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The Smyrna GA and Cobb County Housing Market...Showing signs of stabalization

By Don Lantier

Real Estate Broker/Owner with Donald J Lantier Realty H-47715

April 03, 2009 04:03 PM

Continuous analysis of home sales and listing prices in recent weeks indicate, in my opinion, the signs of stabalization in the Smyrna Ga and Cobb County Housing Market.

I have been noting that homes are coming on the market at slightly higher prices as the Sellers enter the spring market while recognizing the very low interest rates and first time home buyer credit. I beleive the consistently low interest rates and first time homebuyer credit have settled into the Sellers minds as cause to enter the market with a bit higher price than in the past month or so...they are inadvertently pushing back, as I see it.

Some of the incredible foreclosure deals, particlularly those that sold in the $200-500,000 range are waning. As is generally the case, there are still a large number of homes still in foreclosure in the $25,000 to $150,000 range which will be bought up over time but are generally in need of repair, etc., which is a whole other blogs worth of info. Some of the seemingly exceptional deals in the upper price range remaining are in developments in which the builder went under and has several homes in foreclosure but the development may be only partially finished which leaves the consumer to be concerned if and/or when the development may be completed by some other builder who comes in and might change the look and feel of hmes needed to be built in the remaining lots which leaving the ardent consumers with a big "IF" factor and make purchasing such homes as potentially prohibitive.

If one is looking to jump into the foreclosure market at this time It is a must to be at the very least pre-qualified for a mortgage before their home search. Morelover, the smart and oh so savvy buyer will get an actual PreAproval and not just a pre-qualifacation as a PreApproval from a bank or mortgage company can be like having the bank follow you with a check while you look at homes. This is most important now more than ever as the best value foreclosures in the $200 and up range are most definitely harder to come by and those that come on the market go to the highest bidder who is backed with proof of funds aka cash or a PreApproval letter from a mortgage facility. More on the difference between being prequalified and preApproved in another blog.

You can search most all of the Foreclosures in Smyrna GA and greater Cobb County on my website dedicated to Foreclosures...view all the foreclosures in Smyrna, Vinings, Marietta, Mableton, Kennesaw, Austell and Powder Springs, GA.

Consumers should be cognizant of the fact that although a home may be listed by an agent as a foreclosure on the Multiple Listing Service does not always mean that a lsiting is a true foreclosure. They may be merely "short Sales" or called "preforeclosures" in the vergage about a home. These type of offerings have the potential to get you side tracked from obtaining the best values in foreclosures because they may take months to negotiate with the Mortgage companies.

Be sure to inquire with any agent as to whether the home is a "REAL" foreclosure, preforeclosure or a short sale. Keep in mind that when you see a home listed at what seems a ridiculously low price and is a short sale, chances are the mortgage company will not take that low of a price...make sure you inquire as to how much the current mortgage is in relation to the short sale price...if the disparity between the list price and the mortgage is considerably substantial chances are the price the home is listed for is a very deflated price.

Your "FOR REAL" Smyrna~Vinings and greater Cobb County Real Estate Broker,

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