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(Lavon Lake Specific)
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| Name: |
roswellric
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| Subject: |
Trapped by Negative Equity
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Date:
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5/24/2013 7:02:03 PM
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Interesting article on trends by cities. There's less supply of housing than you think....
URL: Zillow Report
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| Name: |
MartiniMan
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| Subject: |
Trapped by Negative Equity
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Date:
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5/25/2013 10:05:32 AM
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Two quick examples. Friends put their house in Dunwoody on the market and had an offer at their asking price as soon as it the MLS. Another friend went to look at a house in Vinings that had two offers and between setting up the appt in the morning and getting there at 2pm two more offers came in.
Very little new inventory has been built in the last 4 or 5 years and until the prices catch up with the demand existing homes will be few and far between. Interest rates are still low but with the talk at the Fed they may start creeping up so that too will drive demand. Probably a sellers market for the next couple of years.
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| Name: |
hibill
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| Subject: |
Trapped by Negative Equity
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Date:
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5/25/2013 11:19:44 AM
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Biggest problem with buying a home is the down payment, my last purchase was 10 years ago and I had to come up with 25% down, which wasn't a problem for me. Many young people simply do not have the means or funds to drop 20K to 40K on a new home. I agree they must have some skin in the game and a perfect credit score to purchase housing.
I live in an older neighborhood, most of the house here sell for 100K to 200K and are from 35 to 45 years old. Even if a man can afford the payments, which in most cases is cheaper than renting the down payment is staggering.
I pay $640 a month for my home, 4 bedrooms,3 baths and a large finished basement plus shop, but across the street is a house half the size of mine and rents for $850. There must be a better way to buy homes than what is in the system today.
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| Name: |
Osms
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| Subject: |
Trapped by Negative Equity
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Date:
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5/25/2013 11:55:39 AM
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Ric, it's interesting to see that ATL is buried in negative equity, but the lake area seems to be in good shape. Guess the lake area didn't experience the crash, which is what Realtors have been saying all along. If houses are selling the day they hit the market, the pent up demand should see prices increasing soon. Also, the unforeclosed, but heavily delinquent, mortgages held by banks might start hitting the market if the banks see they can salvage some lost value. Maybe there's hope after all.
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