Tips for First Time Home Buyers

So you have earned enough money to buy a house but the problem is you do not have any idea where to start. That’s perfectly fine.  In fact, 90% of first time home buyers have experienced the same thing. And based from my personal experience, people tend to buy the house that fits their budget without further considering the countless factors when buying a house.  It is crucial for first time home buyers to be sensitive with the different elements involve in the process.

Before buying a house, one must carefully design a course of action. Doing this will reduce the amount of stress, regrets and ultimately prevent bad decisions along the way. Remember that buying a house can be one of the major investments you will ever make so understanding what you want and how you want it will be the fundamental questions you need to answer before buying the property.

Now, let us break down useful tips and pointers for first time home buyers.

  • List down your reasons and goals why you want to buy a home. Knowing your goals will help you identify the type of home suitable for your needs, budget, and mortgage. There are numerous options for home buyers when it comes to residential properties like a condo or a townhouse. Factors like the size, style, interior layout, neighbourhood, and location must be considered. From this point, you might get mystified because it seems that every option is ideal. This is where knowing your goals are important because it will aid you in deciding which type of home helps in reaching your goals.
  • Next is to determine your own budget and the amount of mortgage you are capable of.  The amount of mortgage that will be given will usually depend on the homebuyer’s income, job stability or existing debt.
  • Get the best help in town. Once you got your goals and amount of mortgage ready, get a good real estate agent in your area or someone you know or was referred by a trusted source to help you in buying your first ever home.  A real estate agent can help you in finding properties that might be suitable with your needs.  They usually keep an updated list of available homes in the area which makes it easier for the home hunting process. As a homebuyer, you can also look for available lists in various resources such as the web and papers and have it checked with your real estate agent. They can also help you in the negotiating and buying processes such as making offers with the seller, getting loans and insurance, paperwork, and inspections.
  • Calculate the total monthly housing cost including the taxes and insurance and closing costs. This will help you get a bigger picture on how much you will spend and see if it is viable.
  • Choose the most secured loan available.  First time home buyers are usually offered a wide variety of financing options by their own state.
  • Hire your own professional inspector.  The home you are eying to buy might appear faultless, don’t get too overconfident. Have it inspect carefully to ensure safety, security and overall quality. 

When closing the deal, brace yourself and get ready for tons of paperwork. Have your real estate agent keep close by your side so they could help you understand and secure everything you are signing on.

Josh writes for Scott Maizlish’s Park City Realtor Blog. Visit their website for Park City Real Estate news and updates. Or check them out at Scott Maizlish Park City Realtor’s Google + Page.

The Crucial Steps You Need to Know to Minimize the Risk of Owning a Home

Once upon a time, owning a home was considered to be one of the safest investments someone could make. These days with thousands of people underwater with the mortgages, and many others have walked away, owning a home has become a lot scarier, and out of reach for many. While it may be scary to purchase your first home (especially after all the bad press about the recent real estate bubble), it’s still one of the best investments anyone can make for your future. Owning a home doesn’t have to be scary. The easiest way to minimize that risk is by following these crucial steps.

Avoid Subprime, “Special” or “Adjustable” mortgage rates and find a fixed rate mortgage

One of the biggest problems people faced when they were having trouble with their homes was that they took out an adjustable rate mortgage. The appeal of an initially low interest rate got a lot of people into homes. Unfortunately, many were not prepared when the interest rate increased and the monthly mortgage went up, squeezing the homeowner out of their home.

While adjustable rate mortgages are appealing because of their promises of a low interest rate, a fixed rate mortgage allows the homeowner to plan much further in advance. This predictability for your finances is invaluable for many, and the peace of mind is worth much more than what you might otherwise initially save by using a special or adjustable rate mortgage.

Put a Home Warranty in Place

One of the most common things potential homeowners talk about as a deterrent to buying a home is the fact that when they buy it, that’s it, they’re the ones responsible for whatever may go wrong. That’s why to help alleviate that risk, when buying your home, you should put a home warranty in place. A home warranty will help cover any major costs associated with the general upkeep and maintenance of your new home. This is mostly limited to things like fixing a leaky roof, a broken hot water heater, or wiring that may have gone wrong at some point.

Your home warranty will begin once you close on your home kicks in. Depending on the coverage you selected, this warranty will help cover your home against whatever may break, wear out or need replacing. Some companies even offer you coverage for major home appliances like your dishwasher or specialty fixtures that may come with the home. In Atlanta, the seller is usually willing to pay for it for the first year.

Inspect & Price Potential Repairs

Your dream home may be in the perfect neighborhood, close to the best schools and right next to work, but you don’t want to move into a place that all sorts of problems that you’d be responsible for after purchasing. Generally, pest and roof inspectors will provide you with an estimate if they encounter any problems. A more general inspection report of the home could reveal many problems that will need to be repaired before you move in. Work with your agent, you should be able to schedule actual repair contractors to come and evaluate the home before you buy and help put together a few bids to give you a better idea of how much work will be needed after your purchase. Going into buying the home with all the knowledge you can get is the best way to negotiate more favorable terms.

Buy with the Next Ten Years in Mind

Purchasing a home comes with certain expectations. Many people who got in trouble over the last few years were trying to play the market and “flip” those properties quickly for a profit. When buying a home now, you should buy with the expectation that you will be living there for at least the next five to ten years. This can give you a better peace of mind knowing that you will have a place that you can come home to while supporting your investment for a long time to come. Things happen in life obviously, so you can’t predict everything that will happen in the next ten years (new job, larger family, etc), but when buying the home, look for one that you can imagine seeing yourself in for the next ten years.

There are no guarantees when you are buying a home. That’s why the more you prepare and think long term, the better off you will be.

Atlanta Real Estate Market Update – Sept 2012

As we head into Fall 2012, we are seeing the typical slow down as we traditionally expect in the fall for both sales and rentals.

Atlanta Area Homes Sale

Since this is an election year, we expect that people are in a holding pattern until the election results are in before people make a purchasing decision. Due to the effects of the “robo-signing” for foreclosures, there was a significant drop off in the foreclosure market. However, a couple of weeks ago, all the fall out has been completed and we expect to see a huge increase in foreclosure filings. August saw 19% increase in advertised foreclosures from July to August. So this will also impact the available home inventory. Currently the home inventory is pretty low, approximately 45,000 active homes on the market today. It will take time for the advertised foreclosure homes to be foreclosed and be introduced into the market. One reputable source estimates that we will see 10,000 advertised Atlanta foreclosures by the end of 2012.

Here are some 2012 Atlanta Real Estate Trends:

We are seeing a huge increase of buyers paying cash for homes. Most of these purchases are real estate investors, but there are several home owner occupied buyers as well.

Banks are listing properties below market value, creating a frenzy, then pitting buyers against each other for highest and best. So in essence, the banks are creating a reverse auction. While this is netting higher returns for the banks, it is creating confusion, frustration and insecurity among buyers.

Another strategy that banks are using is fixing up the foreclosed homes and getting them in buying condition. This leaves real estate investors less inventory that they can purchase, rehab, & make money on. Since traditionally foreclosed homes were not able to qualify for FHA financing, the only ones who would be able to purchase were investors who would then fix them up for profit and then sell them to traditional home buyers.

Banks are not filing the Deeds Under Power. So what does that mean? It means that it is taking a much longer time to close. While we started seeing this trend late last year, it is becoming more prevalent. You can read more about this & the impact it has at New Registration Law.

So what do we have to look forward to in 4th quarter 2012 & into 2013? We believe it will be more of the same until we get some consumer confidence. Want to know what is going on in the Atlanta Rental Market? Click here for information on Atlanta Area Homes for Rent.

 

Homes for Sale | Spalding Park Place

 

Spalding Park Place subdivision, Peachtree Corners, GA. is conveniently located in Gwinnett County near I-285 and Peachtree Parkway.  The neighborhood is only minutes away from fine shopping and dining at the Forum Shops.

Spalding Park Place is very close to outstanding amenities like Simpsonwood Methodist Retreat Center, Jones Bridge Park, Historic Norcross, post office, and Library. Spalding Park Place is one of Peachtree Corners newer custom cluster subdivisions outstandingly unique homes with open floor plans and low maintenance lots. Quiet and settled a more mature neighborhood.

The outstanding local schools that serve are Peachtree Elementary, Pickneyville Middle, and Norcross High School.  The school buses make stops throughout the neighborhood.

Homes in Spalding Park Placeare typically priced from the $350,000  to $450,000 so there really are homes in a choice of price ranges for any Norcross or Gwinnett County home buyer.

CALL ROBIN LANESE FOR UP TO DATE INFORMATION REGARDING HOMES IN SPALDING PLACE AT 678-231-1412.

SEE AVAILABLE HOMES IN SPALDING PLACE!

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Homes for Sale | Spalding Corners

Spalding Corners subdivision, Peachtree Corners, GA. is conveniently located in Gwinnett County near I-285 and Peachtree Parkway.  The neighborhood is only minutes away from fine shopping and dining at the Forum Shops.

Spalding Corners is very close to outstanding amenities like Simpsonwood Methodist Retreat Center, Jones Bridge Park, Historic Norcross, post office, and Library. Spalding Corners is Peachtree Corners largest subdivision with over 500 homes is comprised of mostly brick traditional homes established from the 1980’s thru 1990’s and is a very desirable neighborhood.

The outstanding local schools that serve are Peachtree Elementary, Pickneyville Middle, andNorcrossHigh School.  The school buses make stops throughout the neighborhood.

Homes in Spalding Cornersare typically priced from the $250’s  to $350’s so there really are homes in a choice of price ranges for any Norcross or Gwinnett County home buyer.

CALL ROBIN LANESE FOR UP TO DATE INFORMATION REGARDING HOMES IN PEACHTREE CORNERS AT 678-231-1412.

SEE AVAILABLE HOMES IN SPALDING CORNERS:

  1. 6 beds, 4 baths
    Home size: 3,248 sq ft
    Year built: 1979
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See all Real Estate in the Spalding Corners tract.
(all data current as of 12/17/2017)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2017 FMLS.
Data last updated: 12/17/17 9:13 PM PST.

Walk Score provided by walkscore.com.

Homes for Sale | River Colony

River Colony subdivision, Lawrenceville,GA. is conveniently located inGwinnettCountynear I-85 and Duluth Highway.  The neighborhood is only minutes away from fine shopping and dining at Discover Mills.

River Colony is very close to outstanding amenities like the Gwinnett Civic Center, Collins Hills Sports Park, Sugarloaf Country Club, Gwinnett Technical College, post office, and library. River Colony has several different phases is a very family oriented Subdivision. The neighbors enjoy their lovely amenity center with adult and children’s pool, 8 lite tennis courts, children’s fenced play area, full club house and all  beautifully landscaped.

The outstanding local schools that serve are McKendree Elementary, Creekland Middle, and Collins Hill High School.  The school buses make stops throughout the neighborhood.

Homes in River Colony homes are typically priced from the $120’s to $225’s so there really are homes in a choice of price ranges for any Lawrenceville or Gwinnett County home buyer.

CALL ROBIN LANESE FOR UP TO DATE INFORMATION REGARDING HOMES IN PEACHTREE CORNERS AT 678-231-1412.

SEE AVAILABLE HOMES IN RIVER COLONY:

  1. 3 beds, 2 baths
    Home size: 1,734 sq ft
    Year built: 1986
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  2. 4 beds, 3 baths
    Home size: 3,400 sq ft
    Year built: 1987
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  3. 3 beds, 2 baths
    Home size: 1,982 sq ft
    Year built: 1996
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See all Real Estate in the River Colony tract.
(all data current as of 12/17/2017)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2017 FMLS.
Data last updated: 12/17/17 9:19 PM PST.

Walk Score provided by walkscore.com.

Homes for Sale | Peachtree Station

Peachtree Station subdivision, Peachtree Corners, GA. is conveniently located in Gwinnett County near I-285 and Peachtree Parkway.  The neighborhood is only minutes away from fine shopping and dining at the Forum Shops.

Peachtree Station is very close to outstanding amenities like Simpsonwood Methodist Retreat Center, Jones Bridge Park, Historic Norcross, post office, and Library. Peachtree Station is Peachtree Corners largest subdivision with over 500 homes is comprised of mostly 3 and 4 sided brick traditional and tudor style homes established from the mid 1980’s to early 2000’s is considered by most a very desirable neighborhoods.

The outstanding local schools that serve are Peachtree Elementary, Pickneyville Middle, and Norcross High School.  The school buses make stops throughout the neighborhood.

Homes in Peachtree Station are typically priced from the $350’s  to $450’s so there really are homes in a choice of price ranges for any Norcross or Gwinnett County home buyer.

CALL ROBIN LANESE FOR UP TO DATE INFORMATION REGARDING HOMES IN PEACHTREE CORNERS AT 678-231-1412.

SEE AVAILABLE HOMES IN PEACHTREE STATION:

  1. 5 beds, 4 baths
    Home size: 4,437 sq ft
    Year built: 1980
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  2. 4 beds, 4 baths
    Home size: 2,914 sq ft
    Year built: 1981
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  3. 5 beds, 3 baths
    Home size: 2,729 sq ft
    Year built: 1980
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  4. 4 beds, 4 baths
    Home size: 3,948 sq ft
    Year built: 1982
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See all Real Estate in the Peachtree Station tract.
(all data current as of 12/17/2017)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2017 FMLS.
Data last updated: 12/17/17 9:15 PM PST.

Walk Score provided by walkscore.com.

Homes for Sale | Neely Farm

Neely Farm subdivision, Peachtree Corners, GA. is conveniently located in Gwinnett County near I-285 and Holcomb Bridge.  The neighborhood is only minutes away from fine shopping and dining at the Forum Shops.

Neely Farm is very close to outstanding amenities like Simpsonwood Methodist Retreat Center, Jones Bridge Park, Historic Norcross, post office, and Library. Neely Farm is comprised of mostly custom homes a most established and desirable neighborhoods.

The outstanding local schools that serve are Peachtree Elementary, Pickneyville Middle, and Norcross High School.  The school buses make stops throughout the neighborhood.

Homes in Neely Farm are typically priced from the $500’s to a million  so there really are homes in a choice of price ranges for any Norcross or Gwinnett County home buyer.

CALL MARK LACKEY FOR UP TO DATE INFORMATION REGARDING HOMES FOR SALE IN NEELY FARM OR OTHER HOMES IN PEACHTREE CORNERS AT 404.886.8789

SEE AVAILABLE HOMES IN NEELY FARM:

  1. 5 beds, 5 baths
    Home size: 4,620 sq ft
    Lot size: 17,424 sqft
    Year built: 1988
    Days on market: 9
  2. 5 beds, 5 baths
    Home size: 4,620 sq ft
    Year built: 1988
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  3. 4 beds, 5 baths
    Home size: 5,800 sq ft
    Year built: 1989
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  4. 4 beds, 5 baths
    Home size: 7,130 sq ft
    Lot size: 16,988 sqft
    Year built: 1989
    Days on market: 32
  5. 5 beds, 7 baths
    Home size: 6,935 sq ft
    Lot size: 3.36 ac
    Year built: 1993
    Days on market: 81
  6. 5 beds, 7 baths
    Home size: 6,935 sq ft
    Year built: 1993
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  7. 6 beds, 5 baths
    Home size: 5,301 sq ft
    Lot size: 22,215 sqft
    Year built: 1989
    Days on market: 150

See all Real Estate in the Neely Farm tract.
(all data current as of 12/17/2017)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2017 FMLS.
Data last updated: 12/17/17 9:19 PM PST.

Walk Score provided by walkscore.com.

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of GAMLS. All real estate listings are marked with the GAMLS Broker ReciprocitySM thumbnail logo and detailed information about them includes the name of the listing brokers.

The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

Copyright 2017 GAMLS. All rights reserved.

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Homes for Sale | Amberfield

Amberfield subdivision, Peachtree Corners GA.  is conveniently located in Gwinnett County near I-285 and Peachtree Industrial North. The neighborhood is only minutes away from fine shopping and dining at The Forum Shops

Peachtree Corners is very close to outstanding amenities like Chattahoochee Jones Bridge Park, Wesleyan Christian School, Historic Norcross, and West Gwinnett Aquatic Center. Amberfield is one of the prestigious Field’s Club Subdivisions built throughout Peachtree Corners more established and desirable neighborhoods.

The outstanding local schools that serve are Simpson Elementary, Pickneyville Middle and Norcross High School.  The school buses make stops throughout the neighborhood.

Homes in Amberfield are typically priced from the $400’s to $600’s, well constructed brick traditional styles the yards reflect pride of ownership and will be greatly appreciated by any Norcross or Gwinnett County home buyer.

CALL ROBIN LANESE FOR UP TO DATE INFORMATION REGARDING HOMES IN PEACHTREE CORNERS AT 678-231-1412.

SEE AVAILABLE HOMES IN AMBERFIELD:

  1. 6 beds, 5 baths
    Home size: 6,400 sq ft
    Broker reciprocity icon
  2. 5 beds, 4 baths
    Home size: 5,125 sq ft
    Lot size: 17,859 sqft
  3. 5 beds, 4 baths
    Home size: 3,447 sq ft
    Broker reciprocity icon
  4. 6 beds, 5 baths
    Home size: 5,190 sq ft
    Lot size: 12,632 sqft
  5. 6 beds, 5 baths
    Home size: 4,230 sq ft
    Broker reciprocity icon

See all Real Estate in the Amberfield tract.
(all data current as of 12/17/2017)


FMLS Logo Listings on this website come from the FMLS IDX Compilation and may be held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. If you believe any FMLS listing contains material that infringes your copyrighted work, please click here to review our DMCA policy and learn how to submit a takedown request. © 2017 FMLS.
Data last updated: 12/17/17 9:19 PM PST.

Walk Score provided by walkscore.com.

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of GAMLS. All real estate listings are marked with the GAMLS Broker ReciprocitySM thumbnail logo and detailed information about them includes the name of the listing brokers.

The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

Copyright 2017 GAMLS. All rights reserved.

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Real Estate Market Update – 1st Quarter 2012

The profile of today’s renter is changing. With all of the drama in the financial and real estate market over the past few years – upside down homeowners needing to sell, foreclosures at astounding rates, bankruptcy filings increasing, and strategic defaults – the premise that everyone wants to own a home is no longer valid. Homeownership is down to a 10 year low of 62% per a Gallop Poll in April 2012. This leads to the realization that 38% of people need rental units.

So who is today’s renter? Look at your neighbors. That is right. We are seeing the people who traditionally have owned, now opting to rent. In the past 2 years, the renter demographic has significantly changed. Professionals who have good jobs, but either due to, the choice they made to release a home back to a bank, being in over their heads with debt, a forced relocation that caused a hardship, or in some cases – just don’t like being a homeowner. These professional still want the same type of home that they were living in before. They want the same amenities and conveniences; they just want someone else to pay the mortgage.

So what does that mean for investors? If you are looking to purchase real estate for long term holds, we recommend that you purchase newer homes in the best school district you can afford. The newer homes appeal to today’s renter versus the older homes that used to be an investor’s bread and butter inventory. Four or more bedrooms is also a plus as families are getting larger and home office space allows for more flexibility.

Banks are getting smarter about getting the best possible price for their inventory. We are seeing banks offer homes with very low list prices in an effort to bid up the prices with multiple offers. This creates an auction style approach to real estate and should be approached with care. As real estate investors, we make our money on the purchase of the home – so if we over pay for the property, we will feel the effect of that for many years to come. However, in some investors quest to “get a deal”, they will get caught up in the frenzy and not take into account the total cost of ownership for the property.

Interested in finding out how you can make money in real estate investing? Contact Mark Lackey at 404-886-8789 for a free 30 minute phone consultation.