Atlanta offers Southern charm and it’s a great place to live. But finding a home can be a long and sometimes frustrating process. However, knowing when to buy is half the battle. Here’s a guide to the best time to buy in Atlanta.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Atlanta, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year 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.
In truth, the best time to buy a house really depends on your priorities and situation. 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 (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
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Best Time of Year to Buy in Atlanta
January through March are typically the best months to buy a home in Atlanta. The peak buying season is in the spring and summer. However, you can also find good deals during the holidays. People are usually busy with holiday activities and family gatherings. This means there is less competition in the market so you have a better chance of finding a deal.
The current market in Atlanta has the sixth highest inventory in the nation. In fact, Atlanta's current inventory currently beats out Atlanta. This high inventory tends to indicate that it is a buyer's market.
Best Places to Find a Home in Atlanta
There are many suburbs and neighborhoods in and around Atlanta that are great for prospective homeowners. Here are five neighborhoods you should keep your eye on.
Located in Fulton County, Hanover West is one of the best places to live in Georgia. It has an urban feel and offers a great selection of parks and restaurants. It’s popular with young professionals and has a vibrant social atmosphere.
The population of Hanover West 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’s popular with families and young professionals alike. The population of Woodfield is 2,984. The median home value in this area sits at around $790,942, and 94% of residents own their homes.
This charming suburban neighborhood also boasts its fair share of unique cafés, restaurants, and bars. It’s popular among those who favor an active lifestyle and is among the safest neighborhoods in the area.
Peachtree Park is home to 2,640 people. The median home value in this area is $437,202, and 58% of residents own their homes.
Families and retirees alike flock to Sherwood Forest. In line with its charming name, this quiet suburban town is home to just 1,340 people.
Don’t be fooled by the fairytale veneer, though. Sherwood Forest also has a vibrant nightlife for those who like to keep it lively.
One of the safest neighborhoods in the area, Sherwood Forest is great for families with children. There are several highly rated schools nearby, as well. The median home value here is $846,200 and 82% of residents own their homes.
For a more urban twist, Buckhead Heights offers an active nightlife, plenty of shopping, restaurants and coffee shops with unique twists, and more. It’s also great for those who like healthy living and want to be close to outdoor recreation options.
Families love Buckhead Heights, and young professionals find the area enjoyable and accessible, as well.
Buckhead Heights is home to 1,971 people, has a median home value of $282,400, and 45% of residents own their homes.
4 Ways to Get a Great Deal on a Home in Atlanta
While knowing the right time to buy is a pivotal factor in obtaining a great deal, there are a few other things you can do, too. With a little strategy, you can find a good deal on the Atlanta home of your dreams.
Find a Great Atlanta Real Estate Agent
Working with an experienced local buyer’s agent who has in-depth knowledge about the specific market you’re interested in is a critical part of obtaining the best deal. An agent can advocate for you throughout the entire home buying process. They can also personalize your search and make sure you find a deal that meets your needs and helps you achieve your goals.
Assess Your Needs and Lay Out Your Goals
Knowing what to look for when buying a home makes all the difference. Working with a real estate agent to figure out exactly what you need in a property can help you narrow your vision and develop a strategic plan for success. Your agent can help you figure out the appropriate budget, help you determine your must-haves, and help you start your search.
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 rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates 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.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
Negotiate for the Best Possible Price
Once you’ve chosen the Atlanta home of your dreams, it’s time to negotiate for the best possible price. Your real estate agent can help you formulate an offer that is realistic and within your reach. They can also help you with post-inspection negotiations so you can obtain the best deal available.
Whether you’re buying your first home or your tenth, working with an agent is a critical piece of the process.
To find an experienced real estate agent in your market, fill out our online form. A Clever representative will be in touch to answer your questions and connect you with a local Partner Agent.
Clever Partner Agents are top performers in their markets, and they’ll offer you a no-obligation consultation. Contact Clevertoday to make sure you get the best deal possible on your Atlanta dream home.