North Atlanta Real Estate Voice
Archive for the 'Home Buyers' Category
Is this the best time to buy a house in Marietta GA?
A few thoughts on why this is the best time to buy a house in Marietta, GA.
To start, right now rates are at 4.375% on a 30 year fixed and 3.75% on a 15 year. And, rates are in the high 4’s on an investment property. Clearly, we are near historic lows on borrowing money.
Lender Paid Mortgage Insurance Is Making a Comeback
As the market tries to recover, lender paid mortgage insurance is making a comeback. Mortgage insurance is required when the borrower puts down less than 20%. However, instead of adding the PMI (private mortgage insurance) to the payment, lends basically increase the interest rate to cover PMI. This is very good for those who put 10% down or less because the borrower paid mortgage insurance (where you have the separate mortgage insurance payment) is very costly in the mortgage payment. Adjusting the interest rate results in a lower overall mortgage payment and is also tax deductible since it is part of your interest.
To give you an idea of the current rate on a lender paid mortgage insurance product, a 30 year fixed mortgage with a 10% down payment including lender paid mortgage insurance is 4.75% on a 30 year fixed today! You can even get lender paid mortgage insurance with as little as 5% down.
So, to summarize, YES, now is a great time to be buying at homes for sale in Marietta, GA or anywhere else in the Atlanta real estate market.
If you are thinking about taking advantage of this great buying opportunity, please contact me and I can provide you with additional information and access to some great mortgage lenders.
Thank you to Sean Trombetti with Amstar Mortgage for this information.
Marietta, GA Homes Can Be Fruitful for Investors, Too
Investors who are looking for good opportunities should consider real estate in the Cobb County and Marietta area of GA. Real estate in these areas should experience growth as demand returns. Cobb County and its cities such as Marietta and Kennesaw offer low taxes, great schools and easy access to Atlanta as well as the major interstates.
The real estate market in Marietta, GA offers many opportunities for potential buyers, whether they are investors looking for rental property, first time home buyers or homeowners looking to step up or downsize.
Investors will find the many universities generate the need for rental properties, while Atlanta’s base as the home for many corporations means that as the economy rebounds, companies will likely re-start hiring and relocating workers to the area.
Both Marietta and Kennesaw offer many homes for sale that will make good long-term investments. With the price of real estate in these areas back to levels not seen since the late ‘90s and early 2000s, now is the time to make a purchase.
As an expert in the Kennsaw and Marietta real estate markets, I can identify homes for sale in Marietta and Kennesaw for you to consider. Please contact me and let me use my expertise to your advantage.
FHA Tightening Lending Guidelines for Home Buyers
The Federal Housing Administration (FHA) announced last week that it will be raising it’s down payment requirements for borrowers. It will also be raising the monthly mortgage insurance that is a requirement of their loans. All of this is being done to address the risk in the mortgage and housing markets and to make sure that the FHA remains financially solid and maintains its long-term ability to guarantee affordable mortgages for families.
The FHA issues about 33 percent of all new mortgages and is the largest single source of lending for home purchases. FHA Commissioner David Stevens says the tighter lending standards are significant, but not overwhelming for most borrowers.
Short Sales – Banks Accused Of Illegal Fraud Practices
Most home buyers and sellers don’t understand what a short sale is. The easiest definition is when a bank is willing to accept a price that is less than the mortgage owed on the property. This results in the seller being “short” the full amount of the debt. The reason a bank is willing to consider a short sale is that it is less expensive than going through the foreclosure process and can result in the bank receiving a high percentage of the mortgage amount than if it goes on the market as a foreclosure. READ THE REST OF THE STORY
Home Buyer Tip #5-Buy or Sell First
These tips answer many common home buyer questions. They apply to whether your buying a high rise condo in Atlanta, a townhome in Smyrna or a single family home in Marietta or anywhere in Georgia.
The classic dilemma for many homeowners is whether to buy or sell first.
There is no “right” answer. It depends on your specific circumstances and finances.
If you sell your current home first but haven’t found the right new home, you may need to rent for a period of time until you find the right home. Having cash in hand is always an advantage and may allow you to negotiate better terms since you are now waiting for your other home to sell. No one wants to move twice but sometimes it can have an advantage.
Please call or email me when you’re ready to discuss your options or if you would like a valuation of your current home. Please don’t hesitate to contact me if I can answer any questions.
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Home Buyer Tip #4-Items To Consider
These tips answer many common home buyer questions. They apply to whether your buying a high rise condo in Atlanta, a townhome in Smyrna or a single family home in Marietta or anywhere in Georgia.
When we begin looking for a home, we often get wrapped up in the physical details like style, the number of bedrooms and bathrooms, and amenities. But we don’t always consider the quality of life issues that may impact your ability to enjoy the home. Here are some other things you should keep in mind:
* Transportation is an important consideration that’s often overlooked. Consider traffic flow and commute time.
* Recreational facilities such as playgrounds, parks, and pools are important to many people. Are they nearby? Is there a fee for these amenities?
* How far is the grocery store, day care and school?
Be realistic. There are no perfect homes. Decide what’s most important to you, and make sure you find a home that has the essential features that you require. Be prepared to compromise on some of the items on your wish list in order to get others.
As your personal real estate consultant, I will help you identify the key items and assist you in prioritizing them. When you’re ready to purchase a home, I’ll be happy to answer any questions and help you find a house that truly feels like a home to you.
Please don’t hesitate to contact me if I can answer any questions.
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Home Buyer Tip #3-Making A Move
These tips answer many common home buyer questions. They apply to whether your buying a high rise condo in Atlanta, a townhome in Smyrna or a single family home in Marietta or anywhere in Georgia.
When you’re thinking about making a move, here are a few things you should consider:
* Being clear on why you are moving.
* Deciding when you want to make your move.
* Considering how much money you would like to spend.
* Thinking about what type of home you would like .
* Deciding where you would like to live.
The next step is usually finding out how much you can qualify for and deciding the type of financing that will work best for you. I am happy to refer you lenders I work with who can answer your questions and get you pre-approved.
As you get more serious about buying, you will want to speak with a lender about getting pre-approved. The lender will determine how much you can borrow based on financial information you provide.
Once you’re ready to start the process, I’d be happy to meet with you help outline your goals and needs and discuss the what to expect during the buying process. Please don’t hesitate to call or email me for additional information about the buying process. My goal is to provide you with practical information as you consider your next move. And, when you’re ready to make your move, I’ll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!
Please don’t hesitate to contact me if I can answer any questions.
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Home Buyer Tip #2-Wish List
These tips answer many common home buyer questions. They apply to whether your buying a high rise condo in Atlanta, a townhome in Smyrna or a single family home in Marietta or anywhere in Georgia.
What type of home are you looking for?
There are so many factors to consider that it is important to have an idea of what you want and need before you begin looking. As a real estate professional, part of the service I provide is to assist you in making a checklist of your needs and prioritizing this list with you.
The list below may help you clarify your thinking on what is important to you when you are ready to purchase.
* What type of neighborhood would you like to live in?
* What monthly payment are you comfortable with?
* What type of home interests you? (one-story, two-story, split-entry, townhouse, condo)
* What style appeals to you? (contemporary, traditional, ranch)
* Are schools a factor?
* How long of a commute are you comfortable with?
* How many bedrooms and bathrooms do you need? How many do you want?
* What features are important to you? (basement, fenced yard, office, etc.)
* What about exterior features such as # of garages, corner lot, cul de sac?
* Which of these are MUST have and which are NICE to have?
When you are ready to start your search, I will be happy to help you find a home that meets your needs. My goal is to make this a fun and enjoyable experience and to use my experience to find you the right home.
Please don’t hesitate to contact me if I can answer any questions.
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Home Buyer Tax Credit Extended and Expanded
President Obama signed the bill extending and expanding the home buyer tax credit. The credit was part of a bill that included more aid for jobless workers and broadened tax breaks for businesses. The measure passed the House by a vote of 403 to 12, one day after it was unanimously approved by the Senate.
HOME BUYER CREDIT EXTENDED
The bill also extends the $8,000 tax credit for first-time home buyers until April 30, 2010. The credit was previously set to expire on November 30, 2009. The new law expands the credit to cover more affluent buyers. The bill will raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. READ THE REST OF THE STORY
Home Buyer Tip #1-Buying A Home
These tips answer many common home buyer questions. They apply to whether your buying a high rise condo in Atlanta, a townhome in Smyrna or a single family home in Marietta or anywhere in Georgia.
People buy homes for a variety of reasons. Some want to become established in a community or to provide a more permanent home for their family. Others are motivated by good schools or commute time. And, many know that real estate is a good long-term investment.
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