Article via:
Jacques Couret
Senior Online Editor- Atlanta Business Chronicle
Metro Atlanta saw double-digit home values appreciation in July, the monthly Zillow Home Value Index shows.
The average home value here was $123,900 -- up 10.1 percent compared with July 2012 and up 2.2 percent from June 2013.
Nationally, home values grew 6 percent year-over-year in July, marking the 14th straight month of annual appreciation and the first time year-over-year appreciation rates have reached 6 percent since 2006. The average U.S. home is worth $161,600.
“After three straight months of annual home value appreciation above 5 percent, the U.S. housing market recovery has proven it is on very sound footing,” said Zillow Chief Economist Stan Humphries, in a statement. “We have entered a new phase in the recovery when we can begin to turn away from ugly recent history and turn toward what the housing market of the future will look like and how it will act. The time to have these discussions is now, and recent efforts by President Obama and both parties in the House and Senate to begin addressing still-lingering structural issues related to housing finance are very encouraging.”
CLICK HERE TO VIEW ORIGINAL ARTICLE
Wednesday, August 21, 2013
Sat Aug 24th: Real Estate Week Seminar w/ Egypt Sherrod of V-103 and HGTV
V-103 and Georgia’s Own Credit Union present the V-103 Real Estate Week. As the housing market begins to rebound and interest rates stay low NOW is the time to consider being a home owner, refinancing or investing in rental property. Listen up all week long the week of August 19th as V-103’s Egypt Sherrod, a licensed Real Estate expert and host of HGTV’s Property Virgins will discuss everything about the home buying process! Get informed and educated and get out of the “renter’s trap” and become a home owner.
We’ll be talking about credit advice – Are you financially fit, Obtaining the loan – All the Facts, Finding your home – Realtor or Not, Home Inspections and Closing on your home and more! And be sure to mark the Real Estate Week seminar on your calendar….Saturday, August 24th, 1p-4p at the Rich Auditorium at the Woodruff Arts Center. Real Estate Week brought to you by Georgia’s Own Credit Union and the People’s Station, V-103.
Sat Aug 24, 2013
Sat 1:00 PM - 4:00 PMHigh Museum of Art
1280 Peachtree Street NE
Atlanta, GA 30309
Atlanta, GA 30309
CLICK HERE FOR ORIGINAL POSTING
Monday, August 12, 2013
FEATURED LISTING OF THE WEEK
Loads of space with finished basement and huge master suite. Finished basement has extra family room with stone trim, game room, exercise & playroom. Open light-filled main level with 2-story great room, separate living room & formal dining room, open kitchen with island, granite countertops, stained cabinets. Master suite with sitting area and huge master bath. Central vac system. Very active HOA w/swim, tennis, and playground! Great location! Short sale. Sold 'as-is.
Mortgage rates have steadied
After jumping more than one full percentage point in early May, 30-year mortgage rates have stabilized, moving little since then.
Freddie Mac's weekly rate report says the average rate on a 30-year fixed-rate mortgage rose to 4.40 percent in the week ending Aug. 8, up from 4.39 percent last week. A 15-year fix average 3.43 percent, unchanged from last week.
A one-year adjustable-rate mortgage averaged 2.62 percent this week, down from 2.64 percent.
The National Association of Realtors says the recent rise in rates is having little impact on housing sales, or rising home values.
In the second quarter, NAR says the median price of an existing home that sold was up 12.2 percent from a year earlier, the biggest year-over-year gain since the end of 2005.
CLICK HERE TO VIEW ORIGINAL ARTICLE
Thursday, August 8, 2013
HGTV Casting Call (Renovation Couple)
Below is a casting call for a show produced for HGTV.
CASTING CALL:
RENOVATION COUPLE
Departure Films is
seeking a couple or family for a new home renovation series for a major cable
network. We are looking for recent home purchasers in the METRO ATLANTA,
GEORGIA area who are about to renovate their new investment.
Casting is open to
couples and/or families who have recently closed on a new home (or are about to)
and we are particularly interested in hearing from couples who are ready to
start renovations almost immediately!
In exchange for
participation in the show, the chosen couple will receive funds to assist in
making their new home renovation dreams come true!
Please send a bio
about yourselves; detailed information on the home you have, or soon will,
purchase; your basic renovation ideas and estimated budget; and property
address, purchase price, and any available pictures to: Karen@departure-films.com
Wednesday, August 7, 2013
President Obama Discusses Plans Fannie Mae and Freddie Mac
A version of this article appeared in print on August 7, 2013, on page A3 of the New York edition with the headline: Obama Backs Limits to U.S. Role in Mortgages.
PHOENIX — President Obama hailed both this city’s and the country’s comeback from the housing bust on Tuesday, and said it was now time to reduce the federal role and risk in the mortgage market “to make sure the kind of crisis we went through never happens again.”
He proposed to “wind down” Fannie Mae and Freddie Mac, for the first time outlining his approach to overhauling the two giant mortgage-finance companies that were taken over by the government when they failed nearly five years ago. The companies, which Mr. Obama described in an appearance here as “not really government, but not really private sector,” recently began to repay taxpayers.
“For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag,” the president said. “It was ‘heads we win, tails you lose.’ ”
Since early 2011, the administration has voiced support for overhauling Fannie Mae and Freddie Mac, which long benefited from an implicit government guarantee. Years ago the companies came to symbolize a self-dealing Washington culture beneficial to both parties, and especially Democrats, but Mr. Obama’s remarks on what comes next were his most specific. For several years, the administration held back from revamping the mortgage-finance system for fear of rattling a weakened market.
Mr. Obama on Tuesday endorsed the thrust of bipartisan legislation from a Senate group that would “end Fannie and Freddie as we know them.” The so-called government-sponsored enterprises for decades bought and sold mortgages from financial institutions to provide money for the banks to keep lending to home buyers.
Under Mr. Obama’s principles, which he said were reflected in the Senate bill taking shape, Fannie Mae and Freddie Mac would further shrink their portfolios and lose the implicit guarantee of a federal government bailout. Instead, private investors....
Tuesday, August 6, 2013
Wall Street Journal: Atlanta luxury condo market heats up
Luxury high-rises are making a comeback in Atlanta.
Georgia’s home closing costs among nation’s highest
Jacques Couret a Senior Online Editor at the Atlanta Business Chronicle explains in his recent article below or Click here for original article
If you were lucky enough to buy or sell a house this year in Georgia, your closing costs were the 12th highest in the nation.
Bankrate.com (NYSE: RATE) ranked each state by its average closing costs based on online good faith estimates for a $200,000 mortgage with a 20 percent down payment.
Georgia is 12th highest with $1.816 in lender’s origination fees and $674 in third-party fees for a total of $2,490 in closing fees. The peach State was 11th highest in 2012.
Monday, August 5, 2013
FEATURED LISTING OF THE WEEK
Immaculate turn key ready loft. Feels like home in the heart of downtown Atlanta. Located in the trendy Castleberry Hill Neighborhood, this stunning true 3 bedroom loft offers upgrades throughout. Exposed brick walls, high Ceilings in the Great Room, and a Large Granite counter top Island make this unit an entertainers dream!
FOR MORE INFORMATION AND PHOTOS VISIT LINK BELOW
326 Nelson Street
Sunday, May 12, 2013
GOOD NEWS FOR ATLANTA HOUSING MARKET
Article via
Kevin Rowson
11alive.com
http://www.11alive.com/video/default.aspx?bctid=2341951827001
ATLANTA, Ga -- There is more good news for the housing market in Atlanta. According to the S&P/Case-Shiller home prices report, Atlanta in February had its highest year-to-year growth since 1992.
Home values were up 16.5 percent this February compared to February 2012. David Mills, a real estate broker
from Better Homes and Gardens Real Estate said the growth is a win for both sellers and buyers.
"For the seller the opportunity is that they are now getting more than they used to," Mills said. "The prices are still great for buyers and the interest rates are still great for buyers too."
Mills said buyers have to be quick and bid high because inventory is low. He said banks are still sitting on foreclosed properties and potential sellers are waiting for prices to go higher. "It used to be measured in months now the time on the market is usually measured in days," he said.
Tomas and Jeniffer Portilla are first time buyers who decided to jump into the market now. "The prices are really good and the interest rates are awesome right now so we're taking advantage of the situation that's going on right now," Tomas said.
"We jumped on it because we were in the market six months ago and the difference from then to now, we see it," Jeniffer said. "We don't want to keep waiting."
Mills said it's also a good time for owners who are looking to move up in home value because it's easier to sell and they can get a good price on the higher level home.
According to the S&P report Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases
Kevin Rowson
11alive.com
http://www.11alive.com/video/default.aspx?bctid=2341951827001
ATLANTA, Ga -- There is more good news for the housing market in Atlanta. According to the S&P/Case-Shiller home prices report, Atlanta in February had its highest year-to-year growth since 1992.
Home values were up 16.5 percent this February compared to February 2012. David Mills, a real estate broker
from Better Homes and Gardens Real Estate said the growth is a win for both sellers and buyers. "For the seller the opportunity is that they are now getting more than they used to," Mills said. "The prices are still great for buyers and the interest rates
are still great for buyers too." Mills said buyers have to be quick and bid high because inventory is low. He said banks are still sitting on foreclosed properties and potential sellers are waiting for prices to go higher. "It used to be measured in months now the time on the market is usually measured in days," he said.
Tomas and Jeniffer Portilla are first time buyers who decided to jump into the market now. "The prices are really good and the interest rates
are awesome right now so we're taking advantage of the situation that's going on right now," Tomas said. "We jumped on it because we were in the market six months ago and the difference from then to now, we see it," Jeniffer said. "We don't want to keep waiting."
Mills said it's also a good time for owners who are looking to move up in home value because it's easier to sell and they can get a good price
on the higher level home. According to the S&P report Phoenix, San Francisco, Las Vegas
and Atlanta were the four cities with the highest year-over-year price increases
Wednesday, May 1, 2013
HOW DO I KNOW IF I CAN QUALIFY FOR A MORTGAGE?
"How do I go about getting approved for a mortgage?" "I would love to purchase a home but I know I have some things on my credit that I need to clear up first. Who do I talk to?" As a REALTOR I hear these questions all the time from potential buyers, especially first time buyers. The best way to get a sure answer is to contact a loan officer or mortgage specialist for pre-approval. If you still have some things to clear up they can also guide you in determining what items you need to focus on in your credit report.
If you need to speak to a loan specialist contact me via email at adam.lane@coldwellbankeratlanta.com
While the best way to find out where you stand is to speak with a specialist, there are some general conditions you can use that can give you an idea as to whether or not you can qualify based on your current situation. REMEMBER...being ready to purchase a home does not end with having a good credit score and steady income. The number one reason buyers are struggling to close is CASH! You must remember that you will need anywhere from 3.5 to 5 percent of the sale price for a down payment AND cash for closing cost. We are going further into a sellers market so buyers must be prepared to take on the bulk of closing cost in addition to their down payment.
Of course the first factor is your credit score. The magic number in our current market is 640. This is the number most lenders are looking at as a starting point. As with most rules, there are exceptions. Depending on the type of financing the minimum credit score requirement may be higher or lower than 640. The other two most important areas are income/employment history and debt to income ratio.
Below is an example scenario based on current FHA requirements for loan approval.
1) MORTGAGE PAYMENT EXPENSE TO EFFECTIVE INCOME
Addup the total mortgage payment (principal and interest, escrow deposits fortaxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.).Then, take that amount and divide it by the gross monthly income (income before taxes). The maximumratio to qualify is 31%. Seethe following example:
| | ||
| | Total amount of new house payment: | $750 |
| | ||
| Borrower's gross monthly income (including spouse, if married): | $2,850 | |
| | ||
| Divide total house payment by gross monthly income: | $750/$2,850 | |
| | ||
| Debt to income ratio: | 26.32% | |
| | ||
2) TOTAL FIXED PAYMENT TO EFFECTIVE INCOME
Addup the total mortgage payment (principal and interest, escrow deposits fortaxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.)and all recurring monthly revolving and installment debt (car loans, personalloans, student loans, credit cards, etc.). Then, take that amount and divide itby the gross monthly income(income before taxes). The maximum ratio to qualify is 43%. See the following example:
| | ||
| | Total amount of new house payment: | $750 |
| | ||
| | Total amount of monthly recurring debt: | $400 |
| | ||
| | Total amount of monthly debt: | $1,150 |
| | ||
| Borrower's gross monthly income (including spouse, if married): | $2,850 | |
| | ||
| Divide total monthly debt by gross monthly income: | $1,150/$2,850 | |
| | ||
| Debt to income ratio: | 40.35% | |
SALEABLE VS VALUABLE: WHAT MAKES MY HOME WORTH MORE?
So the time has come for you to sell your home. For just about any seller the first thing to figure out is how much can I get for my home in today's market. Part of this depends on the seller's individual situation. Some sellers may not be in a hurry to sell, in which case they can afford to seek a higher price for their home and wait for the right buyer. On the other hand a seller may have an urgent need to sell their home within a specific period of time. They are often referred to as a "motivated seller" and because of this they are typically much more flexible in terms of their pricing expectations.
As a seller no matter your situation, it is important to understand how to price your home. If you are working with a REALTOR or a real estate agent, they should provide you with a detailed market analysis. This will explain exactly what price range in which your home can be expected to sell based on current market conditions.
Many sellers are unclear or have a misunderstanding as to what makes their home more valuable as opposed to things that simply make the home more saleable. As a homeowner of course you are going to constantly make changes and improvements to your property that are in line with your needs and desires. However this may or may not equate to a larger price tag when its time to sell.
So....how do you know the difference?
I tell my clients to think about the last time they got rid of a vehicle. When you go to trade in your car for a new one, the dealer is not going to care about the fact that you paid to have the windows tinted, added a custom CD player and that you put those expensive special performance tires on the car a month ago. All they are primarily concerned with is the age of the car and the mileage. In a lot of ways the market views your home the same way a dealer views that used car. Whenever you make an improvement or "upgrade" to your home it is either going to be an investment or a personal touch. Investments equal a return. A personal touch is just that, it is for your enjoyment during your time in the home. While they may be great selling points do not anticipate getting your money back when determining a selling price for your home.
Generally speaking anything that adds usable space or functionality to your home adds value to the bottom line. Examples include an addition to the home, finishing a basement, or converting an area of unused space into a small bedroom or bathroom. However, I'm sorry to tell you but the in ground swimming pool, having the living room wired for surround sound, and those heated floors in the bathroom are not necessarily going to get buyers through the door if the house down the street with the same floor plan is listed for twenty thousand dollars less.
To sum it up. If you plan to make your home the most expensive in the neighborhood by way of features and upgrades then plan on being there for a while!
As a seller no matter your situation, it is important to understand how to price your home. If you are working with a REALTOR or a real estate agent, they should provide you with a detailed market analysis. This will explain exactly what price range in which your home can be expected to sell based on current market conditions.
Many sellers are unclear or have a misunderstanding as to what makes their home more valuable as opposed to things that simply make the home more saleable. As a homeowner of course you are going to constantly make changes and improvements to your property that are in line with your needs and desires. However this may or may not equate to a larger price tag when its time to sell.
So....how do you know the difference?
I tell my clients to think about the last time they got rid of a vehicle. When you go to trade in your car for a new one, the dealer is not going to care about the fact that you paid to have the windows tinted, added a custom CD player and that you put those expensive special performance tires on the car a month ago. All they are primarily concerned with is the age of the car and the mileage. In a lot of ways the market views your home the same way a dealer views that used car. Whenever you make an improvement or "upgrade" to your home it is either going to be an investment or a personal touch. Investments equal a return. A personal touch is just that, it is for your enjoyment during your time in the home. While they may be great selling points do not anticipate getting your money back when determining a selling price for your home.
Generally speaking anything that adds usable space or functionality to your home adds value to the bottom line. Examples include an addition to the home, finishing a basement, or converting an area of unused space into a small bedroom or bathroom. However, I'm sorry to tell you but the in ground swimming pool, having the living room wired for surround sound, and those heated floors in the bathroom are not necessarily going to get buyers through the door if the house down the street with the same floor plan is listed for twenty thousand dollars less.
To sum it up. If you plan to make your home the most expensive in the neighborhood by way of features and upgrades then plan on being there for a while!
Friday, April 26, 2013
Real Estate Agents VS REALTORS®
The terms real estate agent and REALTOR® are often used interchangeably. However there is a significant difference. While both are licensed to sell real estate, the main difference is that a REALTOR® is a member of the National Association of REALTORS® and must subscribe to the REALTORS® code of ethics whereas this is not a requirement for a real estate agent. Some real estate companies such as Coldwell Banker make it a requirement that all of their agents become members of the association in order to be affiliated with the company.
So what does this mean to the you?
As previously stated REALTORS® must subscribe to a strict code of ethics that is composed of 17 Articles and various underlying Standards of Practice. These standards are much more restrictive and confining pertaining to conduct than those required of agents who simply hold a real estate license. By becoming a REALTOR® an agent is in essence going the extra mile to ensure their brand and level of service to you is upheld to the highest industry standards. Also by doing so they have allowed themselves to be held accountable for their actions on all levels.
You may ask yourself why would anyone holding a real estate license not make the commitment to becoming a REALTOR®? The next time you are considering the purchase or sale of a home and are interviewing agents be sure to have this question near the top of your list.
So what does this mean to the you?
As previously stated REALTORS® must subscribe to a strict code of ethics that is composed of 17 Articles and various underlying Standards of Practice. These standards are much more restrictive and confining pertaining to conduct than those required of agents who simply hold a real estate license. By becoming a REALTOR® an agent is in essence going the extra mile to ensure their brand and level of service to you is upheld to the highest industry standards. Also by doing so they have allowed themselves to be held accountable for their actions on all levels.
You may ask yourself why would anyone holding a real estate license not make the commitment to becoming a REALTOR®? The next time you are considering the purchase or sale of a home and are interviewing agents be sure to have this question near the top of your list.
Wednesday, April 24, 2013
DOWN PAYMENT ASSISTANCE AVAILABLE TO ATLANTA BUYERS
For many potential home buyers the only obstacle between them and home ownership is cash needed to close. Contrary to popular belief there are still options available for down payment assistance. The Wells Fargo NeighborhoodLIFT down payment assistance program still has funds available for the city of Atlanta. If eligible borrowers can receive as much as $15,000 in down payment assistance toward the purchase of a home.
To be eligible recipients must meet the following guidelines.
- Be pre-approved for financing
- Meet household income requirements
- Attend home buyer education sessions
- If you currently own a home, it must be sold before closing.
https://www.wfhmconsumerevents.com/aspx/Events/Brochure.aspx?t=1&EventID=5776
Tuesday, April 23, 2013
GA FORECLOSURE RATE CONTINUES TO DROP
As the market continues to crawl toward improvement the number of foreclosures is steadily decreasing. For the third consecutive quarter the number of Georgia foreclosures has spiraled downward. According to RealtyTrac the number of filings in the first quarter was just over 20,000 statewide. While this may still seem like a staggering number it is in fact down 44% from a year prior and 17% from the 4th quarter of 2012.
The Peach State still ranks 5th in the nation among active foreclosures. While we still have a long road to recovery this can be seen as yet another sign that things are moving in the right direction
The Peach State still ranks 5th in the nation among active foreclosures. While we still have a long road to recovery this can be seen as yet another sign that things are moving in the right direction
SELLERS MARKET ON THE RISE
With inventory low and prices increasing all signs are pointing to a rising sellers market in the Atlanta area. For the first time in years some sellers are experiencing multiple offer situations. Conditions are still favorable for buyers as there are still numerous deals to be found in conjunction with interest rates still at a record low.
What does a shift in the market mean to buyers and sellers?
From a buyer perspective it means that if you see a home that you feel an emotional connection with and it meets your needs, don't sleep on it or "think about it" for too long. Submit an offer or it may not be an option tomorrow!
For sellers don't get too comfortable, a shift in the market does put you in the driver's seat initially but this also means that builders will soon be out in full force. So while it may be tempting to sit on your property for a while and wait for the market to peak, remember you will soon be competing with an abundance of new construction listings. Statistically buyers are willing to spend up to 15% more on a new construction home that is comparable to yours.
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