Closing Conducted by: | Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 3 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
Income Tax: | 1.0% - 6.0% |
Corporate Tax: | 6% |
Sales Tax: | 4.00% |
Estate Tax: | 35% |
Inheritance Tax: | No |
Median Property Tax: | 0.83% |
Property Taxes by County: | http://www.tax-rates.org/georgia/property-tax#Counties |
Closing Cost: | $2,433 |
Transfer Fee: | 0.10% |
Origination Fee: | $1,766.00 |
Median Home Value: $191,800
1-Year Appreciation Rate: +8.1%
Median Home Value (1-Year Forecast): +4.1%
Median Rent Price: $1,450
Price-To-Rent Ratio: 11.02
Average Days On Market: 65
Percent With Negative Equity: 9.5%
Unemployment Rate: 3.6% (latest estimate by the Bureau Of Labor Statistics)
Population: 10,519,475 (latest estimate by the U.S. Census Bureau)
Median Household Income: $52,977 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 13.73%
Foreclosure Rate: 1 in every 2,204
Liberty (1 in every 749)
Henry (1 in every 897)
Butts (1 in every 936)
Polk (1 in every 999)
Rockdale (1 in every 1,078)
Tax Lien or Deed: Redemption Deed State with Penalty
Interest Rate: Penalty of 20% if redeemed after sale
Redemption Period: 1 Year after Tax Deed Sale
Rehabbing will remain an attractive exit strategy despite rising prices: As one of the most affordable housing markets in the country, Georgia has become a safe haven for budget-conscious investors. In fact, real estate in Georgia is so affordable that it facilitates more buying activity. As a result, rehab investors will find persistent demand for their assets now and for the foreseeable future.
Prices will continue to rise: As perhaps the most likely Georgia real estate market prediction to come true, there’s a great chance prices will continue to rise for at least a year. There simply isn’t enough inventory to meet current demand, which allows homeowners to drive up prices in the face of steep competition. That, combined with a strengthening economy and low interest rates, should increase the number of buyers actively participating in the market. Until there is enough inventory to satisfy demand, it looks like prices will continue to rise.
Optimism in the industry will work to Georgia’s favor: The Georgia real estate market has a lot working in its favor, but optimism might be its greatest resource. While the state has been ravaged by foreclosures and distressed properties, the worst appears to be in the past, and positivity is all that remains moving forward. Despite exhibiting one of the country’s highest foreclosure rates, help is on the horizon. The economy is improving, which should help a lot of homeowners get out from underwater.