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.
The 12 Fatal Mistakes Sellers Make and How to Avoid Them….a series #5
Underestimating the IMPORTANCE of Technology, Lead Generation and Follow Up!!!
To piggy back on the last fatal mistake, marketing your property isn’t enough. You MUST have a system in place that allows you to keep in CONSTANT contact with any prospective buyers. This includes having a database management system in place. Furthermore, buyers want information and they want it NOW. You will need to be constantly connected to any leads you are pulling in.
Getting a PDA Smart Phone such as a Treo 755 or Blackberry will allow you the chance to respond in a timely fashion. DON’T WAIT until your 11 a.m. meeting is over…they may have very well moved on to the next property.
Consistency mixed with MASSIVE ACTION is the key when selling your home.
Check Back Tomorrow for the 6th Biggest Mistake Sellers Make in Today’s Atlanta Real Estate Market!!!!!
Morris Brandon School District FINALLY Offers AFFORDABLE LUXURY!!
Declared one of the highest-rated schools in terms of curriculum and overall parent rating, is the very famous Brandon Elementary School. Families from all over flock to find a piece of affordable real estate, so they can offer their kids the luxury of attending such a highly-rated school.
However, what most find are small brick ranches with little closet space, no yard and outdated smaller homes for around $500,000. If you find any sort of spacious home in the area, you are paying up into the $700-800,000 and finding yourself in a mortgage that is just too much to bear….UNTIL NOW….
ThisBRANDON Buckhead Beauty Entertainer’s Estate with a MIND-BLOWING Renovation is now available for a FRACTION of What You Might Expect to Pay!!! And, it EVEN comes complete with a pool-perfect for Summer time!!!
This 4-sided brick and frame beauty provides a place of indulgence and TOTAL comfort in this extraordinary home, perfectly situated in the Heart of Atlanta.
This gem boasts so many well-appointed features; it’s hard to cover them all. What I can say for sure is that this home is NOT the home for you if…..
*You DON’T need an abundance of space.
*You want to be located “OTP”
*You ONLY entertain two times a year.
*You want a “FIXER UPPER”.
*You DON’T want to impress your friends and family.
*You’re NOT looking for a GREAT value!
*You just DON’T enjoy the finer things in life.
With a complete renovation from the studs in, this resort-like home proves a luxury living experience with every modern convenience, yet still captures its authentic old world charm at a FRACTION of what you might expect to pay.
Other rare features include:
*Highly-Desired and Convenient Location on the Corner of Moores Mill & Ridgewood!! *GORGEOUS Chef’s Kitchen Renovation from the STUDS IN!
*Prepare Your Next Meal with All Stainless Steal Appliances….Oh YEAH!
*True to Its Character, enjoy AUTHENTIC, Original Gleaming Oak Hardwood Floors!!
*Chose From TWO LAVISH Master Suites with VAULTED Ceilings and LUXURY APPOINTMENTS ABOUND!!!
*Spa-Like Master Bath Retreat with OVERSIZED Whirlpool Tub and Dual Vanities in Master Suite A! *DRAMATIC Bathroom Renovation with Marble, Travertine, and Granite Counters in Master Suite B!
*Cozy Fireside Formal Area in Master Suite A!
*Ceiling-to-Floor Built-in Bookshelf in Master Suite B!
*Got Bonus Room?? We Do! Currently, a Play Area, Make this Your Pool Hall!
*Baby its QUIET Inside…the QUALITY Construction and Windows Block Out Noise!
*Unique Architectural Details Give This Traditional Home a Modern Feel!
*Spacious, TWO-STORY FOYER That Leads to Massive Bonus Room! *DESIGNER Paint Throughout!!!!~HOW SWEET???
*STUNNING Outdoor Oasis that Boasts Concrete Pool, Private Sitting Area & Lush Arbor!!!
*Loads of Natural Light Overlooking Rich, MATURE LANDSCAPING! *MASSIVE Walk-In Closet and LOADS of Storage Throughout!
*New Fixtures Throughout!
*Lowest-Priced Luxury Home Featured in Atlanta’s TOP SCHOOL District!
*Butler’s Pantry and Keeping Room!
How to Live Intown In Atlanta Without Paying Top Dollar???
I’m often approached by buyers who want “screaming good deals” within the Atlanta “intown” limits. My first question to them is “How would you know a good deal if you saw one?”
Because whether you realize it or not, we ALL have a different idea for what a good deal would be. Most respond with a price-per-square-foot amount they have in their head or what the price of the home is vs. what its listed for in the county records seem to be the two most common responses. The funny thing is that most people don’t realize how little the tax records factor into the TRUE value of the home and the bottom line is you WANT that number to be low, so you aren’t paying more taxes. However, I digress.
So, once I have the “good deal” definition from the buyer, I ask them to pick the TWO most important things to them out of price, location and features. “WE WANT ALL OF THEM!!!” Yes, of course you do. And, one thing is for sure….I can guarantee 2 out of 3, but its virtually IMPOSSIBLE to get all 3. Let me show you why:
1) If a home is listed a KILLER PRICE in a KILLER LOCATION, you can be sure that the home will need work. Its not listed for so low, because its in AMAZING condition.
2) If a home is in KILLER CONDITION and for a KILLER PRICE, you can be sure that the home is not in an ideal location.
3) If a home is in a KILLER LOCATION and in KILLER CONDITION, you can be sure, it will not be in a “good deal” price point.
So, I’m sure you see how this works. I always like to underpromise and overdeliver, but I have a secret that I haven’t been able to share with you until now…I CAN get PRICE, LOCATION AND FEATURES on this SECRET GEM that has JUST GONE ON THE MARKET.
This ROCKIN’ 4-SIDED BRICK RANCH, Boasts the ULTIMATE IN In-Town Living for Only a FRACTION of What You Might Expect to Pay….
Perfectly situated off I-285 and in a stones throw to Buckhead, this ideal location has THE BEST of shops, restaurants and entertainment!!!
With RENOVATIONS already complete, this OPEN UPDATED ranch is WAYYYYYY more than meets the eye!
Get ready to be WOWED! This one is a SHOW STOPPER!!! And, what’s crazy, its WAY LESS than ANYTHING comparable….SERIOUSLY, CHECK THE COMPS OR SEND ME AN EMAIL AND I WILL DO IT FOR YOU!
Other features include:
*UNBELIEVABLE Kitchen Renovation that Boasts Center Island, GRANITE Countertops, Wine Cooler and MORE
*Stainless Steal Appliances, Oh YEAH!
*CHEF’S Kitchen Overlooking Fireside Family Room!!!
*Hard-to-Find SPACIOUS, OPEN FLOOR PLAN!!!
*Dazzling DOUBLE-PANE Energy Efficient Windows THROUGHOUT!!!!
*DESIGNER Paint Throughout!!!!~HOW SWEET???
*Fireside Family Room with TONS of Natural Light and GORGEOUS Built In Bookshelves!
*OVERSIZED Fenced Lot IN THE HEART OF THE CITY!!!!
*GLEAMING REFINISHED ORIGINAL Hardwood Floors!
*Loads of Shops, Restaurants and Entertainment in WALKING DISTANCE!
*MASSIVE Upper and Lower Decks Provide the ULTIMATE in Entertaining!
*New Fixtures Throughout!
*Perfectly Situated Near I-285, GA-400 and BUCKHEAD!
*PLANTATION SHUTTERS THROUGHOUT!!
*Recessed Lighting….In a RANCH!!!
*The ENTIRE Home Has Been Updated to Current Electrical Standards!!!
*STURDY, SOLID, 4-SIDE BRICK CONSTRUCTION…….
*A Nice Bonus….Fully Wired ALARM SYSTEM!!!
*Partially Finished Basement and an ABUNDANCE of STORAGE!!!
So, its true that getting PRICE, LOCATION AND FEATURES is not an easy feat. But, I’ve just found the needle in the haystack. Call me today to set up your own private viewing….OR, if you can’t wait, just see a sneak peak right here….
In a time of discount prices, distressed sellers and shorted mortgages, many are searching for their “deal of a lifetime” through acquiring a Buckhead Foreclosure or Buckhead Short Sale…As with any area in Atlanta, there ARE good deals in Buckhead, so let’s clarify the most common mistakes people making when searching for a Buckhead Home.
MISTAKE 1: ONLY FOCUSING ON BUCKHEAD FORECLOSURES OR BUCKHEAD SHORT SALES.
While getting a deal from these parties is possible, you need to keep in mind there are many other VULTURES out there looking for properties labeled with the Scarlett “F.” Because there is such a large pool looking in this area, banks sometimes receive up to 15 offers on those properties…
In addition, Buckhead Short Sales CAN be rewarding, but they come with their fare share of challenges…. Typical issues you will encounter are primarily time for acceptance and lack of firm pricing decisions. Quite often, lenders can take 30 days or more to respond to an offer due to the approval process they must go through once an offer is received. I’ve seen short sales in Atlanta take up to 6 months before there is a response. This lengthy and exhausting approval process can very frequently result in even “full price” offers being rejected. Sellers and lenders are under no legal obligation to accept even a full price offer. They can change their mind at any time and they often do.
MISTAKE 2: FORGETTING ABOUT MR. & MRS. SELLER
Oh yeah…the people that have probably lived there for a long time and bought their home before peak prices and probably have a little mortgage or may even own their home outright…Those guys, who actually HAVE the opportunity to decide what their home will sell for unlike the multitude of asset managers and bank officials…Don’t forget about this market segment. I have made MANY great deals come together by going after the sellers that DON’T have an offer on the table and are wiling to play ball!
MISTAKE 3: NOT BEING PRE APPROVED
Yeah, yeah, yeah…HOW MANY TIMES HAVE YOU HEARD THIS?? We don’t say this to bug you; we say this because your time is valuable. No need looking at things out of your budget or WORSE, finding out you can afford more than you thought. Furthermore, once you find that deal, ALL offers will require a letter of approval to accompany them. ESPECIALLY on bank-owned and short sales…Once you find that deal, you will need to move FAST…which brings me to my next point.
MISTAKE 4: NOT MOVING FAST AND “THINKING” ABOUT IT BEFORE ACTING ON IT…
Now, I know what you’re going to say….and my response is simple DUE DILIGENCE. You have between 10-14 days to decide if you want to keep it or not without putting yourself in harms way whatsoever. SO, if that good deal pops up TIE IT UP FIRST and then think about it later…You’ll thank me for it!!
MISTAKE 5: NOT HIRING A FREE BUYERS AGENT THAT SPECIALIZES IN GOOD DEALS TO HELP YOU WITH THE INS & OUTS….
All day, EVERYDAY, I’m on the lookout, scouting, towering, just like a VULTURE, waiting to go in for the kill. Do you REALLY think you’ll find that GOOD DEAL before me?? I make it my job to know more about good deals in Buckhead than anyone, so make sure that you work with someone who is DEDICATED to capitalizing on today’s market place…
Point in case…This STUNNING 1941 Buckhead Beauty that sits on over an acre of land on one of the FINEST streets in Buckhead came on the market…within 12 hours, my buyer and I had our offer in….there were four offers put in that day, but because I speak the banks language, and specialize in getting my clients good deals, our offer won! This home appraises at $1.4 million in its current condition (yes, it does need some work) and although I can’t disclose what we paid, let’s just say it was WELL under that price….
You do have choices when finding your Buckhead good deal:
Do it yourself…how is THAT working out for you?
Call on every sign you see in the yard….how is THAT working for you?
Drive around endlessly hoping to find the one…how is THAT working for you??
Yeah, that’s right…I said it….someone HAD to say it….Right now is the absolute PERFECT time to sell your Atlanta home…IF and ONLY IF, you can wrap your mind around one simple idea……ROLL UP!!!
If you want to sell right now, but feel like you “can’t” because of “how much you have into your property,” let me shed light on a few things. For one, you are not the only one in that situation, but if you NEEDED TO SELL, absolutely HAD to sell, you would sell at a loss. This is why we have so many Atlanta short sales and Atlanta foreclosures on the market right now. People HAD to sell and couldn’t in time. So, IMAGINE how many other distressed sellers are out there right now that NEED to sell, but aren’t at the “short sale” or “foreclosure” point yet. Now let me clarify one thing, there is nothing positive about a homeowner who is in distress. Actually, the only positive thing about a situation such as that is how much joy the seller has when someone DOES come along and buy their property-even if it is for less than they paid for it.
Back to selling your home at a loss….So, you owe more than it will sell for right now or you’ve upgraded more than you can get out of it which means you will probably take a loss on the sale of your Atlanta home. If you can put your ego aside and realize that that loss can so EASILY be made up on the purchase of your next home, you could find yourself in a very equitable situation in this down market. I know this concept isn’t the easiest one to comprehend, but if you bear with me for just a few more minutes I think you’ll see my point.
I frequently work in the Dunwoody/Sandy Springs area and a lot of my sellers are moving to next phase of their life—Buckhead homes. So, they purchased a Dunwoody home in 2005 for $630,000 and right now things in their neighborhood are selling for around $530,000. Yes, I do understand how much that hurts and I sympathize with your situation-it’s quite common today.
Now let’s look at the upside…If you were to sell at $530,000, you would be taking a $100,000 loss give or take. All you need to do is find an experienced buyer’s broker to help you find AT LEAST that good of a deal on your next home-and believe me, THERE ARE SO MANY GOOD DEALS OUT THERE RIGHT NOW.
You now purchase a $750,000 Buckhead home that’s valued for over $940,000 and you just profited $190,000 immediate equity minus your loss of $100,000 and you are sitting with $90,000 in a bear market!!!
Sounds crazy??? It’s not. It’s happening EVERYDAY!!! When will the market turn around?? When will my home generate massive equity?? These are questions only time can answer. But, one thing right now is for sure……Atlanta is an end-user town. There are over 5.3 million residents that live in this city. We have hundreds upon hundreds of the TOP global IT companies, major headquarters, National attractions, and I mean we are the Capital of Georgia. Equity WILL return and those who can get in on this buying opportunity, EVEN IF IT MEANS TAKING A LOSS ON THE SELLING SIDE, will reap the benefits.
Millionaires are made during recessions…If you want to become one of them, call me so we can sell your Atlanta house FAST and get you in your next CASH MACHINE while we are in this pivotal buying AND selling time!!!
To piggy back on the last fatal mistake, marketing your property isn’t enough. You MUST have a system in place that allows you to keep in CONSTANT contact with any 
sometimes receive up to 15 offers on those properties…
MISTAKE 3: NOT BEING PRE APPROVED
Atlanta Real Estate Trends 