Ashley Pezold's Blog

FHA Changes Quickly Approaching

Ashley Pezold (Keller Williams) — Sun, 27 Mar 2011 23:49:14 -0700

FHA INCREASING MIP

Effective April 18, 2001, the cost of obtaining an FHA loan will be increasing. Mortgage Insurance premiums will increase 25 basis points. Buyers must have have a FHA case ID number before this day. They are not required to close the transaction before this day.

How much will this cost? On a $200,000 mortgage, this will result in a monthly payment increase of $41 per month. The FHA loan limit for the Columbus GA area is $271,050. Many buyers choose FHA loans because they only require a 3.5% down payment. Also with FHA loans, the seller can contribute up to 6% in closing costs.

Ashley Pezold

Keller Williams Realty River Cities

www.ashleypezold.com

Is the Real Estate market turning?

Ashley Pezold (Keller Williams) — Sun, 13 Mar 2011 23:37:09 -0700

In the last week, we put three homes under contract. The best news (especially for our sellers) is that 2 of the 3 were full price offers! Our sellers were thrilled. The homes were priced right! Where were these homes located? Hilton Heights, Lakebottom and Jordan/Johnson. Three of Columbus' most desirable areas.

Perhaps it is the beautiful weather we are having. Or maybe consumer confidence is growing. One basic rule holds true in every market...price is key. We told our sellers that if they priced fairly and had patience, the buyers would not overlook them. And they didn't.

Here's to a great 2011 in Real Estate!

Ashley Pezold, Keller Williams Realty River Cities

www.ashleypezold.com

Are you looking to sell your home in Columbus, Georgia of the surrounding area? Give us a call today. 706.221.6900.

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Green Island Hills Home in Columbus, GA

Ashley Pezold (Keller Williams) — Sun, 06 Mar 2011 21:18:59 -0800

Listed in Green Island Hills in Columbus, GA. Columbus' most prestigious community with the Green Island Hills Golf Course and Country Club. Located just across the street from Lake Oliver. This executive home has 4 bedrooms and 4 baths, a living room with vaulted ceilings and built-ins, a sunroom with ceramic tile with view of the pool and cabana, and an additional living area with built-in that could also become a playroom or a rec room. The kitchen boast granite counter tops and stainless appliances. Hardwoods and new carpet complete the flooring. This 4000+ square foot home in Green Island is located all on ONE LEVEL. This is such a rare find!

If you are relocating to Columbus, Georgia this home is not to be missed. Green Island Hills has always been a desirable area, located just minutes from Brookstone School (Columbus' largest private school), shopping, interstates, boutiques and restaurants. Unbelievable value for Green Island at $569,900.

Click here for more details!

Ashley Pezold

Realtor

Keller Williams Realty River Cities

706.221.6900

www.ashleypezold.com

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Columbus Georgia Housing Market

Ashley Pezold (Keller Williams) — Tue, 01 Mar 2011 21:46:34 -0800

Wow! What a ride we have been on the past few years. Is fair to say that the Realtor's who have weathered this storm can weather anything? Or is the storm over? The market has to turn. But the question is when?

Below is data pulled from the Columbus, GA MLS regarding the number of homes in inventory and the number of homes sold. The following data is based on single family homes in Columbus Georgia.

2009 2010 2011

MONTH SALES INVENTORY SALES INVENTORY SALES INVENTORY

February 115 596 105 1048 72 1637

January 75 587 77 1039 77 1604

December 130 600 108 964 116 1550

The Columbus, GA inventory has more than doubled over the last three years. And the number of sales per month has remained relatively consistent. So what does this mean? Tough economic times have prompted many home owners to try and sell their homes. Many of these sellers bought when the market was at it's peak and lenders were loaning money to anyone with a ID (and in some cases, without). A fair amount of the homes in Columbus are over priced. Many more are fairly priced, but with such stiff competition in the housing market, are sitting on the market for long periods of time. My opinion is that a significant amount of these home owners will loose their home to foreclosure because they can't sell their home fast enough.

However, Columbus is fortunate to have Fort Benning located in it's backyard. And thanks to BRAC, our city is expecting 30,000 new residents. Many will rent, but some will buy. But they will spend money and boost our economy and many new jobs are expected to be created.

The rental market will definitely boom. But if homeowners can be patient, they should be able to see a reduction in inventory and better market conditions, too. However, pricing of the homes will remain key, as we are years off from "taking orders" at crazy prices.

But what if a homeowner can't hold on? If they have a hardship, which is loosely defined by each individual bank, then they may qualify for a short sale. See the difference between a short sale vs a foreclosure here. Realtors owe it to their clients to give them options and educate them. And if they aren't comfortable with helping their clients through the short-sale process in Columbus, then they should refer them to another qualified Columbus, GA agent.

Ashley Pezold

Keller Williams Realty River Cities

Columbus, Georgia