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 |
* 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/
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