Are you a first-time home buyer in the Greater Atlanta area? The challenges of buying your first home might seem daunting, especially with soaring housing prices, low inventory, and stiff competition. But fear not! At Goad Home Partners, we've identified some of the best places in Metro Atlanta for first-time buyers to find affordable homes and navigate this competitive market successfully.
The Current Challenges
- Low Inventory: The number of home sales in Metro Atlanta has dropped by 33%, with a 24% decrease in new listings. This scarcity contributes to the competitive market conditions.
- Interest Rates: While the market slowed when rates hit 7% in 2022, they stabilized around the mid-to-high 6% range in 2023, prompting buyers to re-enter the market.
- Ultra-Competitive Market: The bulk of today's buyers are from the Baby Boomer generation, well-equipped with capital, reducing the percentage of first-time home buyers in the market to only 26%. Homes spend an average of 19 days on the market, often resulting in multiple offers.
- Housing Shortage: Corporate investment companies have acquired around 65,000 homes in the Atlanta Metro area, exacerbating the housing shortage and driving up prices sharply, especially in areas where these investors have been active.
Best Places for Affordable Homes
Cartersville, Georgia
- Median Housing Price: $317,640
- Cartersville, situated in the NW part of Atlanta, offers new construction options at affordable rates. With homes like a 3-bed, 2-bath property listed at $350K, this town presents fantastic opportunities.
Dallas, Georgia
- Median Housing Price: $388,995
- With numerous options under $400K, Dallas boasts modern constructions, renovations, and classic larger homes, catering to various preferences.
Acworth, Georgia
- Median Housing Price: $402,440
- While lacking in new constructions, Acworth offers well-maintained, two-story homes near picturesque water bodies like Lake Acworth and Lake Allatoona.
Partnering with the right real estate professional is key to overcoming these challenges. With expert guidance and a tailored plan, you can still fulfill your dream of homeownership in this competitive market.
To watch our entire video on this, check it out on YouTube here. https://youtu.be/prbHdVIADQw
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