Atlanta Builders Succeed with Affordable Housing Options
When the lackluster Atlanta housing market started improving around 2013, many local home builders gravitated toward building relatively large and expensive new homes on the last few remaining lots in the most desirable neighborhoods throughout the city of Atlanta and the inner urban core of the metro area. Pent up demand and low home mortgage rates contribued to successful sales.
A few other home builders, however, have succeed by building modest new homes priced between $150,000 to $250,000, aimed at Atlanta area home buyers who want to upgrade their living situations but are unable to afford new homes in the $500,000 to $750,000 range. Most first time home buyers fall into this category of buyers. Although builders face lower profit margins in this price range, they can make up for it by selling a larger number of these homes.
Realizing that metro Atlanta home buyers are willing to face longer commutes in exchange for living in a modern, brand new home, builders of affordable new homes often settle for lots in areas outlying the central city, where land is less expensive and more readily availalble, and they can build many homes at one time.
Buyers in this price range can expect basic values rather than premium finishes and upgraded appliances. However, they should still demand quality workmanship and expect move in ready conditions.
Buying a new affordable home in metro Atlanta or anywhere else in the state of Georgia? Peachtree Mortgage Services, Inc. offers low home mortgage rates and can help with your mortgage financing!
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.