Cobb County Georgia Market Stats 2011-2012

The market action index is moving toward favoring Sellers as the housing supply decreases and prices and sales increase. Check back often as I will update the stats for each month as they become available.

This info is compiled with data from 2011 to 2012 for Cobb County Georgia housing market statistics for Residential Detached home sales. Last year's stats will be in red and this year's stats are in blue.

Watch with me as the housing market improves along with our economy. To view homes for sale in Georgia click here or here

New Listings

January 2011-932

January 2012-745

February 2011-1,009

February 2012-836

March 2011-1,211

March 2012- 1.001

April 2011-1,087

April 2012-962

May 2011-1,036

May 2012

June 2011-1,042

June 2012

July 2011-890

July 2012

August 2011-907

August 2012

September 2011-800

September 2012

October 2011-750

October 2012

November 2011-668

November 2012

December 2011-604

December 2012

Web Form
First Name   :
Last Name   :
Email   :
Phone   :
Mobile   :

Pending Sales

January 2011-329

January 2012-494

February 2011-456

February 2012-555

March 2011-563

March 2012- 640

April 2011-518

April 2012-618

May 2011-578

May 2012

June 2011-612

June 2012

July 2011-460

July 2012

August 2011-554

August 2012

September 2011-469

September 2012

October 2011-452

October 2012

November 2011-416

November 2012

December 2011-351

December 2012

Closed Sales

January 2011-254

January 2012-337

February 2011-325

February 2012- 413

March 2011- 460

March 2012- 476

April 2011- 479

April 2012-478

May 2011-518

May 2012

June 2011-647

June 2012

July 2011-538

July 2012

August 2011-568

August 2012

September 2011-510

September 2012

October 2011-465

October 2012

November 2011-417

November 2012

December 2011-420

December 2012

Closed Sales Dollar Amounts

January 2011-$45,510,595

January 2012-$56,523,383

February 2011-$55,904,842

February 2012-$65,359,173

March 2011-$89,939,086

March 2012- $84,505,512

April 2011-$85,206,606

April 2012-$93,630,075

May 2011-$94,068,187

May 2012

June 2011-$139,352,145

June 2012

July 2011-$109,311,896

July 2012

August 2011-$107,162,494

August 2012

September 2011-$90,276,446

September 2012

October 2011-$72,830,771

October 2012

November 2011-$76,039,178

November 2012

December 2011-$70,772,310

December 2012

 

 

 

You're Going Through Underwriting Before We Go Through A Door

This post is inspired by the challenges some Agents face when trying to close a sale for their home buyer clients, particularly with distressed property sales. The tight timelines and high per diem fees and penalties that these foreclosure sellers are putting on home buyers is getting less favorable for the buyer.

I'll begin by noting that this post is not directed to cash buyers, only the home buyers who are seeking financing to purchase their home.

This situation has been a topic I've had with many fellow Real Estate Agents and read in blog posts, articles, Agents' websites, etc. and the majority of the Agents require their clients to speak with a loan officer or mortgage banker before they will begin showing them homes and writing up sales contracts..

The problem begins with our online marketing and the fact that home buyers are starting their home searches online.
We have to market ourselves online to get exposure to gain new clients, the problem with that marketing is the way that it's set up. The buyers see a house they like at a price they think they can afford and walla some Agent's names, photos & contact information is right there for them to click to contact us for what they think is a showing appointment with no advanced preparation on the buyer's end to secure payment for the purchase.

Don't get me wrong, I love the real estate websites marketing services, I use Zillow, Trulia & Movoto and half of my business is from online prospects while the other half is from referrals from past clients so it's a very important part of my business. The problem is when we inquire as to how the purchase will be paid for, the potential buyer puts a wall up or they get offended.

We would possibly be overseeing the transaction for most likely the largest purchase of your life, you should definitely feel comfortable discussing with us how it's going to be funded.

So home buyers if you don't listen to any other advice that comes from your Real Estate Agent, listen to this-there's nothing worse than to have paid $300-$500 for a home inspection; 1% of the purchase price for an earnest money deposit; money for surveys and whatever other fees you may have paid to purchase the home-then get down to just days before the closing and underwriting denies the loan.

It's just better with such a major purchase and so much time, money and emotions that are involved in the home buying process to be well prepared in advance, don't you think?

So potential home buyers in Georgia get your last 2-3 years tax returns; last 2-3 months of bank statements; last 2-3 months of check stubs and ID copies together, then call, text or email me so I can guide you in the most rewarding home buying experience ever, beginning with full underwriting approval, not just a pre-qual letter. We can see some homes, but no contracts will be written without a pre-approval letter first and this is in your best interest. The scenarios below will show you why:

1, You begin your home search in May; You find a home you love in June and you want to submit an offer on it; the seller is a bank and they will only give you 30 days to close and charge $100 daily per diem fee to you for every day that you go past the agreed upon closing date; you feel secure with the terms because you have a pre-qual letter; 2 weeks later the loan officer asks for updated bank statements, you turn those in; 3 days after that the loan officer tells you your debt to income ratio is too high so you pay off $3,000 of your debt; a week later the loan officer tells you your job won't verify the full amount of income that you gave to get the pre-qual letter so they can't approve you for the purchase price of the home that you're under contract to buy; 4 days later the income issue gets resolved but the HOA hasn't given the closing letter yet; 10 days later the HOA sends the letter;  2 days before your new closing date underwriting discovers a new major purchase on your credit report, denies the loan and you can't buy the home. At this point you've spent $3000 EM deposit+$500 inspections+$500 appraisal+$50 homeowner's insurance+$3000 debt paydown+$1000 per diem fees=$8050 and still no house.These scenarios really do happen with the strict underwriting regulations that are imposed today and I read and hear horror stories from other Agents about it daily. Which is why I'll require my buyers get full underwriting approval before we go "under contract"

Agents and home buyers who have stories to share regarding their home buying or selling experience, I'd love to hear them, please post a comment.

Get credit restoration here

Search homes for sale in Georgia here

Priscilla Hammond
1st Choice Premier Realty Group

Maximum One Realty Greater Atlanta

Mobile 770.568.8932

Mobile 404.503.6562

Office 770.919.8825 press 1 for the dial by name directory then enter ham for my last name

2012ATL@gmail.com

Mortgage Insurance to Increase 04/01/2012 and other HUD changes

There are changes from HUD coming up soon that will affect the home buyers who are utilizing FHA loans.

In this blog post I will outline what the changes are and what they mean for you.

You can get the full details and read the new mortgagee letter at the HUD website.

The subject of the letter is titled "Miscellaneous Underwriting Issues"

The 1st item is regarding income verification for those of us who are self-employed-Self employed borrowers must show a y-t-d profit & loss (P&L) and balance sheet if more than 1 calendar quarter has passed since filing the most recent tax return.

If the income used to qualify the borrower exceeds the last 2 years tax returns, an audited P&L or a signed quarterly tax return from the IRS must be provided.

The 2nd item is regarding disputed accounts on the borrower's credit report-Disputed accounts will no longer trigger a manual underwriting review if
1. The outstanding balance of all disputed accounts are less than $1,000 and
2. It has been 2 years or longer since the date of the last activity listed on the credit report for all disputed accounts.

If the borrower has 1 or more disputed credit accounts or collections with singular or cumulative balances $1,000 or higher, the accounts must be resolved or paid in full prior to or at the time of closing.

Items resulting from identity theft, fraud or unauthorized use of credit cards can be excluded if proper documentation is provided.

Judgements will still have to be paid off before the loan is eligible for FHA insurance.

The 3rd item is regarding Identity of Interest transactions-Brother, Stepbrother, Sister, Stepsister, Uncle & Aunt have now been added to the definition of a family member.

Identity of Interest transactions may result in a reduced maximum LTV limitation.

The final item is the increase of the FHA MIP rate-The upfront FHA MIP will increase from 1.00% to 1.75% regardless of the loan term.

The annual premium will increase by .10% for all loans.

For terms longer than 15 years with LTV ratios greater than 95% the new rate will be 1.25%; with LTV ratios equal to or less than 95% the new rate will be 1.20%

For terms 15 years or less with LTV ratios greater than 90% the new rate will be 0.60%; with LTV ratios equal to or less than 90% the new rate will be 0.35%

Remember these changes and rate increases will apply to all FHA case #'s after April 1, 2012, so get your loan docs completed now. If you need assistance feel free to contact me.

View homes for sale with pictures and virtual tours in Georgia here, no registration required
To get help with financial or credit issues click here

Priscilla Hammond
404.920.4776 x21
404.503.6562

For Sale: 3BR/2BA Townhouse in Marietta, GA, $56,000

For Sale: 3BR/2BA Townhouse in Marietta, GA, $56,000

SOLD-----UNDER CONTRACT WITHIN 1 WEEK AND CLOSED WITHIN 2 MONTHS AND IT WAS A SHORT SALE-Let me help you sell your house.

Priscilla Hammond
1st Choice Premier Realty Group
Maximum One Realty Greater Atlanta
404.503.6562 Mobile
678.757.5885 Message
2012atl@gmail.com
www.bestgeorgiaagent.com

New townhome listing in Marietta GA for sale. This Cobb County townhome is in a prime location close to Historic Marietta and convenient to shopping centers. It has 3 bedrooms and 2 full bathrooms with a huge bonus room that has a private entrance on the side of the home. It has been well cared for and maintained and it's in immaculate condition. Short Sale sold as-is, third party approval required.

I'm your metro Atlanta and Cobb County Real Estate Agent if you need to buy or sell a house. Call me.If you'd like to view any of my listings I'd be happy to show them to you.