When people in Georgia consider buying a home, location can be a major factor in deciding where to live. Many people are once again buying homes in the exurbs, especially newly built houses in communities significantly outside major cities. As a result, they may face extended commutes of an hour or more in order to get to work. At the same time, rising real estate prices inside the nation’s downtown areas have pushed many people to seek more space at a lower price by traveling further from the borders of a major city. In addition, homes in the exurbs often include large yards, a boon for people with kids or pets.
People looking for a more affordable lifestyle as well as those looking to buy a home for the first time have looked again to the exurbs. People can often obtain a newly constructed home with lower maintenance needs for the same or even less money than an older home closer to the city. In 2018, 7 percent more single-family homes were built in these areas than one year before, outstripping the overall rate of new-home construction growth by 4 percent.
At the same time, there may be some concerns about investing in real estate in these areas. One decade ago, these areas were among the hardest hit by the financial crisis, rife with foreclosures and subprime mortgage problems. Indeed, prices and demand in these areas has recovered far more recently than in urban areas. Therefore, some are concerned that a cooling market could put exurban buyers at risk.
There are a number of factors for people to consider when they choose to buy a home. A real estate attorney might help investors or first-time homeowners to negotiate the purchase or sale of a home and handle a real estate transaction to a successful conclusion.