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

Selling During An Emotional Time

While selling a home can come with its own set of sentimental feelings and mixed emotions, it is particularly challenging for most people when they must sell a home due to unfortunate circumstances beyond their control. Whether it be a divorce, death of a loved one, or any other emotionally difficult situation, there are a few key factors to keep in mind.

1. Give yourself grace. This is a challenging time and it’s okay to spend time gathering your thoughts and putting together the necessary paperwork you may need.

2. Do your research first. It’s important that those who have any interest/ownership (including any known  lienholders) in the home be identified. If there is an estate involved, we advise you to contact an attorney specializing in this area.

3. Please be aware that your real estate professional will need to visit the home in order to ascertain its current condition, any potential maintenance and/or repair issues that need to be addressed prior to selling, and the key features and amenities of the home. Our goal is to provide you with a realistic snapshot of the potential value of the home on the current market and changes that may increase that value.

4. Keep us in the loop. There may be a lot of moving pieces as you are selling your home and dealing with an emotional situation. Remember that we are here to help thus, if there is a change in circumstances or you have a new development, please keep all parties informed.

Although this may be an emotional and challenging time, surrounding yourself with experienced professionals who can take some of the burden and offer empathetic and insightful input can make all the difference.

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