Getting back into the housing market?

With this year’s home buying season in full swing — at least according to the calendar — are you preparing to reverse recent history?

In a new report, AJC staffer Michelle Shaw writes that every metro region across 20 counties saw prices decline last year. And all but two counties saw sales drop, too.

In the core counties of Clayton, Cobb, DeKalb, Fulton and Gwinnett, the median price of single-family homes tumbled 21 percent, Shaw reports. And the number of homes sold fell 6 percent.

But that was then. This is now. The economy is starting to improve, and many consumers have been cutting spending and trying to reduce debt.

So, will you be taking the plunge over the next few months — either on the buy or sell side? What’s pushing you in or holding you back?

For instant updates, follow me on Twitter.

18 comments Add your comment

The Economy

May 17th, 2010
8:54 am

Why buy now, prices will continue to drop for another 18-24 months. Lending or getting approved for a loan is like down 40%, back to what it should have been. 20% down payment, 680 credit scores, verified assets, JOB, those should have ALWAYS been the standards. So basically the qualified buyers have dropped, suppy is still at 24 months. Now, lets talk about the shadow inventory, these are home that banks foreclosed on, and are sitting on there books because they could sell them at the court house auction. 1.5 MILLION and rising, soon the banks will have to DUMP these on the market, they cant hold a non proforming asset for 3-5 quarters, something like that, its and accounting rule for banks. So, when they start to DUMP at .40-.55 cents on the dollar, there goes the values and the housing market. Buyers will get a once in a life time deal, never to be seen again. Values will stay down till 2013, then slowly rise.

truthtoall

May 17th, 2010
9:30 am

Interesting I did not know that banks could not withhold non-performing assets from the real estate market. Thats a new one on me. That 1.5 million figure is pretty old though. I will agree however it is a buyers market. No denying that. That 20% may be true in some cases depending on the backer. My real question here is why is the economy or everyones well being so dependent on finance and housing? There are alternatives.

Future Homebuyer

May 17th, 2010
10:26 am

@truthtoall what exactly are the alternatives?? Also I see a trend in the people who can’t get rid of their homes by selling them are turning around and renting them. Their rent rates are crazy though! I have seen rates from 1200 to 1800 a month and these homes are old!!! What’s going on in this area??

DB

May 17th, 2010
10:48 am

For Rent, $1900 a month in PIckens County. It has been for sale for 2 years. I have not ever wanted to be a landlord but with job relocation you have to consider it. No one has even been looking.

The Economy

May 17th, 2010
10:50 am

Future, are they getting these rents? thats crazy rent rates. I was looking at buying a house in my neighborhood, its a foreclosure, homes go in the low 220k range. Was going to offer 120k (way below value) cash to the bank, then rent it for 1200 a months. I dont know if I could get it, nice middle class neighborhood, Cobb schools and taxes Just going to wait it out, there will be some great bargains next year..

NOAH

May 17th, 2010
11:16 am

Don’t know why the age of the home factors in the rental rate. But rental rates are at historic lows right now so accidential landlord’s may not be setting their at market and instead may just be trying to get what they need to cover their mortgage.

Future Homebuyer

May 17th, 2010
11:42 am

Well I just contacted someone in a Fayetteville neighborhood and their house is paid off but they still want to rent it out for 1300 a month. I keep hearing the rental rates are low but where are they at? I am leary at responding to ads on Craigslist…. @ Theencomony that is actually a good rental rate in Cobb County.. I think we are going to wait until next year to buy a house to see how low the market is going to go. But if they are going to require 20% down and a 700 credit score we will have to wait until we hit the retirement age….

DB

May 17th, 2010
11:44 am

Yes the rates are low in some areas but high in others. I just rented a house I could not sell for $1800 in a market that was dead but foreclosures are not good rentals….if you rent from someone not paying the bill then you could end up back on the streets so in nice areas higher rentals are there. These houses are 3000 to 4000 sq. feet and usually would not be rental. I am paying $1700 a month to rent a house that was for sale for $338,000 for 2 years and he could not sell. I am covering his mortgage and looking for someone to cover mine.

Future Homebuyer

May 17th, 2010
12:08 pm

@DB ok I can see that as a rental rate but these homes are going for 60,000 to 120,000 why is the rental rate 1200?? Plus they want a first and last month deposit. I just find it strange. I guess it’s because I am use to renting apartments but even when I did own a house my mortgage rate was not that much….

Maj. Wood

May 17th, 2010
2:03 pm

Buying in this market is for suckers and saps!

Here’s your money saving and making strategy:

For about 18 to 24 months, rent from one of the losers who can’t sell his over-paid-for “investment” at a rent level that is way below the cost of mort./taxes/maint. for the same property.

Then buy after 18 to 24 mos. at a price that NO DOUBT will be LOWER than the still over-priced market today!

Ironwood

May 17th, 2010
2:45 pm

Just moved here from South Carolina and paid cash with no mortgage. Saved 35% off of 2010 tax assessed value in 30327.

truthtoall

May 18th, 2010
7:24 am

Well Ironwood good luck to you. I’m hoping someone will donate a 3rd car to me ha-ha.

Stan

May 18th, 2010
8:57 am

It’s pretty simple why these 4 zip codes did not lose value. They are pretty much all white areas. That means safety and a much nicer community. Unlike the thug areas who are losing the most value, these zip codes don’t have to worry about bullets flying by all night long.

FCM

May 18th, 2010
9:03 am

With the tax incentive I found now was a good time for me. A family is being relocated and I am buying their house. The inspection went very well, they did fix the few things that I asked them too. It was the 2nd house I put an offer on.

The first needed a new roof and some other work (before the inspection) and the seller was not willing to budge on price or willing to pay closing. I thought maybe he was not aware of the current climate.

The one I am buying does have the big stuff done and most of the small stuff too. My interest rate is amazing and I am not a 680. It can be done but it is not easy.

Rich

May 18th, 2010
4:02 pm

Brookhaven – Ashford Park especially is the hottest location in the city. It is the most desirable location in the city with great neighborhoods. Schools are incredible and you’d never know the city is two blocks away. I am going to buy there and make a ton of money in the near future.

JF

May 19th, 2010
8:40 am

You do not have to have a 680 to buy a home. To qualify for an FHA loan, which is fairly common, you will have to have at least a 620 and you will have to pay 3.5% down. That’s it!!

NOAH

May 19th, 2010
9:16 am

Very very sad that we are still allowing someone with a 620 credit score to finance a home with ONLY 3.5% down. We go in these cycles every 10 years or so but don’t seem to learn a thing.

JF

May 19th, 2010
4:03 pm

tell it to FHA. I don’t make the rules, just reporting them!