Georgia Real Estate Voice

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.

Selling an Atlanta home? It can be an overwhelming feeling, but it doesn't need to be.  See what one of my most recent home sellers in Atlanta had to say.

I just sold his Atlanta midtown condo in 43 days and for $15,000 higher than any 1 bedroom unit has sold in Park Central in the past year! If you're selling your home, there are things you can do to make it stand out from the rest. Home staging, proper pricing, being a cooperative seller (as in being flexible with showings) and a strong marketing plan all make a difference. If you're thinking of buying or selling a metro Atlanta home, call Jen Bowman with Keller Williams Realty at 404-456-5024.

Home Buyer Seminar Smyrna - Are you thinking of buying a home but don't know where to begin?  I often get calls from Smyrna home buyers who have lots of questions and they tell me they don't even know where to start.  We have a free Home Buyer Seminar for you!

When: Tuesday January 10, 2012 from 6 to 8 p.m. at our Smyrna, GA office.

Where: 3350 Atlanta Rd Smyrna, GA 30080

Please RSVP to me, Jen Bowman at 404-456-5024 or visit me online at  BuyAndSellCobbHomes.com.

If you can't make it in January, we do these classes on the 2nd Tuesday of every month.  If that time doesn't work for you, call me for your confidential home buyer consultation.  

Decatur Wine Fest - The 10th Annual Decatur Wine Festival will be in Decatur GA on Saturday November 5, 2011.

Come taste over 350 domestic and imported wines and enjoy live music from the community bandstand during the 10th annual Decatur Wine Festival. The weather should be great for this event with high temps in the mid 60's.

• Saturday, November 5, 2011 1pm -  4pm
• Old Courthouse Square in Downtown Decatur, GA
• Tickets are $35 per person
• Admission includes a commemorative wine glass
• No one under 21 allowed
• No animals allowed

The Decatur Wine Fest is sponsored by the Decatur Arts Alliance.

Tickets are available from Ticket Alternative or from the Decatur Package Store on Clairmont Rd in Decatur, GA next to the YMCA. Tickets are limited to 1,500 people.

This event is just one of the many events in Decatur GA and is one of the reasons why Decatur is a great place to live, work and play.

If you are thinking of buying or selling real estate in or around Decatur, GA contact Realtor Jen Bowman, Broker Associate & e-PRO with Keller Williams Realty at 404-456-5024.  Homes currently on the market intown Decatur range in price from $160,000 to $975,000. There really is something for everyone.

View more of the Georgia Real Estate Voice.   

Atlanta Luxury Home Market – Curious about the Atlanta luxury home market? In September 2011 there were 31 homes that sold that were listed for over $1,000,000.  In September 2010, that number was very close to the same with 29 luxury homes sold.

What was the difference?  

In September 2010 the lowest sales price for a luxury home listed over $1,000,000 was $789,000 with 102 days on the market.  The average number of days on market for all the luxury homes sold was 172 days and an average sales price of $1,378,136.  The highest price Atlanta luxury home was in Buckhead.  It sold for $3,050,000 with 12 days on the market.

In September 2011, we saw a decrease in the number of days on the market in the Atlanta Luxury Home Market.  The average number of days on market for all luxury homes in the Atlanta area was 140 days with higher average sale price of $1,534,217.  The most expensive luxury home that sold in September in the Atlanta area was $3,857,500.  It was on the market 52 days in sought after Tuxedo Park which is near Buckhead in Atlanta.  

In short, Atlanta luxury homes are selling faster than the same time a year ago and on average for a higher price.  That’s great news for Atlanta’s Luxury Home market!

Many of the Atlanta Luxury Homes are in golf course communities with fabulous amenities. 

Where did the Atlanta area Luxury Homes sell in September 2011? 

·    Buckhead  - As always, Buckhead is very popular for luxury homes
·    Kingswood – Atlanta Fulton County
·    Sugarloaf Country Club in Duluth – Gwinnett County
·    St. Marlo in Duluth - Forsyth County
·    Tuxedo Park – Near Buckhead in Atlanta
·    Tiller Walk
·    Paces Ridge
·    Windward in Alpharetta
·    Brookhaven
·    The Park at Oglethorpe – near Brookhaven in Atlanta
·    Citadella
·    Atlanta Country Club in Marietta
·    Chastain –Atlanta Fulton County
·    Lakeside at Ansley in Roswell

If you're thinking of buying or selling an Atlanta Luxury Home, contact Jen Bowman, Broker Associate with Keller Williams Realty, Luxury Homes by KW at 404-456-5024.

Related posts:

August 2011 Atlanta Luxury Homes Market Report

Atlanta Country Club Real Estate

Sutherlin Park in Smyrna- Sutherlin Park is a subdivision in Smyrna, GA with 44 homes.  It's conveniently located next to city of Smyrna's Tolleson Park with swimming pool and tennis courts.

Sutherlin Park's homes were built in 1999 and 2000.   They are 2 story traditional style, many with open floor plans where there is a view from the kitchen to the family room which makes it easy for entertaining.   Some have basements.  Many of the small well manicured lots are under a 1/4 of an acre.  Sutherlin Park has a variety of exteriors including brick front, brick, stucco and siding.

Currently there are 4 homes actively on the market in Sutherlin Park ranging in price from $239,900 for 4 bedrooms built on a slab  to $294,900 for 4 bedrooms on a full unfinished basement.

There are 2 pending sales which means they are under contract but not yet closed.  Both of them had price reductions and the current list prices are $235,000 and $220,000.

As of today's date, in 2011 there have been 3 sales in Sutherlin Park. One home was listed at $300,000 and sold for $290,000 in 18 days on the market. Another was listed at $269,900 and sold for $251,000.  The 3rd one was originally listed at $274,900, reduced to $265,000 and sold for $260,000.  

Students living at Sutherlin Park attend Cobb County's Brown Elementary and Campbell Middle and High Schools.

For more information on buying or selling in Sutherlin Park, contact Jen Bowman with Keller Williams Realty at 404-456-5024. 

Real Estate Market Report in Marietta GA  September 2011 - There are currently 1616 homes for sale in Marietta, GA, just north of Atlanta in Cobb County.   Prices range from investment deals and fixer uppers for under $20K to a current high of $6,950,000.

50 of the homes currently on the market are luxury homes listed at over $1 million.   193 homes are listed between $500K and $999,999. 

38 of the Marietta homes are in a due diligence period or contingency period.  348 of the Marietta homes are pending sales, which means they are under contract just not yet closed.    There is currently just over 6 months of inventory. 

For the month of September 2011, 252 Marietta homes were sold.  Last year for the same time period 181 homes were sold in Marietta.  That's a pretty big jump in numbers sold.

Home buyers are realizing that interest rates are extremely favorable and homes are at incredible prices.  Just the other day I showed a $1.8 million dollar home to a buyer.  It had sold in 2005 for over $4M.  

Our Marietta inventory of homes for sale is shrinking from where our market was several years ago.   If you’re thinking of buying or selling a home in Marietta, GA contact Jen Bowman, Keller Williams Realty at 404-456-5024.

Smyrna Beer Fest 2011 - The 8th annual Smyrna Beer Fest will be Saturday October 30, 2011 from 1 to 6 p.m.  at Smyrna Market Village.  

Smyrna Market Village is located at 2840 Atlanta Rd, SE Smyrna, GA 30080 just about 2 miles outside I-285 off of Exit 16, Atlanta Rd.  

The Smyrna Beer Fest will have hundreds of local and international beers available.

Entry is limited to the first 3000 participants.  Tickets are $30 in advance and $40 at the gate.  The Smyrna Beer Fest benefits Mustard Seed Communities.

We'll be volunteering at the Beer Connoisseur Magazine tent.  Come by and say hello!

Autumn is one of my favorite times of year.  Come on out and enjoy the great weather!  If you can't make it to the Smyrna Beer Fest, the Smyrna Octoberfest will be Saturday October 22 and October 23, 2011 at the Smyrna Market Village.

If you're thinking of buying or selling a home in Cobb County, contact Jen Bowman, Broker Associate with Keller Williams Realty at 404-456-5024.

See all the homes for sale in Cobb County at HomesForSaleinCobbCounty.com.