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ROMANIAN TIMES
by Mara Circiu, Atlanta, Georgia
It’s a seller’s market…and it’s here to stay!
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. This
time, the favored ones are the sellers, it is not unusual for
homes to go under contract in the first few days of being
listed, and selling in record times!
Traditionally, the summer months are the busiest
times of the year for the residential real estate market. The
warm and sunny summer 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. Living in the South, the summer lingers on well
beyond the Fall Equinox, and selling your home has equal
appeal in summer, as well as the colder months. There are
quite a few Market Analysis reports, customized on your
needs and interests that I would be more than happy to
provide you with, free of charge and in a timely manner.
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 by
multiplying 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.
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
MOSTATRACTIVE.
Even today, to own a house is the biggest
financial decision of your life, for many still is part of
theAmerican dream, it is up to you to make it happen!
I would be more than happy and 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
TOGETHER, WE CAN TURN THESE DREAMS
INTO REALITY!