Elegant, Yet Comfortable
• 4 bath, 5 bdrm 2 story "European Traditional"
-
MLS®
$499,900
- New Price
Highlands Forest, Oxford
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A simply elegant, yet comfortable home, which makes it perfect for entertaining friends or relaxing with your family! This all-brick, custom-built home sits beautifully on two acres with lush, professional landscaping, a screened porch across the back and a lower patio off the mezzanine level to move your living outdoors or bring the outside in. The full, finished mezzanine level offers a lovely inlaw or teen suite with a complete second kitchen, and additional unfinished spaces offering ample storage and workshop space. The spacious ensuite master bedroom suite also includes a separate office with built-ins. Everyone will want to gather in the gourmet kitchen and adjacent keeping room with it's soaring vaulted ceiling and stacked-stone fireplace. Granite countertops, beautiful hardwood floors, soft, neutral decorater colors, stunning trimwork, private lawn with bubbling hot tub make this a home not to be missed!
Property information
Highlands Forest, Oxford
-
Announcing a price reduction
on 85 Highlands Forest Lane, a 4 bath, 5 bdrm 2 story "European Traditional". Now
MLS®
$499,900
- New Price.
Property information
Loads of Upgrades!
• 2 bath, 2 bdrm 2 story "Quaint Southern Cottage"
-
MLS®
$225,900
- Fantastic Value
Clark's Grove, Covington
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Quaint Southern Cottage in Clark's Grove, Covington's premiere Traditional Neighborhood Development. You're just steps from the Olympic pool, playgrounds, athletic field, coffee shop, and community garden, and only a short walk from Covington's historic square. This charmer is loaded with upgrades, including Brazilian Cherry hardwoods throughout, ceramic tile baths and laundry room, decorator colors, built-in fireside bookcases, solid wood cabinetry with glass door accents, Plantation shutters, and a central vacuum system. You'll enjoy the relaxed lifestyle, tree-lined sidewalks, walking trails, and great neighbors. Just bring your furniture and family.
"It's the closest we can get to what we left behind!"
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Largest Cottage in Neighborhood
• 2 bath, 3 bdrm 2 story "Low-Country Cottage"
-
MLS®
$235,000
- New Price!
Clark's Grove, Covington
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Charming Low-Country cottage on bungalow court in Covington's most sought-after Traditional Neighborhood Development. Neutral, decorator colors. Master bedroom on th main level. Alley access to covered parking area. Beautiful landscaping, screened back proch, rocking-chair front porch anf fenced back yard. Walk to shopping, and only 1 minute to the pool.
Property information
Clark's Grove, Covington
-
Announcing a price reduction
on 4121 Summers Street, a 2 bath, 3 bdrm 2 story "Low-Country Cottage". Now
MLS®
$235,000
- New Price!.
Property information
Elegant, Yet Comfortable
• 4 bath, 5 bdrm 2 story "European Traditional"
-
MLS®
$499,900
- New Price
Highlands Forest, Oxford
-
A simply elegant, yet comfortable home, which makes it perfect for entertaining friends or relaxing with your family! This all-brick, custom-built home sits beautifully on two acres with lush, professional landscaping, a screened porch across the back and a lower patio off the mezzanine level to move your living outdoors or bring the outside in. The full, finished mezzanine level offers a lovely inlaw or teen suite with a complete second kitchen, and additional unfinished spaces offering ample storage and workshop space. The spacious ensuite master bedroom suite also includes a separate office with built-ins. Everyone will want to gather in the gourmet kitchen and adjacent keeping room with it's soaring vaulted ceiling and stacked-stone fireplace. Granite countertops, beautiful hardwood floors, soft, neutral decorater colors, stunning trimwork, private lawn with bubbling hot tub make this a home not to be missed!
Property information
I’m a Republican. I’ve never been, nor will I ever be a Democrat. To my daughters’ chagrin, I’m much too conservative. But – politics aside - what happened in this country yesterday with the inauguration of Barack Obama as 44th President of the United States cannot help but cause a sense of pride, inspiration, and hope for our nation.
The special thing that happened yesterday was not that the first black president was inaugurated, not that his speech was great (or not), not that Michelle’s outfit was lovely (or not), or that Aretha’s hat was tacky (it was!). The special thing that happened was that almost 2 million Americans on the mall in Washington endured hardship, celebrated together, and demonstrated by their “actions” that all people are created equal.
The special thing was that millions of other Americans celebrated with those in Washington, sensing a bond of freedom and equality with their countrymen and a new pride in their nation.
Many people throughout history have said that all people are created equal. But few have shown it in their actions or inspired others to act as if it were true. It does no good to say it and not believe it. It does no good to believe it and not act like it. It does no good to act like it and not try to make others believe and show it through their actions.
I don’t know whether President Obama will be a great leader or not, whether or not his leadership can resolve this nation’s problems, or whether he can really change the way our government works for the better. Those are things all of us will have to watch, and call him to task for if he doesn’t live up to his promises. That’s our job.
But I do know that, yesterday, President Obama inspired millions of Americans to simultaneously believe and act like all people are created equal. For that alone, he deserves our respect and support.
It is now up to us – to all of us – to ensure that yesterday was not one brief, shining moment. It is up to us to ensure that yesterday was not special because of a bond we “shared,” but because of a bond we “share.” It is up to us to believe and to act like all people are created equal. For until we do, it will not be so.
You’ve probably heard the theory that everyone in the world is separated from everyone else by only six degrees. That is to say, considering all the people you know and have come in contact with, all the people 
they know and have come in contact with, etc. to the sixth degree, you indirectly know or have come in contact with everyone living in the world today. If you think about that theory, it also explains the state of our economy here in Covington and, indeed, the world.
I received a call this week from a friend who’s an architect and residential builder. He is helping Newton County officials put together an application to receive some of the federal “bail-out” funds to help our local housing industry. He asked if I could get some statistics for him on our local housing market to help support information in the county’s application.
What I realized in putting together those statistics is how closely related the housing market in Covington is to the state of our local economy and the economic woes around the globe.
New home sales in Newton County dropped from 1226 in 2003 to only 329 in 2008. In 2003, new homes were selling in an average time of 159 days for an average price of 101.1% of the asking price. In 2008, it 
took, on average, 198 days to sell a new home, and then at only 93.4% of the asking price. The housing bubble had burst, and home builders in Covington and Newton County effectively stopped building new homes. (There are currently only 329 new homes on the market in Newton County, but a 16.2-month supply of resales and foreclosed homes.)
Economists report that the housing market is a leading indicator of the state of our economy. So, what happens when builders can’t sell their new homes and stop building? The six degrees of separation theory takes over.
When builders aren’t building, they don’t need developers, banks, material suppliers, realtors, carpenters, electricians, plumbers, drywall hangers, landscapers, brick layers, concrete workers, or house cleaners.
Developers, banks, material suppliers, realtors, carpenters, electricians, plumbers, drywall hangers, landscapers, brick layers and concrete workers don’t need land, new offices, office supplies, advertising, lumber, nails, tools, wiring, light fixtures, plumbing fixtures, drywall, sod, plants, pipe, brick, concrete, or new trucks.
Banks foreclose on the builders’ inventory and tighten credit on everyone because they don’t have money 
to make new loans. (There were 779 foreclosures in Newton County in 2008.)
Municipalities loose revenue from taxes and utilities, putting law enforcement, firemen and sanitation workers out of work.
There’s no need for manufacturers’ products so they don’t need as many factory workers. Nor do they need freight carriers’ trucks, trains, ships, and airplanes to deliver their goods.
Builders, developers, bankers, wholesalers, realtors, carpenters, electricians, plumbers, drywall hangers, carpenters, electricians, landscapers, brick layers, concrete workers, house cleaners, cops, firemen, sanitation workers, factory workers, and truckers are unemployed. They don’t have the money to shop at the malls, buy new cars or eat out. Retail workers and restaurant workers become unemployed. Unemployment rises to 7.5% (in Georgia).
A simplistic explanation? Probably…
Realistic? Yea, it’s happened…
So, did housing market problems in Covington and Newton County cause all our economic woes?
No! But when the same thing happens in Covington and Atlanta, and Orlando, and Hillsdale, New Jersey, and Spokane, and Denver, and Walnut Creek, California all at the same time, there’s only six degrees of separation between us, a U.S. recession, and a global economic crisis.
With the current state of the economy in the U.S., fueled for the past several years by the housing market, it’s probably no big surprise that 2008 was not a stellar year in real estate in Covington and Newton County.
Here’s how the year ended in Newton County, according to statistics drawn from the Georgia Multiple Listing Service (GAMLS).
A total of 1355 single family homes sold in Newton County during 2008, a decrease of almost 400 from those sold in 2007.
Total Sales volume in December 2008 was almost $8 million less than in January. And the average sales price during that period dropped by over $43,000 per home, on average.
New homes were hardest hit with only 328 new homes selling during 2008. It took an average of 6.5 months to sell each of those new homes, and there’s still a 14.3 month supply of newly constructed homes on the market in the county.
There were 779 single family property foreclosures during the year. But, they were not just low-cost and starter homes. These foreclosures can be found at virtually every price point and in most neighborhoods county wide.
Will 2009 be a better year in the housing market? With unemployment in metro-Atlanta standing at 7% and expected to rise during 2009, it’s hard to say. But housing is the key to economic recovery in this area overall, and unemployment usually lags the start of recovery. So watch the housing market this year to see how our economy is doing.
The good news in all of this is that it’s still a great time to buy a home, especially if you’re in a position of not having to sell before you buy. There is 
ample mortgage money available for new loans for those with good credit at some of the lowest interest rates in years. And there are plenty of homes on the market for you to choose from – 1862 active single family home listings in Newton County today – at better prices than you’re likely to find for years to come.
If you have a home to sell, give it a try. It costs you nothing until the home is sold, so you have nothing to loose. And if you sell for less than you’d like, be assured that you’ll be buying for a lot less than you would expect also!
If you have a home to sell, contact us, “Your Traditional Neighborhood Specialists,” by either phone, email or text message. We’ll be glad to advise you on things you can do sell your home faster in this market.
And if you’re looking for a new home, we have access to hundreds of new, bank-owned and foreclosed properties throughout Covington, Newton and the surrounding counties. Call or text 770-337-5262 or 404-925-3676, or email billblair@bellsouth.net. We’ll make it work for you!
Whether you’re in the market to sell your home or buy a new one; whether you’re a real estate investor or just have a single property; whether you watch the world market or just your local neighborhood, there are some interesting real estate statistics for the Covington and Conyers real estate markets for November.
Foreclosures continue to dominate the local real estate scene. There were 54 new foreclosures in Newton County during November, and 39 in 
Rockdale County. This brings the totals for 2008 to 687 foreclosures in Newton and 378 in Rockdale. That’s only 26% more for Rockdale over the 2007 figure, but a whopping 60% increase in foreclosures in Newton County over the previous year.
Is anything selling? Yes. 665 single family homes sold in Newton County during November. The problem is that it took an average of 148 days per home to sell them. Pretty much the same holds true for the Rockdale market…429 homes sold with an average days on the market of 151 days per home.
What’s interesting is that, of the 665 sales in Newton County, 366 – or 55% - were priced below $125,000. In Rockdale, 144 homes – or 33% of those sold – were priced below $125,000. In both cases, this price range also had the lowest “Days On Market,” times, selling in about 127 days. These are pretty good indicators that a large part of sales in both counties were foreclosed properties. This is constantly reducing the number of foreclosed properties on the market, and is good for the market overall because it reduces the total number of homes available and helps to stabilize property prices.
As of the end of November, there were 1622 single family homes for sale in Newton County – a 14.7 month supply – and 1031 active listings in Rockdale County – a 14.5 month supply for that market.
The most difficult segment of the market in either county right now is homes listed between $250,000 and $350,000. They are taking longer to sell (up to 214 days), and are selling for between 89% and 92% of the asking price.
All this said, believe it or not, this is still a great time to buy a home. Interest rates are low and predicted to go even lower before the end of the year. There’s plenty of mortgage loan money available for those with good credit. The average sales price of homes in November was down between 13% and 19% over 2007 prices. And inventory is great.
What’s going to happen in 2009? Diana Olick has a pretty good idea in her article written for CNBC’s “Realty Check.” Take a look at her predictions in “Predictions: 9 For ’09 in Real Estate.”
At the risk of loosing about 51% of my readers, I have to say right up front that... No, girls! This is not about the 1983 movie, "Risky Business," that propelled Tom Cruise to fame. Sorry!
This is the third in a series of articles on mortgage lending in the Covington Georgia real estate market. And that, too, in today's market, can be a "risky business."
In mortgage transactions, the lender takes the risk that you and I, as borrowers, may default on the loan and not repay the debt. Therefore, they assess their risk on every type of mortgage loan to determine whether the loan should be approved or declined. There are four major risk factors lenders consider today when underwriting a mortgage loan in the Covington real estate market and several lesser ones. In this part of the series, we'll look at the first two major factors, LTV and DTI. In Part 4, we'll look at the other two major risk factors and the lesser ones.
Loan To Value (LTV)
One of the first risk indicators lenders look at is called the Loan To Value (LTV) ratio. Loan To Value is a mathematical calculation in which the amount of the loan you're applying for is divided by the lower of either the purchase price or the appraised value of the home you are buying.
Example:
- Purchase Price of $200,000
- Appraised Value of $203,000
- Down Payment of $20,000
- Loan Amount of $180,000
$180,000 divided by $200,000 = 90% LTV
The normal maximum LTV expected by the lender for a "conforming" mortgage loan for a primary residence or second home is 95%. That is to say that the borrower pays 5% down, leaving a mortgage loan of 95% of the sales price of the home being purchased.
Normal maximum LTV for a conforming mortgage loan on investment property is 90% (10% down payment).
Loan options are also available for LTVs between 95% and 100% even though they represent a higher risk to the lender. They are available on some special conforming programs and on government guaranteed programs through the FHA and VA.
There is a 95% maximum LTV on home refinancing to obtain a better interest rate, and 90% maximum LTV on refinancing for home equity loans, called "cash out refinances."
When a borrower is obtaining two mortgage loans to finance a home (such as an 80/20 loan - 80% first mortgage, 20% second mortgage), the mortgage lender considers a calculation called the CLTV or Combined LTV.
Example:
- Purchase Price of $200,000
- Appraised Value of $203,000
- Down Payment of $20,000
- 1st Lien Loan Amount of $160,000
- 2nd Lien Loan Amount of $20,000
$160,000 divided by $200,000 = 80% LTV
$160,000 + $20,000 = $180,000 divided by $200,000 = 90% CLTV
Debt To Income Ratio (DTI)
The second major risk factor lenders consider is your Debt To Income Ratio (DTI). Making up your DTI are two ratios: 1. Housing Ratio, and 2. Total Debt Ratio.
The Housing Ratio is the monthly estimated house payment (including PITI: principal, interest, property tax and homeowner's insurance) divided by the borrower's and co-borrower's monthly gross income (before tax).
Example:
- PITI of $1,420.50
- Gross Monthly Income of $6,000
$1,420.50 divided by $6,000.00 = 23.7% Housing Ratio
[TIP] A good rule of thumb to use when you're crunching numbers before deciding about applying for a mortgage loan is to make sure your Housing Ratio is no higher than 30%. In reverse, that means that you should be able to comfortably afford a house payment (PITI) amounting to about 30% of your gross income.
The Total Debt Ratio is the estimated monthly house payment (PITI) plus other monthly payments such as car loans, credit cards, personal loans, etc., divided by the borrower's and co-borrower's monthly gross income.
Example:
- PITI of $1,420.50
- Other Debt
- Auto Loan Payment $460.00
- Credit Card Payments Totaling $300.00
- Gross Monthly Income of $6,000
$1,420.50 + $460.00 + $300.00 = $2,180.50
$2,180.50 divided by $6,000 = 36.3% Total Debt Ratio
[TIP] A good rule of thumb to use for a maximum Total Debt Ratio is no higher than 40%.
[TIP] Your car loan payment is not normally considered when figuring your Total Debt Ratio if you have less than 10 months left to pay on the loan!
Most loans today are underwritten through automated (computerized) underwriting. When lenders use automated underwriting, actual maximum ratios allowed may be different since the computer can easily consider all risk factors of the loan at once. The ratios can go higher than 30% Housing Ratio and 40% Total Debt Ration. However, when you're crunching numbers yourself, as I mentioned above, it's best to use 30% Housing Ration and 40% Total Debt Ratio as guidelines.
Contact any of "Your Traditional Neighborhood Specialists," Licensed Realtors in Georgia at 770.787.7777 (Ext. 456) to list your property for sale or to purchase a property in Covington, Conyers, Oxford or anywhere in Newton, Rockdale, Walton, Henry, Gwinnett or east DeKalb Counties in Georgia. We are accepting referrals!
You deserve more from your Realtor than just another refrigerator magnet! Visit our profile to learn more about the services you deserve. Call us today at 770.787.7777, Ext. 456, or contact us by email by clicking on "email me" on the right side of this page under our profile.
To see all Covington, Conyers and Oxford homes for sale, click here and then click on "Search MLS Listings." We know Newton, Rockdale, Walton, Henry, Gwinnett and DeKalb Counties and can get your home sold or help you buy your Covington or Conyers home.
"Your Traditional Neighborhood Specialists" fees are the same as for a single Realtor. But you get...
- Five times the Market Knowledge
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- All for a single-Realtor fee!
We think you deserve it!
Copyright 2008 by Your Traditional Neighborhood Specialists. All Rights Reserved. All information provided in Covington Living Blog is subject to change without notice, and represents the ideas and opinions of the author(s). The author(s) are not responsible in any way for the accuracy of the information provided, and offer no warranties of any kind, either express or implied.
• 4 bath, 6 bdrm 2 story "Traditional" - MLS® $295,000 - Large & Move-In Ready!
The Links, Covington - Like New! This immaculately-maintained home is ready for you to just Move In! Located on the 6th fairway in one of Covington's premier golf, swim,tennis neighborhoods, this large home priced at only $304,500. offers great value! The home is on a full, finished basement, in a location convenient to everything. It has exquisite landscaping and is perfect unsude and out for entertaining or just relaxing with the family. Underground utilities, sidewalks, neighborhood amenities and it's pristine condition make this home a "must see!"
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Covington's Newest TND
• 3 bath, 3 bdrm single story "Traditional Bungalow" - MLS® $354,500 - New Construction
Dorchester Place, Covington - "The Covington Cottage" plan in Covington's newest Traditional Neighborhood Development, Dorchester Place. Walk to parks and Covington's historic square for shopping and dining. This is a charming bungalow with 3 full bedrooms, 3 full baths. Extensive trim in period style, "Easy Living" certification, energy efficiency, modern conveniences, and features notnormally found in other homes distinguish each of our custom-built models. All our homes have upgraded stainless appliances, granite countertops, supplemental master bath heaters, broad front proches and small lots for easy maintenance. See all our homes and plans at www.dorchesterplace.com. "It's the closest we can get to what we left behind!"
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Decorated Model!
• 3 bath, 3 bdrm 2 story "Traditional" - MLS® $379,900
Dorchester Place, Covington - "The Bradley House" is the decorated model home for Dorchester Place which is a new traditional neighborhood located in the heart of historic Covington. All the home plans must be approved by the historical society. We have an extensive book of pre-approved plans or bring your own plan. This Easy Living home boasts a spacious fireside Great Room that is open to the gourmet Kitchen and Dining Area. Relax in the gorgeous Master Bedroom located on the main level with an incredible spa bath and access to the screened porch. Walk to Dining & Shopping!
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Abundant Amenities!
• 3 bath, 4 bdrm 3 story "Federal Style" - MLS® $425,000 - Motivated Seller!
Clark's Grove, Covington - Unique Federal Style home in Live/Work Traditional Neighborhood. Town Center Breads Coffee Shop and Montessori School in neighborhood. The main house offers 3 Bedrooms and 2.5 Baths. On the first level you will find the Dining Room, Gourmet Kitchen, fireside Great Room and Breakfast Area/Sunroom. The second level consists of a Laundry Room and the Master Suite w/fireplace, Sitting Area, and access to the private covered porch. On the third level you will find two addtional Bedrooms and a Jack-n-Jill Bath. Enjoy quiet evenings from the covered porch and private courtyard. In-Law/Teen Suite above garage offers 1 Bedroom, 1 Full Bath, Living Room and Full Kitchen. Swimming Pool, ball field, playground, pavilion, garden area, sidewalks. Walk to abundant dining and shopping in historic Covington square.
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