Zillow predicts Atlanta will be one of the hottest housing markets in 2024, according to its annual report.
Driving the news: The hottest markets of the year are projected to have strong demand, steady home values, a growing number of homeowners and job growth, per the report.
The big picture: Buffalo, New York; Cincinnati, Ohio; Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Cleveland, Ohio; Orlando, Florida; and Tampa, Florida, top this year's ranking.
Zoom in: Atlanta, No. 6 on the list, jumped three spots from last year.
What they're saying: "Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity," Zillow data scientist Anushna Prakash says.
The other side: Zillow reports the South, Midwest and Great Lakes regions are expected to thrive compared to the rest of the U.S. No markets in the western half of the country cracked the top 10.
Yes, but: Experts expect it to be another slow year in housing for everyone, with still-high mortgage rates pricing many out of buying — or selling.
-------------------------------------------------------------------------------------------------------------
7 Reasons Why Alpharetta, Georgia is Perfect for Families
by EMILY MILLER
Safe, local, and excellently located, Alpharetta, Georgia is a perfect destination for families looking to relocate. The “first town” (the name is a combination of Alpha, the first letter in the Greek alphabet, and “retta”, which means town) has a long history as an attractive place to settle in the United States. The original pioneers who started to live in Alpharetta founded the city all the way back in 1858!
In this article, we will take a look at 7 reasons why Alpharetta, Georgia has been drawing families looking for a nice place to live for more than 150 years.
1) Location
According to polls, Alpharetta is one of the very best places to live in Georgia. Located just one hour north of Atlanta, Alpharetta provides all the safety, comfort, and security of a small town. But for fun weekend activities and date nights out, the bustling metropolis of Atlanta is just a short distance away.
2) Job Availability
Industry is booming in Alpharetta, making it an ideal destination for young families who are looking for a change of pace in the job market. With over 35,000 jobs and a growing employment rate, Alpharetta provides an attractive prospect for industrious new residents.
There are over 600 tech companies that call Alpharetta home, including such big-time players as ADP Inc, Comcast, and Hewlett-Packard. So if you are looking to get involved in an internet-based startup or work in telecommunications, online retail, or health related IT, Alpharetta is your place.
3) Fantastic Schools
Across Georgia, Alpharetta is known for its fantastic schools. There are plenty of great options for families with kids of any age, including preschools. There are nearly 150 local elementary school and preschool options, 16 different highly ranked middle schools, and 9 well-regarded high schools in Alpharetta. The main high school in Alpharetta, Alpharetta High School, has been included among the top 2% of public schools across the country, and ranked number 7 among all the schools in Georgia. Chattahoochee High School has also received excellent ratings.
4) Safe, Local Feel
Downtown Alpharetta is filled with local mom n’ pop type businesses. In shops, local cafes, bars, and restaurants, servers will remember your usual order, greet your children by name, and generally make you feel welcome and at home.
Alpharetta is the kind of town where everyone pitches in to decorate the streets for the holiday seasons and it is not uncommon to see a neighbor actually requesting a cup of sugar for a recipe- then delivering some fresh baked cookies as a thank you at the end. Alpharetta is one of those warm local communities that makes it an ideal place to raise a family.
5) Local Parks
Alpharetta has plenty of settings that are perfect for outdoor activities with the kids. Dozens of local parks offer playgrounds and hiking trails. Or you can rent a bicycle and take a ride through one of the local parks. At Fowler Park, your young sports stars can play on the fields, try out the recreation center, or zoom across the skate park. There are acres of beautiful trails and parks to explore and enjoy. Plus, the local recreation centers offer classes from aerobics to soccer to pottery, so there is something for everyone to enjoy.
If you want to bring the kiddos along to see some great live music, you can check out the Ameris Bank Amphitheatre, an outdoor stage that offers seating for 12,000 audience members. The Amphitheatre offers family friendly entertainment, as well as world class musical acts like Train, Keith Urban, and Rascal Flatts.
6) Lovely Weather
Alpharetta is a perfect place for snowbirds; even in winter the coldest temperatures generally even out at about 50-60 degrees. The coldest day in January will not get any colder than 35 degrees, so you will be very unlikely to ever encounter snow while living here in Alpharetta.
Most of the time the weather skews hot, sunny, and humid. Summer temperatures tend to run upwards of 80 degrees, which makes it perfect weather for playing outdoors- especially if you unpack the inflatable pool and the slip n’slide. Water fights are a great way to get to know your neighbors in Alpharetta.
7) Nice Neighborhoods
Most young families in Alpharetta own their own homes, making this town a great place to settle down and spruce up your very own nest. There is room to grow and play here, as most homes have their own private outdoor spaces, with gardens, front patios, or grassy lawns, perfect for playing Thanksgiving Day football with the family.
Alpharetta - Great Place To Live With Kids
From its cozy suburban feel to the excellent, top rated public schools throughout the area, Alpharetta is a great place to live with kids. Here you can spread out, with room for your family to grow, explore, play, and connect. Alpharetta is truly a perfect place for families.
Tips for Negotiating in a Seller's Market
BY ELIZABETH WEINTRAUB
No homebuyer wants to be caught off guard buying in a seller's market. A hot seller's market can make it very difficult, if not almost impossible, to buy the first home you want to buy.
Because homebuyers generally have very little interest in the real estate market when they are not buying a home, they don't always know how the market changes from one season to another, much less from month to month. It's one of the reasons that the most important thing you can do is trust your real estate agent to advise you on market conditions.
Markets can change almost overnight. When the market changes to a seller's market, your homebuying strategy needs to change with it. Here are tips that can help.
Preparing an Offer in a Seller's Market
When you're buying a house in a hot market, time is of the essence. Multiple offers happen with more regularity in a seller's market than a buyer's market because a seller's market is defined by low inventory and a surplus of homebuyers. A beautiful home that is priced well can attract more than one offer.
NOTE: (graphic) In a seller's market, you should always assume you're competing against several other offers.
Here are a few things to consider as you prepare your offer when buying in a seller's market:
Price: The exact dollar figure isn't always the most important factor, but don't offer less than the list price. You may need to offer more than the amount the seller is asking.
Earnest money deposit: Your earnest money deposit is the amount of money you submit with your offer. A larger earnest money deposit might look attractive to a seller weighing multiple offers. Ask your agent for advice on the deposit, then consider doubling or tripling that amount. You're going to pay it anyway at closing.
Don't request favors: This is not the time to ask the seller to give you the refrigerator or washer and dryer, part with fixtures, or paint the front door.
Delay buyer possession: If it's customary for the seller to move at closing, consider giving them a few extra days to move. The seller may look more kindly upon an offer that lets them move at their leisure.
Submit your preapproval letter and proof of funds documentation: If your preapproval letter is from an out-of-area broker or lender, get a local preapproval instead. Match your preapproval letter to your sales price and date it the same day as your offer.
Ask Your Agent to Call the Listing Agent for Tips
Listing agents are often very busy. If your agent can save the listing agent some time by preparing the offer correctly, the listing agent might be more inclined to recommend your offer over an offer from another agent who did not complete the offer the way the seller expects.
Think of it this way. Say a listing agent has two offers. One is exactly the offer the seller wants. The other offer is not, and it would need a counteroffer from the seller to compensate. With the second offer, should the listing agent prepare a counteroffer, or should the buyer's agent revise the offer?
In this situation, it's better for the buyer's agent to revise the offer. During the time it would take the listing agent to prepare a counter, send the counteroffer for a signature, and then deliver it to the buyer's agent, another full-price offer could arrive. If you want to be the first offer, the best offer, and the only offer the seller will accept, your bid needs to match the seller's expectations.
Your buyer's agent can find out what the seller wants by calling the listing agent or by reading the verbiage and instructions in the multiple listings service (MLS), which often has more information than what's available to you in the public buyer's listing.
Know what the seller is looking for from the start and you'll increase your chances of hitting the mark with your offer.
Jump on Seller's Market Showings
Don't be the buyer who waits until the weekend to view a home in a seller's market. By the weekend, that home could be sold. Try to see the house as soon as possible. Sellers usually don't enjoy having buyers come through their homes at all hours of the day, and most would like to see their home sold quickly.
The Bottom Line
If you write a good, fast, and clean offer, your chances of acceptance are far better than those of a buyer who is unprepared. Find an experienced agent who can guide you through the ins and outs of your local market, follow their advice, and you'll be in good shape, even in a seller's market.
Feb. 2021
Am I Ready to Buy a House? 8 Questions to Help You Decide
February 8, 2021 by Emily Huddleston
So lately you’ve found yourself asking, “am I ready to buy a house?” Homeownership is a major milestone that many people dream of reaching one day. However, there are a variety of factors to consider when making one of the biggest financial decisions of your life. So, if you’ve been thinking about becoming a homeowner, but aren’t sure if you’re prepared, you’ve come to the right place. We’ve laid out 8 questions to help you decide if you’re finally ready to buy a house. See how many you can answer yes to and if now is the right time for you to begin your homebuying journey.
1. Do you have money for a down payment?
Although the common perception is that first-time homebuyers need to have a 20% down payment to purchase a home, that’s simply not the case. Typically you’ll need a minimum down payment of 3.5% to 10% for an FHA home loan, and a minimum of 3% to 5% for a conventional loan. For example, let’s assume you’d like to purchase a home that costs $300,000. Your lender will require a downpayment of at least 3% of the sale price of the home, depending on the type of loan you choose and qualify for. In this example, 3% of $300,000 equals a $9,000 down payment. It’s important to remember that the larger your down payment, however, the lower your monthly payments will be and the less interest you will pay during the life of your loan. Another drawback to a low down payment is that you’ll have to pay private mortgage insurance (PMI), which protects your lender in case you can’t pay your mortgage. If you put down less than 20%, you’ll probably have to pay for PMI, which is added to your monthly mortgage payment.
2. Do you have a solid savings and emergency fund?
While you may have saved enough for your down payment, don’t forget to account for closing costs which include legal fees, lender fees, taxes, etc., and usually total 2% to 5% of the home’s purchase price. Also, during the home inspection, you may find a few home maintenance items that you’ll want to take care of sooner rather than later, such as a leaking septic tank or cracks in the walls or ceilings. This is when additional savings will come in handy. You should also make sure you have some emergency funds set aside. When you’re renting, you have the wonderful luxury of calling up a landlord whenever there are issues with the property. So when the heater stops working in the middle of winter, you don’t have to spend thousands of dollars to fix it. Or, when your washing machine breaks during a cycle, you won’t be responsible for calling a repairman to take a look. But once you become a homeowner, all of that responsibility falls on you. So, if you’re going to burn through your savings on a down payment, hold off on buying a house until you have a larger safety net.
3. Is your credit score in pretty good shape?
Many potential homebuyers worry that they won’t be able to buy because of a low credit score. However, you actually don’t need perfect credit to buy a home and there are many loans and first-time homebuyer programs available for buyers without perfect credit. That being said, a higher score will help you qualify for a lower mortgage rate, saving you money in the long run. One of the most common questions first-time buyers ask is, “ what credit score is needed to buy a house ?” While there’s no hard-and-fast rule for this, you’ll likely need a minimum credit score of 600 for approval. To qualify for the most favorable rate, however, work on improving your credit score and wait until you have a score of 700 or higher.
4. Do you have a handle on your debt?
Don’t panic – you don’t have to be completely debt-free to buy a home. Between student loans, car payments, and other bills, most mortgage companies know that it is unrealistic to expect borrowers to be totally debt-free these days. They primarily want to know that you’ll be able to afford your mortgage payment based on how much money you have coming in versus what you need to pay out to other debts. To figure this out, lenders will look at your debt-to-income ratio, which is an estimation of how much of your monthly income goes towards debt payments. To find your current ratio, you can use a debt-to-income ratio calculator. So long as your debt ratio is at least 43% you can still qualify for a mortgage.
5. Have you crunched the numbers to make sure you can afford the monthly expenses?
To figure out if you can afford the monthly expenses, you’ll first need to calculate your mortgage payment. An online mortgage calculator can estimate this for you, however, affording a home is so much more than just the mortgage payment. Other financial aspects of homeownership may include:
Before you decide to make the transition from renting to buying a house , make sure you’ve done the math and can afford all of the monthly expenses that come with being a homeowner.
6. Do you have a steady job?
Stable employment and income show lenders how much house you can afford and are important indicators for qualifying for any mortgage. But even if you can demonstrate financial stability on paper, you should only buy a house if you think your income will remain steady for the foreseeable future. A nightmare scenario for most homebuyers is losing their job just after they close or move into a new home. So if there’s any uncertainty about your income or employment, wait until things settle down before buying a house.
7. Do you need more space?
While money is obviously an important consideration, there are many other factors to think about when asking, “am I ready to buy a house?” One of which is the thing we all seem to need more of currently – space.
With so many of us spending most of our time at home, maybe you desperately need a designated home office or an extra room for a home gym? You may want a larger backyard or an area for a garden. Do you have kids or are you expecting a baby soon and you need more room? If this sounds like you, then now may be the time to consider buying a home.
There’s no rule barring you from moving shortly after buying a home. But as a homeowner, you’ll have a chance to build equity. The longer you own your home, the more equity you build, and the more money you’re likely to make when you sell it. Ideally, you should live in a house long enough to make a profit. So, if you can’t commit to an area, continue renting until you’re ready to put down roots.
Figuring out if you are ready to buy a house is a personal decision and one that means taking a hard look at different aspects of your life: finances, lifestyle, job situation, and long-term goals. But if you’ve answered yes to all of the above, you might just have an answer to the big question, “am I ready to buy a house?” If you’re still unsure or you have specific questions relating to your situation, reach out to a mortgage lender or real estate agent who can give you professional advice.
Credits and written by Emily Huddleston