Buying and Renting in Atlanta

Buying and Renting in Atlanta

Home prices are still falling in the Atlanta metro area. The market is saturated, buyers are hesitant, and banks are not granting affordable loans. But if you already have the capital, and your credit is strong, this means it's an opportunity to buy, right? Absolutely. But is it a buyer's market? Not quite.

Atlanta sellers can also save money, especially if they are selling one home and moving into a higher-priced home. If a seller takes 15% less than what their home is worth, they can probably purchase a higher priced home with the same discount. In the end they come out on top because their savings are greater than their loss.

The national real estate market seems to be heading in a general decline, with prices lowering between one and 25% last year. But the Atlanta Journal Constitution ran an article on this topic, and John Adams, a real estate writer, had different thoughts.

From the article:

I am not convinced that home prices are in a broad general decline. A closer look at the facts reveals that certain parts of our country, particularly California and Florida, saw remarkable run-ups in price that were driven by speculators and over-exuberant builders. The situation was made worse by low interest rates and easy qualifying guidelines from lenders. Those parts of the country are now seeing sharp drops in property values and are giving back some or all of the artificial gains they saw in earlier years. In contrast, most of the United States has seen slow to moderate appreciation in recent years, followed by stable home prices during the current year. While some neighborhoods have seen values drop, others have seen higher prices. So the media proclamation that "home prices are plummeting" is applicable to only limited parts of our nation.

Adams notes that every American needs to be concerned with the slumping economy, but he also sees reason for optimism.

I believe any thinking American should be concerned right now. These are difficult times, and they call for a response from all of us. But I have faith in the ability of the American people to find a way to succeed, even in the face of adverse economic conditions. The other factor that gives me hope is this: I have seen no fundamental change in the way most Americans view real estate. A home is still perceived to be a good long-term investment, and owning a home still is a goal for most young adults.

Despite the news that the economy still has farther to fall, many economists and realtors think things will be better by the end of 2010. If you are ready to buy, with capital, credit and location already determined, now might be the perfect time. The one piece of advice that transcends both the negative and positive opinions is to exercise caution. Use common sense and move slowly.

If you are not yet ready to buy a house, Atlanta is a wonderful city in which to rent an apartment. Fortunately, numerous services and organizations are available to help you find an ideal apartment. There are apartments available in the center of the city or in Atlanta's outlying neighborhoods. Virginia-Highlands apartments can be viewed on Promove.