About Forsyth County, GA

Funny you should ask! The next few posts will be directly from Keller Williams Realty Inc and will show the latest and greatest trends in real esate:

2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.

Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who would like to have full-time work.

Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the opportunities that exist.

Sources: Bureau of Labor Statistics, National Association of Realtors

This really shouldn’t come as a surprise…grab Smokey Robinson….”Now if there’s a smile on my face, it’s only there trying to fool the public…” Real estate agents keep smiling behind the tears generated by the depressed market. Housingwire magazine reports on the results of a recent agent survey, and the impact that the market is having on many. Some clients are also feeling the impact as agents invest less into client services.

The next time you see a well-dressed, smiling real estate agent glaring at you from an advertising board, remember the carefree persona these days is likely only a mirage. Look deeper and you will find agents and brokers facing a tsunami of negative economic factors, including low housing demand, uncertainty over the regulatory landscape, reluctant young buyers, buyers who can’t qualify for mortgages, homeowners who are underwater and a general sense that the housing bust left them bruised and battered with nowhere to turn.

A recent survey of 800 real estate agents and brokers found professionals in the space deeply frustrated over the current state of housing. The survey, which was conducted by title insurer Entitle Direct, discovered that 9% of those interviewed had to sell their own homes to make ends meet. Another 9% lost their homes to foreclosure. Eighty-eight percent lost significant amounts of money in the past 4 years. Another 10% had to downsize their own homes to afford housing. And like Americans in other business categories, 78% of agents and brokers are now worried about retirement with the housing meltdown throwing their personal finances off course.

“The reason we conducted this survey was to find out how the recession has specifically impacted the personal situations and finances of agents and brokers directly, and to tell their stories,” said Paula DeLaurentis, CMO of Entitle Direct. “Everyone asks them questions about the real estate industry, but nobody has asked them about their own personal economic situations. Our survey shows that both personally and professionally, they have had to make significant sacrifices to adapt to the new environment.” Still, the public perception of brokers and agents is based on their smiley, go-getter image. While they maintain that front on the real estate scene, they are more pessimistic off-the-record.

When the survey questionnaires asked agents and brokers about the outlook for real estate, a whopping 47% said things will only get worse. On the flip side, 11% reported a market upswing. Either way, agents and brokers are maintaining their poster board faces, but the reality underneath appears to be more grim than glossy.

At the end of December there was a six month supply of homes for sale in Cumming. That amount of inventory is a market in equilibrium - it will be interesting to watch over the next 3 months as the inventory level rises. I have two homes I am getting ready to list. As long as sales increase the anticipated 4-5% and the amount of foreclosures on the market does not increase significantly I think 2012 will be a good year.

If you want to buy or sell a home in Cumming, call John Foster with Remax All Properties at 770 722-7010 or visit my website at www.FosterHomeInfo.com

In looking at the Cumming Real Estate Stats - here are a few items that jump out at me. First, note I am looking at all of Forsyth County Data:

• Average Sales Price in 2011 $256,372 (A)
• Average List price when solds went under contract 272,657 (B)
• Average Sales price to list price when went U/C 94% (A)/(B)
• Average Original List Price 290,808 (C)
• Avg. Original List Price to Sales price 88% (A)/(C)

From the stats it looks like on average home owners go through an average of two price adjustments before getting their home priced right. What happens if they do not get their homes priced right - they expire and there were a lot of expired listings. 2,595 homes sold in Cumming (Forsyth County) in 2011 - if you need to sale make sure you talk to John Foster with Remax All properties at 770 722-7010. I know the Cumming market and will be direct and honest with you so you can make the best decision for you and your family based on straight answers.

Visit my website at www.FosterHomeInfo.com to search the MLS.

Want to Start a Small Business in Forsyth County GA? You Should Visit the Small Business Services Center

The Small Business Services Center, which is co-located with the Cumming-Forsyth County Chamber of Commerce, says that 2011 was a busy year for them as they provided assistance to over 400 current and prospective local merchants. One new business owner received relocation assistance which involved the Center providing information about suitable business locations and referrals to local professionals who could help make the transition from her current out of area location to Forsyth County easier.

In addition to business relocation services, the center provides a free on-line “small business tool kit” which supplies prospective business owners with step-by-step instructions for what they need to do to start up a new business. In 2011, the Center provided start-up assistance to five new businesses which initiated in the planning stages and ran through implementation and business opening.

The center’s director, Jason Mock, stated in a recent Forsyth News article that 2011 seemed to be a big year for start-ups, as many workers found themselves laid off or with less work hours than in previous years, but that, in addition, many existing businesses were considering moving into the Cumming-Forsyth County because of the low taxes and high per capita income the area offers.

One goal the Center hopes to reach in 2012 is to provide more educational opportunities for existing merchants beginning with a seminar series starting on February 9^th followed by added sessions scheduled throughout the year. In addition they hope to see an expansion of the existing “lunch and learn” seminar program which is held in partnership with area universities and technical colleges.

Small businesses account for the largest percentage of Cumming-ForsythCounty businesses: 4,645 of ForsythCounty businesses employee 1 to 10 employees and 95% of local businesses have between 1 and 25 employees.

With those figures in mind, Mock still feels that there is plenty of opportunity for small business owners and those thinking about starting a new business in the area. In fact, the Center is hoping for an increase of 33% in the local small business population in 2012.

I hope we see it!

Starting a Small Business in Forsyth County GA? Visit the Small Business Services Center