What are you seeing in the market?

This is supposed to be a key time for home sales.

Many people get into the real-estate market over the summer, trying to get situated before school starts.

But the market still seems very soft.

Prices for existing homes continue to fall across the country, although the rate of decline in Atlanta is slower than the national average, according to a widely watched measure.

AJC reporter Michelle Shaw writes that the S&P Case-Shiller index, released today, showed the average price of metro Atlanta homes dropped 0.42 percent in April, compared with March. Year-over-year, the average price of a metro Atlanta home dropped by 15 percent.

But those numbers look backward. Are you in the market now? What are you seeing?

6 comments Add your comment

JohnF

June 30th, 2009
11:16 am

We put a contract on a pre-construction condo project three years ago this month, watched it being built for 12 months, closed a year later with a 20% down payment and moved in Sept. 2007. We spent the next year renovating the paid-off house we move out of with the goal of selling it. But over that year we realized we really loved the house and that condominium life wasn’t for us and decided to move back into the house and sell the condo. It was a bad time obviously, but our HOA covenants wouldn’t allow us to rent it and even though we would lose some equity we felt it was better than paying mortage payments on a property we no longer desired. We listed it eight months ago at about $5000.00 less than we paid…no offers and hardly any traffic. We now have it listed at $40,000 less than we paid. There’s a little more traffic but still no offers. We can’t go any lower without being underwater. I’m stumped..it’s a great place for someone that likes that lifestyle.

We don’t have a mortgage on the other house so we’re not in financial distress, but I feel like I throw money down the toilet each month..paying for a property that we don’t want, has lost value, and is hard to sell.

I tell myself I would never walk away from this but I find my self struggling with the option of sending the bank jingle mail.

Alan

June 30th, 2009
11:37 am

Well with all of the pathetic thugs continuing to cause problems, I am surprised they have not fallen more. Look at the poor students at GA Tech. Thirteen crimes in just a few months? All caused by thugs of course. It just blows me away. First the ruin Buckhead, then Atlantic Station, and now they are working on Midtown.

AH

June 30th, 2009
11:40 am

Hey stop whining you only lost 1/8 of your value that’s change you can believe in. We should be jumping for joy at the fact that we’re not nearly as bad off as those suckers that lost 18% of their value.

In all seriousness JohnF I fully understand your problem I’ve got a similar situation. I did the reverse and I suggest you do the same if you don’t want to send the keys back. Rent the house, live in the condo.

LC

June 30th, 2009
12:18 pm

My husband I bought a house in Powder Springs six years ago for my daughter to rent. With prices being what they are she decided she wanted to buy a house, just not that one. She and her roommate had taken really good care of the house, but I repainted the inside of the house and did a few small cosmetic changes, light fixtures, bathroom fixtures, etc., just to insure it was totally move-in ready. We were very skeptical that we would be able to sell the house because of the large amount of foreclosures in the area. We priced the house aggressively, still not competing with the foreclosures, but less than what we paid for it six years ago. Very fortunately for us, we were able to sell the house very quickly, We listed it on 4/28 and closed on it on 6/22. We were are very thankful we were able to sell it so quickly.

Big Jon

June 30th, 2009
12:28 pm

As an Atlanta Property owner/manager of over 100 homes for almost 30 years in the Inner city. Atlanta’s drop in Home values is only due a little to the economy. The City of Atlanta is a Lawless Wild West Little Town. If one of my houses gets broken into at 5:00P.m. on a friday afternoon, and someone is arrested, they are usually booked and released in about 4hrs. and by midnight they are at it again. Atlanta’s worst enemey is the City of Atlanta. Mismanagement of City funds and Higher Taxes have done more to hurt Homes Values in Atlanta than the economy ever could. ” Hey what not give the citizens of Atlanta back the money from the airport-which would drop city Property taxes by half. Just a thought. Atlanta, The city that never stops screwing it’s citizens, and where the citizens are too scared to speak out, for fearing they will be killed or harrassed by the City or aka the friends of the city. I do not know why I love this city so much, I guess it is the never ending comedy show put on by the City of Atlanta that keeps me here. God! I love Atlanta!!

Dan

June 30th, 2009
8:57 pm

I have had my condo on the market for over a year. I have reduced the price of the condo by 30,000 from what i bought it at. I have had medium foot traffic. One offer for 2/3 of my asking price. Other than that, this market has been dismal.