Why Now is the Best Time to Buy Atlanta Real Estate

Anyone who picks up a newspaper, or switches on the nightly news sees all of the gloom and doom surrounding the real estate industry. No matter where you turn, it's all around like a dense fog with no end in sight. U.S. foreclosure levels are at all time highs and the glut of available homes on the market increases daily. With each passing month, adjustable mortgages claim additional victims and add them to the heap of homeowners facing foreclosure. Mortgage companies are failing and large lending institutions are forced to write off defaulted loans by the truckload. Throw in the concerns over the domestic economy and interest rates and you have the ingredients for that ugly word — "Recession."

In some areas, homes that were once going for $150,000 or more can be had for less than $100,000 now. Banks are practically giving properties away if you know where to find them.

Why are they doing this? It's simple, think of the current real estate market like a game of musical chairs. Every lender is trying to off load their properties before the music stops. There are only so many people willing to pickup these properties and inevitably someone is going to be left without a chair. Banks are in the business of lending money, not holding onto property. Every dollar tied up in a piece of real estate is a dollar that can't be put into the capital markets to earn a return. Shareholders don't like to see non-performing assets on the balance sheet at the end of the quarter or more importantly the fiscal year end. They don't care if the bank has taken a loss from the sale of a non-performing asset. As much as it doesn't make sense to the majority of people, this is the standard that banks are held to. Therefore, these banks have every incentive to get whatever funds they can for the houses that they have foreclosed on.

To learn more about why now is the best time to purchase real estate, give us a call, or drop us an email, or better yet, leave us a comment below and we'll get back to you. Don't worry, even though your email address is needed for your comment to go through our system, we are set up so your email address will NOT display on our site along with your comment… so feel free to post, and confident that your privacy will be maintained.

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