I am finally able to start looking at my first home and realized I am going against so many investors with deep pockets! Holy crap! Is there an end in sight? I have looked from Woodstock, Ga all the way across Cumming, Gainesville, down to Gwinnett County and half a dozen or more show up and I have to outbid? yikes.... looking for a sfr 3/2, .5ac , up to $180k with $10-30k down payment. Madness..... I love it
Yeah, it’s difficult with those specs but not impossible. I’ll keep a look out for you. I’m in Cumming too. Maybe we can partner and get up in that $250k-$300k range.
I’m hopefully but my budget only allows for small amount of wiggle room to maybe $185-$190 but that’s it. Cumming is great but realistically would be nearly a miracle to get something here which is why I’ve opened my areas up quite a bit. Never hurts to try tho. I’m up at 5am lookin at deals, it’s exhausting for sure
If you are looking for a home to live in, you should be up against cash investors unless you are looking at doing rehab or just looking at low-price options. You should have competition in the home for use market as well, but not from investors with cash, just buyers of homes with cash.
@Luis Rodriguez Jr Being in a competitive market as well, I can definitely relate to your competition and difficulties! Everyone will tell you this, but persistence is key: a wise man once said you don't chop down a tree with one swing. It may be longer than you wanted or expected, but a deal will present itself eventually, and then you'll find that success! Best of luck to you
No doubt the Atlanta market is hot right now. Anything sub $300k is going with multiple offers.
There are a ton of cash buyers out right now, so I am not surprised to hear you are missing out due to cash buyers. I am seeing some buyers on the conventional financing side waive appraisal/financing contingencies to be more competitive.
The Atlanta market as a whole is at 1.2 months of inventory, which is the lowest it has ever been. With some pockets being as low as 0.7 months of inventory.
As others have said you have to be persistent but you also have to make a competitive offer.
Are you looking for a primary residence or an investment property? Out of the markets you listed I think Gainesville is your best bet. Are you on an MLS search through a realtor w/your given criteria? Pre-approved? That's Step #1. You'll find something, right place right time - get in fast & early.
@Luis Rodriguez It’s so crazy right now - I’m sorry. Maybe wait and see ?
This will be a primary residence. I have found a couple options with either partial or full basement/ "in law suite" which I have placed offers on. I do have an approval letter , agent, etc. I'm up at 5am checking listings on my own.
We just listed one that might work for you at $189,000 in Gainesville. 2004 two story 3BR/2BA. great location close to shopping and restaurants, Gainesville City Schools. Sorry, no basement.
Hello Luis, I too have just started looking in the Atlanta area - any luck on finding what you were looking for? With the Atlanta area being so competitive - I am beginning to wonder if I should wait.
Hi Luis, my suggestion is focus on wholesale deals. If you are buying to live in, occasionally a wholesaler will have a home in your area that might fall in the price range. When they do the open you can likely pay more than other investors looking to flip. Downside is no due diligence and non-refundable money but if you can be comfortable rolling the dice on condition or have a qualified inspector/contractor to see the property with you...you might prevail on a home like that. Generally the house will need some work but if the numbers work and you can live with condition or do what is necessary after you close, could be an option that isn't in the bloody water.
The market here in Atlanta is incredibly competitive. For my clients I'm recommending they look in price ranges about 20K lower than their max, which will give them some wiggle room to go over asking. Also, it helps immensely if your lender can fully underwrite you, so you can waive a financing contingency and have a shorter escrow. There are lots of other strategies but these have helped my clients get a contract. Good luck!