Metro Atlanta home buying strategies can be vital as you enter the market this spring in search of a new home. While a home search is always an exciting and challenging one, in what is currently a sellers’ market, it can be especially daunting. Chances are pretty good that a seller will have his choice of buyers and offers from which to choose. That makes it a little more difficult in the event you find “the” home that’s right for you and your family. If you’ve bought a home before, you know the feeling. You’ve searched high and low and visited numerous open houses and finally found that “just right” home that meets all your needs – and is perfect for your budget, too. But, what happens if the seller isn’t as excited about you or your offer as you’d like for him to be? Then what? Let’s look at five Metro Atlanta home buying strategies that may help you deal with a seller who doesn't necessarily like you or your offer for his home.

First, remember a seller can refuse a prospective buyer for any reason. While it’s unusual for people selling their homes to be finicky or fickle, it’s not unheard of. Plus, as mentioned above, in a sellers’ market they may be able to afford to be a little more stubborn when it comes to the sales price, the terms, any contingencies, or the closing and move-out date.

Consider these tips in working with a seller in that position:

Hit Them With Your Best Shot.  No, not literally, even though it may be tempting, we’re not advocating violence! What we’re suggesting is that if you submit an offer and suffer through the back-and-forth of counter offers, it could be time to stop playing games and wasting time. Cat and mouse can be fun and challenging, but we're talking about a home here. If you like the home and want it, make your very best offer. At that point – win or lose – you’ve done all you can do – and now the proverbial ball is in the seller’s court to accept or reject your best deal. While they may reject your offer and hold out for a better one from another potential purchaser, sometimes they may rethink your offer a few weeks later.

Keep on Keeping on.  Another of our recommended Metro Atlanta home buying strategies is to “cut your losses and move on.” While doing so is difficult and often heart-wrenching, sometimes it’s necessary. If the seller isn't open to working with you or negotiating, it could be time to throw in the towel and move on to the next listing. Wasting time, talent, energy and desire on wanting the seller to see the deal the same way you do may mean you’ll lose out on the next “perfect’ home out there – and trust us, there’s always another one waiting.

Live and Learn.  The best coaches in the country – no matter the sport or the level of competition – will say, "…other than preparation and execution, learning from mistakes in competition is very important for the next game." So, when things don’t go exactly as you planned, take a little time to try to figure out what went wrong – and learn from it for the next negotiation on the next house. The more you understand about what worked and didn’t work, the more likely your next transaction will be more successful. Just like most things in life, it’s critical to live and learn.

Don’t Overthink This.  While you’re performing your analysis on the experience you’ve had in negotiating with or trying to work with a seller in buying their home, be careful not to overthink the seller. As is the case with most people – even close friends and family – nobody really knows what goes on inside a seller’s head. Maybe they’re not really ready to let go of their home. Maybe they’re holding out for every single dollar they can squeeze out of the deal. Perhaps they aren't prepared to move and are dragging their feet in an effort to buy time. Whatever the reason, don’t waste precious time trying to figure out the seller and his motivations or desires. Move on to the next property and concentrate on it.

Self-Analysis Can be Healthy.  Metro Atlanta home buying strategies can be useful – but only if you use them to your advantage and to accomplish your necessary goals. So, remember this: If you keep trying to work with sellers that refuse to cooperate, maybe you’re the problem, not them. Identify a seller who is both motivated and serious about selling his home. Work with them and make the best deal you can. Don’t waste time pining over the “one that got away,” as there are other fish in the sea. Keeping a positive attitude and a feeling of optimism in the face of rejection or disappointment may mean the difference between finding the right home and becoming frustrated. Stay positive and get what you want.

Read more about home buying advice in the section of articles on Atlanta Home Buying Tips just below our Atlanta Real Estate Categories in the column to your right.

Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

Metro Atlanta home buying advice is usually limited to ideas and tips to help you begin the house hunting process and what to do during each step of that process. Let’s take a look at several things to consider after you’ve found a home and are preparing to close the deal.

So, you signed the contract to buy your home and all that’s left to do now is sit back and wait for the closing day to get here. Right? Well, not exactly. There are a few important considerations to remember on the road to becoming a homeowner – regardless of whether it’s the first time or the fifth!

Don’t let your rate expire

Until your loan is closed and the papers are signed, the interest rate your lender quoted you won’t last forever. Mortgage interest rates can and do change daily. Normally, a bank or lender will lock-in your interest rate for a reasonable period of time in which to close your loan – usually between 45 and 60 days. If the lock expires, you may have to renegotiate and pay a higher rate. Keep a watchful eye out for hindrances along the way that may prevent your loan from closing during the rate-lock period. Keep in touch with your attorney during the preparation of the closing paperwork and let him or her know to alert you if there are any title issues as soon as possible.

It’s not your house just yet

In some markets, a walk-through of the home before final closing is more prevalent than others. Most real estate sales contracts allow for a walk-through up to 24 hours prior to the closing of the sale. Another piece of Metro Atlanta home buying advice: take advantage of the walk-through. For your own peace of mind, visit the home with your real estate agent – just to make sure everything’s as expected.

It ain’t over ’til it’s over

The often tedious and time-consuming mortgage process isn't over until the loan is officially closed. Even though you’ve received mortgage loan approval from your lender, in today’s more cautious credit lending environment some mortgage lenders choose to re-verify income, credit or other qualifications just prior to the loan closing. Our Metro Atlanta home buying advice, therefore, is to not make substantial changes to your financial situation until the closing is over. For example, don’t immediately go out and buy a brand new car for your brand new garage. And, don’t apply for new credit cards or other credit accounts or take a new job – without talking to your mortgage loan professional first. Sometimes even the slightest change to your financial status can alter your creditworthiness or disqualify you from being approved for a mortgage.

Do your homework

When you close the sale of your home, it’s all yours – for better or worse. In most states across the U.S., the law tends to favor the home buyer and requires the seller of the home to disclose any issues with the home and to confirm they have been resolved. In other states, “caveat emptor” – or let the buyer beware – prevails. As such, it’s the buyer’s responsibility to make sure the seller has taken care of any loose ends like closing out building permits, released any liens from the real estate title report and, resolving any other issues that may affect clear title and conveyance of the home to a new purchaser. Our Metro Atlanta home buying advice… do your homework and know what’s expected in your state.

The anticlimactic closing of the sale

The actual closing of the sale can occur in one of two ways. Most of the time, the two parties – the sellers and the purchasers – may not need to be in the same room to close the deal. The purchasers sign all the loan documents in an attorney’s office or lending institution, and the sellers sign the deed at the title company or attorney’s office.

Some closings, however, occur at a table designed to accommodate the buyers, the sellers, the real estate agents, the attorneys and maybe others who pass the papers around to be signed and witnessed. This process is thought by many to be outdated and old-fashioned in today’s fast-paced, electronic world.

Whichever closing method you experience, just remember with all the hype and build-up that has preceded the day of the closing, the actual closing itself is relatively uneventful, mundane and can be anticlimactic.

Make the process smooth and seamless

So, you've read the Metro Atlanta home buying advice we’ve provided so far. What else is there to know, to do, or be prepared for? To ensure the smoothest, most seamless and least stressful closing of the sale, do some research and keep an eye peeled for those pesky red flags. With the professional assistance of trusted team members working with you, you can avoid a number of pitfalls that could delay or halt the closing of the sale. Having a qualified real estate agent is a great start. Your agent can refer and recommend you to the mortgage lenders, attorneys, title insurance companies, home inspectors and others. That's the power of using professionals in the real estate industry. They have a network of people and companies they’ve worked with over time in which they have confidence and trust. Tapping into that network will not only save time and money, it will give you the importance of peace of mind and the feeling of accomplishment that should accompany buying a home.

Metro Atlanta home buying advice is valuable and should be listened to carefully – especially if it comes from experienced, knowledgeable real estate professionals who have your shared interests in mind – to make your home purchase as enjoyable and as successful an endeavor as it can be.

After all, should it really be any other way?

Read more about home buying advice in the section of articles on Atlanta Home Buying Tips just below our Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

There are a number of Metro Atlanta homebuying mistakes that need to be avoided. Let's look at three very important tips that will help you avoid common pitfalls associated with buying your first home. Anticipating your needs will go a long way in assisting you in the process you're about to undertake. In addition, it will help make the experience a potentially fun and rewarding one.

We're reminded of a true story about one first-time homebuyer who had scrimped and saved diligently for several years to accumulate a down payment. However, because he was self-employed he worried whether he would have enough for a sufficient down payment and if he would be able to qualify for a mortgage since he didn't earn a "traditional" salary like most young borrowers who work for somebody else.

Unfortunately, stories and concerns like these occur all too often and can fall into the category of Metro Atlanta homebuying mistakes to avoid – especially among prospective first-time buyers. The Economic and Strategic Research Group of Fannie Mae recently conducted a survey to better understand what consumers know about mortgage qualification criteria. The findings revealed that roughly 40% of potential borrowers did not know when asked about minimum down payment requirements. In addition, 54% and 59%, respectively, were not aware of minimum credit scores and maximum debt-to-income ratios to qualify for a mortgage loan. The lack of knowledge in these basic areas of mortgage qualification is both surprising and disconcerting. Furthermore, it can contribute to common mistakes first-time homebuyers may make as they try to avoid Metro Atlanta homebuying mistakes. Now, about those tips:

Seek professional advice
The above story about the first-time buyer, we're glad to report, did have a happy ending. The prospective homeowner sought help from a local HUD-approved housing counseling agency who reviewed his credit score, advised him on making some minor changes, and provided him assurance he could qualify for a HomeReady mortgage through Fannie Mae. The HomeReady program allows borrowers to pay as little as 3% for the down payment. In addition, it requires completion of an online education course. With the help of a professional, our first-time buyer was able to qualify for a low down payment mortgage – with his self-employed income – and purchase the home he wanted.

Understand the loan process
Lack of knowledge can be the single most detrimental problem to overcome for any first-time homebuyer. Fear of the unknown is likely the cause of many young buyers remaining on the sidelines when it comes to participating in the homebuying market and avoiding Metro Atlanta homebuying mistakes. The irony, however, is that in today's informational age there is a wealth of knowledge available to prospective homeowners with just a click of the mouse. Virtually every reputable real estate company and hundreds of publications – both in print and online – provide easy to follow guidelines concerning how to go about searching for a home to buy and financing the home you choose.

Armed with a basic understanding of what is involved in shopping for a home, how to obtain information on homes for sale, and the various financing options available a first-time home buyer can and will have an advantage that comes with knowing what to expect. The old adage, "Knowledge is power" certainly rings true when it comes to avoiding Metro Atlanta homebuying mistakes.

Avoid these typical pitfalls
There are three major issues that can thwart first-time homebuyers during the process of buying and/or financing their home purchase:

• Going rogue
While it's both enlightening and educational to do some preliminary online home shopping, it's probably not a good idea to strike out on your own and visit homes you like. As we've mentioned above, talk with a housing counseling agency, a real estate professional, or a mortgage lender to help you better understand if you're fiscally ready to buy a home or continue renting. Statistics provided by the Zillow Group Consumer Housing Trends Report show that just 46% of buyers were able to buy the first home on which they issued an offer. This confirms that in a fast-paced real estate market, competition and disappointment go hand-in-hand. It's probably a good idea – and good business – to enlist the aid of a professional to better enhance the outcome.

• Shopping for homes outside your price range
Many real estate professionals recommend first-time buyers get pre-approved before they begin the home buying process. Pre-approval can include the completion of a mortgage loan application and the submission of pertinent supporting documentation such as tax returns, W-2s, or pay stubs to verify income. In addition, a preliminary credit report can be ordered for those prospective applicants concerned about their credit scores preventing them from qualifying for a home mortgage. In addition, real estate agents and mortgage lenders advise first-time home shoppers that just because you're approved for a certain price range doesn't mean you should necessarily spend the entire amount. We suggest using your pre-qualification amount as a guideline to demonstrate what you may be able to afford and compare that to what you can comfortably afford to pay each month – taking into consideration your other monthly expenses. The bottom line here is, look at only those homes that are in your price range and that you can comfortably afford. This is a better plan for avoiding Metro Atlanta homebuying mistakes financially.

• Not comparing mortgage quotes and notes
Recent research cited by Fannie Mae shows just two-thirds of prospective borrowers actively received more than one mortgage interest rate quote. Comparison shopping for the best interest rates, terms and conditions will give you a better selection from which to choose, and will ultimately give you peace of mind knowing you considered other mortgage options. In addition, if you don't take the time to shop around, you could be spending thousands of dollars more than you need to over the life of your mortgage.

Read more about home buying tips in the section of articles on Atlanta Home Buying Tips just below our Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

Here are a few Metro Atlanta home buying tips for renters to consider if you're ready to take the big step toward home ownership. In addition to the basics like saving up for a down payment and deciding on a housing budget, there are other important considerations to address.

Renters have become accustomed to paying a fixed amount of money during their rental term. For the most part that amount rarely changes until it’s time to renew the lease. For homeowners, it can be a slightly different story. There are four major components that comprise a homeowner’s monthly house payment. The monthly payment is made up of principal, interest, taxes and insurance, or PITI. Let’s take a brief look at each.

Grasp the entire cost of owning a home

A mortgage payment is the combination of principal and interest – the principal is the actual dollar amount borrowed from the mortgage lender, and the interest is the cost that’s charged for the money borrowed. On a home mortgage loan, the principal portion of the monthly payment reduces the outstanding balance of the loan. The interest is charged on the amount of principal still owed as the loan is slowly reduced. For a more in-depth look, search online for a mortgage loan calculator for an amortization schedule showing what portion of the monthly payment will be applied to principal and what amount goes toward paying interest.

The taxes in the PITI acronym are real estate property taxes. The property taxes are determined and assessed by the county or municipality in which the home is located. While real estate taxes vary throughout the country, most experts agree the average tax bill equates to between 1%-1.5% of the value of the home. Real estate taxes are payable annually, however, depending on the type, amount and loan-to-value ratio (LTV) of the mortgage lenders may require you to include 1/12 of the estimated property taxes in each monthly payment. When the taxes are due and payable, the lender will pay the taxes out of the escrow fund.

Insurance coverage is a requirement by most every mortgage lender. The lender will require the borrower to have sufficient coverage to repair or rebuild the home – their collateral, or security for the principal they loaned – in the event of a fire or other peril. As is the case with real estate taxes, insurance premiums can also be required by the mortgage lender to be paid monthly into an escrow account.

Lastly, here’s another of our Metro Atlanta home buying tips designed to help understand the full cost of home ownership. If a prospective purchaser is considering buying a condo, there most likely will be an additional component to the PITI mentioned above: Monthly Homeowners Association (HOA) dues. The HOA fees help pay for those areas of the condo complex that are for the benefit of all the owners or residents. Examples are parking lots, landscaped areas, pools and clubhouses. In addition, the fees collected are designed to pay for routine maintenance such as painting the building’s exterior or replacing the roof. While most HOA fees are for condo complexes, more and more neighborhoods with common areas requiring upkeep and maintenance are forming homeowners associations, which will require dues.

Understand the tax benefits of owning a home

One of the most important Metro Atlanta home buying tips to be aware of involves your income taxes. Aside from the annual appreciation most homes enjoy, the most popular advantage of homeownership is the tax savings. Mortgage loan interest and real estate property taxes can be deducted from your adjusted gross income on your income tax returns each year. That, of course, reduces your taxable income – and your resulting tax liability.

Know the comparison math

A popularly used relationship – and argument for buying a home versus paying rent – is the cost comparison of what a homeowner pays in PITI and what a tenant pays in monthly rent. While in theory the concept is good, the most accurate comparison is to analyze the after-tax savings of owning a home versus renting. For example, a $300,000 home may cost (after taxes) $1,215 PITI each month. Compare that to an apartment or home that rents for $1,200. On the surface the math may imply purchasing a home is a better investment. However, remember this illustration is based on a down payment of 20%, or $60,000.

Understand mortgage options and programs

Among vital Metro Atlanta home buying tips is how to best and most affordably finance the purchase of a home. While 20% has traditionally been the amount most Americans assume is needed for a down payment, it’s largely a misconception. There are loan programs available today for borrowers with as little as a 3% down payment.  As mentioned above, depending on the type of mortgage loan and the LTV ratio, a borrower will have to pay their property taxes and insurance premiums each month into an escrow. In addition, if the down payment is less than 20% or if the LTV ratio is more than 80%, private mortgage insurance will be required. Mortgage insurance protects the lender against the borrower defaulting on the monthly payments. Annual mortgage insurance premiums cost roughly .85% of the mortgage amount, so that needs to be figured into the monthly payment in addition to PITI.

Using the example of the $300,000 home above, the monthly PITI (and mortgage insurance) would be roughly $1,995 with a 3% down payment with a 30-year fixed rate mortgage based on current interest rates. After taxes and all deductions, the total monthly housing cost would be around $1,600. Best of all, the down payment would only be $9,000 – plus whatever loan closing costs the purchaser would be required to pay.

Know you credit score inside and out

Since credit scores are very important when it comes to qualifying for the lowest interest rates on home mortgages, it’s important for prospective homebuyers to know as much about their credit as possible. If you’re a first time homebuyer and only have a few accounts, consider opening one or two new accounts. Be aware, however, that your credit score may decrease from 10-15 points when you open an additional account. Over time, though, as you demonstrate a good repayment history the score will increase. Just understand, this takes time, it doesn't go up in a week or a month.

Read more about home buying tips in the section of articles on Atlanta Home Buying Tips just below our Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

Here's an important Metro Atlanta home buying tip. A home search can often be fraught with unexpected costs – not only for first-time buyers, but even for the most seasoned home purchasers. If you’re in the process of looking for your first home, there are a few things you should know to keep hidden or surprise costs to a bare minimum. Unexpected costs can catch you completely off guard. More importantly, they can very quickly leave you under water on your new purchase right from the start. Let’s take a look at a few of these costs and how to best avoid them.

Metro Atlanta Home Buying Tip: Keeping Costs Down

Of course, there’s really only one sure-fire way to be completely prepared for all the hidden costs of buying your first home – expect the unexpected and have enough cash to pay for the surprises. However, that’s easier said than done.

As you're probably aware, first-time home buyers should know the money they will spend on the purchase of their home won’t be limited to just the down payment. On top of the down payment are costs like homeowners insurance and loan closing costs. While they are a little easier to plan for since they’re an integral part of the home buying and mortgage lending process, others are less obvious.

For example, let’s say the previous owners of your home moved out and took the refrigerator with them. You have to have a refrigerator, so you’ll likely buy one to replace it. Unless you negotiate specifically what items are included in the sales transaction ahead of time, you could be caught unaware. In addition, you could be on the hook for certain immediate home improvements that must be made. And while a few hundred dollars here and there may not seem like a lot individually, collectively the cost can add up fast – especially considering you plunked down most of the cash you had on the down payment and closing costs.

To make the situation even scarier, the relatively minor costs mentioned above could be the least of your financial concerns. When you buy your first home – or any home – you should hire a home inspector to give your home a thorough walk-through. A trained home inspector will look for foundation problems, rotten wood, and electrical or plumbing issues. The good news is if a home inspection uncovers a potential problem, you’ll at least be aware of it and can get a cost estimate to repair it – if you decide to continue your plans to purchase the home. If the repair costs are a deal-breaker and you're unable to negotiate with the seller to pay for them, you can usually back out of the contract.

Often, first-time home buyers elect to feather their new nest with all the creature comforts they want in their first home. If you enjoy cable television, for example, make sure your home is wired for cable. In addition, seemingly little things like new drapes or window treatments can be costly, so take them into consideration when it comes time to think about how to decorate favorite rooms in your new home. Lastly, if it’s your first home you’re probably migrating from being a tenant to being a homeowner, which means you’ll probably be faced with higher utility bills. Your new, modest 1,800 square foot home will likely cost more to heat and cool than the two-bedroom second floor apartment you moved from. Plus, you’ll probably be paying for other utilities your old landlord may have paid before, such as water, garbage pickup or homeowner’s association dues.

The absolute best way to be ready for unexpected expenses is this Metro Atlanta home buying tip: Plan ahead. The first step is to come up with a budget before you begin your home search. If you’re looking for homes within your budget that may require improvements, find out what those improvements will cost and determine if you can afford them. Many first-time home buyers have been disappointed – or downright shocked – when they discover a home improvement project they thought could be performed for a few hundred dollars may actually end up costing several thousand. Another Metro Atlanta home buying tip:  There’s no limit as to how prepared you can be. For example, say you find a home you like that’s priced considerably lower than others in the neighborhood because of its age. While you may save a good bit of money on the listing price, you may end up paying more in the long run due to nagging, needed improvements that may occur, or the realization your homeowner’s insurance is higher because of the home’s age.

That’s why it’s best to be prepared. Do some research on homeowner’s insurance and comparable sales in the neighborhoods you’re interested in. Decide how much you can comfortably afford for a down payment, then assess how much cash you may have left for any improvements or incidental costs. Then – and only then – will you know whether you can afford a slightly higher-priced home that may require some additional work, new carpet or new kitchen appliances.

So, before you enter the market, remember this Metro Atlanta home buying tip:  Know what to expect. That alone will give you a tremendous advantage when it comes time to weigh the pros and cons of buying a particular house, and what the costs may be to either repair it, improve it, or make it comfortable and acceptable for your own individual tastes. Planning ahead will not only protect you from unexpected monetary surprises, it will make your home buying experience more enjoyable and more profitable in the long run. Remember, buying a house is an important financial move, but it’s not worth depleting all your savings to the point where you can’t enjoy your new home.

Read more about home buying in the section of articles on Atlanta Home Buying Tips just below Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

The Metro Atlanta home buying market is comprised of prospects looking to buy. Some of them are empty-nesters planning to purchase their downsized “forever home.” Others are moving up, looking for a larger home in a more popular neighborhood. Still others may be shopping for their very first home, after weighing their options of continuing to pay rent versus building equity in a home of their own. Regardless of your motivations for entering the Metro Atlanta home buying market, we all want to make sound investments when purchasing real estate. Let’s examine a few ways you can increase the chances for making the right purchase.

Metro Atlanta Home Buying Market: It's an Investment

Most people who are looking to buy a home have at least a general idea of how long they plan to be in the home they will buy. If you’re planning to stay in your home for the next 5-7 years you’ll likely want to look at the buying process a little differently than if you were searching for a home in which to retire. It’s important for a shorter-term home purchase with a duration of 5-7 years to be positioned as a springboard for additional buying power for the next home you’ll want to buy. Here are a some suggestions to make this strategy a little easier.

Choose the Right Home 

Select a home with better potential for a greater resale value. Start your home selection process with the first rule in real estate:  Location, location, location. No matter how many improvements you may make during the time you’re living in your home, the one thing that will always remain constant is its location – good or bad. As you begin your home shopping adventure, compile information from a variety of sources. Many municipal government entities publish master development plans that can be accessed online. Researching them will give you an idea of upcoming projects like additional phases of construction in a certain neighborhood, road improvements or potential rezoning plans. Pay particular attention to the timeframes for any projects to determine if and how they may affect you if you purchase a home in that neighborhood. In addition, weigh the pros and cons of the proposed work that is planned. Will a new road near your neighborhood be a good thing or a bad thing? It may improve access, but it will likely increase traffic, too. With that in mind, here’s our next suggestion for making a good decision as you enter the Metro Atlanta home buying market…

Metro Atlanta Home Buying Market: Investigate the Neighborhood

You can gain a wealth of information by talking to the residents of a neighborhood in which you’re thinking of buying. Visit a nearby grocery store, park, or bank and strike up a conversation with the employees or patrons and ask how they like living in the neighborhood. As you drive through the neighborhood, stop and ask residents working in their yards or walking their dogs and ask about their likes and dislikes. Most people are more than willing to give their opinions to prospective neighbors. Armed with that information, try to determine if the neighborhood is at its prime, past its prime, or up and coming. Is it where you want to raise your family for the next 5-7 years?

Know Your Limitations

Once you find a house you’re interested in, assess what improvements need to be made. Next, be honest with yourself in your abilities to take on the projects necessary versus hiring a home improvement contractor. Remember this:  Smaller improvement projects usually yield a higher return on investment – primarily because they are less apt to create budget overruns and completion delays. In addition, you’ll be faced with the age-old decision that many prospective homeowners face – are you prepared to invest the time, energy and sweat equity to perform the improvements, or should you pay more and hire a contractor? An even bigger dilemma may be whether you move on to a different house that’s more to your liking that may be more expensive.

Metro Atlanta Home Buying Market: The Return on Investment

If you’re thinking of buying a home and living in it for 5-7 years, we suggest stronger consideration be given to the return on investment. Why? Simply because most home improvement projects will be one-time only events. If your project ends up being a disaster and needs to be repaired or redone, you have less time to recoup your investment than if you were performing an improvement project on a forever home.

While you’re living in the home, keep in mind that any home improvement projects are done with one main goal – to provide a higher return on investment at a later date. Of course, you want to enjoy your time in the home, so we’re not suggesting you can’t make improvements that will increase your comfort level. However, any substantial improvements should be performed for what they may ultimately do for the home and its resale value.

Make Smart Choices

Once you decide on a house to buy, remember this Metro Atlanta home buying market advice. There will be, no doubt, a list of things around the house you’d like to repair or modify to fit your specific needs. Make sure you concentrate on the projects that increase the return on your investment. Remodeling Magazine’s Cost vs. Value Report from last year says the highest return on investment will probably be enjoyed on smaller projects designed to enhance the curb appeal of your home. Examples are replacing the front door, the garage door and exterior siding. Most exterior projects yield a nice ROI, and simple projects like painting, changing door or cabinet hardware or light fixtures can provide your house with a customized facelift – minus the high labor costs.

In summary, find a home with the best potential resale over the next 5-7 years. Have a plan of attack when it comes to neighborhood selection and improvements you want to make. Follow these suggestions as you enter the Metro Atlanta home buying market and you’ll probably be happier with your purchase – and your investment – when the time comes to sell your home.

Read more about home buying in the section of articles on Atlanta Home Buying Tips just below Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

The Metro Atlanta home buying market is showing no signs of slowing down. In a recent survey conducted by TD Bank, 56% of homeowners across the nation feel it’s a ”good time” to buy a home. If you’re among those that are ready to start the home buying process for the first time, there are a few tips we’d like to share that may make your search more enjoyable, less stressful and ultimately successful. Let’s take a look at some of the first-time home buyer “rookie mistakes,” and how to avoid them.

Metro Atlanta Home Buying: Things to Remember

Watch your finances before buying a house. Keep an eye on your credit. Remember, taking on too much new debt or making a large purchase like a new car prior to the loan closing is a very bad idea. Your debt-to-income (DTI) ratio is one of the major considerations mortgage lenders analyze before the final approval process. Most people aren’t aware that lenders regularly review all the financial criteria used in the loan underwriting again before the loan closing takes place to ensure nothing has substantially changed. So, if you’re contemplating a new purchase, make sure you wait until after you’ve closed your loan and moved into your new home. Even then, make sure you can afford that new car, new furniture or second honeymoon. The last thing you want to do is create a financial bind immediately after you’ve bought a home.

Get pre-approved for a mortgage before you start your home search. Often, first time homebuyers erroneously assume they can afford at least what they’re currently paying in rent. While that may be true, it’s best to sit down with a mortgage lender and get pre-qualified – that is, receive an early, non-binding commitment from the lender as to what they will likely be willing to loan you based on your credit score, DTI ratio and other lending criteria. Many sellers these days don't want their home being shown to anyone not already pre-qualified to purchase their home. Most real estate agents won’t show potential homes without a pre-approval.

Don’t choose the priciest home you can afford. Most real estate experts advise against buying the most expensive house you can find and qualify for right out of the gate. Remember, just because you can afford it doesn’t necessarily mean you should buy it. Home ownership often requires unexpected expenses as time goes on. Repairs, insurance premiums and deductibles, real estate property taxes and other potential surprises always come at the worst possible time. If you’ve spent all your savings for the down payment of your home, you may not have anything in reserve to take care of these or other homeowner emergencies.

Don’t prioritize the home over the neighborhood. It’s human nature for first-time homebuyers to get excited about the possibility of finding their dream home in the most popular neighborhood. Once they realize how far outside their budgets dream homes can be – especially in affluent markets – they often make the mistake of looking for that same dream home in a neighborhood that may not be as good.

Don’t be pressured, take your time and be smart. Another Metro Atlanta home buying tip for first-time buyers is to slow down and take your time. While in today’s often-hectic market many buyers have to act fast to get what they want, the key is not to be pressured into making a decision you may regret later. Educate yourself as to what’s available in the housing market and what the median sales prices are. Remember, knowledge is power, and the more you know about what you want and what you can expect in the real estate market, the better your chances of making a wise purchase.

Don’t rely too much on the Internet. The Internet has revolutionized the way prospective home buyers search for homes and get other information like mortgage financing tips, credit scores and more. However, it shouldn’t take the place of physically meeting or speaking with professional real estate agents, lenders and others during the Metro Atlanta home buying process.

Don’t forget to visit and revisit the house you want to buy. Remember, the location of your house is fixed and will never change. For that reason, visit the neighborhood at different times of the day and night to see what’s going on around you. Is there a particularly loud bar or music venue nearby that you weren't aware of? If the house is located near an airport, what’s the traffic like at various times of the day? The more visits you make to the house and the neighborhood, the more you’ll be able to know what it will be like if you buy.

Don’t skip the home inspection. Sometimes excited first-time home buyers think skipping the home inspection may be an easy way to save money. Besides, you’ve fallen in love with the home and there’s absolutely nothing that could possibly change your mind, right? Then you move in and are faced with maintenance or repair issues that could cost hundreds or thousands of dollars – a problem that may have been avoided with a home inspection.

Don’t be indecisive. While we mentioned above not to move too fast and take your time before making a decision to buy, it’s just as important to actually make a decision when you have to.

Some first-time home buyers run the risk of losing a chance to buy a particular property they like to another buyer if they don’t make a decision to act quickly. Although shopping around in the Metro Atlanta home buying market is usually a wise move, remember that indecision in a seller’s market means you probably won’t get the house you want.

Read more about home buying in the section of articles on Atlanta Home Buying Tips just below Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

Many Metro Atlanta home buying tips have more to do with the house you’re considering buying than the buyers themselves. Home buying tips vary from what to look for when you inspect a home to ideas on how to remodel a room to better meet your family’s needs.

In this article, the home buying tips involve you, the prospective home buyer, and how you can make yourself more attractive to a seller. Let’s take a look at areas in which you can excel by positioning yourself at the top of the seller's list.

Metro Atlanta Home Buying: Make 'em Love You

If you’ve started house hunting already, you know it’s a competitive market. Because housing inventory is still relatively tight and home prices are rising throughout the U.S., the basic law of supply and demand has created a seller’s market. According to recently released statistics there’s a 4.7-month supply of homes for sale nationwide. That means it would take nearly five months for all the current homes for sale on the market to sell, based on a certain monthly sales volume. A normal, balanced market has a 6-month supply of homes. In today's market, a prospective home buyer like you needs an advantage to make you memorable – and separate you from other buyers competing for similar houses. Consider these steps to be better prepared:

Metro Atlanta Home Buying Tips: Be Financially Prepared

Given the choice, home sellers almost always prefer to work with a buyer who can pay cash. Naturally, a buyer who doesn’t need to rely on a mortgage is an attractive commodity to a seller who doesn’t have to worry about the sale falling through due to financing issues. Interestingly, during the first quarter of 2016 all-cash buyers comprised about a third of all sales. But let’s be realistic, most buyers can’t pay cash and will still need mortgage financing. Meet with your lender in advance and get a pre-approval letter to show you can get the necessary financing for a certain amount or price range. The lender will pre-approve you – including a credit check and income verification process – prior to your home search. The pre-approval or pre-qualification process does two things:  Not only will it give you a competitive advantage, but it will let you know whether your home purchase budget is realistic.

Metro Atlanta Home Buying Tips: Be Aggressive

Normally, when buyers begin they are in the research phase of their home buying search. They may spend hours looking at online listings or attend a number of open houses. In a seller’s market, you need to be more aggressive, more ready to make decisions and move fast to get the house you want. A seller’s market means attractively priced homes get offers quickly. So, one of the most important Metro Atlanta home buying tips is if you're interested in a specific home, don't wait too long to make an offer – otherwise an opportunity may be missed. Most real estate experts suggest if you find a home you really like and think is priced fairly, make an offer as close to the asking price as possible. As one real estate agent said, “In a seller’s market, make your first offer an aggressive one… you might not get another shot.” Consider this, too: If you’re buying the home with mortgage financing, putting down a larger earnest money deposit can often give the sellers a better feeling that you’re not only in good shape financially, but that you’re serious about purchasing their home.

Metro Atlanta Home Buying Tips: Eliminate Contingencies

In today’s market, the more contingencies a sale has the less attractive it is for sellers to accept the offer. Simply put, they don’t need to… there are plenty of other prospects in the Metro Atlanta home buying arena. For example, a seller is more likely to reject an offer that’s contingent on the sale of an existing property. While that’s not unusual in most real estate transactions, in a seller’s market – and with a third of the purchasers paying cash – it may be enough for a seller to reject the offer and take his chances on a buyer ready to move quickly.

However, remember that not all contingencies are bad. Some are still needed even if it slows down the closing process. Keep home inspection contingencies in place for your protection. They may prevent you from making a costly mistake. If the home inspection is an issue, consider arranging for one before you make an offer.

Metro Atlanta Home Buying Tips: Be Flexible

Often home buyers can’t or don’t want to compete by getting into bidding wars and increasing their offers. You can separate yourself from the rest of the home buying pack by being easy to work with, flexible and responsive in the negotiation process. That brings us to another valuable Metro Atlanta home buying tip:  If you make an offer and there’s a deadline attached to it, be accessible. The pace can quicken and most sellers want a fast answer – one way or the other. A lack of response, or a slow response communicates ambivalence or non-interest to the seller and they will likely move on to another buyer with a similar offer.

Sellers who may want to close the sale quickly, but lease the home back for a short time after the closing have a unique need. Being open and easy to work with in a situation such as that will make your offer more attractive and valuable to them because it better fits their needs.

Metro Atlanta Home Buying Tips: Write a Letter

Some sellers are emotionally attached to their homes – especially if they’ve lived there for a long time and raised their children in the home. Those sellers are likely the ones that will want to make sure “their home” will be in good hands when they sell. As a buyer, you can appeal to that emotional connection by writing a letter to the sellers explaining why you and your family feel their home will be a perfect fit. Send the letter along with your offer – preferably by email – nobody trusts snail mail these days. Try to make a personal connection with the seller. Of course, if another interested party in the Metro Atlanta home buying market makes a higher offer, the letter may not do any good… but it can't hurt!

Read more about home buying in the section of articles on Metro Atlanta Home Buying Tips just below Metro Atlanta Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.

The Metro Atlanta home buying market offers a number of options. With sales of new construction last year surging to the highest level since 2007, single-family home production is projected to reach 840,000 units this year. That represents an increase of 18% over 2015, according to the National Association of Home Builders (NAHB). The challenge for home buyers, however, is new residential construction comes with a higher price tag than ever. The NAHB reports that in 2015 the average price of a newly-constructed home rose to $351,000 – an increase of over $100,000 from 2009. If you're thinking of buying a new home, there are several things to know and questions to ask. Let's examine them.

Metro Atlanta Home Buying: Know "New"

While prices are indeed high for new construction, there are still ways you can save if you're looking to buy a new home. Real estate experts say it's similar to shopping for a new auto – the correct strategy will likely produce the best results.

When you're new home shopping, ask the home builders these six questions to find the best home for you – at the best price possible.

1 – "If I use your preferred lender and title company, what financial incentives can I expect?"
While production or "cookie cutter" builders are sometimes slow to set a precedent by negotiating sales prices, custom builders are often more open and flexible.

Home building experts offer this example as an explanation. Say a new home is listed for sale at $375,000 and sells for $365,000. The next prospective buyer in the development will expect to pay no more than $365,000 – the most recent comparable sale. As a way to keep the playing field level while maintaining the best margins, many builders may offer attractive incentives to home buyers who agree to use their preferred mortgage lender and title company. In addition, some home builders may even pay as much as $10,000 in closing costs. Still others may propose upgrades in the home such as more upscale granite countertops or hardwood flooring.

While you're shopping for a new home in the Metro Atlanta home buying marketplace, experts suggest you should get additional quotes from a minimum of two other lenders before making a decision. However, look past just the interest rate being offered. Compare the terms of each lender to ensure the loan estimates are comparable.

2 – "What are the standard finishes?"
Most model homes available for personal tours by prospective home buyers represent an upscale or higher-end version of the standard floor plan. It's important to find out from the builder or his representative which of the options are standard, what the upgrades are, and how much cost difference is. The bells and whistles shown in the model home are there for a reason – to pique your interest – but they usually cost more.

Some savvy buyers have found success using this strategy: They purchase the home and move into it without the upgrades. Then, at a later date, they hire a subcontractor to perform the desirable upgrades. Most home builders charge a substantial markup on some finishes and product types. For example, the new housing development's builder may charge $4,000 to $6,000 for a quality, high-performance HVAC unit. With some research and negotiation, you may be able to hire another company to install the same unit for roughly 50% of that cost.

The downside, of course, is that by using a third party after you move in you'll be responsible for paying for the upgrades out of pocket. For many borrowers, one of the biggest advantages of having the builder do the upgrades is that they can be financed into the loan amount and amortized along with the monthly payment.

3 – "What are the long-term plans for this community?"
Once you enter the Metro Atlanta home buying arena, you'll readily see that in cases where there is sufficient land, a successful home builder may be planning to build additional phases of an existing subdivision development. Often, this may affect your decision to buy. Here's why:

Let's assume that in a particular development only a handful of new homes have been built and sold. If the builder plans to develop an additional 50-75 homes and you and your family decide to buy and move in, guess what? You will inevitably have to endure construction noise, added traffic and potential debris for months to follow. In addition, there's always the chance that the original builder is unable to continue building in the development and a new company takes his place. If the quality of the workmanship suffers as a result of the builder change, that may adversely affect your home's value.

4 – “What are the HOA rules and regulations?”
Every HOA is different. While they all have Declaration of Covenants, Conditions and Restrictions (CC&Rs) as well as bylaws, what those items contain will vary from place to place. If you're looking for a new home in the Metro Atlanta home buying market, be sure to get a copy of that information from the builder or development's representative and review them closely. If you want to have a private fence, a backyard storage shed or a doghouse you may want to check the HOA restrictions. Some HOA'S don't allow for those – and other – items. Ignorance of the bylaws will not excuse you from being assessed a penalty for non-compliance. In addition, be sure to find out when your HOA dues will commence. Many builders cover the HOA costs until a certain percentage of the development's homes (usually 50%) are sold.

5 – “What construction warranties do you provide?”
While most builders usually provide a one-year workmanship warranty and a 10-year structural warranty, warranties can vary. Be sure you know what your warranties cover and don't cover. Also, have a clear understanding for what the damage limitations are. Additionally, be sure to get manufacturer's warranties on your washer and dryer, hot water heater, HVAC unit, all kitchen appliances, and your home's roof.

6 – "Can you provide me with a list of your previous clients?"
As is the case with auto mechanics, dentists or even hairstylists, we all feel more comfortable dealing with people who come highly recommended. It's the same with builders in the Metro Atlanta home buying arena. Have the builder provide you with references and contact each of them. Ask them questions like, "Did he solve any issues that arose in a timely and satisfactory manner?" and "Would you do business with the builder again?" Remember this, however, it's human nature to only provide the names of references that will give us positive reviews, so be smart – see if you can find past customers of the builder on your own. Checking online for reviews on Angie's List, calling your local Better Business Bureau or area Homebuilder's Association, or going door to door and canvassing the homes previously built in your neighborhood may also provide additional information.

See more articles pertaining to home buying tips in the section of articles on Atlanta Home Buying Tips just below Atlanta Real Estate Categories in the column to your right. And remember, we also post tips daily on Facebook and Twitter . Check us out there too.

Metro Atlanta home buying tips often remind us that looking for a house is like sampling a buffet of delicious food. Many of them look great, but aren’t good for you. And some you like and want the most just simply don’t agree with you. That can be disappointing, because we all want the foods we love to “love us back.” All joking aside, the home shopping process can hold many of the same disappointments. Let’s examine what you should do when you find a home you want to buy, but the seller doesn’t accept your offer.

Metro Atlanta Home Buying – Coping With Loss

You’ve looked at dozens of homes in your price range and in the neighborhoods where you want to live. You’ve finally found the one you want to buy, worked with your real estate agent to make the best possible offer and are waiting for the seller’s response. After a sleepless weekend your agent calls and gives you the bad news – the seller has rejected the offer.

So now what? Where do you go from here? What should you do – or not do?

Contrary to what some people think, there’s no law – written or implied – that a seller has to accept any offer, regardless of the amount. Until the sales contract is signed and the conditions are met by both parties, there’s no binding legal obligation.

Consider these three Metro Atlanta home buying tips on what to do when a seller refuses your offer.

Don’t spend time trying to analyze the seller.

It’s human nature for us to question any type of rejection, because it hurts our feelings. However, dwelling on the potential reasons the seller turned down your offer to buy their home is usually a waste of time and energy. For those of you that participated in team sports competition, it’s similar to obsessing on the “what ifs” and “shoulda, coulda and woulda's” after suffering a loss. Rarely is there one clear, concise reason.

You could spend endless hours analyzing comparable sales data, property tax records and other market indicators. In addition, you could then intertwine that data with information you or your agent received from the seller’s agent about their reasoning, their situation or their motivations. But remember these three, simple words:  Don’t do it. Just like trying to figure out why your team lost the big game, trying to understand the seller won’t accomplish much. While there’s nothing wrong with learning from your mistakes, often a seller’s rejection has little to do with anything you did or didn’t do. Worrying about it steals valuable time from searching for the next home you may love even more than “the one that got away.”

Make your best offer.

Perhaps your initial offer, though well thought out and fair, wasn’t the maximum you can afford or qualify for. Many Metro Atlanta home buying tips recommend holding back a little to allow some room to negotiate. A seller who hasn’t responded favorably to your – or other – offers so far, may not actually be all that motivated to sell. Maybe they’re having second thoughts. Maybe their situation has changed. Perhaps they need more time. Whatever the reason, the bottom line is they didn’t accept your offer and, as mentioned earlier, just because you want to buy their home doesn’t mean they have to say yes to the deal.

If the seller doesn’t respond, or if they make a less than attractive counteroffer, don’t waste time or mince words. Be direct, prompt and make your maximum offer in writing as soon as possible. After that, if there’s no positive response, continue the home-shopping process. It’s obvious you’ve done all you can do and, for whatever reason, the seller feels it’s not enough. To echo the newly-coined cliche’, “Move along, there’s nothing to see here.”

Get over it.

Buying a home can be an emotional experience. As such, it’s common for a prospective home buyer – especially a first-timer – to dwell on what might have been and find it difficult to move on. When this occurs, one of our Metro Atlanta home buying tips is to chalk it up to experience and file it under “lessons learned.” In the words of the immensely popular song from the motion picture “Frozen”, “Let it go.” One real estate agent who’s witnessed and endured her share of disappointment from clients says, “Every minute you spend dwelling on your missed opportunity is a minute that delays you from enjoying the next exciting find.” In other words, there are plenty of proverbial fish – bigger and better ones – in the sea.

Use the rejection experience to your advantage for the next offer. Chances are, that experience and the pains of rejection and disappointment will make you smarter and better prepared for making an offer or negotiating on a home that will probably make you forget the previous one completely.

Remember, time has a way of helping us through these and other losses. And while some losses in life are substantially more important than others, don’t be surprised if you look back and realize these tips were timely. Many a home buyer has experienced the feeling of satisfaction in looking back at the home they “simply had to have” only to be happier with the one they ended up buying. The moral of this home buying story is no matter how strongly you believe this house was meant for you, there are always other great houses that may be an even better fit.

It’s what makes home shopping exciting, exhilarating and fun. You never know what’s waiting for you. Like that delicious buffet we mentioned earlier, there are many choices. The key is to find the one that brings you the most personal satisfaction and enjoyment.

You can find more articles pertaining to Metro Atlanta home buying in the Atlanta Home Buying Tips section of our site below Atlanta Real Estate Categories in the column to your right.

We also post tips daily on Twitter and Facebook. We hope you’ll check us out there, too.