Monday, October 1, 2012
Fewer homes on the market means good news for sellers in Snellville.
The housing market nationally continues to recover. Released this week, year over year, there is an 8% increase in the sale of existing homes. Even more startling is the sale of new homes, which has seen an increase of over 29%. The average price of a home nationally increased to $187,400, a 9.5% increase when compared to 2011 levels. Many markets, including ours, are seeing price increases due to reduced inventory and multiple offers on homes. What does this look like in Snellville? We are looking at a similar trend, with a nearly 31% reduction in listings when compared to 2011. What this means is buyers are having to look at homes nearly as soon as they hit the market or they will already be under contract. Setting appointments on …
Monday, September 24, 2012
This is a big deal if you're trying to purchase a condo with an FHA loan.
Many buyers use FHA loans to purchase their homes due to the low down payment (3.5%). However, not all types of residential property were available for FHA loans. Many folks, especially empty nesters, no longer want the huge house and big yards. They would prefer a condo type community. Until now, the entire building would have to be certified by FHA, meeting their standards. This was problematic for folks who wanted to buy and sell because it eliminated an entire part of the lending community. FHA will now allow consumers to get an FHA condo loan if less than 15% of the dues are less than 60 days late. Previous to this it had been 30 days. Also, condo boards are now less liable to FHA violations. Congress also voted to strengthen FHA. It…
Monday, September 17, 2012
Columnist and Realtor Jamie Parker discusses rising prices and "shadow inventory" in this week's Eye on the Market.
Good News Nationally, we have continuously received good news about the housing market. Prices have been steadily going up and a third of the homes sold nationwide in July were on the market for less than a month. We also saw the first dips in interest rates this past week after five straight weeks of increases. This is all pointing to a healthy housing recovery. Shadow Inventory While all of this sounds awesome, there are many out there who have heard this term: "shadow inventory." What is it? It's the inventory of foreclosed homes that the bank is holding off from putting on the market. During a recent seminar, a panel of higher ups from many of the major mortgage lenders discussed the shadow inventory. At least one major lender, …
Monday, September 3, 2012
Quite a few options exist for prospective buyers, even with poor credit.
Last week, I covered selling alternatives. This week, I will cover buying alternatives. There is a misconception out there that it is too hard to buy, or that it has gotten harder to purchase a home due to the downturn in the market. I am here to let you know that this is simply not true. Many folks are relegating themselves to rent without having checked out the facts. With rates so low right now, you owe it to yourself to at least check out your options. Some of the programs that are available to you are as follows: These are just two examples. There are many other programs that are available for perspective buyers. There are many loan officers that will evaluate your credit and then advise you on what it will take to get to the …
Tuesday, August 28, 2012
The market's turning around, but what if you just can't sell?
With the downturn in the market, many folks have been unable to sell even when they need to. Fortunately, underwater homeowners have a few options. Here are some ideas you can use: By the Numbers Months of supply of inventory available (the lower the number, the better chances prices will increase): Shiloh Now: 3.4 months, 42 sold per month (average) 2011: 3.2 months, and 45 sold per month South Gwinnett Now: 3 months, 72 sold per month 2011: 3.1 months, 68.7 sold per month Brookwood Now: 3.1 months, 53 sold per month 2011: 3.7 months, 45.4 sold per month Deals of the Week: South Gwinnett Curb Appeal: Check out the yard and condition of this beauty! Shiloh Royalty: Check out this stately home. Can you say red carpet? Brookwood …
