Atlanta housing market not showing signs of slowing down

The Atlanta housing market is still red hot.

A year ago, some real estate professionals told Channel 2 they had expected the market to cool off by now and that more houses would be available for buyers, but that hasn’t happened at all. Demand is up, and so are prices.

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Channel 2′s Justin Farmer spoke with a local woman who finally finished what she called an intense process.

Lacie Davis is a new and first-time homeowner.

“The process was scary at first,” Davis said. “I’d find something that I really liked, thought I’d have time to talk it over with family members, learn about the area, go back next day and it’s gone, so a lot of times, I was heartbroken.”

After an arduous process that took half a year, she closed on her new place in Stone Mountain. She’s one of the fortunate ones according to Shekia Renea of Ansley Atlanta Realty.

“It’s competitive, and I like to tell clients, right now the market is like the Hunger Games, but for real estate, because you have so many competing and homes that have 40 offers, so you can get frustrated,” Renea said.

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Prices are up across metro Atlanta by 24%, and demand has not waned. Renea said buyers’ wishes have changed because of COVID-19, and many things will stick, such as a desire for nicer, larger homes to accommodate a home office, a more secure neighborhood and even better yards for the record numbers of pets acquired in the past two years.

“Be prepared to hear yes and no, but you have to be prepared to buy,” Renea said.

Davis said to have a game plan.

“I honestly recommend to not even start looking until you’re ready to buy, in this market, but if you’re going to go house shopping and not ready to buy at that moment, don’t do it,” she said.

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Federal borrowing limits for FHA loans have increased, so buyers who can afford it can borrow more to win that house.

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