Vent - First TIme HomeBuyer (Atlanta, Smyrna: renting, crime, mortgage)

[Tryska]

Hello all - i am new to this forum, and i figured i would start my first post with some whining.

I have been living in Atlanta for the last 15 years - Renting in Smyrna specifically, for the entire time. I am finally ready to buy a house. I live on my own, make a decent salary but would like to keep my costs as low as possible (and a mortgage payment I can handle if i were to get laid off). I currently work in Midtown.

I've been looking at houses up to about 160K.

One would think there would be lots of options, especially in this market, but not really.

I'm priced out of my neighborhood - Smyrna has the ugliest housing stock on the market, and wants to charge a premium for it.

When i first started looking I was looking for land - i wanted an acre or more. I fell a little bit in love with Fairburn - the famrland made me happy - and then I looked closesly and realized what's really been going on with Fairburn. Too far away to live int he hood. If i'm gonna live in the hood i'd rather do it intown.

I know i definitely dont want to live in a subdivision. And i definitely don't want a brick ranch, a raised ranch, a tudor or a traditional with the bedrooms upstair. Master on main is important. I am definitely a bungalow girl - big sprawling front porches make me happy. I want a yard so i can grow a little vegetable patch.

Found this great house in Powder Springs - in my price range - exactly what I was looking for - good neighborhood, good schools. 4 days before closing, the deal fell through because it didn't appraise. I was heartbroken.

In hindsight though - I realized that Powder Springs has no easy access to the interstate. An extra 30 minutes would have gotten added to my commute.

As I think about that - it makes me look at in-town neighborhoods.

Of course for the style of house I'd like and my price-point, I'm looking at South of 20. So i've settled on Capitol View and Summerhill/Peoplestown. Would love something int he Riverside area but I am just barely in the pricerange for that community.

Short of marrying a rich man what's a girl to do?

[BobKovacs]

Originally Posted by Tryska

Short of marrying a rich man what's a girl to do?

Lower her expectations, or raise her price.

You're asking for the ideal house that suits your style, has plenty of land, is in a safe neighborhood, and is conveniently located to downtown- that's not going to happen for $160k. Everyone would love to get what you're looking for, but since it doesn't exist, they make compromises- they move further out, or deal with some crime, or accept a house that's not a "stylish bungalow", or raise their price range, or some combination of the above. Sorry to say, you're likely to have to do the same.

[Tryska]

Well moving further out, living in an ugly house are dealbreakers. Also can't go much higher than 160K. So I'm compormising on land, and the neighborhood sketch factor.

If you were to choose between capitol view and peoplestown now, which would you choose?

The one thing I've got for Summerhill/Peoplestown is that I have a friend in the neighborhood. And the fact that it's Grant Park adjacent.

But Capitol View has the more of the "type" of neighborhood I am looking for (crime excluded).

[BobKovacs]

Originally Posted by Tryska

Well moving further out, living in an ugly house are dealbreakers. Also can't go much higher than 160K. So I'm compormising on land, and the neighborhood sketch factor.

If you were to choose between capitol view and peoplestown now, which would you choose?

The one thing I've got for Summerhill/Peoplestown is that I have a friend in the neighborhood. And the fact that it's Grant Park adjacent.

But Capitol View has the more of the "type" of neighborhood I am looking for (crime excluded).

I wouldn't choose either, as I wouldn't live in an area where I had to even consider the "neighborhood sketch factor".

[Tryska]

I'm happy that your circumstances are different. Thank you for your input though.

[noah]

How small a house are you willing to buy. As anyone who has watched HGTV House Hunters knows, often times first time homebuyers are completely unrealistic. Its your first home, not your dream home.

If you want a low payment which I totally agree with, you'll have to sacrifice style, location, size etc. But it is worth it. Determining if location or house is more important is a good first step. Sounds like you realized location is important by your almost purchase far out that would have given you quite a commute.

[Tryska]

Hi Noah - nothing too huge - 1300 to 1500 square feet. Ideally I'd like a 3/2 from a resale perspective, but a 3/1 which I could turn into a 2/2 would work as well.

That's another reason I am looking at the neighborhoods I am looking at - they tend to have that size house - although Peoplestown has some HUGE urban infill houses for well within my price-range. I've driven through the neighborhood and it's not overly bad - seems to be a block by block thing.

The upside of the Gian urban infill houses is they tend to have garages - most of the stuff I'm looking at now is parking pad.

I hate that that PS house fell through and that it was so far away - 1700 square feet on 3/4 acre, carport - quiet street. But that commute did kind of make me anxious when I thought about it.

[noah]

I'm not familiar with the area you are looking at but I am sure others will give advice. With your budget and the current market you can probably find smaller houses in transitioning areas like East Atlanta, Kirkwood etc.

Kirkwood: Georgia Multiple Listing Service

East Atlanta: Georgia Multiple Listing Service

[Tryska]

Thanks Noah - I've been keeping an eye on those areas too - not really familiar with things east of Moreland so much but there are a couple I have been watching.

Also re-visiting Historic College Park again, thanks to a thread on here.

[CMMom]

IMHO, first-time homebuyers are probably the only ones out there who shouldn't be whining! Be glad you're not having to sell something and take a financial hit to get rid of it. There are two homes in my neighborhood that were priced on the low side to begin with and have come down over 100K within two months (we're not talking about million dollar homes here either). People are desperate and you guys are sitting pretty regarding getting what you want for cheap. Buyers have sellers over a barrel right now; maybe your expectations are too high?