Wow! The market has really changed in the past few months. To say it's a buyer's market is an understatement. With the mortgage requirements tightening and the home inventory increasing, it's not looking too good for sellers right now. My professional advice is that if you don't have to sell, try to wait to list your home. Many homeowners are actually having to sell below market value to compete with all the foreclosures on the market. Georgia is ranked fourth in the United States for the most foreclosures.
However, good news for buyers! If you don't have a home to sell and you are looking to purchase a home, get out there now! There are so many great deals to be had - especially in Cobb, Cherokee and North Fulton. Check out the home above located in Historic Marietta. This charming historic home has been reduced by over $20,000 and is now on the market for $299,000. It is completely renovated with granite counters in the kitchen, refinished wood floors throughout the home, new HVAC system, and much more. You can see all the interior photos on my website.
If you would like to know more about market conditions or to view this home please visit my website at http://www.townerealty.net/ or give me a call.
However, good news for buyers! If you don't have a home to sell and you are looking to purchase a home, get out there now! There are so many great deals to be had - especially in Cobb, Cherokee and North Fulton. Check out the home above located in Historic Marietta. This charming historic home has been reduced by over $20,000 and is now on the market for $299,000. It is completely renovated with granite counters in the kitchen, refinished wood floors throughout the home, new HVAC system, and much more. You can see all the interior photos on my website.
If you would like to know more about market conditions or to view this home please visit my website at http://www.townerealty.net/ or give me a call.
Jodi Thomas
Broker
Towne Realty
Here's the latest from the National Association of Realtors on the current Market Conditions: Finally . . . some good news!
Fannie, Freddie Get More Subprime Flexibility
The Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae and Freddie Mac, on Wednesday agreed to allow both companies to buy more subprime loans — a decision that NAR applauds.
Fannie Mae and Freddie Mac will have more flexibility to address problems in the mortgage market, which will benefit the housing market overall, says the NATIONAL ASSOCIATION OF REALTORS®. As a result of Wednesday’s action, more subprime loans will be made available to borrowers and home owners who are having problems refinancing their mortgage. In providing the ability to make a two percent adjustment to the portfolio limit formula for Fannie Mae, OFHEO director James Lockhart “sends an important signal to America’s home owners and buyers that the government recognizes that there is a major problem and that it is willing to act,” NAR President Pat Combs says.
This week, actions by both houses of Congress to reform FHA programs, and the Federal Reserve to decrease interest rates, should make borrowing more affordable and money more available, Combs says. “With reduced housing prices and increased housing inventory, interest rates that are near historic lows, and now with Fannie’s and Freddie’s increased ability to lend, we may see positive movement in the housing market,” said Combs.NAR continues to urge Congress to increase Fannie Mae and Freddie Mac’s conforming loan limits, which would help borrowers in high-cost areas who are finding it extremely difficult to secure affordable financing. “This would have the effect of making more money available for more of our nation’s borrowers,” Combs says.— REALTOR® Magazine Online
