Renting vs Buying Atlanta Homes
In this article in the Atlanta Journal Renting vs Buying, there is a lot of great information that is important in today’s Atlanta real estate market. Wes speaks about current purchase price of Atlanta homes still being below our 2007 highs, which is true. He also brings up the incredibly low interest rates that are available right now, and that is certainly very important since the likelihood those rates stay low for an extended period of time is doubted by most in the real estate and mortgage industry.
There is one other important element in the equation that Wes did not mention, and we feel it is very important.
Atlanta Homes Rental Occupancy Rate
Due to all our employment difficulties and high number of foreclosures, the rental occupancy rate has been significantly high over the last few years. Haddow and Company’s market research showed that nearing the end of last year, the rental occupancy rate had reached above 97%, and that landlords were increasing rents by as much as 7%. These facts have a significant impact on the Rent vs Buy calculation.
Adding to the current low interest rates of a home mortgage, and this rising cost of renting a home, and you really do have significant reasons for investigating the buying option. A conversation with a qualified and well vetted lender or mortgage broker can be completed in a matter of minutes. If you already have a down payment saved up or gift funds promised from a family member, this could be the perfect time to make that leap into home ownership.
Of course, many of you may be first-time home buyers, but this timing can also be great for those of you who previously owned Atlanta homes and needed to make an exit based on the recession, employment status and other negative influences. Nobody is perfect, and sometimes we’re surprised when our situations become unstable. With good practices and steady rebuilding of your credit, this may be the time to jump back on the horse of being a home owner. For most Americans, their very best long term investment has been owning their homes. Don’t let a bump in the road prevent you from reaching for that tremendous investment goal again.
Speak with one of the mortgage brokers or lenders we have listed here Atlanta Home Mortgages, or with someone that you already know to learn more.
