Category Archives: Real Estate

Real Estate

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This Month in Real Estate – June 2014

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This Month in Real Estate – May 2014

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This Month in Real Estate – Apr. 2014 (VIDEO)

2013 Home Sales Very Strong

According to the National Association of Realtors®; existing home sales (called re-sales) for all of 2013 were the highest since the boom year of 2006.  In all, there were over 5 million sales in 2013, which was over a 9 percent increase from 2012.

The median home price for 2013 nationally was $197,00 which was an 11.5 percent increase from 2012.  It was the strongest gain since 2005.  The percentage of short sales and foreclosures as a part of all sales dropped by half over December 2012.  The increasing median price is partly fueled by the lack of these distressed properties pulling down prices.

Lawrence Yun, NAR chief economist, said housing has experienced a healthy recovery over the past two years. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” he said. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population.”

Homeowner Association Votes Against Rentals – Smart ??

I’ve heard lately of a number of older Homeowner Associations (HOA’s) voting to reduce or limit for the first time, the number of homes in a community that can be offered for rental.  The impetus behind this movement is to stave off the slide of home values perceived by having rental properties in the neighborhood.  However, I have personal experience with a client where this has had an unintended consequence.

In my client’s community, she needed to sell her home, but owned more on the property than the market would bring.  She got on the waiting list to rent her home, because there were already too many rented in the neighborhood as per the local covenants.  While she was “waiting”, she purchased another home and moved because of a job change and marriage.  After being unable to sell the home (because of market) or rent the home (because of HOA rules), she just chose to let the home go back to the bank.  Of course, the foreclosed property hurt local values much more than a rented property.  So, that could be the double-edged result of being “smart” about rental limits.  Choose carefully, HOA boards.  If you need some expert advice, I’m always available to give you the local numbers.

Home Warranties – Good for Buyers & Sellers

If you’re selling your home, it’s a good idea to offer a home warranty.  If you’re buying one, it’s a good idea to have a warranty.

Top Subdivisions in Sales for 2011

I was curious about the top selling mid-range communities in Forsyth County, so I ran a search in FMLS for subdivisions in Cumming, Georgia with home sales during the 2011 calendar year, having 4+ bedrooms and selling between $200,000 and $400,000.  Here’s the top 5 (with ties):

1) Windermere – 15 Sales

2) Fieldstone (all sections) – 13 Sales

3) Polo Golf & Country Club (all sections) – 11 Sales

3) Thorngate – 11 Sales

4) Evans Farm – 10 Sales

5) Green Summers – 9 Sales

5) Jamestown – 9 Sales

Each of these communities had foreclosures and short sales as part of the volume.