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

Mastering the Real Estate Market Cycle: What Homebuyers and Home Sellers Need to Remember

Timing is key however, the real estate market waits for no one. You have may have heard that you should wait until home prices decrease; you may have heard about an impending slower economy; or you may have heard that this is still a good time to sell your home and an even better time to buy. No matter what you may have heard, we’ll let you in on a secret that is known but, not often shared: people buy and sell homes in spite of economic factors, inventory, whether it is a buyer’s or seller’s market or any number of factors.

Homebuyers purchase homes (and home sellers sell their homes) for numerous reasons including a change in circumstances such as relocating due to a job change, divorce, estate sale, and a need to upsize or downsize.

While we as agents can never guarantee what will happen, we can certainly provide one piece of advice: the real estate market is cyclical. While we are seeing a return to the spring sales season, we still have buyers looking (nothing like the frenzy and surge we experienced during the height of the pandemic) and not enough inventory in the most sought after budgets and areas.

Selling and buying in this cycle takes vision, motivation, and consistency. Homes, for the most part, are not flying off the market with tens of offers and going under contract within hours. Seller concessions, such as repairs and credits, have returned in many places however flexibility, thinking outside the box, and targeted marketing makes all the difference when selling. Innovative loan products, careful negotiating, and diligence make all the difference for homebuyers. By listening and heeding the advice of those in the market on a daily basis, it can help make the process easier and more seamless. 

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.