Here are my updates for December 10, 2013
Home Buyers Are Scarce, So Renters Take Their Place
Homeownership was out of reach for Tishri Hyman, a single mother of two with a good job but less than stellar credit. But three years ago, she found the next best thing: a brand new house, complete with a fireplace, that she could rent.
“It was just absolutely magnificent to be able to live in a new home,” she said. “It gave me a sense of independence. It provided something for me that was probably missing.”
Ms. Hyman and her daughters moved into what had been a model home in one of the many boom-time subdivisions around Atlanta that were originally intended for first-time buyers. But now thousands of similar single-family homes are being built for tenants, rather than owners.
Around Atlanta, new five-bedroom, three-bath homes that once might have sold for a little less than $200,000 are now on offer for monthly rents of $1,300 — granite countertops and walk-in pantries included.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”