Buying Home ATL Need Advice Low Budget Single Professional (Atlanta: sales, to rent)

[atlwy]

Hello,

Thanks in advance for reviewing my question and for your advice. I have a realtor, but I believe I can get some good information from this community.

I'd like to purchase a home in ATL. I'm frugal so I'm trying to stay underneath 200s. I'm currently single but would like a family in the future. I work in southwest ATL and I currently live in College Park. Th type of house I'm looking for is a 3:2. House must have 2 baths. I could see myself living in ATL for 5-7 years. Currently have a 10 minute commute to work. Would like to keep my commute under 20 minutes. Open to the idea of having roommates to help pay the mortgage.

Questions
It's a sellers market. Inventory is real low.

Question 1: How will affordable inventory increase?

I understand that new homes will likely be expensive and reflect the current high market price. But aside from new homes, is it possible for the affordable inventory to increase? Again, my idea of affordable is < 200s.

Question 2: Assuming the affordable inventory does not grow, should I buy now if I find something I like? Or should I hold my breath and wait on a housing bubble (assuming that's the only way the affordable inventory will increase)?

I'd like to live intown and preferably close to the beltline/future beltline installments.

Question 3: will the beltline improve its surrounding environment? Will it truly be a success? Why or why not? Or will the eastside beltline be the only true success?

Question 4: I wouldn't mind living in College Park, East Point, or Hapeville. Will these areas grow similar to East Atlanta?

Question 4b: does the lack of good schools / airport noise affect home resale value in these SW atlanta neighborhoods?

Question 5: would it be wise to move to Mechanicsville or somewhere in southeast atlanta (Peoplestown; perhaps even further south from peoplestown)?

Question 6: I'm conflicted. The places intown that are safer - both investment wise and physically - are all out of my price range/commute range. The remaining inventory close to potential beltline installments are less safe - both investment wise and physically. What should I do? Buy a risky investment and hope for the best? Continue to rent and wait for a bubble? Buy a less expensive home in Southwest Atlanta (generally safer than intown), pay it off, and then look to move intown in the future?

[curiousgeorge77]

i live OTP so I can't answer many of your questions. However, i'm looking to buy and sell house. One thing I will say, you are correct its a sellers market. Most decent properties sell in a few days and in my opinion are selling over priced, but with low inventory and high demand......it inflates prices.

i'd wait if I were you

[DaBurgh]

option F- townhome in a nicer safer part of town

(or not, if you insist on a house)

[Mossberg]

A lot of the answer to those questions require either a time machine or a crystal ball. My advice is if you find a place you like, buy it. Otherwise, I'd wait it out and not settle for a home you aren't completely satisfied with just because of shortage of inventory to choose from.

Can't really speak to the ITP suburbs you mentioned, but I can talk about Mechanicsville and/or Peoplestown. Both of these communities are still relatively cheap, but probably won't be in 5-10 years based on what I'm seeing.

Mechanicsville currently has 74 new homes being built as we speak and will also have it's Turner Field parking lots redeveloped in the near future. An RFP will be going out for these remaining lots very soon (they weren't included in the initial Turner Field RFP). There is likely to be mixed use put in on these properties. Also, if the MARTA referendum passes, Mechanicsville will have a MARTA station added near existing TOD that was already built at Mechanicsville Station.

Peoplestown also it a good buy (if you can even find anything near the beltline). Beware of flooding issues though. Watershed management is currently attempting multiple steps to correct the severe flooding problems that happen because of Peoplestown's lower elevation.

The intown schools are getting better every day, led by the amazing improvements seen at Maynard Jackson High, but still have a ways to go.

Also, there is little to no airport noise in these two neighborhoods (although you were probably referring to the other neighborhoods you mentioned), but you will hear train horns due to proximity to the railroad.

[atlwy]

Originally Posted by Mossberg

Mechanicsville currently has 74 new homes being built as we speak and will also have it's Turner Field parking lots redeveloped in the near future. An RFP will be going out for these remaining lots very soon (they weren't included in the initial Turner Field RFP). There is likely to be mixed use put in on these properties. Also, if the MARTA referendum passes, Mechanicsville will have a MARTA station added near existing TOD that was already built at Mechanicsville Station.

Peoplestown also it a good buy (if you can even find anything near the beltline). Beware of flooding issues though. Watershed management is currently attempting multiple steps to correct the severe flooding problems that happen because of Peoplestown's lower elevation.

Thanks Mossberg.

Where are you getting this information about Mechanicsville? I would love to read/research.

[Mossberg]

Originally Posted by atlwy

Thanks Mossberg.

Where are you getting this information about Mechanicsville? I would love to read/research.

I get most of my info directly from being involved in the community meetings, which most times include representatives from the city and various other organizations.

Some of the info is below.

The Summech Corporation is developing the homes, but there isn't much info on their site.
Welcome to your new home

MARTA referendum with Mechanicsville Station mentioned.
City council approves sales tax referendum for MARTA projects - Atlanta INtown Paper

Info on Peoplestown flooding
https://www.atlantawatershed.org/pro...nfrastructure/

[Mossberg]

A new article JUST came out on Maynard Jackson High School's principal.

Maynard Jackson High principal has her eye on the sky and the prize | Get Schooled