Selling houses is easier than last year - WALB.com, South Georgia News, Weather, Sports

Selling houses is easier than last year

Albany Realtor Jayme Cobb Albany Realtor Jayme Cobb
ALBANY, GA (WALB) -

It has become easier to sell a home in Albany and Lee County but a new set a rules will present challenges in buying one. In comparison to 2012, people selling their homes shaved almost 2.5 months off the length of time it took to sell the house.

On January 10th of this year, a new set of guidelines for buying them went into effect. The number of homes on the Albany market is basically unchanged over the past year      

"What that suggests is that we have kind of bottomed out, the market has purged itself of those properties that were kind of troublesome," said Albany Realtor Jayme Cobb.    

Home values remained the same but she believes values will soon start rising.   "What we are expecting now is values to go back up in 2014," said Cobb. While the values increase, the requirements to become a buyer have become more intense.  

"New ability to repay rule, which means that lenders would be required to kind of prove that buyers can to payback that loan over the long haul," said Cobb.  

Which means they will be tracking your financial history for an extended period of time.   "More tax returns, more banks statements, um, more investment information/instead of six months you might have to provide a year of documentation," said Cobb.  

There has also been a change to the debt-to-income ratio  "Let's say the debt to income ratio was 44%, now its 43%, which means you might not qualify for as much house as you want, or you may be required to put down more money to be at that 43%," said  Cobb.   The state's foreclosure rate was at 35% at one point last year, leading the nation.  

Cobb says it would be wise to have a 12-month plan if you intend on purchasing a home. Last year, the average home took 129 days to sell on the market, down from 215 the year before.

 

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