Gwinnett County Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local single family market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!  We are your local parkview and brookwood school real estate expert.  Give Harry a call at 404-213-6811 and find out how Harry Patel can help you sell your home for the most money and least hassle.

June 17, 2022

A Majority of Consumers Say It’s a Good Time To Sell Your House

A Majority of Consumers Say It’s a Good Time To Sell Your House | MyKCM

If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.

According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell your most valued asset.

The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.

In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):

A Majority of Consumers Say It’s a Good Time To Sell Your House | MyKCM

Some Highlights
  • Worried you won’t be able to find your next home after you sell? You should know data from realtor.com shows more listings are coming onto the market each month this year.
  • Having additional options can make the search for your next home easier. But inventory is still low overall, which means your house should still stand out when you sell.
  • If your biggest question is where you’ll go if you sell, take this as encouraging news. Let’s connect to start the process today.

What Makes Today a Good Time To Sell?

One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving home prices up, making it a good time to sell your house.

And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the number of single family homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.

In Short

While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.

May 24, 2022

The One Thing Every Homeowner Needs To Know About a Recession

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.

The National Bureau of Economic Research (NBER) defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

In Summary

 

We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.

May 21, 2022

Why Rising Mortgage Rates Push Buyers off the Fence

Why Rising Mortgage Rates Push Buyers off the Fence | MyKCM

If you’re thinking about buying a single family home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans.

Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.

A Look Back: How the Current Mortgage Rate Compares to Historical Data

One factor that could help you make your decision to buy it now is how today’s mortgage rates compare to historical data. While higher than the average 30-year fixed rate in recent years, the latest rates are still comparatively low when you look at the bigger picture of where rates have been since 1971 (see graph below):

Why Rising Mortgage Rates Push Buyers off the Fence | MyKCM

Mark Fleming, Chief Economist at First Americanexplains it like this:

“. . . historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.”

If you’re deciding whether to buy now or wait, this is important context to have. Today’s mortgage rate still gives you a window of opportunity to lock in a rate that’s comparatively lower than decades past.

A Look Ahead: What Happens if Rates Continue to go up

Home buyers who are ready  now are also motivated to make their move because they know rates have risen steadily this year, and they’re eager to get ahead of any further increases.

Why? When mortgage rates climb, they impact the monthly mortgage payment you’ll have on the home you’re buying. Basically, it’ll likely cost you more to buy a home if you wait. Experts say mortgage rates will rise (although more moderately) in the months ahead. Odeta Kushi, Deputy Chief Economist at First American has explained:

“. . . ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”

So, if you’re ready and financially able to buy now, it may make more sense to get off the fence and make your purchase sooner rather than later. As Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), reports

With even higher interest rates on the horizon, I don’t see any reason to hold off from purchasing a home right now. If you feel financially secure, you should start looking for a home.”

At the end of the day, there is no perfect advice on when to buy a home. What you should do depends on your goals, finances, and personal situation. Use this information with the help of local real estate professionals to make an informed decision on what’s best for you. The Mortgage Reports sums it up best:

“. . . if you’re not sure about whether to buy now or wait for a better deal, buying sooner rather than later might be wise. That said, buying a house is always a personal decision. Whether you should buy in 2022 depends on your financial situation and the local housing market where you live.”

Summary

 

For many buyers, rising mortgage rates are motivating them to act now and make a purchase before rates rise higher. To decide what move is best for you, let’s connect so you have expert advice on your side.

April 30, 2022

410 Palmer Drive, Stone Mountain, GA

410 Palmer Drive, Stone Mountain, GA

Get Directions Click Here



 
Description Features Photos Maps & Local Schools Virtual Tour Walk Score
 
$ Click for current price

3 BEDROOMS

2 BATHROOMS (2 full)

1499 Square Feet

 
Just in the outskirts of City of Stone Mountain, you will find this wonder opportunity. With front and private rear porch that you will enjoy year round, this home is perfect for anyone who has large pets, enjoys gardening, needs privacy and plenty of space for your RV. 95+% renovated with new carpet, new paint, new siding, new appliances, new water heater, new plumbing fixtures, new kitchen sink, new paint, and less than 5 year old roof and HVAC. Upstairs attic is dry and can easily be built out for additional living space. Close to Stone Mountain, easy access to Major Highways,, Near by shopping, parks and NO HOA.
 
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Harry Patel

Realtor

Keller Williams Realty Atl. Partners

404-213-6811

harrypatelrealestate@gmail.com

 
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April 18, 2022

On the Fence of Whether or Not To Move This Spring - Consider This.

 

On the Fence of Whether or Not To Move This Spring? Consider This. | MyKCM

If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s turn to the data.

Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help paint the picture of what this looks like:

On the Fence of Whether or Not To Move This Spring? Consider This. | MyKCM

Notice how much darker the blues are on the left. This shows buyer traffic is strong today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic. In a nutshell, the demand for homes is significantly greater than what’s available to purchase.

What That Means for You

You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller traffic is so low, there’s a good chance buyers will be competing for your house.

According to NAR, in February, the average home sold got 4.8 offersWhen buyers have to compete with one another like this, they’ll do everything they can to make their offer stand out. This could play to your favor and mean you’ll see things like waived contingencies, offers over asking price, earnest money deposits, and more. Selling when demand is high and supply is low sets you up for a big win.

If you’re also looking to buy a house, you may be tempted to focus more on just the seller traffic map and wonder if it means you’ll have trouble finding your next home. But remember this: perspective is key. As Danielle Hale, Chief Economist at realtor.comsays:

The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”

If you look at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, and that means an even bigger opportunity for you. Even though finding your next home in a market with low inventory can be challenging, is that concern worth passing on some of the best conditions sellers have ever seen?

As added peace of mind, remember professional real estate agents have been juggling this imbalance of supply and demand for nearly two years, and they know how to help both buyers and sellers find success when they move. A skilled agent can help you capitalize on the great opportunity you have as a seller today and guide you through the buying process until you find the perfect place to call your next home.

Bottom Line

If you’re ready to move, you have an incredible opportunity in front of you today. Trust the experts. Let’s connect so you have expertise on your side that can help you win when you sell and when you buy.

April 18, 2022

How the Appraisal and Inspection Empower You as a Homebuyer

How the Appraisal and Inspection Empower You as a Homebuyer

April 14, 2022

Even in today's competitive market, it's important not to waive an appraisal or inspection. Let's connect so you can feel empowered when you submit an offer on the home of your dreams.

 

What Is Multigenerational Housing? [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you have additional loved ones coming to live with you but don’t have enough space, it may be time to consider a larger, multigenerational home.
  • Some key benefits of multigenerational living include a combined homebuying budget, shared caregiving duties, enhanced relationships, and more. These benefits might be why some  families are choosing to live in multigenerational single family home today.
  • Let’s connect so you can find a house that meets your changing needs and has plenty of space for you and your loved ones.
March 24, 2022

This Spring Presents Sellers with a Golden Opportunity

This Spring Presents Sellers with a Golden Opportunity | MyKCM

If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best long term investment when you buy your next one.

If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.

1. The Number of Homes on the Market Is Still Low

Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.

Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.

2. Your Equity Is Growing in Record Amounts

According to the most recent Homeowner Equity Insight report from CoreLogic, homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,900 in equity over the past year.

That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.

3. Mortgage Rates Are Increasing

While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.

For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty has caused rates to dip in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says:

“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates....”

When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.

4. Single Family Home Prices Are Climbing Too

Single Family Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.

What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.

And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.

 

In short

If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.

March 17, 2022

1126 Garner Creek Dr, Lilburn GA - Just Listed

Magnificent 4 sided brick custom home located in the exclusive Gated Garner Creek at Parkview and popular Camp Creek, Parkview Cluster. From the moment you step in, you will feel the warmth and charm of this immaculately maintained and loved home that will wow your family and friends. Drum roll please… Formal Living/Study, Formal Dining, Great Room w/built bookshelves, Gas log fireplace, coffered ceiling open to Gourmet Kitchen w/Stainless Steel appliances, 5 burner Gas cooktop, gorgeous Granite counters / ample Cabinet Space, Beautiful Island, Walk-in Pantry, and Wall to Wall windows creating a bright vibrant living and casual dining area. Step out onto the huge Covered Deck elegantly designed for year round entertaining, relaxing and casual dining. Step in from the 3 Car Garage to a Convenient Mudroom, Guest bedroom on main w/private bath, a Work Area, and half bath. Upstairs offers a large Owner’s suite, Double vanity, Separate Shower/Soaker tub and a Massive Walk-in closet and behind the barn door is your own Private Office. Bedroom 2 is a large w/private bath-perfect for a teen, Bedroom 3 w/ private bath, Bedroom 4 and 5 have a J & J bath and all with Walk-in Closets and Plenty of Daylight. The Finished Basement features Polished Concrete Flooring, exceptional and way above average finishing with high end trim work, recessed lighting, built in refreshment bar, brick faux accent wall, built-in dining nook, entertainment station, full bath, an exercise area, a cozy nook designed for the kid in you on a rainy day for a great read or just quiet time, additional large open space with play and craft area (part of it could be converted to a bedroom), extra storage room, and a workshop tucked away in the corner for the creative DIY projects. Located with easy access to more than 5 community parks, Greenway walking trail, dog parks, Mountain Park Aquatic Center, local shopping, dining and Eastside, CDC, Emory and the VA. This is Lilburn living at at its very best when it comes to this luxury gated community and it awaits to serve your family.

Presented By:

Harry Patel

Realtor
Keller Williams Realty Atl. Partners
404-213-6811
Licensed In: GA
License #: 298422

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March 10, 2022

1126 Garner Creek at Parkview Listing in Lilburn

Magnificent 4 sided brick custom home located in the exclusive Gated Garner Creek at Parkview Subdivision and popular Camp Creek, Parkview High School Cluster. From the moment you step in, you will feel the warmth and charm of this immaculately maintained and loved home that will wow your family and friends. Drum roll please… Formal Living/Study, Formal Dining, Great Room w/built bookshelves, Gas log fireplace, coffered ceiling open to Gourmet Kitchen w/Stainless Steel appliances, 5 burner Gas cooktop, gorgeous Granite counters / ample Cabinet Space, Beautiful Island, Walk-in Pantry, and Wall to Wall windows creating a bright vibrant living and casual dining area. Step out onto the huge Covered Deck elegantly designed for year round entertaining, relaxing and casual dining. Step in from the 3 Car Garage to a Convenient Mudroom, Guest bedroom on main w/private bath, a Work Area, and half bath. Upstairs offers a large Owner’s suite, Double vanity, Separate Shower/Soaker tub and a Massive Walk-in closet and behind the barn door is your own Private Office. Bedroom 2 is a large w/private bath-perfect for a teen, Bedroom 3 w/ private bath, Bedroom 4 and 5 have a J & J bath and all with Walk-in Closets and Plenty of Daylight. The Finished Basement features Polished Concrete Flooring, exceptional and way above average finishing with high end trim work, recessed lighting, built in refreshment bar, brick faux accent wall, built-in dining nook, entertainment station, full bath, an exercise area, a cozy nook designed for the kid in you on a rainy day for a great read or just quiet time, additional large open space with play and craft area (part of it could be converted to a bedroom), extra storage room, and a workshop tucked away in the corner for the creative DIY projects. Walking distance to Mountain Park and Mountain Park Library. Located with easy access to more than 5 community parks, Greenway walking trail, dog parks, Mountain Park Aquatic Center, local shopping, dining and Eastside, CDC, Emory and the VA, BAPS Swaminarayan Hindu Temple, First Baptist Church, Methodist Church and many more houses of workship.. This is Lilburn living at at its very best when it comes to this luxury gated community and it awaits to serve your family. 

 

 

 

1016 Garner Creek Dr Lilburn, GA 30047 from Venvisio on Vimeo.

 

Recent Sales in Lilburn 

 

 

 

 

 

March 7, 2022

Lilburn Home Sales Report- YTD Feb 2022

Wow! What an amazing transformation in our Lilburn Housing Market.

YTD Ending Feb 2022   

  •  Market Update Lilburn Home SalesSold 100 Valued at $40 Million
  •  Pending 57 Valued at $24 Million
  •  Active Under Contract 9 Valued at $3.2 Million
  •  Active 35 Valued at $15.5 Million

 

But here is the REALLY EXCITING NEWS for Garner Creek Homeowners. Parkview.

Lilburn Luxury homes Sales $650K+

• 5 Active Listings over $650K

• 2 Closed - $950K (5400 sq ft) and $965K (4400 sq ft)

• 1 Closed at $850,000 (8,200 sq ft, w/ finished basement)

• 1 Closed at $735,000 (3,600 sq ft, slab)

 Lilburn homes sales zip 30047

 

Harry Patel is a local Realtor.  If you are even remotely thinking about selling this may still be the best opportunity.  I will let you know where we land with this sale once it closes.