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Why Are There Always Multiple Offers On Home Listings?

Multiple Offers

The short answer is –  there is a shortage of home inventory under $200,000. There just is.

….So why do I keep seeing all these for sale signs?”

There are 3 simple reasons:

There are approximately 30,000 + listed homes in the MLS and First MLS system, down from the 48,000 + homes at the height of the market. Competition is stiff for homes that are priced under $200,000; downright fierce for homes priced under $150,000, mind-numbingly crazy for homes priced under $100,000, and next to impossible to get without cash for homes priced under $50,000.

The cost of land and building is high, so builders aren’t really building any communities for less than $200,000 in high demand areas.

The high volume of  distressed homes have been greatly reduced by the strong buying market of cash investors and savvy home buyers.  The economy is recovering, and most homeowners who could not afford to keep their homes either short sold them, foreclosed them, or modified their loan;

….So what can I do?”

Be prepared, be VERY prepared.

  • Be Flexible:
    • Aside from knowing what you want, be flexible about the area you’d like to live in.  Sometimes going to a bordering county may get you what you want with less competition
    • Be Flexible  – Again With Your Move-in Time Frame. A flexible timeframe of when  you need to purchase can make a huge difference.  Most families choose to purchase when the kids are out of school, making it easier to move and coordinate the new school during summer breaks.  This is why spring through the beginning of fall is the peak time for purchases.  If you can purchase outside that time frame, you’ll have less competition.
  • Losing Doesn’t Mean “Don’t Buy”:  I can’t tell you how many times buyers get frustrated and say “…this must be a sign that I shouldn’t buy“.  No, it’s a sign there’s more buyers than homes.
  • Stop Always Trying To Get A Deal: A seller will be willing to give you a deal when they are desperate for buyers. Offering $5,000 to $10,000 less than asking price on a home just because it needs work doesn’t mean that the sellers and their agent haven’t done that already.  As a matter of fact, they may have priced it low so they can  have a bidding war and get more for the home.  The buyer who wins the bid today is the buyer who learned that hard lesson yesterday.

If you follow these few tips you can be well on your way to getting into your perfect home.

Stay Ahead of the Pack – View One Day Old Listings in:  Snellville, GAGrayson, GA;

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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!


Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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