It’s that time again, you should be seeing your “newsletter” in your mailbox in the coming days. It’s a very exciting time to be in real estate! It’s still a hot real estate market and it’s an outstanding move up market. You can still sell high and buy low (assuming you are moving up).
The Danger of Waiting To Sell
In all Mill Creek areas, there is new construction. These new homes sold by professional sellers (builders) are competing with resells. With the market on recovery and prices rising and inventory low it’s a good time to sell. However, waiting until spring might very well set you back a few years as your home likely won’t compete well with new construction. So you can either lower your price (come spring) to be below the local builder or wait until they leave the area (with the number of vacant lots around, isn’t very likely).
Our recommendation is sell now and be aggressive. Rates are low but rising so that’s another reason to move now. Rates went up a whole 1% in just 5 short months. It’s still cheaper to buy then rent and we’ve got at least 6 more months before builders start flooding the market with more homes!
GREAT NEWS FOR SHORT SELLERS!
FHA has come out with a “Back to work” program that allows homeowners who short sold their home to get a mortgage in only 12 months (instead of 2 years). Contact us for more information on this great program.
Mill Creek Neighborhood Round Up
Daniel Park is still selling the fastest of all neighborhoods. This is great news as those sellers are likely to upgrade to Hidden Falls or Chateau Elan
Hidden Falls continues to do well, however homes that are over $450,000 will sit on the market noticeably longer as there’s twice as much inventory at that price point.
Chateau Elan continues to sell homes at a normal pace, the striking thing is that there are still foreclosures to buy in there. This is a bit baffling with all the short sale options.
Trilogy Park is lagging behind in the recovery overall, to add insult to injury one of the original builders is now building homes under $300,000 which will keep homeowners in this great neighborhood from experiencing the growth that the other subdivisions have experienced.
Hamilton Mill is only $3,000 away from getting back to an average price point of $300,000. This is great news for this neighborhood. There are still great deals under $300,000 to be found in Hamilton Mill, but the average price is a great sign.
Drayton Hall, sold one recently. It’s still one of the most exclusive neighborhoods in our area and it’s nice to see movement in this sector. However, be wary, if you plan to sell your home in Drayton Hall or Chateau Elan, stay out of the $2 Million price range. Nothing has sold in ALL OF GWINNETT county over $2 Million.
Finally, Hedgerows is still in a transition, with short sales, foreclosures and new construction. Thankfully, builders here are building homes well over $450,000 to help keep prices rising. (sales last month ranged from sub $300 to $475).