Housing market updates from Atlanta

[Konebhar6]

Just now, lollilolli2020 said:

ante anna next year varaku mellaga wait cheyochu antava illu konadaniki ??

Recent yrs show that market dynamics change quickly. Keep an eye on homes, keep shopping. See what you like in a home. Must haves etc. 

Zero in on the communities. Go there in mornings and evenings and see if you envision your family there.

make an excel sheet with your comfortable EMI including property taxes+ mortgage. See what you can afford. With prices and interest rates dropping, your affordability should increase.

You cannot buy at bottom, and if its primary home, you cannot put a value on it. 
 

2024 Q4 and 2025 Q1 should have better prices based on data available today

[Sonu_Patel]

4 minutes ago, Hitman said:

asalu ee suburbs (>50miles away) from airport... Any non desis would buy? 

Non desis does not prefer those areas anna.. I heard some of the communities lo 80-90% desi population unna communities lo resale problems unnai.. remaining 10-20% non desis selling and running away with profits.

non desis are buying in other areas with the profits made with our desi madness happened in pandemic. 

[VictoryTDP]

3 minutes ago, Sonu_Patel said:

Non desis does not prefer those areas anna.. I heard some of the communities lo 80-90% desi population unna communities lo resale problems unnai.. remaining 10-20% non desis selling and running away with profits.

non desis are buying in other areas with the profits made with our desi madness happened in pandemic. 

Baaga aadaru kadha 

[lollilolli2020]

3 hours ago, Sonu_Patel said:

GA,NC, TN, FL, SC,TX will have the major impacts with Inventory supply vs demand. 

There is tons of inventory and weaker demand will lead to price reductions. 

ala kaadu anna; ippudu 2018/2019 lo konnodu; say 300K or 350K which is actual price; adi ippudu 500K ayindii anukundam list chesadu offers ravatam ledu, he might say 450K ochchina ammi ** coz he is still in profit zone. 

ade mana telugu tejams 2021 tarvata; same house 350K di 550K petti konnadu; do you think he will sell at 450K ?? or will they hold ?? 

same USA Raja type story aithadii mana telugu tejams di who bought at peak prices and peak interest rates. 
 

 

[lollilolli2020]

8 minutes ago, Konebhar6 said:

Recent yrs show that market dynamics change quickly. Keep an eye on homes, keep shopping. See what you like in a home. Must haves etc. 

Zero in on the communities. Go there in mornings and evenings and see if you envision your family there.

make an excel sheet with your comfortable EMI including property taxes+ mortgage. See what you can afford. With prices and interest rates dropping, your affordability should increase.

You cannot buy at bottom, and if its primary home, you cannot put a value on it. 
 

2024 Q4 and 2025 Q1 should have better prices based on data available today

tummithe udipoye jobs ki house koni settle avvali ante bugulu aithadi bro. 

bold ardam kaley; where to look for all those numbers ?? 

[Konebhar6]

21 minutes ago, lollilolli2020 said:

tummithe udipoye jobs ki house koni settle avvali ante bugulu aithadi bro. 

bold ardam kaley; where to look for all those numbers ?? 

Zillow, redfin for home prices, and history. Bank rate for current Mortgage rates. Use any online calculator for home affordability.

[Sonu_Patel]

41 minutes ago, Konebhar6 said:

A home in mountain house listed for 1.3M. Reduced to 1.1. My friend gave offer for 1.06. They did some drama and wanted my friend to go with their friend who is a realtor. My friend backed off. Now they are ready to agree to all terms plus reduced price even further to 1.04. 
Friend backed off completely. It was previously a model home and has plenty of upgrades.

However reality could change quickly with interest rates reduced. But stock market and job market is key. And winter coming with too many homes on market. 
Let’s see what’s going to happen. 

I had conversations with several sellers who listed their homes in market.. 

If the home is well maintained and priced in correctly, it will go within 1 week in market. 

after 1 week, If no offers it will be a wait game and most probably end up doing price reductions and rent as per kitty party gang suggestion. 

BUYERS now have hell lot of options to pick and choose the best one. 

 

 

 

[Konebhar6]

1 hour ago, lollilolli2020 said:

ala kaadu anna; ippudu 2018/2019 lo konnodu; say 300K or 350K which is actual price; adi ippudu 500K ayindii anukundam list chesadu offers ravatam ledu, he might say 450K ochchina ammi ** coz he is still in profit zone. 

ade mana telugu tejams 2021 tarvata; same house 350K di 550K petti konnadu; do you think he will sell at 450K ?? or will they hold ?? 

same USA Raja type story aithadii mana telugu tejams di who bought at peak prices and peak interest rates. 
 

 

Check what happened in 2007-2008 crash. Foreclosure is the way. 

[ChillDude]

2007 Mar Jobs and inflation news article.. That optimism sounds exactly like 2024..

After that 2007 Sept lo 1st rate cut chesaaru due to fear of recession same like 2024

https://www.nytimes.com/2007/04/07/business/07jobs.html

[Sonu_Patel]

3 hours ago, ChillDude said:

2007 Mar Jobs and inflation news article.. That optimism sounds exactly like 2024

https://www.nytimes.com/2007/04/07/business/07jobs.html

ippatikey Pre-owned homes ki offers ravadam ledu anna.. All homes sitting on market for over a month with no offers on table. 

pandemic mundu 300k ki koni ipudu 600k/700k list chesina homes ki chala kashtam ga undi anta..

Buyers ipudu Zillow or redfin price history lo sale price chustunnaru.. more than double prices ki selling... 

material costs, labor cost ani new home buyers ni buttalo vestunnaru. 

[ChillDude]

1 hour ago, Sonu_Patel said:

ippatikey Pre-owned homes ki offers ravadam ledu anna.. All homes sitting on market for over a month with no offers on table. 

pandemic mundu 300k ki koni ipudu 600k/700k list chesina homes ki chala kashtam ga undi anta..

Buyers ipudu Zillow or redfin price history lo sale price chustunnaru.. more than double prices ki selling... 

material costs, labor cost ani new home buyers ni buttalo vestunnaru. 

Ippudu konna vaalu inka next bubble ki breakeven avutaru anna.. Some people are ok with it as their kids r in middle school.. FOMO lo kone vaalu regret avutaru.

GFC time lo 1st yr ee baaga dump ayyindi housing.. National avg in 2008 15-18%, 2009 5-7%, 2010 2011 - Flat to 3%.. Southern states lo they dumped little more.

If this pattern repeats, atleast 1 yr taravata konna vaalu early ga break even chances untai

[keertana]

12 hours ago, cinemapiccha said:

Itha matladu thunnav.

Asalu, did you see the analysis of no of homes vs no of homes needed for families. And no of families waiting even for a small correction.

Once the interest rate goes down. The affordability will increase by a lot and that will drive the demand so much that there will be bidding wars again.

Just wait and see.

inkaa koncham logic add cheste...

interest rates eppudu taggistaaru? 

inflation control ayinappudu, company lu diwala ki daggarloki vellinappudu (we are close)

adeppudu avuthundi.. 

janaalu spend chayatam tagginchi nappudu.. vaalla confidence damage ayinappudu

adeppudu avuthundi.. 

unemployment periginappudu, job security lenappudu 

adeppudu avuthundi..

companies eda peda layoff chesinappudu 

so ee situation lo interest rates taggiste janaalu egabadi illu kontaaru antaavaa?

intel lo 20k dell lo 12k lepaadu ee month. others also will follow 

60 days job raaka pothe visa meeda unna manollu em chestaaru ?

 

 

[Sonu_Patel]

12 hours ago, cinemapiccha said:

Itha matladu thunnav.

Asalu, did you see the analysis of no of homes vs no of homes needed for families. And no of families waiting even for a small correction.

Once the interest rate goes down. The affordability will increase by a lot and that will drive the demand so much that there will be bidding wars again.

Just wait and see.

isonti maatalu cheppi .. rechagotti.. papam Newly Married couples and OPTs ni intiki and instagrams lo lock chesi mingaru ..

papam newly married couples who bought in last 2 years stopped taking vacations and atleast kiddos ni day care lo veyali anna aalochistunnaru.. karchulaki bayapadi. 

[Sonu_Patel]

@Aquaman - Ikkada tejams already started selling for loss anna.

suburbs lo demand baga down aeindi.. look at this..

https://www.zillow.com/homedetails/5010-Crestline-View-Rd-Cumming-GA-30028/353660351_zpid/

they are trying to sell since last 3 months.. they bought for 800k 3 months ago. 

Selling price (835K) - 6% broker commission = 784k

Total loss = Selling price (835K) - 6% broker commission - 3 months mortgage payment =  28K in the matter of 3 months from closing. 

 

[Hitman]

7 minutes ago, Sonu_Patel said:

@Aquaman - Ikkada tejams already started selling for loss anna.

suburbs lo demand baga down aeindi.. look at this..

https://www.zillow.com/homedetails/5010-Crestline-View-Rd-Cumming-GA-30028/353660351_zpid/

they are trying to sell since last 3 months.. they bought for 800k 3 months ago. 

Selling price (835K) - 6% broker commission = 784k

Total loss = Selling price (835K) - 6% broker commission - 3 months mortgage payment =  28K in the matter of 3 months from closing. 

 

Construction quality is VERY poor. Elevation ki just white cement vesaadu. Kitchen not even 10K worth materials used. Doesnt even worth $200K.