Why Metro Atlanta is Still Thriving

Low unemployment. Impressive job growth. Deep cultural and historical significance.  Burgeoning business opportunities. These are a few of the reasons Atlanta, GA has been named the #1 place to live in the Top 50 best places to live list by Money.com (Money Magazine). Atlanta continues to attract both transplants, entrepreneurs, businesses, students, and visitors (who end up becoming Georgia Peaches themselves!).

Is Atlanta for everyone? Absolutely not. No place appeals to everyone across the board. However, what Atlanta does offer is this:

1. Headquarters to 15 Fortune 500 Companies (Ranked #2 in the nation)

2. Home to 16 colleges and universities (57 across Metro Atlanta)

3. Home to the world’s most traveled airport.

In addition, the Metro Atlanta area includes approximately 150 cities and towns, providing ample varieties for residential living-from thriving city centers to sprawling rural landscapes. There are countless choices in communities and neighborhoods to choose from, depending on your needs and desires.

Thus, when someone asks why they should consider Metro Atlanta as their next home or what Metro Atlanta has to offer, let them know that the reasons are numerous and have been validated. And if you ever decide to pursue relocation and want to explore other parts of the country, we have you covered. Of course, as most of the Les Maisons Partners team are transplants ourselves, we’re rather partial to Metro Atlanta and Middle GA.

Metro Atlanta Is NOT Full … Yet.

As realtors in Metro Atlanta, we’ve heard the running joke more than once: '“Atlanta is full”. More recently, we’ve been hearing “Atlanta is full FULL”. Although Metro Atlanta is not technically full (or even close to population capacity), according to the U.S. Census Bureau, “the Atlanta urban area had its population adjusted to 5.1 million residents from 4.9 million residents”.*

This brings up a critical issue in the Metro Atlanta area: finding suitable housing in a highly popular and populated landscape. Rents in the area continue to climb, stricter rental regulations have become pervasive, and the eligibility criteria for many rental units has become more challenging for prospective renters. The population growth and challenging rental market have combined to create an extremely competitive, and oftentimes inflexible, rental market. Property managers, investors, and landlords have a substantial pool of prospective renters to choose from and the influx of out of state transplants with deep pockets continue to help solidify Metro Atlanta as a consistently desirable rental market. While this causes a challenge for residents, it is also an area of opportunity for renters and others looking to begin their homeownership journey. In addition, there is a unique opportunity for those interested in multigenerational housing or pooled investment purchases.

While your buying power is not as strong as during with -the height of the pandemic, many areas within Metro Atlanta are experiencing less competition for homes, an increase in sellers willing to contribute to buyers’ costs, and a proliferation of programs designed to offset some of the increases in interest rates. In addition, we are noticing an increase in interest from buyers willing to pool resources in order to mitigate the costs of homeownership and novice investors interested in buy and hold opportunities. This market presents a multitude of opportunities for those willing to be flexible, innovative, and creative. Thus, Metro Atlanta is not full …yet.

*Source: Associated Press, September 12, 2023

In Default On Your Student Loans? Your Homebuying Options May Be About To Change.

One of the statements we often hear from prospective clients is ”I have everything I need to buy except I have unpaid student loan debt. “ The US government has recently put new regulations into action to address the crushing student loan debt that is impacting so many potential homebuyers. While much attention has been paid to the public sector employees who can now more easily seek student loan forgiveness, an even more recent change impacts a much larger portion of the population.

For those student loan borrowers who find themselves in default on their public student loans, the Biden administration will move millions of people who were in default on their loans to being classified as current.* “Collection activity, including wage garnishment and the offset of Social Security benefits, will also end. About 30 days after the delinquency or default is removed from your credit history, you should order a free credit report to make sure the information is removed and your loans are marked as current, Kantrowitz said.”

This is welcome news for so many people who find their student loan status as a major stumbling block. This change provides borrowers an amazing opportunity to bring their accounts current and begin to pay their student loans again and/or take advantage of an income-based repayment plan.

Interested in seeing how this change can impact your homeownership plans? Contact us and learn more.

Source: https://www.cnbc.com/2022/04/11/millions-of-student-loan-borrowers-in-default-are-getting-a-fresh-start-.html?utm_source=facebook&utm_medium=news_tab

3 Things They Never Told You About Owning A Home But Should Have

While TV shows and magazine articles spotlight the glamorous side of homeownership, some first time homebuyers may not realize that there are a few critical aspects of homeownership that people usually don’t discuss. We’ve listed some of the most frequent homeownership aspects that may surprise you.

1. Owning a home is not renting a home. While we know this is an obvious statement, it may feel strange the first time something comes up and you realize YOU are the management/property manager. Once you get the keys to your house and you own it, you cannot simply go back to the seller if something does not meet your expectations (barring an extremely narrow and rare set of issues). A home warranty and homeowner’s insurance are great tools however, it is essential that you understand that the unexpected can and does happen.

2. Every home requires maintenance, even new homes. While every homeowner would love to live in their home and never have to repair, maintain, or take care of household issues, that is not possible. The purpose of maintenance is to prevent larger and more expensive issues from surprising you and to help preserve the equity and physical condition of your home. While cleaning air ducts, servicing an HVAC, switching out smoke alarms, and the myriad of other potential home maintenance tasks may seem unnecessary, they are the key to taking care of one of the largest assets you may own. If you regularly wash your car and get oil changes to keep your car running, what are you doing to keep your property running smoothly?

3. Don’t forget that the mortgage may be monthly however, other home related costs are not. Once you close on your home and get the keys, it is natural that some bills that occur rather infrequently may slip your mind. There may be quarterly or yearly bills that you need to account for in your budget. Homeowners insurance, home warranties, and property taxes are a few of the bills that may not occur monthly. It’s critical that you understand if any of these bills are covered in your monthly mortgage payment through an escrow account or if you are responsible for paying them directly.

When you walk into homeownership armed with all the knowledge of what to expect, it makes homeownership that much more exciting.

Navigating the Multiple Offer Landscape: Seven Steps to Crafting Winning and Compelling Offers in a Seller's Market

Anyone who has purchased a home recently can probably attest to the frenzied atmosphere propelling an overwhelming amount of buyers to compete for a limited amount of inventory. Back-to-back showings, multiple offers on one property, and sought-after properties going under contract within hours have become par for the course. So how does one actually get an offer accepted in a seller’s market? Here are a few ideas to help.

1. Set your expectations. With few exceptions, be prepared to offer the asking price or more for a property. ”Lowball “ offers will usually be dismissed first. If you are looking for a “deal”, consider homes that have been on the market awhile and may require repairs and/or updates.

2. No blind offers. Ensure that you view the property prior to submitting an offer. In this market, blind offers hold more risk for sellers and you want to do everything you can to remain competitive.

3. Make the offer as clean as possible. Try not to include anything that will require a seller to think twice. The more straightforward and the less you ask the seller to contribute, the better. Your realtor can advise you on items that may need to be included.

4. Don’t forget the preapproval. The listing agent needs to ensure you are preapproved, serious about closing the deal, and have the purchasing power to buy the home.

5. Make sure you review the paperwork to ensure everything is correct. You would hate for your offer not to be considered because of a typo or omission. Also, read the fine print on any listings and your agent should be reading the private remarks carefully.

6. Don’t forget to back-up! Back-up offers are often overlooked tools in this climate. A backup offer allows you to be the next offer in line should the original offer terminate for any reason.

7. Send a love letter. Include a letter to the seller indicating your interest in the property and introduce yourself to the seller. Hearing your story could convince a seller that you are invested in their property and will make it your home. Consult your realtor for specific laws and regulations governing this practice.

We understand that it may be challenging when you are competing with others for a limited amount of homes however, people are still buying homes and presenting winning offers. With a little motivation, creativity, and a positive outlook, you can craft an offer that gets you into your dream home.

Can YOU Live With Your Family? Is Multigenerational Living Right For You?

With continued advances in medical science contributing to the longevity and vitality of older Americans and the average age when couples marry continuing to creep up steadily, many American families are finding themselves living with multiple generations under one roof. The advantages of this type of living situation are numerous, including the cost of living spread across more people, combined incomes often contributing to being able to afford more house, and maintenance and upkeep being done by more people. According to the Pew Research Center, more than 64 million Americans were living in multigenerational housing, driving more people to consider living together in an expanded family situation.

The most important thing to remember is that you can live well together if you have a plan for expectations.

1. Set boundaries early. Especially in the case of adult children, it’s important to establish expectations as to what each family member needs as far as privacy, bills, maintenance/upkeep, and personal preferences.

2. Establish a household budget and plan how everything will be divided. Does the couple in the master suite pay more? Will bills be divided evenly? Who will park in the garage? Questions such as these help everyone feel comfortable since there won’t be surprises.

3. Plan for the challenges. It’s important that you discuss what happens if someone decides to move out, how the proceeds will be divided if the home is sold, and what happens if a family member loses their job or stops paying altogether. While you may hope that these scenarios don’t happen, it’s better to discuss these situations now while everyone can have time to reflect and make a decision without being in a stressful situation.

4. More house for your dollar. By combining funds, you may be able to afford a bigger home or a home in a neighborhood that you want but, didn’t think you could afford. Be on the lookout for en suites, basements, and homes with guest houses. This could allow more family members to live together more comfortably.

While multigenerational living certainly has its benefits, it’s crucial that everyone be completely realistic about whether this living situation could work for them. If this is the right choice for you, contact your local lender and see what the best programs and products are for you and your family’s needs. Cheers to the family home.

I’m Interested in Buying a Home. Where Do I Start?

Can I afford it? My credit is not perfect. Don’t I need to put 20% down? These are only some of the questions and comments we have heard time and again from prospective buyers. You are not alone in questioning whether you can transition from renter to homeowner. Purchasing a home is one of the most significant investments you can make within your life. It allows you to put down roots, customize and design an environment to meet your needs, and in many cases, can include tax and investment savings. While many of our parents and grandparents were able to achieve the dream of homeownership through dedication, hard work, and perseverance, you may be pondering if, and how, you will become a homeowner yourself.

The good news: you may be closer to homeownership than you think. There are many paths to owning a home and you don't have to be perfect. There are a variety of products that your lender can offer that can meet your needs based on a variety of factors—from creditworthiness to income. Your lender may have programs aimed at down payment assistance/low down payments, those with credit blemishes, and those in certain professions, among other factors. Your first step is to determine where you stand in the process by contacting your preferred lender (or contacting a realtor for recommendations for preferred lenders). The mortgage specialist can explain your options and can help you determine if there are further steps you will need to take to position you as an ideal prospective buyer. Once you have been pre-approved for a loan, it's time to contact your realtor to guide you through the homebuying process.

The homebuying process is within reach. The most important step you can take to achieve homeownership is the first step. Contact us with any questions you have. Take your first steps toward your dream home.