Can't sell house in Vinings Estates, WHAT GIVES?? (Atlanta, Smyrna: for sale, real estate market)

[Robertpel9]

I have a brick ~4300 sq ft mint condition house in VE for sale under 480k with a full finished basement and TONS of storage and I cannot seem to sell it. It's been 3 months and I have had nothing but positive feedback from the window shoppers that have looked at it but no sale.

I thought this was a coveted community. A relocation beckons and i need to move my house. Any idea about what is going on with the Vinings Estates market, seems rediculously slow.

[rcsteiner]

Originally Posted by Robertpel9

I have a brick ~4300 sq ft mint condition house in VE for sale under 480k with a full finished basement and TONS of storage and I cannot seem to sell it. It's been 3 months and I have had nothing but positive feedback from the window shoppers that have looked at it but no sale.

Housing is very very slow across the entire country, people have literally hundreds of units to choose from at any given time, and I've seen houses for sale in various parts of Smyrna and Mableton for over a year now with no sale. It's a buyers market, and just about everybody knows they can take their time and get exactly what they want.

Sounds like you have to do something to make your house stand out as a special offering of some kind. Vinings Estates is a very nice development (I live just south of you in Stoneybrook and part of me wishes we could afford to live in VE), but the quality of the subdivision may not be enough these days.

[atlantagreg30127]

1) There are TONS of homes for sale in every area of Atlanta right now. Pretty much everyone is having a hard time.

2) The "average" home buyer isn't looking in that price range... more like $250k or under. Once you reach the upper-middle income area of $350k and higher, then things slow down even more in an already very slow market.

3) Is your house spotless? Are people walking in to see tons of kid's toys laying everywhere? Dog or cat smells? Moreso than any other time, a home HAS to look like a spotless show home when people view it, or they'll go on to the next house close by that is. People can get brand new unlived in homes now for less than resells due to builders getting desperate - so your house has to show LIKE a new home and have perks to draw them to want yours. If your house does look too "lived in", consider renting a storage room or "pod" and store any and all unneeded items.


In my neighborhood there are several homes for sale, and a few of them have been for sale for months. Those homes are over $250k. A very small house at the end of the street went up for sale at $130k and sold literally 10 days later to a single woman. Right now people with $$ seem to be leasing luxury apartments, downsizing to condos, or simply keeping what they have until the market goes back up and they can get more for their own property before moving.

Also keep in mind that there have been announcements of a LOT of new construction projects that are going to happen in the Cumberland Mall area. It's a "remodeled" area and there's going to be a ton of new projects and growth around there. That's not always what people want, either.

[BobKovacs]

As Greg said, the people who were getting the stupid mortgages to afford $500k houses can't get them anymore, so they're looking more in the realm of reality (sub $250-300k). The buyers who can truly afford a $500k house are fewer and farther between, and have tons of available stock to choose from. BTW- 3 months isn't exactly what I'd call "a long time" in a normal real estate market, so you may need to either adjust your expectations or plan on carrying two mortgages for a while.......

[Vampgrrl]

I had a $150k house in Woodstock that took over a year to sell and I took a $6k loss on the house to get rid of it.
You either need to make some price cuts, very attractive ones or sit tight for 2-3 years.

[Robertpel9]

I staged the house and moved out of it into a corporate relocation apartment. It is spotless, in fact the feedback I have gotten for people looking is that it looks like a model, no clutter, spolessly clean, decorated, etc.

I am getting showings when a lot of others are not but no offers. Some have been a little picky about the lot (it is a corner lot) but i cannot do anything about that and it is still an above average lot in VE.

Price is well below comps and we have over 4300 sq ft with more storage than anything else I have looked at. Is the market for 4-600k homes this bad????

[kagmypts]

Is your house a master on main? I know that there is nothing that you can do about it, but that could be a factor. Also, you mentioned that some people have commented on the lot... once again, that will play into people's decisions. Based on what you have said, it sounds like it is great condition - you just have to wait for the right buyer. Good luck!

[BobKovacs]

Originally Posted by Robertpel9

Price is well below comps and we have over 4300 sq ft with more storage than anything else I have looked at. Is the market for 4-600k homes this bad????

In a word- yes. There's plenty of stock available in the price range, and not enough buyers able to get financing for that kind of house anymore.

[Georgia]

Your issue is many folks' issue right now.
The main problem is two fold for the Atanta area.
As Bob stated, one is the changes in credit due to the Yuppies getting killed with over mortgaged homes, the latter is over development.

Im sure Greg can speak for Cobb, I can give you a review of Gwinnett.
For example, you can ride all over this county and find homes on the market for well over a year without one walk through. Foreclosures are ramplant, and speculators have turned nice developements into rental emporiums.

One of my main pet peeves is the stinkin developers and their kronies on the commission. Over the past years they have been handed permits like water, now we have new homes on the market forever. So, unlike you, the poor sap who is stuck with one home, these guys bordering on Chapter 11, are giving fire sales on new homes. One development down the road from me starting at 400k now has a big sign stating "LIVE FREE UNTIL JULY 2008!" Ohh! now that helps home sales in the area.

The last area I hate to say is that even Atlanta is growing at a record pace, it is beginning to get an overall reputation in regard to it's increasing crime rate mixed with some of the worst traffic in the nation.

Good Luck with your sale, wish me and the rest the same.

[atlantagreg30127]

And also, remember what I said before - the Cumberland area is about to literally explode with tons of new projects all over that area. Anyone who has lived in Atlanta for any length of time (for me, 22+ years) knows that when an area "takes off", it can get out of control and frankly, insanely stupid when it comes to congestion, overcrowding, and traffic flow problems.

Vinings is right next to if not somewhat part of that area that's about to go nuts. Newcomers won't know any better but as has been said, the number of $$$ homes and people moving here who have that kind of money aren't panning out much. Those who are here and established might be afraid that they'll buy into a place in that area and then it'll go crazy-nuts with growth, and they'll get stuck in an overly congested area like certain parts of Gwinnett.

It's like all those high rise condos in Midtown. Those who didn't think ahead and bought them right off the construction block are now going, "OMG there's a high rise about to go up next door... my view will be blocked and now I can't sell!!!". Likewise, people might be looking at the Cumberland area and going, "No, I'm not gonna get stuck in THAT in 5 years!".