To Sell or Not to Sell, that IS the Question…

I get a lot of questions this time of year about putting a house on the market during the holiday season. Only you know the best decision for your family, all I want to do is provide you with market information to help you and your family make that decision. If you have any questions, feel free to leave a message below or e-mail me. Anna-Marie@ERA-King.com

63 Choccolocco Drive Anniston,AL 36207

3 Bedrooms and 2 Baths in the White Plains School district.

Leave a message below or e-mail me if you have any questions.

Anna-Marie@ERA-King.com

Mortgage Minute: FHA Loan

I got Josh Wright with ERA Mortgage to answer some questions about an FHA Loan. An FHA Loan is a government insured loan. It is one of the more popular loans for our area. One of the reason it is so popular is because it only requires a 3.5% down payment. The down payment can come completely from the buyer or they can receive it as a gift. Unlike Conventional Loans, an FHA Loan has a 600 credit score threshold. 2 years work history is a necessity. Any lender is going to want to see 2 year’s W’2s, a recent pay stub, and 60 days worth of bank statements. If the buyer is receiving a gift, a statement after the gift money has been deposited will need to be provided.Once we go under contract on a house, the lender will need approximately 45 days before we can close.

These are general specifics for an FHA Loan, there is a possibility that other documentation or information will need to be provided. If we did not answer all of your questions about an FHA Loan, please leave a comment below!

Predictions After our National Convention

Predictions for the remainder of 2011 as told to the Top 50 ERA Companies during the International Business Conference:  There will be continued negative articles coming from the news media through the first half of 2011.  The simple reason is the media mostly compares sales data month over year (i.e.: March 2010 compared to March 2011). The comparisons are artificially negative due to the first-time homeowner tax credit being in full swing.  Thus making 2011 numbers look bad, when in actuality the 2011 numbers have a stronger foundation without government incentive. All that happened was the tax credit pulled future buyers out prematurely.  Therefore, the second half of 2010 sales numbers were artificially low after the incentive ended April 28 2010.  In the second half of 2011 month over year comparisons will be very favorable due to no government incentives with a stronger base business.  In other words, July of 2010 will compare much weaker than July of 2011.  This will cause positive articles coming out of the media for the first time in years!  This will bring rising confidence and a much needed sense of urgency.  Due to positive press and rising confidence, the second half of 2011 sales are expected to significantly increase, paving the way for a real and sustainable housing recovery.

Sales and Inventory Report December

Sales and Inventory Report Category – Residential Statistics for Entire MLS from 12/1/2009 – 11/30/2010 Counties:Calhoun, Cherokee, Clay, Cleburne, St.Clair, Talladega, Month Year Monthly Sales Monthly Volume Avg List $ Avg Sale $ Median Sold $ Avg DOM Avg CDOM % Sold/List Current Inventory Months Inventory December 2009 118 $15,736,614 $140,760 $133,361 $124,000 119 149 94.74% 1683 14.26 January 2010 117 $14,231,797 $128,919 $121,639 $124,000 124 153 94.35% 1637 13.99 February 2010 129 $14,960,240 $122,231 $115,970 $112,000 90 129 94.87% 1690 13.10 March 2010 207 $27,157,100 $137,651 $131,193 $125,250 106 125 95.30% 1742 8.41 April 2010 201 $27,195,764 $141,202 $135,302 $128,000 108 135 95.82% 1819 9.04 May 2010 182 $24,241,393 $138,437 $133,194 $132,500 97 132 96.21% 1849 10.15 June 2010 196 $28,714,896 $154,469 $146,504 $140,250 130 154 94.84% 2006 10.23 July 2010 140 $18,061,202 $139,647 $129,008 $113,750 100 126 92.38% 2093 14.95 August 2010 129 $17,819,856 $146,228 $138,138 $123,000 115 129 94.46% 2175 16.86 September 2010 166 $20,693,013 $133,642 $124,656 $117,700 109 133 93.27% 2235 13.46 October 2010 137 $16,279,638 $125,328 $118,829 $113,940 117 124 94.81% 2253 16.44 November 2010 127 $14,350,847 $120,076 $112,998 $105,900 105 133 94.10% 2238 17.62 Annual: 1849 $239,442,360 $136,737 $129,498 $124,300 110 135 94.70% 1952 12.66 Annual: 2009 – 2010 1849 $239,442,360 $136,737 $129,498 $124,300 110 135 94.70% 1952 12.66 Note: The “Current Inventory” column(s) reflect the number of active(on market) listings on the 16th day of each month. The “Months Inventory” column(s) value(s) equal “Current Inventory” divided by “Monthly Sales”. This reflects how many months it would take to sell out of inventory at the current month’s rate of sale. Total Months Inventory = Total Current Inventory / (Total Monthly Sales/12 Months)

–Information on this report is not guaranteed. There is no express or implied warranty by MLS of the accuracy of information which should be independently verified.– Copyright: 2011 by the Birmingham Area MLS, Inc. Prepared by Moorer, Anna-Marie of ERA King – Anniston on Saturday, February 26, 2011 2:22 PM.