1. Housing prices are LOW! In February, Metro Atlanta Home prices reached a 10 year low. FMLS statistics show that the average home price was $176,378. You would have to go back to December of 1998 to find lower average pricing.
2. Selection is still great! Even though the number of available properties for sale in Metro Atlanta has decreased from its peak, there are still plenty of fantastic properties on the market. Whether you’re in the market for move-in ready, a fixer-upper or new construction you’re sure to find a great place to call home.
3. Great mortgage rates! With mortgage rates hovering around 4.5 – 5.5 %, the cost of financing is at a 40 year low. The combination of amazingly discounted prices, abundant home offerings and fabulously low rates makes the perfect storm for buying opportunities.
4. Sellers are motivated! Great incentives are often available on bank owned, corporate owned, new homes and owner occupied re-sales. Some items you may find negotiable: seller paid closing costs, home warranties, HOA dues for 1 year, appliance packages, carpet upgrades and/or other repairs to name a few.
5. We are at or near bottom! Industry experts have been reporting that if we are not at the bottom, then we’re very close to it. In fact, sales pace is picking up in many of the markets that were first to decline. The only way to know for sure if we’re at the very bottom is after we’ve come out. By then, it’s too late for the very best deals!
6. Tax Credit!Take advantage of the First time home buyer tax credit by closing before December 1st, 2009. Unlike the previous $7,500 tax credit, this one does not have to be repaid. Income limits do apply and the purchase must be for your primary residence. Use the link in the First time home buyer link to learn more.
7. Georgia Dream! Did you know that the Georgia Dream NSP Purchase Program provides up to $14,000 to qualified buyers on the purchase of a foreclosed home, in eligible areas? The program began April 1, 2009 and all funds must be disbursed by June 30, 2010. Similar past programs have proven to be so popular, that funding ran out early in the program. Don’t wait – live your Georgia Dream TODAY!
8. FHA 203k “Rehab Loan”. Sometimes that great deal needs a little TLC. That’s exactly what the FHA 203k Rehab Loan was made to do. It’s no secret that many of the foreclosed/abandoned properties have had a dramatic and lasting impact on the surrounding communities. This program is a way for FHA borrowers to have the financial means to improve their purchased property and bring it up to neighborhood standards, thus preserving community home values. This money is calculated into the sales/mortgage amount and the funds are disbursed from an escrow account to cover the cost of improvements. To qualify, the home must need at least $5,000 but not more than $35,000 in repairs. Inspections and appraisals will be necessary. Visit the FHA site, or contact your lender for detailed information.
9. HUD $100 down payment program! What can you get for $100.00? How about a HUD home! That’s right. HUD (the US Department of Housing and Development) offers buying opportunities for as little as $100.00 down on a HUD owned property. “Buy HUD with FHA” is for the purchase of owner occupied homes and is available to qualified buyers. Your golden opportunity may only be $100 away! Also check out their “Good Neighbor Next Door” programs for Police Officers, Teachers and Emergency Medical Technicians.
10. Remodel Express through Wells Fargo! Another program to be used in conjunction with FHA loans, Remodel Express provides funds and resources to turn that new address into home sweet home. It works similar to the FHA 203k Rehab Loan, but is available only through Wells Fargo. The program offers pricing and services through Home Depot, Lowes and Sears to make renovations simple. Visit Linda Stratton at Wells Fargo for more information on this “just hatched” program today! Tell her Lisa Oden sent you!
Now, contact me TODAY and let’s start shopping!