This new data came to us yesterday from our good friends over at Primary Residential Mortgage…

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these “seller concessions” can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

(Thanks Gabie!)

I just took a quick look at the FMLS system for Hamilton Mill.  Right now there’s 84 homes for sale in Hamilton Mill Golf Community.  That’s a pretty good level of inventory — not too high and not too low.  At times in the past, we’ve had 150+ homes on the market.  That puts things way out of balance and drives price down while increasing the amount of time that it takes to sell your house.

There’s a couple of things that I noticed when I looked at this data.

#1.  The prices for many properties are really low (the lowest is just $169k)

#2.  Some of these homes have been on the market for a year or even 2 years.

#3.  There’s an obvious division between the two.

So, here’s what I’m saying…

Homes come on the market at a good price and they sell in a reasonable amount of time (like 90 to 120 days).  But, other homes come on the market at “old market prices” and they just sit on the market for months and then years.

What can we do…

The bottom line for Hamilton Mill homeowners is that selling a home today is going to take some pretty aggressive pricing — probably more aggressive than you think.

The good news is that homes are, in fact, selling.

By my count, 99 homes sold in Hamilton Mill during 2009.

We’re about to publish our Hamilton Mill Real Estate Annual Report for 2009.  Just fill out the form here to receive your copy.

Of course, we’re happy to provide whatever custom data you might want and customize a report for homes that are directly comparable to your own home, etc.

Looking for a Church home? or just a place to celebrate the true Christmas?

This is an update from a previous post about 12 Stone Church.

12 Stone is an amazing Church all year long, but it’s always extra special at Christmas.  There’s now 3 different campus locations for 12 Stone now – Hamilton Mill, Flowery Branch and Hwy 20 (Central Campus).  There’s a bunch of different service times at the different locations.

It’s important to note that the Christmas services are happening THIS WEEKEND — before Christmas.

So, check out all the details at 12stone.com

Merry Christmas!

A recent article in the USA Today has made reference to the fact that homes sale prices have risen for the third straight month in July which is added fuel to speculation that the recent housing downturn has turned and better times are ahead.

With that being said, there are still numerous “deals” out there and if you are looking for a new home at a great price, we have five properties in the Madison Heights subdivision in Gwinnett County that you need to take a look at.

Madison Heights is a small enclave of homes located in one of the most desirable areas of Snellville with award winning schools, numerous shopping options, parks and so much more. This neighborhood has so much to offer and the recent price reductions make for a great deal.

With homes priced from the high $300,000’s to mid $400,000, these opportunities are not going to last. We have seen a great deal of interest since we have taken over these properties and expect to be sold out quickly.

Here is a list of these properties we are pleased to offer:

4462 Madison Run Place

4472 Madison Run Place

4452 Madison Run Place

4442 Madison Run Place

3113 Madison Run Cove

Give us a call or email me to schedule your private showings and you can email Scott Windish at Georgia Trust Bank,  swindish@georgiatrustbank.com for your loan pre-approval on this or any other property needs.

Have you or someone you know recently purchased a foreclosed home?  If so, you may be entitled to a refund from the county in which you live.  Please know, I do not provide this service, merely the information that can help you get what is rightfully owed to you.  There is a little known exemption that very few people know about and is rarely taken at closing.

On a $300,000 purchase you may be able to receive up to $300 back from the County.

Please feel to contact me for more information.

Matt Hermes

770-402-2819

mattsells@bellsouth.net

A newly released report from the National Association of Realtors (NAR) says home sales and prices posted gains in the second quarter, another sign that the ailing housing market is finally coming to life which is good news for both the housing industry as well as the economy overall.

The National Association of Realtors says the median sale price in the quarter was $174,100, up 4% from the first quarter, but still almost 16% below a year ago. Prices were down from a year ago in 129 of 155 metropolitan areas the group tracks.

Sales rose to a seasonally adjusted annual rate of 4.76 million, from 4.58 million in the first quarter, but were still about 3% below a year ago.

Good news for home sellers? Well, I think so.  As we head towards Fall, home sales activity is important as a foundation for the fourth quarter of 2009 but more importantly the Spring 2010 Selling Season.  With the low interest rates, lower home prices, now is the time to jump off the fence. Prices should continue to rise in the next year and the inventory will continue to decline which means now is the time to buy.

We are getting ready to add another awesome Hamilton Mill home to our inventory. Tomorrow we will put on the market an awesome 4 bedroom, 2.5 bath home on a level lot with a screened porch, granite kitchen counters and so much more.

Sellers loss is your gain!

Sale price to be only $234,900.

Call or email for more details.

Do not miss this opportunity to own your new Hamilton Mill home.

So much is happening online today with social networks like Facebook & Twitter.

Hamilton Mill is connecting here:

Well, we were able to collect over 250 pair of slightly used athletic shoes and will be donating them to the Atlanta Union Mission in the next couple of weeks.

My 8 year old daughter thought we could help some folks in need and after reading an article about used tennis shoes in a tennis magazine we thought we could collect some and give to those in need versus giving them back to the manufacturer.

Here is a photo of McClain and the shoes we collected.