Tag Archives: georgia

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.”

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.

This Month in Real Estate – Dec. 2011

This Month in Real Estate – Nov. 2011

This Month in Real Estate – Oct. 2011

Are Buyers Waiting in the Weeds?

I’ve been watching something the last 60 days that I’ve personally decided may be a trend here in Cumming, Forsyth County, Georgia.

I’ve noted several examples of this phenomenon, but I’ll use one property as an example.  I listed this two-story, late 90’s build home with a finished terrace level last September for $365,000.  The home is very well maintained, has a great back yard with both a sun deck and a screened porch.  The owner told me that they wanted to go ahead and get on the market, but really wasn’t going to be motivated to sell until Spring 2011.  After a few showings, we reduced the price to $350,000 sometime in late 2010.  All through the listing period, the property received at least one showing a week, with a little lull during the Holidays. 

The only negative about this property is that it has a steep driveway up to the garage entrances, which I pointed out during the listing appointment and was confirmed from showing feedbacks.  After looking at our local market trends (prices still moving slowly downward), recent sales (very few) and the competition, I counseled my client to go ahead and drop the price to $340,000.  That goes against my personal philosophy of pricing homes at specific price points, such as at $350,000. 

(As an aside, buyers search from $325k – $350k or $350k to $400k.  A price at $340k would cause us to miss buyers starting their search at $350k.  That’s why I try to price property at search points.)

So, I dropped the price on Sunday morning.  Since that time, I’ve had one showing each on Monday – Wednesday and two showings today (Thursday).  I’m fairly convinced, but with fingers crossed and a rabbits foot in my pockeet, that we will get this property under contract shortly.

So, what’s the trend I mentioned at the beginning?  Buyers seem to be reticent to physically view a property until the price hits what they believe to be either fair or a sllight deal.  Otherwise, they are just flat skipping equity-seller properties and sticking with foreclosures and short sales (which represent about 50% of the sales in Forsyth County). 

Changes to FHA Mortgage Insurance Premiums

The Federal Housing Administration (FHA) will be increasing their Mortgage Insurance Premiums (MIP) by 0.25% on all 15 and 30-year loans.  The up-front MIP will remain at 1%.  The increase will take place on all loans insured by FHA on or after April 18, 2011.