Atlanta Inventory Numbers- As of July 2, 2009
On July 2, 2009 I did some research on the number of properties that are currently active in our multiple listing service, FMLS. As of July 2, 2009 there are currently 74,682 properties for sale or lease. This number includes single family, townhome, condo, land, lots, rentals, multi-family and commerical property. This is the lowest number I have seen in a year and a half. Out of the 74682 listings the following are the number of foreclosures:
4388 single family
892 townhome/condo
83 land/farm
1548 developed lots
114 multi-family
113 commercial properties
The number of quality listings for sale is dramatically down. I recently showed property on July 3, 2009 and out of the 15 homes we viewed only two were owner, occupied that was not a short sale or foreclosure. Customers looking for good listings with little work have to look hard to find them.
What does this say about our market? Things will begin to turn. If you are needing to sell you home and the home is priced well....you have a shot!
Sunday, July 05, 2009
Monday, June 29, 2009
FREE PAINT..
Here is a coupon for free Glidden paint. Happy painting!
https://www.glidden.com/pdf/promotions/glidden-paint-rebate.pdf
Here is a coupon for free Glidden paint. Happy painting!
https://www.glidden.com/pdf/promotions/glidden-paint-rebate.pdf
Tuesday, June 23, 2009
First Time Home Buyer Forum at Gwinnett Tech
Senator Johnny Isakson welcomes you to a free First-Time Homebuyers Forum at Gwinnett Technical College on Saturday, June 27 at 10 am - 12 pm. Government agencies will be available to answer questions and offer advice. You're welcome to invite others who would be interested in attending. We ask that everyone RSVP's by June 25 via email at rsvp@isakson.senate.gov or phone at (770) 661-0999. Please make sure that everyone who RSVP's includes their name, phone number and email address. An acrobat version of the invitation can be found http://isakson.senate.gov/documents/FTHB.pdf. The National Association of Homebuilders is an informative site on the current tax credit for those who can't attend the forum.
Visit www.namar.org or call (770) 495-7300
for Information About NAMAR
Senator Johnny Isakson welcomes you to a free First-Time Homebuyers Forum at Gwinnett Technical College on Saturday, June 27 at 10 am - 12 pm. Government agencies will be available to answer questions and offer advice. You're welcome to invite others who would be interested in attending. We ask that everyone RSVP's by June 25 via email at rsvp@isakson.senate.gov or phone at (770) 661-0999. Please make sure that everyone who RSVP's includes their name, phone number and email address. An acrobat version of the invitation can be found http://isakson.senate.gov/documents/FTHB.pdf. The National Association of Homebuilders is an informative site on the current tax credit for those who can't attend the forum.
Visit www.namar.org or call (770) 495-7300
for Information About NAMAR
Wednesday, June 10, 2009
June 12th Marks the Two Year Anniversary of Housing Downturn
On June 12, 2007 Bear Stearns hedge fund of mortgage backed securities began to melt. So did America's home equity. So where is Atlanta today? With a drop of property values through out metro Atlanta decreasing by 20% in some areas we are all trying to hang in there. Our hardest hit communities are Dekalb, Fulton, Cobb and Gwinnett. These counties have over 10 months of standing inventory of homes for sale. Homes in these counties continue to be tough sells. So where is the silver lining?
* all of the above counties applied and received NSP funds. This will allow foreclosed properties to be purchased by the county and asset managers to rehab these homes.
* GA Dream is allowing $14,000 towards the purchase of the foreclosed home with some restrictions
* interest rates are still very low
I am asked daily..."Are we at the bottom for real estate in Atlanta?" My answer...It's hard to tell. With these programs rolling out we may not see their effect on the market for another 6 months. So when June 12th rolls around marking the 2nd year Anniversary of the housing downturn we will with a sigh and always remember "Nothing ever stays the same."
On June 12, 2007 Bear Stearns hedge fund of mortgage backed securities began to melt. So did America's home equity. So where is Atlanta today? With a drop of property values through out metro Atlanta decreasing by 20% in some areas we are all trying to hang in there. Our hardest hit communities are Dekalb, Fulton, Cobb and Gwinnett. These counties have over 10 months of standing inventory of homes for sale. Homes in these counties continue to be tough sells. So where is the silver lining?
* all of the above counties applied and received NSP funds. This will allow foreclosed properties to be purchased by the county and asset managers to rehab these homes.
* GA Dream is allowing $14,000 towards the purchase of the foreclosed home with some restrictions
* interest rates are still very low
I am asked daily..."Are we at the bottom for real estate in Atlanta?" My answer...It's hard to tell. With these programs rolling out we may not see their effect on the market for another 6 months. So when June 12th rolls around marking the 2nd year Anniversary of the housing downturn we will with a sigh and always remember "Nothing ever stays the same."
Sunday, May 31, 2009
HUD Approved the Up to $8000 tax credit can me used as a down payment.
Friday HUD approved the use of the IRS tax credit up to $8000 to be paid to the buyer as a bridge loan as a down payment on a home. This tax credit is available to first time home buyers. If you are looking at taking advantage of the NSP GA Dream Program which provides buyers $14,000 to be used towards the purchase of a foreclosed home, you can use the up to $8000 as well, giving Georgians up to $22,000 towards the purchase of a foreclosed home. Don't forget the GA State tax credit of up to $1800.
Thinking of buying a new home. With all of these programs available....now is the time!
Friday HUD approved the use of the IRS tax credit up to $8000 to be paid to the buyer as a bridge loan as a down payment on a home. This tax credit is available to first time home buyers. If you are looking at taking advantage of the NSP GA Dream Program which provides buyers $14,000 to be used towards the purchase of a foreclosed home, you can use the up to $8000 as well, giving Georgians up to $22,000 towards the purchase of a foreclosed home. Don't forget the GA State tax credit of up to $1800.
Thinking of buying a new home. With all of these programs available....now is the time!
Friday, May 22, 2009
Information on the GA Dream NSP Purchase Program
The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.
The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.
This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.
How do I apply?
All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency.
Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. The lender will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program based on the Georgia Dream NSP Down Payment Program guidelines.
Frequently Asked Questions:
1. How do I locate a Georgia Dream participating lender?Click here and choose your area of the state for a list
2. How do I locate a HUD approved Home Buyer Education provider?Click here for a list
3. May I take home buyer education online? No. This program requires attendance at a home buyer seminar or face to face counseling.
4. Can I buy a home anywhere in Georgia? No. You must purchase a foreclosed property in an area of greatest need. Need was determined by the volume of foreclosed properties in a county. Click here to view the map of eligible counties.
5. Are there income limits? Yes. Eligible borrowers must have a total household income less than 120% of the area median income. Click here for the maximum income limit in each of the eligible counties.
6. Are only first time home buyers eligible for the Georgia Dream NSP program? Applicants do not have to be first-time home buyers and they are not prohibited from owning other residential real estate. However, the applicant must occupy the NSP financed property as his or her primary residence within 60 days of closing. Any rental income generated from the ownership of other residential real estate would have to be counted as household income for NSP qualification purposes.
7. If I am a first time home buyer and I use the Georgia Dream NSP program do I still qualify for the federal first time home buyer $8000 tax credit?Yes. If you purchase a home prior to December 1, 2009. Consult your income tax preparer or the IRS. www.irs.gov
8. I would like to use the $8000 federal tax credit as part of my down payment. Can DCA include this amount in my mortgage loan? No. DCA does not have a mechanism in place to monetize the federal first time home buyer tax credit for use as a down payment.
9. Can I use other down payment funds in conjunction with this program?No. Unlike the traditional Georgia Dream down payment programs, the Georgia Dream NSP program cannot be combined with other down payment assistance programs.
10. What interest rate will I pay on my first mortgage loan?The first mortgage loan will be a 30 year fixed rate FHA or VA loan originated by your lender within NSP guidelines. The rate will be determined by current market rates and the lenders choice of investor. Georgia Dream first mortgage interest rates apply only when DCA funds the first mortgage loan.
11. Can I use the Georgia Dream NSP program to purchase a short-sale or a home that is pending foreclosure?No. the property must have been foreclosed and the title transferred to the mortgage lien holder or an eligible agency. Eligible properties must be owned by HUD, VA, USDA, Bank, Government Entity or an eligible Non-profit.
12. Can the Georgia Dream NSP program be used to purchase a home that was a foreclosure, but was already rehabbed by an investor making the home move in ready?Only if the investor used a local government’s NSP program to purchase and rehabilitate the home.
13. Can I use the Georgia Dream NSP program if I am also using the DCA Housing Choice Voucher Program?Yes. However, you must use a Georgia Dream participating lender who also participates in the HCV program. Foreclosed properties in need of repair may not be eligible for purchase. When using the HCV program the first mortgage must be a Georgia Dream first mortgage loan and will be serviced by State Home Mortgage. Consult your Rental Assistance Counselor or your participating lender for complete details.
The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.
The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.
This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.
How do I apply?
All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency.
Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. The lender will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program based on the Georgia Dream NSP Down Payment Program guidelines.
Frequently Asked Questions:
1. How do I locate a Georgia Dream participating lender?Click here and choose your area of the state for a list
2. How do I locate a HUD approved Home Buyer Education provider?Click here for a list
3. May I take home buyer education online? No. This program requires attendance at a home buyer seminar or face to face counseling.
4. Can I buy a home anywhere in Georgia? No. You must purchase a foreclosed property in an area of greatest need. Need was determined by the volume of foreclosed properties in a county. Click here to view the map of eligible counties.
5. Are there income limits? Yes. Eligible borrowers must have a total household income less than 120% of the area median income. Click here for the maximum income limit in each of the eligible counties.
6. Are only first time home buyers eligible for the Georgia Dream NSP program? Applicants do not have to be first-time home buyers and they are not prohibited from owning other residential real estate. However, the applicant must occupy the NSP financed property as his or her primary residence within 60 days of closing. Any rental income generated from the ownership of other residential real estate would have to be counted as household income for NSP qualification purposes.
7. If I am a first time home buyer and I use the Georgia Dream NSP program do I still qualify for the federal first time home buyer $8000 tax credit?Yes. If you purchase a home prior to December 1, 2009. Consult your income tax preparer or the IRS. www.irs.gov
8. I would like to use the $8000 federal tax credit as part of my down payment. Can DCA include this amount in my mortgage loan? No. DCA does not have a mechanism in place to monetize the federal first time home buyer tax credit for use as a down payment.
9. Can I use other down payment funds in conjunction with this program?No. Unlike the traditional Georgia Dream down payment programs, the Georgia Dream NSP program cannot be combined with other down payment assistance programs.
10. What interest rate will I pay on my first mortgage loan?The first mortgage loan will be a 30 year fixed rate FHA or VA loan originated by your lender within NSP guidelines. The rate will be determined by current market rates and the lenders choice of investor. Georgia Dream first mortgage interest rates apply only when DCA funds the first mortgage loan.
11. Can I use the Georgia Dream NSP program to purchase a short-sale or a home that is pending foreclosure?No. the property must have been foreclosed and the title transferred to the mortgage lien holder or an eligible agency. Eligible properties must be owned by HUD, VA, USDA, Bank, Government Entity or an eligible Non-profit.
12. Can the Georgia Dream NSP program be used to purchase a home that was a foreclosure, but was already rehabbed by an investor making the home move in ready?Only if the investor used a local government’s NSP program to purchase and rehabilitate the home.
13. Can I use the Georgia Dream NSP program if I am also using the DCA Housing Choice Voucher Program?Yes. However, you must use a Georgia Dream participating lender who also participates in the HCV program. Foreclosed properties in need of repair may not be eligible for purchase. When using the HCV program the first mortgage must be a Georgia Dream first mortgage loan and will be serviced by State Home Mortgage. Consult your Rental Assistance Counselor or your participating lender for complete details.
Sunday, May 17, 2009
Tax Credit for First Time Home Buyers... credit will be allowed to be used as down payment considered by FHA
More possible good news for first time home buyers. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is considering its lenders to allow home buyers to use the up to $8,000 tax credit as a down payment.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.” Donovan says. He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
This move will alow many who are able to qualify for a mortgage but don't have the 3.5% down payment to purchase a home.
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