ATLANTA (CBS46) -- Searching for a home can bring out a range of emotions and for many prospective buyers right now, the word discouraged comes to mind.
“It shouldn’t be this hard,” said Amber Kennon. “We’ve put an offer on seven houses and we have honestly got beat out every single time.”
Kennon is a stay-at-home mom, and her husband is a schoolteacher. Right now, they’re living with her parents as they struggle to find a home.
“We’re getting beat out from people who are bidding 25, 30, 50 grand over, and ultimately it comes down to how much cash you have over the appraisal,” she told reporter Ashley Thompson.
According to Redfin, in August 2021 home prices in Atlanta were up more than eight percent over last year, selling for an average price of 357-thousand dollars. The average length of time on the market right now is just 21 days.
Cities around the metro are also seeing increased home values and low inventory.
“It’s so discouraging and disheartening,” said Ticia Nicholson.
She’s been looking for a home in Gwinnett County for about nine months. She said she was forced to renew her lease after failing to get a home under contract.
“My realtor finds a house and I like it, I love it, he will call me back and say you got outbid. And that has happened 14 times.”
The current market is especially hard for first-time home buyers, many of which don’t have equity from a previous property.
“The millennial population is one of the strongest populations buying houses right now and of course, some millennials are not as patient as others,” said Hubert Tate, realtor with Keller Williams Realty. “We want microwave results.”
Tate is well aware of the challenging market.
“A balanced marketplace is about six months of inventory,” he said. “Right now, we only have about a month and a half of inventory.”
Tate said limited supply is due in part to the U.S underbuilding homes following the housing crisis more than a decade ago. He said if you are in a financial position to do an all-cash offer – do it!
While it is true that some people write letters to homeowners to try to win them over and seal the deal Tate said these so-called “love letters” have become a concern in recent months. Some brokerages have even demanded agents stop using them to avoid any federal housing violations.
His advice to anyone searching is to have patience but he admits, a little extra cash doesn’t hurt.
“I had some clients recently, we started working together in March. We put in 12 offers and we didn’t get anything until that 12th market.”
Several realtors CBS46 spoke with believe the market is softening but they don’t know what the future holds.