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Should I buy a house during in this market?

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  • #16
    Originally posted by mamaham View Post

    Here the developers buy all those. They pay cash so unless you have cash, you can forget it.
    Good point

    how big of a house are you looking at ?

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    • #17
      Originally posted by xraygoggles View Post
      Mortgage rates going up is a double-edged sword: on the one hand, your future mortgage rate will be higher than now, but on the other hand, home prices are already starting to go down in price over the past 2 months, and will likely continue downward.

      But it's also possible that they don't go down, especially in certain hot, in demand regional markets.
      Isn’t it better to buy cheaper but higher interest rate ? Esp if you are buying for forever house and not starter home ?

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      • #18
        Originally posted by xraygoggles View Post
        Mortgage rates going up is a double-edged sword: on the one hand, your future mortgage rate will be higher than now, but on the other hand, home prices are already starting to go down in price over the past 2 months, and will likely continue downward.

        But it's also possible that they don't go down, especially in certain hot, in demand regional markets.
        I was surprised to read "prices have gone down" so I did some googling and still couldn't find anything suggesting this is a true statement.

        Are you sure you are not confusing this with a statement of 'the rate of increase has decreased' (prices are still rising)? It's definitely a significantly different statement to state hat prices have gone down. Curious to read a source that would back that up if you could provide?

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        • #19
          I've written before a friend who is a broker said years ago when interest rates were in the teens they had one of their most profitable years. Rising interest rates might increase urgency to buy now but I wonder if that alone will negative influence housing sales.

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          • #20
            If I were in your shoes I would continuously look for a house and if the "perfect" house came on the market for what I could afford I would go for it. However I would not get into bidding wars and pay substantially more than what I planned going in. I'd be fine renting indefinitely until the right one popped up, every year having more money for my "perfect" house.

            Just be firm with what you are willing to spend and if that requires more money for the house you want keep saving/renting.

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            • #21
              The hard part is when you find a house and decide to make a bid. Then you find out a bid has been made. The seller’s agent works as hard as possible to get “multiple bids”. Any bid, a blind auction. List price in today’s market loses relevance. 10% below might actually get it, but I doubt you would offer that. If you decide to play, the game changes. “A bid” becomes “multiple bids” immediately. Still a blind auction.
              You need to be prepared for what the house is worth to you, not the competition because you have no information on the competition. Zero, nada, zilch. You might be bidding against yourself. Make an offer you are comfortable with.

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              • #22
                Yes, the bidding war where I live is incredible. We have a suburb of 60,000 people with 20 houses total on the market. Agents are asking for offers to be submitted by day 2 on the market, and buyers must concede every thing (pay all costs, waive appraisal requirement, allow sellers to live rent free for months, agree to buy "as-is", etc). Homes are selling for $600/sq ft. Great time to sell, but where are you going to go? Tough time to buy, but with construction materials scarce, there's no sign of things getting much easier in the short term at least. At some point you just have to bite the bullet and decide you want a home to live in.

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                • #23
                  Originally posted by East coast View Post

                  I was surprised to read "prices have gone down" so I did some googling and still couldn't find anything suggesting this is a true statement.

                  Are you sure you are not confusing this with a statement of 'the rate of increase has decreased' (prices are still rising)? It's definitely a significantly different statement to state hat prices have gone down. Curious to read a source that would back that up if you could provide?
                  I can't find the source offhand but there was a graph posted by Joe Weisenthal from Bloomberg on Twitter a week or two ago which seemed to show a downtrend over the past month or two on housing prices. I forgot if it was national or regional.

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                  • #24
                    The prices may have gone down in certain metropolitan areas but I highly doubt that's true nationally. I recently read a report from the National Association of Realtors saying that they had the highest year over year % gain (around 15%) on housing price last month. Having been actively looking at real estate for over a year now, I suspect that this rising trend will continue at least through this year due to historic low supply. We have a new construction home under contract in Florida since early January and just over a month, the price in the neighborhood has gone up about 8% with multiple bids for each house.

                    If the OP is financially ready and finds a house that fits his/her interest, go for it. Housing market fluctuations shouldn't affect decision on purchase on primary residence with plan for long-term residence. Plus,the Atlanta metro is a very healthy real estate market.

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                    • #25
                      I am currently renting based on a recent divorce. Pretty worried about what I’ll be able to buy with our current marker - awful for buyers (cash only as is multiple offers, bids far above asking etc)

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                      • #26
                        I don't see the point of trying to time the market on a primary home. Sounds like you like your job and it's for the longterm forseeable future. Your home is illiquid and a long term investment.

                        Think of it this way. Would you leave your job and move somewhere else that's better for home values if the real estate market weakened in Atlanta? Of course not. Who know whether you will overpay or you will regret not buying when property values are even higher in 10 years and you're still renting waiting for the market to tank.

                        If this was a second home and you're trying to find the best value and potential to park your money thats a different story.

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