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Neighborhood Stabilization Program

by Leslie Edwards

Clayton County has just recieved a HUD grant of 9,732,126!

For the Neighborhood Stabilization Program. The money will be used to:

  • Purchase foreclosed homes
  • Rehabilitate those homes
  • Sell those homes to qualified, income eligible buyers
  • provide downpayment & closing cost assistance  

If you are thinking of buying a home this is an opportunity you must consider!

You must have:

  • Stable income
  • limited debt
  • decent credit
  • eligible income by family size
  • $500 toward purchase  
  • Desire to own a home

  Next you will:

  • Select NSP or other approved house
  • qualify for standard loan with NSP certified lender
  • Contract to buy house
  • Complete Housing Counseling
  • Close on house
  • Celebrate!

NSP will: 

  • Complete work write up
  • if approved buy house
  • complete rehabilitation
  • conduct inspection of rehab
  • work with real estate agent
  • Provide down payment Assistance if qualified

If your TOTAL family income does not exceed the amount by family size:

  • 1 person   60,250
  • 2 persons  68,850
  • 3 persons  77,450
  • 4 persons  86,040
  • 5 persons  92,900
  • 6 persons  99,800
  • 7 persons 106,700
  • 8 persons 113,550

Leslie has been chosen to sell these houses if you fit the requirements and are interested. Please call 770-460-9448 or email leslie@leslieedwards.com

Clayton Co. 3rd Quarter 2008

by Leslie Edwards

Clayton County real estate activity 7.1.2008 through 9.3.2008

3022 properties currently for sale throughout Clayton Co.

40% of those properties are listed for under $100,000

344 properties are under contract and may or may not close

70% of the under contract properties were listed under $100,000

843 properties sold within the 3rd Quarter

67% were sold for under $100,000

1066 properties expired unsold

44% sold

56% expired

The market in Clayton County is flooded with properties for sale, which is great for buyers because oversupply means lower prices.   Investors and home buyers can certainly benefit from low prices, lots of selection and low interest rate mortgages.

  Regardless of what you are hearing about the availability of home loans, there is always money for credit worthy buyers. 

  It is the buyers with slow credit and no money in the bank and no down payment that are having trouble getting financing.  The lending culture for years has been to find a way to squeeze every buyer into some kind of mortgage, even if they really cannot afford to buy. 

 The low starting interest rates for interest only loans and a variety of adjustable rate mortgage products gave buyers a starting payment they could afford.  Selling points of those mortgages were the assumptions that buyers would get a raise and make more money and the value of the home would increase. 

  The reality is that home prices continue to fall while the cost of living continues to increase, jobs are not secure, companies are failing and the expected raises aren't happening. 

  When the interest rates adjust, the payments keep going up until the homeowners can't make the new payments.  These homeowners can't sell because prices are falling instead of increasing and they owe more than the market value of the home. When they qualified for the loan, neither the lenders or the buyers factored in unexpected expenses, ie: a new transmission for the car, illness, job loss, babies, divorce etc.  When a couple qualifies for the maximum loan and one of them stops contributing financially, neither can afford the payments.  

  When homeowners can't make their payments it is too easy to walk away, especially if they did not make a down payment.  Letting the homes go into foreclosure continues to drive prices even lower.  This downward trend also shows homeowners that allowing a foreclosure no longer carries the stigman it did in the past.  The mentality seems to be that everybody else is doing it so why not?

 This market climate creates excellent opportunities for buyers to purchase a home for far less that the value of a few years ago and get more house for the money. 

 This is a great time to buy so if you can, take advantage.  My thirty years of real estate experience, through many up and down cycles, has convinced me that no matter how low the market goes, it always comes back, often with a vengance The variable is time.  

  No one really knows how long this downturn will last but it is clear that a down market creates opportunities for investors and home buyers. Some buyers are waiting for the bottom of the marke to get the best price.  We know the market is at the bottom when it starts going back up.  Don't miss out on great buys.

  Call me at 770.460.9448 for the help finding the very best properties for the very best prices.

   Sellers. It is not the best time to sell so, if possible, wait.  If you really want to move, considering renting the house until the market turns.  If neither waiting or renting are options for you, call me at 770.460.9448 for a FREE market consultation.  Let my 30 years experience work for you.

leslie edwards            

sells real estate  

770.460.9448

RE/MAX Around Atlanta

Think Green to save money and the planet

Clayton County Foreclosures

by Leslie Edwards

According to the news this morning, one in every ten homes in Clayton County is currently in default.  That statistic makes it very hard for owner occupants to sell their homes when the foreclosures in their neighborhoods continue to push prices down.  It is happening in all price ranges and the only homeowners who are immune to the fall in value are the ones who are not trying to sell. 

 The market will move back up over time but it will take some time for the market to absorb all of the homes for sale right now in Clayton County.  As always, the people who survive severe shifts in the market hang in there longer.  Don't panic sell if you on't have to move.  If you want to move, but don't have to move,you will have to decide how much equity are you willing to lose to move now.

If you are a buyer, this is the best buyer's market in years and buyers should be buying.  The rate is very low compared to not so long ago when rates were in the double digits: 10% to 16% interest rates were common.  Many buyers do not appreciate what an opportunity this is to buy more house than they could afford in any other market because of  low interest rates and the lower home prices.  Those buyers will regret the hesitation when the market shifts and it always does, and when interest rates increase.

Real estate moves in cycles and this is just part of that constant change.  History has shown that no matter how low and slow  the market gets, it has always  improved and often with a huge rise in values.  It is just part of the cycle.

Call me if you have to sell, really want to sell or if you want to take advantage of these great opportunities in the real estate market.

leslie edwards   sells real estate   770.460.9448   RE/MAX Around Atlanta

leslie@leslieewards.com

 

Clayton County Market Update January 1 -April 30, 2008

by Leslie Edwards

There are currently 3318 active single family residential properties in Clayton County listed for sale in Georgia MLS.  The average list price is $144,762 and the average number of days on the market is 133.

In the past twelve months 3161 listings sold with an average of 109 days on the market and an average sales price of $113,012 .  That sounds like a lot of home sales in the past year. 

However, during the same 12 months, 5110 homes expired unsold after an average of 180 days on the market and an average list price of $150,056.

38% SOLD and 62% Expired UNSOLD.  One clear explanation is that the difference in the list prices of the homes that did not sell and the homes that did sell is $37,044 which indicates that the majority of the unsold homes were overpriced. 

From January 1 through April 30, 2008, there were 991 homes sold with an average sales price of  $97,502 a drop of $15,510 from the 12 month average.

1530 homes expired unsold during the same period with an average list price of $153,594, up $3538 from the twelve month average list price.

Average sales price goes down while the average list price keeps going up which only cause more properties to expire unsold. 

There is increased competition with foreclosures that are selling well below market.If a homeowner has not been in the house for more than 5- 6 years or if they have refinanced and increased their mortgage amount, chances are the house is worth less than when they bought.  Sellers are writing checks to sell their homes and many sellers, unable to write the check are losing their homes in foreclosure.

The good news is that even in the worst market the best homes sell.  Best home at the best price.  The market will come back so if you don't have to sell, wait.  If you do have to sell, or if you really just want to sell, call me for a FREE consultation with no obligation. I want to be your resource for real estate information.  Ask me how I am selling homes at a rate that is 10 times the national average prouction for real estate agents.

leslie edwards   sells real estate    770.460.9448   RE/MAX Around Atlanta

Serving South Metro Atlanta       30 years experience isn't expensive, it's priceless

leslie@leslieewards.com     www.leslieedwards.com                                                                                 

Displaying blog entries 1-4 of 4

If you hear of anyone who wants to buy or sell in any of these areas, please mention me and then call me so I can contact them. I appreciate your referrals!