Buying a Home and Avoiding Foreclosure: When is the best time to Buy or Sell a home in the ATL?

Spring is here... which is the best time to buy or sell a home.

Buyers choose spring to become a home owners because the kids are out of school and the weather is warm to start looking. Existing residence are out and about and it's a good time to determine if a community is family friendly or not. New home construction is on the rise in the spring and given the number of houses that are on the market during this time of year, the chances of finding a home that meets your criteria are greater. Another reason why spring is the best time for home buyers is because it is also the time of year when many new home buyers have received their income tax returns. They have probably spent the previous year taking care of any potential credit issues and now they have their down payment or closing cost and are ready to buy.

But all in all, the best time of year to become a home owner, is when it is simply cheaper to own than it is to rent. Makes sense, but how do you figure that out? Find two similar houses (or use your current rent rate) – one for sale and one for rent – and divide the asking price by the annual rent. The difference is called the rent ratio.A rent ratio of 20 or more usually means that it costs considerably more to own than to rent after you factor in the mortgage, taxes, insurance, repairs and other expenses. It makes financial sense to buy when the rent ratio is a lot closer to 10 than to 20.

For Sellers, spring is a great time, simply because the market is in their favor, it's a "seller's market". Buyers are out and are ready to purchase, and this is the best time of year to get your "asking price. And the best day to list your home is a Thursday, making it available right away for the weekend showing. Spring is a relaxing time, being that most sellers can plan around their vacation and can scheduled off time to get the property ready for sale.

There is more to selling a home than just placing a sign in the yard. A home that shows it has been "well cared for", with fresh paint, the flooring and windows are either new or clean, and the clutter has been removed; is a home that averages less time on the market. The longer a home is on the market, the opportunity to get your listing price decreases.

If you're not sure where to begin with determining the price of your property, ask for a Comparative Market Analysis. Using the data from the report is a great way to determine buying trends and a start point for an asking price.