Feel like giving up on finding a home in Atlanta - Would that be a mistake? (Duluth: HOA, how much)

[atlcharm]

Originally Posted by JOinGA

I think I have seen you post before about your housing search. I have heard it is pretty brutal out there. A house in my neighborhood went on the market a few weeks ago and I thought the online photos were pretty bad. It still went to Pending within days. My house will go on the market in April and the agent says she has another one going up this month in my neighborhood. We are in north Cobb in that price range. I think you will see more houses come on the market over the next 4 months. Zip code 30066. I am not sure why you say "obviously" an HOA would decrease your buying power. Maybe you are thinking of a townhouse/condo with high monthly fees. My neighborhood is swim/tennis single family with a $375 annual fee. That shouldn't be a factor. When I first moved to the Atlanta area 30 years ago, I started looking at houses closer in, but my budget pushed me farther outside the perimeter. Sometimes, that is a compromise you just have to make.

Yes, you saw my post before when I was looking for ideas on neighborhoods! The responses helped me to expand my search parameters, but I'm still not having luck. I did go under contract with one home which fell through, no fault of my own. Ever since then no luck.

Yes, I was talking about townhome communities. Some are $200+ per month. I'm looking at both townhomes and single family's. My preference is single family for space and privacy but also usually the low HOAs.

[jhtrico1850]

Is it possible for you to have a co-signer? I remember too, Capital One said I qualified for 210k yet chase said I qualified for almost 300k.

If the 240k budget is too stressful for you that you’re not able to get what you want, maybe just hold off? There’s a chance your income could increase significantly and you’d qualify for more. I graduated in 2011 and have more or less gotten 30% raises like every 2 years (lot of job hopping).

[atlcharm]

Originally Posted by AtlantaMove

Cash buyers control many of the highly desirable areas of Metro Atlanta, buying homes priced up to $300K. It is highly likely that those multiple offers are cash purchases that offer to close in as early as two weeks with fewer, if any, inspection days. Those are often more attractive than offers involving mortgage financing since they usually come with contingencies, lengthy escrow periods and other uncertainty.

There was a time when your agent had access to several properties that were off limits to investors for 30 days so that owner-occupant buyers could have the first choices. But there have been fewer HUD and Fannie Mae-owned homes available here lately. And the price range that you're looking in (and requirements) suggests an income that is most likely too high for the few rarely available Neighborhood Stabilization Program (NSP) Homes.

You'll have to be resilient (as you have been) to find what you want in this market until more inventory comes in around the Spring. Consider some of the new construction homes in Buford, Powder Springs, Marietta and other less convenient locations. The covenants in some of those communities limit investor activity in favor of owner-occupants. Ask your agent for ways to make your offer on resale properties more attractive. And again, just keep getting back up.

Thanks for the info. Yes, I sometimes look on the HUD homepath site...slim pickings. Most homes are already in the auction process when I see them.

[atlcharm]

Originally Posted by CaliDreaming01

atlcharm, you definitely shouldn't give up on your housing search. The real estate market is just very hot, especially for homes in the most affordable price ranges. The good houses that are appropriately priced go very fast. To have a shot at a good house, you have to have a very good idea of what you'd be happy with and move on it fast. You're just going to have to be very patient and work very hard at researching the market. Look at houses a little outside of your price range and below so you understand how houses are priced in your desired location. You also may need to give up on some desired items on your wish list and/or pay a little more than you'd like. Good houses at good prices still come up even in the hottest real estate markets, but the key is you have to be able to recognize them and be prepared to bid over list for them.

One good thing for you though is it sounds like you don't have to worry about selling a house before buying. That would have made things infinitely more stressful.

Like someone said, this is the slower part of the year for real estate, but in the next couple months there are going to be a lot more houses being put on the market. Also, if you're not on too short of a time frame, I've noticed that in late summer/early fall after school starts, a lot of sellers who have overpriced their houses begin to come way down on their asking prices. I know when we bought our house last spring, there were a few houses that were listed slightly outside of our price range that eventually sold for much less than the house we ended up buying. These were beautiful houses with no major problems so I was very surprised.

I was in the same housing hell as you were last year, but I had a very happy ending. I had been researching the market for a couple of years before we began seriously shopping. Even with that, it took us 9 months before the right house came along and it was absolutely perfect for us (and very comfortably priced). Before then though, we had gone through 9 months filled with many heartbreaking near misses and feelings that we were going to be renters for ever. The good houses in our price range would often go under contract before we even had a chance to view it. I had originally wanted a basement--as time went on I decided a basement was not a necessity. I also started looking at houses slightly outside of my preferred parts of town.

The house we eventually bought listed on the afternoon of the one Saturday I had to be out of town and when I saw it I knew it was "the one". I had driven through my desired neighborhoods the night before to make sure there were no listings, so I was shocked when it came up. I am so thankful I kept checking my phone for new listings alerts. Luckily, my husband had stayed behind, and he was able to view the house to make sure it wasn't a catfish. When he got there, cars were lined up around the neighborhood to view it.

Even though I hadn't had a chance to view the house, we put in an offer instantly that was well above list. There had been multiple offers on the house, but we won out and we went under contract less than 24 hours after the house had gone on the market. I got to view the house that Sunday night after it had gone under contract and I was in love and I love it more by the day. It didn't have a basement, but it was move-in ready, updated, and had so many other features I wouldn't have dreamed possible after striking out for 9 months.

So all of this to say, I know exactly how hard it is in this housing market. But just remember that you only need one house. Once you get the house, all of this hell will be well worth it. It will make you appreciate your new home all the more.

Thank you so much! Your response really helps to put everything in perspective.

[Born 2 Roll]

Originally Posted by atlcharm

Great input. Some I've already thought of and some not. I am already pre-approved for $240k. I did look us some rent-to-own homes but not sure what site I should be using as I mostly came back with results in Lithonia and Clayton County.

Try using the Georgia MLS website to search for rental homes...

https://www.georgiamls.com/real-esta...=sale&gtyp=map

I found more than 100 listings (at least) using the map search feature when I searched within a 20-mile radius of the Perimeter Center area (I-285 and GA 400 interchange) for homes with rents at $2,000/month and under...

[DaBurgh]

Look to the South metro, young grasshopper

[jeoff]

Originally Posted by ahut2000

What's wrong with Tucker? It is diverse and there is plenty of inventory in your range.

Lilburn too.

A note on Tucker—- Some friends were planning on leaving Tucker once their daughter reached middle school, but they changed their minds, and she is really enjoying it.

[JOinGA]

Originally Posted by atlcharm

Yes, you saw my post before when I was looking for ideas on neighborhoods! The responses helped me to expand my search parameters, but I'm still not having luck. I did go under contract with one home which fell through, no fault of my own. Ever since then no luck.

Yes, I was talking about townhome communities. Some are $200+ per month. I'm looking at both townhomes and single family's. My preference is single family for space and privacy but also usually the low HOAs.

One piece of advice is to make sure you do not buy into any neighborhood that has an optional HOA. Our neighborhood was set up that way in the 1980's and, as the years went by, fewer people joined the HOA and we struggled to keep the pool open. Several years ago we went to permanent memberships, which secured the future of our amenities, but there have been neighborhoods that have actually closed and/or abandoned their pools. Optional HOA sounds good, but it can have unpleasant consequences. It can also cause resentment when only HOA members are keeping up common areas like the entrances and non-member residents are taking a free ride. I would never buy into an neighborhood with an optional HOA again.

[samiwas1]

The townhomes in my neighborhood in northern 30318 are going for $240 or maybe a little more right now. Within the year, we should be walkable to a bunch of new restaurants and stuff. But, the high HOA might offset the ability to stick to $240.

[atlcharm]

Originally Posted by samiwas1

The townhomes in my neighborhood in northern 30318 are going for $240 or maybe a little more right now. Within the year, we should be walkable to a bunch of new restaurants and stuff. But, the high HOA might offset the ability to stick to $240.

I think I know exactly where you are located. A few came up in my search BUT then I saw the HOA fees!!! I would love to live there with all the improvements that are going on!!