Sylvia Phillips of Remax Albany Sees Signs of Stability
Monday, August 1st, 2011
In Dougherty and Lee counties, sales of single-family detached homes in 2011 are holding relatively steady with 2010 sales, according to Sylvia Phillips of Remax of Albany. Through July, 464 homes had sold and another 125 sales were pending within the next 30 to 60 days. That’s on pace with the full-year total sales in 2010 of 816 homes.
“We are definitely seeing signs of stability and health in the market,” Phillips said. However, sales still remain about 8 percent below 2009 levels. Phillips, who has been a realtor in the Albany area for 35 years, called the 2010 drop-off in housing market “the worst I’ve seen.”
Tight lending standards limiting growth
According to Phillips, there are very few private conventional housing loans currently being made. Instead, government-sponsored loans from the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture are dominating the market and setting lending standards.
“Creditworthy, capable buyers are being put through a tremendous amount to get a loan to buy a home,” she said. “We need Washington to change policies and get back to normal, sound lending standards.”
Among the most stringent lending standards are those governing appraisals. One foreclosed home in a neighborhood can have a significant impact on the appraised values of surrounding homes. That affects both buyers and sellers.
“We’re constantly having to go to battle with appraisers. You can’t penalize buyers or sellers because of a couple of foreclosures,” Phillips said. “The standards are simply too rigid.”
Several lobbying organizations represent the real estate industry in Washington. The biggest is the National Association of Realtors or NAR. Phillips also communicates with the Georgia Association of Realtors and Senator Saxby Chambliss (R-GA) about the need to loosen up lending standards on government-sponsored loans.
Moving forward
While the housing crisis was a significant economic event in the U.S., Phillips believes too many leaders In Washington are using the crash as an excuse. “We need a more positive outlook in Washington regarding housing, but that outlook like everything else in Washington right now is being affected by the deficit and debt ceiling politics.” “I think home ownership will still prevail in our country. Home ownership creates cohesive communities, strong schools and boosts the economy. It creates jobs,” Phillips continued.
In Albany, Phillips believes local leaders can focus on the positives of the community and use those to further economic growth in the area. She cites “an abundance of amenities, water and a good climate, an awesome medical community, great employers like MillerCoors, Procter & Gamble, and the Marine Corps Logistics Base, and a huge number of growing small businesses.”
“We have a lot to be thankful for in Albany,” Phillips continued. “We’re the hub of southwest Georgia and we have great neighborhoods – whether you’re talking $45,000 or $450,000.”
More information on Remax of Albany is available at www.sylviaphillips.net or contact Sylvia Phillips at (229) 317-4286 or by email at [email protected]
