As you start looking for a new home, you probably aren’t even considering your NEXT move . You probably just want to get this one taken care of! But it is always prudent to shop for a new home with an eye on potential resale value down the road. No one can predict what the future will bring , but here are some simple things you can look for:

• Lot Size and Shape: Larger Lots are beginning to add a premium to the price. This is especially true of new construction. And as a buyer, do not pay a premium for someone else’s landscaping efforts. Landscaping can typically decrease the time on the market but not increase the overall price by much.
• Neighborhoods: Pay special attention to the yard upkeep, neighborly involvement and the amenities. The best strategy is always to buy the smallest or lowest priced home in the best neighborhood. You can get community reports from me here or search all the communities in Georgia on my website .
• Kitchens and Baths: A spacious, updated kitchen is among the most important features in a home. Updated baths are also important.
• Basements: Although most in Georgia remain unfinished they can increase the resale value and decrease the time on the market. A finished basement can add an additional $50k to $100K depending on the neighborhood and the level of finishing work (i.e. Theatre Room with equipment staying, full kitchen, extra bathrooms). In a down market, Basements may only be worth $10K, but they can definitely speed up the sale!
• Backyard Features: Decks and patios generally yield almost a dollar-for-dollar return. But swimming pools are not generally great investments, however, they will decrease the selling time significantly. Typically buyers put a $10K - $20K premium on in ground pools, far less than what it cost to put in. Above ground pools actually decrease the home’s value in some areas as well.

As you can tell most items may not add directly to the value, but all these items will help the home sell much, much quicker. You’ve got to be the best of the best in a down market.

I’d be happy to answer any questions you have and show you properties that meet your needs. Please call (770-374-4667) or email me when you are ready to look for a new home.

In this month’s Georgia Association of Realtors magazine there was a nice reprint of RetlyTrac’s statistical information.  I thought it was well worth sharing!

8 is the Rank of Georgia out of 50 states for foreclosures.10 is the average number of years that it will take for a home’s value to double in Georgia. 

34 is the average age of a first time home buyer. 

60 is the PERCENTAGE of the average home owner’s wealth that comes from their Georgia Home’s equity. 

112 is the percent increase in foreclosures from 2nd quarter 2007 to 2nd quarter 2008

5 is the rank of 2007 in terms of existing home sales

171,000 is the average net worth in dollars of a home owner.  

36 The number of times a home owner’s net worth is more than a renter’s (almost).  (The average renter’s networth is only $4,800)

I was particularly intrigued to see the networth number. We all have probably sat down and worked those numbers out and I’m as jaded as the next person when it comes to the seemingly astronomical figure that comes out of it (my car does not add to my net worth in my opinion). The fact remains that a home is like a forced savings account and holding real estate long term is a proven piece to your financial success.

Are you waiting till prices drop further?  I have two KEY questions for you.

1. When is the right time to buy?
2. When do you know where the bottom is?

Buying a home in Georgia is different. Sure, you’ll likely get more home for the money vs most places, but the real difference is in the buying process altogether. If you are like most people reading this article you are either out of state (outside of Georgia) or came from another state. In fact, the reason Georgia is consistently on the top growth states is the influx of "transplants" to the city.

Most people relocating will notice the differences immediately. Whether it’s odd combination of zoning laws in different counties or the unnerving truth that most homes don’t have swimming pools and newer ones have no land, people from out of state usually still miss the boat.

So what am I talking about?

1. Realtors - In Georgia we have a legal responsibility to look out for our client’s best interest. This supersedes representing the seller. So although the seller pays for the buyer’s agents in most cases, the real estate agent must represent the buyer’s best interest to the fullest. (New York & New Jersey are not this way)
2. Foreclosure - Georgia is a non-judicial state. So foreclosures can take as little time as 30 to 60 days. You don’t pay, you don’t stay… for long at all. (compare CA at 6 to 12 months for a foreclosure hearing)
3. Mortgages - Did you know there are certain zip codes that lenders don’t like? Well, chances are if you have a mortgage broker not in Georgia, they don’t know that either. It’s important to have someone local because…
4. Closing Times - In Georgia, it’s common for offer to closing to only take 30-45 days. Compare other states that have "dry closings" that could take up to 6 months.
5. Due Diligence - Here’s one where Georgia joins most of the other states. Due Diligence is called a "free look" in some states. Once it’s over, your earnest money is non-refundable.

Those are just some of the ways that Georgia is different. Sure, we can spot you (you being an out of towner) a mile away, but eventually you’ll get used to the laid back atmosphere and hey, I’m actually in the minority here, as a native Georgian.

After talking with some key people on my team, I’m no longer singing the short sale blues. I found out that they are more than willing to help me hunt down the loss mitigator and get the ball rolling. What a relief it is to have good people. These people are part of my concierge service that is offered by the Jarvis Team.

In addition to helping us facilitate the short sale, they can give you legal and practical advice about your situation.