Short Sales Alleviating Real Estate Woes In Atlanta Georgia
23-Jul-2012 | News-Press Release
Atlanta, GA ( prsafe ) July 17, 2012 - A canvas of local real estate brokers suggests the metro Atlanta property market is a lot busier than official reports would indicate. Although Atlanta is one of the biggest laggards in the economic recovery it's not stopping smart buyers and sellers from moving in or moving on by striking great deals on all size properties in the last three or four months. For investors this might represent the opportunity of a lifetime. For homeowners in distress, it's a chance to make a fresh start.
So, what caused this situation and why is there now so much more optimism and opportunity? Atlanta's real estate woes originally began from a contracting pool of homebuyers. According to census figures, people moving from within the US to Atlanta numbered 100,000 in 2006 but plunged as low as 17,000 by 2009.
"Most of the housing activity that we experienced in the past 10 years was people moving to Atlanta from other markets," said Domonic Purviance, real estate market analyst for the Federal Reserve Bank of Atlanta.
"If you lose 80,000 people a year coming to your market," Mr. Purviance added, "that's the whole issue."
Many prospective homeowners were put out of work during the collapse. Between early 2008 and mid 2011, Atlanta lost 60,000 jobs in construction and real estate, representing 25 percent of job losses in the wider metropolitan area in that period. Across the US, construction and real estate jobs were only 15 percent of total positions lost, according to Labor Department data by IHS Global Insight.
Confusion now seems to stem from uneven pricing across the region as some areas have seen prices rise slightly, while other areas are still recovering from the impact of mortgage fraud, distressed and foreclosed inventory. That includes many large luxury home developments that were built but never sold. Is there hidden opportunity then?
Developers and construction companies are moving in again as banks begin lending more, which is always a positive sign. If homebuyers and homeowners have been slower to react it could point to a lack of information getting through to them, and it's this part of the market that would benefit the most from help. Jeff LaVigne of www.AtlantaEliteHomes.com encourages those both buying or selling to get in touch with a professional and experienced real estate broker for help being guided through the process. Making a home purchase, selling a home on a short sale, or getting funds for relocation due to foreclosure is widely regarded as much simpler with an established real estate broker to help make informed decisions and understand how to get the best deal.
As the housing market stirs many people are looking to take advantage of short sales Atlanta. This is where an offer is made to the bank that owns the loan on a mortgage that is no longer performing, an offer to buy, sometimes at a heavily discounted price. This is great news for buyers and sellers and the bank. A buyer gets a great deal on a property, the bank avoids taking a loss and can draw a line under the debt, and the homeowner can move on from what is often a very distressing situation.
For homeowners the question is how to qualify to sell on short sale and begin the process. The basic rule is that they have to be in distress, with an inability to pay for the loan, for example due to job loss and consequent drop in income. This has been a huge problem in Atlanta, where many residents depended on a stable housing market and jobs in construction and real estate. Others have simply been forced to give up their homes after being unable to meet their responsibilities . Up to 24% of sales were from foreclosed homes in the final quarter of last year, compared to the national average of 12%, according to RealtyTrac, a data provider.
There is hope though for those going through a foreclosure. For those acting fast enough, some banks actually offer cash assistance to help families relocate and make a fresh start in a new location. Some homeowners can even get $3000 in foreclosure relocation assistance. This is one measure that is speeding up the movement of the Atlanta property market, enabling banks to get possession of properties back and avoid a long, drawn out foreclosure, and also helping families avoid being "out on the streets" and giving them a chance to start over.
In this tough economic climate, short sales and other financing measures are providing much hope and opportunity to weather the storm as Atlanta's property market makes a slow recovery.
Jeff LaVigne of www.atlantaelitehomes.com is a leading real estate broker for the Atlanta Metro area with 25 years experience helping homeowners and homebuyers get great deals on homes. He specializes in homes for sale Atlanta, short sales Atlanta and buying foreclosed houses Atlanta. Call now to get more information on buying a short sale or qualifying to sell your home on short sale. Get $3000 in foreclosure relocation assistance.
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