SUWANEE TALK!: Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty)

 We are off and running. January, 2010 is now just a distant memory. And, for the Atlanta real estate market, January, 2010 left behind the lowest number of closings in a month during the past nine (9) years (Steve Palm/Smart Numbers, Marietta GA January 2010 Agent Report).

And, the foreclosure market in Atlanta seems to be taking a break. We saw just over 8100 foreclosure filings for the month of January. Seems hard to imagine that we see that figure as good news. Gwinnett County came in second with 1,196 foreclosure fiillngs according to Realty Trac.  And, according to Steve Palm with Smart Numbers we will see l00's of new construction foreclosed condos hitting the Atlanta market during 2010. Despite this news, the predictions are we are likely to see foreclosures take a back seat to short sales. It is a tedious and time consuming process when you make the choice to place an offer on a short sale property; however, we will see changes during the second quarter this year on how short sales are handled so with any luck the change will bring about a more expedient and stream lined process....we can only hope.

Here is a look at January, 2010

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Smart Remodeling Investments still pay. I was on the phone with a customer of mine yesterday who purchased a home last year. It had an unfinished lower level and needed some TLC. He had an expanding family and needed to maximize living space. He finished the lower level, invested in a new HVAC system for the lower level, and modestly updated a kitchen and bathroom. According to a recent market analysis, he appears to have increased the value of his home close to the dollars he spent on improvements.

Investors know that remodeling pays but you have to be smart about where you spend your dollars. According to this year’s Cost vs Value Report by Remodeling magazine, the best return on your investment often comes from  the most logical and utilitarian choices. Adding more livable space, inside or out, appears to add the most bang for your buck. Putting on a deck, finishing an attic space into a bedroom, finishing a basement, a md range kitchen remodel, residing and putting in new windows as well as something as simple as putting in a new front door, topped the list for return on investment. Every Realtor will tell you that next to location, curb appeal and home condition are the most critical factors in getting the most for your house when the time comes to sell. 

You can find the report at:

Remodeling: Cost vs. Value

Thank you to Ron Draluck/Certified Mortgage Planner - Fidelity Mortgage for allowing me to reprint his article on my blog.

The process of purchasing a home is an exciting time, but one that may bring additional responsibilities into your life. Many homes may need renovations or inspections, especially in areas that are susceptible to natural disasters. Having the assistance of an experienced and reliable Georgia real estate agent will make this process smooth and stress free. Some older homes may still contain obsolete building materials. Citizens of this great state are striving to move to a green lifestyle, advocating environmentally sustainable methods to be used throughout the state. Building or remodeling your homes with Eco-friendly materials can lower utility and water bills, higher real estate value, purer air quality, reduced waste sent to landfills and conservation of natural resources. Asbestos & Healthy Tips Asbestos is a fibrous mineral that was used in construction applications for the greater part of the 20th century. Often appearing as insulation, piping, roofing and flooring, homes and buildings could still contain asbestos materials if they were built prior to 1980. This form of insulation is swiftly becoming obsolete because of environmental awareness and new protocols. Prior to moving into your new home or apartment, if you locate any suspected asbestos in the home, most experts suggest leaving it un-disturbed until a home inspector can examine your property, take evaluations and determine the safest course of action. Sometimes the best action is no action at all. Disturbing asbestos in good condition may cause its fibers to be released into the air. The removal of asbestos must be undertaken by a professional abatement contractor who is trained in handling dangerous materials. Exposure to this material can lead to the development of mesothelioma, a lung ailment associated with asbestos exposure. For this reason, many people refer to it as a silent killer. Green Building Each and every human being would like clean air to breathe and crisp water to drink. It takes a lot of effort and political advocacy to achieve this on a macro level. The implementation of Eco-construction, green energy solutions will play an important role in the transformation to a healthier and sustainable world. There are many green, Eco-friendly materials that replace the need for asbestos and can reduce energy costs annually. These include the use of cotton fiber, lcynene foam and cellulose. Cotton fiber is quickly becoming a favorite for home builders and renovators. Made from recycled batted material, it is also treated to be fireproof. Research has demonstrated that the use of Eco-friendly insulation alternatives can reduce annual energy costs by 25 percent. Implementing green methods of building can have positive environmental, health and economic benefits. These include: Conservation of natural resources, enhancement of air quality, energy sustainability, increase property value, improve quality of life, improvement of pulmonary/cardiac health and reduction of waste.

This article has been provided and published with the express permission of Joe Lederman, Mesothelioma Center.

Located about 30 miles north of down town Atlanta, Suwanee GA has become nationally recognized as one of the best places to live in the United States.  The City of Suwanee has worked diligently over the past several years to create a very family-oriented community - and, they have succeeded. However, the City of Suwanee, like everywhere else, has not been untouched by the down turn in the housing market. The real eye opener came as I prepared this report and looked at the total homes sold in 2009 vs. 2007....a drop in units sold of 71%!!

And as "fun" as it is to look back at where we once came, it is important to spend more time looking forward. So as we open the door and welcome in 2010, we will no longer be a stranger to the foreclosure market. And, as real estate agents, most of us will be better prepared to take on the foreclosures now scheduled to hit our market in the next few months.

And the optimist in me tells me that the worst is behind us. No! I don't think property values will bounce back in the next year or so; but, we will eventually see the foreclosures absorbed and the housing market return to a "new" norm. But until then I believe Suwanee, like so many other places, will put their best foot forward and we will ride the peaks and valleys that lie ahead of us together.

Come to my house:
MySuwaneeHome.com

We close the door on 2009 and from my perspective if you are still in the real estate business you deserve a HUGE pat on the back. It was tough out there, but houses were selling. It became a huge dose of reality that if you wanted to survive you had to learn a new way of working AND be diligent. Equally I think this business has proven, at least for me that you never know it all – no matter how long you’ve been a Realtor®.

If you were a Seller during 2009, the year was probably an eye opener for you as well. Foreclosures dominated our market throughout the year and prices did plummet. And if you were a Seller fortunate enough to have good equity in your house like we do, then the depressed market values probably did not have the same emotional impact on you as the Seller who HAD to move and had very little equity in their house. To say MANY Sellers sold their houses in 2009 for LESS than what they purchased them for would be an understatement. And if you listed your house AT MARKET, you probably were in the statistics for EXPIRED listings.

Now if you were a Buyer, what was not to like? You were the beneficiary of great interest rates, so many homes to choose from that you could walk away if Seller #1 didn’t accept your original offer - knowing you could move on to Seller #2…and, sometimes even Seller #3…….  AND...benefit from the Georgia $1800 tax credit. Home pricing would have made any buyer giddy! And let’s not forget if you were a First Time Home Buyer you may have also been the recipient of the Fed’s $8000 tax credit.  Another reality was many Buyers looked more for "the deal" than the Buyer who was emotionally attached to the home they chose to place an offer on. Quite different from years gone by.

Let's take a look at how December closed out our year for the Atlanta real estate market:

What’s ahead of us for 2010?

• Rumor has it that another round of foreclosures will be out this spring
• Short sales will become an even more “normal” way of doing business.
• And if you have enjoyed low interest rates you will still continue to enjoy the lower interest rates but not the rates that have been with us for the past couple years (or more).
• Predictions are that we will see interest rates tick up a couple percentage points. 
• We will see changes in FHA loans this spring
• The end to the tax credits So let’s see how we closed out the year for 2009

Come to my house:
MySuwaneeHome.com

Market Reports for 2009

The good news for November was the increase of 27% in units closed. This follows October with a 13% increase. All good news. I don't think we can call this an upswing in our real estate market nor the beginning of good things to come. More to the truth would be the "anticipated" end to the First Time Home Buyer Tax Credit - indicated by the Average Sold Price.

I anticipate the numbers for December will be lower; but I do think we will see an early spring selling season. The extended $8000 First Time Home Buyer Tax Credit; and, the $6500 Seller Tax Credit in play until April 30, 2010 should surely encourage those buyers (and, some sellers) who have been sitting on the fence, to take the leap! Interest rates still are historically low. What's not to like!

Come to my house:
MySuwaneeHome.com

I've often talked about the City of Suwanee as being a live, work and play community.  And in order to create this sense of community,  the citizens of Suwanee have worked alongside the Suwanee City Council over the past several years to create everything from city parks to the re-establishment of Historic Suwanee, to the establishment  of the Suwanee Town Center.

The Suwanee Town Center was envisioned as being the city's landmark while at the same time creating a gathering place for the community as well as visitors coming into Suwanee. And, as the finishing touches were being applied late this year to the new, picturesque Suwanee City Hall, Suwanee was the recipient of the  2009 Development of Excellence by the Atlanta Regional Comission (ARC).

The award is given in recognition of developments which demonstrate "how great design can create a positive framework for the future."  (CrossRoads, December 2009, Pg 3).  Recognition also went to the developers.

Once again Suwanee covets another award for their excellent work!!

CONGRATULATIONS SUWANEE GA!!!!

**Watch for the opening of the Suwanee Community Garden. Volunteers have
already started preparing the land for all you gardeners out there. Located off
Buford Hwy. between McGinnis Ferry Road and Lawrenceville-Suwanee Road.

Suwanee City Parks
Suwanee Town Center Shops and Restaurants

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MySuwaneeHome.com

As usual I am a bit behind the 8 ball on this report; but I always figure late is better than never.

Looking in the rear view mirror at October 2009 and a recap of the October, 2009 report by Steve Palm/Smart Numbers it would appear the month of October provided the strongest year-to-year percentage increase in Atlanta home sales closings since May, 2006.

And the bright, shining light? The Atlanta market housing inventory levels continue to drop giving indications of an improvement in the housing market; but it is my opinion that as long as unemployment stands at 10.2% a continued uptick in the Atlanta housing market may be difficult to sustain.

LET'S TAKE A LOOK AT THE ATLANTA MARKET FOR OCTOBER 2009

All Atlanta Market Reports  

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My Suwanee Home.com

I was at a seminar recently. Among many topics, was of course, the subject of market conditions for Atlanta in 2010.  And, as you can imagine, the opinions were mixed. Opinions ranged from a  50/50 chance the recession will turn around (safe bet!) to the possibility of a double dip recession.

Other projections included:

• Interest rates will remain level but rise slightly by the end of 2010
• Home prices will remain flat
• The sweet spot for home sales:  $400,000 and under
• Condo inventory will finally become depleted but at the expense of price slashing
• S-L-O-W new home starts.

Here are the current stats for September 2009 vs. September 2008

Foreclosures in our Atlanta market still tend to capitalize our market; but, short sales seem to be making a strong showing. Unfortunately, due to the unregulated handling of short sales, they still tend to be a lot of work and require an enormous amount of patience - with no guarantee.

For more market reports for our Atlanta market, please visit my webiste:  MySuwaneeHome.com and click on "Janice's Blog".

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The $8000 Tax Credit was set to expire on December 1st 2009.  We are happy to announce that both the Senate and House have passed an extension and expansion of the Home Buyer Tax Credit.  The bill is now signed by the President and is official!  This is great news for buyers and sellers of real estate in metro Atlanta and north Georgia.     

Overview Of The New Home Buyer Tax Credits:

•  The $8,000 1st Time Home Buyer Tax Credit Is Extended.  Binding contracts must be executed by 4/30/2010 and closed by 6/30/2010.
• New $6,500 Tax Credit Is Expanded For Trade-In Or Move-Up Buyers.  The Buyer must have lived in their current residence for 5 of the past 8 years and must live in their new residence for a minimum of 3 years after the purchase.
• Income Limits Are Raised To $125,000 ($225,000 Joint).  There are phased out credits for incomes up to $20,000 in excess of these limits.
• Eligible Home Purchase Prices Are Limited To $800,000.  This is a new addition to the previous bill.
• 2010 Purchases Could Apply For 2009 Tax Returns.
• No Repayment If Home Is Main Residence For 36 Months.
• The 36-Month Provision Waived For Active Military Moves.
• The IRS Will Impose New Anti-Fraud Oversight.

The new trade-in or move-up tax credit is estimated to apply to over 70% of real estate buyers.  There is no requirement to sell your current home - just to make the new home your principal residence for 3 years.  That allows current homeowners to rent their former residence and buy while prices are still low. It also allows buyers to purchase a pre-sale if it can be completed and closed before June 30th 2010.  These are just a few of the new possibilities that are now available for buyers in metro Atlanta and north Georgia.  

• These low prices and mortgage rates will not last forever! 
• Are you ready to "move up" to the home of your dreams? 
• Are you ready to simplify and "trade in" your current property for a lower maintenance lifestyle?   

Please Contact Me To Understand The Opportunities Today!

Information deemed to be accurate but not warranted.  If your home is listed with another broker, this is not intended as a solicitation. 

Come to my house:
MySuwaneeHome.com