New Home Source Georgia (2024)

FAQs

How long does it take to get approved for a house in Georgia? ›

The average Georgia Dream process takes about 60 days from application to closing. A delay may occur if the applicant does not provide the documentation necessary for the lender to complete the application and process the loan.

Building a home in Georgia takes an average of seven months, but numerous factors can influence the time it takes to complete your build. These include the materials you use for your house, the design's complexity, the availability of labor, the permitting process, and the weather.

Yes. This is the best time to buy a house in Georgia. With the current trend in the GA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

Since early 2022, the number of homes listed has surged and sales have slowed. Back when listings were far fewer and sales higher, homes for sale flew off the market, but now they sit longer, according to national broker Realtor.com.

FHA and VA loans: Most Georgia lenders will require a credit score of at least 580. However, for these two types of loans, to get the best rate and qualify for flexible underwriting a 620 is ideal. USDA, Jumbo, and Conventional loans: This category commands the highest credit score requirement at 640.

All eligible home buyers may qualify for $5,000 in assistance. Need help with your down payment? Often the biggest obstacle to homeownership is being able to afford the down payment. The Georgia Dream Homeownership Program can help qualified borrowers clear this hurdle!

It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $273,860 on average to build a home in Georgia. This figure can add up to $423,860 if you include land costs, excavations, permits, and other expenses.

Winter is usually the cheapest time of year to purchase a home. Sellers are often motivated, which automatically translates into an advantage to you. Most people suspend their listings from around Thanksgiving to the New Year because they assume buyers are scarce.

In 2024, Atlanta's real estate market is expected to experience the following: Average home values in the metro area are forecasted to see hikes of as much as 6%, mirroring national trends. However, some neighborhoods may see price drops, highlighting the importance of local market conditions, according to Atlantafi.

What month is the most expensive to buy a house? ›

Generally speaking, late spring and summer are the peak real estate season, when there's the most inventory to choose from — but also the most competition, and the highest prices. If affordability is a concern, you're likely to score a better deal during the winter months.

1. Kennesaw. The best Georgia city is Kennesaw, located roughly 27 miles northwest of Atlanta.

— Living comfortably in Georgia in 2024 requires a salary of nearly $100,000, according to a new study.

Georgia Housing Market Overview

Despite being a sellers' market like most of the country, Georgia is actually more balanced than many other states. It takes 33 days on average for a home to sell in Georgia currently, which is right around the national average.

From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to the purchase transaction and the home loan processing time.

The average time for a mortgage to be approved is usually 2 to 6 weeks. It can take as little as 24 hours but this is usually rare. You should expect to wait two weeks on average while the mortgage lender gets the property surveyed and underwrites your mortgage.

From the time that all parties sign the contract, expect the closing to happen about 30 to 45 days later. During that time, the buyer, buyer's real estate agent, buyer's lender, and the closing attorney will all be working towards the closing.

What are the requirements to buy a home in Georgia? You will need a minimum credit score of 620 with most mortgage lenders, a debt-to-income ratio less than 43 percent, a down payment of at least 3 percent of the purchase price (and likely more) and enough cash to pay for your closing costs.