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Will the housing market burst soon?
Posted on 1/19/22 at 3:44 pm
Posted on 1/19/22 at 3:44 pm
Full disclosure, I'm looking at buying my first house (single 29 y/o). Have the capital, but the market especially in ATL is fricked. Most 3br/3b with ~1500 sq ft setups in decent areas are going for >350K. I have to have a garage so I can do car work and store my tools and stuff, but not too picky on other things.
Should I pony up for an extremely overpriced house this summer or renew my lease at my current apartment and wait a year? Any older/experienced baws have any advice?
Should I pony up for an extremely overpriced house this summer or renew my lease at my current apartment and wait a year? Any older/experienced baws have any advice?
60
Posted on 1/19/22 at 3:46 pm to VolsOut4Harambe
renew if you have cash and don't mind higher interest rates.
Posted on 1/19/22 at 3:46 pm to VolsOut4Harambe
quote:
Will the housing market burst soon?
My gut feeling is yes, it will... but maybe not everywhere.
I don't know how Atlanta is doing in terms of transplants coming in.
It's going to have to bust in places that are losing population, how can't it?
Posted on 1/19/22 at 3:46 pm to VolsOut4Harambe
An economic collapse is inevitable. The question is when? Could be a year, 2 years, or 5 years. Maybe even tomorrow. No one knows.
Posted on 1/19/22 at 3:47 pm to VolsOut4Harambe
quote:lol no
Will the housing market burst soon?
Posted on 1/19/22 at 3:47 pm to VolsOut4Harambe
The entire economy is set to burn down in flames
We wait
We wait
Posted on 1/19/22 at 3:48 pm to VolsOut4Harambe
The only thing that will stop it is high interest rates. I’m in a tough spot too, need to relocate due to hurricane but everything is super inflated. However I’d love to lock in a rate now, but they change over time, whereas purchase price is what it is
Posted on 1/19/22 at 3:49 pm to VolsOut4Harambe
I have said this multiple times and no one seems to want to believe it.
Then when i go on house sites and show that, people are in awe.
There is zero reason that a 3 bedroom starter home is 330k and higher.
A friend of mine said well it’s just the market we are in and i said stop trying to sell me that BS. You know as well as i do when this shite nose dives, a whole bunch of people are gonna be in a bad situation and will never get that money back.
Then when i go on house sites and show that, people are in awe.
There is zero reason that a 3 bedroom starter home is 330k and higher.
A friend of mine said well it’s just the market we are in and i said stop trying to sell me that BS. You know as well as i do when this shite nose dives, a whole bunch of people are gonna be in a bad situation and will never get that money back.
Posted on 1/19/22 at 3:50 pm to VolsOut4Harambe
Demand is much higher than inventory here in TX. I can’t speak for your market but I don’t see a huge crash in the near future (2022).
Posted on 1/19/22 at 3:50 pm to VolsOut4Harambe
In bad areas it has to.
Areas in good states with good schools I would imagine it will continue or accelerate further once the rest of the bubble pops.
I’m floored by some of the numbers I’ve seen in BR and was shocked and what I was able to sell my house for, albeit in a nice area but how long that area stays nice is much less certain.
Areas in good states with good schools I would imagine it will continue or accelerate further once the rest of the bubble pops.
I’m floored by some of the numbers I’ve seen in BR and was shocked and what I was able to sell my house for, albeit in a nice area but how long that area stays nice is much less certain.
Posted on 1/19/22 at 3:53 pm to VolsOut4Harambe
lock in a rate before next quarter
Posted on 1/19/22 at 3:54 pm to VolsOut4Harambe
I don't see it dropping in the next six months for sure or rates going up much.
Really depends on your future plans. Possible transfer, etc.
I would renew your lease for another year, unless you plan on staying in your new house for say 10 years or more. After values drop, they will return over time and you won't lose equity.
Really depends on your future plans. Possible transfer, etc.
I would renew your lease for another year, unless you plan on staying in your new house for say 10 years or more. After values drop, they will return over time and you won't lose equity.
This post was edited on 1/19/22 at 3:55 pm
Posted on 1/19/22 at 3:54 pm to VolsOut4Harambe
I feel your pain. My wife and I have been looking to move from Lawrenceville/Gwinnett to Carroll, Paulding, or Polk county to be closer to work in Villa Rica and avoid Atlanta traffic altogether. The housing prices are INSANE! Folks are wanting upwards of $350k for a dilapidated 1400 sf shack even in places like Bowden, Bremen, Tallapoosa, Rockmart, etc.
We're going to put our place in Lawrenceville on the market within the next month or so, then live in an apartment until home prices settle down a bit.
The big worry, though, isn't only the price of homes, but how long before interest rates takeoff like the space shuttle to try to slow down inflation? Damned if you do and damned if you don't.
Good luck with the house search!
We're going to put our place in Lawrenceville on the market within the next month or so, then live in an apartment until home prices settle down a bit.
The big worry, though, isn't only the price of homes, but how long before interest rates takeoff like the space shuttle to try to slow down inflation? Damned if you do and damned if you don't.
Good luck with the house search!
Posted on 1/19/22 at 3:54 pm to Fat and Happy
quote:
A friend of mine said well it’s just the market we are in and i said stop trying to sell me that BS. You know as well as i do when this shite nose dives, a whole bunch of people are gonna be in a bad situation and will never get that money back.
I can't stand how our culture has turned owning a home into the ultimate investment. This shite is just not sustainable.
Posted on 1/19/22 at 3:54 pm to VolsOut4Harambe
I hope so. I’m flirting with the idea to relocate to Atlanta in the next couple years.
Posted on 1/19/22 at 3:54 pm to VolsOut4Harambe
in my opinion why I don’t think it will “burst” is there are so many people, like you, with money waiting on the sideline (and have been for the last few years) for the “drop”
so even if a drop does come, it will just lead to another new wave of buyers who have been holding their cash and waiting
it also won’t be as much of a crisis as 2008 was because right now people are buying these homes in cash or with large down payments, they can afford these houses financially with the low interest rates. even in a downturn it won’t be near as much of a bloodbath of defaults and foreclosures
if you hate living in an apartment and can afford it i think you gotta just jump in. prices might drop but competition will still be there at the lower price + higher interest rates on the loan
plus, while you wait it out i’m sure you your rent will keep rising as well.
so even if a drop does come, it will just lead to another new wave of buyers who have been holding their cash and waiting
it also won’t be as much of a crisis as 2008 was because right now people are buying these homes in cash or with large down payments, they can afford these houses financially with the low interest rates. even in a downturn it won’t be near as much of a bloodbath of defaults and foreclosures
if you hate living in an apartment and can afford it i think you gotta just jump in. prices might drop but competition will still be there at the lower price + higher interest rates on the loan
plus, while you wait it out i’m sure you your rent will keep rising as well.
This post was edited on 1/19/22 at 4:07 pm
Posted on 1/19/22 at 3:55 pm to VolsOut4Harambe
There was a 13 year span of massive underinvestment in housing post the GFC. Housing prices are elevated and will likely ease off, but there is nothing that could be considered "bubbly" outside of prices alone, which means there isn't a "bubble".
Could prices correct 10% or so? Sure. But collapse isn't in the cards with inventories are historically low.
Could prices correct 10% or so? Sure. But collapse isn't in the cards with inventories are historically low.
Posted on 1/19/22 at 3:55 pm to VolsOut4Harambe
quote:
single 29 y/o
Shocked I tell ya
Posted on 1/19/22 at 3:55 pm to VolsOut4Harambe
No. The inventory isn't close to being high enough and there's institutional buying going. Talking people buying 50-100 homes a month in certain areas.
Posted on 1/19/22 at 3:56 pm to VolsOut4Harambe
Rising interest rates would halt it.
Another thing, often overlooked, is that prices could be rising faster than wages. If so, demand will soften and prices would come down.
It won't just keep going up.
Another thing, often overlooked, is that prices could be rising faster than wages. If so, demand will soften and prices would come down.
It won't just keep going up.
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