Warner Robins Real Estate Reflected Overall 2013 Uptrends

It’s time for this Warner Robins Realtor observer to tackle the New Year’s roundup of the Year in Real Estate (along with the traditional disclaimer that, since the actual statistics won’t be tallied until 2014, this has to be a lot more sizzle than steak!) But this is one time in the year when we local residents get to take pause to relax, perhaps put a bottle of bubbly in the fridge for later on, and take a sweeping view of the general direction of things across the land.

If you’ve been reading here throughout the year, you already know that 2013 Middle Ga real estate activity might easily justify chilling a superior vintage champagne: it’s been a pretty darn good year! A smattering of last week’s press reports confirms it:

·         * From the East Coast to Oahu (where there was a “1 in 3 chance” that if you sold a house, it was for more than the asking price), reports were of steadily rising prices.

·         * The Business Insider reported that the Big Apple “managed to shatter several real estate records in 2013.” One of the records was a tidy listing for a modest little 62,000 sq. ft. private coop residence. Sure, $130 million may sound a little steep to us here in Warner Robins, but that might be because so few of our digs have 82-foot swimming pools or tennis courts…at least not indoors, inside our five-story apartment atop a skyscraper.

·         * More down to earth might be NAR’s assessment that “Housing prices rose faster than expected” — with a lot of credit given to the fact that “affordability remained high.”

·         * Another factor: “More first-time buyers” were entering the market due to “rising rents and pent-up demand.”

·         * Following suit, the Dallas News was touting a local home market that “came roaring back in 2013;” one that had “builders rushing to keep up with demand for new houses.”

·         * The Realtor® web awarded credit for the strong real estate year to “Low mortgage rates, all-cash buyers, and tight inventories” that sustained the housing market recovery. Our area real estate saw much of the same. 

·      *   There was one notably bleak spot: “ACT real estate hit hard by election” the Times reported. “Uncertainty” about election politics had created “subdued performance during the year” and some “negative house price growth.” The best news: this was the Canberra Times – and the country was Australia!

So let’s wish those Down Under a quick turnaround; then, after a relaxing day watching the Rose Parade and a bowl game or two, let’s get ready to charge into an equally dynamic 2014.

Happy New Year, everyone!

www.WarnerRobinsHouseHunter.com

Joe Barbee

Associate Broker/Property Manager

Elite Realtors of Georgia

478-978-3428

TheBarbeeTeam@gmail.com

A Warner Robins Foreclosure Can Sometimes Be Avoided

Even though national foreclosure rates have continued to drop, the threat of becoming another Middle Ga Foreclosure statistic is still very real for some homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable.

Mortgage Restructuring

For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate with more manageable payment amounts. In some cases, it may be possible to alter other terms of your agreement — for example, you might arrange to postpone any delinquent payments to the end of the loan’s term. You have to ask.

Payment Deferral Options

If payment failure has been caused by losing a job, a medical condition one of the other more common causes, some banks will work out payment deferral options. If you have prepared documentation to back up your hardship claim, it is more likely that the lender will be able to offer an agreement to defer your payments while you get back on track. 

Short Sale

If the financial situation is such that you know you can no longer sustain regular payments, it may be best to consider a short sale — the option where the bank agrees to accept sale to a third party for a sum that falls short of the loan’s balance. It means loss of the property, but results in a better credit history than does a local foreclosure.

A foreclosure in Warner Robins becomes inevitable if the reality of a tough financial situation isn’t recognized and addressed. If you take positive steps as soon as you realize you’re going to miss a payment, you put yourself in the best position to open options that are less problematic than full foreclosure. If you find you could benefit from a strictly confidential price evaluation on your home, call me ­— sometimes a property can be worth more than you think!   

www.WarnerRobinsHouseHunter.com

Joe Barbee

Associate Broker/Property Manager

Elite Realtors of Georgia

478-978-3428

TheBarbeeTeam@gmail.com

Basics of Buying Foreclosed Homes in Warner Robins

   You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, this year, sharp-eyed buyers can still find any number of foreclosed homes in Warner Robins. For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.



   Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Houston County is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.



   Success in the foreclosure realm means saving money by buying Warner Robins foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.

   Unless you have prior success in buying Warner Robins foreclosed homes, it is universally recommended that you enlist a buyers agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience professional to assist at the bargaining table.



   If you are interested in buying foreclosed homes in Warner Robins this year, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease!

www.WarnerRobinsHouseHunter.com

Joe Barbee
Associate Broker
Elite Realtors of Georgia
478-978-3428 - Direct Cell Phone
478-333-6008 - Office
www.WarnerRobinsRealtor.blogspot.com 

Options for Buying a Home After a Foreclosure

   “Time flies when you’re having a good time” we hear. But time can also pass quickly for those who've had to go through difficult times. Case in point is a million and a half borrowers who have recently experienced the pain of a foreclosure. That’s the estimated number of those who, by this time next year, will have waited long enough to again become eligible for an FHA loan.

    Anyone interested in buying a Mid Ga home after a foreclosure has come through a tough period. The standard waiting period for an FHA-guaranteed loan is 3-4 years following a foreclosure or short sale (though individual circumstances vary). Now that the weeks and months have ticked by, this sizable crop of newly eligible prospective ‘boomerang buyers’ may soon find themselves contemplating the option of buying a home after a foreclosure.

   That estimate of the size of the newly eligible was provided by Moody’s Analytics. Since they are key players in determining creditworthiness, it’s a source I trust. A chart of Moody’s count from the second quarter in 2011 (when their number was a mere 285,000) to next year’s second quarter 1,500,000 provides a convincingly uphill slope.

    Still, being eligible to apply does not mean automatically qualifying for an FHA (or any other) loan. Success in buying a Warner Robins home after a foreclosure continues to depend on the same standards that always apply. After the waiting game is over, having cured credit damage will become the prime requirement.

   To increase their chances of successfully buying a home after a foreclosure, Warner Robins prospects will have paid existing credit card and loan debts with the kind of unfailing regularity that reassures loan officers and credit analysts alike. If that hasn't been the case, the time to begin is ASAP.

   Website Zillow predicts the next most influential group of buyers will be those who are looking to buy a home after a foreclosure or short sale. Houston County residents who are among them — and who are ready to make this their turnaround season — should give me a call. We can get started with the pre-approval process!

Joe Barbee

Associate Broker/Property Manager

Elite Realtors of Georgia

478-978-3428

TheBarbeeTeam@gmail.com

www.MidGaHouseHunter.com

www.WarnerRobinsHouseHunter.com