| Statistics (44 listings) | |||||
| Low | High | Average | Median | Total | |
| List Price | $27,900 | $670,000 | $198,602 | $145,200 | $8,738,484 |
| Selling Price | $23,000 | $610,000 | $187,530 | $141,250 | $8,251,337 |
| List/Sold(%) | 78.35% | 101.05% | 95.25% | 96.36% | -- |
| Price/SqFt ($) | $0.00 | $158.52 | $56.21 | $67.00 | -- |
| Days on Market | 19 | 576 | 149 | 96 | -- |
| Statistics (81 listings) | |||||
| Low | High | Average | Median | Total | |
| List Price | $12,000 | $639,000 | $162,708 | $138,000 | $13,179,349 |
| Selling Price | $8,000 | $624,000 | $155,823 | $131,500 | $12,465,845 |
| List/Sold(%) | 66.67% | 109.08% | 95.46% | 96.39% | -- |
| Days on Market | 22 | 999 | 178 | 114 | -- |
The GAR reports, “HB 261 was signed into law on May 11, 2009 by Governor Sonny Perdue! GAR applauds House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O’Neal (Warner Robins) and Senate Chairman Chip Pearson (Dawsonville) for their tireless efforts in the passage of this important legislation. Unlike the federal tax credit, theGeorgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The amount of the credit is 1.2% of the purchase price up to $1,800 spread over three years. The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of 2009.”
FAQ regard the Georgia Homebuyer Tax Credit.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Beechwood “Hills” is one of those “Classic” neighborhoods in Athens, Georgia. Classified as being located in the “Five Points/University” section of town, Beechwood is bordered by Alps Road and the Beechwood Shopping Center. As you enter Beechwood Drive you feel as if you have just wandered back into the 1950’s. Immaculate, well manicured lawns, generous lot sizes, and the “admission cost” is much less than that of Five Points. Homes range from the high $100k’s to the high $200k’s which will get you into an FHA loan. Perfect for first-time home buyers, retirees, or anyone in between! Athens-Clarke property taxes generally range from $1500-$3000 on one of these homes.
The Walkscore is pretty strong as well. According to Walkscore.com, Beechwood boasts a score equivalent to the Top 10 most walkable neighborhoods in America! Near by you will find such restaurants as Chic-Fil-A, Longhorns, and Jason’s Deli to name a few. If you need an eye-opener in the morning, a local favorite, Jittery Joe’s is right down the street.
When the milk runs low both Kroeger and Earth Fare (for organically grown foods) are within a brisk walk while the neighborhood is dotted with schools and area parks. A favorite of my family, the Athens-Clarke Library is only about a half mile away, and if you are into shopping then have fun walking to Talbots, Coldwater Creek, Steinmart, and Tigerlily Kids to throw out just a few names. Beechwood Cinemas is also the hot spot to take in a movie after dinner! All within a walk from your front door!
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
According to Zillow.com, the median priced home in Athens, GA
is at $154,661 as of May 29, 2009. The one year change in median home value in the Athens area is up 12.5%. If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!Athens National
| Zillow Home Value Index: | $154,661 | $183,861 | |
| 1-Yr. Change: | $17,209 | -$30,290 | |
| Zestimate Per Sq. Ft.: | $144 | $226 | |
| Flips (Sold Twice Within the Last Yr.): | 0.7% | 1.3% | |
| Turnover (Sold Within Last Yr.): | 2.6% | 1.8% | |
| Property Tax: | $1,837 | $2,973 | |
| Median Condo Value: | $117,500 | $193,500 | |
| Median Single Family Home Value: | $166,500 | $208,500 |
According to the Athens MLS, if we look at a previous 12 months of residential home sales from June 1, 2007-June 1, 2008 and compare to the most recent 12 months from June 1, 2008-June 1, 2009, we find that home sales in our area have gone down from 1426 to 910 respectively. This is roughly a 36% decrease in home sales year over year.
What is interesting is that average home sales price went up from $170,058 to $172,049 during these two periods. I also found out from an associate that “days on market” for home listings has increased in the past year to more than 200 days for the average residential Athens listing, so if you get a quick sale thank the good Lord above! I also found that in terms of numbers of sales from a month to month and year over year basis that we see no slow down yet in decreases. The only so-called silver lining is that it appears that as far as pricing is concerned in the Classic City, home prices have leveled. This opinion rather is rather academic when you consider multiple increases not just in the past year, but also monthly when considering a rolling 12 month average. I would be happy to furnish this data directly from the Athens MLS upon request!
It seems that due to the fact that Athens, according to real estate search engine Trulia, is benefiting due to having a much lower percentage of foreclosures than in other areas of the state and nation.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.”
The loans can’t be used however toward the down payment of the minimum 3.5 percent according to HUD officials.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
The Pending Home Sales Index, an index based upone properties under contract for sale in April rose almost seven percent to 90.3 from March says the NAR.
NAR chief economist Lawrence Yun said, “Buyers are responding to very favorable market conditions. Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
NAR President Charles McMillan said that there are numerous buyer assistance programs at this time to interested home buyers and especially to first time home buyers. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for down payment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment. Buyers who are wondering about their options should contact a REALTOR, who can advise consumers on the housing assistance programs and resources available in a given area,” according to Yun.
NAR’s Housing Affordability Index is still in record territory. According to the NAR, “The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.”
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
The jumbo mortgage market has been severely restricted, with soaring interest rates and limited availability, and these
problems are affecting the entire housing market. According to insights from NAR research, sales of homes priced above $750,000 have stalled and inventory has climbed from 18.7 months in 2007 to 41.1 months in 2009.
While mortgage rates on conforming loans up to $417,000 are near 50-year lows, jumbo loans currently carry unusually high interest rates. In many cases, wary lenders with overly stringent credit standards add to the problem by treating jumbo loan applicants with high credit scores and sizeable down payments as higher risks than buyers in the conforming market who have lower credit scores and less money available.
Jumbo Loans for Median Homes
Many people assume jumbo loans are for the wealthy, but in some areas of the country these loans are for median priced homes. As a Realtor®, from my perspective the jumbo loan market has thankfully only affected high end local real estate activity. Therefore the jumbo market has not impacted the general buyer in their home search in our market where the median priced home is $153,000.
Sales are down in terms of shear numbers, to be sure, but where our overall market is off year to date roughly 42 percent compared to this same time frame a year ago, sales of jumbo homes have decreased from 59 sales last year to 25 thus far in 2009 for a 58 percent decrease.
When will the turn around come for the jumbo home sales? When jumbo mortgage products are not priced out of the market.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Freddie Mac announced the release of the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.42 percent for the week ending June 25, 2009, up from last week when it averaged 5.38 percent. This may not be the sub-5 percent rates that were spoiling consumers of late, but last year at this time, the 30-year FRM averaged 6.45 percent.
The 15-year fixed rate mortgage this past week averaged 4.87 percent, down from last week when it averaged 4.89 percent. Last summer, the 15-year FRM averaged 6.04 percent.
“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008.
On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Okay, okay, I hate to admit it, but I dearly enjoy Facebook. While they say the average adult spends four (4) hours each day online, and the world is crashing down around us, updating my status and seeing what my friends and contacts are doing is in a word, “fun.” Maybe I have found the answer to the question everyone is asking regarding the current History channel T.V. show “Life After People.” They never tell you where the people go, just that without us the world is falling apart and decaying.
So now we know! All the people are on Facebook!
In any event, I have established a Fan Page at Facebook. Not regarding me, like many business owners have done which to me seems a little bit too egotistical, but for Athens GA Homes. I think that anyone who is a buyer, seller, and most importantly a homeowner in Athens, GA can be a fan of Athens GA Homes! Become a fan at www.facebook.com/Athens.Georgia.Homes or click the logo and it will take you there as well!
If you have a chance please take a look. We have 117 members in a little more than a week. I have blog feeds from this blog hitting the wall daily, videos regarding Athens, daily articles from the press regarding real estate ownership facts and issues. Thinking about refinancing and not knowing where rates are this week? Mortgage rate information is at your fingertips from Zillow, and of course there are homes for sale.
On this Page you will find a link to the Georgia MLS, the largest MLS in the southest, where you can not only look up Athens, GA homes for sale, but also see every home for sale in the surrounding Athens area! Looking for property on a particular side of town? Use this link with MapTracks to find where you want to live, not just what you want to consider buying! 
Become a fan and I think you will see a smart, well thought out page full of ideas and information for your reference!
Report Generated For: 4/3/2009 – 7/3/2009
Athens MLS Area: 07:South Oconee Co., 08:Watkinsville/Oconee Co., 09:West Oconee Co.
Home Sales Price # Mkt Share Avg DOM
200,000 – 249,999 11 13% 217
250,000 – 299,999 6 7% 189
300,000 – 399,999 12 14% 236
400,000 – 499,999 12 14% 334
500,000 – 749,999 4 5% 423
The biggest battle we face, and you could call it that some days, is that of trying to keep the frustration level down for home sellers. The information, provided via the Athens MLS reveals that 47 percent of homes sold in Oconee County, where the average sales price was $287,000 during this time frame, was under $200,000!
How does this compare to Athens-Clarke?
Athens MLS Area: 01:West Athens/Clarke Co., 02:North Athens/Clarke Co., 03:East Athens/Clarke Co., 04:East Athens/Clarke Co., 05:West Athens/Clarke Co., 06:Five Points/University
Home Sales Price # Mkt Share Avg DOM
200,000 – 249,999 19 8% 301
250,000 – 299,999 12 5% 206
300,000 – 399,999 16 7% 310
400,000 – 499,999 3 2% 311
500,000 – 749,999 4 1% 91
In Athens-Clarke you see a noticeable drop in sales as we go above $200,000 over the past 90 days. What is telling is that 77 percent of all sales in the county are under $200,000! This tells me two things. One is that first time homebuyers are dominating the market. Secondly it confirms what the industry is seeing in that there are fewer of the desperately needed “step up” buyers this year than in past years. For 7 sellers out of 10, they had their homes on the market a skyrocketing 300+ days!
| Time on Market Analysis Athens-Clarke and Oconee | |||
| For Units Sold | |||
| Days | Residential | Other | Total |
| 0 – 30 | 6 | 0 | 6 |
| 31 – 60 | 40 | 0 | 40 |
| 61 – 90 | 51 | 1 | 52 |
| 91- 120 | 42 | 0 | 42 |
| 121+ | 177 | 2 | 179 |
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
| Rank | Website | Visits | |
|---|---|---|---|
| 1. | 7.30% |  | |
| 2. | 5.89% | | |
| 3. | 5.22% | | |
| 4. | 4.27% | | |
| 5. | 4.16% | | |
| 6. | 3.35% | | |
| 7. | 3.19% | | |
| 8. | 2.00% | | |
| 9. | 1.83% | | |
| 10. | 1.68% | | |
| 11. | 1.56% | | |
| 12. | 1.52% | | |
| 13. | 1.51% | | |
| 14. | 1.00% | | |
| 15. | 1.00% | | |
| 16. | 0.96% | | |
| 17. | 0.95% | | |
| 18. | 0.94% | | |
| 19. | 0.92% | | |
| 20. | 0.91% | | |
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
According to powerhouse Trulia.com, there are 2,086 homes in Athens for sale on Trulia. This includes 187 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. Good news in the recent week is that distressed properties for sale as a percentage of total inventory fell to 8.9 percent. On inventory listed through Trulia, they report an average list price in Athens of $223,644 for the week ending Jul 01, unchanged from the previous week.
The Athens MLS shows for the past month that average and median sales prices are $155,576 and $140,500 respectively while the average DOM (days on market) was at 188 days which is up more than 10 percent as compared to June of 2008. Average and median sales prices in June of 2008 were $182,017 and $156,000 respectively. This does not mean that prices have fallen per se. It does mean that what’s selling are homes that are priced most attractively. Add to this the high volume of first time home buyers and the absence of “step up” buyers from this year’s market, and it is no wonder that homes in the $100k’s are moving. In June of 2008 roughly 33 percent of all homes sold in Athens were over $200,000. In June of this year, only 14 percent.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Photo courtesy Athens Convention and Visitors Bureau.
The Federal Housing Administration has added another component to the temporary $8,000 first-time home buyer tax credit. Qualified FHA buyers now have the option of monetizing the funds. Through short-term bridge loans, buyers can access the money immediately instead of amending their 2008 tax return or waiting to file in 2009.
These buyers then have the option of adding it to their FHA-required 3.5 percent down payment, covering closing costs or buying down their interest rate. Realtors® believe this will meaningfully impact home sales and values.
A Bird in the Hand…
Now that buyers can use the $8,000 tax credit immediately, the question many have had is whether we have had a pickup in buyer activity. Are consumers aware of the tax credit? Do they understand the term ‘first-time buyer’ applies to anyone who hasn’t owned a home in three years?
The answer to-date is that they are aware, but the $8,000 is not motivating. It is not enough, and the deadline to qualify is still too far off to have this be motivation to buy when there is still concern about housing prices and whether or not they will continue to correct or fall. Couple this with current discussions in the Congress about the expansion of this credit also have just begun to stagnate activity more as people wait and wonder what additional benefits they might receive by possible future changes.
In addition to increasing the credit from $8,000 to $15,000, additional details are as follows;
These changes, I am told by buyers and real estate professionals alike, can add true stimulus or motivation when it comes to not only first time home buyers, but also”step up” buyers that were mysteriously missing in May. It is too bad the Republican Senator from Georgia, Johnny Isakson, came up with this idea in February, the concept passed the Senate, and had the House kill it where it stood. Now the controlling party can take credit I suppose. We could have had this stimulus 6-8 months ago, but it like many other good ideas got squashed because of political reasons.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
| Top Search Terms for 7 days ending | |
| 2009-07-02 to Today | |
| Search | % |
| best cities to raise a family | 22% |
| first time home buyer tax credit co-borr | 8% |
| georgia first time home buyer credit | 6% |
| properties facebook | 6% |
| first time home borrower plan expansion | 5% |
| first time home buyer credit for co-buye | 5% |
| foreclosed homes in athens, ga | 5% |
| ga first time home buyer tax credit | 5% |
| lakes near athens ga | 5% |
| lane creek ga | 5% |
| first time home buyer tax credit georgia | 3% |
| top cities to raise a family | 3% |
| mortgage rate trends july 7, 2009 | 3% |
| lane creek golf club homes for sale | 3% |
| beechwood hills houses for sale in athen | 3% |
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
“Okay, Okay, Athens, GA Housing is Low Risk, according to the Realtor.” I have had this said of my optimism quite frequently in the past year. I sell Real Estate, even capitalize the words like they are some deity, so I am biased. Well here comes PMI to the rescue. You know PMI. You might even pay them each month for the security and benefit of your mortgage company.
PMI (private mortgage insurance) combines their risk management expertise and financial strength to serve as support of the mortgage finance system. This support protects lenders in the event of borrower default. Theoretically speaking, through protecting mortgage lenders from credit losses, PMI helps to ensure mortgages are available to all qualified homebuyers.
For those of you getting ready to buy your first home, in many cases when you cannot put down 20 percent on a home, lenders may permit a smaller down payment and purchase mortgage insurance, which you as the borrower in turn pay as part of your monthly payment. Special rules and conditions may apply for first time home buyers not to have this additional cost during this period of recession in order to stimulate the housing sector. Ask your lender if this applies to you.
What I want to focus on in this column however is how PMI applies research, analytics, risk management, and loss mitigation to assist lenders faced with potential foreclosures.
In Athens, GA on the most recent report, PMI Proprietary Market Research shows on page three that the Athens market is LOW per the index rank. The study shows that based upon where you buy a home, the pricing for that PMI premium you pay each month is dependent on how risky they feel your market is at the present. For example, Athens had an index value as of Q1 ‘09 of 27.8. Other cities around the state of Georgia were Macon, GA at 57.6, Gainesville 63.2, Atlanta 80.7, Savannah 83.3, and Dalton 97.2.
Dalton was the highest Georgia city in terms of the risk of borrower default. Any cities over 70 were HIGH risk. 99.9 was the highest rating a city could obtain.
This report shows not only risk ratings, but appreciation in recent quarters, affordability, and unemployment. For example, Atlanta had an unemployment rate in the 12.3 percent as compared to Athens at 6.9 percent. The affordability index for Savannah is at 114.8 as compared to Athens at 121.37. This means that Athens is comparatively more affordable a market than Savannah as of Q1 ‘09.
This is a great tool and should offer encouragement and direction for homeowners in the Greater Athens area, but also to people looking to relocate to Georgia.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
Okay Athens, GA, do you have Staging Savvy? Here is a 10 question quiz to give you an idea of whether or not you can make the grade!
Remember that when you are staging to sell;
References;
“Honey, stop the car!” The importance of curb appeal
14 ways to make the most of your curb appeal
Preparing your home for sale: steps to spruce up your property
De-clutter, pre-pack and reflow
Appealing to eyes and ears of buyers
Make homes welcoming: Ten low-cost ideas to increase salability
For the record, I got 10 out of 10!
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
| Non-Foreclosure Sales Statistics (565 listings) – 10-Jul-08 to 10-Jul-09 Athens GA | |||||
| Low | High | Average | Median | Total | |
| List Price | $0 | $949,000 | $198,234 | $162,000 | $112,002,260 |
| Selling Price | $18,000 | $920,000 | $189,124 | $157,500 | $106,854,904 |
| List/Sold(%) | 68.42% | 122.18% | 95.27% | 96.22% | – |
| Foreclosure Sales Statistics (93 Listings) 10-Jul-08 to 10-Jul-09 Athens GA | |||||
| Low | High | Average | Median | Total | |
| List Price | $11,900 | $395,000 | $112,861 | $99,900 | $10,496,050 |
| Selling Price | $9,200 | $330,000 | $104,376 | $97,000 | $9,706,922 |
| List/Sold(%) | 60.26% | 116.67% | 92.84% | 94.09% | – |
It is truly amazing to me how just because a listing is branded with the words FORECLOSURE and BANK OWNED, that the media has painted, successfully too I might add, this pictures that everyone buying a bank owned home is getting a steal.
You hear of these urban legends that someone told you about how “Uncle Billy” bought a house for 50% of its’ value! To begin with, these fishing stories are all wrong. The premise, whether or not the particulars of the transaction are conveyed correctly, that “Uncle Billy” bought a home for less than full value cannot happen. Value or worth is what a party agrees to pay for a home. Not what the tax appraisal or a real estate agent says the house is worth.
If you paid $500,000 for your home, just because it has a tax appraisal of $900,000, doesn’t mean you could turn around and sell it for that much tomorrow. A home, your comic book collection, etc…is only worth what someone is willing to pay for it today. The reason there is perceived value in foreclosures is that idea that it “was worth” “X” amount more than I paid for it. Again, this thought goes back to “list price” or some phantom appraisal that was created for another party’s benefit.
Now with all of this said, please let the madness stop!! Regular homeowners just like you are trying to sell property too. They would love to have someone look at their homes. I have wondered recently if I put a sign rider on top of my real estate company sign that said FORECLOSURE RESALE, BANK OWNED, COME BEAT US UP, BLOOD IN THE WATER if a particular home would get shown more.
I am thinking so……
What the facts are however is that when you look at homes sold in Athens during the past twelve months that were non-foreclosure sales and you look at what Sellers got for their homes versus List Price the average Athens home seller walked away on an average and median basis with 95.27% and 96.22% respectively. How about bank owned foreclosures sales? They brought the bank an average and median price of 92.84% and 94.09% respectively off List Price. Banks aren’t giving away houses on the whole! Not in our market.
Now sure, bank owned foreclosure sales are providing a “little” bonus to buyers from these figures, but not the perceived 20%-50% that most people think they are getting in a foreclosure purchase. Does this 2 percent discount for buying a foreclosure make up for buying a home with no Seller Disclosure, no Warranties, and a home that is sold to you in an As-Is condition? I would contend no. The risk is too great for what small discounts are actually obtained in our market on the average.
The purpose of this post is to point out the frustration when I see a listing that is priced right for an owner, we will call him “Bob,” and in “Bob’s” area last month roughly 85% of homes sold or under contract were bank owned foreclosures. That is stiff competition! The sad thing is that of the homes that sold in his area (price range) which were bank owned sales, one was a multiple offer home that got bid up to 120% of List Price while on the other the buyer paid roughly 95% of List.
These homes in our area are not the bargains they are in FL, CA, NV, and other areas of the nation so the next time you go house hunting, put yourself in that seller’s shoes and consider a home that might be owned by a “Bob” and not a Bank. “Bob” might appreciate it and who knows, you might need a considerate buyer, like yourself, one day when you resale!
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!
all photos courtesy of the Athens Convention and Visitor’s Bureau
This Blog, whose posts come from www.AthensGaProperties.com, has been published as far away as the Chicago Sun Times and as local as The Oconee Leader, is full of pertinent information for the Athens Georgia Area housing market to help you understand how to buy, sell, and own your home with confidence. I am an Associate Broker with Prudential Georgia Realty and a passionate real estate blogger. I hope you will check out my blog roll which has links to my website and more! Follow me on Twitter!
Feel free to email me at hankbailey@prudentialgeorgia.com. I look forward to hearing from you! If you are interested in finding out more about Athens Georgia or doing an MLS Search of the Greater Athens area please feel free to search my website at AthensGaHomesForSale.com.
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