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, August 20, 2012
A deeper look into the numbers for Snellville home sales.
Last week, Snellville Patch covered the hot part of the market, the $75K-110K priced homes. While this part of the market continues to be hot, what does the rest of the market look like? If you don't fall into that bracket, can you still sell your home? The answer is yes. There are many buyers looking to purchase in all different price points. Just this week, I have had buyers searching for homes from $75K up through $800K. With interest rates being so low, we are seeing folks looking in many different price points. Check out some of the stats below. Snapshot: Brookwood Homes sold to date in August: 14 Average days on the market: 52 Average Price: $138,738 High Price: $261,000 Low Price: $64,150 Under contract: 30 Average Under Contract …
Monday, August 6, 2012
This has been a "hot" summer in the Snellville home market.
The Snellville market includes parts of the Brookwood, Shiloh and South Gwinnett high school districts. There were 321 home sales between May 1 and August 1. Of those home sales, 191 were not distressed, or 59.5%. The low sale was $30,000 and the high sale was $535,900. Please see below for average home prices and days on the market for each high school district: Snellville's market is very healthy and many homes are seeing prices that are going over asking price and are even getting multiple offers. All of this is very good news on our road to recovering home prices. However, please keep in mind that there are still many foreclosures that the banks are keeping off the market for whatever reason. We call this "shadow inventory." …
