SUWANEE TALK!

MARKET TRENDS

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Thu, 10 May 2012 10:49:47 -0700

Real estate market trends are hard to keep up with. It is difficult even for those of us who work in the industry to grasp exactly what to believe and not to believe unless we do the research for ourselves. Recent reports indicate there are major cities around the nation who are beginning to see property value increases! That is great news. I can’t say that we are having that experience in our metro Atlanta market; however, there are pockets of areas where property values are on the upswing. With that being said, here is some news you may really like if you are a seller who has been sitting on the sidelines the past few years. Have you been maintaining your home over the years? Have you kept it updated? Do you have some equity in the house despite the depreciation we have seen over the past 4-5 years? Do you think your house is a diamond in the rough compared to the short sales and foreclosures that have dominated our market? Well hang on to your hat!!! NOW may be the best time to put that for sale sign in your yard. Inventory levels are at an all-time low. As a result, if you are the seller who is not a short sale and your home is priced correctly and shows well…..YOU are getting multiple offers. We are seeing it over and over again and it is only MAY! So…..Mr. and Mrs. Seller if you have been waiting – WAIT NO MORE! Not only is this a GREAT time to sell your house but you will enjoy the unbelievable, ridiculously low interest rates and still enjoy the value of the buy on the other side. Wait no more!!!! CALL! And, get that for sale sign in the yard. Believe me when I say, “My husband and I are heeding the market and put a sign in our yard just last week.” Run don’t walk to that phone….CALL ME NOW!!!!!

SUWANEE GA - APPRAISAL'S in TODAY'S ATLANTA REAL ESTATE MARKET

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Fri, 20 Jan 2012 12:10:53 -0800

Don't blame the real estate appraiser if the house you're trying to sell or buy isn't worth what you thought it was. Don't shoot the messenger said Appraisal Institute President Sara W. Stephens. Stephens went on to say buyers and sellers often have emotional value attached to a home or are unaware of the market. Stephens pointed out that appraisals completed for mortgage transactions are used to assist lenders in making lending decisions and are not intended to confirm a listing, contract or sales price. Theres no reason to assume the contract price is the correct price. Appraisers dont set the real estate market; they reflect whats happening in the market.
Today the law prohibits the loan officer from talking to appraisers or selecting the appraiser. However, experienced and competent appraisers know how to adjust properly when factoring in foreclosed and/or distressed properties against a subject property. Whether you are buying or selling, when you engage a REALTOR to assist you with your real estate transaction, a comparable market analysis should give you the proper guidance on where to price your home if you are listing; and, help you determine a fair offer price if you are the buying.

Visit: MySUWANEEhome.com

Source: RisMedia

GWINNETT COUNTY; SUWANEE GA - LOCAL ELECTIONS (SUNDAY ALCOHOL SALES)

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Fri, 11 Nov 2011 16:35:55 -0800

November 1, 2011 gave local voters the opportunity to have their voice heard as they cast their ballot for local city mayoral elections in Gwinnett County as well as giving voice to a couple other issues. Among those items to be determined by voters included:

Extending the ESPLOST tax for Gwinnett County schools
Sale of wine and beer on Sundays
Suwanee Mayor

Perspectives on whether the SPLOST tax for the schools should be extended vary. With the economy struggling and Atlanta's unemployment over 9%, some wonder how you can continue to squeeze blood out of a turnip. However, to maintain the quality school system that Gwinnett County currently is recognized for how can you put an end to the tax? Those questions were put to rest as voters went to the polls on Tuesday. The extension of the SPLOST tax won by 60%. With about 14% of registered voters going to the polls, a total of 30,955 people voted "yes" while 20,277 people voted against it. The extension of the tax is projected to bring approximately $876 million dollars to the school system for technology, building of schools as well as make renovations over the next five years.
Anyone who lives in Suwanee - especially for a long period of time, can attest to the fact that the City has done an amazing job of making Suwanee one of the most desired places to live in the United States. Of course in order to make that list, it did require.....tax increases over the years. However, when I look around and see my tax dollars at work creating a beautiful Town Center, four very popular city parks I am more than happy to contribute to that success through my annual property tax bill. I am sure, however, this perspective probably is not shared by all. The majority of Suwanee residents love their city; and, overall have been happy with the live, work and play environment that has evolved over the past 20 years or more. And it looks like Jimmy Burnette, born and raised in Suwanee, will be able to keep the momentum and trend going as he won the election by obtaining 876 votes; and his opponent, Dan Pittman, took 454 votes.
When visiting Atlanta, it is suprising to visitors to see that beer and wine is not sold in stores on Sunday. A law that has kept alcohol sales from being sold here in the Gwubbett County came to an end on Tuesday - for the individual cities. Thirteen (13) cities had the beer, wine referendum on the ballot. As the title read on the front page of the Gwinnett Daily Post Wednesday morning, "SUNDAY SALES SAILS". Suwanee voters sent a resounding message to have Sunday sales of beer and wine by a vote of 1023 (yes); and, 341 (no). With the exception of Lilburn, most of the other cities adopted ordinances when they placed the measure on the ballots. In these cities, you can expect to pick up your favorite bottle of wine or your six pack of beer within a week and a half. For those living in unincorporated Gwinnett County you may have the option to have your voice heard in March, 2012.

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METRO ATLANTA REAL ESTATE MARKET REPORT - September 2011

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Tue, 08 Nov 2011 14:58:36 -0800

National Home Builders Association came out with their Market Index Report on November 7, 2011. A total of 30 U.S. cities made the list of improving housing markets compared to only 23 cities in the previous report. Unfortunately, none of Metro Atlanta's cities made the list.
According to a report out from Steve Palm/Smart Numbers (Marietta GA) units closed for the month of September was up, inventory levels are down; and still - home prices continue to struggle.

AVERAGE SALES PRICE
(DETACHED - Single Family)
September 2010 vs September 2011

Inventory levels in September 2011 took a dip as many analysts have said. Metro Atlanta homes on the market in September 2011 dropped 5 percent compared to September 2010.

AVERAGE PRICE per SQUARE FOOT
(DETACHED- Single Family)
September 2010 vs September 2011

No real surprse here. Homes sold in September 2011 saw a decrease in the price per square foot by 11 percent compared to one year ago.

AVERAGE DAYS on MARKET
(DETACHED - Single Family)
September 2010 vs September 2011

Home values struggle as foreclosures and short sales continue to play center stage in our Atlanta real estate market. Coupled with the low interest rates, homes are sitting on the market for a shorter period of time compared to a year ago. September numbers indicate a 4 percent drop for days on market compared to one year ago.
You can also see by the chart, although analysts don't see much improvement in our housing prices; the list to sale price is actually improved with an 11% increase compared to one year ago.

MONTHS of INVENTORY
(DETACHED - Single Family)
September 2010 vs September 2011

Holding true to other reports, this graph tells the same story. Inventory levels are dropping which may also explain why the list to sale ratio is improving. With less houses to choose from, banks and home owners alike are able to get close to their asking price. With a 32% drop in months of inventory September 2011 reflected only 8.2 months of inventory compared to 12 months of inventory one year ago.

Graphs are created from and with permission of Trendgraphix, In.c Data is collected from FMLS (First Multiple Listing Service) and includes only those Metro Atlanta counties which list within the FMLS.

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METRO ATLANTA - REAL ESTATE GAB - NOVEMBER 2011

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Wed, 02 Nov 2011 13:23:44 -0700

REAL ESTATE GAB - Keeping up on today's real estate market isn't easy. However, monthly MySUWANEEHome, provides updated information in multiple medias to help keep you informed. Real Estate Gab is a monthly real estate newsletter with market statistics for the Metro Atlanta area; plus articles to help you be an informed buyer or seller. Hope you will enjoy this month's issue of Real Estate Gab. Please feel to email me with comments and/or ideas of what you would like to see in feature issues.

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Where Are Home Values Headed For Metro Atlanta?

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Wed, 26 Oct 2011 15:44:24 -0700

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.

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METRO ATLANTA - Housing Market Really Improving?

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Tue, 25 Oct 2011 11:07:46 -0700

A recent article out by Rismedia indicates there are a few indicators showing there is some improvement in our housing market - although regionally.

15% increase in September housing starts
Increase in mortgage applications

I think it would be safe to say, with regards to our local Metro Atlanta market, housing prices are beginning to stabilize thus taking us out of the "declining market" status. Additionally, in some metro counties, we are beginning to see a gradual increase in new housing starts from some of the nationally recognized builders like Ryland Homes and Beazer Homes. The markets that continue to struggle, according to the article by Rismedia, is Oregon, Washington and California.

Want to read more?
Housing Starts Rise in September
MBA Shows Mortgage Applications Increase

Source: Rismedia - Multiple Signs Point to Rebound

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METRO ATLANTA - OCT 2011 - FORECLOSURES - GWINNETT RANKS AT TOP

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Wed, 19 Oct 2011 11:30:09 -0700

Realty Trac released new reports week-ending October 15. Their current report shows Georgia fourth in the nation for foreclosures. Their numbers include default notices, auctions and bank repossessions. Notably, due to missteps by lenders, foreclosure filings have been artificially down during 2011. However, lenders have worked to correct their processing of potential mortgage defaults; and as a result, it is likely we will see an uptick in foreclosures nationwide in coming months.

Currently one in every 121 homes shows a foreclosure filing in Georgia; with one in 89 homes in Metro Atlanta showing a foreclosure filing. Foreclosure notices for October is up 16% compared to September. As a non-judicial state, homes are sold on the court house steps in Georgia the first Tuesday of each month.

Foreclosure rankings for the Metro Atlanta area county by county
(highest to lowest)

1)   Gwinnett - 1,889
2)   Fulton - 1,632
3)   DeKalb - 1,377
4)   Cobb - 977
5)   Clayton - 750
6) Henry - 527
7)   Cherokee - 363
8)   Douglas - 315
9)   Forsyth - 256
10) Hall - 252
11) Rockdale - 217
12) Bartow - 155
13) Fayette - 135

ATLANTA GA - OCTOBER 2011 REAL ESTATE MARKET NEWSLETTER

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Mon, 17 Oct 2011 11:29:57 -0700

REAL ESTATE GAB - Keeping up on today's real estate market isn't easy. However, monthly MySUWANEEHome, provides updated information in multiple medias to help keep you informed. Real Estate Gab is a monthly real estate newsletter with market statistics for the Metro Atlanta area; plus articles to help you be an informed buyer or seller. Hope you will enjoy this month's issue of Real Estate Gab. Please feel to email me with comments and/or ideas of what you would like to see in feature issues: Email Janice

Looking for more real estate market information? Click on the map or link below

REAL ESTATE NEWSLETTER & MORTGAGE CENTER

METRO ATLANTA UNEMPLOYMENT AND ITS EFFECT THE LOCAL REAL ESTATE MARKET

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Wed, 12 Oct 2011 15:36:20 -0700

A recent report out by Rismedia shows the U.S. economy added more new jobs than was expected. Despite the 9.1 percent unemployment rate, the unexpected news coupled with the uptick in corrected employment gain numbers for the previous two months caused the mortgage rates to tip the mortage rate ladder back up over 4 percent after buyers enjoyed mortgage rates of 3.94% the first week of October.
The most recent unemployment numbers for the Metro Atlanta area, however, remain higher than the national average at 10.4 percent. The struggling employment market in the metro area is having a profound effect on our real estate market as well.
The most recent housing numbers for Metro Atlanta (August, 2011) show closed units up with a total of 4,725 total single family homes closed. This is up 30% from one year ago. However, home values continue to struggle with the average sales price for August 2011 at $178,232 compared to $203,459 - a 12% decline in property values.
My most recent post (10-11-11) talked about a 16% increase in foreclosure notices for the month of September with Gwinnett County leading the pack (once again).
Without question, current year trends show that a few things will have to happen before the Metro Atlanta real estate market will be robust again: People are able to find jobs; foreclosures are absorbed and short sales become a distant memory.

Real estate sales data is courtesy of FMLS (First Multiple Listing Service) and includes only those counties in Metro Atlanta who list in the service.

More Reading:
Jobs Report Lifts Rates Above 4 Percent
Metro Atlanta Unemployment Rate Increases

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METRO ATLANTA - OCTOBER 2011 FORECLOSURES

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Tue, 11 Oct 2011 14:31:23 -0700

October foreclosures for Metro Atlanta is up 16% over September 2011. A total of 8,845 foreclosure notices went out compared to 7,634 notices sent out in September. Gwinnett County once again leads the area counties with the most foreclosure notices sent with a total of 1,889 notices.
According to an article by Christopher Quinn (Atlanta Journal-Constitution) approximately 70 percent of the notices sent out in October had "run in a prior period."

To read more: Metro Atlanta Foreclosures Rise Again

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Metro Atlanta - Suwanee GA - Real Estate Gab September 2011

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Sat, 17 Sep 2011 09:12:56 -0700

REAL ESTATE GAB - Keeping up with today's Metro Atlanta real estate market, as well as the surrounding areas, like Suwanee, isn't easy. However, my monthly issue of Real Estate Gab provides updated statistical market information about Metro Atlanta and the counties of: Gwinnett, Forsyth, Fulton and Hall; plus articles to help you be an informed buyer or seller.

Hope you will enjoy this month's issue of Real Estate Gab. Please feel to email me with comments and/or ideas of what you would like to see in feature issues: Contact Janice

Looking for more real estate market information? Click on the map or link below

REAL ESTATE NEWSLETTER & MORTGAGE CENTER

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ATLANTA REAL ESTATE - The Lowest Mortgage Rates In Our Lifetimes!

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Fri, 26 Aug 2011 15:17:37 -0700

Clark Howard recently stated that we are now seeing the lowest mortgage rates that we will ever see in our lifetime! And he is right. In August, mortgage rates dropped below the lows of November 2010. On Tuesday, August 23, The Freddie Mac Primary Mortgage Market Survey reported that the 30-year fixed rate averaged 4.15% which was down from the previous week average of 4.32%. On August 9, the Fed also announced that the federal funds rate would remain near zero through at least the middle of 2013. That is the rate that banks use to borrow funds which helps ensure that general lending rates will remain low for an extended period. But remember, that the federal funds rate and mortgage rates are different. Yes, this will help have influence on keeping mortgage rates low. But there are other economic and legislative factors to watch.

For example, the pending financial reform legislation is expected to add additional fees and capital requirements to mortgage providers. The only way they can adjust is to increase rates to offset those higher costs. The pending Qualified Residential Mortgage legislation also proposes increasing the down payment requirement to a minimum of 20%. After Labor Day, Congress will be back in session and these issues will be political hot potatoes.

Our Atlanta real estate market continues to be very active. In July, SmartNumbers (Marietta GA) reports that the market was up 25.6% in closings versus July of 2010. Are you or someone you know considering buying or investing? We have an unprecedented situation right now – the Atlanta market has incredibly low housing prices coupled with the lowest mortgage rates in our lifetimes. But this will not last forever. Remember in 2009 when the Dow Jones index was 6,600? Remember, when Apple or Google stock was really cheap? Wealthy people make money from buying low and selling high. Ten years from now, many will look back and see the “missed opportunity” to have bought real estate while prices and financing were low.

It goes back to what I said over 2 years ago, if you are straddling the fence....

NOW is the time to take action before rates go up and housing prices begin to rebound!

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Metro Atlanta GA - How Do You Determine Home Values?

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Thu, 25 Aug 2011 13:07:13 -0700

METRO ATLANTA VALUES PEAKED IN JULY 2007

CURRENT VALUES DOWN 27.93%

It can be very confusing these days with lots of real estate news on television, in the local papers and posted online. So how do you determine what your home is really worth or a home you are considering purchasing?

The traditional metrics that track the real estate market include things like “average sale price” or the “median price” which is the price in the middle of the group. These are good reflections of what is being sold but often poor reflections of the values for homes. In 2011, SmartNumbers reports that almost 50% of properties sold are under $100,000. The normal distribution of homes in this price range is around 10-15%. This abnormal distribution skews the average prices and median prices much lower.

Another method of estimating values is the Case-Shiller Index which uses repeat sales. That is a more accurate measure of home values. The latest Case-Shiller Index reflects that home values are down 27.93% from their peak of July 2007.

Another index that we like is the FNC Residential Property Index. This index uses a combination of market data and appraisal data used in loan originations. The index also shows that July 2007 was the peak for Metro Atlanta. RPI shows that Metro Atlanta home values have dropped 33.88% from the peak. Both these indexes report on Metro Atlanta.

But we all know that real estate is local. Values and trends in local markets will vary. So in trying determine the value of your particular home you must have access to very detailed local (city, neighborhood) information and insight which can help you determine the most accurate values so you can make the best real estate decisions.

Despite the numbers, homes are selling. When you take the time to become informed, take time to plan...success can be yours in spite of the "numbers."

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ATLANTA REAL ESTATE MARKET - JUNE 2011 vs JUNE 2010

Janice Slaven, Suwanee Georgia Real Estate (Prudential Georgia Realty) — Wed, 20 Jul 2011 10:58:28 -0700

ATLANTA REAL ESTATE MARKET REPORT
(JUNE 2011)

Despite what you may be feeling, economists are beginning to paint a rosey picture for the housing market. Freddie Mac expects housing sales to out pace 2010 homes sales by 3 to 5%. I would say sales the first half of 2011 do appear to be steady, but when you start looking at the average sales price.....ah! Not so much to get excited about. Gwinnett County average sales price was down 21% from one year ago while neighboring Fulton County was up 7%. Home sales are predicted to continue on the up tick through 2012 although mortgage rates will continue to keep the pace a bit shaky rising to a projected 5.5% by the end of 2011 and 6% in 2012.

Source:
"Housing and Economic Forecast Points to Rising Activity" Realtor.org (May, 2011 by Walter Molony)
"Housing Market Expected to Follow Overall Economy" Realtor.org (Krista Franks July 18, 2011)

NUMBER OF HOMES
SINGLE FAMILY DETACHED
June 2010 - June 2011
(Data: FMLS)

The number of homes on the market in June 2011 is down 17% over last year; but homes pending is up 56% so one could surmise that inventory levels are leveling out while buyers are taking advantage of pricing and interest rates.

AVERAGE PRICE PER SQUARE FOOT
Single Family Detached
June 2010 through June 2011
(Data from FMLS)

The Atlanta housing market has been removed from the "depressed" market category by most lenders. However, there are still some areas of Atlanta that are still considered declining and this does have an impact in loan down payment requirements. It is important to know before you buy if you are looking in a depressed area or not. Once again you can see the average price per square foot for the month of June is down 5% over one year ago. However, what IS exciting, looking at this graph, is the Atlanta market has been trending upward since the first of the year. We are up 14% since January of this year.

AVERAGE DAYS ON MARKET
SALES PRICE vs ORIGINAL LIST PRICE
Single Family Detached Homes
June 2010 through June 2011
(Data from FMLS)

WOW! You can't help but like these numbers. The average days on market for June 2011 is down 27% from one year ago. That is very happy news for any home owner trying to sell. Couple that with the fact that although we are not where we once were, the list to sale price has held fairly steady compared to one year ago at 89% sale to ORIGINAL list price. There was a slight tick downward towards the end of 2010 but overall you can see stabilization taking place.

MONTHS of INVENTORY
Single Family Detached Homes
June 2010 through June 2011
(Date from FMLS)

The stabilizing of inventory levels will continue to help home values but not enough to give any of us the green light indicating a full blown housing recovery. With uncertainty in the economy, high gas prices and...for Atlanta continued high unemployment, it is difficult to see much improvement. Until many of the economic indicators start to improve, it is my opinion we won't have much to get excited about in our local housing market...EXCEPT the INTEREST RATES!

Graphs created with permission from Trendgraphix, Inc.