Featured Properties
Event Calendar
Categories
- Georgia Mountain Foreclosure reVIEWS
- Family reVIEWS
- Front Porch VIEWS
- Real Estate Made Simple
- Georgia Mountain Community reVIEWS
- Georgia Mountain Real Estate VIEWS
- Georgia Mountain Home Buyer's reVIEWS
- Georgia Mountain Home Seller's reVIEWS
- Realtor reVIEWS
- Georgia Mountain Got-To-Do reVIEWS
- Georgia Mountain Dining reVIEWS
- Professional Associate reVIEWS
- Georgia Mountain Cabin Rental reVIEWS
- Georgia Mountain Market reVIEWS
- Mortgage & Finance reVIEWS
- Georgia Mountain Sightseeing
- Georgia Mountain Slang
- Clients reVIEWS
- Georgia Mountain Golf & Resort reVIEWS
- Featured Listing reVIEWS
- Georgia Mountain Home Tips
- Outdoor Adventure reVIEWS
- Georgia Mountain Shopping reVIEWS
Area Information
Porch Posts
Home Inventory Dwindles Into The New Year
Existing Home Sales jumped another 6 percent in November, the report’s third month of improvement since bottoming in July.
According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October. An “existing home” is a home that cannot be considered new construction.
Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months.
November’s strong housing data is yet another signal to buyers in Hiawassee and Ellijay that the housing market’s foundation has been rebuilt, and that a rebound is imminent. It’s helped that there are great “deals” on which for buyers to pounce.
In November, Short Sales and Foreclosures accounted for one-third of all existing homes sold, and carried an average price discount of 10 percent and 15 percent, respectively, as compared to non-distressed sales.
Repeat buyers continue to power the market, too, representing more than half of all home buyers.
- First-time buyers : 32% of all buyers
- Investors : 19% of all buyers
- Repeat buyers : 51% of all buyers
This breakdown suggests that housing has regained its footing. First-Time Home Buyers can’t support a market long-term like repeat buyers can and, as compared to 12 months ago, the percentage of repeat buyers is now up 14 points.
Home Buyers take note. Raw sales volume is rising and available inventory is dropping. Basic supply-and-demand tells us that this will lead home prices higher. Furthermore, mortgage rates are rising quickly, increasing the cost of home ownership.
If buying a home is a part of your plan for 2011, consider accelerating your purchase time frame. Existing homes account for more than 80% of homes sold nationwide. If the market keeps improving like this, your home affordability will worsen.
Myth #6 – The 7 Most Dangerous Short Sale Myths
A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #6 – Banks Are Waiting On A Bailout And Not Accepting Short Sales
You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”
Please Come Back To “The Porch” Soon For The Last Short Sale Myth
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any assistance that I can.
Related Articles that you may be interested in reading:
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth #2 – The 7 Most Dangerous Short Sale Myths
Myth #3 – The 7 Most Dangerous Short Sale Myths
Myth #4 – The 7 Most Dangerous Short Sale Myths
Myth #5 – The 7 Most Dangerous Short Sale Myths
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=a4b9ada1-92bf-40e8-818b-c19c6ae9baa7)
Will Federal Guidelines Speed Up Short Sales?
This is a “BIG DEAL!” Most Buyer’s and Seller’s are absolutely scared to death right now of a Short Sale agreement. Rightfully so in my opinion. These Banks and Servicing Institutions have got to get it together. I have been fortunate enough to have been apart of many Short Sale transactions that were closed in a relatively acceptable amount of time. However on the other hand, I have had the misfortune of being party to several that have not only been an embarrassment to all parties involved, but nothing more than total aggravation and frustration. Let me give you just one example and you decide for yourself.
I currently have a Short Sale contract where I am representing the Buyer for a Cabin for Sale in Blue Ridge, GA. The contract was entered into on July 24, 2009. The list price of the Cabin For Sale was $340,000. An agreement was reached by both parties of $300,000. After many months of sitting and waiting to hear something, anything from the Bank, we finally received a notice that they would not accept the Short Sale on the contracted price, but counter offered to use in the amount of $350,000. They highly encouraged a counter offer, of any kind from my client. So, after speaking with my client, we decided that we would counter offer $305,000 to show the Bank our good faith in the transaction. Another couple of months passed and we again finally received word from the Bank that they had yet another counter offer at a price of $389,000. I was in disbelief. Not only was this last counter offer higher than their first counter, but it was more than what was owed on the home to begin with. As a result of the ridiculous manner in which this Bank had handled this transaction, the Seller to my understanding is now filing for Bankruptcy, and will eventually lose the home through Foreclosure. I am currently searching for another property for my client.
Am I to feel sorry for these Banks? Do you?
Not sure what a Short Sale is? Click Here for a simple explanation.
I certainly hope that I haven’t ruined your day…..go out and Make it an AWESOME day!
