If you live in a big city like Atlanta or another area where real estate prices are going through the roof, it may be tempting to relocate to a cheaper area.
After all, the pasture always look greener on the other side. Furthermore, big cities have made it cool to live in large homes.
But big homes often mean big mortgage payments, so it may be time for you to make an adjustment to keep your mortgage from eating your paycheck.
If you don’t have a family, it may make sense to downsize your home. Not only will the mortgage payments be easier to handle, but you may be able to the equity in your big home to add to your savings.
Other benefits to downsizing include:
So many people believe moving to a cheaper city or state is going to make a difference, but the reality is that if you have a decent job, maybe you shouldn’t relocate.
Here are three other options that can help you downsize fast:
Re-align your financial goals based on where you want to be, not where you are now. Do you still need the amenities you bought the phone for? Do you still use that pool or sauna?
Mortgage rates are approaching low levels again, and that makes a refi very attractive to people who have huge monthly payments.
If you’ve been in your big home for a nice period of time, it’s likely that your home has appreciated to the point that you have a pretty large nest egg inside of it.
Instead of continuing to pay that big mortgage, find a cheaper home in the same area or city and use that equity for the downpayment.
Better yet, you could use that equity to invest in a retirement fund like a 401(k).
Interested in other ways to save or make money? Check out our Money Section:
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The Atlanta area saw a double-digit percent increase in foreclosures over the last year, according to findings from a recent report.
Property data provider ATTOM Data Solutions’ Year-End 2019 U.S. Foreclosure Market Report shows that foreclosure filings in 2019 decreased in most cities — but not Atlanta.
Default notices, scheduled auctions and bank repossessions were reported on 493,066 U.S. properties in 2019, which is a 21% decrease from the previous year.
The new figure is also down 83% from a high of nearly 3 million in 2010.
Here are the big cities that saw a double-digit increase in foreclosures:
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.
Atlanta, especially Fulton County, is among places where it’s most affordable to rent rather than buy a home, according to a new study.
That’s not the case in other areas: Buying a home is more affordable than renting one in most metropolitan counties analyzed in a new survey.
Figures from Attom Data Solutions‘ 2020 Rental Affordability Report show that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 53% of the U.S. counties analyzed for the report.
Among counties with a population of 1 million or more, those most affordable for renting are:
But those areas were the exception. In 455 of the 855 U.S. counties surveyed, the numbers showed that it’s cheaper to buy a home than rent one.
The analysis highlights a split between different-sized markets, with ownership more affordable mainly in lightly populated counties and renting more affordable in more populous suburban or urban areas, the study says.
“Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas,” said Todd Teta, chief product officer with ATTOM Data Solutions. “For sure, either buying or renting is a financial stretch or out of reach for individual wage earners throughout most of the country in the current climate. But with interest rates falling, owning a home can still be the more affordable option, even as prices keep rising.”
In 94, or 69%, of the 136 counties in the report that have a population of at least 500,000 or more, renting is more affordable than buying a home.
You may be wondering what it takes to buy a home in Atlanta, as the forecast for this year predicted, prices in certain areas are increasing. But that doesn’t mean you can’t find a nice home in metro Atlanta.
The first step in the process is to get pre-qualified for a mortgage.
There’s also ample opportunities to rent your home for cash. Keep up with what’s going on in Atlanta’s real estate scene on our Real Estate page.
Atlanta real estate is experiencing some of the highest price hikes it has ever seen, especially on the south side. Now a new report says the city will have one of the hottest housing markets of 2020.
Normally, real estate experts drool over West Coast housing markets, like those in California and even Arizona and Nevada, but this year will shape up to be different.
According to a Zillow panel of experts, cities like Austin and Atlanta’s housing market is most expected to outperform the national average.
Home values are expected to grow by 2.8% in 2020, according to more than 100 economists and real estate experts surveyed by Pulsenomics and Zillow panelists.
The panel assigned scores to cities to show where the growth would likely occur. Here is a sample of results.
Unlike the other 24 markets that were analyzed, Charlotte was the only one that no panelist said it would underperform this year.
“Having subjected buyers to a crucible of fierce competition for multiple years, many West Coast markets hit an affordability ceiling that set off declining home values in the most expensive of these,” said Skylar Olsen, Zillow’s director of economic research.
“Indeed, this price correction— a clap back from having appreciated with too much exuberance in the recent past — pushes many previously hot markets to the bottom of our experts’ list. At the top of the list are metros still providing relative affordability and thriving, amenity-rich communities that appeal to younger adults willing to make a move. These features, plus the ability to grow and add housing in the future, are attractive propositions for employers and employees alike.”
Many panelists expect home values in San Jose and San Francisco to continue falling in 2020, and some expect more markets in California to join them. Sixteen panelists out of the 42 that selected at least one metro said home values will fall in Los Angeles, and twelve said the same about San Diego and Riverside.
|
U.S. |
Share Expecting |
Share Expecting |
Share Expecting |
Net |
|
Atlanta |
63% |
25% |
12% |
+51 |
|
Austin |
83% |
10% |
7% |
+76 |
|
Charlotte |
59% |
41% |
0% |
+59 |
|
Cincinnati |
12% |
42% |
46% |
-33 |
|
Columbus |
21% |
46% |
33% |
-12 |
|
Dallas |
49% |
36% |
15% |
+34 |
|
Denver |
55% |
23% |
22% |
+33 |
|
Houston |
32% |
46% |
22% |
+10 |
|
Jacksonville |
36% |
40% |
24% |
+12 |
|
Las Vegas |
41% |
24% |
36% |
+5 |
|
Los Angeles |
20% |
25% |
55% |
-35 |
|
Miami |
29% |
34% |
37% |
-8 |
|
Minneapolis |
23% |
58% |
19% |
+4 |
|
Nashville |
59% |
31% |
10% |
+49 |
|
Oklahoma City |
18% |
48% |
34% |
-16 |
|
Phoenix |
46% |
42% |
12% |
+34 |
|
Portland |
31% |
40% |
29% |
+2 |
|
Riverside |
21% |
32% |
47% |
-26 |
|
Sacramento |
21% |
28% |
52% |
-31 |
|
San Antonio |
44% |
44% |
12% |
+32 |
|
San Diego |
25% |
37% |
39% |
-14 |
|
San Francisco |
24% |
12% |
64% |
-40 |
|
San Jose |
23% |
16% |
61% |
-38 |
|
Seattle |
40% |
21% |
40% |
0 |
|
Tampa |
38% |
53% |
9% |
+29 |
The real estate market in Georgia’s largest city is driven largely by a population and economy boom that shows no signs of ending.
Coming out of the Great Recession, Atlanta was a buyer’s market up until around 2015. That’s when it began to show all the signs of a strong seller’s market, meaning that homeowners could would be able to enjoy pricing leverage compared to the inventory.
In 2020, Atlanta is not quite a seller’s market, but is in between buying and selling, which makes for a full-on healthy real estate landscape. Can you still find real estate deals? Yes, but they are becoming less plentiful.
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.
It’s no secret that Offset is from the Atlanta area, but now that he and wife Cardi B are settled in the area, they’ve just bought a new Atlanta home, er, Atlanta mansion! Move over, Tyler Perry!
What makes it so special (It was a Christmas gift) is that the Atlanta mansion comes complete with a gun range. But that’s not all…
Here’s what we know about the Atlanta mansion:
Cardi B shared video of the home on her Instagram account. She posted: “I been house hunting for the past 2 years with our realtor @b_luxurious .It has been a roller roller coaster!”
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She continued: “Houses that @offsetyrn liked there was always a room I didn’t like that we couldn’t agreed on 😩and a couple houses that I liked @offsetyrn said NO because the areas they where in are not to good.We even though about building a house but with a family that’s a bit complicated .With the help of @b_luxurious and God WE GOT OUR HOUSE!”
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The property was listed by Realtors Molly Beery and Cia Cummings of Dorsey Alston Realtors in Atlanta. The home was built in 2006, but you can’t tell!
[ngg src=”galleries” ids=”5″ display=”basic_imagebrowser”]The home is located in an exclusive subdivision and has the amenities to back it up. Here are some of the things that the mansion has:
Here is how the Offset and Cardi B mansion is described in the listing:
“Magnificent estate situated on 5.8 private acres! No expense spared or detail overlooked when building this entertainers’ dream home.”
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“Chef’s kitchen opens to fireside fam room & outdoor terrace w/ kitchen & fireplace perfect for al fresco dining. Formal LR w/ 30’ ceilings & solarium. Formal DR. Office.
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“Master on Main w/ fireside sitting room, huge h/h closets & spa-like bath. 4 large upstairs bdr/baths plus great playroom. Terrace level w bar, 1800 bottle wine cellar, fireside family room & much more. Panoramic views of infinity pool & flat, deep backyard. 4 car garage.”
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Buckhead is the most expensive area of Atlanta, but it’s not the only one. If you’re looking for a home, you should know where to look.
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.
Everyone knows about the Atlanta Beltline, which connects the city’s neighborhoods in a 22-mile loop, but less is known about another important project: The Fairlie Poplar Path.
Named after two popular streets in downtown Atlanta, the Fairlie Poplar Path is a proposed trail that would link Centennial Olympic Park to Woodruff Park in downtown Atlanta.
The path would cement the Fairlie Poplar neighborhood as an urban village with more to offer than just small and large businesses and old buildings occupied by Georgia State University.
The Fairlie Poplar Path was created by Clay and Sarah Hess, both of whom live in the neighborhood.
The couple say it would also spur investment in an important part of downtown Atlanta. They also say some of the work is already done.
Much of the existing path is already built with woonerf-style features. Here is what more improvement proposals include, according to fairliepoplarpath.com:
Bollard installation
Extension of end-to-end and side-to-side brickwork
Missing tree and plantar box additions
Space-activating asphalt art
History-preserving wall mural street art
Historic lampost additions
(Future) Parking garage/lot conversions along the path
Proponents have created a petition to get the Fairlie Poplar Path moving.
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First, to find all the good things happening in the city this week, all you have to do is take a look at downtown Atlanta. That’s where some of the best restaurants are as well as where the visitors, namely tourists, are. CNN Center often has something cool going on! Check out these events in Atlanta today and this week and this weekend:
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The year 2020 figures to see plenty of homes up for auction on the courthouse steps in Atlanta, according to new findings.
Atlanta has been identified as one of the top cities with home inventories due to foreclosures, according to the ATTOM Data Solutions U.S. Foreclosure Market Report,
Foreclosure filings in the city went up 37% from 2018 to 2019, and there’s no sign it will slow down in the new year.
More than 143,000 U.S. properties had foreclosure filings in the third quarter of 2019, according to the report.
The ATTOM Data Solutions U.S. Foreclosure Market Report says more than 34,000 U.S. properties were foreclosured on (REO) in the third quarter of 2019.
That number constitutes a 6%-increase from the second quarter, but a 33% decrease from the same time a year ago.
Investors looking to find homes will not only have old inventory, but a fair amount of new ones that will flood the market, the numbers show.
Here are some of the other major cities with year-over-year foreclosure increases in 2019:
According to Simon Campbell of BankForeclosuresSale.com – an online foreclosure finder – many cities throughout the United States will provide foreclosure investors with sound opportunities in the new year such as Dallas, TX or Atlanta, GA.
“At first glance, it appears that many of the same cities and states that have always struggled with foreclosures will once again be in this position in 2020.” Campbell notes.
“What we’re seeing is that some cities offer great investment opportunities, not just because of the volume of properties but also the value,” Campbell added. “As the first quarter of 2020 comes to an end, we’ll get a better idea of which cities have the most potential for foreclosure investing through the rest of the year.”
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.
Homeowners looking to sell their properties will soon be able to request an offer from real estate listings site Zillow to buy their homes. The program, called Zillow Offers, is expanding to Atlanta after successful launches in Phoenix and Las Vegas.
The program is slated to launch in Atlanta in the fall of 2018. Zillow Offers will buy homes in the Atlanta market directly and prepare them for sale as well as list them.
Zillow’s research shows that 71% of sellers are stressed out during the home-selling process. With the new program, potential home sellers can get a free, no-obligation cash offer from Zillow Offers within two business days.
“Sellers love Zillow Offers, because it’s a service that offers them more control and convenience – and less stress – when they sell their homes,” said Zillow Brand President Jeremy Wacksman.
New research shows that more Americans are struggling to come up with the downpayment for a home, a process that can be eased with a number of helpful programs. For renters in 13 of the country’s 35 largest housing markets, it can take more than 10 years to save the necessary 20% down on a home.
“Zillow has delivered that to sellers in our first two markets, and we’re excited to expand into Atlanta. Once we launch the program in the fall, we will be able to provide Atlanta-area homeowners with more choices, greater control, certainty about price, and transparency when it comes to selling their home – whether they take a cash offer or sell traditionally with a Premier Agent.”
In Atlanta, Zillow will forge partnerships with brokerage houses and agents to get leads for the Offers program. So far, Berkshire Hathaway HomeServices (BHHS) Georgia Properties and Better Homes and Gardens Real Estate Metro Brokers have signed on for the Zillow launch in Atlanta.
For local real estate agents, the new program will allow them to be matched up with motivated sellers. Zillow will pay a commission to agents when it buys and sells each home. Continue Reading…
A new townhome development is coming to the Reynoldstown section of Atlanta, turning the landscape near the city’s downtown area on its head. The project will be anchored between Moreland Avenue and the Beltline’s Eastside Trail, according to Curbed Atlanta.
The development will be called Mattie Branch and consist of rentals as well. Five of the 11 townhomes have already been purchased, but more are on the way.
The remaining townhomes will be priced around $550,000 for about 2,000 square feet, Curbed reports.
The townhomes will be designed in three styles — “Full Modern,” “Midcentury,” or “Farmhouse Modern”— “with siding made from trees felled on the site and steel porches forged by Reynoldstown’s own Stein Steel,” according to Curbed.
The new project joins a development of 20 condominiums at 45 Moda Reynoldstown townhomes, which will be ready somewhere in the second quarter of 2018.
