Planning on buying a house in Georgia? There are things you should know before making your move to the peach state. Georgia is home to beautiful natural landscapes, white sand beaches, thriving businesses, sporting events, and much more. Not to mention the pleasant climate and low living costs! Here’s your guide to learning everything there is to know about Georgia before you buy your dream home!
1- Get to Know The Cheapest and Most Expensive Cities To Buy A House In Georgia
Before deciding on a new home, you must first decide which city will be most affordable for you. Knowing which parts of the state are more/less expensive is something that many individuals use to assist them to make this decision.
i- Cities with the highest prices:
- Sandy Springs
- Milton
- Alpharetta
- Johns Creek
ii- Cities with the lowest prices:
- Cedartown
- Thomson
- Blakely
- Grovetown
2- The Housing Market Of Georgia
Sure, Georgia has excellent peaches, but does it also have a thriving real estate market? Many people who want to buy a house somewhere fresh consider the current market situation in their state. So, let’s have a look at it together.
Georgia is a fantastic place to live and invest in property since housing costs are lower than the national average. Taxes are cheap, and the cost of living is low. The Georgia Association of Realtors (GAR) statistics are worth looking at. 2022 is indeed a seller’s market. Buying a house in Georgia is definitely affordable. The median home sale price in Georgia has climbed by 17%. Whereas, the housing supply has decreased by 30% since 2021.
i- Real Estate Market Of Georgia in 2022
Homes are selling rapidly and steadily in Georgia, according to the housing market estimate for 2022. The real estate market will continue to be competitive in 2022. Reasons owing to high demand and low inventory. Despite the continuing rise in sales prices and the rising trend in interest rates, home sales activity in Georgia will remain strong.
ii- Rental Demand Is Increasing
There is an increase in rental demand in Georgia, according to 2022 statistics. Several Georgia communities, including Athens-Clarke, Sandy Springs, and Atlanta are among the fastest-growing in the country. Georgia’s real estate market is strong. The demand for Georgia rental properties is high. Thanks to stable population expansion and a strengthening economy.
3- Consider The Job Market
Georgia is home to a handful of Fortune 500 companies, in case you didn’t know. When you relocate and buy a house in Georgia, you can expect a strong work market. Georgia’s job layoffs were less severe than those in other parts of the country. It is one of the reasons why the state’s economy is predicted to rise by 4% in 2022. Small and major firms in banking and insurance, tech and logistics, manufacturing and transportation, and real estate drive Georgia’s diverse economy.
4- Know About Mandatory Insurance
Georgia is one of the fortunate 19 states where a hurricane deductible is required as part of a homeowners insurance policy. Before buying a house in Georgia, you’ll have to pay a set sum to your insurance provider. They’ll reimburse any damage to the property caused by a violent windstorm. Deductibles commonly range from 1% to 5% of the home’s insurance value.
5- First-time Homebuyer Program In Georgia
This is for those who are buying a house in Georgia for the first time. The state offers a first-time homebuyer program and downpayment assistance. It is known as Georgia Dream Homeownership Program.
Georgia Dream is a 30-year fixed-rate mortgage program administered by the Georgia Department of Community Affairs (GDCA). The program offers $7,500 in down payment aid to first-time homebuyers. It provides in the form of a zero-interest, no-monthly-payment second loan. It is only due when you decide to refinance your first mortgage or sell your home. Borrowers in certain public service occupations, active military, and those with a disabled family member, are eligible for up to $10,000 in assistance.
Regentology Can Help You Buy A House In Georgia
Once you’ve decided to buy a house in Georgia, consider all the factors mentioned above. Regentology is here to cater to all your needs. Simply fill out our form to get a free consultation today. You’ll be directed to the best real estate agent in your specified region who will show you the best options.