I was at a seminar recently. Among many topics, was of course, the subject of market conditions for Atlanta in 2010. And, as you can imagine, the opinions were mixed. Opinions ranged from a 50/50 chance the recession will turn around (safe bet!) to the possibility of a double dip recession.
Other projections included:
Interest rates will remain level but rise slightly by the end of 2010
Home prices will remain flat
The sweet spot for home sales: $400,000 and under
Condo inventory will finally become depleted but at the expense of price slashing
S-L-O-W new home starts.
Here are the current stats for September 2009 vs. September 2008
Foreclosures in our Atlanta market still tend to capitalize our market; but, short sales seem to be making a strong showing. Unfortunately, due to the unregulated handling of short sales, they still tend to be a lot of work and require an enormous amount of patience - with no guarantee.
For more market reports for our Atlanta market, please visit my webiste: MySuwaneeHome.com and click on "Janice's Blog".
The $8000 Tax Credit was set to expire on December 1st 2009. We are happy to announce that both the Senate and House have passed an extension and expansion of the Home Buyer Tax Credit. The bill is now signed by the President and is official! This is great news for buyers and sellers of real estate in metro Atlanta and north Georgia.
Overview Of The New Home Buyer Tax Credits:
The $8,000 1st Time Home Buyer Tax Credit Is Extended. Binding contracts must be executed by 4/30/2010 and closed by 6/30/2010.
New $6,500 Tax Credit Is Expanded For Trade-In Or Move-Up Buyers. The Buyer must have lived in their current residence for 5 of the past 8 years and must live in their new residence for a minimum of 3 years after the purchase.
Income Limits Are Raised To $125,000 ($225,000 Joint). There are phased out credits for incomes up to $20,000 in excess of these limits.
Eligible Home Purchase Prices Are Limited To $800,000. This is a new addition to the previous bill.
2010 Purchases Could Apply For 2009 Tax Returns.
No Repayment If Home Is Main Residence For 36 Months.
The 36-Month Provision Waived For Active Military Moves.
The IRS Will Impose New Anti-Fraud Oversight.
The new trade-in or move-up tax credit is estimated to apply to over 70% of real estate buyers. There is no requirement to sell your current home - just to make the new home your principal residence for 3 years. That allows current homeowners to rent their former residence and buy while prices are still low. It also allows buyers to purchase a pre-sale if it can be completed and closed before June 30th 2010. These are just a few of the new possibilities that are now available for buyers in metro Atlanta and north Georgia.
These low prices and mortgage rates will not last forever!
Are you ready to "move up" to the home of your dreams?
Are you ready to simplify and "trade in" your current property for a lower maintenance lifestyle?
Please Contact Me To Understand The Opportunities Today!
Information deemed to be accurate but not warranted. If your home is listed with another broker, this is not intended as a solicitation.
Attended by over 6,000 festival-goers, families and food connoisseurs, Taste of Suwanee is now an annual tradition in the City of Suwanee, voted in the top ten cities in the nation. Over 30 restaurants participate in an afternoon of sampling appetizers, entrees and desserts from their menus.
This year culinary demonstrations are offered by the infamous Chef John of Kroger Cooking School. Dish Network will air college games live for the football fanatics. The event will also offer entertainment to please every palette, including a concert stage with live music and performances.
The Kids Zone will return with new and improved inflatable activities, rides and games. After dining, festival-goers can meet Community Partners and stroll through the Artist Market for arts and crafts from local artists.
The North Gwinnett Tip-Off Club invites you to be a part of this incredible community event.
Admission is Free!
Tickets to sample food and enjoy the activities in the Kid Zone are 50 cents each.
Each food sample or activity is between 1-6 tickets.
The Town Center Park is located on the corner of Buford Highway and Lawrenceville Suwanee Rd.
Free Parking at the Town Center Park, City of Suwanee Library and Shadowbrook Baptist Church. Free shuttles running from 11:30-5:30 between park, Library and Church.
Suwanee's Toast at Town Center DATE: November 5th and December 3rd TIME: 5 pm - 10 pm
This will the first time the City of Suwanee has changed the alcohol ordinance to allow an event which will allow beer and wine ONLY to be bought and carried out of the restaurants.
There will not be entertainment or vendors in the park. The idea is to keep people in front of the businesses and to create a social atmosphere in which people will enjoy music provided by the merchants, shop, and stroll along Town Center Avenue.
Depending on the success and participation will determine if "Taste at Town Center" will become an annual event.
Like other areas of the country, the wonderful town of Suwanee GA continues to look for signs of improvement in their real estate market. There is no question whether you are a Real Estate Agent, a home owner trying to sell or a buyer out looking for the deal, each would give a different perspective on the state of our local market.
Suwanee managed to hold steady during third quarter in overall units sold as corporate owned properties and/or foreclosure distressed properties:
Second Quarter saw 27 "Corporate Owned" units sold while the 3rd quarter was witness to 22 units sold under "Corporate Owned".
Comparitively, Second Quarter had 39 units sold as "Foreclosure" while 3rd quarter sold approximately 36 units as "Foreclosure" units
Located approximately 30 miles north of down town Atlanta, with a population of approximately 16,000 residents, Suwanee has enjoyed good (but reasonable) appreciation on their homes as the town has grown over the past 20 years. Unfortunately, like everywhere else, the residents of Suwanee are no stranger to the burst of the real estate bubble or the financial meltdown felt by so many across the country.
Below is an overview of the past six months for Suwanee, GA:
I admit, I have fallen behind on the market reports. To bring us all up-to-date, I am combining July and August. As of today, I think we are seeing some movement in the Atlanta market. The concensus seems to be that the interest rates certainly are enticing the buyer; but, the First Time Home Buyer Tax Credit is coming to a close shortly and that may also be perpetuating the fence sitters to take the plunge.
Let's take a look at mid-summer sales in the Atlanta market:
Times running out. The First Time Home Buyer Tax Credit will be gone soon. Have you found your perfect home yet? This great opportunity ends November 30, 2009. With rates so low, inventory high.....why are you waiting? Time to buy is now.
Gwinnett County Public Schools can pat themselves on the back! The SAT scores for the Class of 2009 were released last week and the numbers are looking up (literally).
The Class of 2009 is the fourth graduating class to take the newest version of the SAT. The current version includes writing. There are three sections to the SAT: Critical reading, math and writing). Gwinnett County students topped state and national averages.
The schools ranked as follows:
Berkmar
1385
Brookwood
1625
Central Gwinnett
1475
Collins Hill
1529
Dacula
1505
Duluth
1568
Grayson
1494
Meadowcreek
1346
Mill Creek
1542
Norcross
1558
North Gwinnett
1573**
Parkview
1596
Peachtree Ridge
1553**
Phoenix
1271
Shiloh
1400
South Gwinnett
1414
**SUWANEE HIGH SCHOOLS
Gwinnett Schools
1526 Avg Composite Score*
Georgia
1460
Nation
1509
*Average of each of the three sections; Possible scores range from 200-800 on each section
73% of Gwinnett County Public School seniors take the SAT compared to 71% statewide; and, 46% nationally.
The 2009-10 school year starts next Monday, August 10. Gwinnett County will begin the year with nine (9) new schools and a registration of approximately 159,000 students.
The schools in Gwinnett County are clustered by high school. Below is a complete list of schools, school links, their cluster, the principal and phone information.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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Times running out. The First Time Home Buyer Tax Credit will be gone soon. Have you found your perfect home yet? This great opportunity ends November 30, 2009. With rates so low, inventory high.....why are you waiting? Time to buy is now.
