We Love Suwanee, GA

2011-11-20T15:35:00.000-08:00

Where Are Home Values Headed For Metro Atlanta?

It can be very confusing these days to filter through all the news about the housing market. The sensationalist national headlines may sell advertising but are often wrong or misleading for Metro Atlanta or your local market. To further complicate matters, the typical metrics used to track real estate trends do not tell the accurate story in the current market.

Did you know that over 50% of all transactions in 2011 have been under $125,000? That has historically been around 10-15% of the market.
Did you know that approximately 60% of all transactions are foreclosures or short sales? That is also normally 10-15% of the market.
Did you know that many bank-owned properties are selling above their list prices?

These changing trends make the traditional metrics for real estate unreliable. Ratios like average sale prices, median sale prices or list-to-sale ratios can be very misleading. One metric we like to track is the “previous sold price” to “current sold price” ratio. We believe that is a more accurate approach to considering home values. This is the method used by the Case-Shiller Index. Each month, we write a detailed article which explains the latest Case-Shiller results for metro Atlanta.

Click here to see the most recent article

The Case-Shiller index is a good indicator for Metro Atlanta home values. But real estate is local and every market is different. I have access to proprietary information resources and can help you determine the most accurate value for your property.

Contact Me For Own Free Market Analysis Today!

Prudential Georgia Realty Ranked #1 in Atlanta Real Estate by Atlanta Business Chronicle

2011-05-05T16:17:00.000-07:00

Wow!!! I knew we were working hard for our clients. Looks like our efforts paid off. See the full story here.

A History of Interest Rates

2011-05-05T16:08:00.000-07:00

Take a look at this simple chart (compliments of Rusty Maddox with Fairway Independant Mortgage) and see how interest rates have changed since 1991. We've all gotten used to these historically low rates, but really, how long can this last?

Most leading economic predictions are calling for higher interest rates the last half of this year. So, if homes cost less later in the year but interest rates rise, this can end up costly your more over the life of the mortgage.

It's Larry....not Lavender. Who knew?

2011-01-28T15:37:00.000-08:00

My colleague, Sandy, recently took her father to visit our (Prudential Georgia Realty) garden plot at Harvest Farm. When she proudly showed him the hens, he quickly pointed out that Lavender was no hen. Lavender turned out to be a rooster!! Sandy's father knew!!!

Here's an email from Chantez Daya, Chair of Harvest Farm Community Garden about what happened to Lavender (Larry):

Hello Harvest Farm Gardeners,

You all may know by now that our beautiful Lavender Oprington hen, initially named Lavender, turned out to be "Larry" when it was discovered he was actually a rooster. Larry was a beautiful rooster and some of us actually heard him crowing! Since Larry is a rooster and our agreement with the City was that we would raise hens only, we had to find another home for Larry. We are glad to inform you that Larry has been relocated to a wonderful petting farm in Grayson, GA. Larry grew into a beautiful robust rooster in such a short time, which shows how well he and the other hens have been cared for by all the volunteer families - So a big thanks to all involved! We've even gotten our first set of eggs!

2010 Year in Review

2011-01-11T15:10:00.000-08:00

Highlights:

Prudential Georgia Realty leads the way in listings and closed sales
Buyers had incredible Buying Power, interest rates at all time historical lows can you believe as low as 4%?
$8000 Buyer tax credit created a hearty Spring sales market
My Short Sales & Foreclosure Resource (SFR) Certification came in handy…successfully completed short sale transactions for a Win/Win situation for all
Many banks are starting to streamline their short sale acceptance process, speeding up the process
Mellow Mushroom and Brown Bag Deli moved to Suwanee Town Center, creating a lot of new activity
Prudential Georgia Realty gets involved in the Suwanee Community Garden and the Suwanee Day Parade
Suwanabee™ makes appearances all around Suwanee
My Army son and his family moved to Dahlonega and he didn’t deploy overseas this year
My teenage son was accepted for Governor’s Honor Program at Valdosta State University and had a wonderful experience
He’ll be graduating Gwinnett School of Mathematics, Science and Technology in 2011 (see lowlights too)
Great college shopping trip to Washington DC, Philadelphia and New York in Spring
Sugar and Spice (my puppies) are more lovable than ever and even “tolerate” my two grand-sons at our Sunday dinners
Our Norcross High School reunion was in July (do I have to say which year?)
Much less new construction inventory on the market...good for sellers
Snow on Christmas in Suwanee!!! First time in my life!

Lowlights:

Short sales are the most dreaded transaction, for agents, buyers and sellers
Average sales price and number of sales both decrease from same time period last year (both Suwanee and Gwinnett County stats, Single Family).
It’s a beauty contest and a price war – and you have to win BOTH when your home is on the market, making the competition brutal for Sellers
My teenage son started his last year of High School…will be off to college in 2011
My favorite WWII Veteran, Mr. Harold Humphries, passed away this year. I was honored to know him. He'll be missed.
Bank owned properties are often good deals for buyers, but must navigate thru the "our way or no way bank mentality"
My neighborhood lake still does not have the drain cap repaired, nearly 1.5 years after the great flood of 2009
Appraisal values continue to be nail biters (many appraisers not familiar with area due to new government rules)
Lots of shadow foreclosure inventory poised to come on the market this year

Words to live by in 2011:

Life isn't fair, but it's still good.

Don't take yourself so seriously, no one else does.

Frame every so called "disaster" with these words: In five years, will this matter?

Good News About Beauty!

2011-01-03T06:03:00.000-08:00

Beauty has been found, safe and sound! See email from Beauty's owner below:

Dear Wonderful Friends and Neighbors: About 7:15 p.m. this evening, I retrieved Beauty from some wonderful members of Evergreen Presbyterian Church (beside the Suwanee Library) who had rescued her. Below is Beauty's tale (no pun intended):

At 1:00 a.m. Saturday morning, after the close of Evergreen Church's New Year's Eve Services, four observant and concerned children noticed a shivering dog beside the railroad tracks. The children took Beauty to another member, a college freshman whom I shall call "Guardian Angel". This woman took Beauty to her home, and showered her with warmth, food, and her Pomeranian's friendship. However, this Guardian Angel would have to wait until Monday to make telephone contact. Beauty was only wearing her Rabies/Veterinary tags, due to my oversight. (*See note below.)

In the meantime, my wonderful neighbors, the Bawejas, created and printed many "Lost Beauty" photo posters. We spread them throughout Suwanee. This evening, members of Evergreen Presbyterian Church who had seen the posters shared my contact information with Beauty's Guardian Angel. I, then, received the long-awaited, miraculous phone call! At 7: 15 p.m., with proof of ownership in hand, I hugged Beauty's Guardian Angel, her parents, her brother, and my sweet Beauty.

Thank you everyone for your look-outs, reported Beauty- Sightings, thoughts, phone calls, emails, and prayers. You are a blessing and Beauty's safe return is a miracle.

Please feel free to share this email with others who were part of the Beauty-Come-Home Prayer Circle and Look-Out Squad.

Sincerely,

Penny Cruise and family

*(Note: I just dug Beauty's Address/Home Phone Tag out of the junk draw, and she is now wearing it. Note to Myself: Don't be stupid again.)

Woke up with Beauty on my mind

2011-01-02T05:24:00.000-08:00

I woke up this AM, thinking out my neighbor's beloved pet, Beauty.

Here's the message they sent out to Ruby Forest:

Please help us find Beauty who went missing yesterday afternoon! Beauty is a small mixed breed dog who lives at 4045 Magnolia Leaf Lane. She is very shy so please call us if you see her (678-482-7133). We miss her very much! Thank you! - - Penny and Mina Cruise

One neighbor thinks she may have this dog crossing over Lawrenceville-Suwanee Road into Suwanee Town Center.

Please keep a look out for this beloved pet, Beauty, and help her find her way home.

Real Estate Advisor - January 2011 Prudential Newsletter

2010-12-31T08:34:00.000-08:00

Metro Atlanta Property Values and Property Taxes!

The Atlanta Journal Constitution recently published a series of articles on the disparity between local property values and property taxes. The article stated that tax appraisers for the top 5 metro Atlanta counties had reduced home valuations by $17.8 billion but may still be significantly higher than the actual market values.

Click here to read a copy of the article. In 2010, the State of Georgia General Assembly approved State Bill 346 which states that in 2011 all counties must send every property owner an annual Notice of Current Assessment, indicating property value. In addition, your property value cannot exceed the sale price if it was sold in the previous year. Counties must include any open-market sales including short sales and foreclosures for purposes of determining property values. If you would like to see a report on pre-foreclosures, foreclosures and bank-owned property sales in your local area, please contact me and I would be happy to provide this for you. Property owners will have 45 days to appeal an appraisal. Click here for an article that describes your options to pursue lowering your property tax bill.

If You Have Questions, Contact Me To Learn More!

When Will Home Values Rise Again?

So when will Metro Atlanta home values return to peak levels again? Our analysis predicts that by the 2015 - 2016 timeframe, our home values will return to the levels of 2007. The Case-Shiller Index reports that home values in Metro Atlanta are down around 21% from the peak of summer 2007. We expect values to remain flat for 2011 and 2012 due to large numbers of short sales and foreclosures. We predict that over 60% of total transactions in 2011 will be short sales and foreclosures. By 2013, we expect short sales and foreclosures to return to more normal levels. The new homes inventory will still be historically low. At the peak, we had 60,000 new home starts in Metro Atlanta. In the last 12 months, we saw less than 5,800 starts. The reality is that most homes are being sold below their replacement cost - so builders cannot consistently make a profit today. There are some "pockets of opportunity" for builders where they have secured lots at reduced rates and the competitive landscape is right. However, we do not expect to see a dramatic rise in new home starts between now and the 2013 timeframe. Therefore, we will have an undersupply of inventory beginning in 2013. For our analysis, we are assuming housing demands remains at the current levels. There is a reasonable argument that it may improve but we are trying to be conservative. So yes, 2013 will bring back a seller’s market and we will see a few years of abnormally high appreciation rates! The historical appreciation for Georgia has been around 4% so we predict a 7% appreciation rate in 2013, 2014 and possibly 2015. By the 2015 - 2016 timeframe, the new homes engines will start up again. We expect to get back to around 25,000 starts per year. Then, supply and demand will rebalance and we expect to see the normal 4% appreciation per year return. Of course, every local market is different so contact me to discuss your specific situation.

The key indicator to watch will be the pace of short sales and foreclosures entering the market during the next two years. If they enter the market too fast, we could see home value drop further. If they enter too slow, we could see flat home values for a longer period. We have reports that can show the numbers in your local area and help you make better real estate decisions.

Did you know that even move-down sellers should be active in this market? Even if you lose money on your current property, I can show the math which proves the benefit of selling now versus waiting for the value to return on your current home. This analysis considers the rising future prices, plus incremental carrying costs plus rising mortgage rates. The amount of money at stake is staggering!

Contact me to learn more or get an analysis of your specific situation.

Real Estate Magazine Highlights Prudential Georgia Realty

Real Estate magazine recently published an article about Dan Forsman (President and CEO) and the rise of Prudential Georgia Realty to become the market leader for Metro Atlanta, North Georgia, the Southern Crescent and West Georgia markets. The article provides some insight about Dan’s story - which is truly a classic American success story. It also describes how PGR has invested in an "advanced infrastructure of marketing, technology, information resources and agent support" that has been the key to our growth in market share over the past three years. Trendgraphix reports that PGR has the most transactions, represents the most buyers and has more listings than any other aggregate brokerage. Click here to read the entire article.

Contact me to learn more about how we can help you make better real estate decisions.

Thank You.

I hope you found this newsletter informative. The real estate market is changing quickly. I have access to the latest market trends and proprietary informationthat is not available to the public.

If you are considering listing your property for the winter or spring market, contact me quickly. The market is changing fast right now and you need to have a winning marketing strategy based upon the most up-to-date market facts.

If you are interested in buying, I can help you find the right property. There are many new details to consider when looking at the options today. This is especially true for short sales, builder foreclosures, bank-owned properties and auction properties.

Merry Christmas Everyone!

2010-12-25T14:21:00.001-08:00

10 Reasons to List During the Holiday Season

2010-12-15T15:35:00.000-08:00

1. You may receive more money from your home now because you have less competition.

2. Your home has a warm and inviting glow during the Holidays.

3. One of the highest percentages of “Listings Sold” to “Listings Taken” occur during this time of year.

4. Winter prospects are more serious, focused buyers.

5. Throughout the Holiday Season, you may restrict showings during your personal family events.

6. Buyers have more time to look at homes during the Holidays, especially during vacations.

7. January is traditionally the biggest transfer month and corporate transferees, who need to buy a home now, can’t wait until Spring.

8. The holiday season is a time of heightened consumer spending.

9. When you sell during the Winter, you have an opportunity to buy during the Spring, when many more homes are on the market.

10. Interest rates are still at historic lows; but are forecast to rise in the new year.

2010-11-19T15:45:00.000-08:00

Happy Thanksgiving From My Family To Yours!!!

THANK YOU VETERANS!

2010-11-11T09:09:00.000-08:00

Today is really my favorite "holiday" of the year. THANK YOU VETERANS!And a very special Thank You, to my favorite WWII Veteran-Mr. Harold Humphries, who I will miss deeply today, since he recently passed. He was also a Suwanee resident.

We will not forget your sacrifice, service and devotion to this country.

Mr Harold Humphries, WWII, USS Hornet

Thank You to my son, who of course, is my favorite soldier, and my favorite Korean War Veteran, my father.

Two New Suwanee Residents

2010-10-28T16:23:00.000-07:00

I recently helped two NCR transferees find and close on a home in Suwanee, GA. Here's what they have to say:

"Beverly listens and focuses on what her clients tell her are important. She was always available to us, even with short notice. We enjoyed her expertise. She's a genuine person". Holly and Matt Laddusaw

Charlene George

"Beverly is a true professional. She's and expert in her field and helped me through the relocation process to find a home in a community that's just right for me". Charlene George

Welcome to Suwanee, Holly, Matt and Charlene!!!!

Suwanee Day Parade

2010-10-04T13:55:00.000-07:00

It was a beautiful day, in more ways than one. This year Prudential Georgia Realty created a float and participated in the Suwanee Day Parade. Our float, though fun to create was very labor intensive. We hand-made about 2500 red, white and blue "flowers" to celebrate the theme, Hometown Heroes. We were lucky enough to "man" our float with a soldier, who just retired. Very impressive man, was in NYC on 911 and has had multiple tours of duty all over the world, including Iraq and Afghanistan. Trust me, he has storiesl!

I was very proud to walkin the parade by our float and see how the public honored the soldier. People waved and shouted "Thank you for your service!!" Indeed! And thank you Suwanee for honoring our hometown heroes!

See the making of the float and the Parade

Slideshow: Suwanee Day Festival 2010 - Slideshow

Suwanabee was along for the ride too!

Do not adjust your vision...what you're reading is correct

2010-08-27T08:57:00.000-07:00

Tax rates go down in the City of Suwanee...it's not much of a savings, but the City of Suwanee has lowered the millage rate to 5.70, from 5.77 for 2011. Hey, every little bit helps and it beats the normal alternative!

See full story from Gwinnett Daily Post.

ANTS and Air Conditioners??!!! Who knew?

2010-06-22T16:37:00.000-07:00

My air conditioner has been broken since Friday. The repairman just arrived (Monday) and to my surprise-the problem is Ants!!! Seems some ants got in the way of the "contact" on the unit outside. As the ant got japped, the "aroma" lured more ants to the same area, and after a while, there was an ant buildup, which prevented the necessary contact. The area was cleared and he recommends ant killer in the unit(s), as well as around the unit(s) each Spring.

As my father would say...."I hain't never!". Gotta be Southern to understand this one, y'all....

Plant Your Roots with Prudential

2010-06-19T07:29:00.000-07:00

Be sure to stop by the grand opening of White State Park, Suwanee's community garden from 1-4 pm today.

We've planted a mystery plant in Prudential's plot, lot 60. Can you guess what it is? Stop by and submit your guess. You might win a beautiful Dragonfly Lantern.

And, there are lots of other activities to enjoy today. See you there!

And....THE Suwanabee will be there too. Bees love gardens!

North Gwinnett in Suwanee makes Newsweek's America's Best List

2010-06-14T15:46:00.000-07:00

Each year, Newsweek compiles a list of the best high schools in America, based on how challenging the staff makes the school for the students. Only six percent of all the schools in the United States made the list.

North Gwinnett came in at the top of the Georgia list, at 186. See entire list

Top Moving States and Cities of 2009

2010-06-05T05:55:00.000-07:00

Interesting read below from RISMEDIA:

RISMEDIA, May 27, 2010--According to Movers.com usage data, the states that had the most people moving in and out 2009 were California, Florida, Texas, New York, Georgia, Illinois, Virginia, and Arizona.

A large number of moves from these particular states is not that surprising, seeing as most of them have very large populations. If, however, in each state, the total number of move-outs is subtracted from the total number of move-ins, a picture of the change in population due to moves begins to take shape.

For example, California had the most total moves by far, but the difference between move-ins and move-outs is negligible, meaning that the population was not drastically increased or decreased due to residents moving in or out of the state. New York and Texas saw the most drastic population changes due to moving. New York did not regain (via move-ins) nearly 33 percent of the population that moved out. Texas saw the opposite occur, gaining nearly 50 percent more than the population that moved out.

The cities with the most moving turnover (total move-ins and move-outs) were Chicago, Houston, and Dallas. The difference in moves in and out in Chicago was negligible. Houston and Dallas, on the other hand, gained 57.6 percent and 41.2 percent more than the population that moved out (respectively).

Brooklyn is also worth noting. It had the third largest number of move-outs and did not have a significant number of move-ins. Conversely, Atlanta, San Diego, and Austin had the fourth, sixth, and seventh most number of move-ins (respectively) and did not have a significant number of move-outs.

Memorial Day...a day to remember REAL American Idols

2010-05-28T05:23:00.000-07:00

Happy Memorial Day to the "REAL" American Idols - the Veterans of the United States of America. We remember and honor your courage, strength and profound willingness to defend our way of life. Thank you for your incredible sacrifice.

It is the
VETERAN,
not the preacher,
who has given us freedom of religion.

It is
the VETERAN,
not the reporter,
who has given us freedom of the press.

It is
the VETERAN,
not the poet,
who has given us freedom of speech.

It is
the VETERAN,
not the campus organizer,
who has given us freedom to assemble.

It is
the VETERAN,
not the lawyer,
who has given us the right to a fair trial.

It is
the VETERAN,
not the politician,
Who has given us the right to vote.

A personal THANK YOU to my favorite Suwanee WWII Veteran, Mr Harold Humphries. And, my newest American Idol...Mr Wilburn Anderson. And of course, my favorite soldier of all time, my son, Barry.

Featured Suwanee HUD Home

2010-05-23T16:26:00.000-07:00

HUD Home for sale:

Address: 3901 Oak Crossing Drive, Suwanee, GA
List Price: $161,000
Features: 4 beds, 2.5 baths, built 2002, S/T amenities
PER APPRAISER PROPERTY DOES NOT MEET FHA MINIMUM PROPERTY REQUIREMENTS-REPAIRS EXCEED $5000. **original list date 3/11/10** Property Conditions Report Available

I can show you this HUD home - or other HUD homes like it.

This is a HUD-owned property. To view all HUD properties available for sasle in Georgia, please visit www.hudpemco.com. Our HUD-registered agents can sell and show you any home you find of interest on the site.

Pssssttt!

2010-05-04T16:30:00.000-07:00

SUWANABEE here. I LOVE the new community garden.

Prudential Georgia Realty Plants More Roots in Suwanee!

2010-05-04T16:24:00.000-07:00

Suwanee's new Community Garden, Harvest Farm has come to life! And...Prudential Georgia Realty has leased a large plot. We've dug the holes, built some boxes, filled the dirt, tilled the soil, and planted some roots! It was a LOT of hard work...but it was fun!!!

Gwinnett County Public Schools, finalist for prestigious education award

2010-04-01T12:59:00.000-07:00

Once again, Gwinnett County Public Schools is a finalist for The Broad Prize for Urban Education award. This is the second consecutive year Gwinnett County Public schools has achieved this honor.

The winner of The Broad Prize, to be announced on Tuesday, Oct. 19 in New York City, will receive $1 million in college scholarships for high school seniors who will graduate in 2011. The four finalist districts will each receive $250,000 in college scholarships.

See press release and find out more about this prestigious honor.

Congratulations, GCPS!

33 More days to benefit from your own tax payer dollars!!

2010-03-28T11:40:00.000-07:00

The Cost of Waiting!

($350K Property, 5% down payment)

($200K Property, 5% down payment)

Take advantage of the Government Buyer Tax Credits while you can! Your tax dollars are paying for this benefit. Why not get back some of your own hard earned money while you can!!!!

"When are we going to eat, What are we going to eat, Where are we going to eat".

2010-03-17T05:59:00.000-07:00

That's what a Frenchman I once knew used to say:

Suwanee Town Center already has some great restaurants, but more are on the way. Think Mellow Mushroom. How about Maracas Cantina and Planet Smoothie?

And, "unofficially" I've heard that The Brown Bag Deli, originated in PA, may be taking over the PJ's coffee spot. We sure have missed PJ's Coffee!

Suwanee will soon have many more dining choices so now the only questions to answer, will be "When are we going to eat and What are we going to eat"!

Come and see all Suwanee Town Center has to offer!

Are you a Watcher? A Wonderer? A Maker?

2010-03-04T09:33:00.000-08:00

Which One Are You?

This truly may be THE best time, historically, to buy real estate.

Are you going to Watch It Happen?

Wonder What Happened?

Or Make It Happen?

----------------------------------------------------------------------

Attn Buyers and Sellers!! If you're a Maker...you got 56 more days to Make It Happen!!

If you are under contract to purchase a home by 4/30/10 and scheduled to close no later than 6/30/10, then you may put $6500-$8000 in your pocket. Make it happen!
Did you know that FHA guidelines will be changing this Spring? Likely changes are higher mortgage insurance premiums and limited amounts the Seller can contribute to Buyer closing costs.
Most economic experts believe that interest rates will be going up this year too. So, if you're on the fence because you think home prices may go down, consider the fact the higher interest rates could offset any gain you may achieve from reduced sale prices.

If you're a Watcher, grab some popcorn, sit tight and stay tuned to the Spring Real Estate Market. There will be a lot to watch about real estate this Spring. And, if you're a wonderer, you're probably going to have a very historic real estate market to look back on and ponder.

This truly may be THE best time, historically, to buy real estate. Are you going to MAKE IT HAPPEN? It's your move...

And the house finally closed.....

2010-02-21T15:59:00.000-08:00

Another Suwanee home sold!! But, it wasn't without some hurdles. Now, these are not your ordinary hurdles, mind you.

The first delay was due to the lender requiring the buyer to change from an FHA loan to a conventional loan. This would require the buyer to put 20% down instead of the 3.5% required by FHA. Ok. The buyer agreed, reluctantly, but he loved the home and wanted to move forward. The first appraisal from the FHA loan came in at contract price.

But, another appraisal was required because of the different loan program. Ok. The appraisal was ordered and completed (delayed the closing another 7-10 days) and came in higher than contract price. Wow, that should make the buyer happy, right? Should really make the lender happy, right? Because now the buyer has lots of instant equity, right? Wrong! Because the value came in HIGHER than the contract price, the new HVCC "government" regulations kicked in and required to lender to send the appraisal to a field review, which is essentially a third appraisal. Time marched on, delaying the closing for a third time. Finally, the field review came back and the contract price (though lower than the appraisal price) was approved.

A couple of days after that - we closed!

All in all, the delay was about a month. A great big Thank You to both the buyer and seller. Much patience was required but we made it happen without taking anybody out. That's real estate today!

It's the Worst of Times...It's the Best of Times

2010-02-08T06:53:00.000-08:00

It's the worst of times (sellers). It's the best of times (buyers).

But, one thing is for sure. It will not be like this forever.

Buyers! Did you know the buyer tax credit for a potential of $8000 runs out in April? You must be under contract to purchase a home by then, and then it must close by 6/30/2010. Did you know interest rates are still at historicial lows, usually around 5%?

Sellers ask me "why should I even try to sell right now? Shouldn't I wait till Summer? Maybe the market will pick up then".

Well, let's take a look at that.

Elyce Glink, host of "Expert Real Estate Tips," an Internet video show, and many other real estate experts expect foreclosures to flood the market in the near future as interest rates adjust. Believe it or not, housing inventory is down considerably, compared to this time last year. Why wait to be competitive with the many foreclosures expected to enter the market this year? If you have a home that has been well maintained and shows well, buyers are thirsting to see "nice homes", not just foreclosures.

And, Sellers, it's not just "first time home buyers" who may qualify for a tax credit. If you have been in your home for five of the last eight years, you may qualify for up to $6500 tax credit too. Again, the interest rates are phenomenal. Purchasing a home this time next year could quite possible be 2-3 points higher as inflation sets in, as many economic experts predict.

With "motivated buyers" on the prowl, lower inventory for buyers to choose from, and outstanding interest rates, it looks like a perfect time to sell. It may be as good as it gets for the Seller of 2010. Don't miss this opportunity!

The Appraisal Bear has Struck Again!

2010-01-27T17:05:00.000-08:00

Once again, an appraisal has halted a closing! It came in 12K below contract price. Reason? Even though this sale is a "normal" sale, the appraiser must use comps that were short sales or foreclosures, so that affects the value of a "normal" sale too. Stay tuned for how we work it out.....

FHA to Allow Flip Sales?

2010-01-21T07:09:00.000-08:00

Rumor has it....FHA will now allow flip sales. Is this true?

Here is the response from prominent closing attorneys, Weissman, Nowack, Curry and Wilco:

As a matter of fact, yes, subject to some restrictions. Up until now, FHA would not insure a loan if the sales contract was dated within 90 days of the seller's purchase of the property. In other words, to qualify for FHA financing, the seller had to have owned the property for longer than 90 days. However, by memorandum dated January 15, 2010, David H. Stevens, Assistant Secretary for Housing - Federal Housing Commissioner, issued a one year wavier (effective February 1, 2010 through January 31, 2011) from this. Starting February 1, 2010, FHA will insure a loan even though the seller owned the property for less than 90 days.

The following conditions apply: (1) the transactions must all be arms-length with no identify of interest between buyer and seller or other parties to the transaction; (2) if the price is increasing 20% or more (i.e., seller buys at $100,000 and, within 90 days contracts to sell at $120,000 or more) then the lender must justify the increased value by maintaining a 2nd appraisal or other evidence of renovations, repairs, etc. and order a property inspection. The inspection does not need to be FHA approved, but can have no interest in the property or relationship with the seller. The inspector must be hired, and paid, by the lender, although the lender can pass this expense along to the buyer. This wavier does not apply to reverse mortgages.

Investors are going to love this.....

Something Every Buyer in GA Wants

2010-01-15T07:37:00.000-08:00

What has every Buyer I've worked with since 1994 wanted (besides a good deal)? That's easy - Square footage provided on the listing!!

In the past, the multiple list services in Georgia did not allow ANY reference to square footage on listings. This policy was due to past lawsuits that involved discrepanies in the square footage number advertised in the mls and the actual square footage. So, long ago, the policy was set: Restrict any reference to square footage. And believe me, they did. We weren't even allowed to use a reference like: Nearly 3000 SF, almost 3000 SF, over 3000 SF...you get the picture. And, buyers from all over the country hated it!!

That was then. This is now. First Multiple List Service has finally kicked through all the legal mumbo jumbo and will now allow agents to advertise square footage on the listing. We will just need to reference the source of the number, like tax record, appraisal, etc. Finally!!!

New School of Pharmacy Opens this Year in Suwanee

2010-01-14T06:28:00.000-08:00

The Philadelphia College of Osteopathic Medicine has a branch campus in Suwanee. And they are opening a new School of Pharmacy in August 2010. Wow!

2009, THE YEAR IN REVIEW

2010-01-11T07:09:00.000-08:00

Highlights:

Our new Prudential Georgia Realty office opened at Suwanee Town Center in January
Valentine's Day Open House to thank past clients
Buyers had incredible Buying Power, interest rates are low and $8000 Buyer tax credit
Suwanee City Hall was completed, as well as rest of retail buildings
Spectacular Spring...not too much rain, just right temps
My Army son completed his Associate Degree and didn't deploy overseas this year
My teenage son got his driver's license in August (see lowlights too)
Sugar and Spice (my puppies) continue to add joy and love
Seller tax credit added in October
Extended buying season lasts into November, due to Buyer tax credit
Much less inventory on the market...good for sellers

Lowlights:

Short sales are the most dreaded transaction, for agents, buyers and sellers
Average sales price down about 17% from same time last year (Suwanee, Single Family)
My teenage son got his driver's license in August
Bank owned properties are often good deals for buyers, but must navigate thru the "our way or no way bank mentality"
Unprecedented flooding in the Fall wreaks havoc
Appraisal values continue to be nail biters (many appraisers not familiar with area due to new government rules)
Slower than normal summer buying season
Conventional loans harder to get
Much less inventory on the market by the end of the year...less choice for buyers, precursor for sellers market

Words to live by in 2010:

Life isn't fair, but it's still good.

Don't take yourself so seriously, no one else does.

However good a bad situation is, it will change.

Frame every so called "disaster" with these words: In five years, will this matter?

Lions and Tigers and Appraisals - OH MY!

2009-09-10T15:17:00.000-07:00

Appraisals are a real Bear these days.

Take our most recent experience (please).

Beverly's buyer was under contract to purchase for 230K. The appraisal (to the surprise of all) came in at 209K. Wow, a $21,000 difference!

The problem:

The comps used by the appraiser were valid, but it just so happens that most comps were foreclosures, which the appraiser is obligated to use in the analysis, particularly since there weren't any "traditional non stress comps". So, the seller has a choice - either adjust the price to the appraisal price so the buyer can get the loan, or just not sell to this buyer. Keep in mind, the next buyer may have an appraisal that comes in even lower. And, one more little known secret. IF the first appraisal was for a FHA loan, this FHA appraisal will be assigned to follow the property address for six months. The Seller would then have to sell to a conventional loan buyer in order to generate the new appraisal process. Do you know how many conventional loan buyers are out there? A conventional loan buyer must put 10-20% down vs the FHA buyer who puts 3.5% down. FHA buyers far outweigh the conventional buyer in this market and price range under about 350K.

Here's how we worked it out:

The investor seller agreed to adjust his sales price to 213K, which is still higher than the appraisal price but still allows a profit. The buyer agreed to pay all the closing costs, relieving the seller of the $4K obligation previously agreed and will pay the difference of appraisal price and sales price of 4K. The buyer has a net increase of $4200 after adjustments are made for difference in down payment amount, but will buy the home for 17K less than expected.

Win/Win for everyone. The neighborhood value is helped. The buyer will have a home. The seller/investor will move on to another investment. The lender, closing attorney, realtors, carpet company, granite installers, appliance company, general contractor, HVAC company and countless other related entities will all get paid. Don't try this with everyone. Reasonable buyers and sellers are required. (And a little BEE power!)

If the Crepe Myrtles are bloomin'..it's July in Suwanee

2009-07-23T16:53:00.000-07:00

Every July in Suwanee, I am treated to rows of these beautiful ornamental trees, called crepe myrtle's. They are often used in the medians of two lane roads like you see here. People love the way they look....I love the way they taste!

They come in lots of different colors...white, pink, rose, purple and lavender. I don't know the official names of the colors, but white, pink and red are the most common. I just saw a color a new color....a very deep, but bright red. I haven't tried that one yet, but white tastes the best. Beverly's favorite color is one I don't see often either. A rich vivid purple.

Birds like them too!!

They are also used as landscape accents like here:

If you see blooming crepe myrtle's, you'll know it's July in Suwanee!!!

Enjoy! I sure do.

Suwanee Did it Again

2009-07-13T15:08:00.000-07:00

Suwanee showed up again on Money Magazine's Best Places to Live List.....#35

I'm guessing, if you have to be on a list, this is a good one. Yep, #35 on Money Magazine's Best Places to Live. I'll vouch for that. Acutally, it's #1 on my list.

Can you see me in that famous Suwanee Town Center picture? I was there! Were you?

Georgia Driver's License Make Change

2009-07-10T15:45:00.000-07:00

Please see recent article below, dated 7/9/09 from Atlanta Business Chronicle:

According to the Atlanta BuPeach State drivers licenses are getting a makeover to prevent fraud. In fall, Georgia Department of Driver Services will issue new and improved driver’s licenses and identification cards. The new cards will combat document fraud and protect the identities of Georgia residents by using the latest credentialing technology, GDDS said.
The new licenses and IDs are designed to be more difficult to counterfeit, alter or replicate. The license will remain roughly the size of a credit card.

The new cards also have several security features including ghost photos, a laser-engraved signature over the primary photo to minimize alterations and a tamper-resistant coating placed over the card. The cards will have machine-readable bar codes that can be used by banks, retailers and other businesses to verify the information printed on the front.
Cards issued to those under 21 will be printed in a vertical format, aiding retailers and law enforcement in identifying minors.

New card production will begin at Conyers, Covington and Locust Grove in September. Statewide implementation of the new system is scheduled to take two months with all customer service center locations producing the new cards by the end of November.

All previously issued Georgia licenses and IDs will remain valid until the expiration date when they will be exchanged for a newly-designed card.

License and ID fees will not increase, and customers will still be able to choose between a five-year or 10-year license or ID.

Check out my future new license Hey! I don't have a license now, but I plan on taking my test soon......

REO-what does that mean to you?

2009-06-30T17:15:00.000-07:00

REO's Real Estate Owned Property...That's a bit boring, don't you think? In Beverly's world, REO references bank owned properties that weren't successful selling on the court house steps.

REO Speedwagon...now that's a lot more fun. Beverly and I went to this neighborhood get together and ran into, of all people, a backup drummer for REO Speedwagon!!

You couldn't be expected to know this, but besides Journey and Foreigner, REO Speedwagon is Beverly's all time favorite band. I know, I know, most Gen X'ers have no idea who I'm talking about. Find out how REO Speedwagon got their name....

Now that I think about it...why do I know these people as young as I am? Oh....because Beverly makes me listen to them.

Anyway, let's just say, Beverly was thrilled to run into a REO Speedwagon backup band member. And, in Suwanee, GA! You just never know who you will run into in Suwanee. Maybe, REO Speedwagon will play at the Suwanee Town Center Amphitheater.

Heard it from a friend...who heard it from a friend...who heard it from a friend...

Suwanee's North Gwinnett Top of the Class!

2009-06-16T11:21:00.000-07:00

Georgia had a total of 51 high schools that made Newsweek Magazine's "Best U.S. High Schools" list for 2009.

And, North Gwinnett High was at the TOP of the Georgia List at #212.

Yet another great reason to live in Suwanee, GA!!

Twelve of the 51 Georgia schools were in Gwinnett County. They are Berkmar, Brookwood, Central Gwinnett, Collins Hill, Dacula, Duluth, Grayson, Mill Creek, Norcross, Parkview and Peachtree Ridge.

Click here to learn more about the Challenge Index, the rating system used to determine the rankings.

Suwanee Town Center is sooo Earthy

2009-06-10T16:49:00.000-07:00

Whoaaaa!! There sure is a lot happening at Suwanee Town Center...restaurants, shops, real estate, new construction, kids playing in the fountain, insurance, dentists, City Hall, coffee shops, etc.

But it's the landscapers that got the attention today. Let's just say the fertilizer was breath-taking. In the words of Lynyrd Skynyrd...OOOO that Smell....can't you smell that smell. Yes, we can!!! And, we did. All of Town Center Park was "treated" today. I think we'll remember this for days to come....

D Day

2009-06-06T16:25:00.000-07:00

As we really enjoyed our beautiful, mild Spring day in Suwanee, we were compelled to call our favorite WWII veteran in Suwanee. As a matter of fact, it's the ONLY WWII Veteran we know in Suwanee, Mr Harold Humphries. Not only that, he's the ONLY WWII Veteran we know personally, anywhere. He's a special, fine man that Beverly has respected for many years, long before she realized he was a WWII Veteran.

We asked him what he was doing on D Day in 1944. We were excited to learn that he was safely back in the U.S., for about 30 days, while the USS Hornet, which he was stationed, was being cleaned and repaired, before she was sent back to her honorable duty. Thank you, Mr. Humphries, for your service. And, thank you for sharing your stories with us. It's truly an honor to know you.

You Might be a Suwanabee too!

2009-05-31T08:39:00.000-07:00

Ok...you don't have to look like me to be a Suwanabee. As a matter of fact, most people don't.

Beverly Hart, REALTOR who specializes in selling Suwanee real estate dreamed
me up about three years ago. I remember it clearly. She was sitting at her desk, thinking of marketing to people who want to live in Suwanee. Because if you wanna live in Suwanee, then you wanna BEE in Suwanee, so you're a Suwanabee. Remember, Beverly speaks Southern. I know, it's a little complicated, but that's how I was born.

And, if you already live in Suwanee, You're a Suwanabee!! Simple, right? Click here to see what makes Suwanee so special.

What's a Suwanabee???

2009-05-30T17:12:00.000-07:00

I get this question a lot. Most people think it's me...THE Suwanabee.

There's a difference between THE Suwanabee and A Suwanabee.

Clearly, I'm THE Suwanabee....cute, huh?

And, I love Suwanee, GA!!