It is true that the real estate market in the country is reviving, but this does not mean that the market is doing the same in all parts of the country. We have some parts of the country where the real estate market has exceeded where it was before the 2008 crisis and other places where the market is still struggling to catch up with the rest of the country. It is worth noting that Atlanta was among the cities where the real estate market was stagnant even before the 2008 crisis. The crisis sunk the market underwater and investors got discouraged to invest in Atlanta. However, the situation seems to have made a U-turn a few years after the crisis and the once underwater market is now thriving. The following are some of the basic things you need to know before investing in Atlanta.
1. The Market Is Still a Buyer’s Market
It is worth noting that although the real estate market in Atlanta is booming, the prices are yet to reach the prices of properties in some big cities in the country. Properties are still affordable in Atlanta and the market is still a buyers’ market. This means that those planning to acquire properties in the city, this is the right time to do saw before they become too expensive to afford.
2. Property Prices Are Increasing Rapidly
It is worth noting that property prices are increasing rapidly. Both homes and rental properties are gaining value year after year and those acquiring properties there are likely to make more money if they sell them in the future. This means that the market is suitable for buying properties to hold and sell in the future and flipping houses. It is also worth noting that rental rates in the city are on the rise and the trend is evening expected to go up in the near future.
3. The Market Is Now More Regulated Than Before
The Atlanta real estate market is now more regulated than before. The local and housing authorities have established strict laws to protect the rights and interests of the tenants, property owners, property managers and the community. This means that the city of Atlanta is now a better place to invest in real estate than before. Those planning to try their luck by investing in Atlanta should not worry about the safety of their investments because the market is now secure.
4. The Number of Property Managers in the City Has Increased
It is worth noting that the property management industry in Atlanta is also growing and the number of property managers is increasing rapidly. This means that you do not have to live in the city or near your properties so that you can manage them. You can now invest in the city’s real estate and hire a local property manager to take care of them on your behalf. Additionally, finding a good investment deal in the city is now easy because you can hire a property manager to help you with the search. All that you need is to hire a reliable property manager to help you in your investment tasks and you are good to go.
5. Management Services Are Affordable and Better
The management services in the city of Atlanta are still affordable compared to other big cities in the country. This means that those investing in the city’s real estate market are paying pocket-friendly rates for management services. However, the quality of management services has improved greatly in the recent years and both tenants and landlords in the city are getting excellent services.
I have worked with a few of them and overall, they all performed well. The company I recommend the most in Atlanta is RPM Citywide. They have always served me well, and I’d say if you own property, to call them and compare them with other companies in the region.
6. The Number of New Buildings has Increased Rapidly
It is also worth noting that the homebuilders who had moved to other parts of the country where the market was not badly hit are now coming back to take advantage of the booming market. This means that new buildings are now coming up in Atlanta and the city that was once known for old buildings is now having numerous new buildings, especially in the city’s neighborhood.
7. Demand for Housing Is On the Rise
The city population is growing rapidly and the demand for housing is increasing. This means that more people, especially the Millennials, are relocating to live and work Atlanta. Consequently, the demand for housing in the city is increasing and those buying real estate properties there are going to make huge returns from their investments.