Atlanta Housing Source

The number of advertised foreclosures this month is 4957 for Hall County, Barrow County, Forsyth County, Fulton County, Gwinnett County, Hall County, and Walton County. This number does not even include Cobb County, Dekalb County, Paulding County, Cherokee County and Douglas County.

In July there were 4415 advertised foreclosures in those same counties that were scheduled for sale on August 4, 2009. Just how many actually foreclosed is yet to be determined. This month, however, we see that there is a 10% increase.

We have been tracking the foreclosure rates for those counties for years and never have we seen these kinds of numbers. Georgia is a non-judicial foreclosure state which basically means that after 4 weeks of advertising, the lender can foreclose on the property through a sale on the courthouse steps.

So what is going to happen with all of these homes that are now owned by the bank? They are going to try and sell them at greatly reduced prices. This can be good news or bad news depending on your situation. If you are a buyer, there has never been a better time to purchase a home. The incentives for first time homebuyers are really phenomenal. Have you heard about the $8,000 Federal and up to $1,800 State credits available? Learn more details.

However, if you are an existing home owner, you are seeing your property values drop like never before. Most people who bought in the past 10 years purchased houses with a first and a second mortgage. When the bank forecloses all junior liens are wiped out. Therefore the bank that performed the foreclosure has a house that already costs significantly less that other homes in the neighborhood that were bought around the same time.

For example a house that normally would cost $100,000 has a first mortgage of $80,000 and a second mortgage of $15,000. Typically the owner would have paid $5,000 for the down payment. So let’s say the owner has lived in the property for 3 years and now can’t make the payment. The first mortgage would foreclose and purchase the property at the steps for roughly $78,000. Let’s say it costs them $4,000 to actually foreclose. They then list the home for sale at $85,000. So the other homeowners in the neighborhood who need to sell are competing with the banks selling what would normally be a $100,000 house for $85,000. So they have lost $15,000 in equity.

In addition banks are now competing with each other since there are so many of them on the market these days, that they are lowering their prices even further just to move the house off their books and to take the loss.

So my point is that there is going to be even more choices for people who want to get some great deals and we can help you find a great deal. If you want to know more about the home buying process, come to one of seminars. If you want to search through the thousands of foreclosures in Atlanta, you can search for free. If you want us to search for a home for you to narrow down the search, you can speak with us directly by contacting us or calling 404.886.8789.

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When you are selling a home, determining your listing price is often as difficult as getting the home ready to put on the market. If you price your home too high, it will take a long time to sell; if you price it too low, you will be missing out on profit. So how do you find the correct price for your home, so you can make the most money in the shortest amount of time?

The key to determining your home’s selling price is looking at comparables. This involves researching homes that have recently sold in your area, and properties that have sold in similar neighborhoods.

First, you’ll need to find recently sold homes with characteristics similar to yours. The square footage of the home is important, and is one of the first things most buyers look at when considering a purchase. Search for homes that are as close as possible to the size of your home – ideally within 100 square feet.

You will also need to compare the number of bedrooms and bathrooms in your home with those of recently sold properties. The size of these rooms is as important as the number; a home with a large master bedroom will naturally sell for more than a similar home with average sized bedrooms.

There are also less obvious characteristics that you should compare. Decks, fireplaces, garden tubs, and other features affect the selling price, so if your home contains these features, it will bring a higher price than an otherwise comparable home.

Another characteristic that is often overlooked is the exterior of your home. The property’s value will be partially determined by whether the exterior is stucco, brick, aluminum, or vinyl. Also, consider the condition of the roof. If your home’s roof has been recently replaced, you can justify a price higher than a comparable home with a ten year old roof.

 Finally, consider the area around your home. Is the property near a park, school, or playground? All of these nearby features will place your home above other comparable homes in the area. Just make sure you highlight your home’s proximity to them when marketing your home for sale to prospective buyers.