am i buying at the top? (Marietta, Smyrna: short sale, foreclosures, townhome)

[dnc19694339]

I am closing on a home in Marietta 30066 in about 4 weeks. Relocating from NY.

Where is the pricing right now? My agent says there is still room for prices to go up from here and I am buying at a good price. Im not sure, I can tell I am paying alot more than they were selling for last year.

What do you think? Am I buying at the top?

[lorilove]

You're not buying at the top but you are far from the bottom and there are no signs that prices are going to get better.

Where I live, prices are near or at their pre-recession level, so the bargains in many areas are long gone. But you might as well buy now before they go up further.

[Jomaark]

Check the home out at Zillow and the neighborhood. Should give you past pricing and last sales.

[dnc19694339]

I looked at Zillow, it looks like I am buying right at about what it sold for before the recession. We lost 5 homes before this one so we finally offered $1k over asking to get this house. In our price range $150-$175, homes priced competitively sell within days.

[Jomaark]

How does the pricing look compared to recent sales? Are there any foreclosures left in your area? Last years prices if lower were probably due to foreclosures which have now tightened up. We moved to Alpharetta from NYC. We could never have afforded the size of the house we got here. If you lost 5 houses the market is definitely better than last year. If you like the house and the location and the price is in line you probably are fine. One thing that we learned moving here is backyards and
schools are important. Even though pollen is so strong that you can't go out in the spring and humidity so strong in the summer so you don't use your backyard. Writing a letter to the owners would probably go far here too.
I think pricing will still go up. School is just getting out so buyers are starting to get serious.

[lorilove]

Recent sales are helpful but not the whole story when prices are on their way up. When I bought my townhome in 1994 prices had dropped previously and were on their way up. Had I bought my home one year earlier, it would have cost 10,000 less (this was only a 125,000 home at the time). I remember thinking I was buying at the top and slightly more than any recent home sale.

After I bought my home, prices only continued to go up and up. It was only during the 2007 recession did prices go back down and as I noted previously they have mostly recovered.

My house is almost 30 years old now and so prices can vary widely based on the condition and how up to date the house is.

[netdragon]

No one has a crystal glass. As long as Cobb keeps investing in infrastructure, and/or people keep moving here, I imagine there's still upside.

My own feeling is that prices were on their way up before the recession, then the recession caused a few year's correction, and now they'll be heading up again.

I think ultimately Smyrna will go up a lot more than Marietta, but Marietta should keep going up.

[noah]

What is your time frame for holding the house. If its 5-7yrs+ I wouldn't be too worried, especially with historically low interest rates which means you lock in a much lower payment than you would otherwise.

[andy1324]

Originally Posted by dnc19694339

I looked at Zillow, it looks like I am buying right at about what it sold for before the recession. We lost 5 homes before this one so we finally offered $1k over asking to get this house. In our price range $150-$175, homes priced competitively sell within days.

Dnc,

My wife and I are also looking around the same area, same budget, and are from NY as we'll :-). We would love it if you could provide some tips from your process, we're just starting the search. Thanks!

[LovelySummer]

My agent told us a good buy is one that you can turn around and re-sell. So that's what we did. I will never buy another house that I cannot get out of when I want to do so. If you like the house, buy it but if you are looking for a deal, go find a foreclosure or a short sale. That way, you go in with equity. We went in with almost 100K in equity last fall from our foreclosure purchase, which is in excellent condition. They are still out there. Of course, your agent will make alot less money and work alot harder to get you a foreclosure. Dealing with the banks is a total headache.