Atlanta Real Estate FAQs

The answers to frequently asked questions (FAQ) about Atlanta real estate can help you to make a better real estate deal. You can also approach a real estate organization or agent in Atlanta to clarify your points.

How much money is required to buy an average home in Atlanta?

This depends upon a number of factors such as the size and location of the home, the comforts you are looking for, and the procedural fees.

Why do Atlanta home prices go up?

High employment rates and the growing population have raised Atlanta real estate prices. Atlanta’s rapid all-round growth contributes significantly to the price hike as well.

What are closing costs?

Various expenses associated with selling and buying of a home, paid at the closing of the mortgage process, are collectively referred to as closing costs. For sellers, closing costs can be approximately 9.5% of the total price of the property.

What are the requirements for Real Estate Settlement Procedures Act (RESPA)?

This is a consumer-protection statute and requires that certain information about property loans be revealed, such as estimated closing costs and Annual Percentage Rate (APR).

What is the current trend in the Atlanta condominium market?

There has been an explosion in Atlanta’s condo and loft market over the past few years. Ranging from renovated warehouses and factories to high-rise condos with many amenities, Atlanta has a buzzing condo and loft market.

What is special about Atlanta’s neighborhoods?

Atlanta’s neighborhoods have some historic importance. You find Jewish communities and a historical African-American population in the neighborhoods. Most neighborhoods have civic associations that work for the welfare of the local community.

Is There Still Profit in Wholesaling Phoenix Homes?

Phoenix, AZ was widely considered one of the first housing markets to start turning around in the U.S. and became the epicenter of a new real estate investment surge. So is there still any room for the city’s home prices to grow and profits for those wholesaling homes?

Last year real estate investors from all over the country and in fact all over the world descended on Phoenix to scoop up bargains on single family homes to be converted to rental properties. This has led to some incredible growth, in the region of over 30% per year.

However, the increased competition has also driven many to other locations since early 2012. Giant private equity firms and individual investors alike have turned to the likes of Detroit and Atlanta in search of more distressed properties.

So is Phoenix’s growth sustainable and should you still consider wholesaling homes there?

A panel of experts and report from the Phoenix Business Journal quizzed on the city’s status, not only concluded that Phoenix doesn’t just still have potential but hasn’t even really gotten into full recovery mode yet, let alone a new boom phase.

Local business analysts point to the fact that despite, apparently sporting some impressive digits in home price growth recently the city still has to regain 60% of the jobs lost in the crisis before really kicking into high gear.

This is in addition to local property ownership still resting 20% below previous highs and the springboard point needed to be reached before really launching into a new boom phase.

In summary the report predicts another 40-50% growth in Phoenix housing prices to go. Based on historical housing cycles and an estimated 10-15 years of upward movement to go it could easily well surpass this.

Even the pessimists can’t deny the additional boost the returning jobs will provide. This is on top of the fact that around 40% of locals simply can’t qualify for a mortgage today due to credit issues. However, many are already well on the way to mending their finances and credit scores and will provide additional kindling for the housing market once they can get home loans.

39% of Arizona home owners are also still underwater but as more opt for short sales and others see equity return more homes will go up for sale, fueling the market with new transactions and providing more upward momentum in home prices.

Let the competition head off to Detroit or Atlanta, there is plenty of room for growth here and rising rents. Those wholesaling homes, rehabbing and flipping houses and even continuing to expand rental portfolios will all find plenty of opportunity in the Phoenix market and perhaps even more bargains as others keep heading off to the latest ‘hot spot’ in the media.

Atlanta Real Estate Law

The main idea behind the formulation of Real Estate Laws is the protection of public interest. This license law pertaining to real estate in Atlanta has been in place for a very long time, since 1926 to be exact. Some changes were effected in the law in 1999. The headquarters of the Georgia Real Estate Commission is in Atlanta.

For either buying or selling a house in Atlanta you will need to use the services of a broker. The broker’s commission is generally paid by the seller.

People do not step into the property market with ready cash in hand. Most home buyers need to borrow money in order to purchase their home. Even people who have enough assets to liquidise and finance a new home go in for financing deals as in the long run the returns on the money are better as real estate appreciates pretty fast. At times tax relief is a main reason for going in for a mortgage. The home loan taken by property buyers is called a “mortgage.” Generally, a mortgage is a loan of money to the home owner secured by a “lien” on the real estate. The law provides for issues like non payment of mortgages, foreclosure and the like.

Rules regarding the fine details of mortgage deals are laid down specifically by law. There are basically three types of mortgage options. A fixed rate mortgage carries an interest rate that remains fixed throughout the term of the mortgage. The second option is the adjustable rate mortgage that carries an initial fixed rate of interest. And after a fixed time interval the rate of interest reflects market trends. The third option is a balloon mortgage under which after a fixed monthly payment for a fixed time period the balance becomes payable all at once. Generally those who do not qualify for the first two types of mortgages opt for this one. And when the fixed time period is over they go in for refinancing the mortgage. Another option available is referred to as the home equity loan. Under this a floating rate of interest over a period of time is applicable.

Direct lenders such as banks and other financial institutions offer loans. The applicant’s ability to pay back the loan is assessed and once all formalities are completed the loan comes through. Getting the best interest rates will however need some homework as rates vary from bank to bank and region to region. A good place to get mortgage related information would be [http://www.iown.com].