The Biggest Misconception About the Buying Process Here in Atlanta

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Today, we discuss the common misconception that you need to be able to put 20% down in order to purchase a home.

There are many loan programs out there that will allow you to put less than 20% down. Conventional loans offer programs for as little as 3% down, which is the lowest possible. Conventional also allows for you to put 5%, 10%, 15%, or even the whole 20% down, which is nice because you can choose whatever amount you can comfortably afford to put down.

The FHA program allows you to put only 3.5% down. This is a great loan option because there is a grant program that will get you the whole 3.5% for you and could even cover as much as 5% of the loan. With this grant, you don't have to pay the money back, and the options range from 3% to 5%. You can use the money for your down payment, closing costs, or anything else needed to get into the home. The program is called NHF Platinum, and we highly recommend looking into it!

If you would like to speak with our preferred lender, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

What Does New Construction in the Atlanta Area Mean for You?

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Today's topic is new construction and the effects it has on the real estate market!

We've had a very strong sellers market here in metro Atlanta lately. Inventory has been extremely low because there wasn't much new construction from 2009 to 2013. In recent years, however, we've seen a lot of new construction and the Atlanta area market is coming back pretty strong. Here are some of the numbers for Cobb County:

• 62 homes have been sold in 2015 that were built this year
• There are currently 266 homes built in 2015 active on the market
• This uptick in new construction is balancing out the Atlanta area

There is a huge difference between the average price point for new construction homes and resale properties. For example, the average sales price for a newly constructed home in Cobb County is $397,000, whereas the average price range for resale properties is significantly lower. We're thinking this influx of quality inventory will effectively balance out the market here in the Atlanta area. These new construction projects will free up the inventory for people in all price ranges, which is always good news for our market.

If you have any questions about current market conditions, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you!