hope that he is watching and is pleased with what we are doing. Check back in a couple of weeks and I will post the listing.