Feb 14
Atlanta Real Estate
With a geographic area of more than 8000 square miles and 10 counties, Metro Atlanta is definitely not the average sized city. The there is large difference in prices depending on which area of Metro Atlanta you are interested in. If you are looking for a more urban place, the cities of Atlanta, Decatur, Buckhead, Sandy Spring, Roswell, Alpharetta and Marietta are the places to begin your real estate search. These cities combined have the same population as the Cobb, Dekalb and Fulton counties, and have some of the most expensive and unique homes for sale in this area. Of course, each city has its own unique personality and lifestyle that only add to the diversity of the Atlanta real estate market.

There are at last 60,000 single family homes available at any one time, that even searching with a realtor can be difficult. Since Atlanta is a large area to begin your property search, it is important to determine which part of Atlanta you wish to be located in. Once this has been determined, you can begin simplifying your search by looking at houses that match your criteria. Many good real estate websites offer tools that can limit the criteria and refine your search. More advanced and newer real estate sites have interactive maps that populate listings according to the criteria you set up. This is an especially great feature as it can help you get an idea of your house situation in relation to surrounding areas.

While looking at locations to relocate your family, do not forget to look at surrounding school districts. If possible, think about purchasing a home in a great school district. Even if you do not have children, the great school district is indicative of many positive aspects of the community and helps raise the resale value of your house if you choose to sell it later on. Homes in great school districts are often in high demand and also indicate affluent areas and correlate to higher property values.

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Feb 7
Atlanta Real Estate
Between the years of 2000 to 2005, home prices have doubled across the country. During the same time span, many creative financing programs, such as zero down-payment, adjustable rate loans, ARMs loans, and others have gained popularity. In term, these same programs have helped people whose income, debt level and credit history would normally not permit them to purchase homes.

Many real estate markets are experiencing declining prices. In these times, it is common for the amount owed on a loan to exceed the value of the property itself. If the homeowners are unable to make their monthly mortgage payment, the potential for a default on the loan or foreclosure of the property increases.

Short sales are becoming an increasingly popular trend as the foreclosure rates continue to rise across the nation. “Short sales” is a term used to describe a situation in which the lender agrees to sell the property below the original appraisal rate to avoid foreclosure, in the case that the homeowner is at risk for defaulting on the loan. Many lenders do not easily agree to a short sale; however circumstances as the loss of a job or the death of a wage-earning spouse may make some more open to the idea.

Once a property is sold as a short sale, a portion of the original loan’s value is earned, the homeowner avoids the stress of foreclosure, and the new owner gets a property at a good price. In the case a short sale doesn’t work, the property does go into foreclosure.

Depending on how the lender reports the outcome of the short sale, the homeowner’s credit may be impacted. Some lenders report a partial loan repayment, which does not negatively impact the credit of the borrowers. Other lenders, however, can report the sale as “settled,” which may cause a significant negative impact on the borrower’s credit. Also, the portion of the loan forgiven can be counted as taxable income by the IRS.

While there are positive aspects about conducting short sale deals, there are also potentially negative consequences. The short sale of a home does not only impact the borrower’s credit, but can reduce the value of similar homes in the area, and may result in more taxes for the borrower. Homeowners having difficultly with making the monthly mortgage payment should talk to a real estate agent experienced in short sales.

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