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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 09-07-2017, 03:48 AM
 
Location: East Point
4,790 posts, read 6,871,997 times
Reputation: 4782

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if we have some kind of war situation or serious economic crash, i don't think you're going to be worried about a house. if you are, you're going to be worried about finding a house somewhere else. follow your gut. if you feel like waiting to see how all this is going to play out i would do that. i do think we're headed for something, but then again, it could be tomorrow or it could be 5 years from now, i just don't know. i hope this helps you make your decision. good luck out there

 
Old 09-07-2017, 04:41 AM
 
16,177 posts, read 32,491,185 times
Reputation: 20592
We are always headed for something. I've lived long enough that I remember buying a house when interest rates were over 10%. There will be personal situations that arise also, life is a roller coaster. So, if you buy, buy smart. If your intuition tells you not to buy then don't. But do the math also for your personal financial situation. Pay yourself first and be happy with your decision.

I am one month into a new job in a new city in this crazy world we live in. BUT - Atlanta is hot, the tax man is at my back so I am buying. Plus, I like not having a landlord. So you will have to fill in the blanks for yourself like I did.

You may want to invest in a good financial advisor for a consultation for your situation for peace of mind.

Good luck.
 
Old 09-09-2017, 08:47 AM
 
93 posts, read 123,092 times
Reputation: 15
Quote:
Originally Posted by jeoff View Post
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.
My Job is actually amazingly secure. I could work here for (30) years. However, business is business. My company could get bought out in (5) years and you never know what could happen. It could go to crap and everyone hates working there. I just want to be prepared in case this happens and not put myself in a jam by buying to much house, or buying a house in the wrong economic time.

However, I plan to put enough down to not have PMI insurance and I have now realized that I will be buying on the 400 N corridor to where I will have access to the most jobs available in Atlanta and Marta. I think this is a brilliant plan. Therefore, I will buy a nice 400 - 500 K house now in the perfect area and not stress about it because I am going to put 20% down and I will have access to tones of jobs in the future. And guess what I could always sell it a few thousand under market and just walk away if I really had to.

What do you think?

Quote:
Originally Posted by lorilove View Post
Interest rates are not going down - buy now!
Great Point. I Agree.

Quote:
Originally Posted by AnsleyPark View Post
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.
I agree. So you don't think there will be another 2011 in Atlanta any time soon? That 2009 and 2011 was extremely rare? However, isn't there a ton of foreclosures going up every day in Atlanta?

Quote:
Originally Posted by arjay57 View Post
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.
I Love This Comment! Nice.

Quote:
Originally Posted by jpatlanta View Post
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.
Exactly. I have changed my budget to 400 - 500K. I am not going to run scared. Probably get a nice (3) car garage and call it a day. If I buy in like John's Creek, Alpharetta or Cumming. I will have access to so many jobs in the future it wont be a problem.

Quote:
Originally Posted by AtlantaMove View Post
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.
I absolutely agree. I have already begun getting my pre-approval ready. I have no house I need to sell so I can buy quick, but you are right. Anything nice out there that is special in some way has a pending offer on it in just a few days. Going to have to move fast.

Quote:
Originally Posted by bryantm3 View Post
if we have some kind of war situation or serious economic crash, i don't think you're going to be worried about a house. if you are, you're going to be worried about finding a house somewhere else. follow your gut. if you feel like waiting to see how all this is going to play out i would do that. i do think we're headed for something, but then again, it could be tomorrow or it could be 5 years from now, i just don't know. i hope this helps you make your decision. good luck out there
Another great point. Just have to man up and make a decision. Buy in a great place and be done with it. I have made up my mind to do it right, pay 400 - 500K, but in a great school district and be around plenty of jobs for future changes. I don't think I can go wrong here.

Quote:
Originally Posted by Beretta View Post
We are always headed for something. I've lived long enough that I remember buying a house when interest rates were over 10%. There will be personal situations that arise also, life is a roller coaster. So, if you buy, buy smart. If your intuition tells you not to buy then don't. But do the math also for your personal financial situation. Pay yourself first and be happy with your decision.

I am one month into a new job in a new city in this crazy world we live in. BUT - Atlanta is hot, the tax man is at my back so I am buying. Plus, I like not having a landlord. So you will have to fill in the blanks for yourself like I did.

You may want to invest in a good financial advisor for a consultation for your situation for peace of mind.

Good luck.
My gut tells me to buy in Macon, or somewhere far up north around 150K and put down like 100K or just pay it off. Drive all over Georgia for my Job because its a traveling job, and call it a day. However,, I feel I am selling myself short because that would be buying really, really below my means and not protecting myself in the future. I would not be next to jobs, or things to do, or schools. I don't believe I should be running scared.

However, if I buy for example in Alpharetta I could have it all. Jobs, schools, churches, things to do, resale value, etc...
 
Old 09-09-2017, 12:43 PM
 
2,412 posts, read 2,784,703 times
Reputation: 2027
Quote:
Originally Posted by needspractice View Post
My Job is actually amazingly secure. I could work here for (30) years. However, business is business. My company could get bought out in (5) years and you never know what could happen. It could go to crap and everyone hates working there. I just want to be prepared in case this happens and not put myself in a jam by buying to much house, or buying a house in the wrong economic time.

However, I plan to put enough down to not have PMI insurance and I have now realized that I will be buying on the 400 N corridor to where I will have access to the most jobs available in Atlanta and Marta. I think this is a brilliant plan. Therefore, I will buy a nice 400 - 500 K house now in the perfect area and not stress about it because I am going to put 20% down and I will have access to tones of jobs in the future. And guess what I could always sell it a few thousand under market and just walk away if I really had to.

What do you think?



Great Point. I Agree.



I agree. So you don't think there will be another 2011 in Atlanta any time soon? That 2009 and 2011 was extremely rare? However, isn't there a ton of foreclosures going up every day in Atlanta?



I Love This Comment! Nice.



Exactly. I have changed my budget to 400 - 500K. I am not going to run scared. Probably get a nice (3) car garage and call it a day. If I buy in like John's Creek, Alpharetta or Cumming. I will have access to so many jobs in the future it wont be a problem.



I absolutely agree. I have already begun getting my pre-approval ready. I have no house I need to sell so I can buy quick, but you are right. Anything nice out there that is special in some way has a pending offer on it in just a few days. Going to have to move fast.



Another great point. Just have to man up and make a decision. Buy in a great place and be done with it. I have made up my mind to do it right, pay 400 - 500K, but in a great school district and be around plenty of jobs for future changes. I don't think I can go wrong here.



My gut tells me to buy in Macon, or somewhere far up north around 150K and put down like 100K or just pay it off. Drive all over Georgia for my Job because its a traveling job, and call it a day. However,, I feel I am selling myself short because that would be buying really, really below my means and not protecting myself in the future. I would not be next to jobs, or things to do, or schools. I don't believe I should be running scared.

However, if I buy for example in Alpharetta I could have it all. Jobs, schools, churches, things to do, resale value, etc...
Folks that perfectly time the market, mostly do it by luck, not brilliance. You have a secure job with no plans to move any time soon, and it sounds like you are the sort of person that likes owning a home. So, buy a home that you can afford in a neighborhood you like, and enjoy it!
 
Old 09-09-2017, 03:56 PM
 
16,177 posts, read 32,491,185 times
Reputation: 20592
So, when's the housewarming party?
 
Old 09-10-2017, 08:07 PM
 
93 posts, read 123,092 times
Reputation: 15
Quote:
Originally Posted by Beretta View Post
So, when's the housewarming party?
I have landed on Windward & Kimball street surrounding subdivisions. Just a matter of time until I find the perfect one. Location, Location, Location ... It's the golden rule!
 
Old 10-23-2017, 02:19 PM
 
93 posts, read 123,092 times
Reputation: 15
Are you sure nothing has changed? Seems like WW3 and North Korea is getting geared up.

Update...

After looking at many, I mean many different homes I have decided on the NE side of town. There is just way more jobs on this side and the quality of life we are looking for seems to fit best here.

We are looking particularly in Alpharetta & South Cumming areas. If any of you have some great neighborhood suggestions I am all ears. However, I am prepared to lose my wallet on this deal.

The market has slowed a lot though since I started this thread, maybe I will have some luck making a good deal...

Thank you everyone for your help.
 
Old 10-23-2017, 03:45 PM
 
32,019 posts, read 36,777,542 times
Reputation: 13295
Quote:
Originally Posted by needspractice View Post
Are you sure nothing has changed? Seems like WW3 and North Korea is getting geared up.
Times were a whole lot more tumultuous back in the day that they are now.
 
Old 10-23-2017, 06:05 PM
 
2,412 posts, read 2,784,703 times
Reputation: 2027
Good luck!
 
Old 10-23-2017, 09:14 PM
 
2,022 posts, read 1,312,628 times
Reputation: 5076
If you're worried about war breaking out, consider that wars are associated with inflation so you will find it easier to pay off your house with inflated dollars.
A possible down side is that if you have a job that requires a lot of driving, you could be limited by rationing, or fuel may become very expensive.
Wars are also associated with low unemployment, so you should be able to find some kind of work to make your payments.

The valuation of the house really only matters if you decide to sell it. If you buy for 500K, and housing prices crash to 100K, think about how much you're now saving on property taxes, and then just stay in the house for the rest of your life. You need a place to live, and you have a house.
If many years from now you are forced to move, whatever it sells for is the price of another house you can buy.
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