This is definitely the time to take advantage of the real estate market. Interest rates are at their lowest in over 40 years and I do not think we will see values like this again in our lifetime. There is a great selection of inventory available in just about every price range which gives buyers outstanding value. If you are anticipating the bottom, you may miss it and have to catch the wave on the way back up, which is why you should consider investing in the real estate market now.
The Federal Government is making available an $8,000 tax credit for anyone who has not owned a home in the last three years. Also, the State of Georgia is offering another $1800. So combined, this is $9800 to help purchase your home in Georgia.
In today’s market more than ever, correct pricing is what it takes to sell a house. Every buyer is looking for “the deal” and with so many foreclosures and short sales available, it is imperative to be priced competitively. If you are a seller, on the positive side, you must remember that whatever loss is incurred on the selling end, you can more than profit on the buying side as you, too, can find “great deals” and ultimately come out ahead.
For investment, the Atlanta Area Real Estate Market has so much going for it. The Atlanta economy remains strong with population growth continuing, along with great economic growth, the fastest growing metropolitan area in the nation since 2000, future job growth projected, affordable housing, low energy bills, temperate weather, lovely terrain and convenient locale. U-Haul released the results this year, of the annual U-Haul National Migration Trend Report. According to moving data reflective of nationwide statistics for calendar year 2008, Atlanta once again takes the No. 1 spot for the 2nd year in a row.
The good news is that the nation’s median home price is projected to have only another 5%-10% to fall (IHS Global Insight - the most consistently accurate forecasting company in the world). Lower prices have lured buyers recently, so sales are stabilizing in some markets. Economists currently forecast that in the national average, we will see the bottom either from the 1st quarter of next year (Moody’s Economy.com) to the first half of 2011 (IHS Global Insight).
When buying a home, the first thing you should do is make sure you are financially ready to buy a home. You want your home to be a blessing - not a curse - so it’s crucial to look at your income, savings, expenses and debts, budgeting all accordingly and examine to see if home ownership is affordable to you at the present time. Prior to the start of your search for a new home, you may want to speak with a lender to get pre-qualified for a loan. This is an unofficial estimate of the home you can afford, which helps you focus on a specific price range, saving you time so you won’t be looking at properties well over the price that you can afford to purchase.
“My hope is that everyone who is capable, may obtain the dream of Home Ownership.” Judy Ballard