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View Poll Results: Does a person buy NOW or WAIT in this current Atlanta Housing Market?
NOW 22 88.00%
WAIT 3 12.00%
Voters: 25. You may not vote on this poll

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Old 09-06-2017, 05:57 AM
 
93 posts, read 123,189 times
Reputation: 15

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Hello Everyone,

I am about to purchase a home. I have landed on the 400N Corridor. However we are in uncertain terms, more than usual.

Does anyone else know this? Why is the Atlanta Market such a Sellers Market right now? I mean every single home that goes up for sell is literally sold in days. Why is it such a craze right now?

I don't want to buy a 400K house right now, and 2018 or 2019 be the next 2011 and I foreclose on my home or my value goes to practically nothing.

What does everyone advise I do?

1. Just buy right now, and deal with it, before everything gets to expensive?
2. Wait for 2011 to happen again and snatch up a fantastic deal?

Or open to other options.

Please Advise!

 
Old 09-06-2017, 06:02 AM
Status: "Pickleball-Free American" (set 3 days ago)
 
Location: St Simons Island, GA
23,462 posts, read 44,090,617 times
Reputation: 16856
If you're waiting for "the risk of the marketplace" to diminish, you'll be waiting a long time.
Just buy the house.
If you lose your ass over a decent house in Alpharetta, it probably means that the world is coming to an end.
 
Old 09-06-2017, 06:17 AM
 
2,167 posts, read 2,830,810 times
Reputation: 1513
Quote:
Originally Posted by needspractice View Post
Hello Everyone,

Does anyone else know this? Why is the Atlanta Market such a Sellers Market right now? I mean every single home that goes up for sell is literally sold in days. Why is it such a craze right now?
Atlanta's economy (and consequently, it's population) are expanding. All those new people have to live somewhere, and not everyone wants to live in one of those new apartments.

Quote:
Originally Posted by needspractice View Post
What does everyone advise I do?

1. Just buy right now, and deal with it, before everything gets to expensive?
2. Wait for 2011 to happen again and snatch up a fantastic deal?
I think if you are hoping for another global banking catastrophe that craters housing prices 40%, but somehow spares your personal economy and leaves you well positioned to buy a house, you may be waiting for a very long time. I think that if you are risk-averse enough to be asking questions like this on the internet about a potential home purchase, you are likely going to be rattled enough by an economic meltdown to not pull the trigger when the time comes.
 
Old 09-06-2017, 06:27 AM
 
93 posts, read 123,189 times
Reputation: 15
Quote:
Originally Posted by LovinDecatur View Post
If you're waiting for "the risk of the marketplace" to diminish, you'll be waiting a long time.
Just buy the house.
If you lose your ass over a decent house in Alpharetta, it probably means that the world is coming to an end.
LOL! That is really a great point! Well said and Thank You!

Quote:
Originally Posted by red92s View Post
Atlanta's economy (and consequently, it's population) are expanding. All those new people have to live somewhere, and not everyone wants to live in one of those new apartments.



I think if you are hoping for another global banking catastrophe that craters housing prices 40%, but somehow spares your personal economy and leaves you well positioned to buy a house, you may be waiting for a very long time. I think that if you are risk-averse enough to be asking questions like this on the internet about a potential home purchase, you are likely going to be rattled enough by an economic meltdown to not pull the trigger when the time comes.
Another Fantastic Point. I would probably not buy anyway then, because I would be to scared then as well. LOL.

Man these are great points! Keep them coming. However, I think I am just going buy a great home in a great location of schools, area, etc... Probably between Alpharetta and Cumming.
 
Old 09-06-2017, 06:45 AM
 
2,412 posts, read 2,786,205 times
Reputation: 2027
Quote:
Originally Posted by needspractice View Post
Hello Everyone,

I am about to purchase a home. I have landed on the 400N Corridor. However we are in uncertain terms, more than usual.

Does anyone else know this? Why is the Atlanta Market such a Sellers Market right now? I mean every single home that goes up for sell is literally sold in days. Why is it such a craze right now?

I don't want to buy a 400K house right now, and 2018 or 2019 be the next 2011 and I foreclose on my home or my value goes to practically nothing.

What does everyone advise I do?

1. Just buy right now, and deal with it, before everything gets to expensive?
2. Wait for 2011 to happen again and snatch up a fantastic deal?

Or open to other options.

Please Advise!
Is this home going to essentially be your savings? How secure is your job? If you think that there is a decent chance that you will need to sell in 2019 (or even 2021) for normal job related reasons, then rent. If you think it is probable that you will be in it for at least 7 years, buy.
 
Old 09-06-2017, 07:14 AM
 
2,530 posts, read 4,773,285 times
Reputation: 2053
Interest rates are not going down - buy now!
 
Old 09-06-2017, 07:44 AM
 
Location: Ono Island, Orange Beach, AL
10,744 posts, read 13,386,955 times
Reputation: 7183
Quote:
Originally Posted by LovinDecatur View Post
If you're waiting for "the risk of the marketplace" to diminish, you'll be waiting a long time.
Just buy the house.
If you lose your ass over a decent house in Alpharetta, it probably means that the world is coming to an end.
Agreed. It is highly unlikely WWIII is at our doorsteps and the American economy is chugging along nicely. World economic outlook is improving as well. You'll be just fine. Come 2019 when home prices are even higher and rates have moved up, you'll kick yourself for having delayed your purchase.
 
Old 09-06-2017, 07:53 AM
 
32,025 posts, read 36,788,671 times
Reputation: 13306
I say go for it. If there is WWIII, at least you will have a good fort to fight off the bad guys and a little ER to dig a well, grow a garden and set up your perimeter defenses.
 
Old 09-06-2017, 08:11 PM
 
454 posts, read 821,395 times
Reputation: 323
Atlanta is still very underpriced compared to most other cities so i would still buy now. Just be smart and don't buy too far out. Buy on location not size.
 
Old 09-07-2017, 03:14 AM
 
Location: Gwinnett County, Georgia
333 posts, read 388,163 times
Reputation: 490
Quote:
Originally Posted by needspractice View Post
Why is the Atlanta Market such a Sellers Market right now? I mean every single home that goes up for sell is literally sold in days. Why is it such a craze right now?
It is likely that you'll encounter a bidding war whenever you place an offer. Institutional investors are still very active here, buying the most desirable properties at sales prices up to $300K to use as rentals and they typically can close in less than two weeks, paying in cash with few contingencies. So an investor is usually more attractive to a seller than a borrower who will need mortgage financing to close on the purchase. An attorney friend told me last month that she had just helped one with the closing on the purchase of over 25 Metro Atlanta area properties.
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