Is the Real Estate Market Still Strong in Your ATL Area? (Atlanta: for sale, credit)

[staywarm2]

I'm seeing a short supply of homes in the Alpharetta area. What about your area of ATL? Are homes there still selling quickly? Or has the departure of the spring/summer season slowed sales down?

[CAWjr]

In my neighborhood in Smyrna we have seen only 4 houses go up for sale recently & 2 are currently actively for sale. One of those owners has everyone pissed. They are selling their house for $100k less than market because:

1) They are still mentally living 5 years ago
2) They are desperate to sell
3) They have an idiot for a realtor

Everyone is pissed because they are hurting all of our comps in the event we want to sell. The market still isn't back to what it was when we bought in 2006, but it's very close.

[cqholt]

Small, remodeled, 2/1, 1100 sq ft homes are going for above $200K. There is a brand new subdivision being built with homes starting in the $400k's.

[Tarzanman]

Originally Posted by CAWjr

Everyone is pissed because they are hurting all of our comps in the event we want to sell. The market still isn't back to what it was when we bought in 2006, but it's very close.

If you belive this, then you are not as cognizant of all of the circumstances that affected the market in 2006 and the market now.

Sales are up from a few years ago, but qualified buyers are more scarce due to credit being tighter than it was then.

It is only the relatively low inventory that is keeping values where they are now with the slow Atlanta economic recovery. My guess is that total revenues are still off from the craze of 2006.

As for the seller on your street, he probably has his own circumstances. It happens?

[jsvh]

Yes. -Ormewood Park.

[lorilove]

I live in Smyrna and we have only had 2 sales all year. The first one went for top dollar in about 2 months - they would have gotten more but the appraisal came in and forced them to drop $5,000.

The other house went under contract in less than 3 weeks. It is not in the best of shape so not sure how good of a price they will get.

Prices are definitely going up and there is no supply. Still plenty of room to go before we get back to peek prices.

[DaBurgh]

The place I just closed on in Cumming had been on the market for 3 months and I paid a net of 9% below the appraisal.

[Nast]

Just over a year ago, 3 BR houses in our immediate vicinity in Lake Claire were staying on the market for about 3-6 months. Now within the past couple of months we’ve had about a half dozen houses go under contract less than 24 hours after hitting the market (one I know of never even went on the market), often at or over asking price.

[ahope1980]

Well, we plan on buying in Alpharetta in the spring, so here's hoping it slows down until we buy.