Buyer's Market in Towne Lake in Woodstock, GA

2011-01-13T01:19:00Z

A Buyer’s Market in Towne Lake?

A buyers’ market is when sellers’ supply exceeds buyers’ demand. In the housing industry, it is widely accepted that this occurs when there is more than seven months of inventory available (homes for sale). According to First Multiple Listing Service (FMLS) sales data, at the end of November 2010, Towne Lake* had 9.6 months of available inventory of detached, single-family, resale homes with an average of 78 days on the market. This, by definition, is a buyers’ market. The good news is that homes ARE selling; but, with this much inventory for the buyer to choose from, homes must be priced right and staged to sell (we will discuss this in detail in a future article).

How can we help our neighbors’ homes sell in a buyers’ market? We can educate those who do not yet own a home about the current opportunity that might be passing them by. After the market equalizes, homes in Towne Lake and elsewhere are unlikely to ever again be priced as low as they are now. Interest rates are near our lifetime lows, and getting a loan now might be easier than you think.

What about money for a down payment and closing costs? Most homes for sale under $300,000 in Towne Lake qualify for down payment assistance. Using the available $5,000 down-payment assistance from the Department of Community Affairs, buyers with household incomes of under $60,000 can still buy homes with no down payment money of their own.

Also, in rural parts of Cherokee County and rural areas elsewhere, the United States Department of Agriculture (USDA) is making 100% loans on properties.

For home buyers with money to put down, the Federal Housing Administration (FHA) will insure loans of up to $348,250. These loans require only a 3.5% down payment. An FHA loan works on almost any home that will pass an FHA inspection.

When using an FHA loan to buy a HUD home, the down payment is only $100. Any foreclosed home that had an FHA insured loan can become a HUD home. Lately, approximately four $100 down HUD homes come on the market per week in Woodstock and Canton. With regard to the closing costs, the Buyer’s agent can likely negotiate that the Seller pays the closing costs on behalf of the Buyer.

A Buyers’ market is a great opportunity for informed buyers so share this information with your friends and family that may be considering buying a home. For additional information there are home buyers seminars offered by HUD and local real estate brokers. There is no time like the present for them to become informed buyers, learn about the home buying process, and not miss a golden opportunity.

Kurt and Sheila Johnson

www.KurtandSheila.com

www.ShortSalers.com

404-954-2486

*FMLS data is for Zipcode 30189 in FMLS Area 112

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2009-07-21T02:11:00Z

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Buyer's Market in Towne Lake in Woodstock, GA

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