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Report: Atlanta homebuyers are habitually blowing their budgets

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As busy spring buying season approaches, 70 percent of Atlantans expect home-purchasing process to suck

This newly built Ormewood Park Craftsman home recently underwent a rare price reduction to $719,900.
This newly built Ormewood Park Craftsman recently underwent a rare price reduction to $719,900.
MLSmart Realty

Last summer, the Georgia Multiple Listing Service found that Atlanta’s shortage of homes was the most severe in the entire country.

Good news for sellers—but for buyers, not so much.

The historically low housing inventory that’s made bidding wars as commonplace as pollen particles is again making news as the next hot buying season arrives.

Online brokerage Owners.com recently commissioned a survey of more than 1,200 people considering buying a home this year, including many in Atlanta.

How are house-hunting Atlantans feeling right now? The vast majority—70 percent—expect the process to be fraught with stress, researchers found.

About half of potential homebuyers in Atlanta expect bidding wars to drive up prices of the abodes they covet—and more than half fear becoming “house poor,” or saddled with a mortgage that strains their finances.

Nonetheless, 63 percent of Atlantans in the market for a new crib are willing to stretch beyond their budget in hopes of winning a bidding duel.

How far beyond?

“On average,” writes Owners.com in the report, “Atlanta consumers are willing to go $37,213 over budget to get into their dream home.”

That vacation can wait until next year anyhow, right?