ATLANTA — Many in Atlanta have decided to try their hand at homeownership during the pandemic. However, the current market is not for the weak, as the number of prospective buyers steadily increases with an inventory that has not caught up with demand.
Valerie Ross and Mark Farmer are two prospective buyers who are experiencing the rapidly moving market firsthand.
The pair were already set to leave Atlanta for the suburbs before the pandemic hit, but that definitely sped up their process.
“Well, we wanted a bigger home, and it was more reasonably priced out here,” Ross said.
The pair looked at many options and decided on what was best for them.
“We were now both working from home for quite a while,” Ross said.
While some segments of the economy were stagnated this year, real estate skyrocketed.
“We know, historically, is regardless of the market environment, there’s always a need for people to purchase homes,” said Tom Kenny, Bank of America’s vice president of lending.
Kenny said this is definitely a seller’s market.
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“Supply is definitely constrained,” said Kenny.
According to real estate brokerage firm Redfin, home prices in Atlanta are up nearly 10% compared to 2020. The same report indicated homes are on the market for fewer days, and about 37% are selling above their list price.
Realtor Jill Heineck said it is so competitive in certain areas that buyers are being forced to make snap decisions on purchases.
“I would say that the first thing you must do is make sure that you are completely underwritten and pre-approved by a qualified lender,” said Heineck.
Being pre-approved is something Kenny agrees with when it comes to the home-buying process.
“If an offer goes in with a pre-qualification letter against, say, a cash offer, you’re gonna have a hard time winning that,” said Kenny.
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