Cumming Georgia Legal Blog

Exurbs were hit hard during the housing crisis, including in Georgia. Sale prices in these less-densely populated communities around the country fell 31 percent from their 2007 peak as compared to urban areas, which saw a drop of 24 percent. While prices in urban areas recovered by 2015 and are now 22% higher than they were before the recession, exurb prices took an extra two years to recover and are now only 7% higher.

These lower post-recovery prices help to explain the current popularity of exurbs. Even though commuting can often be a nightmare for many residents, homeowners can better afford larger yards with trees and extra space for outdoor activities. Additionally, many exurbs are strategically located so that only a short drive is necessary to purchase staples.

Homeowners in Georgia may experience difficulty making payments on their mortgages. At this point, it may make sense to sell the home and get out from the expensive home loan. The good news is that an individual can generally sell the home even if he or she is behind on the mortgage. As long as the lender hasn't foreclosed on the home, the current owner can still attempt to sell and use the proceeds to satisfy the loan balance.

Generally speaking, selling a home is easier when a homeowner has positive equity. This means that the home is worth more than what he or she owes on the mortgage. Selling a home is generally better for a person's credit compared to a foreclosure. This is often true even if a person goes through the process of a short sale. In some cases, a credit score can drop by as many as 300 points after a foreclosure occurs.

In recent years, sellers have generally had the upper hand in the housing market in Georgia and many other parts of the country. However, 2019 is shaping up to be a year in which buyers may be gaining back some leverage. According to Redfin, only 13 percent of homes had multiple offers made on them in January.

According to an economist from the National Association of Realtors, mortgage interest rates are likely to stay under 5 percent for much of 2019. Lower interest rates may enable buyers to save hundreds compared to if they had purchased a home in 2018 where rates peaked at over 5 percent. As the housing market eases, buyers may have more choice than they have had in recent years.

More than half of all adults lack an estate plan, according to the AARP. Some people in Georgia may think they do not need a plan because they have few assets or no family. However, one function of an estate plan is appointing agents to handle any legal or financial matters in case incapacitation becomes an issue. This could be important for people at all income levels.

Another vital estate planning document is a living will, which can outline a person's wishes for end-of-life health care. It's also important to consider powers of attorney, which can appoint agents to make financial and health care decisions if the grantor is not able.