Interest In Exurbs Increases as Home Prices Continue to Rise in Suburbs
As home prices closer to the center of metro Atlanta continue to rise, builders across the region are seeing renewed interest in regions farther out in the exurbs. The exurbs are outlying areas beyond the ring of suburbs that surround the city. Following the housing crash a decade ago, many homeowners in these areas found themselves underwater with their mortgages, owing more than their homes were worth. In the years that followed, fewer homes were built in these areas as many homeowners defaulted on their home mortgages and more buyers could afford homes closer to the city. With recent increases in home prices, however, more buyers are being priced out of closer-in location and many are willing to face longer commutes in order to find a home they can afford. A recent study indicates that construction of single family homes in exurban regions in 2018 rose 7% when compared to a year earlier, compare to a 3% increase in overall home construction.
In the market for a new home in metro Atlanta or anywhere else in Georgia? Need a cash out refinance? Contact Peachtree Mortgage Services, Inc. at 770.481.0052 or peachmtg@bellsouth.net.
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