Georgia Real Estate Voice: January 2012

Bank of America Short Sale - I've done quite a few short sales with Bank of America and I have to say, they are getting better. Practice makes perfect, or better at least. One thing they are doing is being more pro-active. Last week Bank of America sent an email telling real estate agents to educate our clients on short sale benefits. They are also recommending to start now and not wait until an offer is received. I've notice that Chase is doing the same and being very pro-active which makes the Short Sale process better.

Benefit 1 - Pause in the foreclosure process - Often when the bank is aware that we are actively marketing a home and working on a short sale, they will pause the foreclosure process. After all, they really don't want the house back. Although, that could be argued based on the actions of some of the bank personnel we have come across in the past.

Benefit 2 - Up to $3,000 in relocation assistance for the homeowner - Note that they say up to $3000 in relocation assistance for the homeowner. Just recently, Bank of America offered $2500 for one of my clients who hasn't lived in the house in years. That one was used as rental property.

Benefit 3 - Deficiency waivers that provide peace of mind - If you are given a deficiency waiver, the bank will not come after the homeowner for the difference in what is owed and what the house sells for. A foreclosure in Georgia still leaves that open.

Benefit 4 - An upfront agreed upon price - I was truly surprised when Bank of America contacted me and told me to reduce the list price on a home by $60,000! The price we had listed it was in line with the comparable sales in the neighborhood. The reduction was part of their upfront agreed upon list price with the investors. That price reduction generated 14 offers within days and a contract price substantially above the list price.

Homeowners can also begin the short sale process with Bank of America by calling 1.866.880.1232 to speak to a Bank of America short sale specialist. Remember when you sell your house as short sale, real estate fees are paid by the bank. There is no out of pocket expense to the home seller.

If you are considering a Smyrna GA short sale contact me, Jen Bowman, Keller Williams Realty Cityside at 404-456-5024. If you are selling a home outside of metro Atlanta and need a referral to a short sale specialist in your area, feel free to contact me.

Is that Condo FHA approved? In metro Atlanta we have lots of condos for sale.  Buyers who will be using FHA insured financing (3.5% down) need to know if the condo is on FHA's approved condo list.

Check out the official site for FHA Approved Condos.

Many Atlanta condos have restrictions limiting the number of rentals in a community.  One of the reasons is because FHA will not approve a condo if it has more than 20% rentals.  Some condos have wait lists of 2 or more years to be able to rent out your unit.   If you are considering renting out your place in the future, I would suggest getting on the list early. 

If you're thinking of buying or selling a condo in Atlanta or Smyrna, contact Jen Bowman, Keller Williams Realty Cityside at 404-456-5024.

Marietta Georgia Real Estate Market - 2011, let's wrap it up.  I've analyzed the Marietta GA real estate data for the last 7 years.   This is for single family residential and does not include condos or townhomes.

In 2005, 3015 homes sold with an average of 94 days on the market , 97.8% of list price to sales price and we had 4.4 months of inventory.  That tells us that if nothing new came on the market, we would be completely sold out in 4.4 months.  Homes were selling fast and furious and there was a lot going on in Marietta Real Estate.   That's what we call a seller's market.

In 2006, 2,846 Marietta homes sold with an average days on market on 95.  Homes were still selling at 97.5% of the asking price.  We had 4.7 months of inventory.

In 2007, less homes were sold, 2,513 with an average days on market of 98 days, selling at 96.9% of list price and then we had 5.3 months of inventory.

In 2008, 2034 homes in Marietta were sold, now taking a little longer to sell with 109 days on the market and selling at 95.6% of asking price. Then we really start to see the inventory rise with 6.6 months supply of Marietta homes for sale.

In 2009, the number of Marietta homes sold drops to 1982, that's a 35% drop in the number of homes sold.  The average days on market increased to 122 for the Marietta homes that sold.  Homes were still selling at 95.2% of list price.  Less homes selling meant we had 6.8 months supply of homes for sale.

In 2010, we saw an increase in the number of homes sold, with 2067.  The average days on market decreased to 116.  Of the Marietta homes that sold, they did so at 94.9% of list price.  Inventory shrunk slightly to 6.5 months supply.

In 2011, we saw an even better increase with 2326 Marietta homes sold. The average days on market increased slightly to 120.  Marietta homes sold at 94.9% of list price.  The housing inventory in Marietta has decreased to 5.8 months, the lowest since 2007.  As the chart below illustrates, 2011 also showed us the most Marietta homes sold since 2007.

What does the chart below mean? In one sentence, the housing inventory in Marietta has decreased to 5.8 months, the lowest since 2007!  That means we have less homes to sell, which can be a great reason to put your home on the market now.  We need good homes to sell. The buyers are still out and loans are still available for as little as 3.5% down. 

If you're thinking of buying or selling a home in Marietta Georgia, call local Realtor Jen Bowman  with Keller Williams Realty at 404-456-5024.