Cherokee County, GA Real Estate

The Cherokee County Real Estate market is HOT, might be time to stop renting!

Deciding to stop renting and to buy your first home in Cherokee County is a big decision that shouldn’t be taken lightly.  Many people see owning a home as the “American Dream,” but it may not be for everyone.  It is a huge financial and emotional decision. However, if once you create a budget you can afford to purchase then it is a no brainer!

Pros to renting

• Generally less maintenance
• No closing/home-buying costs
• Walk away when lease is up

Pros to buying

• Build equity
• Tax benefits
• Freedom (to change décor, landscaping, etc.) No longer dependent on others!

The tax benefits of owning your own home can be quite advantageous.  With the tax deductions you can actually afford to pay a larger mortgage payment than your current rent payment. Click here to see figure out how much of a mortgage you can afford to pay for your Cherokee County home.

If you’re not sure about how much you can afford to spend on your home in Cherokee County use this simple mortgage payment calculator.

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WHY GET YOUR COBB COUNTY HOME INSPECTED?

Buying your home in the Cobb County Real Estate market is probably the largest purchase you will ever make. You should always get your Cobb County home inspected during the due diligence period.  Just because everything appears to be wonderful doesn’t mean it always is and a good home inspector can save you a lot of trouble and heartache. If you don’t believe me go rent Money Pit with Tom Hanks

Home inspectors look at very important aspects of the home including, but not limited to;

• Home Structure-roof, walls, cracks, etc
• Heating/electrical
• Water-drainage issues, water damage, etc.

Finding a qualified home inspector is very important.  You should definitely do some research and always ask around, but make sure you do your homework and check their qualifications.  Your Realtor probably has an inspector he/she trusts, that they’ve worked with many times before.  We turn to Legacy Home Inspections because they consistently do a wonderful and thorough job for our clients.

The International Association of Certified Home Inspectors, Inc. has a great search tool to help you find a home inspector in Cobb County or other areas. 

To contact Legacy Home Inspections - http://www.legacyhomeinspect.com/
To search for a home inspector - http://www.inspectorseek.com/

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Why it’s the best time to buy your first home in Cherokee County

I’m sure that by now everyone is aware of the 2009 First Time Home Buyers $8000 Tax Credit.  To qualify the home must be purchased by December 1, 2009 and the purchaser can not have owned a home in the prior three years.   If the home is occupied for three or more years the tax credit will not have to be repaid, but if the home is sold within the three year period, the tax credit will be recouped on the sale of the home. Combine this with the great deals currently available in Cherokee County Real Estate, and you are off to a great start. 

Along with the First Time Home Buyers Tax Credit, the state of Georgia has also passed H.B. 261 which is a state tax credit on homes purchased within the six months following June 1^st, 2009.  Home buyers can qualify for 1.2 percent of the purchase price or up to $1800 in income tax credits.  This tax credit will be in addition to the federal tax credit and will apply to all home purchases, not just first time buyers.

Between the great deals and tax credits this is the perfect time to buy your new home in Cherokee County.

To begin your Cherokee county home search click here.

http://www.federalhousingtaxcredit.com/2009/index.html

http://www.ajc.com/business/content/metro/stories/2009/05/11/home_buyer_tax_credit.html?cxntlid=inform_artr

http://www.legis.state.ga.us/legis/2009_10/sum/hb261.htm

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Short Sale Homes in Canton

Most buyers are not very familiar with short sales.  Actually many of my clients have thought that a short sale meant a very quick closing.  This is actually quite the opposite of what really happens. 

If you’ve been searching for homes in Canton Ga recently you’ve probably come across this term quite frequently.  A short sale is actually a transaction where the lender has agreed to accept less than the mortgage amount owed by the homeowner.  It is one way for homeowners to avoid foreclosure.

The problem with many short sale homes in Canton Ga is that the agents have set the listings price much lower than the bank is going to find acceptable.  The banks are willing to take a loss on short sales, but not at a large amount.

Also, it can take weeks and weeks to hear anything from the banks once you have made an offer.  I’ve spoken with people that have been waiting for almost 2 months for a response from the lender.  The number of short sales has been increasing drastically and the lenders simply do not have the man power.  The amount of time will increase if there is more than one lender.

In May the Obama Administration announced it’s Foreclosure Alternatives Program, a new program that will hopefully help to set standards in the short sale process.  It will also establish incentives to encourage lenders to help in the completion of short sale transactions.  It is anticipated to launch in July

A short sale home in Canton may be right for you if you have plenty of time and can be very patient. But also don’t get over excited, the listed price is rarely the final price and unfortunately most of these short sales still never close. 

http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf

http://www.ajc.com/services/content/printedition/2009/03/13/bankcrisis0313.html

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So you’re looking for a deal on a home in Cobb County

This statement seems to come out of almost every buyer’s mouth when asked what they are looking for, and why not there are a lot of great deals out there right now, but you have to be in a position to jump on them quickly. No matter the market conditions East Cobb Real Estate is always in Demand. 

Cash buyers are at an advantage because they can move quickly.   If you’re not in a position to pay cash (and really who is?) go ahead and begin talking to a loan officer.  Get pre-qualified and get all of your paperwork in order so that when you do find the house you are not scrambling around.

Remember that right now everyone is looking for a great deal on homes in Cobb County real estate and things are moving quickly.

Don’t focus only on bank owned homes.  Some of the best deals right now are on builders standing inventory.  Builders must sell these homes before they can begin building more.  When these new neighborhoods drastically drop the prices in order to sell you must move quickly because these deals do not last very long.  Atreus Homes Westbrook Creek Subdivision in Cobb County is a great example.  Beautiful 4 and 5 bedroom homes that were originally in the $250-300 range are now selling in the $180’s. http://atreushomes.com/community_template.aspx?id=3212

• Be able to spend time looking
• Don’t get discouraged
• Be able to act quickly
• Be open to putting a little work into it.

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Contact Freedom Financial Today to get the pre-qual process started. http://www.freedomfinancialmortgage.net/index.html