What is happening in the economy? Any idea when it will hit bottom and then go back up. Is the foreclosure about over?

Asked by Jeanni244, Walton County, GA Thu Feb 17, 2011

I know the real estate agents have more insight into the housing market than someone that is looking to buy or sell their homes. I hope someone has some information that would help sell my home but I need a fair price not something just to make a quick.

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John Reinhardt’s answer
John Reinhar…, Agent, Atlanta, GA
Fri Feb 18, 2011
No one can tell you the exact number and precisely when the housing market will turn totally around in 2011. However, it is going to turn around in 2011. I’m starting to see new construction and price stabilization on resale homes as I’m writing this. This spring and summer you will see prices start to come back and hold in Atlanta metro.



Any additional information of the real estate market’s come back can be found on my blog:



http://www.trulia.com/blog/john_reinhardt_greater_atlantasu/





John J. Reinhardt

Solid Source Realty

My Website

T (678) 310-9811

Contact Me
0 votes
Veronika Bar…, Agent, Roswell, GA
Thu Feb 17, 2011
Jeanni,

Housing prices may not have hit rock bottom yet. And when it does, stabilization period more likely to take place before prices will start going up again. Not going to happend this year for sure.

Here is some numbers for Metro Atlanta: http://www.atlantarealestatemarketconditionandtrends.com

Like it wasn't enough already, last week, the Obama administration called for gradually raising down payments to a minimum of 10% on conventional loans, meaning those that can be bought or guaranteed by mortgage giants Fannie Mae and Freddie Mac. And mortgage data show that private lenders are already pushing sharply higher the required down payments, mainly to mitigate their risk as home prices continue to fall.
For a seller it simply means less buyers' traffic at the door. Whatever your goals and time frames are, hope you have a professional specialising in your area to help you with this decision.
0 votes
Amy Givoni, Agent, Boca Raton, FL
Thu Feb 17, 2011
We're definitely not at the bottom yet. I predict years to go, still. I would advise you to drop your price and sell now, if you truly intend on selling. Whatever you can get today, is more than you will get next year, or two years from now, or long into the foreseeable future. If you owe more to the bank than the house is worth, you can do a short sale.

We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes
Lee Taylor, Agent, Decatur, GA
Thu Feb 17, 2011
Stephanie - being positive is paramount, and helping people is our job, but when reliable predictions are in place for 2011 that say that the metropolitan Atlanta statistical area will have a median price drop of 7-9%, it ain't over. Buyers have the edge.

Not necessarily Milton and East Cobb, not necesssarily downtown Decatur, and not necessarily other hyperlocal submarkets, but many, many zip codes are in continued distress. 3-5 years of where distressed sales will rule the submarket.
Web Reference:  http://intowninsider.com
0 votes
Lee Taylor, Agent, Decatur, GA
Thu Feb 17, 2011
I think that the most conservative forecasts, disciplined by deep demographic pattern studies and cyclical trends, show a more counterbalanced buyers and sellers market, based on national numbers, not Graniteville, SC numbers, within 10-12 years.

Read the most recent article that I wrote on my site at the web reference - one of the stats that I quote is that 66 % of all recent purchase and sale transactions nationwide are not distressed...

Ask a local real estate pro their opinion.
Web Reference:  http://intowninsider.com
0 votes
Stephanie Mc…, Agent, Canton, GA
Thu Feb 17, 2011
Dear Jeanni. There is no predicting when we will hit bottom or when the real estate market will stabilize. There are encouraging signs in the general economy and in real estate right now. Depending on where you are located the market may have already found bottom - in some areas like Vegas for example they are saying it's pretty much bottom, in Atlanta it's pretty much bottom - this doesn't mean that there will be some fluctuations but that holds true for any time in real estate.
The rate of foreclosure at this time is directly linked to unemployment at this point. 99% of the people who bought in over their heads or took out bad loans are behind us. Now we are seeing foreclosures forced by people who have lost jobs in the ailing economy and have run out of resources to pay their mortgage.
As the economy grows the foreclosures will get back to a "normal" rate.
Be positive - we should all be positive and responsible consumers and this country will get back on its feet soon.
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