Is Time to Buy Here? (Atlanta, Roswell: short sale, real estate, apartments)

[wilful]

We live in Suwanee (Gwinnett) and went out this weekend to look at housing in the $200-$250M range in Johns creek and South Forsyth. There did not seem to be a lot of inventory available and realtors and builders we met with indicated we needed to move fast if we saw something we liked. Much different attitude than a year ago. Is this real and has the market turned or is this just hype on the part of the salespersons we met.

Would love to hear what others think about the housing market at this time. Mr Panda are you out there?

[IntownHomes247]

Well, I'm a real estate agent, so feel free to assume whatever you want, but I have noticed things are definitely different than they have been. There is less available inventory. Good listings are going faster (cruddy listings are still not selling), and there seems to be less available in the foreclosure/short sale categories. Some neighborhoods are still doing better than others. Of course, I'm intown. No idea whatsoever about Johns Creek or South Forsyth. This is a time of year when sellers in Atlanta historically have put their homes on the market so you can usually find lots of new listings, so if you're not finding tons of inventory, then that's a good indication that things could be stabilizing in your area.

[HeyEng]

I will tell you from a recent buyer perspective. I bought over in east Cobb in mid-Feb. Even then, the good listings were moving quickly and I didn't get it much lower than the asking price. I lost out on 2 houses because I waited too long. My wife is a Realtor in San Antonio and although a different market, things are turning around for the better here too.

For what's it worth...I bought a 2400 square foot house for just shy of 140K. A house in the same neighborhood with 2200 square feet just closed for 205K. That says something to me.

If you aren't looking for an investment and you want to be in the house for AT LEAST 8 years then I'd say it's a wonderful time to buy!

[lorilove]

$200-250 is on the low end of homes in the Johns Creek area - I would expect the supply in this price range to be very limited. Area with top schools definitely appear to have bottomed in prices

[chalvey]

There are plenty of homes around Chattahoochee HS in that price range. For Northview check out either Bellemont Farms or Devonhall???.

I know nothing about Forysth. As you said, Mr Panda?

[ATLTJL]

realtors and builders we met with indicated we needed to move fast if we saw something we liked

What else is new? The house could be in flames before your very eyes and they would tell you that you needed to act fast on it.

Just like when you looked at apartments and every leasing agent insisted that every property was at 98% occupancy.

The reason inventory is low is because nobody in their right mind is selling at the market's lowest point. The only inventory is foreclosures, new construction, and the occasional person willing to take a bath on a house because they got a great job somewhere else or some other reason that is giving them no choice but to move. So in certain ways your realtor may be right....inventory isn't going to improve significantly until prices come up. But that probably isn't going to happen anytime very soon, and when it does happen, it will be more like a slow creep than a quick rebound. It's not like something that would sell for $200k today will sell for $300k next year.

I'm amazed to hear that you witnessed a different attitude a year ago.

[lastminutemom]

I think that homes that are priced right are selling. In the price range you indicated, things probably are moving fast because the price is lower than average and therefore the homes are priced correctly are are selling.

Inventory is low because most people aren't willing to either take less than what they paid or not realize the appreciation they saw just a few years ago. Many are simply staying put.

As long as you have a long enough window (5 to 7 years) before you think you will want/need to move, I think now is a fine time to buy.

[roxyrn]

My subdivision in Roswell currently has a 3 month inventory with one foreclosure property. In the last few months, 3 homes sold for close to or at asking price with 11 days. This is quite a change from when we bought 2 years ago. It seems that houses priced right and "staged" to sell are moving quickly because there are people who are being transferred into the area who need to buy houses.

[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.

[nrgpill]

I am one of those guys expecting, but not hoping, that there is another round of foreclosures, more specifically those w/ risky loans where the interest only term is expiring or already did (but the interest rate is low today). A typical example is your interest only loan fixed for first 3-5 years, probably happened at the peak of RE boom, and expired last yr or about to expire. Once the interest rate increases coupled w/ inflationary pressure from other sectors, those that are holding out for better times may not have the time on their side.

My personal opinion is that, if you can wait, i would wait for another round to flush out of the market before you can safely project anything long term.

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.