Market conditions have certainly changed in the past year or more. Foreclosures have reached an all-time high and reliable projections showing them rising even more through 2008. Many homeowners took advantage of gimmick "interest only" loans and now that credit standards have tightened they find themselves unable to refinance. Trying to sell their homes to avoid foreclosure, many of these homeowners are "upside down" due to second mortgages and equity loans and in turn are asking too much for their home in today's market. Many non-prime lenders have outright closed their doors, some not writing new loans and some out of business completely. Some big lenders are in the same situation.

What does all of this mean to the current homebuyer? It means that you have many homes to choose from, many in distressed financial situations. You can afford to be choosy and only consider homes that are move-in ready and trouble-free. Atlanta metro area homes never had the rapid rise in prices due to speculation that most metro cities did. As a result, Atlanta area prices are projected to stay much the same as these other areas "correct" to more reasonable levels. This means that if you can qualify as a homebuyer in today's market that you are very likely to get a great deal on a home and that it will increase in value relatively soon compared to the rest of the country. This makes for a very smart investment and many Atlanta area investors know this and are buying up property at a rapid rate.

Foreclosures are the hot buzzword these days and everyone wants to get a great deal. The banks know what these properties are worth and usually won't entertain "lowball" offers, but there is certainly some money to be made by purchasing these properties. I have dealt with a few lately and they can be tricky and advanced negotiation skills are definitely needed if you are interested in purchasing a foreclosure property.

Some Georgia builders are facing serious financial difficulties due to the current market. They are discounting standing inventory and halting new starts. Rumors around the trade tell of certain builders cutting corners to save money in these tough times. You can find a great deal on a new existing home, but all bets are off if you would like to purchase a lot and have a home built today. If you are considering the purchase of a new home please visit WORKING WITH GEORGIA BUILDERS for some valuable tips and be sure to CONTACT ME to represent your interests with integrity.

There are many "For Sale By Owner" homes on the market right now, again I have dealt with a few recently. By and large they are typically overpriced due to the aforementioned "upside down" issue and they expect you to pay for their recent vacation to Hawaii apparently. Many use their tax assessment as a guide to pricing their home which typically has nothing to do with the fair market value. Many do not understand the process and documentation involved. Don't expect a great deal on these homes but by all means check them out and do not be afraid to let them know that you intend to be represented by a professional REALTOR. CONTACT ME if you need assistance with a FSBO seller.

As you can see it is an exciting time right now for qualified homebuyers. With the largest home inventory ever, favorable interest rates, the lowest prices in years, access to powerful online tools, and the right professional representation, the time has never been better to find and buy the home you have always truly wanted.