Stephanie's Blog

Now more than ever, working with a REALTOR is your best bet!

2008-10-29T11:30:03Z

Everyone knows that the real estate market is depressed right now. Foreclosures are up and inventories are at higher levels than we normally see in most areas. Is it still possible to sell a house this year? The answer is YES, absolutely. I have been telling sellers that they should plan for the worst and hope for the best - actually, that's good advice no matter what our market condition!

If you want to sell to take advantage of favorable prices on your next purchase, or need to move due to your job, or for whatever reason, as long as you enter the market with your eyes open, it doesn't have to be a waste of your time and effort.

Proper pricing has become increasingly difficult. It is very important that you either hire a professional residential real estate appraiser in your area, and ask for a market value appraisal, or, speak to one or two reputable real estate agents in the area. Ask them to come preview your home, talk to them about the age of your roof, systems, etc. Tell the agents or appraiser about any new major projects in the house, i.e., new hardwood flooring or all new appliances. What about an addition? Have you increased the heated square footage of your home since you purchased?

All of these points are relevant. Not every item is going to come back to you dollar for dollar in any market. However, many things speak to the overall condition and desirability of the home and can make a difference, even if only in helping you to sell faster than your competition.

Once you decide on price, the home needs to be prepared for sale. The way that we live in our homes and the way that we stage them for sale are two very different things. I have had people say to me "but we still live here." Well, nobody is asking you to do anything harmful to your health or that will pose a major inconvenience to your lifestyle. Mentally you have already left this home. The house is now a product and we need to put our best foot forward.

When you sell a car that you've had a few years, do you spiff it up? Maybe get it detailed and buy new floor mats? Of course you do. You can look at one of the auto pricing websites and get a fairly good idea of what you are likely to get for your car, but, only if the condition of the vehicle is comparable to others, or what is expected from the buyer market. If you want top dollar for your car and it's trashed and dinged up, it's not going to happen.

The same is true when you sell your home. Yes, it has been good enough for you, but that's not good enough for the buyers. Buyers have many more choices than they usually have and buyers are more saavy than they have ever been. They have access to tons of information and if your house doesn't measure up, you probably won't even see qualified and serious buyers in your price range.

Seriously, this has all become alot more intense than it once was. I remember when I have sold homes in the past, or when my parents sold a home. You just made certain it was really clean and you were good to go. You could expect to sell the house in a fairly short period of time, usually less than 60-90 days. REALITY CHECK: those days are gone for a long, long time to come for most areas. Sellers need to expect to be on the market for up to 12 months.

Your professional REALTOR can help you decide what really needs to be done and what is not so important. It is proven by the sales records, staged homes always sell first and for the highest price.

Do you want to get rid of the wallpaper that you spent 6 months selecting 15 years ago? Maybe not, but, if you don't, prepare to be on the market even longer. The home needs to be a neutral palette that will appeal to the largest number of ready, willing and able buyers. If you leave the home in disrepair, with poor curb appeal, and a very dated interior, your home may never sell. We (agents) know that is a tough pill to swallow. We are not telling you this to be ugly or because your home doesn't suit our personal tastes.

Experienced and well trained REALTORS know that all the marketing in the world won't sell a house that the majority of buyers will find objectionable. Remember what I said earlier? Buyers have choices. Carpet, paint, all of that "decorative" stuff is in play these days. Yes, it is just a gallon of paint. But, to a buyer it's much more than that. If they don't like your son's orange walls, they perceive that as an immediate project that they will need to tackle. If you have chocolate brown shag carpet in the house but everything else is neutral and perfect? That's unfortunate. You just stopped short of being in a fantastic position to sell before many of the homes you are competiing with.

An experienced and well trained REALTOR can guide you through the process. It is in our best interest to sell your home as quickly as possible. If our hands are tied, that is not going to happen.

Who, what, when, where - Facts, history & where can you get some help in Gwinnett County, GA

2008-08-06T10:04:04Z

Gwinnett County was created in 1818 and named posthumously to honor Button Gwinnett, one of Georgia's three signers of the Declaration of Independence. In 1821, the Georgia legislature chartered the City of Lawrenceville-named for a naval hero of the War of 1812, Capt. James Lawrence. Lawrenceville was made the permanent county seat.

The Gwinnett Historic Courthouse was restored in 1992 and is still owned by the county and used for special events. Visit the square for great shops and restaurants. Even free concerts on the lawn. On Saturday mornings in late spring and early summer, visit the square to enjoy fresh, locally grown vegies, homemade pies and other desserts, jam, jellies, and other goodies from our talented locals.

Gwinnett remained relatively unscathed by General Sherman during the war. Then in 1871 when the Southern Railroad laid tracks through county towns such as Buford, Duluth, Norcross and Suwanee, development began springing up to combine with agriculture, dairy and poultry farming, building Gwinnett into a prospering community.

Today Gwinnett is proudly the home of many Fortune 500 companies and high tech, cutting edge business. Like to shop? Come on in - we are known for some of the best shopping in the State, with a plethora of lifestyle centers, one of, if not the largest mall in America (Mall of Georgia). Gwinnett is a pleasant drive from outlet malls also (Commerce, Na. Ga. Outlet Mall off Ga. 400 and others south of the city.

While you shop, encourage the hubby to play golf or take in a Braves game at Turner Field - that's a day of fun for the whole family too.

Here's some highlights about several of Gwinnett's vibrant municipalities within the county:

Auburn - You can fill the calendar with local happenings here. Check out their site at www.cityofauburn-ga.org

Berkeley Lake - its origins began as a summer retreat of fishing cabins and a few permanent homes. BL grew into a thriving community surrounding an 88 acre lake. The town's tiny city hall was originally a bait shop. BL homeowners are committed to wise and controlled growth and have purchased nearby undeveloped land for green space and butter to maintain their quality of life. Berkeley Lake real estate is still considered prime. visit www.berkeley-lake.ga.us.

Braselton - more often referred to as "that town that Kim Bassinger owns" - she purchased it in 1989 but whether or not she still owns it ??? Home of Chateau Elan Winery & Resort, Panoz Auto Development Company and Mayfield Dairy. Check it out - it's a great place to call home. www.braselton.net

Buford - called the SoHo of the south, most folks around metro ATL think of Buford now as an arts community near Lake Lanier. Buford's old town next to the railroad tracks is a great place to spend a Saturday and features interesting shops, an amazing, award winning restaurant and more. One weekend a month Buford has an antiques market that attracts people from all over the south. For more info call the City of Buford at 770-945-6761.

Duluth - Probably the second largest city in Gwinnett, this community also started as a railroad town. It has been widely recognized for its conservation efforts as well as it's well known golf communities. There is a revitalized town green where citizens are treated to outdoor movies and concerts on a regular basis. www.duluth-ga.com

Grayson is more of a bedroom community at this point in its rich history. The center of town does boast a superb white tablecloth restaurant, a gorgeous tree filled park where many events are held, shopping and more. The schools are always highly regarded and Grayson remains high on the list of newcomers considering the purchase of a home in Gwinnett. Grayson is located off of Ga. 20 between Lawrenceville and Loganville, convenient for your daily commute. For more information call 770-963-8017

Loganville is partially in Gwinnett County and partially in Walton County, with the main part of the "city" being in Walton. Visit the Vines Botanical Gardens featuring 25 acres of gardens, a lake and a manor house where weddings and other social events are held. Loganville provides an impressive qualify of life and is growing rapidly. www.cityofloganville.com

Norcross, close to I-85, can boast a thriving corporate economy and a restored downtown district that is now on the U.S. Register of Historic Places. www.norcross-ga-gvt.com.

Lilburn is the youngest Gwinnett city, founded in 1910. A thriving residential area surrounding the old town center off of Highway 29. Known for its great schools also! www.cityoflilburn.com

Snellville - near and dear to my heart, I grew up in Snellville from the time I was in the 6th grade when my family moved there from Chamblee. I was sure at that time that my dad had taken us to the edge of the earth! It was a wonderful experience and a great place to raise a family after all. I attended a school made of granite blocks from Stone Mountain, with hardwood floors and gigantic windows. Okay, maybe I'm dating myself. Anyway, Snellville is home to a thriving business community, great schools, fairs, festivals, parks and more. Founded by two Englishmen and chartered in 1923. I attended school with many of the decents of the original founders. It's definitely worth a closer look if I do say so myself. www.snellville.org.

Suwanee - named one of the best places to live in the U.S. not too long ago, this town has boomed and continues to be a popular spot for dining, entertainment and residential real estate. There's the award-winning Suwanee Town Center project that can keep you occupied for a day or more. Shops, restaurants, green space, concerts, outdoor movies & more. Residents say it's the best decision they ever made. Check out their site at www.suwanee.com.

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General info that might come in handy:

Moving to Gwinnett from another part of metro Atlanta or from out of state can leave you feeling a little helpful over the smallest things. Here's a list of random "help" for Gwinnett County residents. If you find that anything I am posting has become stale or out of date, please email me at slmrealestate@earthlink.net. I'd love to hear from you so that I can correct this post and keep the information relevant.

Main information line: 770-822-8888 Driver's license/voter registration: ext. 4000

Homestead exemptions: ext. 1000 Road closings: ext 5000

Trash collection: ext 2000 General information: ext 6000

Job openings: ext 7000 Parks and recreation: ext 9000

Need a small local airport for some reason? We have Briscoe Field in Lawrenceville. Phone 770-822-5196

Animal control: 770-339-3200 County Commissioners: 770-822-7000

Have an "abandoned" foreclosure or run down property on your street? Call Gwinnett Clean and Beautiful at 770-822-5187

Public Utilities: 678-376-7000 Need a ride? Gwinnett County Transit www.gctransit.com

Gwinnett Airport Shuttle: 770-638-0666 (trust me, drive to ATL once and you'll begin using this service!)

We have emissions testing. Find out more at www.cleanairforce.com

Do you have any recourse if your neighbor abandons a car or has it permanently parked in the yard? ABSOLUTELY. Violations are prosecuted in the Environmental Div of Recorders Court. To report call Police services at 770-513-5000. Speak to a codes compliance officer at 678-518-6050

Gwinnett has several senior citizen centers - Buford, Lawrenceville and Norcross to name a few. Call 770-822-5180 for more information.

Homestead exemption laws recently changed - filing can save you substantially. Call TaxTalk24 at 770-822-8800 or use www.gwinnett-tax.com for more information and details about filing for your exemption. You may be eligible for other exemptions on your tax bill also!

Getting past the appraisal is getting harder and harder. . .tough but necessary.

2008-05-07T09:52:01Z

Talking to other agents around the office and working on deals you have opportunity to share experiences. Not only is it interesting but I usually learn something that I didn't know, or a bit of additional info is gleened that can be added to a subject that I recently learned about.

In this market where lender's underwriting guidelines have necessarily tightened, we hear nightmare stories almost daily now about buyers who thought they were qualified but not under the new guidelines, or the new "declining market" evaluation that has been added to the appraisal review, and more.

I am going to address one thing in particular and that is proper pricing to avoid appraisal issues.

Sellers all want to get top dollar for their home and who could blame them for that. However, whether the market is seller friendly or not, proper pricing can prevent alot of wasted time before contract and after. I've been into sellers' homes armed with an up to date CMA for their neighborhood, only to have them inform me that, even after a thorough review of the comps, they expect to price "their" home X amount higher than the highest comparable sale because of XYZ, whatever arbitrary reason you can pluck out of thin air. Never does it relate to increased square footage that I was not aware of during my evaluation, or anything that adds real "appraised" value to the home. I think this is all pretty common sense stuff, not difficult to understand at all. The bank needs to make a sound investment.

Appraisers certify their evaluation to the lender. Lenders typically require 3 comparable sales at least. Recently, since around February 2008, lenders are now asking for 2 or 3 additional comps as a condition to be cleared prior to final underwriting and approval. That can be very difficult to overcome. What if the appraiser already used the 3 best comps in his original appraisal? That's SOP for appraisers I would think, not speaking for the appraiser population as a whole, but just a common sense guess.

What happens is that when the appraiser is asked for additional comps he will be forced to look for more recent sales, hopefully as strong or stronger than the original comps he used. What if there are no recent comps? Then the appraiser is forced to fall back to the less desirable comps to satisfy the lender's condition on the loan. The less desirable, or "second string" comps, may not satisfy that lender's very "subjective" evaluation in order to clear the condition put on the loan by the underwriter. The "second string" comps might even fall below the contract price. That's an issue.

What happens then? The lender will ask the seller to reduce the price by X%, or require the buyer to bring additional cash to closing. I've been hearing anything from 5-10% is becoming the norm.

Then, you guessed it. The deal is usually done. Wasted time and alot of disappointment for all concerned, including the agents. All of that work and you don't get paid - it is not a pretty picture. On top of marketing time and expenses, you were in escrow and all that is involved with that for 30 days or more and now you won't get paid. Anybody who says that real estate agents are overpaid, I encourage them to get a license. I digress.

Back to the original blog: Buyers don't usually have the extra cash and sellers don't always see the wisdom in making the concession in price and getting on with the sale.

If the highest comp in your neighborhood - same number of bedrooms and same/very similar finished square footage sold for $350,000 within the past year, why would you price your home at $400,000? Sellers who want to ignore the market, the comps, and their agent's professional opinions and recommendations and overprice their homes are the very same sellers who become very disenchanted and frustrated with the process after a short period of time, and begin to blame their agent for lack of interest in the market. It's not the agent's fault. I read a quote not too long ago and it was so right on for this situation.

"I can put a 50' billboard in your front yard but if the house is overpriced, I'm simply advertising the wrong price. "

No amount of advertising or internet exposure is going to sell a grossly overpriced home. If your car is valued at $10,000 on edmunds.com, do you ask $15,000 for it? Why would you? The point is that you wouldn't because it would be a waste of your time and no one would come to see your car.

I've heard everything from "our yard looks nicer", "we changed all of our door knobs and light fixtures", to, probably my personal favorite, "I've been in that house and it's a mess". Our furnishings look alot better "staged" than theirs, blah, blah, blah.

When do we as a society begin to take the process of selling residential real estate seriously? For most of us, this is our single largest investment, perhaps only behind our 401K accounts.

If your stock broker told you that the hot stock you want to buy doesn't look like a good investment, would you buy it anyway? If your doctor tells you that you need to have an MRI, do you ignore him?

If your home is overpriced it probably won't be shown. Experienced agents in the area won't waste time showing qualified and motivated buyers overpriced properties - there's no upside there - even if your buyer loves it there is a very good chance, especially now, that it won't get past an appraisal. Then you wasted at least 30 days in escrow & have to start over. What if your buyer needs to move by a certain date? The buyer agent is going to be very careful about selecting potential properties for this buyer - even in the best of circumstances a timeline can be disrupted, but with an overpriced property, forget it. You are asking for trouble. Besides, gas is not cheap anymore!

If your home is overpriced and a buyer agent does show it, let's say the buyer likes it, and asks their buyer agent to pull comps, what happens then? The buyer and the buyer agent quickly learn that they probably wasted time seeing that house and will probably move on without making an offer. It happens every day. I've even had buyer's agents contact me to say "help me out with the comps"; "I'm having trouble getting comps for your list price". All the listing agent can do at that point is spin it - seriously, discuss the closest comps to your inflated price, play up the features of the house, and pray. Spin. Not facts, just spin. That's all you are left with.

Sellers need to come to grips with reality. When sellers become buyers they get it. Why don't they get it when they are selling?

I've had sellers tell me that they decided to list with another agent because "he can sell my house for more than you said and he's listing it at XXX price when you only wanted to list it at ZZZ." That's called buying a listing. Some volume or production agents take every single listing and at whatever price the seller asks for. That's fine if you want to be a part of someone's "numbers game".

Don't get me wrong. I've taken my share of overpriced homes, especially early in my career when, like most agents, you are less confident about your evaluation of the comps and are more willing to be proven wrong, at your own expense. But, only when I see a glimmer of hope, something awesome, great location, perhaps improvements that could sway an appraisal through adjustments, and only if I think the seller is motivated enough, and smart enough, to eventually come to terms with reality and agree to an appropriate price reduction. Yes, I'm not ashamed to say it, I could be listing your house with every intention that I will likely need to reduce the price. If we didn't do that on some of the "borderline" ones we would be going to alot of listing appointments and wasting alot of time and gas and missing alot of dinners with our loved ones for no reason. Not to mention possibly missing out on some good business and the joy of working with some really nice people that we just like and want to do business with. Most of the time, for an experienced agent, it works out for all concerned. But, it only works in a small amount of unique situations and I would never have my listing inventory "heavy" on the side of overpriced properties, even if only by a little.

Bottom line: although proper pricing of residential real estate is somewhat subjective, even in the best of times, the market comps will typically render enough concrete data to give an experienced agent the ability to list the property to attract fair and viable offers from the most qualified and motivated buyers in the market.

The Buy Smart Guide to Finding your Next Happy Haven!

2008-04-03T20:43:19Z

This blog is directed at two groups: (a) the general public, home buyers. and (b) inexperienced real estate agents and maybe even experienced ones, who knows.

Alot of people think that they can find the home that is right for them on the internet. That may be true, inadvertently, in many cases. However, for most, it doesn't work that way. The internet is a great place to start the process. Look at areas that interest you and then look at homes in your price range in that area to get an idea of what may be out there when you begin your serious search - I'm talking about your online search, not your actual physical search - the process of looking at houses in person.

But, most importantly, the very first step, even if you already own a home - contact a trusted lender. If you don't know one, ask a friend or family member who has done a new mortgage recently. It's like any other business - you wouldn't drop your car off with just any mechanic would you? Of course not. If your sphere of influence can't make a referral for you, contact an agent that you or someone you trust knows. Real estate agents have the good fortune of typically having at least one or two reputable mortgage lenders virtually at their disposal - the customers that the agent refers to these lenders will get the best service, the best rates and the most reasonable fees. The reason for that: the lenders want to keep that agent happy - they want to keep receiving referrals from the agent so they have every incentive to give you the best service and offer you the best rates and mortgage products available that you are able to qualify for.

Going out to house hunt BEFORE you speak with a lender is quite frankly a big waste of time for several people, most of all YOU. Even if this is not your first home, you need to consult with a lender - let him know your financial picture, give him an idea of the payment you would be comfortable making in your next home (including taxes and insurance), then given current rates and available loan products that are suited to your qualification, let him tell you the maximum price that you should shop.

Let me tell you what lead me to write this blog tonight -- I have a listing in a neighborhood that, well, is not the best looking neighborhood these days - there have been problems with the HOA and it's just not being kept as nice as it should be and for some reason there are quite a few homeowners that are not doing a very good job of maintaining their properties either. My sellers, a really nice couple with 3 kids, has been trying for a few months to sell their home and they just recently listed it with me. They are in a bit of a bind - they signed a contract with another agent to buy new construction and the builder expects them to close in April 08.

This couple "gets it" - they understand the market conditions; they understand that their neighborhood's appearance isn't helping them much and they understand that they have to keep their home in tip top "show ready" condition at all times in order to capitalize on every single showing that might come their way. They have been super to work with - anything that I have suggested, they have agreed and have taken care of the issue immediately. Mr. Seller even took it one step further and after we discussed that the subdivision entrance didn't look so hot, he took his mower up there and did some work over the weekend - that's a motivated seller!

Almost every buyer who has seen the house gave us very positive feedback - there are HUNDREDS of competing houses in the area and none of made offers for various reasons - need to sell a house; needed a bedroom on main floor; etc, etc.

We got a call last night. An agent had a "hot buyer" coming in from a neighboring state in this price range. She wanted to show the house to this couple. She even goes on to inform me that she won't be bringing in one of "those" ridiculous lowball offers - if her buyers like the house and decide to write an offer she will be making available her company's "offer evaluator" program, blah, blah, blah. I got all excited. . .I thought gee, this may be our sale. NOT!

I only learned of this at around 10 PM the night before the showing. I immediately called the sellers and explained that this could be a great opportunity - relocating buyers are decisive and don't waste alot of time looking at every house on the market. Relocating buyers have a limited amount of time so the agent and the buyers usually try to "focus' on the homes that most definitely stand the best chance of being "the one." These buyers saw our house online according to the agent. This is good. My sellers were very excited.

The agent came with her buyers late in the day yesterday. Mrs. Seller came home with the kids a little early and the buyers were still there - she called me ecstatic - they were even videotaping the house and yard - Mrs. Seller was sure that an offer was minutes from my fax machine. I called the agent this morning. This you are not going to believe.

New agent. Said she only closed 2 other transactions. Said that the buyers LOVED my listing. It was perfect for them, exactly their "style". The only problem is that they don't have jobs here and they don't qualify for a mortgage AT ALL right now.

Let me get this straight. I interrupt my evening at home taking the availability call; I interrupt my sellers evening at home at 10 PM at night and although they leave their home ready for showings I am sure they spiffed extra when I called. The new agent uses her time to shuttle these people around all day and then we learn that they are not even qualified? When did we become walking lockbox keys? Gas is WAY EXPENSIVE. Weren't we ALWAYS supposed to counsel and prequalify buyers before we turn other peoples lives upside down or waste their time?

I don't understand what happened to basic common courtesy. I would NEVER consider working with a buyer looking at houses until I know and they know what they are capable of doing. What is the point? Now, these buyers have to find jobs in a market where jobs are hard to come by right now. They are teachers. They literally just missed the hiring window for the 08/09 school year. It's April. Even if by some miracle they were to secure jobs in the school district TODAY, they won't get paid until MAYBE late August. I'm not even guessing about this - I know a school teacher in the district and called her! If they don't have a local pay stub, they can't get a loan and the new agent verified this - the lender wants to see at least one pay stub. this doesn't even begin to address their debt ratios or other credit history. What a bunch of wasted effort AND frustration for alot of people!

Buyers: save YOURSELF some time and trouble and PLEASE be more considerate of others than this couple. Everyone understands that you need to know where you want to be before you apply for a job. What you need to realize is that where you end up working has absolutely NOTHING to do with a particular house. I can assure you that in ANY given price range, especially in this market, if you decide you want to seek employment with X school district there will be a house for you either in the school district or very close to it in ANY price range.

It seems that these days people approach the task of buying a new home as if they are the Vanderbilts and there are virtually no properties available that will meet their standards. Please. Let's remain calm. There's plenty enough out there for everyone to find a really nice home, promise!

Now, let's think about what happens when a buyer and/or buyer agent jumps the gun or puts the "cart before the horse": my sellers are completely depressed; they have yet another buyer who wants their house but can't get a loan at all for maybe several months. They are wondering "why are we wasting our time letting our home be shown to people who can't buy a house"? I don't blame them at all. As an agent who has run into this time and time again, and it is becoming the "norm", I think it makes everyone look completely incompetent. It's no wonder real estate agents have such a bad reputation - look at the stuff that we allow to happen in our day to day business activities. We used to be transaction managers - not anymore apparently!

When another agent calls me to check availability I assume she knows what she is doing. I ASSUME that she is well trained and has prequalified her buyer. I don't give other agents the third degree and drill them about their buyer BEFORE they go to see my listing - I don't want to alienate anyone, least of all an agent who might sell one of my listings! We are supposed to be conducting business in a professional manner, not just updating our lockbox key, grabbing bottled water and jumping into our SUVs with whoever walks in the door at the office to take off on a home decorating and floor plan tour! Well, I am always reminded, you know what they say you are doing when you "assume" something, yea, that!

The Buyers found a house they love - they can't have it. My sellers have to move this house sooner than later. This house will NOT be available in August, hopefully not even May or June if I have my way about it. What happens when a buyer falls in love with a house and it gets away? Well, no other will hold a candle to it - every other house will fall just short of being "the one". The buyer agent, if she is still with them in August, will have one tough job to do - overcome an impossible expectation - they will want THAT EXACT house somewhere else and THAT is impossible.

The moral of this story: work with an experienced professional and allow that professional to guide you through the process in a professional and business-like manner - trust me, it will work better for YOU and everyone else involved.

Loganville - where Gwinnettians go to get away from it all!

2008-03-24T15:19:06Z

Just a short trip east on Highway 78 from Snellville you come upon a quaint town called Loganville. When I grew up in Snellville the only thing I knew about it was that some of my classmates lived on farms in Loganville and the other thing was that we only went to Loganville when Dad needed a new suit -- the Walton Suit Factory I think it was called. Nowadays that same location still sells suits - in fact, their claim to fame right now is the $99 Tuxedo - no joke. When my son was a junior in high school he was asked to escort 2 girls from local private schools plus he had his own prom so we went to the factory outlet in Loganville and purchased the whole works to save on multiple renting costs - what a deal. Now all he has to do is rent a new vest and tie to match each girls dress whenever he attends a formal event.

Oh well, I digress, back to Loganville. I was away from metro Atlanta for about 15 years and when I returned with my family in 2001 the growth was amazing - I had to learn many new roads. We decided to move to Loganville because if its proximity to my husbands work in Athens, my mom and dad were living in Loganville, we found a house we really liked there and I would be working alot in Gwinnett so it made sense.

Loganville is the first town you come through as you enter Walton County - Loganville is actually split - part of it is in Gwinnett and part of it is in Walton - I'll bet alot of people don't realize that. Some Loganville kids attend Loganville schools, some attend Gwinnett schools and some attend schools in the Youth community south of Loganville. I find that Loganville is full of really nice people who generally welcome growth and newcomers with open arms. Yes, we'd all like for it to stay a small town on the outskirts of Atlanta but we can all realize that it is just not going to happen - after all, we are growing and the need for more and more services and shops and restaurants will naturally follow. Still, I think our city fathers are doing a pretty good job of smart growth - hopefully Loganville will remain a town that is thriving and one that we can all be proud to call our home.

The emphasis on family is very strong in Loganville - we are the home of many churches and community sports programs - we have a relatively new baseball field in town, the land for which I understand was donated and we have a large soccer field facility south of Loganville in the Youth community, actually called Blue Springs. There is a swimming pool and tennis courts that can be used with membership by the public. There's a summer youth swim team - check it out - they have alot of fun.

Loganville High school has a magnificent football stadium, track and field house that was recently completed adjacent to the high school.

Interested in public schools for your children? Not a problem. We have Loganville Christian Academy off of Highway 81 South and we are a short distance to George Walton Academy in Monroe. There are a couple of others including Faith Academy and one on Highway 20 as you go toward Grayson.

We are the home to plenty of shopping and restaurant choices and the choices seem to increase almost daily. As you travel on Highway 78 there are currently 2 or 3 large tracts of land under development for retail shops and restaurants.

Loganville is the home to many fine communities in all price ranges. We are a short distance to the county seat, Monroe, so that if you need to renew your tag or handle some other legal matter, we have a modern government building in that town to assist the county's citizens.

Major highways coming into Loganville include Ga. Hwy 20, Highway 81, Highway 78 and we are a short distance from I-20, south of Loganville easily assessed by traveling south on Ga. 20.

Most people will tell you that they want to move to Loganville so that they can get away from some of the traffic, perhaps enjoy a larger lot and a little quieter pace than might be the norm in some communities "closer in". There are alternate routes that make a Loganville commute fairly easy and not as big a sacrifice as you might think.

Come on in to Loganville. . .spend the afternoon or the day. . .we think you'll want to make it your home also!

Mortgage crisis: It's a great time to be a buyer. Seriously.

2007-09-06T16:00:08Z

The mortgage crisis: What's it all about?

Flip on the TV and as you surf through channels, you will see the news media telling you how awful our economy is and will be in 2008. Granted, we've had some problems in the mortgage industry. Unfortunately, too many people were misled to believe that they could afford to purchase a home when they really were not in a financial position to do so. Everyone wants to own a home so you can't blame anyone for trying. The 'relaxed" underwriting guidelines after 9/11 really backfired in the big picture - yes, for a few years the market was setting records, but now, the market will be setting a very different kind of record, and one that no one wants to see again.

Today, if you have a good work history, consistent income and a good credit score and payment history, you're in the driver's seat! Literally hundreds of homes to choose from and sellers very motivated to work with you. I've had conversations with lenders, attorneys and other agents -- everyone agrees, it's really a great time to be in the real estate market. You will get a good deal - you will have more choices - you may not get a "steal" but, if the mortgage crisis has taught us anything, it's that there is no free lunch.

This is what I think about the mortgage crisis and how it relates to our overall economy. Remember how everyone felt after 9/11? There was a tremendous amount of uncertainty that extended to all aspects of our daily lives, especially financial concerns. And, just like after 9/11, if we close our doors and stop living or change our life plans, the economy will suffer.

Take a look at your own personal finances and if you are comfortable moving forward with your plans, don't let the current "crisis" drama hold you back. The crisis should have little impact on anyone who didn't buy into the subprime lending tactics- 100% financing, piggyback loans, ARMs, balloons and more. There's nothing wrong with all of these strategies, under certain circumstances and for certain borrowers. It's only when your credit score is 550, debt ratio is 80%, you've had 3 late rent payments in the past 12 months, and you've only been in your job six months, that things start stacking up against you. Find an unscrupulous lender and you've just started a life-changing event. It sounds bizarre, but it was happening, and still can if you aren't careful.

The problem with all the foreclosures right now is primarily because so many borrowers who took out 100% loans with adjustable rates, under relaxed underwriting guidelines in the past few years, not only bit off more than they could chew in the first place, but the bite is about to get even larger for them - the "teaser" rates are going to adjust up and many of these folks were unable to improve their financial picture since taking out the original loan so that they can now afford or qualify for a refinance into a fixed 30 year mortgage.

I sat at closing tables where you might hear buyers discussing how they would come up with the cash to turn on utilities - if you don't have utility deposit money, you probably should not be making an investment of this kind.

The bottom line is that you can't save people from themselves. I can't tell you how many times I tried to convince a buyer (my own prospect), or a buyer's agent, to qualify with a reputable lender that we could all trust. Most of the time they will not do it. They would rather work with a complete stranger (lender) that they found on the internet, or someone at work that they barely know mentioned in the break room. People have privacy concerns. People think you have ulterior motives. I suppose people think we (agents) get kickbacks or something from the lenders we work with, even though we explain to them that it is against the law.

My biggest motivation for working with a particular or favored lender is that due to the simple fact that because I send him or her repeat business, they simply don't want to disappoint me. The want that business stream to continue.

A reputable lender won't tell you that a buyer will get a loan if it is not really going to happen. They don't want to waste your time, their time or the buyer's time. Many of the better lenders even offer credit repair assistance so that they can guide you and eventually make you a loan when your financial picture is brighter.

A good lender won't tell you that they can close in 10 days, if it is not really going to happen. They do their job efficiently, provide great customer service to my clients, get the package to the closing attorney in a timely manner (sounds like that should be simple - it is not), and they get the loan funded either before or during the closing, again, in a timely manner.

When you are working with some e-lender, in Nebraska, who's following up on 100 other internet leads, he's probably throwing all of them against the wall and the good ones - the easy ones, a small percentage of those "might" actually get closed. The others, oh well. . . . When you are sitting at a closing table with all your worldly belongings in a Ryder truck in the parking lot of the attorney's office, the last thing you want to hear from the attorney is "we never got the package and the lender is not responding to our attempts to contact them." I've seen it and it is not a pretty picture. The stress it causes can be really dangerous.

Work with professionals. Don't be afraid of getting into the market right now if the time is right for you personally. Find a good agent, ask for a lender recommendation, sit back and enjoy the ride. The experience of buying and/or selling can really be enjoyable and rewarding if you allow others to do their jobs for you. After all, they are getting paid so you might as well get your money's worth, right?

Get in the market now, you are probably saying to yourself? I know you think I am only saying this because I am a real estate agent. Yes, it is true, agents make money with buyers and sellers staying in the market. However, the bigger picture is this - we all need our economy to continue growing and to stay strong.

The fact of the matter is that the more financially sound buyers and sellers that enter the market, the better off we will all be.