The U.S. housing market finally is cooling, but Georgia’s housing market is staying strong – so much so that the National Association of Realtors named Atlanta the nation’s most promising metro area for 2023.
The trade association’s Markets to Watch in in 2023 and Beyond report analyzed U.S. metro areas on 10 criteria, including housing affordability, job growth, migration trends and virtual work. The ranking was dominated by Southeastern metro areas, with Atlanta leading the way.
“The Atlanta metro area continues to be more affordable than most areas across the country, with more than 20% of the renters able to afford to buy the typical home in the area,” NAR says. “The job market is robust, with many major tech companies from the West Coast opening offices, such as Apple, Microsoft and Visa. As a result, the area experiences substantial migration gains and fast population growth.”
The median single-family home price in the state rose 5% from November 2021 to November 2022, according to the Georgia Association of Realtors.
The rate of appreciation has cooled compared to earlier in the pandemic, but Georgia sellers are experiencing still-strong demand for homes. The state’s combination of a robust economy and attractive taxes mean Georgia continues to attract buyers from around the country. Georgia’s unemployment rate of 3 percent was below the national average in November 2022, according to Labor Department data. What’s more, Georgia’s tax burden is among the lowest in the nation, according to the Tax Foundation.
All that has added up to make Georgia a promising housing market, one that boasts opportunity for future appreciation.
While Georgia’s inventory squeeze has eased, it remains in a strong seller’s market. At the end of November, the Georgia housing market had 2.5 months of inventory.
Meanwhile, average days on market fell to just 36 days in November, down 29% from November 2021.
With the housing market slowing, having a mortgage partner you can trust is more crucial than ever. LendSure wants to make your job easier, and we can sign off on approved exceptions quickly and with ease.
To capitalize on the opportunities presented by Georgia’s real estate market, LendSure offers some hot loan products that will help you build your business:
- Loans for investment properties. Georgia is a prime destination for buyers of investment properties and second homes. LendSure offers a full array of loans for second homes and other investment properties, including full doc and bank statement loans. Mortgages are available for up to $2 million.
- DSCR loans. LendSure’s debt-service coverage ratio (DSCR) program looks at market rents to qualify the property (instead of considering only currently rented units to support the loan amount), creating an easier path to approval. In other words, not all units need to be rented. LendSure underwrites the investment property based on both current and future rent. For an explanation of our DSCR loans, see this short video. Meanwhile, LendSure has expanded its DSCR program beyond the typical one to four units – we make DSCR loans on properties with up to eight units.
- Fix & Flip loans. With the market still in favor of sellers, investors have the opportunity to utilize this program, and turn a profit. These loans were created for real estate investors who are looking to leverage the purchase and renovation of a property. It’s a short-term loan solution created for investors who intend to exit with the sale of the property or to refinance into a long-term rental DSCR loan. In the growing Atlanta metro market, investment properties make sense for new and experienced investors to create additional streams of income and revenue sources. Watch this brief video to see this program in action.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio or refinancing of a currently-owned property.
Are you ready to grow your business? Conforming loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, the tools, support and the guidance they need in order to say “yes” to more of their clients. This ensures happy borrowers and opportunities for bottom line growth. What are you waiting for? Let’s get started!
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.