Tag Archives: buy a home

Is Now Still a Good Time to Buy a Home?

Even though the supply is low and demand has increased, now still may be a good time to buy a home in Atlanta for most homebuyers. For one, interest rates are still relatively low. Though interest rates are not as low as they were six months ago, they are still pretty low compared to 5 years ago during the downturn of the housing market. Plus, you’ll still get tax advantages, the opportunity to build wealth and stable monthly payments.

Listen to Atlanta Real Estate Agent Chris “Willa” Williams of the Go Getter Team as he explains why now still may be a good time to buy a home in the Atlanta real estate market.

In the process of buying a home or thinking about buying a home? Share with us what you’ve experienced in the current real estate market.

Advertisements

Leave a comment

Filed under Information for Buyers

Government Shutdown May Slow Your Atlanta Real Estate Market

We don’t really know if the recent government shutdown will destroy the economic momentum we’ve gained, but we do know the furlough of some 800,000 government employees will undoubtedly slow things down. Another thing we know is that the longer this thing goes on, the worse the effects will be. Some employees of the Pentagon were recalled for work beginning on Monday, and the House passed a bill to approve back pay for furloughed employees. That’s good news for those employees, but what about the millions of Americans who need and/or depend on their services. What about the work that’s not getting done while they are at home?

Imagine being a homebuyer in the middle of a real estate deal and the federal government shuts down. You need your tax transcripts to get your mortgage loan approved and the only department that has the keys to what you need is on furlough.

The approval of most mortgage loans, at least 99% of mortgage loans, require tax transcripts. Homebuyers and Real Estate Agents who are in this predicament will surely see a stall in their real estate transaction. In some cases, deals could potentially fall apart because of the inability for homebuyers to get what they need from the government. Plus, these delays could cause some pre-approvals to expire and force homebuyers to purchase at a higher interest rate if interest rates continue to rise. Because interest rates are a major factor in how much house a homebuyer can buy, sellers and real estate agents are affected as well.

Even if you are a homebuyer who was lucky enough to have gotten your transcripts and your pre-approval to buy a home, you could still have some issues if you applied for a mortgage loan from the Federal Housing Administration. FHA mortgage loans aren’t federally funded, but they are guaranteed by the federal government. Some lenders may not be willing to lend without a guarantee already in place. If you happen to be in this situation, go with a larger institution that is in a better position to fund the loan even in the absence of a guarantee. Otherwise, you’ll risk having your loan on hold and your real estate deal falling apart.

In Atlanta, there is already a shortage of real estate on the market relative to the number of Atlanta homebuyers who are looking to buy a home right now. Many of the houses on the Atlanta real estate market are foreclosures and HUD homes, and the Department of Housing and Urban development is working on a skeleton crew during the furlough with 337 out of 8,709 employees on the job. There’s a possibility, but seemingly a slim chance for new HUD homes to come on the market for a while. If this will be the case, Atlanta homebuyers will see even slimmer pickings for housing in the current Atlanta real estate market.

The American people as a whole immediately felt the effects of the shutdown. The gravity of the effects, however, will be determined by the length of the furloughs. The longer the furlough, the dimmer the bright spot of the housing market recovery. We’re all here in the same boat, waiting to see what happens.

In what ways have you felt the effects of the recent government shutdown?

Leave a comment

Filed under Real Estate

Before You Buy Your First Home – Tips for Home Buyers

Image

If you’re a homebuyer and you’re looking for that dream neighborhood, here are a few tips that you should take note of before jumping into that real estate investment.

Outweighing the Benefits

Folks who are looking to buy a home for the first time will have crunched the numbers before even looking for a home. Your friends and family will have recommended that you buy a home as it will ultimately benefit you in the future and reward you with a great investment opportunity. Once you’re aware of the cost of renting a home versus paying a monthly mortgage, you’ll soon realize that the numbers are pretty close. When that hurdle has been passed, you can start searching for your dream home.

Researching the perfect property

The Internet is an incredible discovery that gives homebuyers a greater chance of finding that perfect neighborhood, the type of home you want and the location you prefer to reside in. You’re given the opportunity of viewing countless properties, which will help you in creating a list of needs that are required in your home.

The length it takes to find the perfect home

It’s important to note that homebuyers who are highly motivated will purchase a home in less than a month. It’s crucial that you have a great relationship with your realtor and that they understand your essential needs in a home.

Rating each home you see

Viewing homes can be an exhausting experience, our tip is to keep a digital camera (or camera phone) handy and take pictures of each property you view. Take notes on what you love and dislike about each home and note the overall design to get a better grasp of the differences between the homes you view. Also, pay attention to what is around the neighborhood, such as where the closest hiking trails are, shopping malls and even major freeways. After having viewed the home, rate it on a scale from 1 to 10 and revisit the photos of the properties to start eliminating your options.

Do a double take

After you have viewed all the homes the realtor has for you, you will have a good idea of the homes you are interested in. Ask your realtor for another viewing and make sure there aren’t any offers on it yet. The homes you look at again will be seen in a different light as you view elements that you overlooked the first time. At this stage of the game, it’s in your best interest to contact your realtor and let them know that you are interested in buying your dream home and making an offer!

Image Source

Leave a comment

Filed under Real Estate

The Rise in Home Prices– A Great Opportunity for All

Image

If you’re a current homeowner in Atlanta thinking of selling your home, you’re in luck as existing home sales have risen to 4.2% since 2009. The future of real estate has been proven to be profitable with these promising numbers, as residential homes have risen in terms of investment. This is an incredible opportunity for those buying a home as well! Your dream home awaits you in the Greater Atlanta Area with spectacular city views and spacious living for you and your family.

Home prices have risen up to 15.4% in the past year, which is great for the economy and those who are looking to sell. As of May 2013, the national median for existing home prices is at a staggering $208,000. Metro Atlanta has seen a significant rise in home prices and they are now at their highest in 7 years. The sudden rise is as a result of fewer people selling their home and more waiting for the best time to increase their return on investment.

Compared to previous years, real estate numbers have undeniably risen and realtors across Atlanta are confident that existing and future homebuyers will benefit from these figures. Part of the reason behind home prices rising is the limited supply of foreclosures. The lack of competition has given sellers the ability to raise the price of their homes. The rise in home prices also gives current homeowners who are looking to reduce their debt a good opportunity to sell. It also boosts the economy by increasing the construction of homes and kick starting employment rates.

For the house hunters looking for a deal, now is your chance to buy a foreclosure or home at an affordable price as they have decreased from 25% originally to 18% in May. From a realtor’s perspective, purchasing a foreclosure is a great investment opportunity at a fraction of the cost. It is a win-win situation as the bank avoids the costs of having to foreclose, the owner avoids foreclosure on their record and you get a bargain price for investing in this property.

Although the rise in home prices is considered a catch 22, the near future is the best chance to purchase or sell a home. If you’re a homebuyer looking for the perfect home, now is the time to contact your realtor to inquire about the opportunities surrounding you. For the home sellers, you have the ability to wait for the value of your house to rise or you can sell it now if you’re struggling to pay the bills. Take full advantage of the foreclosures that are offered around your community, as those tend to be the best return on your investment!

http://zoe1297.wordpress.com/2009/07/21/to-sell-a-home/sold-sign-2/

Leave a comment

Filed under Real Estate