Looking for an affordable home in Atlanta can be a full-time job these days. And when you think about it, I guess that’s what Realtors are for. But an interesting trend has been happening in Georgia’s largest city of late: Home prices have been falling.

Are Atlanta Home Prices Dropping?

In an unexpected development, Atlanta home prices have recently dropped, although it’s not the only city experiencing a dip.

One reason why home prices may be falling in Atlanta is that it was a prominent market for ibuyers, who have largely gone out of business or pivoted into other commerce segments.

Real estate investors bought nearly 50% fewer homes in the first quarter of 2023 compared to the previous year, according to a recent RedFin study. That figure represents the largest annual decline ever.

“While investors have pumped the brakes on home purchases, they’re still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale,” said Redfin Senior Economist Sheharyar Bokhari. “Investors have gravitated toward more affordable properties due to still-high housing costs and rising mortgage rates, which has left first-time homebuyers with fewer starter homes to choose from.”

Should You Still Buy A Home In Atlanta?

We all know that when a market is red-hot, prices are inflated. Atlanta is one of the hottest real estate markets in the nation, so the recent price drops sting a little bit. 

At the same time, if you’re looking to buy a home, you should think about doing so when prices are dropping. Why? Because it’s going to save you money.

If you’re an investor, you know that it typically is a good investment to purchase when the pricing is low. Experienced investors know that investing is a long-term endeavor.

Should You Still Sell A Home In Atlanta?

When you’re trying to sell a home in a down market, the key to success is to move it as quick as possible. Usually that means you’re going to have to make a very attractive offer when it comes to pricing.

Where Are Home Prices Falling?

Here are the largest decline among the 40 metros Redfin analyzed in the first quarter of 2023:

• Nassau County, New York | -67.9%
• Atlanta | -66%
• Charlotte, NC | -66%
• Phoenix | -64.2%
• Nashville, TN | -60.4%

Las Vegas, Jacksonville, Philadelphia, Tampa, FL and Orlando, FL, all saw home price declines of more than 50%, the report says.

Overall, investors bought $27.5 billion worth of homes in U.S. metropolitan areas in the first quarter, says RedFin. That’s a decrease of 46.3% from $51.2 billion one year earlier and down 12.4% from $31.4 billion one quarter earlier. The typical home investors purchased cost $427,901, which means little changed from the prior quarter and a year earlier.

Final Word

Given how much homes cost in Atlanta, if you’re an investor, this may be a great time to buy. On the other hand, if you’re selling a home, you may get less than you anticipated.

Read about cheap homes for sale in Atlanta.

Do you and your landlord have an understanding? That’s what you’ll need if you plan on renting an apartment in Atlanta, Georgia.

After all, owning a home is just a dream for many people. If you’re interested in renting an apartment or home, you need to know how to do it and keep your shirt on. Otherwise, you could give away some key concessions to your landlord.

In this article, we’re going to go over how you can rent an apartment in the city. There are some affordable options to choose from.

Here’s How To Rent An Apartment In Atlanta

If you want to rent an apartment in Atlanta and don’t know where to start, here are the steps:

1. Shop Around

First thing you need to do before you rent an apartment in Atlanta is find one. To do that, you can use a number of online services to help find an apartment in Atlanta:

• Promove
• Apartment Finder
• A Plus Locators Apartment Finders

If you don’t already know, apartments on the northside, in places like Buckhead, Sandy Springs, Dunwoody, Roswell and Alpharetta are more expensive.

Midtown Atlanta apartments have gone up in price dramatically over the last few years as well.  The most affordable apartments will be a short distance from downtown in either east Atlanta or the westside next to West Midtown.

Once you make a list of Atlanta apartments you want to check out from one of the services above, you can begin to make appointments to visit.

You’ll want to pay special attention to the amenities that each apartment offers. You may put a big emphasis on on-site laundry facilities, a pool, a courtyard, lounge and other things.

2. Have Your Finances in Order

Before you begin to schedule visits, you need to have your financials in order. Landlords don’t just let you move in, you’ll need a credit check. The idea behind this is that you have to show income stability.

Get a free credit report at annualcreditreport.com, the only authorized website for free credit reports from the three major credit bureaus Equifax, Experian and TransUnion.

When you get the credit reports, go over them with a finetooth comb to make sure they’re accurate.

If you see a discrepancy on your credit report, here’s how to dispute it:

How To Dispute Your Credit Score Really Easily

Not only will you need to have your first and last month’s rent in your account (as we’ll get into), but you’ll need to have more money on hand for some incidentals.

3. Visit The Apartment

When you visit the apartment, make sure you the age of the building and style is to your liking. Feel the walls so that you can gauge whether they’re thin and well built.

Look out for loud neighbors and other things that may affect your ability to have a good night’s rest.

If you like what you see, make an offer.

4. Negotiate Your Rent

You don’t have to accept what the landlord offers. See if you can negotiate. If you sign a two-year lease rather than one year, you may be able to get a better deal. You won’t know what’s capable until you ask.

If the leasing agent can’t make any concessions, see if you can get the hookup on parking or a one-month discount in lieu of a move-in special.

Here are some methods on negotiating your rent.

5.  Sign The Dotted Line

When you sign the lease, you may need to have a list of references. These should be people you’ve contacted ahead of time who will have only good things to say about you.

Their input will be what decides your worthiness.

Before you sign your lease, you need to know what to expect as far as charges and fees. Here are some of the charges you may be asked to pay:

• Rental application fee
• Security deposit
• Last month’s rent
• Move-in fee or finders fee

Depending on where you rent your place and your specific circumstances, you may also be asked to pay a pet fee or even parking space fee.

Before you sign an apartment lease, read this.

Once you pay what you owe, your landlord or leasing agent will hand over the keys to your new apartment. Remember to keep it down and always be considerate of your neighbors.

What if you have bad credit?

How To Rent An Apartment With Bad Credit

The first thing you need to do is look for apartments that don’t do credit checks on potential tenants.

You’re also going to want to entice the landlord by offering to pay more upfront or even every month.

So, to recap, if you have bad credit, the way to rent an apartment is:

• Find apartments with no credit checks
• Offer to pay more upfront

Atlanta is a great place to live.

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Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.

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