What do Real Estate and the National Championship have in common??

Thought that might get your attention!!

The National Championship Winner WILL come from the South this year.

Real Estate business in the South is on the rise too.

Supply is DROPPING, and Demand is RISING…primarily lead by low pricing and the cost(mortgage rates) is low! 

The South saw a 2.4% increase on a month to month basis…why is that important?  Because historically, the volume of sales decreases in the last several months of they year…not now!

Supply across the country for re-sales has dropped to SEVEN MONTHS of inventory, which is almost a balanced market!!!!!!

This is from the Wall Street Journal today:

By ALAN ZIBEL And JEFF BATER

Home resales in the U.S. climbed in November, even as the real-estate group the provides the data significantly revised down sales for the past four years

Sales of previously occupied homes in the U.S. rose 4.0% in November to a seasonally adjusted annual rate of 4.42 million, the National Association of Realtors said.

Economists surveyed by Dow Jones Newswires had expected a 2.0% monthly increase.

The new data come as U.S. home sales numbers from 2007 through 2010 were revised about 14% lower than first reported using annual Census survey data to recalculate how many homes were sold, the NAR said Wednesday.

Sales for all of 2011 are on track to hit around 4.25 million, up slightly from last year’s level of 4.19 million, which was revised downward 15%, said Lawrence Yun, the Realtors’ group’s top economist

The median sales price in November was $164,200, down 3.5% from $170,200 a year earlier.

The inventory of previously owned homes listed for sale, meanwhile, fell 5.8% at the end of November to 2.58 million. That represented a seven-month supply at the current sales pace, compared a healthy level of about six months.

The Realtors’ report said home sales rose last month compared with a month earlier in all four U.S. regions. Sales were up 9.8% in the Northeast and 4.3% in the Midwest. They were 3.6% in the West and 2.4% in the south.

Merry Christmas and all the best to you in 2012. 

www.wadewilcox.com

Mid Year 2011 – Forsyth – Fulton County Real Estate Report

Click here to listen to the local market report from my Broker – Terry Swanson.

Should you or someone you know be in need of short sale,rental,or credit restoration assistance, please call Wade Wilcox (678)522-5340 or email  wwilcox@youneedresults.com

Keep Forsyth County Beautiful

Recycle Electronics April 16

Citizens invited to help celebrate Earth Day by recycling  

Forsyth County residents will have the chance to celebrate Earth Day by recycling their old, unused electronics. Keep Forsyth County Beautiful is sponsoring the “Recycle Your Old Electronics” event on Saturday, April 16, from 9 a.m. to 1 p.m. at the Cumming Fairgrounds’ parking lot 3 off of Castleberry Road.  

Accepted items for recycling include computers, stereos, CD players, cell phones, microwaves and more. The minimum donation per carload for drop-off is $5 while an additional $10 fee will apply for all televisions.  

“Local residents are invited to help celebrate Earth Day by recycling their electronics for which they no longer have a use,” Environmental Program Manager Tammy Wright said. “Taking the time to recycle these items can truly make a difference toward ensuring a clean environment for our entire community.”  

Some items, such as large wooden console televisions, toaster ovens and refrigerators, will not be accepted during the event.

Click here for a complete list of acceptable and non-acceptable items, or call 770.205.4573 for more details.

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Shady Grove Campground Opens March 28

Parks and Recreation Department

The 2011 camping season officially begins in Forsyth County March 28 when Shady Grove Campground opens its 110 campsites for campers. The campground will remain open until November 6.   

The Forsyth County Parks and Recreation Department utilized the off-season to carry out approximately $1 million in improvements to the 109-acre campground. These improvements were made possible by the $100 million Parks, Recreation and Green Space Bond approved by voters in February 2008.  

Campers can expect to immediately notice the improvements, Assistant Director of Forsyth County Parks and Recreation Tommy Bruce said.  

“Improvements were made to allow more adequate space for today’s larger recreational vehicles,” Bruce said. “The pads have been expanded in order to provide space to allow campers to enjoy the full use of their awnings. We are looking forward to hearing how campers enjoy these improvements.”  

Tent campers will find new power hookups and water were added to campsites that were previously without power or water. All visitors will notice a portion of the campground property near the campsites has been turned into a grassy play area and the campground’s shoreline has undergone a restoration process.  

Parks and Recreation Director Jerry Kinsey said these changes would not have been possible without the support of county voters.   

“Shady Grove Campground has received wonderful updates and improvements that we anticipate will help make this an even more popular destination for Lake Lanier campers,” he said. “These improvements would not have been possible without the support of Forsyth County voters.”  

Campers staying at Shady Grove Campground can enjoy a beach and swim area, boat ramp, group campsites with picnic shelters, campsites with water and power hookups, a playground and more.  

Shady Grove Campground is located at 7800 Shadburn Ferry Road in Cumming on the shores of Lake Lanier.  

Daily fees for campground use

• 30 amp electric site with water   $26
• 50 amp electric site with water   $28
• Tent camping site with no hookups   $18
• Group camping (north)   $155
• Group camping (south)   $135
• Visitor fee   $2
• Dump station   $15  

For more information about the campground, visit the Parks and Recreation Department page at www.forsythco.com.   ;

Forsyth County Parks and Recreation Department Announcement

Parks and Recreation Department Master Planning of Green Space Properties to be Focus of Meetings The Forsyth County Parks and Recreation Department will hold two public information meetings to allow for discussion and public input on the proposed master planning of several green space properties. A meeting on Thursday, March 31 at 7 p.m. will discuss master planning of the Harrison, McClure, Buice and Echols Road properties. This meeting will be held at the Lambert High School cafeteria, located at 805 Nichols Road in Suwanee. A meeting on Tuesday, April 19 at 7 p.m. will discuss master planning of Sawnee Mountain Preserve Phase III, and the Eagle’s Beak and Lanierland properties. This meeting will be held in the Coal Mountain Park Community Building, located at 3560 Settingdown Road in Cumming. “We know there is a great deal of interest among our citizens about the future plans for these green space properties,” Director of Parks and Recreation Jerry Kinsey said. “We welcome and invite all interested residents to attend these meetings and offer their input.” “All of the properties that will be discussed at these meetings, with the exception of Sawnee Mountain Preserve, were purchased through the $100 million Parks, Recreation and Green Space Bond approved by voters in 2008,” Kinsey said. “We appreciate the support of the voters, enabling the county to acquire these properties and preserve them for future generations.”

Forsyth County – Fowler Park is now open!!

Ribbon is cut on new 85-acre park, funded by voter-approved bond  

The ribbon was officially cut Friday, February 25 for Forsyth County’s newest park, Fowler Park. The approximately 85-acre park located in south Forsyth County was funded by the $100 million Parks, Recreation and Green Space Bond approved by voters in February 2008. Construction of the project was completed under budget.  

“We are grateful to the community – to the voters – for making this park a reality by approving in 2008 the $100 million Parks, Recreation and Green Space Bond,” Commission Chairman Brian R. Tam said. “Voter approval of this bond made this park possible. Funding the park’s construction with this bond enabled us to build this amazing new amenity without any money from the county’s General Fund.”  

The new park includes fields for baseball, softball, soccer, lacrosse and football, 12 tennis courts, a walking trail around the perimeter of the park, a large playground, and an administrative building.  

The park offers a five-acre passive area that includes three open-air pavilions, a large multi-use pavilion with capacity to seat 250 people, restrooms, and a turf amphitheater area.  

“We anticipate that the large pavilion and open field area will become a very popular location for hosting a variety of special events,” Director of Parks and Recreation Jerry Kinsey said, noting that the area will be available for rent. “This space is unlike anything currently available at our county parks.”  

The park also features a teen play area that includes basketball courts and a 23,000-square foot skate park – the county’s first. Design of the skate park was led by nationally recognized skate park designer Wally Hollyday.  

“There is truly something for everyone here at Fowler Park,” Kinsey said. “We are very excited about all of the great amenities residents will be able to enjoy at this new park.”  

A few of the park’s features are still in progress and will open in the near future. The trail head for the Big Creek Greenway is scheduled to be completed March 2. The park’s track is slated for completion in April, and the 1.5-acre dog park is scheduled to open in May.  

In addition to all of these amenities, a recreation center is also planned for the park. At their February 3, 2011 meeting, the Forsyth County Board of Commissioners approved construction of a recreation center at Fowler Park, completion of which is expected in spring 2012. Construction of the recreation center will be funded by a combination of Parks, Recreation and Green Space Bond funds and Impact Fees.  

Visitors to Fowler Park will notice a statue near the entrance to the park’s administrative building. The statue, titled Nature’s Little Helpers, was donated by the Fowler family and created by sculptor Gregory Johnson.  

In 2001, Forsyth County purchased approximately 277 acres of the Fowler property. Since then, the property has become home to several county facilities. The Fowler Water Reclamation Facility was opened on the property in 2004, and Forsyth County Fire Station #2 was opened in 2007. Ground was broken for Fowler Park on August 5, 2009.  

Fowler Park is located in south Forsyth County at 4110 Carolene Way, off of Atlanta Highway across from the intersection with Castleberry Road.

Real Estate 2010 Taxes – What you need to know!!

IF YOU PURCHASED PROPERTY LAST YEAR 

If you purchased a property last year and closed by December 31^st, 2010, your name should be on the tax records for 2011, even if your deed did not get recorded until January of 2011!

Here are a couple of things to remember:

File the homestead exemption if this property is owner-occupied; most counties have extended their filing deadline to April 1^st, but ALWAYS confirm with your county. 

If the property also has city taxes, there may be an additional homestead exemption available through the city, however,  many cities will require a separate homestead application (except City of Atlanta), and may there could be different deadlines so be sure to check this out.

If the property is owner-occupied by a senior citizen, disabled person, low-income owner, injured veteran or veteran’s widow, there may be additional tax exemptions and discounts available.  These applications are usually due much earlier and can require additional documentation such as a copy of last year’s income tax return.

If the property you purchased is rental or investment property, you should confirm that the correct mailing address is on the deed when it was recorded.  Check your county’s website, your HUD-1 from your closing, or the  GSCCCA website (look at the PT-61 form filed with the Warranty deed).  If the mailing address is not correct and it tax bill is sent to a vacant lot or rental house it is a safe bet it will NOT get forwarded or paid on time!

Your 2011 property assessment should reflect your  purchase price (under the new Georgia law), but it never hurts to check, and you can provide this information by filing a real property tax return to confirm the current value and your proper mailing address.

For more information, please call Wade Wilcox (678)522-5340

Will the health insurance reform law impose a 3.8% tax on home sales?

Chances are, you have received emails warning that the health insurance reform law contains a provision for a sales tax on home sales.  Some versions cite an editorial column from the Spokesman-Review newspaper, while others link to one or more blog posts.  The information contained in these emails is false.  Below are the facts:

Beginning in 2013, the health insurance reform law will impose a 3.8 percent tax on unearned net investment income, which includes some (but not all) income from interest, dividends, rents (less expenses), and capital gains (less capital losses).  The tax falls on only those individuals with an adjusted gross income above $200,000 for single filers or $250,000 for couples filing jointly.

The tax will not be imposed on all real estate transactions.  Those who claim otherwise do not understand the interplay between the health insurance reform law and existing real estate tax law.  The exemption for the first $500,000 of capital gain from the sale of a principal residence remains intact and is not impacted by the new law.

Because the tax is very complicated, the National Association of REALTORS^® prepared an informational brochure outlining several scenarios that could be relevant to you and your clients.  The brochure is available for download here.  You may also want to review NAR’s list of frequently asked questions about the health insurance reform law and the 3.8 percent tax on unearned investment income.

For more information, please contact Wade Wilcox.

 

Forsyth County Real Estate Update – BIG CHANGES TO FHA

FHA Up-front Premium goes down to 1% on 9/7!!
However, the monthly goes up to .85%-.90%..

So, on a 200K loan amount here’s the difference..

Mortgage Insurance Premium:

Now: Up-front MIP is 2.25% financed into loan (200K x 2.25% = 4500)
9/7/2010: Up-front MIP is 1.0% financed into loan (200k x 1.0% = 1000)

Monthly Premiums:

Now: loan amount x .55%/12 (200k x .55%=1100/12= 91.67/month for MI
9/7/2010: Loan amount x .85%or.90%/12 (200k x .85%=1700/12= 141.67/month for MI

Big changes. The net effect is worse for borrower..

Here’s why..
The difference in monthly pmt between the 204,500 and 201,000 is only 18/month better for customer. However, the increase in monthly premiums is worse. The net effect is worse for customer by 32/month on 200K loan amount.

Drop me an email for more information – wwilcox@youneedresults.com