North Atlanta Realty Group 770-321-4005 Fax: 770-321-8777 2625 Sandy Plains Rd, Suite 100 MariettaGA30066
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Presented by: North Atlanta Realty Group
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North Atlanta Real-Time Market Snapshot Each week we take a snapshot of the market. Our Real-time Market Profile(TM) is the most up-to date market information available. The Profile shows you not only pricing and market numbers, but also trends in those numbers. Where are prices heading? It’s right there on page 1.
All data is accompanied by written commentary. Not just a pile of numbers, we analyze the data and organize comments that help you understand it. The commentary highlights the So What? of the data.
Click here to download a copy of the report.
 Economic Stimulus Package Aims To Boost Consumer And Business Spending, Jumpstart Housing
By the time this story appears in print, many Americans will have rebate checks in hand--their piece of the $168 billion economic-stimulus package "pie" that President Bush signed into law in mid-February.
According to the fact sheet published by the White House after the signing of the bill, at least $300 will go to almost everyone who earns a paycheck or gets Social Security or veterans benefits. Tax payers could get up to $600 per individual, $1,200 per couple plus $300 per child.
Additionally, businesses will receive more generous depreciation and expensing rules for their taxes, while the Federal Housing Authority (FHA), and the Fannie Mae and Freddie Mac (GSE) loan limits were increased to $729,750 until December 31, 2008. While that sounds like a generous increase, many lenders are cautioning clients to read the "fine print" of the law, specifically as it applies to:
GSE Loan Limits:
- Loan limits may be as high as $729,750; however, $729,750 will not be the nationwide loan limit. Increases will be available in high-cost areas based on the median area sales prices and will follow the standard HUD mortgage limit calculation process.
- To determine high-cost areas, the calculation factor will increase to 125% of the area median sales price.
- The increase applies to loans originated from July 1, 2007, through Dec. 31, 2008.
FHA Loan Limits:
- Loan limits in high-cost areas may increase to as much as $729,750.
- To determine high-cost areas, the calculation factor will increase to 125% of the area median sales price.
- The increase applies to loans with a credit approval issued prior to Dec. 31, 2008.
In general:
- The higher loan limits will not be immediately available.
- The increases are a temporary solution for some high-cost areas based on Metropolitan Statistical Areas (MSAs).
- Changes related to FHA Modernization were not included in the Economic Stimulus Package.
We will continue to bring you additional details in future newsletters as we learn more about the new law, specifically how it relates to loan limits.
Creative Sellers Don't Wait For Purchase Offer From Buyer
Selling in today's buyer's market sometimes takes being inventive. Besides having the right price, the right offer at the right time can help sell your home fast. That's why some home sellers are no longer sitting on their hands. Instead, creative sellers are originating purchase offers to select buyers (also, “reverse offer,” or “seller-initiated offer”) to get the ball rolling.
In this strategy, a seller's offer originates from the seller to the buyer, rather than waiting for a traditional purchase offer to come from the buyer to the seller.
Before you try a reverse offer remember:
- Your listing must be priced right to sell,
- Your home must be in tip-top condition, and
- Your terms for sale cannot be limiting.
Here's how a seller's offer works:
Have your listing broker draw up a purchase offer with the terms you, as seller, will accept for the home sale. The buyer's agent presents the offer to a serious buyer who expressed interest in your home.
Consider making the price and “hot button” terms more attractive than your original listing (such as a price reduction and closing costs) to get the buyer's attention and see if they are serious about purchasing your property. Additionally, be sure to insert all the normal conditions in your offer including an expiration date.
A seller's offer is likely to work best when a buyer has shown true interest in your home with multiple visits. Your home is probably on the “short list” of two or three properties the buyer is considering. Your reverse offer with generous terms may sway the buyer to choose yours over the other properties in the running.
As they say, it never hurts to ask. Together we'll be creative and help you consider a reverse offer to get your home sold quickly.
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Register today updates by email or your favorite feed reader.
If you would like answers to your specific real estate questions, we'd be happy to help!
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2625 Sandy Plains Rd, Suite 100, Marietta, GA, 30066
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