Atlanta Real Estate – Intown Focus

Atlanta, GA Residential Real Estate

Visit Intown Focus Realty on Facebook November 9, 2012

Filed under: Uncategorized — Joan Shorter @ 8:34 pm

With so many various sites to update, we are finding the most success on Facebook. Please take a moment to visit us https://www.facebook.com/pages/Intown-Focus-Realty/264559256931427 and be sure to LIKE us so we are added to your feed for all updates.

Our newly designed and highly functioning website will be released soon.

 

Rise in New Home Sales June 28, 2012

Filed under: Uncategorized — Joan Shorter @ 5:28 pm

In an Article from the Associated Press on 6/25 , it was cited that Americans have purchased more homes in May 2012 than in the past two years. This is despite sluggish job growth.

New homes do represent only 20% of the home sales market. 12.7% in the South! However each home built creates an average of 3 new jobs.

It is my opinion that part of the Atlanta Housing bubble was due to over saturation of new homes. Therefore, I find it promising that it is a slow area to rebound as Atlanta is now experiencing some competition in the marketplace.

 

HUD Homes Repair Escrow – Are they Realistic? May 31, 2012

Filed under: Uncategorized — Joan Shorter @ 3:47 pm
Most buyers don’t realize that if they are buying a HUD Home that has a Repair Escrow, the amount of the Repair Escrow is merely an estimate from an appraiser, NOT a contractorIt is not uncommon for the appraiser to underestimate the actual cost of repairs.
If you want to purchase a HUD Home that has a Repair Escrow, and you want to utilize FHA financing to take advantage of the $100 down payment, Brian Stephens of Wells Fargo suggests submitting the offer as a 203K loan instead of a 203B with Repair Escrow loan for three reasons below:
 1. The 203K will allow you to get a realistic bid for repairs from a licensed contractor before the loan closes, which will insure that you actually add the correct amount of money for repairs to your FHA loan.
2. All 3 HUD Asset Management companies will give you 15 more days to close your 203K loan, versus a 203B with Repair Escrow Loan
3. You will have the option of adding additional repair items to your 203K loan not addressed in the Repair Escrow.
Now the 3 reasons I should represent you on your purchase of a HUD home:
1. I am a HUD Approved Broker.
2. I have a # of contractors experienced in 203K quotes, construction, and draw processes.
3. And I have 2 super lenders experienced in 203K Loans.
 

Current Market Conditions May 4, 2012

Filed under: Uncategorized — Joan Shorter @ 4:38 pm
Sorry to have been away from this site for so long.  I am finding a strong following on FACEBOOK, and spend a great deal of time there talking about the micro market of the Tri Cities area; East Point, Historic College Park, and Hapeville.  If you are on Facebook, please take a moment to find and “like” Intown Focus Realty.
Everyone always wants to know what their home is worth.  Simple – what the market is willing to pay.  Right now, in Atlanta, homes are selling and renting quickly.  Does that mean all homes?  No.  Updated homes, in desirable neighborhoods, and priced right.  Yes, we hope this helps inch prices back up.  And in some cases sellers will get a little above asking price, or can reduce their contribution toward buyer closing costs.
Why aren’t prices going up faster?, you ask.   The lending market, PMI (private mortgage insurance) companies, and appraisers are still being very cautious with values.  So many went out of business, just like others attached to the housing market, that they are closely checking comparable homes used in appraisals, area trends, etc before approving loans.  They will be very skeptical and hesitant to lend if prices start jumping up.  So, unfortunately the reins are still on all of us: buyers, sellers, loan officers, and real estate professionals.
I will use this opportunity to ask for your business.  If you have a home to sell or rent inside the perimeter, give me a call or an email.  I will provide you with a detailed market analysis and work to get your home sold or rented within 30-45 days.    You can reach me at 678-508-6811 or joan@intownfocus.com.
 

Tooting Our Own Horn June 29, 2011

Filed under: Uncategorized — Joan Shorter @ 12:11 pm

The sector of the market most affected by the economy is the 1st time buyer market.  For the Intown neighborhoods, this means the ever-expanding parameters of East Atlanta, outer limits of Decatur, and the Tri-Cities area.  East Atlanta borders are now commonly expanded to include streets such as Rollingwood and Braeburn.  There are updated/renovated ranches and 40’s bungalows listed in the $130,000s whereas they had previously been selling for mid $150,000s and up.  The Tri-Cities area includes East Point, Historic College Park, and Hapeville.  This is where the best values are, in my opinion.

As these areas suffer due to the decreasing number of 1st time home buyers, there are a growing number of homes available for rent.  Rent less than a mortgage for $130,000.  In the Tri Cities area 2 bedroom/1 bath homes are renting for $850/mo whereas 3bedroom/1-2 bath homes can fetch $1,000-$1,100/mo.  To rent in the East Atlanta area, you are looking at min of $1200/mo rent in most cases.

Yes, I may be tooting my own horn, so to speak, as I have lived in East Point for 12 years.  I have found the community to be slowly but surely blossoming with newcomers from ‘intown’ neighborhoods, further south, and out of state.  There are a wide array of housing choices ranging from 1920 bungalows and 1940 bungalows to 1950s/60s ranches, cape cods, and traditionals.  There is even ‘new’ construction scattered about.  You can purchase a good size home for under $200,000!!  The prices are very competitive with other markets, and in many cases can beat other areas.

So, if it is time to move and you are looking for a home close to MARTA, downtown, and highways with friendly neighbors, in an intown area of diversity, give the Tri-Cities area a try.  Even if you are renting, you may find you like it enough to stay even after you can afford more.

 

 

Real Estate Investing – What should you do? June 13, 2011

Filed under: Uncategorized — Joan Shorter @ 9:40 am
Tags: , , ,

Inman News just came out with an assessment of the 10 best markets for real estate investing. Atlanta was not one. Does that mean you shouldn’t invest in the Atlanta real estate market? Of course not.

With the growing number of foreclosures and the somewhat steady uncertainty in the future of home values, the rental market is strong. Most rental listings I take get rented within 30-45 days. These homes have had moderate renovations/updates and are clean and in move in condition.

When the market was strong, I had investor clients that would rehab their rental properties as tenants moved out and flip with a good profit. They purchased their properties when the market was down in that area. So, now is the PERFECT time to acquire properties, do a light fix up, and rent them for moderate-long term.

What about flipping now? It can be done successfully, depending on what specific area you invest in. This is higher risk with smaller reward. And isn’t higher risk supposed to bring higher reward?

Either way, there can be ROI in the Atlanta real estate market. If you want to know more and acquire properties, or you have a property ready to rent or resell, drop me a line. I am happy to help protect you and your investments.

 

Do You Want a Pre Listing Sneak Peak? January 25, 2011

I have 3 homes with motivated sellers sprucing things up and prepping for the market. All 3 are brick bungalows and will be priced under $175,000. If you want a sneak peak at the information/features, pricing, and a couple photos, please email me your info and I will send it to you. Send me your name, tel #, email address, date you would like to purchase by, area you are looking in, and other features you would like in a home. We’ll compare notes and see if we have a match! (Be sure to include your agent name/co if you have one.)