Rex, GA

Waggoner Place Subdivision, Rex, Georgia, 30273 – Clayton County Real Estate Market Report

A six-month market survey of real estate activity in the Waggoner Place subdivision in Rex, Georgia 30273 reveals a still volatile sales environment, with sales being driven by bank-owned and short sale properties. In general, homes sales have been slightly up as excess inventory begins to be purchased, and prices have been down, as in many subdivisions in the south metro Atlanta real estate market. Over the past six months, Georgia MLS data shows that this subdivision has experienced a brisk market with 17 home sales.

There are currently 7 homes for sale in Waggoner Place subdivision, with another 6 homes already under contract. The average asking price is roughly $59,700 with a high price of $74,900 and a low price of $48,900. This available inventory has been marketed for an average of 107 days.

Of the sold inventory, the average sales price from May-to-November 2011 was approximately $55,000, with approximately 3 homes sold per month, after an average of 63 days-on-market.

Highest sale price was $79,000.

The lowest sale price was $25,000.

Of the 6 homes pending settlement, the average list price of these homes is roughly $57,000, with the highest asking price at $69,900 and the lowest at $45,000. We do not know yet what the final sales prices will be, but judging by the previously sold properties, we can expect it to be somewhat lower than asking price. These currently pending sales were marketed for an average of 69 days.

These numbers reveal that inventory remains high and prices remain affordable, which means that opportunity is also high for those looking for a stable and family-friendly environment with good interstate access and proximity to all amenities and services.

The way things are currently trending, buyers can expect to purchase a fine family home in this recently built subdivision at a significant bargain compared to the prices a few short years ago.

Sellers who purchased prior to the market top-out in 2007 and have not heavily refinanced during the run-up may hope to break even or perhaps see very modest gains. In this Rex, Georgia, 30273 Clayton County real estate market, now could be a good time to buy or to sell.

Considering buying or selling a home in the Waggoner Place subdivision? This market report is here to help you make a sound decision. Want to see more of this FEATURED WAGGONER PLACE HOME FOR SALE in Rex, GA, Clayton County? Take a peak right here, then contact us for further information.

Want to know what your Waggoner Place subdivision home might sell for today? For more information, or to get a free Competitive Market Analysis for your unique property, contact Elva Branson-Lee today.

How is this still possible, with banks so afraid to lend money today?

Sometimes you can find a New Home Development where the builder ran out of time before the market closed in on him.

And then the bank swoops in and takes over the development.  But the bank has to finish the development before it can sell anything.  Usually, the houses are not quite finished.  Maybe they need carpet and sinks.  Or sometimes just landscaping and a doors.  But nevertheless, whatever needs to be finalized, the bank, now owner, will finish and sell on the open market.

Most banks want to clear their books.  Take the write down and move on.  But some banks will think a development is worth holding on to.  Perhaps, today, it is worth less than they lent on it.  But in the near future, they predict, the values will come back up.  Instead of holding the real property and being a landlord, which banks are not in the business of doing, they will simply sell it and lend on it again.

In other words, they are the owner free and clear, and will owner finance.  If they intend to keep the loan, they do not have to fear what guidelines Wall Street will require, if they were to sell the note as a MBS or mortgage backed security.  So if they want the risk of low down or no down, they can do it.
 
As lending requirements have tightened, owner financing will become the attractive alternative measure to the mainstream lending.

Here's one example:

On a quiet street in Atlanta Metro, Georgia.
These are big 2000+ square feet, 5 bedroom, 3 bath houses.
Complete move in ready, blinds, fridge, landscaping.
The market rent is $1200 per month.
2 Homes just like this are rented for $1200 in the neighborhood.
The rest are known to be owner occupied.

The Mortgage payment will be $948 for the next 3 years.
After taxes and insurance, and a recommended property manager fee, the cash flow is projected to be neutral.

Here's the deal. 
$175,000 price
Zero Down
100% finance at 6.5% interest only, 3 year fix.

These are appraised for $195,000 and were listed for well above $200k

call Steve Roesch at NorthPoint for more details, 503-318-6351 or steve@northpointgroup.com