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Jonathan & Natalie Lee

Atlanta Real Estate News Update


Atlanta Real Estate News Update
Subject: Real Estate Advisor - March 2010
Real Estate Advisor: January

New Videos - On The Atlanta Real Estate Channel

In December 2009, Prudential Georgia Realty introduced the Atlanta Real Estate Channel - your source for LOCAL real estate news. We created this local video news channel to keep you informed on local market trends and insight that impacts our local real estate market.

Atlanta Real Estate Channel

The Cost Of Waiting

Many potential buyers may not realize the significant incentives that will be lost if they do not choose to purchase a property this spring. The combinations of lost tax credits plus the changes coming for FHA loans add up to real money.

  • For a First Time Home Buyer, the lost incentives range from $15,000 to $20,000!
  • For a Move-Up or Repeat Home Buyer, the lost incentives range from $13,500 to $18,750!

New Rules Coming From FHA

The Federal Housing Administration (FHA) Commissioner announced a set of policy changes to strengthen their capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The FHA will take the following steps:

  • Increase the mortgage insurance premium to 2.25% from the current 1.75%.
  • New borrowers will be required to have a FICO score of 580 to qualify for FHA's 3.5% down payment program. Borrowers with less than a 580 score will be required to pay a 10% down payment.
  • Seller contributions will be reduced from 6% to 3%.

These new policies will be effective in the spring of 2010. This all means that the buyers have a great opportunity to enjoy lower mortgage payments for purchases prior to these changes. The combination of the new policies, expected rises in mortgage rates and the expiration of the tax credits make RIGHT NOW a great time to buy real estate in metro Atlanta and north Georgia.

Contact Me For More Information.

Tax Credits Will Be Expiring

The extended $8,000 1st Time Home Buyers Tax Credit and the expanded $6,500 Move-up or Trade-in Tax Credit will be expiring on April 30th. Did you know that over 70% of buyers may be eligible for these tax credits? But contracts must be signed by April 30th 2010!

Spring Listing Market Is Coming Early

The spring and summer selling season for real estate is coming early this year. The tax credits, low mortgage rates and great selection of properties have buyers out earlier than in past years. Prudential Georgia Realty recently released the new version of our Advanced Property Marketing System. Designed for the current market conditions, this is simply the most effective property marketing solution available. The results speak for themselves. Since introducing this innovative methodology, our company has grown our listing market share more than any other brokerage in metro Atlanta and north Georgia. In fact, we ended 2009 as the #1 real estate marketing company for listings in our market. Realtor.com recognized our company as the first large brokerage in the nation to receive the prestigious Realtor.com Online Marketing Award of Excellence.

Contact Me For Details.

Prudential Georgia Realty #1 in Buyers for 2009

Trendgraphix reports that Prudential Georgia Realty represented more buyers in 2009 than any other brokerage in metro Atlanta and north Georgia. Our investments in online marketing, corporate relocation, international networks and the local networks of our 1200 agents brought more buyers to our market than any other real estate company.

Contact Me To Learn More.

Google Makes Big Changes

Did you know that real estate listings are on Google? Google recently made a major shift from Google Base (classified ads) to now display real estate listings on Google Maps. This is one of the thousands of online locations that we display our property listings. Google remains the 800-pound gorilla of the search business and this is important to understand for exposing your real estate listing.

Google also offers a free directory advertising service called GOOG 411. Just dial 1.800.466.4411 for FREE directory listings. No more $2 charges from your cell phone provider.

Google also recently announced a new service to offer movie rentals. Yes, the worlds of video and TV are merging. This is important to understand for real estate. The options for real estate searches are changing fast. Ask me about the latest options in rich media to bring the unique story of your property to life - online, in print and in person!

Thank You

I hope you found this newsletter informative. The real estate market is changing quickly. I have access to the latest market trends and detailed information that can make help you make better real estate decisions. We expect to see an "early spring selling season" driven by the new tax credits, great selection of properties, low prices and incredible mortgage rates.

If you are interested in buying, I can help you find the right property. There are many new details to consider when looking at the options today. This is especially true for short sales, builder foreclosures, bank-owned properties and auction properties.

New Short Sale Guidelines

Click picture to view full size image

The U.S. Treasury has released long-awaited guidelines with incentives for loan servicers and homeowners to engage in short sales. These guidelines were originally announced in May but were delayed due to legal and politic issues. This means that we will see more short sales and fewer foreclosures. Here are some highlights of the new program: Troubled borrowers interested in exploring a short sale will also be allowed to receive pre-approved short-sale terms prior to the property listing. The mortgage servicer must respond "yes or no" to the short sale request within 10 business days. Upon a successful sale, servicers must agree to fully release the borrower from future liability for the difference in the net sale amount and the outstanding loan balance. Troubled borrowers who agree to a short sale or deed-in-lieu of foreclosure will receive up to $1,500 to assist with their relocation expenses. Loan servicers and investors who sign off on payments to subordinate lien holders will earn up to $1,000 for successfully completing a short sale or deed-in-lieu. Subordinate lien holders are limited to recovering no more than $3,000 from sale proceeds, although those who object to the cap can engage in short sales outside the program. Borrowers may still be subject to payback provisions for subordinated lien holders. Examples may include home equity loans, home equity lines of credit, second mortgages or other liens. The guidelines prohibit loan servicers from demanding that real estate brokerages reduce the commission stated in the listing agreement as a condition of approving a short sale. The number of homes headed to foreclosure continues to grow. A record 14.1% of homes with mortgages were at least one payment behind or already in foreclosure at the end of September, according to the Mortgage Bankers Association. Nearly 1 in 10 loans were delinquent, up from 6.99 percent a year ago.

To inquiry more about this subject please visit www.TeamLeeHomes.com.

Dallas Ga Homes For Sale-Foreclosure Update

Dallas Ga Homes For Sale-Foreclosure Update

Dallas, GA Real Estate Foreclosures:

About 8 out of 10 homes sold in Dallas, Georgia in 2009 have been foreclosure or pre-foreclosure (short sale) properties. Dallas, Ga foreclosures in Paulding County are on the rise in 2009 and are projected to continue to steadily flow onto the Dallas,GA real estate market for the next couple of years. We are beginning to see a high number of foreclosure buyers in Dallas, GA that are competing for the same great foreclosure opportunities. With the $8000 Tax Credit for first time home buyers, they currently consist of a larger segment of buyers in Dallas, GA. With also an increased number of investors, the hot foreclosure deals go fast and even within the first couple hours. We are seeing bidding wars with multiple offers on many Dallas, GA foreclosures. In order to stay ahead of the other foreclosures seeking home buyers, you need a property search system that works. For more details on homes for sale in Dallas, Ga including foreclosures visit http://www.teamleehomes.com/prudential_ga/modules/agent/agent.asp?p=text&id=1129

Dallas,Ga Real Estate Foreclosures and Market Update

Dallas, GA Real Estate Foreclosures:

About 8 out of 10 homes sold in Dallas, Georgia in 2009 have been foreclosure or pre-foreclosure (short sale) properties. Dallas, Ga foreclosures in Paulding County are on the rise in 2009 and are projected to continue to steadily flow onto the Dallas,GA real estate market for the next couple of years. We are beginning to see a high number of foreclosure buyers in Dallas, GA that are competing for the same great foreclosure opportunities. With the $8000 Tax Credit for first time home buyers, they currently consist of a larger segment of buyers in Dallas, GA. With also an increased number of investors, the hot foreclosure deals go fast and even within the first couple hours. We are seeing bidding wars with multiple offers on many Dallas, GA foreclosures. In order to stay ahead of the other foreclosures seeking home buyers, you need a property search system that works.

Please visit homes for sale in Dallas, Ga from:

http://www.teamleehomes.com/prudential_ga/modules/agent/agent.asp?p=text&id=1129

Happy Home Buying,

Jonathan & Natalie Lee

Summer 2009 Georgia Real Estate Market Update

This is the latest Atlanta Real Estate Market Update with many important facts and trends of the Atlanta Metro Area. I was stunned at the wealth of information it provided...everyone should watch this. If the above link does not work please copy and paste the following url: http://www.atlantarealestate2009.com/

If you have any further questions or would like to receive Georgia Real Estate market updates please visit www.TeamLeeHomes.com.

Thanks,

Jonathan Lee