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ATLANTA — The nationwide housing market continues to set new records. Many homebuyers are finding themselves competing, with very few options that come with a huge price.
Channel 2′s Elizabeth Rawlins looks at new data that reveal living in parts of metro Atlanta is now unaffordable.
“It’s one hard to find something and it’s competitive,” Patrick Hamilton said.
According to a new report released by the Federal Reserve Bank, the average metro Atlanta resident can no longer afford to buy a house inside the perimeter.
“You’ve got to be willing to pay more than you think you should… probably more than what the house is worth right now,” Eric Decker, realtor said.
Metro Atlanta real estate agent Eric Decker says no one expected the fierce competition that started gaining momentum in late 2020. First-time homebuyers Patrick and Giovanna Hamilton had no idea that just a few months before buying their dream house in 2020, homes did not sell overnight and rarely was there competition to buy or outbid.
“We’ve seen a lot of things go away. This one has pretty much everything they want so we put an offer on it that day,” Patrick Hamilton said.
Even their experience 2 years ago is now somewhat obsolete. Home values have doubled and many buyers are now coming to the table with all cash offers.
“There’s no way we could have done that,” Patrick Hamilton said.
But agents like Decker say not to be fooled by these competitive cash buyers. Anyone these days can bring cash to the table.
“Now there are programs where they basically position the buyer as a cash buyer,” Decker said.
So whether it’s accepting rapidly rising rent payments, emptying the piggy bank for a down payment, or paying top dollar for an all cash, the cost of buying a home comes at a price.
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