Cut discretionary spending on luxuries like streaming services or coffee to save for a down payment.
Secure a dedicated savings account to track progress and avoid unnecessary expenses when saving for a down payment.
To save money, review debts, consider balance transfers for high-interest cards, and maintain a low debt-to-income ratio.
Buying a home can be intimidating, especially in a hot housing market. Before starting to shop for a home, it's important to know how much you can afford. Prequalification is a quick and easy process, while preapproval is more formal and involves submitting documentation. Preapproval provides a more detailed estimate of your homebuying budget and signals to sellers that you are committed to buying.
Homebuilders may offer incentives through preferred lenders, but these may come with higher fees and interest rates. Buyers are not obligated to use the builder's lender and should compare offers from multiple mortgage lenders. It's important to carefully review loan estimates and consider the pros and cons of using the builder's lender.
The home prices in Thomaston are expected to ↑ 0.4%
Toccoa is expected to see ↑ 0.6% in home prices.
The Market Risk Index (MRI) identifies cities most at risk of price declines.5 US cities may face a 70% risk of declining house prices in 2024.
Valentine’s Day occurs every February 14 around the world, and candy, flowers and gifts are exchanged between loved ones, all in the name of St. Valentine
Valentine greetings were popular as far back as the Middle Ages, though written Valentine’s didn’t begin to appear until after 1400.
By the middle of the 18th, it was common for friends and lovers of all social classes to exchange small tokens of affection or handwritten notes.
Many people celebrate their love for their partner by sending cards or letters, giving gifts or flowers and arranging meals.
May this Valentine’s Day get you some time to spend with your loved ones.
Wishing you loads of love and happiness on this day. Happy Valentine’s Day!
Assess your finances before buying a home, save money, and consider different mortgage types. Make sure your credit score, debt, and income are in good shape. Be prepared for the costs of buying and owning a home. Research different mortgage lenders and apply for pre-approvals to find the best rate. Consider high-yield savings accounts as an alternative to CDs for earning better yields on your savings.
Georgia's Department of Community Affairs (DCA) offers Section 8, providing rental assistance, enabling low-income individuals to find suitable housing.Application methods:
1. Applying for low income housing online through the DCA Applicant Portal
2. Applying in person at your local housing authority
ęåē¼č²”. Wishing you prosperity.
Lunar New Year, is the most important celebration observed in China, with cultural and historic significance.The New Year celebration is centered around removing the bad and the old, and welcoming the new and the good.
Traditional activities include reunion dinner, cleaning houses, visiting family members, setting off firecrackers and fireworks, and doing some religious practices.
May the New Year bring many good things and rich blessings to you and all those you love!
Dalton offers an exceptionally affordable living experience with significantly lower housing costs.
Cartersville features lower housing costs and a relatively economical overall cost of living compared to the state median.
Georgia's laws aim for fairness but lean landlord-friendly, impacting both tenants and landlords.
Rental applications follow the typical US structure, with processing fees ~$50; however, there's no legal limit.
Georgia Governor allocates an additional $9M for new housing in 4 locations through the Rural Workforce Housing Initiative.The funding supports ~400 housing units, addressing infrastructure needs for communities to accommodate increased demand.
Understanding the differences between conventional and refinance loans is crucial for homeowners and potential buyers. Conventional loans are for initial home purchases, while refinance loans are for modifying existing mortgages. Factors to consider include financial health, market conditions, and property value. Professional financial advice can help make an informed decision.
Down payment assistance programs offer loans or grants to help first-time homebuyers cover the down payment and closing costs. These programs are typically offered at the local level through state, county, and city government programs. There are various types of assistance, including grants, forgivable loans, deferred-payment loans, and matched-savings accounts. Some mortgage lenders also offer their own down payment assistance. These programs can provide a quicker path to homeownership, savings on upfront costs, and improved mortgage terms.
Homeownership has long been an American dream, but stricter mortgage-lending standards have made it difficult for some. Rent-to-own agreements are becoming more common, offering a way to transition to homeownership without a large down payment. This option allows buyers to lock in a purchase price, start building equity immediately, and work towards improving their credit rating.
Americans are waiting longer, as the avg first-time buyer age is now 35, ↑ from 29 in 1981.
Established buyers navigate challenges in a low-inventory environment, preferring townhomes and condos.
Building up finances takes time in a competitive market with delayed entry for younger buyers.
Hire a Skilled Agent: Select a trustworthy agent to guide you through negotiations and options.
Financial Preparation is Key: Save 3-5% of your home's price for unforeseen costs.
Get Preapproved for a Mortgage: Understand your budget and show sellers your seriousness.
Mortgage rates have fallen but are still high, not enough to lower home prices. Capital Economics predicts a 5% increase in home prices this year due to tight supply and increased demand. Affordability may improve as mortgage payments decrease, but supply will remain low. Existing home sales are expected to increase, but new home sales and single-family home starts will still be below previous levels.
Consider your urgency: urgent situations (foreclosure, relocation) require quicker home-selling strategies, especially with agent assistance.
Establish an optimal price with agent assistance to expedite sales, enticing buyers and boosting activity.
The choice between a fixed-rate and adjustable-rate mortgage is important due to its long-term impact on repayment costs. Fixed-rate mortgages offer payment certainty, while adjustable rates start lower and can be appealing in a high-rate environment. However, they can lead to higher payments after the initial fixed period. It's crucial to understand the potential risks and benefits of each option before making a decision.
A 5-year fixed mortgage offers stability and predictability for homebuyers. It locks in the interest rate for five years, providing a sense of security. The advantages include stable budgeting, lower short-term rates, and protection against rate increases. However, there are also disadvantages such as potential higher rates on renewal, penalties for early repayment, and missed opportunities for lower rates. Deciding on a 5-year fixed mortgage depends on factors like financial stability, market predictions, future plans, and risk tolerance. Consulting with a financial advisor is recommended.
Low inventory favors sellers, discouraging buyers amid high mortgage rates and soaring home prices.
Modest home price growth and a continued seller's market due to a new norm of higher rates in 2024 is anticipated.
Projections of 3-4% price rise face challenges with limited inventory, resulting in a 3.4-mo supply, potentially stalling sales growth.
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Georgia's affordability crisis worsens due to historic legislative reluctance for sensible housing policies.
Lawmakers are set to consider tenant protection, housing diversification, and increased affordable housing funding.
Atlanta's widening income gap and hindered residential developments stem from the ban on rent regulation.
Lawmakers must prioritize denser zoning and allocate $100 million to the Housing Trust Fund for effective housing crisis resolution.
Mortgage rates fell in late December 2023, with 30-year fixed rates in the 6% range. Although higher than 2020 and 2021 rates, they're lower than those in October and November 2023. Experts anticipate further cuts in 2024. Buyers can secure lower rates now by buying mortgage points, opting for an adjustable-rate mortgage, or improving their credit profile.
