Blue Ridge GA Real Estate Outlook - North Georgia Home Value in 2012
The value of homes in 2012 will be a hot issue throughout the nation, even more so here in North Georgia. As every New Year begins, people often wonder what home values will do for the 12 ensuing months. Given the recent trends in North Georgia real estate, there’s should be a reason to think 2012 could bring some value.
Since the economy was affected heavily a few years back, the housing market has certainly been hit nationally, as well as locally. Local values were dropped by a heavy percentage and while some have been in a better position, for the most part the area has seen decreasing value in the real estate market.
Luckily, there is a boon of good trends that point to what could be a strong year for the North Georgia real estate market. Apartment rental averages continue to climb all over the state of Georgia, from the top to bottom and that’s no different here locally. Apartment rental averages in North Georgia went up about six percent; compare that to Atlanta which went up six percent and Savannah apartments which went up nine percent. If these rates continue to grow, it would certainly swing potential buyers back on the market, climbing the property ladder.
Record low mortgage rates throughout the country and locally are another sign that buyers could have vested interest in 2012. Compared to the mortgage rates of 2010 and 2009, this year’s costs will be a quarter lower than those times. Experts expect more buyers to be out looking for houses, the key will be closing.
Nationally, real estate experts are expecting a slow climb throughout the 2012 year. Each month is expected to have a positive impact on the real estate market, up until the fourth quarter, which is usually a slow period for home sales because of holidays and vacations.
Certainly each area in North Georgia will have a separate fortune in 2012. Indicators and factors such as price averages, amount of listings and individual sales will continue to be the driving force if the market is to get some rejuvenation this year.
This Blue Ridge GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties located in the quaint mountain town of Blue Ridge, GA. Please feel free to call (866-413-1781) or drop me an email gaylebarton@inbox.com if I can assist you with buying or selling your Blue Ridge GA mountain home or property.
Showing posts with label bank owned. Show all posts
Showing posts with label bank owned. Show all posts
Friday, January 27, 2012
Thursday, February 25, 2010
Guest writer - J. Byron Wyndham, Real Estate Attorney, blogs on “Short Sales”
Blue Ridge Georgia Real Estate is pleased to welcome guest blogger and local real estate attorney J. Byron Wyndham. Today, Byron shares with us his perspectives on understanding the secret side of short sales.
Short Sales...Continued
We are seeing more and more “short sales” in recent transactions. With many homes being “underwater” (the outstanding mortgage is more than the home value) in order to sell the house, the owners are asking lenders to accept less than the outstanding loan balance to release the house from the lien of the loan.
The “catch” ? Many owners don’t realize that just because the lender agrees to accept less than the loan balance to release the lien, that does NOT relieve the owner (the maker under the Note) from the obligation to repay the balance of the loan. The lender may file suit against the owner/seller for the balance of the loan that was not paid at the short sale.
The owners may also not understand that their credit can be adversely affected by the short sale. Usually, by the time the seller/owner has requested the short sale, they have missed several payments and have accrued late charges. This will appear on their credit report. But the seller may think that by doing a short sale, at least the stigma of a foreclosure has been avoided. However, in a short sale situation, the lender may “write off” the loan. This write off will appear on the credit report as a negative credit factor.
What options does a seller have? The seller can request that the lender agree to accept the short sale balance in full satisfaction of the loan and that it be marked “paid in full” on the credit report. This will avoid the actions noted above. However, the lender is NOT required to agree to these terms. It is an affirmative request to avoid the negative affects of the short sale. Though the Lender does not have to agree to this, many lenders are trying to avoid foreclosures and having more real estate on their books. In order to have a smaller loss than what would happen in the case of a foreclosure, the Lender might agree to this scenario.
The bottom line-it doesn’t hurt to ask. All they can do is say No! But if they say Yes, the seller can realize the full benefits of a short sale. JBW
For more information about short sales or other real estate related matters, please visit his website or email him at jbwyndham@tds.net
J. Byron Wyndham
2460 E. First St. Suite B-6
Blue Ridge, GA 30513
706.258.6222
This North Georgia Real Estate blog is hosted by
Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties located in the quaint mountain town of Blue Ridge, GA.
Please feel free to call (866-413-1781) or drop me an email gaylebarton@tds.net if I can assist you with buying or selling your mountain home or property.
We are seeing more and more “short sales” in recent transactions. With many homes being “underwater” (the outstanding mortgage is more than the home value) in order to sell the house, the owners are asking lenders to accept less than the outstanding loan balance to release the house from the lien of the loan.
The “catch” ? Many owners don’t realize that just because the lender agrees to accept less than the loan balance to release the lien, that does NOT relieve the owner (the maker under the Note) from the obligation to repay the balance of the loan. The lender may file suit against the owner/seller for the balance of the loan that was not paid at the short sale.
The owners may also not understand that their credit can be adversely affected by the short sale. Usually, by the time the seller/owner has requested the short sale, they have missed several payments and have accrued late charges. This will appear on their credit report. But the seller may think that by doing a short sale, at least the stigma of a foreclosure has been avoided. However, in a short sale situation, the lender may “write off” the loan. This write off will appear on the credit report as a negative credit factor.
What options does a seller have? The seller can request that the lender agree to accept the short sale balance in full satisfaction of the loan and that it be marked “paid in full” on the credit report. This will avoid the actions noted above. However, the lender is NOT required to agree to these terms. It is an affirmative request to avoid the negative affects of the short sale. Though the Lender does not have to agree to this, many lenders are trying to avoid foreclosures and having more real estate on their books. In order to have a smaller loss than what would happen in the case of a foreclosure, the Lender might agree to this scenario.
The bottom line-it doesn’t hurt to ask. All they can do is say No! But if they say Yes, the seller can realize the full benefits of a short sale. JBW
For more information about short sales or other real estate related matters, please visit his website or email him at jbwyndham@tds.net
J. Byron Wyndham
2460 E. First St. Suite B-6
Blue Ridge, GA 30513
706.258.6222
This North Georgia Real Estate blog is hosted by
Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties located in the quaint mountain town of Blue Ridge, GA.
Please feel free to call (866-413-1781) or drop me an email gaylebarton@tds.net if I can assist you with buying or selling your mountain home or property.
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