Is Time to Buy Here? (Sandy Springs, Smyrna: flat fee, for sale, foreclosure)

[MisterNY]

Originally Posted by ATLTJL

It is a good time to buy, just like it has been for 2 years.

But don't be bullied into buying by salespeople and agents who tell you that you will never see another "steal" like this one. If you miss out on this one, there will be another next month.

Some people even think another wave of foreclosures is coming.

Agreed! Don't fall for any pressure by salespeople. Take your time, and buy if you are ready. However, we are not going to see house appreciate like they did years ago. I'm waiting for the next wave of foreclosures to hit. It's not a matter of if, but when. If you like the house, make an offer (you're comfortable with) and enjoy your house. Good Luck!

[ATL Golfer]

I have sold two condos since Feb. Both under contract within a week and both commanded prices above expectations. About to close on a third and it went under contract twice in 6wks....also exceeded expectations. Market is definitely heating up in my opinion....well, I guess it is starting to thaw out.

[jpatlanta]

I agree the market is going up again. For sure in my zip 30319.

[FlyingFox]

I just bought in Smyrna 30080. I think we're at the inflection point but of course nothing is certain. Two of my colleagues just bought homes in the last month. Homes that are in good condition, in a good location, and aggressively priced move FAST. In my own buying experience, I came across homes that had 3 offers within 24 hours and went under contract within 48 hours (with a backup buyer too just-in-case).

In terms of homes in good condition, in a good location, and are aggressively priced, inventory is quite low. Bidding wars are actually starting to happen again. This could just be a seasonal effect or perhaps it's indicative of the bottom. It's too soon to tell.

Originally Posted by MisterNY

Don't fall for any pressure by salespeople. Take your time, and buy if you are ready.

Absolutely. If your realtor is trying to rush you into buying a home, fire him. Remember, a realtor is paid by commission. His interest is directly aligned with selling you a house in the same way a car salesman is trying to sell you a car.

USE your realtor but DON'T TRUST your realtor. Keep the relationship strictly professional and make your red lines clear. He works for YOU and not the other way around. You're the boss.

[mrpanda]

Excuse me FlyingFox..... MrPanda is incredibly offended by your comment.

i am not a used hyundai dealer where I like to used and abused by people like you.

I like to buy and sell lamborghinis

Originally Posted by FlyingFox

Absolutely. If your realtor is trying to rush you into buying a home, fire him. Remember, a realtor is paid by commission. His interest is directly aligned with selling you a house in the same way a car salesman is trying to sell you a car.

USE your realtor but DON'T TRUST your realtor. Keep the relationship strictly professional and make your red lines clear. He works for YOU and not the other way around. You're the boss.

[researchnerd]

My bold prediction: there is another foreclosure wave coming. This is completely unscientific, just based on my own experience and observations:

Our foreclosure took 22 months from the time we stopped paying the mortgage (due to job loss) in Dec 2009. People who lost their jobs through the official end of the recession in 2009, and had enough savings to keep going for a little while, might have hit bottom in mid-late 2010. Counting 22 months from there...as mortgage lenders continue to work through their massive backlogs, I believe we will see another foreclosure wave starting this summer.

I think you have some time. Look around, don't jump on the first thing in your price range, take the time to find something you really love. As someone mentioned upthread, you may be there for the next 5-8 years, so you might as well be in a house and location that delight you.

[mrpanda]

If i thought that I would make more money investing in Southern California real estate I would have moved there. We will see things in certain niche markets in Atlanta that we have never seen before in the last 30 years. That is why i am here.

[lastminutemom]

Originally Posted by mrpanda

If i thought that I would make more money investing in Southern California real estate I would have moved there. We will see things in certain niche markets in Atlanta that we have never seen before in the last 30 years. That is why i am here.

I think we will see steady prices in some markets, dropping prices in other and slightly rising prices in others. Many people will want to live closer to work (the research is showing that) and therefore they may be willing to have less house to avoid a bad commute.

I think the next generation of homeowners may be very different from the current. It will be interesting.

[Lagwagon113]

So the whole buying a home as an investment strikes a chord with me. My family is somewhat poor and I'm lucky enough to have a decent job. With so many people struggling to keep a roof over their head and put food on the table it seems greedy to buy a house with the intention of making money. In my opinion a house should be a place to live, not an investment like buying stocks in the stock market. Personally, I would love to buy a house, pay it off, and have a permanent residence as opposed to trying to make a quick buck. This greed is what got us in this mess. At the same time I understand the appeal of making money on an investment so Im a bit torn.

[Jadis27]

Well, for whatever it's worth, Georgia was listed as #5 of a list of the top 10 states for foreclosures in March 2012 according to bankrate.com. So I'd be inclined to say that it may be hype.