The housing sales data from May is in, and it paints a pretty rosy picture for Atlanta homeowners who are thinking about selling a home. Median home prices are up and days on market are down across the region because of a historic housing inventory shortage that is the worst in the nation.
Combine the housing shortage with approximately 2.2 million boomerang buyers who could re-enter the housing market over the next five years and you have the makings of a perfect storm in Atlanta. That would boost home buying considerably according to a study recently released by TransUnion.
Thomas Wolfe wrote “You Can’t Go Home Again” in which George Webber who experiences the stock market crash, the illusion of prosperity, and the unfair passing of time, prevents Webber ever being able to return “home again”.
Wolfe wasn’t writing about boomerang buyers, a term invented by the Wall Street Journal as buying a house again after a foreclosure. Realtor Mag writes, “Those who lost a home to a foreclosure or short sale between 2007 and 2013 are projected to make about 10 percent of all U.S. home purchases this year…. That percentage is expected to rise in 2015 and 2016 as more of these so-called “boomerang buyers” become eligible for new loans….”
Some boomerangers have to wait as little as 12 months after foreclosure, short sale, and even bankruptcy, if they had good credit before their troubles and have had no problems after the event.
FHA loans are easier to get after a short sale. In fact, some borrowers don’t have to wait at all if they never had any late payments on their mortgage. Borrowers who were in default on their loan have to wait three years to qualify for an FHA loan.
Zillow reports, “There are a few simple things you can do to clean up your credit after a foreclosure or short sale — including paying off your credit card debt, making all of your other monthly payments on time and keeping records of your on-time payments and monthly budgets showing that you have cut back on spending.”
Even personal bankruptcy may not be a hindrance for some loans and refinancing a mortgage is possible if the bankruptcy has not been discharged and your credit history has been good, meaning you made all timely payments to your trustee.
You made a mistake. You have been knocked to your knees, but this is America where Americans root for the underdog and change the rules so you can get back on your feet. We need your consumption.
We are Val Buys Houses LLC and we here to help. If in a low inventory market you would like to list your house, call us! If there are certain details that need to be addressed, problem solving is what we do.
Give us a call today at 404-844-8845 to let us know what YOU need help with!