Whether you were born and raised in Georgia or you’re looking to relocate from another state, Atlanta is a great city to consider. Between the nice weather, top-notch dining spaces, collegiate opportunities, and job options, Atlanta is at the top of Bungalo’s list of best places to live. There’s something for everyone from the young professional looking to explore the area to the traditional family who wants to settle down.
If you’re interested in buying a home in Atlanta, it’s important to first understand the state of the market. Let’s take a closer look at what to expect when browsing the Atlanta housing market, the reasons to consider calling this city home, and how exploring Bungalo Certified homes can ease the buying process.
Exploring real estate market trends
The current state of the housing market across the nation is hot — yet sporadic. It’s without a doubt a seller’s market. That’s because the demand for homes is higher than ever, and the pandemic has a lot to do with it. Low mortgage rates, opportunities to work from home and less frivolous spending on the weekends has many people saving their money and willing to put a lot down on a new home.
According to the S&P Core Logic Case-Shiller Index, the start of 2021 saw a 11.2% gain in home prices, up 10.4% from December 2021. But mortgage rates also fell at this time.
In the midst of a pandemic, lots of families and single individuals received regular stimulus payments. Not only that, but they also cut back on spending in terms of dining out, going on vacations, and other entertainment options. In other words, money that would normally be used on a regular basis was instead being saved. This made it possible for house hunters to explore more expensive housing options or consider a large down payment, giving a short-term boost to the market.
Just like the rest of the country, Atlanta is feeling the impact of the market boom. According to the Atlanta REALTORS® Association, the median sales price was $345,000 in April 2021, an increase of 16.9% from the previous year. The average Atlanta home price was $426,000, up 21.5% from April 2020.
“Inventory decreases appear to have stabilized over the last few months, albeit, at an extremely low level of only 1.2 months supply,” ARA president Cynthia Lippert shared. “Sales are continuing to remain strong with an impressive 28% increase over 2020.”
Atlanta real estate is certainly a seller’s market, which can make it more difficult for buyers to meet the list price and secure their spot in an Atlanta neighborhood. Lippert stated:
“This increased activity comes at a price making affordable housing more elusive for an increasing percentage of buyers,” she said.
This doesn’t necessarily mean it’s impossible to find a dream home right now, however. Lower mortgage rates mean making lower monthly payments, which can make that listed home price less intimidating and more attainable. So as long as you can put a large percentage down and meet all other pre-approval housing requirements, your head is still in the game.
Reasons to buy a home in Atlanta
If you’re a buyer exploring the metro area and Atlanta market, there are many reasons to consider calling this area home:
The weather. Atlanta is an all-season state, but the weather is generally mild and you can plan your agenda accordingly. Whether you want to check out the dining scene in the Atlanta metro area or explore the downtown outskirts and hike Piedmont Park in midtown Atlanta, the seasonal change gives you the opportunity to spend quality time with friends and family outdoors.
The educational opportunities. Some of the best colleges exist in the Atlanta area, according to U.S. News & World Report. Georgie State University, Georgia Institute of Technology, Emory University, and the Art Institute of Atlanta are among the educational institutions you can explore as a new graduate or working professional living in Atlanta.
The Bungalo Certified homes. You don’t have to browse the Atlanta market with a real estate investor. You can take the stress out of searching for your living space as a home buyer and browse Bungalo Certified homes online instead. Essentially, a Bungalo Certified home is inspected from top to bottom and put on the market with quality control in mind. Worried about moving into a space with a dated HVAC or electrical system? We certify all of those things you care about the most. Plus, if you have any issues after closing, or the home isn’t up to par with your expectations, we’ll cover anything that doesn’t meet our Bungalo Certification standards for 90 days after your closing date.
Buy a Bungalo Certified home in Atlanta
Buying a home during the current state of the market can be an overwhelming process. Between booking an open house appointment, putting in an offer, and playing bid wars with dozens of different buyers, it can be weeks or even months before you get the chance to purchase a home. But it shouldn’t be this difficult, time-consuming, or headache-inducing to move into your next home in Atlanta.
At Bungalo, we’ve designed a home buying process that goes beyond the traditional route and doesn’t come with any costly or stressful surprises. First, you can schedule a self-tour of your favorite homes whenever it’s most convenient for you. As soon as you’re ready to make an offer, we’ll work with any mortgage lender of your choice. All we need from you is a pre-approval letter.
No negotiations or bidding wars take place — simply submit your offer online and quickly see if you’ve been approved.
And once you’re ready to close on your new Bungalo Certified home, we’ll be there every step of the way with a checklist to ensure nothing falls through the cracks.
Are you ready to start looking for Atlanta Bungalo Certified homes for sale? Browse for your next dream living space today.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Bungalo always encourages you to reach out to an advisor regarding your own situation.
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