HEY THERE!
May was sprung upon us like a surprise party we forgot to RSVP to. 🎉
Time to shake off the April showers and usher in sunny May!
From pollen-induced sneezing fits to the eternal struggle of deciding between shorts or a sweater (seriously, make up your mind, weather!), we’re here to embrace the new month.
As always, if there’s anything we can assist with, send us a message, we’re always here to be a resource.
Before you buy a home, try it on for size
Seeing those dollars on a screen is one thing; but actually shelling out for them every month on a mortgage bill? That’s a whole other ball game.
Here’s a tip I often share with folks eyeing a home purchase: “practice” making mortgage payments. It might sound a bit unconventional, but it can really get your mind in the right place.
If your new payment exceeds your current one (be it rent or a mortgage), start tucking away the extra cash each month. Does your budget still fit? If not, it could be a sign to rethink the type, location, or size of the home you’re eyeing.
Have questions about home budgeting? We cover this topic in depth on our buyer consult calls. Shoot us an email back and we’ll set one up.
Greater Atlanta Metro homes sell for 8.3% more than in April 2023, despite only a 1.2% increase in sales.
In other words…
The housing market in Atlanta is becoming increasingly competitive as prices have risen by 0.51% just since March 2024, up 8.3% since last year and they won’t be going down anytime soon. Along with the NAR settlement looming, commission in cash at closing can make it more difficult for buyers to find an affordable home. For sellers, the market conditions are favorable with prices rising, but unless it’s turnkey, homes are sitting on the market a bit longer, the demand is still there, but buyers are being pickier about homes than they have been in the past 3 years.
Georgia home values have more than doubled in the past decade
Home values have increased in every American state since 2013, according to a study from Architecture Lab. However, Georgia is one of the states where values have increased the most dramatically. Architecture Lab ranked every U.S. state based on the difference between average home values in 2013 and 2023.
“Overall, nearly half of all US states have seen their home values double across the past few years,” Architecture Lab CEO Anton Giuroiu said in a press release. “While some states have seen a lot smaller increases, many of them had higher end values to begin with, showing that lower value states are just catching up. With how high some values are reaching on average in each state, even simple modifications to your home can make these numbers fluctuate a lot.”
