The next years of real estate are not going to be positive for homeowners. In fact, it’s estimated that in 2012 over 60% of all home sales will be foreclosures or short sales. This means that the banks will control the pricing of more than half the real estate market and we can expect continued declining values. This idea may not sit well with many after the mortgage meltdown and moral hazard issues we had over the past five years.

Further, we at Sellect Realty believe that it will be another five to seven years before we see home values near their previous peaks and then we expect a plateau for several years to follow before growth. Currently our market is still declining. Despite month-over-month gains we have had another drastic decline in home values over the past 12 months. According to the recent statistics released by Realtor.com the average listing price decreased by 11.42% from June 2010 to $250,933.  

2010 property tax bills for City of Newnan residents will be mailed Wednesday, September 15th, with a due date of October 29, 2010.  The City would like to remind citizens that anyone owning property in the City of Newnan will receive two separate tax bills, one from the City of Newnan and one from Coweta County, each payable to the appropriate party and with different due dates.

Tax bills, per State Law, are being mailed to the owner on record as of January 1, 2010.  If you acquired property in 2010, or if you do not receive a tax bill for any property you own in the City of Newnan, please call the Finance Department at 770-254-2351.  Failure to pay by the due date of October 29, 2010 will result in a 1% per month penalty being added, regardless of the reason.  Postmark dates are not accepted; payment must be received by the due date to avoid penalty.

The City is mailing 13,896 tax bills this year.