ATLANTA. There are so few homes for sale here in Metro Atlanta that home buyers go to extreme lengths to judge sellers, including paying much more than the asking price, even giving away beach vacations or thousands of unconditional cash in cash.
“There is a saying right now: if you want to see a more expensive home, I’ll show you the same home tomorrow,” said Cynthia Lippert of Ansley Real Estate. “Prices are now rising by about 1% every month.”
Lippert has been in real estate for over 30 years and has never seen such an extreme market. Low interest rates and even lower stocks mean buyers are doing everything they can to impress sellers, including overpaying the appraised value of the home and gifts that just need to be taken into account.
The competitive environment shocks most of Lippert’s clients, including Chris Stahelek and Emma Briggs, who are first-time homebuyers.
“You know, it was hard, probably for the last two months, looking at two houses a week, making a few proposals and just trying not to lose your head, trying to stay on it,” Stahelek said.
The couple shop in North Fulton County, one of the most popular metro markets.
“It’s a little scary,” Briggs said. “Yes, this is definitely different from anything we’ve experienced before.”
According to the Federal Reserve Bank of Atlantathe average home price on the subway is $ 285,000, about $ 23,000 less than the national average.
Domonic Purviance of Atlanta’s Federal Reserve Bank said it is attracting buyers and investors from the state. This has added competition and low inventory levels mean prices in the Atlanta area will continue to rise. Purviance are concerned about what this means for accessibility.
“Availability in Atlanta has dropped significantly over the past year,” Purviance said. “If prices continue to rise at this rate, you know it will be difficult for people to afford it.”
Homeowner Antoinette Schumake has lived in her home in southeast Atlanta for almost a year and calls the affordable home a “blessing.” She said that it is more than a roof over her head – it is also a chance for the welfare of generations for her children.
“To be able to convey something to them in the future, to be able to tell them that whatever you think about reasonable possibilities and what you are fighting for, you can get,” Shumake said.
Shumake bought her house through Habitat for Humanity Home Purchase Program.
Atlanta Habitat President and CEO Lisa Gordon said about 350 families are on the waiting list for affordable housing.
“We are seeing an increase in the number of people who want to have a home, but because of COVID, we have had to reduce the number of homes we build,” said Gordon.
The habitat must be creative to keep their homes accessible. Their latest work is a development in southeastern Atlanta called Browns Mill Village. It was a 30-acre empty lot filled with rubbish. It will become a multi-level complex, including the Atlanta Habitat houses. Three standard houses are currently under construction.
“For us, it just means we have to work harder to make it accessible, especially for those people who would not otherwise have the opportunity to get a home if it weren’t for the habitat program,” Gordon said.
Whatever your budget, persistence can be your most valuable tool when buying a home.
“We just have to stop,” said home buyer Chris Stahelek. “It’s boring. don’t lose hope, and in the end we will have something repulsive. “
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