Most new construction builders are morons. Cracker jack lots with all views of your neighbor's house with power lines throughout the sub.
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Another Housing Bubble?
- Thread starter albatros43
- Start date
Most new construction builders are morons. Cracker jack lots with all views of your neighbor's house with power lines throughout the sub.
Money is cheap right now. Lots of houses are being bought to flip or rent by big firms with Wall st. and foreign money. But it isn't earley oughts flipping. Its high volumn rapid turn over as-is. They are making fractions of a percent, but they are doing a hundred a week. That is why they come off the market so fast. I have a couple of rental houses here and I get constant lowball offers from people with fancy sounding titles.
The World's economy is a giant bubble,it's bursting will be devastating and felt by everyone.
We are in the process of selling our house, should have closed yesterday but the loan got picked for an audit last Friday, which delay 15-20 days. It's a pretty scary feeling to be paying rent and a mortgage. The appraisals are killing people right now. When I bought my house 10 years ago, house were selling for 120-130k and I paid 109k for mine. You guess it if you are counting years, I bought right before the crash. When we finally found a buyer and agreed on a price, the appraisal came in 9k lowered than the agreed upon price.
We are trying to get in a position to build in the future, or else we would have hung on to it.
We are trying to get in a position to build in the future, or else we would have hung on to it.
It's interesting you say that. We had considered buying a new construction house and adding maybe $20k in upgrades. Our agent didn't feel good about that, as that would have made the house more expensive than any house sold in the sub. In short, she didn't think it would appraise for the asking price. And with a new construction, the builder wants 50% of upgrades up-front. We stood to potentially lose earnest money plus $10k or so in upgrades. I wasn't comfortable with that gamble, so we moved on.
I don't think this is a bubble. Last time around, there was so much phony credit injected into the market, prices had nowhere to go but sky high, and nothing to do but crash when the phony credit spigot got shut off.
The current demand in the Atlanta metro market seems to be driven by a genuine shortage of housing. Even rents are rising sharply due to lack of availability. Money is still cheap, as it was back in '07, but at least now it's backed by the signatures of people who can actually repay the loans.
The current demand in the Atlanta metro market seems to be driven by a genuine shortage of housing. Even rents are rising sharply due to lack of availability. Money is still cheap, as it was back in '07, but at least now it's backed by the signatures of people who can actually repay the loans.
Theres another one on the way. Watch what happens when that douche bag Dem gets elected in November.
Interesting. It seems that new construction would be booming then. Granted there are more new subs popping up, but nothing like it used to be.
Yes we are most definitely in a housing market bubble, at least in certain areas. I just sold and took complete advantage of it.But I have been watching houses in 6 different counties, and it is outrageous right now. There are houses that are just way overpriced for what you get, and any house with competitive pricing won't even last on the market for a week. And new construction is even worse.
Agree 100%, as we have been looking in the Kennesaw are to downsize and prices are in my opinion very high. There is a lot of new constuction in this area. I am working like mad to get out house ready to put on market, but so much to do. We have been here 44 years. When I look at Zillow map for this area, it looks like half the houses are in foreclosure. I will not buy now. Sean Hyman, Houston, whose financial letter I take, says he is selling now and will buy when prices come down - his wife is also a real estate broker. What they are doing around here, Kennesaw, are buying 20 to 40 yr old houses, ripping out walls, open floor plan, updating kitchen/baths and putting on market for over 100 per sq ft.
She aint going to get elected. Do you think a guy smart enough to become a billionaire and then outsmart the entire GOP and become it's nominee can't beat a crook, liar, and more than I want to say Democrat????
