The one thing I have always loved about real estate is nothing ever stays the same. You're market is probably the same way, isn't it? Just when you think you have something figured out, you realize you don't know as much as you thought you did. I don't know about you, but I have always prided myself in staying informed, learning what is new, staying up on changes in the market etc. But these days, it is almost a full time job!
I was a bit surprised late last year; or, may be it was the first of this year (at my age, time goes so fast, I can't keep up), when I learned of a change in the Georgia appraisal statute. What first surprised me is the change had gone into effect August, 2006 and I was just hearing about it for the first time. I realize I'm not a loan officer, but being affected by this change it just seems the information might have trickled down to us a bit sooner. Most agents I come in contact with still don't know. And, I'm curious...are these type of changes being seen in the real estate industry across the country?
Here is how our Georgia statute currently reads:
Paragraph 539-3-.02(1)(C)2.D. As approved by the GREAB and EFFECTIVE AUGUST 1, 2006
"SELECT COMPARABLE PROPERTIES FOR VALUATION OF A PROPERTY THAT ARE LOCATED WITHIN THE MARKET AREA OF THE SUBJECT. ABSENT OF CREDIBLE REAL ESTATE APPRAISAL EXPLANATION FOR A DIFFERENT MARKET AREA, THE MARKET AREA FOR RESIDENTIAL PROPERTIES SHALL BE PRESUMED TO BE COMAPARABLE PROPERTIES LOCATED FIRST WITHIN THE SAME SUBDIVISION AS THE SUBJECT AND SECOND WITHIN ONE MILE OF THE SUBJECT."
It is against the law to use comparable sales outside the subdivision without a good explanation.
DECLINING MARKETS/MARKET ANALYSIS: Declining markets are here now. We (appraisers) are now required to report DOM, REO activity and rising listings (supply) as sales fall (demand). Due to the changing markets, we are required to utilize comparables within six (6) months of the effective date.
Notice the last line... six (6) months. As of last week, we were told by our primary mortgage company no more than three (3) months. Just an indication of how tight things have become. Personally, I am glad. Many of the changes taking place in lending and appraisals is a good thing, I think. But boy, am I ready for the worm to turn!
It has been a week since the Tour de Georgia passed through Suwanee, GA. Were you one of the lucky one's who was able to skip work so you could witness the excitement as Suwanee hosted the 5th Stage (of 7 Stages) of Tour de Georgia? The race has passed through Buford, GA in previous years, but this is the first time Gwinnett County hosted the start for one of the stages in the race. And, Gwinnett County gave the bicyclists a real southern welcome. It is esimated approximately 2,500 people showed up to cheer them on - one of the biggest crowds experienced at the beginning of this race! Well done Gwinnett!!!
I don't know about you, but I know nothing about pro bicycling! I am an avid runner so when I do see bicyclists, I don't know why, but I am always impressed and wonder where they find the endurance. And, what I didn't know is that the Tour de Georgia, is one of the highest-rated races in North America.
Even with my little knowledge, when I heard Suwanee was going to host this event, I was excited. If you have read my posts before, you know I have lived in Suwanee a l - o - n - g time! Twenty years to be exact. When I moved out here, I had people asking me how we found this place. NOW! It seems everyone is beginning to take notice. Who would have thought Suwanee would be the host of Stage 5 for Tour de Georgia! Stage 5 began at the Suwanee Town Center and the route continued along Lake Lanier into the north Georgia mountains. The final destination was Dahlonega. The total leg of Stage 5 was 214.7 kilometers (133.4 miles). Richard England, 26 from Australia, won Stage 5 with a time of 5 hours, 15 minutes and 15 seconds.
But it was Kanstain Sivtsov, competing in his first race in the United States, who pulled out the win in the Tour de Georgia.
Race routes change every year, so who knows if Suwanee will host next year's event. So I hope you were one of the lucky one's out cheering them on this year. If you were, we would love for you to share your experience. And, for those who missed out, if the race finds itself coming through Suwanee, Georgia again, we will be ready with another real southern welcome and hope you'll join us!
What
price is the right price? This is a challenging question in Suwanee's
current real estate market - as well as all of metro Atlanta. The
typical CMA (comparative market analysis) most agents like to use isn't
going to get the job done if you want to have your home priced
competitively - and - SELL!
Many agents, like myself, are filling their arsenal with supporting
data from many sources.
Buyers
will "pick" the house that is priced the best and the one
which
doesn't require work once they close and move in. The majority of
buyers do not want to replace carpet or flooring; update kitchens or
bathrooms. With the ever changing mortgage guidelines, buyers are
usually bringing more money to the table and don't want to be faced
with home improvement jobs from the get-go.
Quoting Paul Pastro from a recent article in "Broker Agent News.com", "No matter how fast the dog runs, it will never catch the car. The dog will never slow the car down. And, the dog will never bite a moving tire. What must the dog be thinking?"
What a great analogy when we compare his statement to what we are seeing take place in the market today. The current state of the real estate market has been a crash course for all of us; brokers, agents, sellers, buyers and the banks! Even investors who thought they had paved their road to gold are scratching their heads wondering what the heck happened. But let's face it, we know what happened and it's time to get past how did we get here and face the music. It is time to deal with what is on our plate as an industry....and, a consumer. That is.......if we want to sell houses; and, as a homeowner you want your home to sell!
Why is it there are sellers who can face the music and then there are others who can't even hear it?! Agents absolutely understand there is an emotional attachment to our homes and when it comes time to sell, we all like to think we have the cream of the crop...the best of the best...the creme dela creme! And...may be that is true. But the reality is that buyers are not going to pay yesterday's prices in today's market.
If you really, really want to sell...and, in a relatively short time period, no matter how great a house you have, you need to price your home properly (according to Paul Pastore, 10% below market); and, your home must be pristine! Taking the posture to price high, we can always come down later is not going to work today. If you currently have your home on the market and you are getting no showings you are probably priced too high. If you are getting showings and no offers, you are probably priced too high. And, keep in mind, the exposure your home SHOULD BE getting on the internet is providing the consumer with so much information, you must sell your home's value there before they will walk through your door.
Don't be faced with lost opportunities to sell by listing high and then be faced with a price reduction. Best opportunity to sell your home is when it is a fresh listing. If you are serious about selling your home in today's market don't be "the dog chasing the car." Price your home to sell from the beginning. Have your home pristine and even in today's market you should have success! And then everyone has something to smile about!!!
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Serving ALL of Gwinnett County Specializing in: Suwanee, Buford and Duluth Realtor, ABR, Active Phoenix Member
Thank you for visiting "Suwanee Talk". You will find a collection of current events, local and national market information as well as the ability to search the MLS...and, may be some information that is just for fun and good for the soul.
I have been a resident of Suwanee for over 20 years; and, I have been a licensed Realtor in Georgia for over 13 years with my area of expertise in Gwinnett County; specifically, Suwanee, Duluth and Buford. All my real estate experience has been right here in Atlanta.
During my years as a Realtor, I have prided myself on strong business ethics, honesty, integrity, a strong knowledge and understanding of our real estate market (yesterday, today and tomorrow) as well as a high level of professionalism while providing a personal commitment to client satisfaction. And, hopefully, I make the whole experience a bit fun at the same time! I enjoy relationship building with both the homeowners and buyers I work with. At the end of the transaction, I never say "good-bye..." it's "until we meet again." I pride myself in being there for you well after the transaction and make it a point to stay in touch with you and letting you know I am there for you if you need me; or better yet, just to hear how things are going.
Named for Button Gwinnett, signer of the Declaration of Independence, Gwinnett County originated in 1818. Some of the county's land came from neighboring Jackson County (to the north); while frontier land was ceded to the state by the Creek Indians.
Gwinnett County emcompasses the following cities: Buford, Dacula, Duluth, Grayson, Lawrenceville, Lilburn, Norcross, Sugar Hill, Suwanee and Snellville. Gwinnett County has been one of the fastest growing counties in America over the past 20 years combining big city living with the small town feel of the suburbs.
Gwinnett County is home to approximately 776,347 residents (according to Gwinnett County Forecasting and Research Division estimates, 2007). The county lies approximately 30 miles northeast of Atlanta and the county seat is located in Lawrenceville, GA. The county encompasses 437 square miles and is neighbor to Barrow, DeKalb, Fulton, Hall, Jackson, Rockdale and Walton counties. We are the gateway to metro Atlanta from the north on I-85 and I-985. The University of Georgia is about a 40 minute drive via Hwy 316 (University Parkway); while Georgia State University is approximately a 25 minute drive south on I-85. We enjoy the luxury of being just minutes from beautiful Lake Lanier a 700 mile shoreline lake offering water park, picnicking, boating, golf, beach, horse back riding, hotel accomodations and so much more!
GWINNETT CITIES:
Gwinnett County Schools - Gwinnett County schools rank some of the highest scores in the state. The quality of education is one of the reasons people are attraced to the county. The curriculum used by the county school system is "Acquired Knowledge and Skills (AKS). Gateway testing is the barometer to determine whether studes are prepared to move up through the grades.
Gwinnett Colleges:
Georgia Gwinnett College is the first four year college in the county. Located off Hwy 316 at Collins Hill Road .
Gwinnett Technical College offers certificate and diploma programs. Located off Hwy 316 and Sugarloaf Pkwy.
Norcross Snellville Sugar Hill Suwanee
THINGS TO SEE AND DO:
Atlanta Coaliton of the Performing Arts - Atlanta's thriving, diverse performing arts community. Includes professional theatres, dance companies, symphonies and more.
Atlanta Botanical Gardens - The mission of the Atlanta Botanical Gardens is to develop and maintain collections for display, education, research, conservation and enjoyment. Come see what is in bloom.
Georgia Aquarium - World's largest aquarium and one of Atlanta's major attractions. Eight million gallons of fresh and marine water aquatic life. Come and enjoy! See aquatic life you've never seen before...If you are planning to visit this wonderful display, make advance arrangements.
Zoo Atlanta - Experience one of the finest zoos in the southeast.
Six Flags Over Georgia - Southeast's number one theme park.
Georgia State Parks and Historic Sites - Explore the great outdoors of beautiful Georgia!
World of Coca-Cola - Explore the complete story - past, present and future surrounding the world's best known "cola" drink.
Atlanta Motor Speedway - NASCAR speedway
Six Flags White Water - One of the top 10 waters parks in the country. Come enjoy the thrill!
Atlanta Symphony Orchesra - Enjoy the amazing and powerful sounds of the Atlanta Symphony.
Fox Theatre - Come get a taste of Broadway, experience the sounds of award winning music legends or the performance from well reknowned personalities
SPORTS
The Atlanta Vision - Semi-pro basketball team in Gwinnett. Official member of the American Basketball Association.
The 2005-2006 Division Champions (770-482-7994)
Atlanta Braves - One of the most successful franchises in baseball. Enjoy a game at their fabulous new stadium (404-614-1300)
Atlanta Falcons - Action packed games with our very own Atlanta Falcons football team (404- 223-8444)
Atlanta Hawks - Experience the thrill of NBA basketball with the Atlanta Hawks (866-715-1500)
Atlanta Thrashers - Enjoy the thrill of professional hockey at the Phillips Arena (866-715-1500)
Georgia Force - Arena football returns to Gwinnett - Gwinnet Arena (770-965-4944)
Gwinnett Braves - Triple A Team moving from Richmond, VA to Gwinnett beginning in 2009. Come join the fun and cheer them on.
A brand new stadium is being built at 2500 Buford Drive in Lawrenceville, GA (404-614-1300)
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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