Atlanta, GA Real Estate

Atlanta, Georgia’s capital city and a major Southern financial and creative hub, remains a city of the future and one of the top five cities for relocating young professionals to call it their home. Atlanta’s strategic location in the foothills of the southern Appalachians in north-central part of Georgia, its mild climate, physical beauty and job prospects have been instrumental in attracting large numbers of settlers making it a sought-after destination for home owners. The average estimated value of a home in Atlanta, GA was $274,281 in May 2009, up 0.05% from April 2009. Currently Atlanta has an average listing price for homes for sale of $444,954.

Atlanta comprises of two County Areas: 10 County Region, covering Clayton, Cherokee, Henry, Cobb, Douglas, DeKalb, Fayette, Gwinnett, Fulton, and Rockdale counties; and a 20 County Area including Barrow, Carroll, Bartow, Coweta, Hall, Forsyth, Newton, Spalding, Paulding, and Walton counties. The County Regions are home to several cities and communities like Acworth, Douglasville, Alpharetta, Fayetteville, Marietta, Kennesaw, Milton, Powder Springs, Peachtree City, Roswell, Smyrna, Sandy Springs, and Woodstock. How about investing in Marietta? It is at a distance of 15 miles from Atlanta downtown area and is reputed as one of the largest suburban regions of the metro area. Whether you are a first-time buyer or a pro at real estate, Marietta offers a choice just for you.

Given the current situation, one thing is certain – the Atlanta metro area still has an over-supply of homes for sale due to an abundance of new homes, Atlanta properties that are up for foreclosures, difficulty in availing loans and an overwhelming number of houses, be it simple apartments or large estates. Real estate is soft at present, but the Atlanta real estate market has been not been affected by many of the national changes. It’s a great time to buy a home condo or town home in Atlanta; in short, this is perhaps the right time to negotiate your next new home with an experienced Atlanta real estate agent. The chief advantage of opting for Atlanta real estate is that while in other US locations a large property price could scale up to millions, here it is within the comfortable zone of $200,000. Atlanta’s cost of living is also equitable with the national average, leaving the people with enough to take off on vacations, enjoy nightlife and explore the city’s cultural wealth!

Advertisements in the dailies published locally are considered to be the largest expenditure incurred by Atlanta realtors. However, today Atlanta homes are also within visibility range, thanks to the popular home search or listing services on the internet; advertisements on the radio and television, and catalogues of Atlanta real estate. Good news is on the horizon with recession showing signs of waning and housing prices once again picking up ensuring that your new home will appreciate in value as the years go by.

Atlanta Home Mortgages

When purchasing a new home in Atlanta, a buyer should consider the mortgage interest rate and his own financial capability. Then he should think about the lending period of the home mortgage. Generally in the case of a fixed rate mortgage, where the rate of interest stays the same, the time span ranges between 15 years to 30 years.

If the borrower goes for long-term loan, obviously his interest payment will be higher. However, he can avoid that without reducing the initial size of the mortgage through higher monthly payments of the principle amount. But higher monthly installments reduce the flexibility of the borrower. To avoid this he may opt to pay one extra monthly payment every year.

The borrower may also choose an adjustable rate home mortgage in which interest rates fluctuate with market interest rates. The interest rates of such mortgages will be lower when compared to those of fixed rate mortgages. In such a mortgage, the borrower pays lower interests for the first four or five years followed by interest rates in accordance with market indexes. Therefore personal priorities and resources are carefully considered before applying for any home mortgage.

The borrower may research home mortgage options with a real estate broker. Or he can do his research online. There is a controversy reporting that whites in Atlanta receive five times as many home loans from Atlanta banks as blacks of the same income. In order to overcome this, the $20 million Atlanta Mortgage Consortium (AMC), a lending pool, has been hiring a number of black-owned public relations firms.

5 Steps to Improving Your Credit Score for a Better Home Loan

Buyers, make sure you are on a solid credit score footing in order to obtain a home loan. You can do this by understanding and practicing these five healthy home-buyer’s habits.

Review your credit report at least once a year. Inaccuracies aren’t uncommon, and it takes time to set the record straight. Each of the three major credit reporting agencies–Equifax, Experian, and TransUnion–provide one free credit report per year. Go to freecreditreport.com . You will be charged about $15 to see the actual score, but you’ll see the cost is worth it.

Stay consistent with your spending behavior. A surprisingly good credit score can tempt you as a prospective home buyer to open credit card account or take out a loan for a new car. Such actions can damage (lower) a credit score during a critical time, making it harder to obtain the loan you want.

Apply for the best mortgage loan you can find and remember that other factors besides credit score, like the size of your down payment, come into play when applying for a loan.

When you have determined your intent to buy, know that there is a difference between “prequalification” and “pre-approved.” Prequalification means very little in terms of a consumer’s ability to obtain a mortgage. Go ahead and get pre-approved, a process in which the lender checks your employment history, income and bank funds and reviews your credit report.

After closing on your new home, remember to continue to practice the above habits in case you decide to refinance or move again. It’s a good idea to always keep your credit score in mind as you anticipate the prospect of home buying, or with the expenses of being a new home owner