WOW, I saw something I have not seen in a few years now...NEW CONSTRUCTION!

I was doing an appraisal in a fairly nice development in Cumming, GA near Lake Lanier. price range in the upper $300,00 to low $400,000 range. Much to my surprise I saw several homes being built, NEW homes, new construction, Construction trucks in the street that I had to drive around, lots of workers framing, roofing, etc. Not just one or two but several homes being built. It was like a trip back to 2005 -2006 and earlier.

I remember the Ol days with fondness. Sometimes not so fond as I had a few flat tires driving over nails and such in the new developments, but this was a wonderful sight to see. Is there hope on the horizon? We certainly are seeing more sales than we have in the past year. There of course are still alot of foreclosures and short sales but not as many.

A fellow Appraiser friend of mine in the Atlanta Metro area said some Realtors are actually getting homes under contract in days as they are in limited supply. These are homes that have already been renovated. People looking for homes that have already had the work done as they do not have the money or the time to invest in this undertaking. So this is GREAT news for investors out there.

I have also seen more homes that were purchased cheap fixed up nice and a tidy profit made in a few months time. So all good signs.

The FDIC is talking about requiring a 20% down payment for home purchases. OUCH, if you don't have the 20% then you have to pay a higher percentage rate and MI insurance rates may rise. We will know first week of June when the decision is supposed to take place.

But anyway, just wanted to share my discovery about the new construction. I hope I see alot more of this kind of thing and if I do I will report.

Mary Thompson

Certified Appraiser

Lake Lanier Specialist

http://www.marytappraisals.com