Foreclosure Myths of 2012

April 13th, 2012 mullinaxteam Posted in Buyers, Foreclosure, Home Values, Real Estate, Real Estate Information, Real Estate News, Real Estate Report, Short Sale Comments Off on Foreclosure Myths of 2012

Although they’ve simmered down somewhat since 2009, foreclosures are still controlling the real estate market as we know it.  With all the talk of foreclosure drama many half-truths, rumors, and flat-out lies have surfaced. To help separate fact from fiction, we turned to a recent Trulia blog, which talks about a few misconception and embellishments that are still going around the country.

1. There is going to be a flood of new foreclosure to the market.

Banks have learned that their control of local inventory can influence can local prices.  By introducing homes in calculated ways, rather than in one swoop, they know they’ll realize higher prices.  And banks have also learned that if they can lessen their losses by giving the go ahead to short sales, everybody come out better.

2.  You can go directly to a bank to buy a foreclosure.

No, sorry. The truth is, banks first offer properties on the courthouse steps which is a cash purchase. The rest of them get handed out to asset managers, who then hire local REO agents to list them on the market.

3.  You can steal a deal by doing lowball offers on foreclosures.

Banks want REO’s off their books anywhere from 30-120 days so they normally list them slightly below comparable properties.  If the property is slow to sell, the bank will slash the price after about 30 typically (not all banks do this). Most banks are interested in neighborhood stabilization so those giveaways are out there but not the norm.

4.  You can’t use foreclosures when doing an appraisal.

According to Trulia, it’s time to discredit this myths in many neighborhoods, foreclosures and distressed sales and or short sales are the only comp you’ve got.  So, they represent the value of homes in the area.

5.  Foreclosures are only affecting the bottom end of the market.

While the market share of foreclosed homes under $1 million is retreating, foreclosed properties valued at more than $1 million are rising up 115 % since 2007. Foreclosures on properties valued in excess of $2 million have increased 273%.

Source:  Pro.TruliaBlog.com

 

 


15 Brown Drive, Cartersville, Ga

November 12th, 2010 mullinaxteam Posted in Buyers, Downsizing, First-time home-buyer, Real Estate, Real Estate Information, Real Estate News, Real Estate Report, Real Estate Tips and Advice, Realtor Comments Off on 15 Brown Drive, Cartersville, Ga

Adorable ranch on almost an acre! Rocking chair front porch. This home has a new stove, new bathroom tile and has been freshly painted. Great school district.  Priced at $115,000.  Call us today for more details at 770-606-0054.


Average Days for Bartow Homes to Sell Declines

February 9th, 2010 mullinaxteam Posted in Buyers, Community Info, Finances, Real Estate Information, Real Estate Report, Sellers Comments Off on Average Days for Bartow Homes to Sell Declines

Bartow County Real Estate Market Conditions-Days on market decreases while number of homes under contract increases

While the verdict is still out on the overall implications of real estate in 2009, for Bartow County we know a few things.

For one, from January 2009 to January 2010, the average number of days a house stayed on the market reduced from 104 days to 98 days which is a 6% drop.  This is good news for those homeowners currently considering listing their homes.  While 6 days may not seem like a huge decline, it is likely the start of a trend that will take the real estate market back to the seller’s corner.

Additionally, although there are 12% fewer homes for sale from January a year ago (1698 in Jan. 2009 to 1501 in Jan. 2010), the number under contract has increased 88% from 50 in Jan. 2009 to 83 in Jan. 2010.  This shows the buyers market we are currently in that will hopefully get those waiting for homes to sell moving.

If you are thinking of buying a home, right now is the perfect time.  With the ever so slowly stabilizing economy we’re in, we never know how long good interest rates and great deals on homes may be around.  Give us a call to see if we can help you with any of your Bartow County real estate needs.


1st Time Home-Buyer Tax Credit-Updates and Changes

January 11th, 2010 mullinaxteam Posted in First-time home-buyer, Real Estate, Real Estate Information, Real Estate News, Real Estate Report, Tax, Tax Credit Comments Off on 1st Time Home-Buyer Tax Credit-Updates and Changes

As the deadline for the First-Time homebuyer Tax Credit crept closer, it became a clear priority on the Hill.  An extended and expanded home buyer tax credit is a part of a larger bill that also extends unemployment benefits.  This bill was signed by President Obama on Friday, November 6.

The bill essentially remains intact but has a handful of important changes:

  Previous Provisions    

New Provisions
Effective Date January 1, 2009 November 7, 2009
Deadline Close before December 1, 2009
  • Contract signed before May 1, 2010, must close before July 1, 2010
  • Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount
  • First-Timers: maximum of $8,000 or 10% of sales price
  • Prior Owners: $0
  • First-Timers: Unchanged
  • Prior Owners: $6,500 if lived in prior home for at least 5 consecutive years of past 8 years
Income Limit
  • Individual: $75,000
  • Couple: $150,000
  • Individual: $125,000
  • Couple: $225,000
Other Restrictions Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full $8,000.
  • Buyer must be at least 18 years old and not classified as a dependent for tax purposes
  • Home must cost less than $800,000
  • Home must be primary residence for at least 3 years. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
How to claim If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return
 

Earlier this year, Keller Williams Research conducted a study of first time-buyers and here’s a few of the findings:

 

1.  The median age was 28, significantly down from where it was four years ago at 32.

2.  Location or neighborhood was the No. 1 “must-have” for 36% of buyers.

3.  25% saw 5 or less homes before writing an offer, the average buyer saw 10 homes.

4.  2 out of 5 first-time buyers purchased a distressed property.

5.  2 out of 3 sellers paid at least part of the buyer’s closing costs.

6.  1 in 4 had help from their family for the down payment.

If you’re interested in learning more about the new tax credit or about homes in your area, contact us to learn more.


Bartow County Home Sale Trends 11/2007-11/2009

January 1st, 2010 mullinaxteam Posted in Buyers, Community Info, First-time home-buyer, Foreclosure, Real Estate Information, Real Estate News, Real Estate Report, Short Sale Comments Off on Bartow County Home Sale Trends 11/2007-11/2009

Bartow County Home Sale Trends

As you can see in the chart below, the number of homes for sale has dropped 27% from 1528 in November, 2007 to 1106 in November, 2009.  Although this is a significant decrease due to the current economy, it is also noteworthy that there are still over 1,000 homes for sale in Bartow County today.homes-for-sale-2-years_page_1