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Home Buying in Atlanta : Real Estate Advice

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Activity 1,053
Tue Mar 5, 2013
Fred Yancy answered:
According to the Associated Press ~ In stark contrast to this time last year, the housing market is chugging into 2013 with a head of steam.

Home-listing prices were up 5.1% nationally in December on a year-over-year basis, according to data released Thursday by real-estate listings and data company Trulia. Out of the 100 major metro markets covered by the report, 82 of them saw year-over-year gains. At the end of 2011, asking prices had fallen 4.3%, and only 12 markets had posted positive price changes.

“Prices are going into 2013 with strong tailwinds,” said Jed Kolko, chief economist for Trulia. He cites a general strengthening of the job market, which in turn means more families able to cover a sizeable down payment. An increase in household formation, which is also the product of improving job prospects, and home construction could further bolster demand.

Mr. Kolko notes that the sharpest tightening of inventory is taking place in Western states. Four of the top 10 cities to see the largest asking price recovery were in California, including Oakland, San Jose, Sacramento and Fresno.

Las Vegas, which was hit hard after the bubble burst, came in at the top of the list with a 16.3% year-over-year listing price increase. In the same period in 2011, prices dropped 11.2%.

To be sure, even among the markets with major gains, some are better positioned for a sustained housing recovery than others.

While Las Vegas may have seen the largest asking price turnaround, it remains far below pre-bust levels. The problem, Mr. Kolko says, is that the market remains unstable, with high vacancy rates, lingering foreclosures and subpar job growth.

On the other hand, metros like Seattle, which came in second on the list of cities with the highest asking-price recovery, are on a smoother path to growth because of their strong economic fundamentals, he said.

Meanwhile, rents rose nationally 5.2% in the same period. In 17 of the 25 biggest rental markets, home prices are rising faster than rents, according to Trulia. Whereas ownership was typically more affordable than renting in most markets in recent years, as sales demand rises, that edge is becoming less apparent, Mr. Kolko said.


Kira no one has a crystal ball to predict the future. It is all speculation. So far things are improving in the economy and in the real estate market, prices are increasing due to high demand and low inventory. If you don't have to wait two more years, I would strongly advise to jump in with both feet now while prices and interest rates are still very affordable.
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Mon Jan 14, 2013
Suzanne MacDowell answered:
Find a good realtor. The banks will not work with you directly. Foreclosed homes and short sale homes only become available for purchase when they are listed with a realtor, so it is really the only way and you will be happy to have the advice and guidance of an experienced realtor. And it won't cost you a penny, the commission is paid by the bank. ... more
0 votes 12 answers Share Flag
Wed Jun 10, 2015
Stephanie McCarty answered:
the work you are asking the agent to do is anything but minimal. Finding the house is the easiest part. You can ask anything but if you are working with an experienced, good agent, don't expect it. ... more
0 votes 30 answers Share Flag
Sat Jan 5, 2013
Michael Hammond answered:
You can always offer less than asking price, Kira, whether cash or mortgage, but why would you offer $1 more than you have to in order to receive an accepted deal? Getting the comps and writing a great contract is key here. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
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Thu Jan 3, 2013
Ken Guillen answered:
Sally,





If I am a buyer and other than my personal desire, the two main motivators are as follows:

1. Low interest rates....they are great and will likely rise!
2. Home prices are still lower and have not returned to 2009 levels. They are on the rise and it is
best to take advantage of these lower prices.

In combining these two advantages a buyer should be at a distinct advantage.As interest rates rise as well as home sales prices payment increases would be noticed. For example it is $4.50 per thousand at 3.5% and $6.00 per thousand at 6%. A home at $150,000 would have a payment that is $$225 more at this higher rate not only a substantial amount but one previously thought to be a good rate.

If overspending in the current administration causes another recession and we flatten out again on homes prices, it might delay appreciation but rates will likely climb and still leave an advantage. Fortunately, they did not remove home deductions for interest. (Not being political, just factual)

Ken
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Wed Jan 2, 2013
Fred Yancy answered:
Why You Should Work With a Real Estate Agent

Here are reasons why it pays to work with a real estate agent...

You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

Get objective information and opinions. Real estate agents can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

Real estate agents have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. Real estate agents, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.


Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
http://fredyancy.crye-leike.com
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Wed Jan 2, 2013
Lee Taylor answered:
Sprawling mid century ranch on acreage with a fly pool - coastal, but elevated - Southeastern US
0 votes 4 answers Share Flag
Tue Jan 1, 2013
Jen and Mark Bowman answered:
Feel free to give me a call. I had one under contract there last month. It was a short sale and there's a foreclosure coming on the market.

Jen Bowman, Broker Associate
Keller Williams Realty
404-456-5024
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0 votes 6 answers Share Flag
Fri Jan 20, 2017
Michele Goddard answered:
Amanda -- If you have 20% to put down, and can meet a few other qualifications I might have a referral for a lender for you. Please email me if interested at Micheleatkw@gmail.com.

Michele Goddard
Keller Williams Metro Atlanta
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0 votes 12 answers Share Flag
Mon Dec 24, 2012
Scott Godzyk answered:
There are too many variables for an answer that fits all. It will depend on what your home is worth in todays market,m what you paid for it and if you did anything to improve its value. A good listing agent can guide you through the process. ... more
0 votes 7 answers Share Flag
Wed Mar 1, 2017
Scott Godzyk answered:
In all areas the amount of types of mortgages is restricted and alot tougher to get. The key fact is the lower the credit, the more you will need down. A good local and trusted loan officer is the place to start, if they can not do it, it likely can not be done. ... more
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Thu Jul 31, 2014
A. Raenee answered:
Good afternoon to you and Happy Holidays! I live in Midtown, for so many reasons:) Would love to assist you with advice - what would you like to know? What is your price point? How many bedrooms do you want? How long do you want to Lease for if that options is selected?

Check out my website at www.ARaeNeeSellsBuckhead.kwrealty.com - you can search ALL available homes for lease and for sale from the site - Let me know if you see something you like.

Have an amazing rest of your day.
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0 votes 17 answers Share Flag
Mon Dec 24, 2012
Liz Thorneloe answered:
I am happy to refer you to a top agent for the area. There are excellent schools in Gainesville and Cumming, less than a 30 mile commute. This is a beautiful area. I'd love to talk with you and help find you a great agent. ... more
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Tue Aug 5, 2014
answered:
That is a possibility if you are a W-2 employee.

All loan programs today require a verified continuous 24 month employment history in the same line of work, but not necessarily with the same employer. There are only a very few of exceptions to that rule. Those exceptions are as follows:

1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Sat May 24, 2014
Adam Morrison answered:
Midtown is popular for multifamily units (your 30308/9 zip codes) as well as other areas such as the VA Highlands and less so in other areas like Candler Park, Grant Park, etc. Feel free to contact me for a list of lenders. ... more
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Sun Dec 16, 2012
Elizabeth Walton answered:
Hello Sheenagautier, thank you for your inquiry about a rent to own home and your concerns. Are you using a realtor? And the exact address of the subject house? Some additional information and the advice of an agent might help you determine if pursuing this home is wise.

Sincerely

Elizabeth 'Beppy' Walton, Realtor
ASP, CFIS, DPP
Keller Williams Buckhead
C/404 234 9418; eFax/404 604 3965
Email: beppyswalton@gmail.com
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Thu Dec 20, 2012
Fred Yancy answered:
Castleberry Point has loft townhomes that start at $149,900 and are centrally located, near public transportation, has a roof top pool and a beautiful courtyard. If this does not fit the wish list then there are plenty of other desireable properties in the downtown/midtown area. Feel free to review additional properties that are available on my website at http://fredyancy.crye-leike.com

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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0 votes 14 answers Share Flag
Mon Dec 10, 2012
Tony Warfield answered:
Hello Paul,

Hopefully the condo your wife owns is not upside down and she won't be in a short sale position. This would be a problem trying to qualify for a loan. But regarding a down payment, there are many options when it comes to financing a home with less than 20% down. I suggest that you consult a lender to discuss your specific circumstance and what options you will have once your property is sold.

If you would like to know the value of the condo here in Los Angeles and what price you might be able to sell it for, please feel free to contact me. Congratulations on the new addition to your family.

Tony Warfield
Associate Broker
3 Leaf Realty
310-634-9342
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0 votes 9 answers Share Flag
Mon Dec 10, 2012
Isabel Elsesser answered:
NSP has certian income requirements to qualify for the down payment assistance.
Usually is a great deal if you like the location of the home.

Non NSP means you can buy in any area of town without limits of any kind.



Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
www.isabelsnewhomes.com
www.Buford.georgiamls.com
Direct 770-307-8751
Fax 888-799-3184
Over 24 Million SOLD




Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
www.isabelsnewhomes.com
www.Buford.georgiamls.com
Direct 770-307-8751
Fax 888-799-3184
Over 24 Million SOLD




Isabel Elsesser, Realtor
First United Realty
Save Time & Money!

www.isabelsnewhomes.com
www.Buford.georgiamls.com

Direct 770-307-8751
Fax 888-799-3184
Over 24 Million SOLD
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0 votes 2 answers Share Flag
Tue Dec 18, 2012
Solomon Greene answered:
Answers to this question can go in so many different directions. If you're discussing owning and occupying a unit of a high rise, there are a number of pros...

â—˜ Exterior and common area care is the HOA's responsibility
â—˜ Live where the action is (high quality of life), often with great city views
â—˜ Short commute time

Here a just a few cons...

â—˜ The owners must pay their HOA dues in order for the HOA to provide services (by the way, selling will be a challenge if the HOA dues delinquency rate exceed 15%)
â—˜ There's always the risk that nearby units will be purchased by investors who will rent to inconsiderate or otherwise undesirable tenants (by the way, selling will be a challenge if the owner-to-investor ratio exceeds a certain percentage)
â—˜ Lack of privacy may also be an issue as neighbors can determine when you're home (car in open garage or neighbors see when you come/leave).

Hope that helps

Solomon Greene
Associate Broker, Duluth Home REALTOR®, CDPE, Georgia-certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
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