In March, BusinessWeek Magazine named Peachtree City as Georgia’s Best Affordable Suburb. The article notes Peachtree City’s lakes and recreation amenities, along with its 90-mile network of multi-use paths and golf carts.

In choosing the best in each state, BusinessWeek focused on towns within 25 miles of each state’s largest city, featuring good schools, low crime, reasonable commutes, strong economies, and overall quality of life.

Georgia

Best affordable suburb: Peachtree City
Nearest major city: Atlanta
Population: 38,736
Median household income: $93,046
Median home price: $247,900
Unemployment rate: 3.6%
Violent crime index: 6

The magazine evaluated communities on a variety of factors but weighted affordability most heavily. None of the places had populations of more than 60,000 or less than 5,000.

Peachtree City also ranked in the top 100 CNN/Money Magazine “Best Places to Live in the U.S.” in 2005 and 2007, was named as one of the “Best Places to Retire” by U.S. News and World Report in 2007 and by Retire Georgia in 2008, and was featured in Newmax Magazine’s “10 Great Places for Boomers” in 2009.

Clients seeking mortgage loans in Peachtree City find that the housing supply exceeds demand, allowing them to choose from a large selection of properties.  Even in this market, the property values are only down a little bit, as Peachtree CIty is avoiding the widespread losses that are occuring elsewhere.  While the values are staying relatively safe, what is an issue that most sellers are facing is longer times on the market. 

Mortgage products available include 30-year fixed, 15-year fixed, numerous ARM products, with interest-only options.  Most Peachtree City borrowers choose fixed mortgage loans.  In this time of historic great rates, who could blame them!?

You should always keep these things in mind as you plan what your home is worth in this market for a refinance or even to sell it.  Peachtree City mortgage loans are based on several factors:

• income
• credit
• collateral — this is your house

Most people understand their income and credit, but seem to be less sure about how the values are calculated on an appraisal.  In Peachtree City, the appraiser will identify 3-4 comparison homes that have sold recently – ideally in the past 60-90 days.  In the current market, the only way lenders can get a true indication of value are recent sales.  So….even though your neighbors home in Smokerise sold for $850k 10 mos. ago, your value is going to be based on the most recent sales.  If there are good comps to your home more recently…say 2-4 months, your value in terms of the “sales comparison method” will be based on these comps.
This one fact catches many Peachtree City residents offguard when they are running basic analysis on the prospective new mortgage loan.  If there is a takeaway – always estimate low.  Banks are extremely conservative right now, and you will avoid significant heartache if you don’t set yourself up with an unrealistic value of your home.  Remember, an appraisal is only an indication of what the market value of your home is at that point in time.  In 6 months, the value may possibly be completely different.