Is the Housing Market on its Way to Recovery?

Link here to read statistics from Keller Williams for the Month of May 2012.

You may also choose to watch the Keller Williams May 2012 Youtube video posted below.

5 New ‘Rules’ to Home Buying

Thursday, May 03, 2012

With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing “rules” for your home buyer clients:

1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.

2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.

3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.

4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.

5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made.

See the original source for full article: “Traditional ‘Rules’ of Home Buying Return,” US News & World Report  (May 1, 2012)

There is a real buzz around the industry right now. REALTOR.com recently reported a nationwide drop of 21 percent in listed homes in March 2012 vs. March 2011.  Atlanta ranks ninth on their list of most significant inventory reductions on their list of 146 metros with a decrease of 39.26 percent. Industry strategists are projecting promise in the real estate market. Experts are forecasting a shrinking number of homes on the market, fresher inventory, and an increase in median list price. We are starting to see activity around Metro Atlanta, drop in number of houses on the market, multiple offers on properties and increase in those receiving asking price or above.

Follow the links below to read the synopsis article from real estate authority Inman News as well as the original article and data from Realtor.com.

1) Top 10 Metros with Greatest Drop in For-Sale Inventory

Realtor.com: Spring buying season shows promise
By Inman News, Tuesday, April 17, 2012.

Editor’s note: Data collected and analyzed by Realtor.com through March 2012. Includes single-family homes, condos, townhomes and co-ops. U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.

In 146 metros tracked by Realtor.com, the number of for-sale listings was down 21 percent in March compared to a year ago. All but two markets — Philadelphia and Hartford, Conn. — saw listing inventory decline, and 78 markets registered declines of 20 percent or more.
Link here to read complete article.

2) Realtor.com Real Estate Trends – March 2012 (DATA)
By Realtor.com, March 2012

National Trends – As the 2012 home buying season begins, key indicators are overall pointing in the right direction – towards stability.  The total US for-sale inventory in March 2012 was down by -21.48% compared to March 2011, declining in all but two of the 146 markets covered by Realtor.com.  The median age of the inventory fell by -19.82% on a year-over-year basis and the median national list price was up by 5.56%.   These positive indicators contrast with the situation at the beginning of the 2011 home buying season.
Link here to read complete article.

Attention: Doctors and Residents Who are Considering
Purchasing Real Estate in the Near Future.

There is a great mortgage program available for your review as you consider owning residential property. Contact the Corbett 2 Corbett Team to get further details about this program from Fidelity Bank Mortgage and secure your dream.   Contact Ed today  -  404.909.2299  |  edcorbett@KW.com

Ed Corbett, Realtor  is a former Medical Sales Representative with an understanding for a doctor’s time and quest for information. Ed began his career as a Biochemist and spent many years as a representative across the Southeast. A little over 6 years ago, in an effort to spend more time with family, he decided to pursue a career in Real Estate specializing in Residential real estate in the North Atlanta Metro area. Since that time, he has successfully helped homeowners with both their primary and secondary homes.

When Corbett2Corbett’s preferred Real Estate Mortgage Specialist told us about their program targeted for Medical Doctors and Residents, Ed knew he had to reach out to his past market and let them know about this great program. Look at the information contained in the provided flyer. If you have a chance, follow the links and learn more (link here for the Fidelity Bank Mortgage flyer).

I would be happy to put you in contact with my Fidelity Bank Mortgage representative for additional specifics. This is a great time to purchase Real Estate in North Atlanta; all indications are that we are beginning the journey back, so let’s find your home today!

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•    Loan Amounts:
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•    Financing available for Primary Residences Only.
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NEW YORK (CNNMoney) – It’s the Eternal Question in Real Estate: Should I Buy or Rent?

The Answer has Never Been Clearer: Buy!

In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.

There are several reasons. Home prices are falling. Mortgage interest rates are at historically low levels. And rents are on the rise.

Of course, many renters are not in a position to buy. For one, it’s hard to get a mortgage these days, despite low rates. And paying rent can push them further away from being able to afford to buy.

“Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face,” Jed Kolko, Trulia’s chief economist.

Link here to read the complete article by Les Christie @CNNMoney.

Best Deals on Mortgages | Money
By Ismat Sarah Mangla | Money – Mon, Apr 30, 2012 3:06 PM EDT

Here are some good tips for those considering a home purchase in the near future. Money magazine has pulled out some top things to do and keep in mind as you consider your new home.
Finding an affordable house is no longer a problem but qualifying for a mortgage can be. Six tips to getting a mortgage and a good rate. Put your credit on ice. The higher your credit score, the lower your rate: The best rates go to those with a 760 or more, says credit-score expert John Ulzheimer. So keep that plastic in your wallet

Follow this link to read the complete article on things to remember if you are considering a mortgage.

On March 21, 2012 Trulia published a Press Release discussing the fact that homeownership is now more affordable than renting in 98 out 100 Major Metro Areas. Atlanta was named in the Article as Number 8 in the “Top 10 Metros to Buy vs Rent”. Trulia only named Honolulu and San Francisco as Metro areas where renting could potentially be a better deal than buying. However, even in these 2 Metro Areas, Trulia pointed out that for people who plan to stay in their home for at least 5 years and could benefit from the mortgage-interest tax deduction, buying a home might make sense as well. Please follow this link to original article from Trulia, a more in depth discussion on one of today’s hot topics.

Could it be that housing has emerged from its funk?

While some hard-hit markets still lag, overall, a number of key indicators are pointing in that direction and could confirm “the beginning of a broad-based housing recovery,” according to the latest report from Realtor.com. “We’re seeing some hope,” says Steve Berkowitz, the company’s chief executive officer, adding that in general, close-in suburbs are recovering faster than the outlying ones. The report looked at data from March 2012 and compared it with a year earlier.

Signaling the more optimistic outlook, median list prices for resale homes jumped about 5.6% to $189,900 from a year before. (Sales prices of existing homes eased up 0.3% in February to an estimated $156,600 from a year earlier, according to the latest statistics from the National Association of Realtors.)

Link here to read the complete article by June Fletcher, Yahoo! Real Estate

By Ilyce Glink  |  CBS Money Watch

April 18, 2012

Spring has finally sprung, and that means it’s time for seasonal home maintenance. Whether it’s a fresh coat of paint or a new roof, the experts at Travelers Insurance have tips to help homeowners get their space ready for the warmer months.

Before you call the handyman, do a thorough check of your home both inside and out. “Every dollar you spend on little repairs or fortifications can save four dollars in storm damage,” says Jim Gustin, senior property specialist with Travelers’ risk control department.

Read the full article by visiting CBS Money Watch.

Ilyce R. Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts “Expert Real Estate Tips,” a Internet video show. She owns and operates several websites including ThinkGlink.com,view more articles by Ilyce Glink.

By Ilyce Glink  | CBS Money Watch

March 9, 2012

Most homeowners know exactly what they would do to change their current home into their dream home: gut the kitchen, reconfigure the bathroom or repaint the entire exterior. But what if you’re ideal renovations don’t yield any return? Link here for the CBS Money Watch report on Home Improvement Projects with Big Payoffs.

The key to investing in your home is doing it wisely, making sure you recoup at least some of the cost upon the sale of your home. The National Association of Realtors (NAR) and Remodeling Magazine recently released their 2011-2012 Remodeling Cost vs. Value Report, and the findings prove you don’t have to spend a ton of money to add to your home’s resale value.
Follow this link for the — Cost vs Value Report 2011-2012   |  Remodeling Magazine and the National Association of Realtors (NAR).  

Ilyce R. Glink is an award-winning, nationally syndicated columnist, best-selling book author, and radio talk show host who also hosts “Expert Real Estate Tips,” a Internet video show. She owns and operates several websites including ThinkGlink.com,view more articles by Ilyce Glink.