Another Housing Bubble?

[JkEnder]

I have a townhouse, just inside the perimeter off Roswell Rd, that I bought for $215K 4 years ago. A massive Church of Scientology just opened across the street (still not sure how that will affect the property value). I would probably list it at about $270k and probably get $250k. Built in '72, 2400 square feet with 3 bedrooms and 3 1/2 bath, fully finished basement. My girlfriend wants to upgrade to a house in the $500K range (she makes $150K, I make $30k). Any advice is welcome. (Other than,"Put a ring on it," I'm trying)

 

[JamesG]

Put a John Travolta cardboard cut out in the window and ask $500K.

 

[TheGman]

I don't think GA is in a housing bubble , we built in 2002 and have upgraded since. We cannot get out of our home what we have "in it". The home we are in could not be built for what it would sell for now.

In contrast I have a son in Highlands Ranch , CO. Now there's a bubble. 2000 sq ft home on less than 1/4 acre is $400000 and sells within two days (routinely).

 

[3 S Trucking]

Developers have ruined Oconee County. My kids are the 6th generation to live on this farm and they will probably be the last.

 

[rbstern]

The problem with the system is that if the federal government subsidizes bad ARM's through bailouts, banks tend to lower the bar on the definition of "quallified," this artificial inflation of demand hurts everyone BUT the banks who propagate the system. I'm far from a socialist, but unregulated capitalism assumes a level of corporate morality and consumer objectivity that stands at odds with simple human nature. Artificially elevating demand creates a system whereby banks and realtors hoodwink buyers into buying more house than they need or can afford only to see them lose everything down the road. I'm all for supply and demand, but the current system is broken. Ignoring the lessons of the 2008 crash, in favor of an unshakeable belief in laissez-faire economics smacks of tragic niavete.

I don't have a problem with teaser rates, if the applicant is qualified. That's just a marketing mechanism. Key word is qualified. Ten years ago, they were giving credit to people who had no business buying a home.

I do believe there is a difference between this time and last time. Have a relative who recently retired from a very conservative mortgage bank. Last time around, the regulators were threatening them to lower their credit standards. While it's popular to blame the bankers, the reality is, it all started as a government social initiative. Sure, a lot of banks went for the easy money and ultimately passed the buck to the taxpayer, but the regulators either encouraged them to do it, or stopped doing their over site duty.

The unfettered capitalism you refer to is only unfettered if it's used on on both sides of the coin: Some of those big banks should have died, but as I previously said, we privatized the profit and socialized the risk, so the consequences for the worst banks with the biggest malfeasance were nullified.

 

[Byte Stryke]

I don't have a problem with teaser rates, if the applicant is qualified. That's just a marketing mechanism. Key word is qualified. Ten years ago, they were giving credit to people who had no business buying a home.

I do believe there is a difference between this time and last time. Have a relative who recently retired from a very conservative mortgage bank. Last time around, the regulators were threatening them to lower their credit standards. While it's popular to blame the bankers, the reality is, it all started as a government social initiative. Sure, a lot of banks went for the easy money and ultimately passed the buck to the taxpayer, but the regulators either encouraged them to do it, or stopped doing their over site duty.

The unfettered capitalism you refer to is only unfettered if it's used on on both sides of the coin: Some of those big banks should have died, but as I previously said, we privatized the profit and socialized the risk, so the consequences for the worst banks with the biggest malfeasance were nullified.

all reward with no risk.

 

[Slyhall]

In Brooks?

Damn-son......

He must have a hell of a house.

Ain't **** in Brooks.

School system and ptc.

I lucked out. Almost bought my "forever" house in 07'. I waited til 09' and found a 2007 built house that was foreclosed.. I could almost double what I paid for it now.

 

[roundhouse]

School system and ptc.

I lucked out. Almost bought my "forever" house in 07'. I waited til 09' and found a 2007 built house that was foreclosed.. I could almost double what I paid for it now.

There's also a 5 acre minimum lot size in most of Fayette county now I think

 

[roundhouse]

I have a townhouse, just inside the perimeter off Roswell Rd, that I bought for $215K 4 years ago. A massive Church of Scientology just opened across the street (still not sure how that will affect the property value). I would probably list it at about $270k and probably get $250k. Built in '72, 2400 square feet with 3 bedrooms and 3 1/2 bath, fully finished basement. My girlfriend wants to upgrade to a house in the $500K range (she makes $150K, I make $30k). Any advice is welcome. (Other than,"Put a ring on it," I'm trying)

I would not get one that expensive

Never let your payment be more than 35% of take home pay with a 15 yr fixed rate mortgage


PM me if you're interested in Smyrna
It's the best suburb in my opinion
Can still get a 3 br brick ranch on 1/3 acre for under $300K in an older neighborhood with lots of huge oak trees

 

[Byte Stryke]

I would not get one that expensive

Never let your payment be more than 35% of take home pay with a 15 yr fixed rate mortgage


PM me if you're interested in Smyrna
It's the best suburb in my opinion
Can still get a 3 br brick ranch on 1/3 acre for under $300K in an older neighborhood with lots of huge oak trees

Smyrna traffic, Already horrible... is about to get 400x worse