?Finally, there?s good news in the real estate market in the tri-county area.
?For the first time in several years, more owner-occupied ?conventional? real estate sales have taken place in the first six months of this year, outpacing the trend of foreclosures and short sales that have dominated the real estate market up to now.
????The number of foreclosed units in the market area of Fenton, Lake Fenton and Linden has gone down substantially compared to last year,? said Patrik Welty of Legacy Realty. For this local market as a whole, about 15 percent of sales in the last six months have been short sales, 25 percent have been foreclosures and 60 percent have been owner-occupied ?conventional? sales, including second home purchases, estate sales, etc., according to Welty.
When people look at Genesee County foreclosure figures as a whole, the numbers paint a different picture because of the large number of bank-owned properties in the Flint market area. Out of 629 real estate transactions in Flint for the first half of this year, over half are bank-owned ? putting Genesee County on the map as the largest foreclosure market in southeastern Michigan.
The real estate picture is quite different locally. About 400 real estate transactions have taken place so far this year in the Fenton, Lake Fenton and Linden school district market, with only a quarter being foreclosed homes.
?The foreclosure market has slowed substantially, partly because of legal problems with bank-owned properties, according to Welty.
Ken Brant of Coldwell Banker Professionals in Fenton agrees. ?A year to 2 1/2 years ago, lots of people asked for foreclosures, when looking at real estate,? said Brant. ?Now, many people don?t even want to deal with the stress of buying these properties. The market is a lot different today than it was from 2007 to 2010.?
Local real estate sales are down about 10 percent from last year, mostly because there is a smaller supply of housing. Because of the shrinking supply, the average sale price is up slightly ? $128,000 for a residential sale, according to Welty.
??Our inventory has definitely reduced,? said Brant. ?It?s the lowest it has been since 2005, not just foreclosures, but private sales as well. We need more listings and more sellers.?
The average turn-around time for a sale has changed dramatically, too. The average time for a property to be on the market in this area is only 30 to 45 days now, compared to double that time just a year or two ago. ?If sellers take the pricing advice from their agents, we are selling many homes now within a week, or sometimes in just a few days,? added Brant.
While the foreclosure market has shrunk, it is still a significant part of the real estate mix. The stigma of buying a foreclosed property has definitely been reduced, as people strive to get the best deals they can.
Some ?red flags? to watch out for include staying away from any signs of water or mold damage, roof or leaking issues.
?Be prepared for the condition of the home, because many foreclosed properties have been sitting vacant,? said Brian Will of RE/MAX Platinum in Fenton. He estimates bank-owned properties to be about 20 to 25 percent of his sales, with another 20 to 25 percent being short sale properties.
He says that financing for a bank-owned property or short sale is similar to a conventional mortgage, but that the lender may have a ?laundry list? of things to be taken care of before the bank will close the deal. ?You might have to go into a modified loan program, called a 203K, that puts money into an escrow account for repairs,? said Will.
One of the most important parts of any real estate transaction is having an inspection done, whether it?s a foreclosure or an owner-occupied sale. ?You want to make sure that the inspection discloses everything before you purchase the property,? said Will. ?Once you get an offer accepted from a bank, you have a 7- to 10-day period in which you can do an inspection, review the report and step away from the deal.?
Patrik Welty also suggests that people who are interested in foreclosed properties work with a real estate professional they trust, who knows all the significant issues that occur in different scenarios ? from bank-owned properties to short sales and conventional owner-occupied properties.
?You can?t rely totally on the Internet to find out about properties, because many of them listed on different foreclosure sites may not actually be available for sale at the time you?re seeing them on-line,? said Welty. ?It pays to talk to someone who knows the local market and can help you through it.?
If you want to
buy a foreclosure?
? Set up a meeting with a Realtor you trust. Don?t rely solely on the Internet to find properties. Many listed on the Internet are not currently available.
? Contact a mortgage lender to pre-qualify, so you have a budget range for buying a home.
? Be prepared for the poor condition of many foreclosed homes. A building background is helpful.
? Prepare for the stress of making offers and sometimes losing the sale.
? Understand that financing can be a challenge because of the condition of the house.
How to apply for a mortgage
?Many financial institutions have ?loosened their purse strings? when it comes to mortgage lending this year. If you are confident about your employment status, you?re eligible to inquire about getting a mortgage, and you don?t need thousands and thousands of dollars to do it.
?That?s the advice from John Ottney, loan officer at Star Mortgage of America in Fenton. ?Don?t be afraid to check into a mortgage,? said Ottney. ?People have the misconception that they need to have 20 percent down to buy a house, but the industry standard for a Federal Housing Administration (FHA) loan is just 3? percent.?
?Many sellers now expect to contribute to the transaction, lessening the financial burden of the buyer as well. ?Today?s seller often expects to contribute something to make the sale happen, from paying closing costs to first year real estate taxes,? said Ottney.
?Even if you have had a bankruptcy or foreclosure in your past, you can qualify for a mortgage at the same rates as anyone else ? after a certain amount of time. ?People are eligible for new financing 24 months after a bankruptcy and 36 months after a foreclosure, at the same rates as a person who never had these financial problems,? said Ottney.
?The 30-year fixed mortgage continues to be the industry standard, with interest rates now at historically low figures, ?in the 4?s,? said Ottney.
Source: http://stopmyforeclosure247.com/good-news-in-local-real-estate-sales/
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