All about First Time Home Buyers

Marietta, Georgia is a lovely neighbourhood of bedrooms situated on either side of Interstate 75 about 15 to 20 minutes northwest of Atlanta. Because of its close proximity, many of the people who live here fly to Atlanta, making it an incredibly common place to live.Do you want to learn more? Visit Cream City Home Buyers.

The first time home buyers here in Marietta are teetering on a fence trying to make a decision to buy a home, it seems possible. They will think the home prices are going to fall further. And / or, maybe they think the interest rates are going to go down. These two suggestions I would like to answer by offering them as the two key reasons it is time to buy here in Georgia.

The first explanation is that home buying rates in Marietta, GA and the surrounding area of Cobb County have plummeted by around 30 per cent. It’s my professional opinion that buying a house here is now one of the best times in history since we’re at or really close to the bottom of a history making market downturn. This is particularly true if this is your first home, and when the real estate market collapsed, you didn’t lose anything. We all look for sales in our favourite stores and particularly sales with a markdown of 30 percent; this 30 percent off of homes in our area is the deal of the century-literally!

Someone might argue that the real estate market would fall even further. Although that could happen, think about this: when it’s big, everybody wants to buy into the stock market; we ‘d all love to do that, and almost all of us have to say we’ve never even come close. Many people are purchasing stocks in the middle of a that market and the rest are purchasing far closer to the top when they look healthy. But smart investors purchase stocks (or homes) after they’ve sunk due to the reduced likelihood they’ll fall more dramatically and the far higher chances of earning. If you’re a first-time buyer, particularly now is a good time to buy.

Second, interest rates now are lower than ever. They were 3.75 per cent for a fixed rate 30 year loan from one of our lenders during the 3rd week of October 2010. A good way to shake, isn’t it?

If rates go a little lower on a monthly payment it won’t save too much money but if they don’t and they rise back up we will start losing out easily. (I thought a recent average of 4.25 per cent was perfect for 30 years.) Now, I have to tell you, something below 4.0 per cent is absolutely brilliant.

Here is an example for helping to bring the issue of interest rates into perspective. Let ‘s say you ‘re looking at a $150,000 home in a stunning neighbourhood on a quiet street in Acworth, another Atlanta suburb close to Marietta. FHA needs just 3.5 per cent down, and for a fixed rate of 30 years we can use an interest rate of 3.75 per cent. Using our fancy calculator this works out to be $5,250.00 down and a $670.36 (Principal & Interest Only) base payment which is less than several apartments (and forget the quiet street). If the interest rate rises to 3.5 percent the basic payment rises just $20.37 a month. Right now, interest rates are fluctuating up and down and that is another indication it’s time to buy!