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Old 02-10-2010, 01:12 PM
 
Location: Atlanta, GA
1,262 posts, read 2,581,691 times
Reputation: 967

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Quote:
Originally Posted by IntownHomes247 View Post
Woah doggies! Do NOT count on the market "jumping back up" in a year and making some cash on anything you buy right now. I agree that this is a GREAT time to buy (unprecedented really, between the incredibly low interest rates, government subsidies, and huge inventory), but the market has probably not even hit bottom (we still have years worth of foreclosures to get through) and once it does, the odds are that prices will not increase again at anything like they did during the "bubble." Historically, home prices in Atlanta have risen from 3-4% annually. IF we can get to where the market is stable within the next year or 2 and then start to get back to any kind of annual appreciation within 5 years, that's probably as much as you can realistically hope for. For decades people expected to buy a home and stay in it for at least 5 years before it made sense to sell. We need to get back to rational ideas of real estate.
Amen!
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Old 02-10-2010, 01:20 PM
 
2,683 posts, read 5,317,475 times
Reputation: 940
It should be pointed out that this poster is a realtor as he has identified himself as so doing self promotion in another post.

Not a realtor I would hire either as he seems to be recommending that people buy no matter what and those that are new in an area, with a new job and no downpayment are smarter to rent (Apparently some did not pay attention or become more risk averse in the last few years). Not to mention the transaction costs of buying and selling which would mean any profit you may have in a year if the market does go up would be most likely be lost to fees. Seems he is looking out for only himself and not his clients best interest.

Quote:
Originally Posted by chrislhough View Post
Are you sure you want to rent? If you want to live in town, you can get amazing deals and downpayment assistance to keep your monthly mortgage payment low. I'd buy right now if you have aa FICO score over 620. If you're unhappy with it in a year, you can sell it when the market jumps back up and make some cash.
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Old 02-10-2010, 01:28 PM
 
11 posts, read 15,739 times
Reputation: 16
Quote:
Originally Posted by noah View Post
It should be pointed out that this poster is a realtor as he has identified himself as so doing self promotion in another post.

Not a realtor I would hire either as he seems to be recommending that people buy no matter what and those that are new in an area, with a new job and no downpayment are smarter to rent (Apparently some did not pay attention or become more risk averse in the last few years). Not to mention the transaction costs of buying and selling which would mean any profit you may have in a year if the market does go up would be most likely be lost to fees. Seems he is looking out for only himself and not his clients best interest.
I think you are speaking out of a matter of opinion, no different than my statement.

Still, fact are facts... owning right now is FAR cheaper than renting. You can't dispute that.

And I wouldn't count on the market going down any further. Read a newspaper and you will see my point. Bashing character is a little childish.
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Old 02-10-2010, 01:34 PM
 
11 posts, read 15,739 times
Reputation: 16
Quote:
Originally Posted by IntownHomes247 View Post
Woah doggies! Do NOT count on the market "jumping back up" in a year and making some cash on anything you buy right now. I agree that this is a GREAT time to buy (unprecedented really, between the incredibly low interest rates, government subsidies, and huge inventory), but the market has probably not even hit bottom (we still have years worth of foreclosures to get through) and once it does, the odds are that prices will not increase again at anything like they did during the "bubble." Historically, home prices in Atlanta have risen from 3-4% annually. IF we can get to where the market is stable within the next year or 2 and then start to get back to any kind of annual appreciation within 5 years, that's probably as much as you can realistically hope for. For decades people expected to buy a home and stay in it for at least 5 years before it made sense to sell. We need to get back to rational ideas of real estate.
Take a look at any market in the metro atlanta area. There are foreclosures all around for as little as $24,000. I've even seen them lower. I have a house in my neighborhood listed at $38,000. The comps are $110,000 and those are the corrected numbers. In these cases, you can purchase a home for $38,000 and sell it tomorrow for $84,000 and make a tremendous profit. Where's the "Whoa!" in that?
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Old 02-10-2010, 02:41 PM
 
2,683 posts, read 5,317,475 times
Reputation: 940
Yes, but these boards are not setup for realtors or anyone else to advertise their services as you have done on another post today including providing the name of your realty agency and your email.

Rents are at historic lows also and owning is Not cheaper then renting in most areas of the metro. I am not one to discourage home ownership but there are times when renting makes sense too.

You suggested those with a credit score of 620 and NO MONEY down or for emergency repairs which come with home ownership should be Buying right now.

Quote:
Originally Posted by chrislhough View Post
I think you are speaking out of a matter of opinion, no different than my statement.

Still, fact are facts... owning right now is FAR cheaper than renting. You can't dispute that.

And I wouldn't count on the market going down any further. Read a newspaper and you will see my point. Bashing character is a little childish.
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Old 02-10-2010, 02:45 PM
 
Location: Atlanta/Decatur/Emory area
1,320 posts, read 3,878,118 times
Reputation: 496
Quote:
Originally Posted by chrislhough View Post
Take a look at any market in the metro atlanta area. There are foreclosures all around for as little as $24,000. I've even seen them lower. I have a house in my neighborhood listed at $38,000. The comps are $110,000 and those are the corrected numbers. In these cases, you can purchase a home for $38,000 and sell it tomorrow for $84,000 and make a tremendous profit. Where's the "Whoa!" in that?
You know as well as I do that foreclosures and short sales are not that easy and certainly not a guaranteed pay day for real estate novices. Seasoned investors with cash reserves can make money, but someone looking to buy a first home is probably never even going to even get their foot in the door on a good foreclosure because if it actually is an amazing deal (good location, not completely trashed) then there will likely be a dozen offers on it the first day on the market and it will sell to the highest, quickest cash offer on the table.

I believe that making real estate investing sound simple and guaranteed is as dangerous as the old days when banks would lend to anyone with a pulse. Real estate has historically been a good, generally stable, long term investment. It's only during the bubble that the average real estate owner felt that they should be making significant short term profits on their property. Experienced real estate investors can frequently make money in the short term, just like experienced day traders may be able to make money in stocks in the short term, but for the majority of people buying a home makes the most sense when it's a house they like in a neighborhood they want to live and they can stay there for several years (preferably at least 5).
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Old 02-10-2010, 02:46 PM
 
Location: Sandy Springs, GA
46 posts, read 92,552 times
Reputation: 26
Quote:
Originally Posted by chrislhough View Post
Are you sure you want to rent? If you want to live in town, you can get amazing deals and downpayment assistance to keep your monthly mortgage payment low. I'd buy right now if you have aa FICO score over 620. If you're unhappy with it in a year, you can sell it when the market jumps back up and make some cash.


Right now, I'm not interested in buying a house at this time- would like to get my feet wet 1st.
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Old 02-10-2010, 03:42 PM
 
Location: St Simons Island, GA
23,125 posts, read 36,372,059 times
Reputation: 15465
Quote:
Originally Posted by love7182 View Post
Right now, I'm not interested in buying a house at this time- would like to get my feet wet 1st.
Good for you...stay away from the vultures.
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Old 02-10-2010, 04:18 PM
 
Location: Atlanta, GA (Dunwoody)
2,047 posts, read 4,046,515 times
Reputation: 970
If we had more realtors like you we would never have had this housing mess to begin with. Thank you for giving good advice to people.


Quote:
Originally Posted by IntownHomes247 View Post
You know as well as I do that foreclosures and short sales are not that easy and certainly not a guaranteed pay day for real estate novices. Seasoned investors with cash reserves can make money, but someone looking to buy a first home is probably never even going to even get their foot in the door on a good foreclosure because if it actually is an amazing deal (good location, not completely trashed) then there will likely be a dozen offers on it the first day on the market and it will sell to the highest, quickest cash offer on the table.

I believe that making real estate investing sound simple and guaranteed is as dangerous as the old days when banks would lend to anyone with a pulse. Real estate has historically been a good, generally stable, long term investment. It's only during the bubble that the average real estate owner felt that they should be making significant short term profits on their property. Experienced real estate investors can frequently make money in the short term, just like experienced day traders may be able to make money in stocks in the short term, but for the majority of people buying a home makes the most sense when it's a house they like in a neighborhood they want to live and they can stay there for several years (preferably at least 5).
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Old 02-10-2010, 05:56 PM
 
14,387 posts, read 23,061,016 times
Reputation: 5118
Quote:
Originally Posted by LovinDecatur View Post
Try the North Druid Hills area. Considerably more bang for your buck, but still very convenient to Midtown. A 1 BR would be doable for 700.00 there.

Briar Hill Apartments - Home

Home | Calibre Woods - Apartments in Atlanta
What LovinDecatur suggests is spot on.


You may also want to check out apartments in the area to the northwest of Midtown...off of Defoors Road, Collier Road, or Deering Road.
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