should I wait for 2 more months ? (mortgage, selling a house, transfer)

[atldesi]

thanks for your replies. I have seen new construction at exit 12B. Sub division is Hanover Place. Bowen famiy homes. How is this area and builder? How are the schools in this area? Is this good time to buy new construction?

[rackensack]

Originally Posted by atldesi

thanks for your replies. I have seen new construction at exit 12B. Sub division is Hanover Place. Bowen famiy homes. How is this area and builder? How are the schools in this area? Is this good time to buy new construction?

Hanover Place, while it has an Alpharetta address, is in Forsyth County, so in assessing the schools, keep that in mind.

With new construction in this market, you're going to want to make sure that the builder is going to be able to finish the development of the subdivision and fulfill all its commitments. There are plenty of horror stories these days of people buying one of the first few houses to be finished in a new development and then having the builder abandon it, leaving them with nothing but empty lots and half-built houses around them, none of the promised amenities, no homeowner's association, etc.

Bowen ranked below the Atlanta market average in customer satisfaction in every measure in the 2007 survey: JD Power 2007 Atlanta Home Survey. Their revenue was up last year despite a weaker market, but since they're privately held it's difficult to say whether they may be facing cash flow or liquidity problems that would affect their ability to finish their current projects -- in some markets, including Atlanta, they've actually begun renting out some of the houses that have been in their inventory the longest.

Personally, I wouldn't buy anything in a new development now or in the foreseeable future. The neighborhood and amenities can make such a big difference in quality of life that you want to know what you're getting. Likewise, even a great reputation for quality and stability in a builder isn't going to mean anything if they get clobbered by the current market and fold -- even a "warranty" isn't going to be worth much in that case, and you're still going to have to live in the house and pay off the bank for it. Better to be someplace that's been around long enough for any serious problems to have surfaced, and where the neighborhood, amenities, etc., are fully in place and functioning.

[telamon47]

We just purchased a resale in Alpharetta in April after a lengthy search. I agree with the other poster about new developments. You have to be very careful. We had a great real estate agent assisting us though. Not sure if you are going it alone or working with someone.

[scgraham]

Originally Posted by atldesi

thanks for your replies. I have seen new construction at exit 12B. Sub division is Hanover Place. Bowen famiy homes. How is this area and builder? How are the schools in this area? Is this good time to buy new construction?

I deal mostly with buyers of new construction. Hanover Place is in a good location and has the advantage of lower Forsyth taxes. If you seek out an inventory new home, you will most likely strike a better deal.

[Pcola110]

Originally Posted by Zel Ya

You look at homes, and sometimes your dreams take over. That's not the place to be. You've got to think with your head and not listen so much as to what your heart is saying.

Don't forget the wallet! Ask yourself is it worth it? Then look at your wallet or purse!

[Zel Ya]

Originally Posted by Pcola110

Don't forget the wallet! Ask yourself is it worth it? Then look at your wallet or purse!

Yeah, you have to look at your finances. It's obvious that many people bought homes that were out of their reach.

[atlbravo]

please check your pm.

[neil0311]

Originally Posted by Zel Ya

When you buy a home today, you're stuck with it for a long, long time.

When I think about it, I suppose the area/location is paramount. You're stuck with the house but you can remodel or change it in the future--add a room here or there. You can't change the location but you can change the house.

Not necessarily. It depends on when you bought, for how much, and what you want to move up to in a new house. What you may lose on the sale you can make up on the buy.

In my case, I bought last Sept. at a good price, and even if I had to take a 10% hit on resale, I can turn around and buy something else for 10 - 20% below what similar houses were going for last year. I've seen houses that would have sold for more than $500K on the market now for the low 400's.

The key is whether or not you have equity and can transfer that equity to a downpayment on something else. If you bought with little cash down and your LTV isn't in good shape, then you may have to stay until the market improves or cough up cash from somewhere else.

[Zel Ya]

Originally Posted by neil0311

Not necessarily. It depends on when you bought, for how much, and what you want to move up to in a new house. What you may lose on the sale you can make up on the buy.

In my case, I bought last Sept. at a good price, and even if I had to take a 10% hit on resale, I can turn around and buy something else for 10 - 20% below what similar houses were going for last year. I've seen houses that would have sold for more than $500K on the market now for the low 400's.

The key is whether or not you have equity and can transfer that equity to a downpayment on something else. If you bought with little cash down and your LTV isn't in good shape, then you may have to stay until the market improves or cough up cash from somewhere else.

Yeah, there's a few variables pertaining to each home sale, but I don't think most homeowners should automatically assume they'll be able to flip their home for a profit, modest or not so modest, in a short period of time. There's always excepts to the rule.

Very enticing home prices may occur when there's a divorce, or the homeowers are living in Anchorage and the Atlanta home is vacant. Sometimes, homeowners are very willing to make a very fast sale at a very good price.

About six weeks ago in the AJC, there was a good article about pricing a home when it's for-sale. I guess most Atlanta homeowners are pricing their homes too high and consequently they're not selling. As I recall the facts in this article, certain negative factors may come into play when the house has been on the market for a long period of time.

The huge inventory of foreclosed homes are lowering prices. Banks have to sell the properties; they can't hold on to the property until the market conditions improve. So far, homeowners aren't willing to sell their home for what the banks are willing to sell for.

[Pcola110]

Originally Posted by neil0311

Not necessarily. It depends on when you bought, for how much, and what you want to move up to in a new house. What you may lose on the sale you can make up on the buy.

In my case, I bought last Sept. at a good price, and even if I had to take a 10% hit on resale, I can turn around and buy something else for 10 - 20% below what similar houses were going for last year. I've seen houses that would have sold for more than $500K on the market now for the low 400's.

The key is whether or not you have equity and can transfer that equity to a downpayment on something else. If you bought with little cash down and your LTV isn't in good shape, then you may have to stay until the market improves or cough up cash from somewhere else.

Even if a person got a good deal on their current property through whatever creative financing they obtain and purchase price. Many people now either have very little or no equity, whether they were capable of puting a down payment on their homes or used 100% LTV. Those that have substantial equity and additional savings or cash on hand, are the people capable of going out and moving up to a bigger home or investment property. Those that don't, either have to bring certified funds to the closing table to close the deal or choose to stay put alittle while longer.

Originally Posted by Zel Ya

Yeah, there's a few variables pertaining to each home sale, but I don't think most homeowners should automatically assume they'll be able to flip their home for a profit, modest or not so modest, in a short period of time. There's always excepts to the rule.

Very enticing home prices may occur when there's a divorce, or the homeowers are living in Anchorage and the Atlanta home is vacant. Sometimes, homeowners are very willing to make a very fast sale at a very good price.

About six weeks ago in the AJC, there was a good article about pricing a home when it's for-sale. I guess most Atlanta homeowners are pricing their homes too high and consequently they're not selling. As I recall the facts in this article, certain negative factors may come into play when the house has been on the market for a long period of time.

The huge inventory of foreclosed homes are lowering prices. Banks have to sell the properties; they can't hold on to the property until the market conditions improve. So far, homeowners aren't willing to sell their home for what the banks are willing to sell for.

Banks can sit on their assets (REO's) for a lot longer than, say Joe and Diana, who might have to sale because of a job transfer or are wanting to upgrade to a bigger home in a different area of Atlanta or else where. Homeowners can't competite with foreclosures if they have their home's in area with alot of REO's, unless their in an area where homes are continuing to steady exchange hands between sellers and buyers.

If they're house is overprice their property is going to be overlook by potentials buyers for similar properties that are price in line with today's market. Seller's can't get what their neighbors might of got a year or three years ago. We're in an entirely different real estate market now.