If you or someone you know is having trouble paying the mortgage, you need to know where to start. There are many government programs today that can help a struggling homeowner. Watch this great video on the Making Home Affordable Program. For more information, go to www.GwinnettMortgageHelp.com to help you understand your alternatives to foreclosure.
Joan Boudreau-Alexander
770-356-4656
This month focuses on the short sale process – short sales are becoming very more and more familar to us Realtors and with anyone who is looking to purchase. They can be time consuming, so patience is a virtue.
| Home Sales in Gwinnett County, GA were down in May from April and year over year, we were down. This is not surprising since we knew the home buyer tax credit came to an end on April 30, 2010.Median sales prices were down, but not by much. And, if you look at the trend in prices since January, you could say it’s seems to be holding rather steady. Could we be at the bottom of this rocky market here in Georgia? I hope so. I am ready to see some trends up these days.
If you are interested in knowing what your home value may be, go to www.HomePrices.com and I’ll be happy to send you information on your home prices. Gwinnett County, GA Single Family Residence |
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| Sales Information | ||
| # of Sales | Median Sale Price | |
| January-10 | 468 | $ 158,950 |
| February-10 | 408 | $ 155,000 |
| March-10 | 536 | $ 155,000 |
| April-10 | 646 | $ 159,900 |
| May-10 | 606 | $ 160,000 |
| Year to Date (7/2) | 3522 | $ 158,000 |
| January-09 | 502 | $ 165,000 |
| February-09 | 403 | $ 165,000 |
| March-09 | 589 | $ 172,000 |
| April-09 | 581 | $ 161,500 |
| May-09 | 654 | $ 156,500 |
| Year End 2009 | 8184 | $ 160,000 |
First-time home buyers have a lot to think about these days with interest rates being the lowest in history. Home prices in Gwinnett County, Georgia are extremely affordable; probably the lowest we will see in our lifetime. There are also plenty of homes for sale in Gwinnett County, GA. just waiting for their new owners.
Here are a few questions that potential home buyers should ask themselves before making this important decision.
1. Can I afford the monthly mortgage payments?
Keeping the mortgage payment under 30% of your gross monthly income is a good rule of thumb. If you can’t keep the mortgage payments below that, you may want to continue renting.
2. What other debts do I have?
Your total rent plus other credit obligations you have on a monthly basis should not exceed 40% of your gross monthly income. This is called your back-end ratio (but let’s not get too technical). Your other credit obligations may include student loans, car payments, and credit card debt.
3. What is my credit score?
A high credit score indicates strong creditworthiness, and that qualifieds you for bestter interest rates on a mortgage. Running up your credit cards to the limit and paying late will have a huge negative impact on your credit score. Today, your score needs to be around 620 in order to qualify. Some lenders are accepting a bit lower than 620. If your credit score is lower than this, it’s time for you to work on getting your credit improved and not the time to purchase a home.
4. How many years will I stay in the home?
Generally, the longer you plan to live in the same place, the more it makes sense to buy. You’ll build equity in your house and its value is likely to increase over time. There are also great tax advantages to buying a home. I usually tell my clients that they really need to stay in the home a minimum of 3 – 5 years.
If you would like more information, go to www.GwinnettNoDown.com or contact me directly at 770-356-4656. Joan Boudreau-Alexander, Your First-Time Home Buyer Specialist
Is a distressed property the right deal for you?
With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.
For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.
According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of 
all short sale buyers were first-time buyers.
By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.
If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:
Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-20 percent over the price of similar properties in a traditional sale.
Mortgage costs are low – With rates hovering near historic lows, financing costs too are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.
You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.
Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.
Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property, call me at 770-356-4656. You deserve the best deals! – Joan
The home buyer tax credit is over. Listen to the experts on the impact of the home buyer tax credit and will it have an affect on the summer buying season.
Sales Statistics for Gwinnett County, GA. Updated May 5, 2010
| Gwinnett County, GA Single Family Residence | ||
| Sales Information | ||
| # of Sales | Median Sale Price | |
| January 1, 2010 | 468 | $ 158,950 |
| February 1, 2010 | 408 | $ 155,000 |
| March 1, 2010 | 536 | $ 155,000 |
| April 1, 2010 | 646 | $ 159,900 |
| Year to Date (5/26) | 2501 | $ 158,000 |
| January 1, 2009 | 502 | $ 165,000 |
| February 1, 2009 | 403 | $ 165,000 |
| March 1, 2009 | 589 | $ 172,000 |
| April 1, 2009 | 581 | $ 161,500 |
| Year End 2009 | 8184 | $ 160,000 |
This information is taken from Realist’s tax records, which was last updated May 26, 2010.
Interested in what you home’s value may be? Go to www.GAHomePrices.com for your Free Report.
Yes, starting on July 1, 2010, unincorporated Gwinnett County, GA will be divided into 5 different areas and there will be one trash provider per area so the residents don’t choose who they use for their trash pick-up service; it will depend upon your area. The benefits to this: (1) there won’t be mulitple trucks going through the same neighborhoods making this an environmentally friendly solution and (2) same day pick-up for your neighborhood.
On the other hand, Gwinnett County, GA will add a monthly fee of $17.86 per household for 18 months ($321.48), which will be charged on your property tax statement.
We don’t know who our service provider will be quite yet. April 28th, we should be able to go on the www.gwinnettcounty.com website, put in our address, and it will tell us who will be providing service to your area.
Watch Your Mail This Week! This is the week to be receiving your Gwinnett County, GA Tax Assessment Notice in the mail.
Yahoo!! We got ours in yesterday’s mail and they pretty much accepted our appraised value we sent to them back in February 2010. Our appraised value has come down over $32,000 from last year! From a tax perspective, that will certainly help to offset the increase in the milage rate.
Richard, my husband, owns his office building. He had also put in a tax assessement change notice, but they rejected his appraised value. So, now what?
If they did not accept your aprraised value or you do not agree with their appraised value, you have the right to appeal the value to Gwinnett County, GA Board of Assessors. The appeal must be mailed or delivered within 30 days from the date of the notice you just received in the mail.
You can appeal to the County Board of Equalization at no cost or choose Arbitration, where there is a fee required. In order to appeal to the County Board of Equaliziation (the free option), go to www.gwinnett-assessor.com and enter your PIN (Property Identification Number) for your property. You can find this number on the Notice to Taxpayer you just received in the mail. Once you enter the PIN, the form will come up, which you can then print and fill out. You will want all the documentation of the most recent sold properties in your neighborhood. That’s where I come in. Call me @ 770-356-4656 or email me @ joan.boudreau@kw.com. I’d be happy to put together some comparable properties for you to use.
You can also get the comparable properties that the county used in determining your value on the www.gwinnett-assessor.com website by entering your “NBHD” (neighborhood) identification number. I did that for my neighborhood and found that they were using properties from 2008, 2009, and only 1 property from 2010, so it seems they may not have the “up to date” information. Let me know if I can help you in any way. – Joan Boudreau, 770-356-4656, joan.boudreau@kw.com.
The 12th annual Tour of Homes is scheduled for April 18th from 12:30pm – 5:30pm, 2010 in Buford, GA. This event is hosted by the Buford Lanier Woman’s Club. This year’s tour will feature 3 gorgeous homes and a houseboat on Lake Lanier! Buford, GA is located in North Gwinnett County, GA. One of the main attractions to this area is Lake Lanier.
Lake Lanier has 692 miles of shoreline just north of Atlanta, GA. More than 7 million people visit Lake Lanier annually. There’s plenty to do including boating, swimming, camping, picnicing, and all kinds of walking trails and parks.
Two of the homes are located on Lake Lanier. One of the lake front estates includes a main house, a carriage house with guesthouse cottage above, and a pool house.The second home is an eclectic tropical lake home, originally, a small lake cottage, which was transformed into a fabulous seven bedroom home with an amazing outdoor terrace and home theater you won’t want to miss.
The third home is in Buford, GA and transitional style with remarkable use of neutral colors and textures. The luxury houseboat, named Aqua Benz, fits its name perfectly and is absolutely exquisite and will be docked at Holiday Marina in Buford, GA!
Tickets are $15 in advance or $20 the day of the tour. Tickets can be purchased at the S&S Ace Hardware in Buford, GA or Braselton, GA, from any BLWC member, or by calling 678-482-1878 for VISA or MasterCard purchases. Visit www.BufordLanierWomansClub.com for a complete list of locations, tour details, and directions! Hope to see you there! Joan Boudreau 770-356-4656, your local expert on homes for sale in Duluth, Suwanee, Buford, Cumming, Sugar Hill, and Lawrenceville, GA
See what’s happening in our area of Gwinnett County, GA. This is the median price for Buford, Suwanee, Duluth, and Lawrenceville over the last 12 months. You can see slight declines from the beginning of this year; however, overall, the trend is looking like it’s begining to stabilize. May just be a bottom in sight. Our inventory levels are trending down, which is what we need in order for prices to begin to go up. For example, in the $140,000 – $159,000 price range, there is 6.8 months of inventory. That is to say, if no homes were being listed, it would take 6.8 months to absorb that inventory. In a balanced market, we typically think of as 4 – 6 months of inventory. So, in this price range in this particular area of Gwinnett county, it’s almost a balanced market.
Interested in know what’s going on with your home prices? Go to http://www.GaHomePrices.com for a free report customized for your area.
Sooner or later, most homeowners will be in a position to sell their home. This report summarizes the top five mistakes that home sellers make, simply because the experience is new to them.
When you’re looking for help buying or selling property, it’s important to remember that the terms “real estate agent” and “Realtor” are not synonymous.
Mistake #2. Failing to Maximize the “Curb Appeal” of Your Home
When you’re preparing your house for sale, remember the importance of first impressions. A buyer’s first impression can determine whether they’ll choose to look inside. It’s estimated that more than that 50 percent of shoppers decide to purchase a home even before they get out of their car. With that in mind, be sure to stand outside your home and take a realistic “fresh look.” Then ask yourself (and your Realtor) what you can do to enhance the “curb appeal.” It could make a significant difference in your final sales price as well as the speed of your sale.
Mistake #3. Not Appreciating the Buyer’s Point of View
Unreasonable though it may be, a prospective buyer would like to see a perfect home from top to bottom and inside and out. To improve the likelihood of an easy, fast and profitable home sale, we suggest that you attend to the following items:
On the outside
On the inside
Mistake #4. Thinking You Need To be In the Home to Provide Details to Prospective Buyers
Allow your Realtor to do his or her job without you on site. Most potential buyers feel more comfortable if they can speak freely to the real estate professional without the owner present. If people unaccompanied by an agent would like to see your property, refer them to your real estate professional for an appointment.
Mistake #5. Over-Pricing Your Home
Perhaps the most challenging aspect of selling a home is listing it at the correct price. It’s one of several areas where the assistance of a skilled real estate consultant can pay for itself versus trying to sell your home yourself.
If the listing price is too high, you’ll miss out on a percentage of buyers looking in the range where your home should be priced. Some people think that if they leave some “wiggle room” in the price, they’ll always have the opportunity to negotiate and accept a lower offer. However, chances are the offers won’t even come in, because the buyers who would be most interested in your home have been scared off by the price, and won’t even take the time to consider it. By the time you correct the price, you’ve already missed exposure to a group of potential buyers.
The listing price becomes even trickier to set when prices are quickly rising or falling. It’s critical to be aware of where and how fast the market is moving – both when setting the price and when negotiating an offer. An experienced, well-trained real estate consultant is always in touch with market trends – often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as is, right now.
This report courtesy of
Joan Boudreau-Alexander
770-356-4656
