Pretty homes on suburban street

The Georgia housing market offers strong value, featuring a median home price around $345,000 to $385,000—which sits below the national median. A stabilizing inventory gives buyers more negotiating room; the market has turned into a buyer’s market. The steady economic growth draws new residents, and areas like Savannah and metro Atlanta provide diverse housing options. As mentioned, buyers now have an advantage, as a home being marketed over 30 days that is not under contract probably needs a price adjustment in order to attract potential buyers. Purchasing a home is a business transaction; it is not personal. One can offer an amount that you feel provides the very best value for you and your family.

Annual appreciation has leveled off to a sustainable 1–2% pace rather than frantic spikes. This means the buyer is in control; you can choose from many homes on the market that may accept an offer below the listing amount. Utilize the internet to gain knowledge of recent sales in the area. A good basis for your offer price is what recent area homes sold for.

Active housing supply has improved, meaning fewer fierce bidding wars and rushed offers. No longer are there many buyers for the same property, which pushes the listing price higher. As the buyer, you are in control. Make offers based on what you, not the seller, feel the property is worth in today’s marketplace.

Properties stay on the market a bit longer, allowing buyers a chance to request concessions. Gone are the days of most homes selling in a couple of weeks, at or above the listed price. Today, when a home takes longer than 30 days to obtain a contract, it is almost always due to no potential buyers seeing value in the listed price.

The statewide median home price sits comfortably below the national average, letting you buy more square footage for less, and also allowing for more buying options in multiple areas.

Sellers are more open to covering closing costs, paying for repairs, or accepting lower offers. The leverage in the homebuying marketplace has returned to the buyers.

Lowering Your Annual Housing Costs

Georgia offers low property tax rates and generous homestead exemptions that lower your annual housing costs. Once you purchase a home, immediately complete and file all the required exemption paperwork, and follow up with the county tax revenue office within a few weeks to confirm that your exemption was processed and accepted.

You can lower your annual homeowners insurance premium by purchasing a home with a newer roof, accepting a larger deductible, and having a high credit score. Homeowners insurance rates vary between carriers; always ask your agent to check for policy options each year upon renewal. If your agent does not have appointments with multiple carriers, consider utilizing an agent that can provide multiple quotes from different companies.

The Benefits of Owning a Home

The benefits of owning a home are many:

  • Ownership builds equity, an asset in your name.
  • Greater asset growth as your home appreciates.
  • Mortgage interest is tax-deductible.
  • Real Estate taxes are tax-deductible.
  • Greater personal features such as garage and backyard use.
  • Greater privacy due to no shared walls.
  • Unlike rent payments, your principal and interest is a fixed payment.
  • Your life has greater stability, as you remain longer in an owned home.

How to Start the Homebuying Process

To start the homebuying process, you need to complete the following:

  • Review your current rental lease for its expiration date.
  • Pull your own credit report and make sure it is accurate.
  • To get a great rate on your new home, you will need a middle credit score of 620.
  • Determine a budget for your monthly mortgage payment.
  • Calculate the amount of assets that can be utilized for a down payment and closing costs.
  • Prioritize a list of Wants and Needs for your home.
  • Consider schools, commute distance, and shopping when selecting a home.

Once the steps above have been completed, consult with a mortgage professional to determine if you will qualify for a home purchase in the price range for neighborhoods you like. A mortgage approval request can usually be completed within 24 hours, provided you share your income and asset documentation. Your mortgage approval is usually good for 90 days, as after that time a new credit report is required.

Government mortgage programs allow for down payments as low as 3.00%, credit scores as low as 620, and a housing debt-ratio allowance up to 45% of your gross monthly income.

Your Trusted Mortgage Partners

Tahir Khan and Darren Scott, the principals of Residential Savings Mortgage, Inc., have 48 and 37 years respectively in the mortgage industry. We can provide mortgage solutions to meet all of your objectives. Call us in the office at 954-845-0606.

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