Think You Can’t Afford to Buy a House?
On the fence about buying your first house? Or, maybe you already own but are thinking of selling your current home in favor of one that better suits your current circumstances.
Atlanta real estate has been in the news lately and some of the information just might help you decide.
A recent study published by RealPage puts Atlanta among the top 4 cities nationwide in terms of rent increases, with Atlanta experiencing a 5.3 percent year-over-year increase.
If you’ve driven around Midtown or Buckhead over the past year, you’ve probably witnessed the construction boom with your own eyes. And, developers are focusing on expensive apartments. Average rent in Atlanta is $1,215, which is $73 higher than January 2018.
Curbed Atlanta has a great article about this trend. Read it here:
While rising rents don’t sound positive, there is good news.
A new study reveals Atlanta is among the 20 least expensive markets in which to buy a home. According to the mortgage resource website HSH.com, buyers earning at least $50,000 a year can easily afford a typical home in Atlanta.
Interested in reading more about this study? Checkout this article that originally appeared in Patch.com:
Is It A Buyer’s or Seller’s Market?
Does any of this mean now is a good time to buy or sell?
Well, you may have heard mortgage rates are up. True, they’re slightly higher than they were this time last year, but that’s not the only factor to consider. Inventory is increasing, holding prices steady, a stark contrast to last year’s hot market with rapidly escalating prices.
That might sound worrisome to a seller. But it shouldn’t. Lower prices can cause hesitant buyers to get off the bench and into the game. A good agent will help you price your home realistically resulting in a faster sale rather than allowing your home to languish on the market indefinitely.
From a buyer’s perspective, buying now might mean avoiding even higher interest rates and continually increasing rents.
You Don’t Have To Do This Alone
When in doubt, talk to an expert. Sherry & Co is the number one real estate team in North Atlanta. Our agents, on average, have over a decade of experience in the local market and we are a Dave Ramsey Endorsed Local Provider . If you’re considering buying or selling, let’s talk. Give us a call at 678-744-8206.