Atlanta home price hype?

[noah]

Either your a genius or living under a rock if you think home prices will go down soon. We would need a ton more inventory to start that trend, its a sellers market, not a buyers market like it was the last 5 years.

And its not just homes that are selling, new car sales are at a 5 year high and it appears consumers are opening their wallet across the board, no longer scared to death of a depression or loosing their jobs.

[10 feet tall]

Originally Posted by noah

Either your a genius or living under a rock if you think home prices will go down soon. We would need a ton more inventory to start that trend, its a sellers market, not a buyers market like it was the last 5 years.

No one is saying they will go down, just not up as fast as some are predicting. As the Fed increases interest rates, buyers will be able to afford less.

[jeoff]

Yes, it looks like we hit bottom. But, "sellers market?" Part of why inventory is so low is that so few can afford to sell. ---Paying agent fees, house-prep, and seller concessions can easily eat away 10% of the sell price. Probably most folks that bought during the last ten years would be selling at a significant loss. Investors figure you cant build for as cheap as they can scavenge the cheap stuff (foreclosures, short-sales, and folks selling at a fraction of a lifetime's equity), so that stuff disappears pretty quick. But, outside of a few hot areas, most folks that can't afford to sell.--not really a sellers market.

Originally Posted by noah

Either your a genius or living under a rock if you think home prices will go down soon. We would need a ton more inventory to start that trend, its a sellers market, not a buyers market like it was the last 5 years.

And its not just homes that are selling, new car sales are at a 5 year high and it appears consumers are opening their wallet across the board, no longer scared to death of a depression or loosing their jobs.

[noah]

I get what you are saying, many of us are too upside down to sell but by definition I think it is a sellers market - not everyone bought in the last 5 or 10 years and those that did in many ITP areas can still sell. No doubt transaction costs are very high in real estate and do eat into your profit.

Even if you bought 10 years ago and your value has gone down (less and less areas are this way) if you had done a 15 year mortgage you'd have tons of equity as your house would almost be paid off.

Originally Posted by jeoff

Yes, it looks like we hit bottom. But, "sellers market?" Part of why inventory is so low is that so few can afford to sell. ---Paying agent fees, house-prep, and seller concessions can easily eat away 10% of the sell price. Probably most folks that bought during the last ten years would be selling at a significant loss. Investors figure you cant build for as cheap as they can scavenge the cheap stuff (foreclosures, short-sales, and folks selling at a fraction of a lifetime's equity), so that stuff disappears pretty quick. But, outside of a few hot areas, most folks that can't afford to sell.--not really a sellers market.

[FromGA]

Originally Posted by noah

Even if you bought 10 years ago and your value has gone down (less and less areas are this way) if you had done a 15 year mortgage you'd have tons of equity as your house would almost be paid off.

Except for the likely large numbers of those that bought in 2000, but refinanced several times bloating the mortgage on the house.

If we go by conventional wisdom, the majority (not all) of current home owners either bough early on but refinanced. Or bought 2004 and later, and will barely break even.

[VJP]

I definitely understand decatur from a supply standpoint. I have other reservations about the influx of students in the CoD school system. It is what it is, and we'll buy where we can best afford when the time comes to move.