‘It’s so disheartening’: Homebuyers face growing challenges amid low inventory | New
ATLANTA (CBS46) – Finding a home can spark a range of emotions and for many potential buyers right now, the word discouraged comes to mind.
“It shouldn’t be that hard,” said Amber Kennon. “We bid on seven houses and we were honestly beaten every time. “
Kennon is a stay-at-home mom and her husband is a schoolteacher. At the moment, they are living with her parents as they struggle to find a home.
“We are beaten by people who bid $ 25, $ 30, $ 50,000, and at the end of the day it depends on how much money you have over the valuation,” she told the reporter Ashley Thompson.
According to Redfin, by August 2021, house prices in Atlanta had risen more than 8% from a year ago, selling for an average price of $ 357 thousand. The average time in the market right now is only 21 days.
Cities around the metro are also experiencing an increase in home values and low inventory.
“It’s so disheartening and disheartening,” Ticia Nicholson said.
She has been looking for a house in Gwinnett County for about nine months. She said she was forced to renew her lease after failing to get a house under contract.
“My real estate agent finds a house and I love it, I love it, he’ll call me back and tell me you outbid.” And this has happened 14 times.
The current market is particularly difficult for first-time homebuyers, many of whom lack the equity of a previous property.
“The Millennials are one of the strongest populations to buy homes right now and of course some millennials are not as patient as others,” said Hubert Tate, real estate agent at Keller Williams Realty. “We want microwave results. “
Tate is well aware of the difficult market.
“A balanced market is about six months of inventory,” he said. “At the moment, we only have about a month and a half of inventory.”
Tate said the limited supply is due in part to the under-construction of homes in the United States following the housing crisis more than a decade ago. He said if you are able financially to make a cash offer, do it!
While it is true that some people write letters to owners to try to convince them and seal the deal, Tate said these so-called “love letters” have become a concern in recent months. Some brokerages have even asked agents to stop using them to avoid any federal housing violations.
His advice to anyone looking is to be patient, but he admits that a little extra money doesn’t hurt.
“I had clients recently, we started working together in March. We submitted 12 offers and got nothing until that 12th deal.
Several real estate agents CBS46 spoke to believe the market is easing, but they don’t know what the future holds.