Mandy and Jordan Picchiottino moved to the Atlanta suburbs from Chattanooga, Tennessee in January — short on time but long on requirements for a new home.
So the couple, in their 30s with two young boys, signed a nine-month lease in Dunwoody, Georgia. Jordan’s job selling medical devices required him to transfer right away. They previously owned twice and wanted to buy again. And since they fell in love with their new neighborhood, they decided to take their time looking while they rented.
It was not to be.
Their landlord put the rental house up for sale, tapping into what is the hottest real estate market in more than a decade. Properties nationwide stayed on the market for fewer than 17 days in June, down from 24 a year earlier, according to the National Realtors Association. Prices climbed at a rapid clip across the country. In Atlanta, the median price rose 26%.
So suddenly, the Picchiottinos needed to buy. And soon.