Atlanta’s Housing Market is Hot, Hot, Hot!
Did you know that it’s illegal to tie a giraffe to a telephone pole in Atlanta, Georgia? Yeah, we didn’t know either. (Can someone please tell us how this law came to be?) There’s a lot of things we don’t know outside of houses and new construction, but when it comes to real estate, we like to say we know more than a few things. And our real estate senses are telling us that the Atlanta 2021 spring housing market is going to be hot.
Still a great time for you to sell or lease your house in Atlanta
Atlanta is a great contender among the list of attractive, warm places to move to, ranking #5 on Bankrate’s list of America’s Best Places to Live 2021 due to ample job opportunities from emerging startups to established corporations headquartered in Atlanta, including the Coca-Cola Company and Delta Air Lines. As a seller in Atlanta, this means there are more buyers who may be willing to purchase your home at a higher price than before. On trend with the rest of the country, the Atlanta real estate market is continuing to grow as a seller’s market as we move into the spring/summer season of 2021. Although unemployment rates were high initially as a result of the pandemic, the market is recovering steadily and housing prices are still appreciating as more people are looking to move to Atlanta for job growth and warmer weather.
The boom in population and job growth has steadily increased housing prices in the metro area, and this has made Atlanta a hot rental market too. According to Roofstock, 50% of households in metro Atlanta rent their homes rather than own. We have found similar trends ourselves. Marketplace Homes properties in the Atlanta area have averaged 6 days on the rental market and 5 days on the listing market. Homes are selling fast and for a premium in the Atlanta real estate market, so this is your chance to sell or lease your current home and find that new, perfect one.
Buyers battle for tight inventory, but low-interest rates allow them to afford more house
For buyers in Atlanta, the tight inventory means there’s competition, but do not fret, we’ve got good news coming to you. The record low-interest rates mean that you’re also going to be able to afford more house than you could before, enough for that extra nice farmhouse-style kitchen or those smart home features you’ve been thinking about. And since we’re all about making real estate easy for you here at Marketplace Homes, we’ve done some of the math for you to help you think about what your mortgage would cost:
A house around $250,000 with a 2.9% interest rate would translate to $1,041 in monthly payments for a 30-year fixed rate with no down payment. A house around $350,00 with a 2.9% interest rate would translate to $1,457 in monthly payments for a 30-year fixed rate with no down payment. Of course, with a higher down payment or a lower interest rate, you’ll have less to pay monthly.
(Get that extra nice kitchen, you deserve it.)
What’s our recommendation?
Because inventory is low, we recommend to our renters and buyers that it’s never too early to start thinking about a new construction home in Atlanta. Processes may be taking longer than normal to put you in your new construction home but this is the perfect time to explore your options and think about what you want in your next home.
For our sellers who have been itching to move to a new home, whether that’s in Atlanta or somewhere else, the high demand for homes will allow you to sell yours for high prices and very quickly, and the low-interest rates will allow you to afford more house or more premium options than before.
Our building partners in Atlanta feature smart home amenities, spacious floor plans, and elegant exteriors and interiors. Whether you’re looking for more space, a home with all the latest smart home features, or a work-from-home office fitted to your needs, we’ll match you to your next, new construction home. So get that Pinterest board started!
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