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

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.

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.