Foreclosure vs. Short Sale

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Could Your Atlanta Home Be the Next Featured Property on HGTV’s Property Brothers?

Could Your Atlanta Home Be the Next Featured Property on HGTV’s Property Brothers?

In case you haven’t heard, Slyman Real Estate has a current listing that will be featured on HGTV’s Property Brothers in Atlanta later this year. As you can imagine, we are SUPER excited!

Here’s some even BETTER news: Having already worked with the show, we’ve been contacted by the Casting Director of another Property Brothers Show “Buying and Selling” to ask if we might have clients that would be interested in having their home made-over on the show and put on the market to sell. At the same time, they would assist the participating seller with their next purchase. I (Paige Slyman) would serve as your realtor and advisor throughout the entire process so you know I’ll make sure it’s a GREAT experience for YOU!  This could truly be an opportunity of a lifetime! Imagine all the attention your home would get!  And it would be a lot of fun too!

TIME IS OF THE ESSENCE! If you’ve ever thought about selling and think you would like to have your home featured on the show, please give me a call so we can talk about the details and forward the information to the Casting Director ASAP! They aren’t looking for perfect homes so don’t be concerned if your home has good bones but needs work. They are casting for Property Brothers in Atlanta NOW and will only be able to use a certain number of listings to complete the show. I’d love it if I could help you market your home in this BIG way and find your dream home through this unique opportunity!

I’d be very interested to talk to you, your friends, neighbors or family if you think it’s something that you or any of your contacts would be interested in. Please give me a call at (770) 405-0100 ext. 222 or you can reach me on my cell at 770-757-7671.

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Why Right Now May Be the RIGHT Time to Sell

Ever sense the term “bubble” became a popular buzzword applied to the housing market in the mid-2000s, many homeowners have been holding tight, often reluctantly, to homes they no longer wish to own, patiently awaiting a turnaround. And for good reason. Debt ratios and unemployment rates were high, consumer confidence was low, and news about what was happening in the real estate market was largely dominated by stories of short sales and foreclosures.

But now in 2013, we are finding ourselves in a different position. Interest rates are historically low, the economy is on the upswing, and the short sales and foreclosures that had watered down home values for so long have been greatly absorbed. While the demand for real estate is increasing, the supply has been slow to respond due in large part to residual negative emotions that come from comparing current values to the inflated values of the past.

While it’s true home values have not reached previous levels, there are a few reasons why NOW might be the RIGHT time to sell your home. These include:

The school year is coming to an end. May and June are the best months of the year for buyers with school-aged children to find a new home so that they may be settled in before the fall school start. If you are a seller with school –aged children, you will also benefit from making the change before fall.

Interest rates are still low. Even the most studied economist can’t predict with accuracy what will happen with mortgage rates. Though there have been small movements both up and down, the rates we are seeing right now are about as low as they’ve ever been. As a seller, if you sit on the fence too long, you may miss your opportunity to get these low mortgage rates on your next home.

Prices are moving upward. Though values may not be what they once were, they are rising. Remember that prices are rising on the homes that you will be shopping for too. In other words, the “wholesale to wholesale, retail to retail” phenomenon is at play. When you buy a car and you have a trade-in, the dealer isn’t likely to give you the highest value possible on your trade-in, while giving you the lowest cost possible on the new car. He’s either going to insist you go wholesale to wholesale (both cars at lower values) or retail to retail (both cars at higher values). The same is true with real estate. While you may not get as much for your house as you once thought you could, you’ve got to remember that you will be buying a house that is at a lower cost than it may have sold for previously as well.

Demand is high, current inventory is low. A recent report stated that the average time on the market for the first half of 2013 has been 62 days. If you’re even thinking about selling your home and have held up because you fear being inconvenienced while your house sits on the market for months on end, now is a good time to sell while the buyers are motivated and the supply is low. While there are no guarantees, we’ve seen multiple offers on many properties over the past couple of months, providing back-up offers if an initial contract falls through.

If you have questions about selling your home, what you can expect from the selling or buying process or how much your home may be worth, feel free to give us a call at 770.405.1000 x222.

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Property Management: A Viable Real Estate Solution

With inventory down and demand up, the most recent news has been favorable for sellers in the Atlanta real estate market. REALTORS® are reporting multiple offers on many properties, while days on the market are decreasing. But what if you’re a seller whose story isn’t having a happy ending after weeks or even months on the market?

When the selling cycle gets long, sellers have a few options at their disposal. After much frustration, and feeling like they have no other choice, many decide to short sell or go into foreclosure. While it’s true that both of these solutions provide relief, the processes can be complicated and the seller runs a risk of negatively impacting their credit rating and their ability to purchase another home in the foreseeable future.

Another more viable solution that many homeowners don’t consider is property management. In all reality, property management can actually be the best and smartest option for seller whose mortgage is underwater, and here is why:

  • Relief From Mortgage – Property management can offer near instant relief from a mortgage obligation
  • Save Your Credit Rating – Property management allows the seller to keep their credit rating intact.
  • Moving Forward – It allows a seller to move into the next home while rates are good and the home they want to move into is still available at a price that fits their budget.
  • Equity Build-up – It allows equity to build up until the home can be sold at market value while somebody else makes the payment.
  • Positive Cash Flow – In most cases, property owners not only have their mortgage payment covered, but also receive positive cash flow each month from their property.
  • Major Tax Advantages – With the significant tax write-offs that a managed property can provide, sellers can actually make money in a property management situation as opposed to losing their home, their equity and their credit rating.
  • Keeping Your Line of Credit Open – Potentially one of the most important advantages to property management is that it keeps your line of credit open for other expenses. This is especially important for the small business owner who may need their credit to run or expand a business.

Seeing a need for high quality property management services in Atlanta is exactly why we started Slyman Property Management. We are confident that you won’t find any company or individual who provides better property management services in Atlanta than we do. We have experience working with different home sizes and price levels. We have an excellent staff and we know the Atlanta home rental market.

There are many things involved in managing property the right way. Our Atlanta property management services include the following activities: First, we will assist you in setting an accurate rental rate. As part of our services, we will help you stage the property, ensuring it looks its best so you can rent it quickly and for the most money possible. Next, we have the resources to market your property on our website and through our network. We’ll take care of the administrative process so you don’t have to including fielding phone calls, screening potential renters, taking applications, completing credit checks and providing and executing lease documents. When it comes to handling necessary repairs, you can rely on our excellent staff to do what it takes to minimize your costs and keep the lease of your home happy. You can count on a “real” person being available 24/7. And perhaps most importantly, we serve as a buffer between you and the lessee so you don’t have to be directly involved.

Call us to talk about property management before you make your final decision. There’s a good chance we can help take that stress off of you. And for investors, we’ll manage your property for you so you can focus on other things. For questions, information or to schedule an appointment to look at your property, call us at 770.405.0100 x222.

 

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With Demand Outpacing Supply in Atlanta Real Estate, It’s a Great Time to Sell

Dissuaded by slow sales, declining home prices, a struggling economy and banks tightening up on lending, many sellers hunkered down for the long haul over the past five years deciding to make improvements to their existing homes and stay in them a little longer rather than risk losing money by putting them on the market.

Flash forward to first quarter 2013.

According to the National Association of REALTORS®, year-end numbers for 2012 brought the welcomed and encouraging news that last year was the best year in real estate since 2007. With the election behind us, mortgage rates that have remained incredibly low and a slow but steady increase in home prices along with a sharp drop in the number of foreclosures and short sales inflating the inventory count, buyers have come back in numbers much higher than current inventory levels can support. In fact, many Atlanta REALTORS®, are reporting a shorter time on the market for their seller clients and receiving multiple offers on properties is becoming commonplace.

Just how big is the discrepancy between buyers who are ready, willing and able to buy and the number of properties available in the Atlanta market? Consider the fact there are 30,000 homes currently listed as opposed to the average rate for this time of year being around 90,000 homes on the market. This parallels what is happening on a nationwide level with inventory of homes for sale in December at its lowest level since 2001. With February being a historically high-volume sales month in the Atlanta real estate market and moving right into spring which is always a very active season for homes sales, the number of interested buyers is expected to continue to rise as the realization that home prices are moving up hits home with buyers.

What does this mean for sellers? If you have a home that you’ve been sitting on or a property you need to sell, now is a terrific time to get it on the market while buyers are reluctantly playing a game of musical chairs, if you will. Demand is high, average time on the market is getting shorter, buyers are anxious and home prices are expected to continue to move up as demand outpaces supply.

If you have questions about selling your home, we’ll be happy to answer them for you. Give us a call at 770.405.0100 x 222 or email Paige Slyman at slymanfamily@comcast.net. We are also glad to work with buyers.

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Fiscal Cliff Averted, Atlanta’s Real Estate Market is Expected to Continue Upward Momentum

Though it was one of the hottest topics of discussion throughout the holidays, the “fiscal cliff” has been largely averted, at least for now, with a plan approved by the president and congress at the 11th hour. Deemed a compromise by some and a blessing by others, the signing of this bill ends a lot of the economic uncertainty that many were feeling at year’s end.

Fortunately, the news is mostly positive for the real estate market with housing industry experts predicting that the housing market will continue its trend of upward momentum. And this holds true whether you are looking to buy or sell property in the Atlanta real rstate market.

One of the provisions that real estate industry experts were monitoring very closely was whether or not the Mortgage Cancellation Relief Act would be extended or allowed to expire. The Act which was first passed in 2007, granted forgiveness to owners and sellers for debt that resulted from short sales, foreclosures and modifications, such as principal reduction.

Without the extension, sellers and owners would have been responsible for taxes on the amount of debt that lenders were unable to recover. Beyond the financial burden that these retroactive taxes would have created, there was a fear that the expiration of the program could have caused many sellers to no longer consider short sale as a viable option or that some owners would not follow through on short sales that were already in progress leading to a sluggish or stalled market. The Act has been extended through January 2014.

The extension is good news for those looking to buy or sell homes in Atlanta. It broadens the options for underwater sellers seeking relief to move forward on their sales and it allows active buyers fresh inventory to shop.  At the end of the 4th quarter we saw a rising demand from buyers across all price ranges for homes in Atlanta and expect that trend to continue. And with rates still very low and the fact that February is historically a high volume month, now is a great time to get your home on the market while it’s fertile with ready, willing and able buyers looking for property. We’re looking forward to the growth of a more robust market as the New Year settles in.

At Slyman Real Estate, we can help you whether you are a seller looking for a buyer or a buyer looking for a home or investment property. For more information on our current listings and our services, please see our website at www.PaigeSlyman.com.  We’re also glad to provide information and answer your questions. Feel free to call us at 770.405.0100 x 222 or email Paige Slyman at slymanfamily@comcast.net

 

 

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