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ROMANIANTIMES
Exciting news in the Real Estate Market,
After a few years when the housing market
seemed to face serious challenges and downfalls, the
real estate market is back to business as usual, once
again.
Traditionally, the spring and summer months
are the busiest times of the year for the residential real
estate market. The warm and sunny spring days are
more inviting for house searches and showings, and
many families prefer not to disrupt the school year
with such a big challenge like moving.
In the last few years, the Metro Atlanta area
benefited from more homes on the market, but also
more buyers, fierce competition and an increase in
prices. If you are in the market for a house this spring,
there are a number of steps you can take to gain a clear
advantage over other homebuyers.
The first step in the process of purchasing a
home should be assessing your buying power. As a
simple rule, you can get a very rough estimate of your
affordable home price range bymultiplying your annual
gross income by 2.5. For example, if your annual gross
income is $80,000, you may be able to afford a home
worth $200,000, this varies depending on current
interest rates, your debt and credit history. Lenders
recommend that your mortgage payment (principal,
interest, taxes and mortgage insurance) be less than
28 percent of your monthly gross income. Another
requirement is that all your other monthly debts (credit
cards, student loans, alimony, child support, car loans
and housing expenses) should be less than 30-40
percent of your monthly gross income.
Enlist the help of a professional, a Realtor
becomes in this quest for finding the perfect home your
best friend and advisor. Interview several realtors,
and select the one that is the most experienced and
knowledgeable, somebody who is a great listener,
***
exhibits a great level of optimism and diplomacy,
somebody who has a track record of successful sales,
and is definitely passionate about their job.
Just knowing how much you can afford, it
does not guaranty you a loan, you should talk with a
lender, and get pre-qualified and pre-approved. This
will give you an advantage on several fronts, you
will know exactly how much you can afford, how
much the bank is willing to lend you, and it will also
show the sellers that you’re serious and ready to buy
when you are ready to make an offer.
The discussion with your lender will be very
informative, and it will also make you figure out how
much you will need for a down payment. First-time
home buyers typically make a down payment of
3.5 percent on a home purchase. Another important
aspect of the home financing is the closing costs,
which will often run two to seven percent of the
property’s purchase price.
Be ready at a moment’s notice. The current
market conditions do not allow a good house to sit
on the market for too long. Your realtor will email
you new listings as soon as they’re available. If he or
she finds something that matches your criteria, you’ll
want to look at the house as soon as possible and be
ready to make an offer QUICKLY.
When looking at houses, look at the
potential. There are major factors you won’t be able
to change like the neighborhood, proximity to work
and schools, the basic floor plan of the house and
size of the backyard, among other things. If you’re
put off by paint or carpet color or old linoleum floors,
envision what the walls will look like with your color
of choice and the floors in a material you prefer.
by Mara Circiu,
Atlanta, Georgia
If you’re buying in a seller’s market, listen
carefully to your Realtor or agent about how much
you should offer. If there’s competition you may want
to offer more than the listing price and you should not
try to request things like carpet allowances or a long
closing date. If you know sellers may have several offers
in front of them, you’ll want to make yours the MOST
ATRACTIVE.
Even today, to own a house is the biggest
financial decision of your life, for many still is part of
the American dream, it is up to you to make it happen! I
would be more than happy an honored to help you in the
quest for the home of your dreams, I am only a phone call
or an email away. Please do not hesitate to contact me
at 404.966.6377 or
mcirciu@gmail.com .TOGETHER,
WE CAN TURN THESE DREAMS INTO REALITY!