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Atlanta Home Prices Down - Average Atlanta Home Prices Decline 14.8%

The latest Case Shiller Index index was just released today and everyone has out a magnifying glass trying to read the 'real estate tea leaves' and predicting it isn't all bad. The truth of the matter is that home prices in the Atlanta area fell almost 15% from last April. If I was a seller that isn't good news. 15% can add up very quickly. Sellers need to realize that if they purchased a home in the last few years in teh Atlanta Metro area, it will be almost next to impossible to break even. No, no one is giving away your home, it just may not be worth the same.

$100000 - 15% = 85K Net (a loss of 15K)
$200000 - 15% = 170K Net (a loss of 30K)
$300000 - 15% = 255K Net (a loss of 45K)
$400000 - 15% = 340K Net (a loss of 60K )
$500000 - 15% = 425K Net (a Loss of 75K)

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 06/30/2009 06:18 PM

Comments (22)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Atlanta Home Prices Down - Average Atlanta Home Prices Decline 14.8%

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22 Comments on Atlanta Home Prices Down - Average Atlanta Home Prices Decline 14.8%

JUN

I really enjoyed reading about your local market. Keep it up.

Jim, it appears Atlanta is in line with New Orleans. If you want to sell your property in this market you need to price it right. I sold my personal home in one day to the first buyer. I lost about 12%. At least we got our cash out.

Jim,

Right in line with the rest of the nation...!!! But it is what it is and we must deal with it...!!! Thanks, Fran

Hi Jim, your market is looking like others I've seen across the country. Our market is still dropping, but don't know the facts right now.

Ouch Jim, But for the most part it is that way all across the nation. Sad but true!

Tim Green (Real Estate and Beyond LLC) Glad you enjoyed it.

Frank Rubi Kenner/Metairie LA Real Estate (E. Frank Rubi Real Estate) Getting the cash out is a good thing...I sold a few years ago. It is a tough time to sell, but a great time to buy!

Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) We have to deal with it.

Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) I stil think many sellers are not getting this reality.

Jim, Just got our new county valuations and Cleveland is down 11%. Not so bad in the burbs where it's anywhere from zero -12%

Paul Henderson, Realtor ® Lacey & Dupont Washington homes (RE/MAX Professionals & Four Seasons Inc.) I know Paul. This is a hard pill for most sellers to swallow.

Barb Szabo E-pro Realtor Cleveland Ohio Homes (RE/MAX Trinity) Kind of scary how common a situation this is across the nation.

Jim:

Atlanta still is an anamally. It has been a financial not to do poster child. Lets hope when the dust finally clears, everyone has learned their lessen and lack of prudent conduct is not over looked.

Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) I agree with your assessment "It has been a financial not to do poster child."

I hear home owners in Louisville talk about how bad "the market" is all the time. The reality is, most areas are flat and some even show appreciation. I just shake my head, because I see your stats and those from other areas of the country. That has to be one tough pill to swallow.

Erik Hitzelberger, --Louisville-Bullitt County Real Estate (RE/MAX Alliance) I agree. Homes that are selling, are selling because they are priced right. Other homes are just overpriced period.

15% is a heck of a decline in one year. However, home prices in Phoenix have been nearly halved over the past two years. That stings. :)

JUL

Mark MacKenzie Real Estate Planning Mark the average list price in my area is above what the seller paid for it 2-3 years ago. Perhaps that is why so many home are sitting unsold.

Jim,

I would hope to see improvement in your market soon. Not only for the Seller's but for all. As the East Coast go's, so go's the West. We are begining to see improvements here all be it slow.

Downtown Portland Real Estate Broker~Herb Hamilton (RE/MAX Preferred Inc. Realtors) I have really not seen much improvement, but the tide of foreclosures seems to have ebbed a little in appearance...or maybe I have just become numbed to it.

Jim,

You seem to be a sensible guy. I just came across your website. I'll follow you for a while to see what's up. We're looking to sell, but we're underwater-no fault of our own. 4 foreclosures in the neighborhood in the last 9 months. Those of us left take the hit because some homeowners and the banks/mortgage companies made bad deals. Or, bad misfortune struck the homeowners. I don't know, but in the end we have to deal with it.

A bad deal all around.

John -I know there is no consolation that you are not alone. We live in a very dysfunctional area in Atlanta. We were inundated with easy money, no money down, too much home builder speculation, loan fraud and the numbers of agents increase over 300%. Many of the agents in our market place have never sold a home, yet freely give out bad advice. Overpriced homes, bad initial purchases are very hard to undo. It is a bitter pill to swallow..yet some homes are still selling. Sometimes we have to look at every possible angle of the sale and just make a determination can the deal be pulled off at all. Never give up, arm yourself with education, current data, trends, and facts.

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