Heyward Young

Understanding Your Options

heyward young — Thu, 26 Jan 2012 19:13:00 GMT

In this ever changing Real Estate market homeowners must be aware of all their options. In order to completely understand these options, you must know what each means and what the process involves. You often hear words tossed around like short sale , deed-in lieu. modification and repayment plans. These are all very different and require certain criteria to qualify.

Short Sale - This allows a customer to sell the home for fair market value and use the proceeds to pay off the mortgage even if the proceeds are less than the total owed. Sounds great right? There are requirements to qualify for a short sale. If you are sitting on loads of savings or stocks and bonds, you most likely will not qualify for a short sale. If you do qualify, you must be aware of the tax implications of a short sale. This has become a common practice so the process is becoming more streamlined and simple. Contact us today to see if this is an option.

Loan Modification- This permanently changes one or more of the terms of the original mortgage. This can include interest rate, number of years allowed for repayment or monthly payment amount. This is the best case for all parties involved. You will need to contact your lender to see if you qualify for this program.

Forbearance- This temporarily suspends regular monthly payments if the client has an event on the horizon that will increase their cash on hand. For example, you may have been awarded a judgement that will pay out in the next year but right now have no cash. A lender may grant a forbearance rather then seek foreclosure

Assumption-Some loans may be assumable. These loans can allow the seller to sell to a buyer who then assumes all the original terms of the loan. This can be a win-win situation for both parties. A new appraisal is often not required and the new buyer may be willing to take the risk based on future appreciation

Deed In Lieu-This allows the owner to transfer ownership to the lender to avoid the foreclosure process if they cannot sell the home at fair market value.

Repayment Plan- This occurs when delinquent payments are distributed over a period of usually no more than 12 months. This distributed payment is applied to the regular monthly payment making it easier to pay off late payments. This is a way to bring the account current without paying the entire balance due at one time.

Refinance-This is the unattainable Holy Grail in today's Real Estate market. This is a perfect solution but there may be problems. This requires an appraisal which may be a problem if the homes value has declined in this market. There also may be more stringent income or credit requirements since the original purchase of the property.

As you can see, homeowners do have options. Do not hesitate to contact us and we can help you navigate the process. There are ways to handle this crisis if you are an informed consumer

2 Story For Sale in Cabbagetown

heyward young — Mon, 03 Jan 2011 21:57:00 GMT

Farmhouse In The City!

• 3,200 sq. ft., 4 bath, 4 bdrm 2 story "Farmhouse style" - MLS®$499,000

Cabbagetown, Atlanta - Unbelievable farmhouse in the middle of the city. Located in Cabbagetown, one of Atlanta's coolest neighborhoods. This home has been gutted to the studs and rebuilt to exquisite standards using the finest materials. The original character and charm remain including the beautiful heart-pine floors. This charmer features over 3200 square feet of living space with 4 bedrooms, 3 full and 1 half bath. Rare off street parking from rear that could easily be gated. The kitchen is a cooks dream with beautiful cabinets, granite countertops and stainless steel appliances. The master suite features a walk in closet, walk in shower and a refinished claw foot tub. The entire house is flooded with light through the new double pane, historically accurate windows. Great house for entertaining !

Property information

Single Story For Sale in Medlock Park

heyward young — Tue, 02 Nov 2010 16:05:00 GMT

Ready for Your Personal Touches!

• 1 bath, 3 bdrm single story - MLS®$194,900 - Great value!

Medlock Park, Decatur - Here is your chance to get in the Emory area for under 200k! This adorable cottage is deceptively large. Beautful hardwoods throughout. Nice wooded lot with a fenced backyard. Walk to Medlock Park and Pool. Perfect for an Emory student or Professor. 3rd bedroom is being used as a study. There is a large living/dining room combination and a functional kitchen. This is a great opportunity for someone to use a little sweat equity to make this house a showplace. Own for less than rent. This home is a prime candidate for FHA financing. Do not let the outside fool you. You must get inside this house.

Property information

Single Story For Sale in Egan Park

heyward young — Wed, 03 Mar 2010 18:03:00 GMT

Completely Renovated Cottage

• 2 bath, 2 bdrm single story - MLS®$194,900 - Awesome Price

Egan Park, East Point - Wow! Perfect renovation of an East Point/College Park/ Egan Park cottage. Huge lot with many possibilities. Renovated kitchen with honed granite countertops and slate floors. Original hardwoods throughout and custom paint. French doors from kitchen and Master Bedroom to a great entertaining deck. Lush landscaping makes curb appeal pop! Great for roomates or flight attendants. Walk to Woodward Academy. Hurry will not last at this price!

Property information

Why Should You Buy Now?

Kelli Meier — Mon, 13 Apr 2009 18:05:00 GMT

Just like there are stages of death and dying, there are stages in a market cycle. In today’s market, we are still trying to work our way back to hope. Whether you are investing in real estate, gold, or fine art, there is a predictable cycle with any investment. The nine stages are optimism, excitement, euphoria, denial, fear, panic, despondency, depression, and then hope. The euphoria stage is where you have the maximum risk for any investment. The lowest point, between despondency and depression, is where you have the maximum point of opportunity and that is where we are today.

According to NAR, home values appreciate about 4.5 percent annually, but if you look at the years between 2000 and 2006, values appreciated 89% or nearly 15% per year. What is happening today is a correction to stability.

Newly released survey of buyers and sellers in todays market yields interesting results

heyward young — Thu, 12 Mar 2009 17:55:00 GMT

The National Association of Realtors just released its latest profile of home buyers and sellers and it contained some great information.

Characteristics of home buyers-

-The median age of home buyers was 39 years old. Among first time home buyers , the median age was 31.

-61% of home buyers had no children under the age of 18 living at home.

-First time home buyers accounted for 41% of recent home purchases

-41% of first time home buyers between 25 and 34 years old

-47% of home buyers report using social networking sites such as My Space and Facebook. Among buyers 18 to 24, 83% percent report using these sites.

Characteristics of homes purchased

-New home purchases were 32% of recent home purchases

-The median price of homes purchased in Georgia was $195,000

-Commuting costs were considered somewhat or very important by 80% of buyerswhen considering which home to purchase

The home search process

-89% of buyers used the internet to search for homes

-The typical home buyer searched for a home for a median 9 weeks and saw a median 12 homes

-36% first learned about the home they purchased from a Real Estate Professional. 29% first learned of the home they purchased from the internet.

-83% of buyers found their Realtor to be a very useful information source

-10% of buyers purchased a foreclosed home. 40% considered buying a foreclosure

Home buying and Real Estate Professionals

-76% of home buyers purchased their home using an agent

72% of buyers will definately use their agent again. 15% will most likely use their agent again.

For Sale By Owners

-13% sold their home without the help of an agent

-53% of those sellers repoorted difficulties doing it themselves.

What does all this mean? The numbers may have changed a bit but one thing remains consistent. A Realtor is your best source to buy and sell your home. Contact us today to help you through the process!

TEN BEST PLACES TO LIVE

Kelli Meier — Sat, 29 Nov 2008 15:02:00 GMT

Well we are knew that Atlanta's a great place to live. Why? We have a warm and pleasant climate, reasonable cost of living, and affordable homes. Our median home price is $164,100. Sperling's BestPlaces rated the ten best places and you can click this link to hear what they have to say: http://realestate.yahoo.com/neighborhoods/ten_best_places_to_live.html

Ways To Save In This Economy

Kelli Meier — Tue, 11 Nov 2008 20:11:00 GMT

RIS Media has a great article on 101 ways to save. We all know it's a great time to save. There are tips on everything from Keeping a Thrifty Home, Paying and Cutting Bills, Your Ride and Your Routine, Eating Healthy, Paying Less, Looking Good and Paying Less, Going Online for Savings, Being a Smarter Shopper, Ideas to Use Over and Over, Using Credit Cards Wisely, Traveling More, Spending Less, Staying Fit, Letting Savings Fatten, There's Green In the Garden, Eating Out with a Light Check, On Holidays, Being a Scrooge, and Entertaining on the Cheap. There are some great ideas so enjoy the article. I hope you find something useful.

Click on the following link:

http://rismedia.com/wp/2008-10-20/101-ways-to-save/

Home Prices in Atlanta are Rising a Bit

heyward young — Mon, 20 Oct 2008 14:56:00 GMT

Posted by Heyward Young

Although home values are falling in other parts of the country, Atlanta has had an increase of 0.2 % over the last year. This number is great news for those of us in the "ITP" area of Atlanta. (That's inside the perimeter for you out of towners) While the suburbs seem to be facing the same problems as the rest of the country, Intown neighborhoods are thriving and increasing in value. Well established neighborhoods such as : Buckhead, Virginia-Highland, Morningside, Dunwoody and Sandy Springs are perfect examples. There is no correction in the intown market because there was nothing to correct. Foreclosures in these neighborhoods are much more scarce than in outlying areas. The prices are not being undercut by the plethora of foreclosures that are plaguing the suburbs and other areas of the country. The more established a neighborhood and the closer to town it is located , the better chance it is holding steady or gaining in value. While markets such as Vegas, Miami and Phoenix have declined 20-30%, Atlanta is holding steady and actually increasing in some areas! Money is now available and rates are still very competitive. NOW IS THE TIME TO BUY!! Atlanta's market will continue to increase due to job growth and quality of life. We are still one of the most reasonable markets in the country. Let us show you the value of this market. Contact us today!

Atlanta compared to other cities in housing market

Kelli Meier — Mon, 06 Oct 2008 13:41:00 GMT

The plan to remove up to $700 billion in bad mortgages from financial institutions passed on Friday. The soaring foreclosures in the US are seen as a top threat. You will be glad to hear that S&P says that markets in Atlanta, Boston, Dallas, Denver, and Minneapolis have home prices that have increased in the past three months. The weakest US markets are Las Vegas, Phoenix and Miami.

Fannie Mae and Freddie Mac a Boon For Buyers/Sellers

heyward young — Tue, 09 Sep 2008 17:51:00 GMT

The government takeover of embattled mortgage giants Freddie Mac and Fannie Mae may well be just the thing for the sluggish real estate market. Although taxpayers will have to foot the bill for the bailout, a sense of stability is expected to arise from this takeover. Existing Fannie and Freddie mortgages will be shored up and new mortgages easier to get. As with any government agency, the new Fannie and Freddie will require a lot of paperwork. Buyers can expect to be asked to provide 2 full years of tax returns and several months of bank statements and check stubs. Interest rates have fallen to around 5.5% on news of this takeover. This is a great time to buy! Chase Mortgage , our preferred lender, has a great program utilizing these new guidelines. The program is called "Passport to Purchase". Make sure and ask us how to qualify and we will put you in touch with Keith Spain our Chase representative.

Posted by Heyward Young

Good News For Atlanta

Kelli Meier — Thu, 26 Jun 2008 18:45:00 GMT

Here's a little good news for Atlanta for a change. Atlanta Business Chronicle just reported that Atlanta's five year expected growth rate for total number of households ranks No. 1 among the top 13 metro areas with a 10.6% expected overall household growth rate. Even though it's too soon to call a bottom in the housing market, UBS is pinpointing which geographical markets will be the first to rebound. Well, you'll be glad to know Atlanta, Austin, Charlotte, Dallas/Ft. Worth, and Houston are the top picks for markets that will lead in a housing recovery. Reasons why we will lead in a housing recovery is due to the fact we exhibit strong, positive trends in demographics, economic growth, affordability, and inventory. So buyers. . . now is the time to buy! We are already seeing the market pick up for us. With the amount of inventory out there, you can have your pick of great homes.

ONE STOP SHOPPING

Kelli Meier — Thu, 05 Jun 2008 17:10:00 GMT

What I love about Sanctuary is that we are a full service boutique. It's one stop shopping for any buyer or seller we work with. I was reading an article in Realtor Magazine titled, One Stop Shopping, and I was reminded about all the great benefits of our brokerage. Not only do we have a fantastic group of agents, but we have a great partnership with Chase, our lender, and Ganek, Wright, & Minsk, our closing attorney. They are both in house so if you ever need to talk with someone, you can get it all here at Sanctuary. Having just purchased a home, I know how often I had questions and how often I needed to speak with someone. Keith Spain, our lender, is here in house so you can always get in touch with him at our office or you can always call him. He does return your call and pretty quickly. As for Ganek, Wright, and Minsk, you can close on your home here at Sanctuary. They will come to us! We hold closings at the office because it's convenient and it makes our clients feel more comfortable. So, if you're looking for one stop shopping, we're what you're looking for.

So, let me tell you what the article said. It says making the process as convenient as possible for the home buyer is what is important. Closing with a brokerage that has all the services packaged together makes the transaction process quick, convenient, at less cost, and with fewer mistakes. Eighty percent of buyers say the biggest perceived benefit is the chance to save money and just over seventy percent say there's less of a chance of the whole deal falling apart. They have found out that home buyers who have used this one stop shopping concept have a higher rate of satisfaction. The problem is that seventy percent of buyers surveyed had not heard of this concept until this survey. Let's get the word out. We want our clients to be happier!

Get Home Atlanta!!

Kelli Meier — Thu, 10 Apr 2008 18:34:00 GMT

Interest rates have fallen again and ar at historical lows. It is one of the best times in recent memory to be a buyer. Sellers are negotiating more than they were just 2 years ago. To combat the negative news drummed into our brains on the nightly news, the Greater Atlanta Home Builders have started a website to highlight the positives of the Atlanta market. www.gethomeatl.com has great facts and figures and reasons why now is the time to buy a home. Buying a home is the best way to build a nest egg for your future and to begin building equity. Home prices are still increasing in the Atlanta market at healthy rates. It is a much lower risk than a gamble on the stock market. So come on Atlanta get home today!!

Published Friday, September 28, 2007 1:33 PM by Heyward Young

What's Happening In Midtown These Days?

Kelli Meier — Thu, 10 Apr 2008 18:33:00 GMT

Wow, it is an exciting time to be living in Midtown. Did you know there are about 100,000 people living within 2 miles of Midtown and the median age is 32? Your average family income is $92,500 and the median home value is $332,000.

Here are the changes that are happening in your neighborhood. Do you know about the Midtown Mile? It consists of 14 consecutive city blocks (North Avenue to 15^th Street) and will have 1 million sq. ft. of retail space on Peachtree. A major component of Midtown mile is already underway. It’s a 2.5 million square foot mixed-use development and it is Phase I of three phases. 1010 Midtown, a 35-story building, broke ground September 2006. It will have 443 condominium residences and $50,000 sq. ft. of retail space.

Selig Enterprises and Daniel Corporation are developers that control the largest piece of retail on the Midtown Mile. They plan to attract retails unique to the market. These stores will be able to operate on multi-levels to maximize space and deliver that urban, yet sophisticated shopping atmosphere. You didn’t hear it from me, but we may be getting a Barney’s.

In Phase II, the developers will be adding office and hospitality space to the project. Construction is scheduled to start in the summer on a 725,000 sq. ft. office building with 60,000 sq. ft. of retail on the bottom. Part of Phase II is the addition of a 452,000 sq. ft. hotel and condominium building. There is no question; Midtown lacks an upscale, good business class hotel.

Phase III will include about 500,000 sq. ft of office space, 40,000 sq. ft of retail space and a super luxury boutique hotel. This phase will start when the developers are comfortable with how the second phase has progressed. If you’re wondering about parking, don’t worry. The project will accommodate plenty of parking!

So, what do you think? Midtown is definitely a place you will want to live if you’re not here already. Sanctuary Real Estate is in the heart of Midtown and we know Midtown! If you’re looking for an agent who knows what’s going on and what’s hot and new, give us a call 404.644.3146. We would love to find you a Sanctuary in what will be the next New York Madison Avenue.

Published Wednesday, November 14, 2007 10:32 AM by Kelli Meier