Exurbs were hit hard during the housing crisis, including in Georgia. Sale prices in these less-densely populated communities around the country fell 31 percent from their 2007 peak as compared to urban areas, which saw a drop of 24 percent. While prices in urban areas recovered by 2015 and are now 22% higher than they were before the recession, exurb prices took an extra two years to recover and are now only 7% higher.
These lower post-recovery prices help to explain the current popularity of exurbs. Even though commuting can often be a nightmare for many residents, homeowners can better afford larger yards with trees and extra space for outdoor activities. Additionally, many exurbs are strategically located so that only a short drive is necessary to purchase staples.
However, one drawback to living in the exurbs is that home prices tend to be more volatile than in other areas. This is partly because they are far away from the jobs and services offered in urban areas. In some cases, exurb communities are almost purely residential with no schools or supermarkets nearby. Experts say that when demand is high, buyers will purchase homes in these areas because the prices are lower. However, buyers will delay making purchases when demand is low.
Regardless of the location, buying a home is for many people the largest financial transaction that they will ever enter into, and it is important to have a team of professionals to rely on when doing so. In addition to having the help of a realtor, a real estate attorney can often assist in reviewing the paperwork involved so that the purchase can proceed expeditiously to a closing.
