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Archive for the ‘Buying a Foreclosure’ Category

As I was reading the various news and blogs I follow today to stay on top of the what is happening in Atlanta, I read an article that was a great reminder about good business sense. The answer to the question above is “yes,” which is why this article drew my attention.

1743 Wilkenson Court, Marietta, GA

Some things to consider before becoming a house flipper.

Sometimes people forget about good business sense when they dream of dollar signs too quickly.  The article was on atlanta.curbed and it was about house flipping.

Now most of you probably know you should not rush into house flipping or think you are going to become an overnight millionaire, but with the foreclosures and bank-owned properties that are still out there it can be really tempting.  There are some real drawbacks to house flipping, but there are also some positives, if you keep things in perspective and follow some guidelines you may be able to put a little extra cash in your pocket.

So if you have been contemplating doing some house flipping to make some extra cash, to put towards a new home of your own, this is a great article to read. Enjoy!

From curbed.atlanta.com; March 11, 2013

House flipping is kind of like taking beautiful photographs — plenty of people think they can do it, but reality says otherwise … Instagram be damned. It’s become part of the national lexicon, in part due to reality TV, late night informercials and a housing crash that came down hard even on those living under rocks. Flipping’s main objective is simple enough: buy low, sell high. With the flood of foreclosures that’s inundated the Atlanta market, you’d think deals would be a dime a dozen. Well, not so fast.

First, let’s look at the basics:

Home equity is the difference between the outstanding mortgage balance and the fair market value of the property, and house flipping is predicated on the idea of cashing in on that number going in the right direction. But, there’s always plenty of factors in play that could keep that lovely scenario from coming to fruition, especially for novice flippers.

Let’s start at the very beginning: the property search.

Continue reading the article here.

If you are ready to look for a home, check listings in your area on the Atlatna Fine Homes’ website or give our team a call!

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RISMEDIA, March 8, 2011—Housing recovery may seem like a mirage in the desert of record foreclosures and steep unemployment, but history indicates that a more balanced market is in our future.

Real estate has always been and always will be cyclical. Recent numbers—namely gains in existing- and new-home sales, increasing activity among investors, upticks in housing starts and ongoing efforts to streamline short sales—offer a much-needed reminder that this downturn, too, shall pass.

The improvements we’re seeing might not be dramatic or even permanent just yet, but any step in the right direction is an important one toward restoring confidence among consumers and industry experts.

What’s Ahead

In the near term, 2011 will be better than 2010, but only slightly. In the years beyond, as new phases of the real estate cycle approach, we’ll see healthier trends rather than a return to the abnormal and artificial boom times of the early to mid-2000s.

The market ahead will be driven by hopeful buyers who are regaining their financial footing and building their savings: a generational wave of consumers just reaching their prime home-buying years; immigrants who’ve come to the United States eager to realize their American dream; and investors focusing on long-term wealth rather than short-term gains.

As the damage caused by defaults and foreclosures subsides, more and more homeowners will be managing responsible mortgage terms and affordable payments, and once again be selling homes with equity.

Please click here for the entire article on the real estate cycle.

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RISMEDIA, February 11, 2011—Home sales rebounded in 49 states during the fourth quarter of 2010 with 78 markets—just over half of the available metropolitan areas—experiencing price gains from a year ago, while most of the rest saw price weakness, according to the latest survey by the National Association of REALTORS®.

Total state existing-home sales, including single-family and condo, jumped 15.4% to a seasonally adjusted annual rate of 4.80 million in the fourth quarter from 4.16 million in the third quarter, but were 19.5% below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.

In the fourth quarter, the median existing single-family home price rose in 78 out of 152 metropolitan statistical areas (MSAs) from the fourth quarter of 2009, including 10 with double-digit increases; three were unchanged and 71 areas had price declines. In the fourth quarter of 2009, a total of 67 MSAs experienced annual price gains.

The national median existing single-family price was $170,600 in the fourth quarter, up 0.2% from $170,300 in the fourth quarter of 2009. The median is where half sold for more and half sold for less. Distressed homes, typically sold at discount of 10-15%, accounted for 34% of fourth quarter sales, little changed from 32% a year earlier.

Lawrence Yun, NAR chief economist, is encouraged by the trend. “Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they’ve been selling well and housing supplies have trended down,” he said. “A recovery to normalcy requires steady trimming of the inventories.”

Yun added, “An improving housing market and job growth will go hand in hand.

The housing recovery will mean faster job growth.” He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.

Yun further noted, “Better than expected sales and/or strengthening in home values can have an even bigger job impact as consumer spending would naturally rise from a housing wealth recovery affecting a vast number of American families.”

“The healthier local housing markets are also experiencing favorable local employment conditions,” Yun said. Job growth is a major factor in price appreciation in metro areas such as the Washington, D.C., region, where the median existing single-family home price of $331,100 in the fourth quarter is 8.1% higher than a year ago; the Boston-Cambridge-Quincy area, at $346,300, up 4.2%; and Austin-Round Rock, Texas, at $190,300, up 4.1%.

In the condo sector, metro area condominium and cooperative prices—covering changes in 57 metro areas—showed the national median existing-condo price was $164,200 in the fourth quarter, which is 6.4% below the fourth quarter of 2009. Twenty-two metros showed increases in the median condo price from a year ago and 35 areas had declines; only 11 metros saw annual price gains in fourth quarter of 2009.

“Consumers in the hard hit regions of Nevada, Arizona and Florida were able to scoop up condos at absolute bargain basement prices,” Yun said. Median condo/co-op prices in affected metro areas include Las Vegas-Paradise at $60,700, Phoenix-Mesa-Scottsdale with a fourth quarter median of $68,900, and Miami-Fort Lauderdale-Miami Beach at $81,900.

In the South, the median existing single-family home price edged up 0.3% to $152,400 in the fourth quarter from the fourth quarter of 2009. Existing-home sales in the region rose 11.4% in the fourth quarter to an annual rate of 1.82 million but remain 17.8% below the surge in the fourth quarter of last year.

Please click here for the entire article regarding home price stabilization in the last quarter of 2010.

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By Lori Johnston, For the AJC

Please click here for the entire story regarding the buying a home at the Stacks at Fulton Cotton Mill.

Michael Respeto, who works in industrial process equipment sales, could have lived anywhere within his sales territory. Respeto, 31, instead chose intown Atlanta, where he has lived for 15 years and many of his friends live.

Andrea Cueny, an Atlanta Fine Homes Sotheby’s International Realty agent, helped him successfully navigate buying a foreclosure for his first home.

The Stacks at Fulton Cotton Mill

Respeto chatted about his loft in The Stacks at Fulton Cotton Mill in Cabbagetown:

Q: How soon did you see The Stacks?

The Stacks was the last place I had looked. I probably looked at 20 different locations, anywhere from small houses within the city limits to condos to townhomes. I think looking at the full spectrum there enabled me to be sure of what I really wanted.

Q: What was unique about The Stacks?

A: I’m in industrial equipment sales. The fact that it’s an old factory (built in 1881) really appealed to me, the history there. And the material, the construction, the rustic look of the factory, that really appealed to me.

Q: Did you look at multiple lofts in The Stacks?

A: Just the one I ended up getting. One thing that was critical was at least two bedrooms. All the other properties in The Stacks that were two bedrooms were just outside my price range. The one and only one I looked at was a foreclosure.

Q: What do you love about the loft?

A: The location is fantastic. … Being in the Cabbagetown neighborhood, I’m right in the cross hairs of all major interstates. Within minutes, I’m on the highway. The location is great because there seems to be a resurgence or almost like a renaissance in that area. It’s transitional, from being old industrial and kind of neglected, to being revamped. A lot of the community is very tightknit. They have a community awareness group that I’m trying to get involved in now.

Q: Are you enjoying being a first-time homebuyer?

A: Each day I walk around and look at my place, it’s still kind of like, “Oh my gosh, I can’t believe I am owning property and something so unique that I really enjoy.” I finally have a sense of home. I’m not thinking, “Well, I’ve got to either re-sign my lease in 12 months or decide to look somewhere else and move.” Up until this point, I’ve been very transient. I really think I found a home to stay.

Community information provided by Coldwell Banker NRT Development Advisors and Andrea Cueny, an agent with Atlanta Fine Homes Sotheby’s International Realty, and compiled by Delaney Young.

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