REVEAL Q1 2017 - Page 26

#Adulting Home Buying 101 By Rachel Roop When I first started in real estate a little over three years ago, I couldn’t have told you up from down, and that’s okay. There’s a lot of levels to the process, but there’s a few key players that go into prepping for that next forever-ish home. The most important place to begin your journey is with a lender. There are so many loan packages out there these days, and it is imperative to find one that fits your financial needs. Did y’all know that there is now a conventional loan that requires only three percent of your purchase price down? This has been a game changer for some as it allows the removal of a monthly premium once a certain amount of payments have been met! So for a $180,000 condo, you’d need a $5,400 down payment. Assuming you have a $250 HOA and four percent interest rate, you’d have your condo for roughly $1,150 (not including tax & insurance) per month, that’s less than most one bedrooms anywhere! The more you put down, the less the monthly payment. Second step is consulting to evaluate your timeline and location. The typical closing on a home takes about 45 days from the day you go under contract. I hear often “I won’t be ready for another six months.” That is great to know your goal move date but actually finding where you want to be takes some time. I think it’s super important to do a market “run through” to get an idea of what’s available and gauge where your interests are. Very rarely do clients walk into their first round of homes and fall in love. If they did, my job would be a lot easier. Location. Atlanta has seen some huge trends occurring over the past few years. Areas like Old Fourth Ward, Inman Park, East Atlanta Village and more “Intown” neighborhoods have become beyond desirable and have seen great appreciation! Also, the condo market has grown drastically. Millenials love condos as they offer an ideal location without completely going house poor. Interesting enough, Atlanta’s condo market is currently at a one month’s supply of inventory. This means that if we sold every condo currently listed, they would all be sold within one month. This does not mean buying a condo becomes impossible, it just sometimes takes a little more waiting and strategic marketing to find the right one. Other OTP neighborhoods such as Smyrna, Alpharetta, and Woodstock have also had some positive developments that have created more enjoyable living opportunities with anticipation of further appreciation. The above are only a few starting points to buying a home. I could ramble on about everything Atlanta, and welcome any questions or thoughts y’all may have! If you’re considering making a move or just love talking real estate, I’d love to take you to coffee or lunch and hear more! It’s never too early to ask questions and set goals! Reveal | Q1 2017 26