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Atlanta housing market

Atlanta housing market

Atlanta housing market

Most people who have sought to buy a home in the last year have horror stories of bidding wars, houses going under contract the day they’re listed (or sooner), and trying to go up against other buyers who can fling cash around like it’s Monopoly money. But it’s even tougher for would-be first-time homeowners, who don’t already have a house of their own to sell and who often can’t even make use of homebuyer assistance programs, which could make an offer less competitive.

REAL STATE

Sales activity also was muted. The number of homes sold slid, as it has each month since spring, dipping 11% in September from the same month a year earlier, based on the real estate company’s data.

Then, there were the houses themselves. One in the West End was missing floors in two rooms (a flaw that was conveniently left out of the real estate photography showcased on Zillow). It was listed at $350,000. Another in East Atlanta Village had a shoddily homemade “laundry room” powered by a single extension cord running through puddles of water beneath the house. It was listed for $350,000. The most heartbreaking experience involved a house that a friend’s neighbor shared with McGowan before it was listed. “I thought that this was it, this is our in,” she says. They toured the house, expressed their interest, and told the listing agent that they’d get an offer in by end of day. They offered $40k over asking price, but four days passed without any response from the agent. “Then I woke up, checked Redfin like I usually do the second I wake up, and boom—it had been listed publicly at our offer price,” says McGowan. “Basically, we were used for pricing research. I actually cried that day right before going into work. I was so exhausted from this whole experience and this was just the rotten cherry on top.” (Source: www.atlantamagazine.com)

YEAR

For a lot of Atlantans, the pinnacle of the American dream is feeling more like a fantasy these days. In 2020, housing prices soared while inventory tanked. Compared to this time last year, according to Redfin, the median sales price of a home in Atlanta has increased by nearly 25 percent, while the number of homes selling above list price has increased by 120 percent. House-hunters, even those with ample budgets, found themselves in fierce competition with people willing to pay cash, skip inspections, or offer over-inflated prices. In the current market, the idea of paying list price, taking two weeks for a due diligence period, or even having a night or two to sleep on one of the biggest financial decisions of your life nWhen we ran this photo of a 1,054-square-foot Cabbagetown house as the cover of our April 2020 real estate issue, it was listed on the market for more than $580,000. More than a year later, Atlanta’s housing market remains tough for first-time buyers.

)Most people who have sought to buy a home in the last year have horror stories of bidding wars, houses going under contract the day they’re listed (or sooner), and trying to go up against other buyers who can fling cash around like it’s Monopoly money. But it’s even tougher for would-be first-time homeowners, who don’t already have a house of their own to sell and who often can’t even make use of homebuyer assistance programs, which could make an offer less competitive. (Source:www.atlantamagazine.com)

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