Is there a best time to buy a house in Atlanta? It depends on your priorities.
In recent years, listing prices for homes in Georgia were lowest in January. On average, homes were $32,358 less expensive. While in November — the month with the highest prices — the listing prices were $30,384 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Atlanta.
Best month for
7.5% lower than average
20.6% more homes to choose from
2.94% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home, the first step is to connect with a realtor who knows the local market. Economic conditions in Atlanta can change quickly, and a knowledgeable realtor will give you up-to-date information on when and where to buy.
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When is the best time to buy a house in Atlanta?
If you want a good deal, January through March is typically the best time to buy a home in Atlanta. During these months, there's less competition in the market, so you have a better chance of negotiating with the seller.
If you're more interested in finding a move-in ready home, consider buying in the spring or summer. In Atlanta, that's when you'll find the largest selection of properties for sale. However, during these peak months, there's more competition from other buyers, so you'll likely have to pay full market price for a home.
While these are general rules of thumb, it's important to remember that price trends can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Atlanta.
Where are the best places to buy a home in Atlanta?
Many areas in and around Atlanta are attractive to prospective homeowners. Here are five neighborhoods to keep your eye on.
Located in Fulton County, Hanover West has an urban feel and vibrant social atmosphere. It’s popular with young professionals and offers a variety of parks and restaurants.
Hanover West's population is 3,023. The median home value is $256,159, and 71% of residents own their homes.
Also in Fulton County, Woodfield is a vibrant suburban area filled with bars, coffee shops, and unique restaurants. It caters to families and young professionals alike.
Woodfield's population is 2,984. The median home value is $790,942, and 94% of residents own their homes.
This charming suburban neighborhood boasts unique cafés, restaurants, and bars. It's popular among those with an active lifestyle, and it's among the safest neighborhoods in the area.
Peachtree Park is home to 2,640 people. The median home value is $437,202, and 58% of residents own their homes.
Families and retirees alike flock to Sherwood Forest. As one of the safest neighborhoods in the area, this suburban town is ideal for families with children. Several highly rated schools are nearby, and a vibrant nightlife is available for those who like to keep things lively.
Sherwood Forest's population is just 1,340 people. The median home value is $846,200, and 82% of residents own their homes.
With a more urban feel, Buckhead Heights offers an active nightlife, plenty of shopping, and unique restaurants and coffee shops. It’s ideal for those who want to be close to outdoor recreation options. Families and young professionals enjoy the area as well.
Buckhead Heights is home to 1,971 people. The median home value is $282,400, and 45% of residents own their homes.
Four ways to get a great deal on a home in Atlanta
While knowing the right time to buy is crucial to getting a great deal, you can use a few other strategies too. Check out these four tips for finding a deal on an Atlanta home.
1. Find a great Atlanta real estate agent
When buying a home in Atlanta, it's critical to connect with an experienced real estate agent. You'll want to find an agent who has in-depth knowledge of the specific market you’re interested in. Your agent will advocate for you throughout the entire home buying process. They'll personalize your search and find options that work with your priorities and budget.
2. Determine what you need and want in a house
Knowing what to look for when buying a home will make your search more efficient and effective. Work with a real estate agent to help you narrow your vision and nail down details. Your agent will house hunt knowing what you want and make sure you don't waste time on homes that aren't right for you.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Atlanta, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Georgia a typical house is worth $216,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $771. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $729.
4. Negotiate for the best possible price
Once you choose an Atlanta house to go for, it’s time to negotiate for the best possible price. Your real estate agent will help you determine how much to offer and help you come to an agreement with the seller on a fair price.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.