AJC Home Sales Report: No telling when we’ll hit bottom (Atlanta: real estate, rent)

[LynnHarris]

While much of this article contains information most of us already know, it is still an interesting read.




AJC Home Sales Report: No telling when we’ll hit bottom
The money pit gets deeper


First of two parts: Our annual analysis tracks the sales of 43,000 houses in metro Atlanta in 2010, and the trend is still going in the same depressing direction. In one area the median price of a house was $15,250 — the median price! That means half the 260 houses sold there fetched less than that...

"Gib and Susie Amstutz, worried about plummeting prices in the neighborhood, are stuck in Woodstock with a $300,000, four-bedroom home when they’d rather move to Vinings"...




AJC Home Sales Report: No telling when we’ll hit bottom *| ajchomefinder.com

[Caltovegas]

Then now is the time to buy.. Nothing like having a fully paid home in retirement years..

[10 feet tall]

Oh no! Home prices are adjusting to a level that an average person can afford! What will we ever do! Catastrophe!




Seriously though. Here are the old school financially sound rules: Take your gross income. Subtract taxes and debt (credit cards, student loans, etc). Then take 25% of that number and that should cover all of your housing costs (not just mortgage but also utilities, upkeep, etc).

That is sound personal finance, but virtually no one does that anymore. But that is how people used to be able to afford to save, invest, take vacations and have a life in addition to owning a home. Don't get house-poor.

[Febtober]

Originally Posted by 10 feet tall

Seriously though. Here are the old school financially sound rules: Take your gross income. Subtract taxes and debt (credit cards, student loans, etc). Then take 25% of that number and that should cover all of your housing costs (not just mortgage but also utilities, upkeep, etc).

That is sound personal finance, but virtually no one does that anymore.

No crap, because I make around $60k and that would leave me with around $700 a month to spend on housing. I have no debt at all, but invest heavily into retirement accounts. I also live in New York City where you (almost) literally can't even rent a room in a place for that amount of money.

[Esteban5]

Originally Posted by Caltovegas

Then now is the time to buy.. Nothing like having a fully paid home in retirement years..

Great opportunity for cash investors.

[cityrover]

but but i thought all that stimulus cured the market


ha!

[cityrover]

Originally Posted by 10 feet tall

Oh no! Home prices are adjusting to a level that an average person can afford! What will we ever do! Catastrophe!




Seriously though. Here are the old school financially sound rules: Take your gross income. Subtract taxes and debt (credit cards, student loans, etc). Then take 25% of that number and that should cover all of your housing costs (not just mortgage but also utilities, upkeep, etc).

That is sound personal finance, but virtually no one does that anymore. But that is how people used to be able to afford to save, invest, take vacations and have a life in addition to owning a home. Don't get house-poor.

you must clearly be calculating that on a bankers bonus and divident additions...... get real bro.

[cwlawrence]

My Favorite Quote from the article:

" 'I don’t think anybody can time the market,” Simmons said. “Before, it was all about a pretty house and a nice kitchen.' Now, it’s all about context. 'You’ve got to look at the health of the neighborhood, the homeowners association and the comparables,' she said. 'The whole notion that real estate will go up in value has been shattered forever.' "

Its so funny that all over American, people are having the same revelation: "I should really think about what I need and the location of my future house before I buy it!" Seriously, everyone should have to take a course and pass it before buying a home.

[LynnHarris]

Well said.

[arjay57]

Originally Posted by cityrover

but but i thought all that stimulus cured the market

It sure cured the banks and the big corporations.

I guess they'll be raining down those jobs anytime now, so that us peons can pay for houses again.