There are certainly many Important Buyer Tips than just these three tips you need to know if you are going to be buying Atlanta real estate. But as we move into 2016 and the “season” heats up, here ARE three very important tips a Buyer should be keeping in mind!
3 Important Buyer Tips for 2016
According to a recent survey from REALTOR.com™, more than 85 pecent of Buyers thinking about buying a home or condo, or going to wait until the sprin or summer of 2016 to start. With the limited inventory in the Atlanta area, waiting may, or may not help you. There may be more inventory on the market as Seller’s decided to wait to list. But there may be more Buyers. More Buyers + a FEW more Sellers = High Demand + Multiple offers. If you wait, be ready to bring your game on, and maybe not so much negotiation on the home price.
Mortgage Shopping 101
When you are start the mortgage process, don’t presume that the first one is the best one. Shopping around is a good idea to find the right mortgage, and the RIGHT mortgage PERSON to help you! We have a great team of lenders here to help you through the process! And when you are shopping for a mortgage, the credit reporting services can see what you are doing, and it does not impact your credit. (Now, go buy some new furniture or a new car…that’s another story!) Also, in the tight Atlanta real estate market, you want a pre-approval from your lender….NOT a pre-qualification! There IS a DIFFERENCE!! A pre-approval means that your loan officer has seen the required documentation (W-2, paycheck stubs, bank statements, etc) and has put you through a pre-approval process. Now they just need a contract, appraisal and then a “clear to close.”
Also, falling under both Waiting and Mortgages is the fact that interest rates WILL rise this year! We’ve had one change, and there are sure to be more to follow. In increase in the interest rate can have an impact on your buying power.
Consider New Construction
Now, if you are looking for a condominium, then new construction will be quite the challenge. Most of the high-rise construction you see in areas like Midtown and Buckhead are all apartment (for rent) construction. But there are some exciting areas with new construction homes and townhomes that offer you Intown (ITP — Inside The Perimeter) living options. Areas like Brookhaven, Chamblee and Doraville are starting to see new construction. Doraville, for example, is a sleeper area that we expect to see take off in the next few years with construction as well as a marked increase in the home prices. The redevelopment of the Doraville GM Plant into Assembly Doraville will be a game changer for this entire area!