February 24, 2012
Housing Crisis Ending in 2012 According to Some Predictions
According to recent reports, Capital Economics expects the housing crisis to end this year. Their main line of reasoning: banks loosening credit requirements.
Capital Economics notes that the average credit score required to obtain a mortgage loan is currently 700. This is definitely higher than the scores that were required prior to the housing crisis, but it is consistent with the requirements one year ago.
Other indicators in the market refer to not only this stabilization that is being seen in current lending standards, but also to banks loosening their credit requirements, creating greater availability of funds to lend.
Currently, banks are lending amounts up to 3.5 times borrower earnings; which is up from a low during the crisis of 3.2 times borrower earnings.
Even further encouraging news, banks are loosening loan-to-value ratios (LTV), as Capital Economics predicts “the clearest sign yet of an improvement in mortgage credit conditions.” In 2010 the lowest LTV reached 74 percent, with banks currently lending at 82 percent LTV.
While it’s true that credit conditions may have loosened slightly, the fact is some potential homebuyers are still struggling with credit requirements; and according to Capital Economics in November, 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
February 10, 2012
Georgia’s Buyer Agency Law….How Does it Affect You?
For years Georgia did not have a buyer agency law in place. As a matter of fact, the only party to have representation in the transaction was a seller. However, the state of Georgia passed a law that provides the buyer to have the representation as well, but with a few provisions.
First, the buyer needs to put his request for representation in writing by signing a contract with a real estate broker. And, this request needs to be in writing before going to look at houses and certainly before writing a contract. Without this request in writing, every agent the buyer talks to is technically representing the seller according to the way the law is written. So, why would you want everyone in the transaction representing the seller??
Well most don’t. However, the way the law is written, without a buyers agreement, the agent is obligated to protect the sellers price and interests and is NOT allowed to offer advice or opinion to the buyer.
Unfortunately, what this means is that any agent the unrepresented buyer talks to should not be given any confidential information as it may be used to the advantage of the seller, whom legally, the agent represents.
So, let’s say that a buyer, who decided not to sign a buyers agency agreement, decides to put an offer in on a home. The buyer has to tell the agent exactly what they want in the offer, without any advice or guidance being offered by the agent and the buyer may or may not understand the contract or the real estate process, can find himself in a world of hurt.
Ideally, the buyer should seek representation as soon as they are ready to look at houses. I recommend even before hand because there is a lot of education that goes into lending laws, pre approvals, etc that can save a buyer a boat load of time.
And Just a Few More Tips When Hiring a Buyers Agent:
· When you Google the Agent, What Do Their Clients Have to say about their services?
· If you are concerned about the commission, remember the commission is paid by the seller and can be negotiated with a for-sale-by-owner seller as well.
· Meet with the agent first; see if there is a comfort level with both the person’s knowledge and personality.
· ASK QUESTIONS!
Remember, it doesn’t cost you a thing to have us represent you, but it could end up saving you a fortune. Visit http://www.seasonsrealtygroup.com/Our-Team.html to learn more about how our EXCLUSIVE BUYERS AGENTS can help you succeed in a world of uncertainty!
January 24, 2012
2012 Home Sales on the Rise Predicts Fannie Mae
Fannie Mae economists are predicting incremental steps forward in the housing sector for 2012, albeit refinances will fall. “The second half of the year should outpace the first six months in terms of growth, though fiscal policy and political uncertainty in Washington will likely drive consumer and business activity”, the mortgage giant states.
According to Chief Economist Doug Duncan positive consumer activity and challenges in housing and the global economy will equate to moderate growth for the year.
“We’re entering 2012 with decent momentum, especially on the employment side, which is fostering positive household and consumer behavior,” Duncan said, “Unfortunately, we expect this momentum to slow as we move through the first half of the year.”
Total home sales are predicted to increase 3.5% to about 4.74 million in 2012 from 2011 with another 5% gain in 2013 to nearly 5 million, according to the report released last Friday. New home sales are forecasted to jump 10.4% for 2012.
According to the forecast, the Federal Housing Finance Agency home sales price index, excluding refinances, could dip 1.1% for 2012 from a year before. Many Economists had predicted the 2011 index would finish 4.6% lower than 2010.
December 1, 2011
Jingle Bells, House That Sells! Stage the Halls for the Holidays..
Jingle Bells, House That Sells! Stage the Halls for the Holidays..
I know, you have enough to deal with already getting through the holidays with your Atlanta home for sale, but as long as your house is on the market anyway, tis the season to be putting a festive face on the place! Here are some tried and true tips to make the most out of your holiday décor, and give those prospective buyers a holly jolly time while touring your warm and inviting hearth and home.
- A holiday wreath or pinecone arrangement on the dining table will put buyers in the festive spirit and make them feel right at home.
- Welcome one and all with an inviting entrance and a front door tastefully decorated for the season.
- Focus on the fireplace. Nothing says cheer is here better than a colorfully adorned fireplace mantel. Remember to stay within the color theme of your home here. If your décor is normally pale shades of blue, skip the red garlands and stay within your given color scheme for the most appealing display.
- Keep it simple, seriously! If you have a fireplace or other architectural feature that you would like to accentuate, add simple displays to show off and not distract from it’s natural beauty.
- Trim the tree, but keep it sweet. Make sure your tree is not overwhelming your space. If you have a two-story foyer then make the most of it with a towering tree, but if space is tight, keep the tree thin and lanky. Go for a modern and uncluttered trimming, with a color theme that enhances the surrounding décor.
- Keep buyers toasty and warm! When it’s chilly outside keep your buyers wanting to spend more time at your home by setting the thermostat up a degree or two, and if you have a fireplace, light it up. The more time they spend warming themselves by your fire the more likely they are to feel an affinity for your humble abode.
- Let them see you’re merry and bright by lighting up the yard with lights! Go gently here my friends. A simple string of lights to accentuate the homes appealing architecture or to show off your gorgeous fir trees will do nicely. No one wants to spend Christmas with the Kranks, so leave your inflatable Santa and reindeer set in the garage, please!
- Santa likes cookies, and so do your wearied buyers! Nothing says holiday cheer like the smell of freshly baked cookies, except maybe the sight of those cookies gingerly laid out for those guests who’ve come to visit, that you would love to stay.
November 16, 2011
Home Ownership Is on the Upswing!
According to a recent Census Bureau report, the homeownership rate posted a surprising rise in the third quarter, after falling to a 13- year low during the second quarter.
While it’s still true that foreclosures are still putting the squeeze on some homeowners, and reluctant buyers are still holding off for the proverbial ‘bottom’; this third quarter rise is posted as the first rise in two years.
However encouraging, the 0.4 percent increase, which increased the homeownership rate to 66.3 percent for the third quarter, was not large enough to post an annual increase. The current homeownership rate remains at 0.6 percent below the rate recorded in the third quarter of 2010.
In addition, according to the Census report, when the current rate is seasonally adjusted – which brings it to 66.1 percent – it is “not statistically different from the rate last quarter” – an even 66 percent.
“Meanwhile, the homeownership rate remains at a level that suggests America’s love-affair with housing is still on the rocks,” Capital Economics adds.
The Midwest was the region with the highest homeownership rate, with a rate of 70.3 percent, with the West chiming in with the lowest at 60.7 percent homeownership. The Northeast and South fell respectively in between at 63.7 percent and 68.4 percent.
West Virginia had the highest homeownership rate at 76.1 percent; followed closely by Mississippi with a 70 percent homeownership rate.
The lowest homeownership rates were seen in the District of Columbia with a 44.3 percent rate for the quarter with New York following at 54.4 percent.
Nevada and California – states hard-hit by the housing crisis – were also in the bottom five with homeownership rates of 55.3 percent and 55.9 percent respectively.
November 8, 2011
Roswell Homes Have One Important Advantage…Location, Location, Location!
What is it about homes in Roswell, GA that make them so special? For one, Roswell is perfectly situated off of GA-400 about 7 miles north of Sandy Springs making it a very convenient and highly desired location.
Furthermore, you can get a WHOLE lot of house for the dollar too. And, with the holidays coming and buyers on the prowl, its easy to see why Roswell is one of the area’s HOTTEST real estate markets…But, Why???
The reason so many flock to this area is its plethora of Roswell Parks and Recreation such as Roswell Park, and the Chattahoochee Nature Center, Roswell Restaurants like Sugo, and Aqua Blue, STELLAR schools, and QUALITY CONSTRUCTION for less than what you would expect to pay.
I may be a little biased because I was raised in Roswell off of Holcomb Bridge Rd. in Martin’s Landing. When I was a kid, I loved having all my friends in my neighborhood. I went to Mountain Park Elementary when I used to live in Brookfield West and then went to Holcomb Bridge Middle followed by Chattahoochee High School. To say I know and love the area is an understatement, but its not what I know, its what BUYERS WANT…and Boy, do they want to be here!!!
This LAVISHLY-DESIGNED John Wieland Pottery Barn PERFECT home boasts the ultimate in pristine appointments and luxurious finishes, all in a highly-sought out area known for its top-rated schools and acess to some of Roswell’s BEST recreation! Perfectly situated near all the major highways, your eyes won’t believe this hand-tailored renovation masterminded over the years.
From the STUNNING chef’s kitchen complete with breakfast bar and breakfast area to the fireside family room to the LAVISH master suite, you are sure to experience the LUXURY life, all for a fraction of what you might expect to pay.
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Move-in READY STUNNING Renovation From the Top to Bottom Includes:
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- Gleaming Hardwood Floors Throughout Main Level!!
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- Let Your Inner Chef Come Alive! Kitchen Renovation w/Granite Counters & High-End Cabinets!!
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- Enjoy European-Feel with High-End Finishes & LAVISH Appointments!
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- Cozy Up In the Fireside Family Room!!!
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- Or, Relax in the Formal Living Room with Dramatic BAY WINDOW!
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- DESIGNER Paint Throughout!!!!~HOW SWEET???
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- LAVISH Master Suite with MASSIVE Sitting Area and Designer Features!!!
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- Master Bath Retreat Boasts HUGE Granite Vanity & Separate Shower Room!
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- Fabulous French Doors Open to an Entertainers DREAM DECK & Ultimate Outdoor Experience!
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- FULLY-FENCED Yard with Tons of Privacy & Mature Landscaping!!!
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- Private Cabana & Entertainer’s Deck in Back Yard!!!
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- Newer HVAC, A/C and 4-yr Old Water Heater!!
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- Granite Countertops on EVERY STITCH of this Home!!!
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- NEW Architectural Roof~Oh Yeah!!
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- Too Many Upgrades to Describe, You MUST See For Yourself!!!
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- STELLAR School Districts and Highly-Sought Out Location Just a stones throw to GA-400!
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- NEW DOUBLE PANE Energy Saving Windows!
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The hard-to-find PRIVATE Back Yard, Fully-Fenced with a MASSIVE Entertainer’s Deck and mature landscaping make it the ULTIMATE entertaining experience.
But, don’t take my word for it, call Winter Baserva today at 678-463-3173 to set up your own private showing.
Real Alert app …
Real Alert app offers comfort for real estate agents
Looking for the quickest way out of an emergency situation? Well now there’s an app for that!
I recently came across an interesting article describing how an Austin woman has developed an iPhone application to protect herself and others called Real Alert. Michelle Jones, a realtor, wanted a way to protect herself while showing homes and meeting with strangers. One of her friends in the business was attacked during an open house in Austin. “You just never know when you are going to meet with someone who is a creep,” Jones said. She and her husband brainstormed ways to keep her safe on the job.
From one screen, REAL ALERT allows you to save precious moments with Quick tap “Call 911” and a Quick tap “ALARM” to ward off potential attackers. It also allows you to speed dial your emergency contact with Quick tap “ALERT A FRIEND”. You can also use it to LOCATE the nearest HOSPITALS using your current GPS location and record “CREEP DATA” – details about a suspicious person before they are forgotten.
After coming up with a solution that would make her husband comfortable and her feel safe, Michelle approached a programmer she knew and hired her to program the app. “I’m not an overly technical person and definitely not a programmer,” says Michelle. “I developed REAL ALERT to satisfy my own safety needs and quickly realized that it is a perfect solution for anyone, regardless of age or profession, that wants to protect themselves from potentially dangerous situations. I’m confident that it will help save lives.”
REAL ALERT is currently available on iTunes at a price of $1.99. It is listed in the ‘Lifestyle’ category and is compatible with iPhone, iPod touch, and iPad. REAL ALERT is available for download at: http://itunes.apple.com/us/app/real-alert/id436455476?mt=8.
November 1, 2011
Spring foreward…Fall Back…Time for some Fall Landscaping Ideas!
Spring forward…Fall back….Time for some Fall Landscaping Ideas
The past few frosty mornings in the Atlanta area have confirmed that it is indeed, fall again. My summer totes are making their way to the basement…goodbye Espadrilles! It is time to assess the condition of my foliage to see what needs pruning, pulling, or even moving to make a graceful transition to the inevitable cooler days and season that is upon us.
Well we all know good things have to come to an end, but there are many ideas afoot to make that enjoyment last just a wee bit longer.
There are many plants available that can stand up to a degree of cold or even a little frost. Your more fibrous and woody plants will be the kinds of plants to look for . There are also many varieties of tall grasses that have become available with in the last few years that make a great addition to your fall garden. There is such a collection of colors, heights, and plumage, you will find it hard to choose! The best thing about the grasses is that they are maintenance free.
In late summer and early fall there are many varieties of mums that can be planted. You will find them to be most hardy when dealing with the cold weather of October. Another great plant that can add a lot of color to your landscape is Kale.
There are many colorful trees for fall that you can plant in your yard. You can go from bright yellows to fiery red. Some of the premium choices are sugar maples, birch, ash ginkgo, redbud, beech, hickory, butternut, honey locust and the tulip tree to name a few out there. Do some research on the internet and you will find there are many new hybrids coming out every year.
With the phethora of gourds, pumpkins, cornstalks, hay bales and potted plants to be found at this time of the year there is no limit to the fun and great ideas you can come up with decorating your yard for fall. You could build a straw or hay bale stack on both sides at the end of your driveway and create an arrangement of fall colors. Cattails would make a nice addition to your fall collection as well.
October 27, 2011
Stability Rising for Sandy Springs, Dunwoody Housing Prices
Stability Rising for Sandy Springs, Dunwoody Housing Prices
STABILITY RISING FOR PERIMETER HOUSING PRICES
Things are looking up for home sellers in the Perimeter area! Whereas prices have not returned to the pre-recession days, they are no longer falling and have leveled out considerably. The Perimeter, which consists of neighborhoods including Sandy Springs, Dunwoody, etc. are centrally located to the city and are comprised of numerous established neighborhoods.
“Prices have stabilized”, said Smart Numbers President Steve Palm. “You’re able to get more bang for your buck than in other areas.” According to Smart Numbers data the average sale price for homes in Perimeter were $403,645 in 2011- up from $397,426 last year but still well below the 2007 high of $459,463. Comparatively speaking the prices were still above average from metro Atlanta, which saw greater drops in prices.
The Perimeter has fared better than most areas around Atlanta, and although is not seeing a return to the former ‘glory day’s, prices are more stable than most other areas. According to Steve Palm, “Considering that one out of four homes in metro Atlanta are being sold for less than $50,000, the Perimeter submarket has fared well.”
2011 has shown marked improvement also in Sandy Springs and Dunwoody with the amount of days houses are staying on the market before selling. In the Atlanta housing market overall there is a larger percentage of distressed inventory than in the Sandy Springs and Dunwoody market. According to Todd Emerson, senior V.P and managing broker of Harry Norman Realtors in Perimeter, “One of the secrets to a healthier single family home market here is better pricing. Homes that did not reduce their sales prices sold in an average of 56 days compared with an average of 110 days for those that dropped their prices.” In the Sandy Springs, Dunwoody area home sales are up close to 9% this year.
