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Atlanta, Georgia - One of 66 Cities Where it "Makes Sense" to Buy a Home

By
Real Estate Agent with RE/MAX Around Atlanta GA RE License #296541
Atlanta - One of 66 Cities Where it "Makes Sense" to Buy It's just like we tell our buyers all the time - it's the right time to buy! A home is still a great investment - just don't expect to make a fast buck.

According to an article this morning on MSN Real Estate, Atlanta is one of the "66 Cities Where Buying Makes Sense" - where the drop in home values and the "soft" market have made the idea of homeownership increasingly realistic for many.

"With house prices falling around the country, many renters are wondering if this is the time to jump in and score a deal... The answer, of course, depends on where you live. In much of the U.S., you're better off buying despite falling home values, say new data compiled by the National Low Income Housing Coalition and the Center for Economic and Policy Research."

The most important thing for potential homebuyers to remember is: It's a home, not a get-rich-quick scheme. It's always a red flag to me when I encounter a buyer who says s/he wants to buy a home, great a great deal, and sell in two years to "cash in." I always advise my buyers to remember that it is just as important to love the home you're in as it is to get a great deal. It's all about balance -- getting a good deal (meaning, not paying the highest price in the neighborhood and also getting a fair market price, based on the comps and the market) but also finding a home where you and your family can be happy.

Danilo Pelletiere, research director for the National Low Income Housing Coalition and co-author of the study reminds readers, however: "I wouldn't want anybody to interpret this data as saying here's where you should put your money. What I am saying is, if you want to put your money into a home, these are the cities where owning makes sense."

Below is the list of the 
"66 Cities Where Buying Makes Sense" -- you'll see Atlanta (Sandy Springs/Marietta being in the northern suburbs) about halfway down. Of course, the better your credit, the better the loan you will qualify for and the more equity you could potentially have by the year 2012.


Metro area

6% loan

7% loan

8% loan

McAllen-Edinburg-Mission, Texas

$90,437

$89,871

$89,381

San Antonio

$90,017

$89,064

$88,239

New Orleans-Metairie-Kenner, La. 

$88,907

$87,473

$86,232

Houston-Sugar Land-Baytown, Texas 

$87,837

$86,703

$85,721

Dallas-Fort Worth-Arlington, Texas 

$83,880

$82,669

$81,620

Rochester, N.Y. 

$82,898

$81,898

$81,032

Syracuse, N.Y. 

$80,231

$79,341

$78,571

Buffalo-Niagara Falls, N.Y. 

$77,934

$77,045

$76,275

Jackson, Miss.

$77,648

$76,659

$75,804

Austin-Round Rock, Texas

$70,007

$68,530

$67,251

Memphis, Tenn.-Mississippi-Arkansas *

$68,348

$67,286

$66,367

Baton Rouge, La. 

$61,802

$60,648

$59,651

Pittsburgh

$61,174

$60,221

$59,397

Tulsa, Okla. 

$58,599

$57,624

$56,780

Little Rock-North Little Rock-Conway, Ark. 

$58,420

$57,416

$56,548

Augusta, Ga.-Richmond County, S.C. 

$57,424

$ 56,465

$55,636

Lakeland, Fla.

$56,960

$55,793

$54,784

Columbia, S.C

$55,993

$54,936

$54,022

El Paso, Texas 

$55,100

$54,316

$53,637

Akron, Ohio 

$54,594

$53,410

$52,387

Greensboro-High Point, N.C. 

$54,592

$53,463

$52,485

Oklahoma City 

$54,431

$53,475

$52,648

Youngstown-Warren, Ohio-Boardman, Pa. 

$54,014

$53,176

$52,450

Wichita, Kan. 

$53,684

$52,764

$51,968

Dayton, Ohio 

$51,393

$50,327

$49,405

Detroit-Warren-Livonia, Mich. 

$50,599

$49,241

$48,067

Indianapolis-Carmel, Ind. 

$49,520

$48,330

$47,300

Albany-Schenectady-Troy, N.Y. 

$49,104

$47,630

$46,355

Omaha, Neb.-Council Bluffs, Iowa 

$47,823

$46,654

$45,643

Birmingham-Hoover, Ala. 

$47,404

$46,276

$45,300

Atlanta-Sandy Springs-Marietta, Ga. 

$46,314

$44,730

$43,360

Scranton-Wilkes-Barre, Pa. 

$46,251

$45,254

$44,391

Des Moines-West Des Moines, Iowa 

$46,078

$44,844

$43,776

Kansas City, Mo.-Kansas City, Kan. 

$45,699

$44,413

$43,300

Cleveland-Elyria-Mentor, Ohio 

$45,251

$44,025

$42,964

Grand Rapids-Wyoming, Mich.

$44,484

$43,304

$42,282

Toledo, Ohio 

$44,009

$42,928

$41,992

Tampa-St. Petersburg-Clearwater, Fla. 

$41,847

$40,237

$38,843

Chattanooga, Tenn.-Georgia *

$41,025

$39,955

$39,029

Cincinnati-Middletown, Ind.-Kentucky  *

$40,454

$39,184

$38,086

Greenville-Mauldin-Easley, S.C. 

$40,268

$39,169

$38,218

Harrisburg-Carlisle, Pa. 

$37,456

$36,168

$35,054

Portland-South Portland-Biddeford, Maine 

$37,197

$35,204

$33,479

New Haven-Milford, Conn. 

$36,521

$34,284

$32,348

Deltona-Daytona Beach-Ormond Beach, Fla. 

$36,217

$34,643

$33,281

Charleston-North Charleston, S.C. 

$35,592

$34,062

$32,738

Louisville-Jefferson County, Ky.-Indiana *

$33,003

$31,809

$30,775

St. Louis -Illinois *

$32,933

$31,630

$30,503

Sarasota-Bradenton-Venice, Fla. 

$31,544

$29,577

$27,875

Charlotte-Gastonia, N.C.-Concord, S.C. 

$29,919

$28,524

$27,318

Columbus, Ohio 

$28,982

$27,628

$26,457

Albuquerque, N.M. 

$28,805

$27,356

$26,102

Jacksonville, Fla. 

$26,832

$25,241

$23,863

Nashville-Davidson-Murfreesboro-Franklin, Tenn. 

$26,567

$25,181

$23,982

Knoxville, Tenn. 

$24,862

$23,663

$22,625

Palm Bay-Melbourne-Titusville, Fla. 

$23,090

$21,467

$20,063

Richmond, Va. 

$21,500

$19,740

$18,217

Raleigh-Cary, N.C. 

$19,004

$17,386

$15,985

Springfield, Mass. 

$16,338

$14,591

$13,079

Philadelphia-Camden, N.J.-Wilmington, Del. -Maryland *

$14,492

$12,532

$10,836

Hartford-West Hartford-East Hartford, Conn. 

$13,494

$11,405

$9,598

Allentown-Bethlehem, Pa.-Easton, N.J. 

$12,779

$11,063

$9,578

Milwaukee-Waukesha-West Allis, Wis. 

$12,745

$11,076

$9,632

Virginia Beach-Norfolk-Newport News, Va.-North Carolina  *

$10,449

$8,515

$6,842

Orlando-Kissimmee, Fla. 

$9,400

$7,433

$5,730

Colorado Springs, Colo. 

$4,482

$2,736

$1,224

Source: Center for Economic and Policy Research and the National Low Income Housing Coalition
* Metropolitan area extends across state borders


For more information on buying a home in the Atlanta area or if you are thinking of relocating here and would like our personalized Relocation Package, please contact The Gebhardt Group today! Email us at info@GebhardtGroup.com.

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Maura Gebhardt, ABR®
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097

direct: (770) 751-5895
main: (770) 291-0100
email: info@GebhardtGroup.com
website: http://www.GebhardtGroup.com/
blog: http://www.GebhardtGroupBlog.com/ 

Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

I can't believe you haven't gotten more responses on this post!  I am making it a featured post in the AR group Positive Real Estate News because of all the information!

Jul 18, 2008 04:18 AM
Anonymous
Not Yet Licensed

It's just like we tell our buyers all the time - it's the right time to buy! A home is still a great investment - just don't expect to make a fast buck.

Thanks Maura,

This is excellent advice.

Jul 18, 2008 05:28 AM
#2
Maura Neill
RE/MAX Around Atlanta - Alpharetta, GA
North Metro Atlanta Real Estate

Hi, Heath! Thank you so much! I really appreciate it - what a big compliment! It's kind of a long post - I'm figuring some people just don't make it all the way through!

~Maura Gebhardt

Jul 19, 2008 11:08 AM
Maura Neill
RE/MAX Around Atlanta - Alpharetta, GA
North Metro Atlanta Real Estate

Hi, Not Yet Licensed! =)

Thanks for reading and commenting! Have a great day!

~Maura Gebhardt

Jul 19, 2008 11:09 AM
David Buck
Harcourts Island Real Estate - Honolulu, HI
Realtor-Broker

Great article! I wish those prices/affordability were here in Honolulu...

Dec 03, 2008 07:36 PM
Maura Neill
RE/MAX Around Atlanta - Alpharetta, GA
North Metro Atlanta Real Estate

Hi, David! Thanks for reading and commenting - and best wishes for a wonderful 2009!

~Maura Neill

Jan 17, 2009 03:31 AM