Strom Thurman 678-557-2572

Read the story about how and why 1st time buyers led the real estate market in 2010 on my Mortgage Blog. Click Here!

The tradition of the New Year’s Resolutions goes way back to 153 B.C. Janus, a mythical king of early Rome was placed at the head of the calendar and with two faces, Janus could look back on the past and forward to the future. Many looked back and sought forgiveness and peace with their enemies and forward exchanging gifts ushering in a better year to come.

Looking back on the real estate market of 2010, many are say wow what a year and, I’m glad it’s finally over! Looking forward we are wondering what can we do to make 2011 a better year than the last. Below are a few suggestions for both home buyers and home sellers.

For those considering buying a home in 2011, here are a few things to resolve:

1. I will get my credit score above 740. Pull a copy of your credit report and look for ways to pull that score up.
a. Pay down your credit cards. Work on the ones that are closest to their limits and get them to down to about 30% of the limits.
b. Dust off an old credit card that you haven’t used in a while and begin to use it sparingly. Old credit history is good, but your old credit card company may no longer be reporting to the credit bureaus.
c. For more ideas, go to my mortgage blog, stromsmortgageblog.com

2. I will put away enough money for a down payment and reserves.
a.  You will need at a minimum 3½ % to 5% of the purchase price to use as a down payment.
b. You will also need an additional amount of money in reserves to satisfy lender guidelines on conventional loans. Typically 2 to 6 months of reserves are required and these can be in the form of cash in checking or savings, stocks, bonds, retirement accounts etc. With FHA loans no reserves are required for single family properties

Here are a few things for Home Owners:

1. I will check my credit and make sure my score stays as high as possible. Just like with a home buyer, credit scores are important. Insurance premiums and even employers use your credit score to determine eligibility and risk.

2. I will do a better job of maintaining my property.
a. Set up a maintenance plan. Fix the things that need fixed, before they turn into larger problems. A small roof leak or gutter problem can lead to expensive repairs
b. Get a property inspection. Most people have a property inspection when they purchase a home, but why not have another if you have owned for a few years? An inspector can help you set up a plan to tackle those items that may be lurking below the surface.

3. I will sell my house this year.
a. If you are planning to relocate, buy up or scale down, there are of course several things to consider but first, get your house ready to sell by doing the maintenance and sprucing it up. As agents, we love to share our expertise on what’s in and what’s out as far as preparing a home for sale.
b. Get an expert opinion of your homes value and set the price accordingly. In today’s market like any other, it doesn’t matter to a buyer what you owe or how much you need to walk away with. It matters only what the value is to the market, and that market is the buyer.
c. Hire an agent who knows the area and has all the tools in his bag to get the home sold. If you are selling a home in the North Atlanta area and northern suburbs, remember, I am for hire!

Here’s to a happy and prosperous 2011!

With all of the bad news out there about the housing market, there is some really good news as well! Nearly 2/3 of Americans can purchase a home. Now that’s a little different than hearing 1/3 of Americans can’t purchase a home.

Yes the qualifications that buyers have to meet to obtain financing have gotten much stricter but purchase money is still flowing. Programs from FHA, VA and even conventional funding still allow for very low down payments and interest rates are still historically low.

In the Metro Atlanta and surrounding areas there are more properties for sale, at discount prices, than you can shake a stick at. It’s all on sale folks but it’s just like any other sale, the early birds get the pick of the merchandise. So, get qualified and get ready to shop!