I would love the opportunity to assess your options. It may be smart to obtain an adjustable rate mortgage if you are planning on selling short term. Feel free to give me a call to discuss. Brand Bank has been around Georgia since 1905.
apply online: gcohen.brandmortgage.com
NMLS# 75615 | 1078450
I will say that we are in a sellers market especially within your price point. The inventory is low and when that happens prices increase. Also we see now that interest rates have begun to creep up.
Take the Grant Park area for example. Home buyers have been slugging it out to purchase homes in the area. I've seen numerous bidding wars. And the prices have definitely begun to rise. Here's another example; I had a listing there that everyone swore up and down it would sell for $225K to $235K. Eventually that home sold for $250K because the location (A hop skip and a jump from the park) was so great. There are a ton of factors that you must take into consideration.
My advice T. Would be to sit with a realtor and discuss the market. Discuss what is happening in the price point in the areas you are interested in and become as informed as possible. Then make a decision as to if you think now is a good time.
Not all realtors are after a sale. My first priority is and always will be to have my clients be able to make an informed choice. Education is the best weapon.
If you would like I would be happy to sit down and have a consultation with you at anytime with no pressure.
We are pre-approved for a fixed 4.5% loan.
I appreciate the input (though I worry that some of these answers are biased since realtors want to make a sale! ;) )
My major concern is whether it is too risky buying a place that we are going to want to sell so soon, given the upfront costs. I've done some Internet research and it seems to say that it's not smart to buy if you're moving out in under 5 (or even 10) years.
We do have the advantage of the down payment taken care of by a third party, but wouldn't it make more sense to just hold on to that and use it to buy a house that we know we will be in permanently?
I don't mind not making $$ off the sale in 3 years, I just want to break even, and people are saying that even that is wayyyy risky in such a short time frame.
tgarcia.84 - in 30316, think quiet tree lined street, away from the primary borders, with ample covered parking, on a gorgeous lot and a minimum 3/2 with a basement if you are seeking value in the area. So many buyers fighting over mistaken buys today...
Also, think $175K-375K for a big range to find value in...starting with the sweetest 2/1's and moving into new builds - getting into the $400's and up will net some of the best properties in OP GP, and EAV - just know that you are stretching the limits when you move into that range - the limits of value.
Ask your financial advisor whether $40-80K in a property that you want to sell in 3 years at an 8% cost minimum makes sense...
I have permission to show a vacant house on the quiet end of EAV, on Edgemore near Gresham. a block from the EAV cliffside canyon.
He will unload it for $260. Comparables are selling for $265-280K. A sweet, mid-century modern "atomic ranch" on granite foundation on a corner lot, brick house on a full basement with a massive two car garage. let me know if you are interested.
and hope for the best. If in three years the market does not improve you can always rent it.
The areas are great in my opinion.
If you decide to purchase your home please consider me
as your buyer's agent.
Please click on my picture to view my profile and the services I offer.
I would say that it is a good idea. Especially in the Grant Park area. There is not a lot of inventory in Cabbagetown currently. When you consider East Atlanta I would focus more so on the EA Village area. The strongest neighborhood out of the three is the Grant Park neighborhood in my opinion. It is very popular with first time buyers, young families, full mature families, and well...lets just say it is a great area that attracts many walks of life.
I'd be happy to further discuss the different neighborhoods and what they have to offer with you anytime. Feel free to give me a call whenever you can.
Tyler Willis, REALTORÂ®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308