Although Atlanta, GA House Prices Increased 10% in 2012, Prices Are Still Catching Up to 1999 Levels
After the dip in 2007 house prices rose in 2012 by 10% according to S&P/Case-Shiller Home Price Index for December 2012. This measurement demonstrates just how far prices had fallen and nationally prices increased by 7.3% on average. Out of 20 states monitored, both Atlanta and Detroit have prices still below 2000 levels. The survey showed that prices in Atlanta in December 2012 were at mid 1999 levels.
We should not lose optimism as there is a recovery of sorts. It’s just not gone back to the heady days when supposed equity from every rising house prices provided a cash-cow for all other consumer spending from buying new cars to 50” flat screen TV’s. Banks and other lenders want to cover their loan risks and make sure that borrowers are qualified and insured against loss of income.
It’s a fact that more than 50% of homes listed with real estate agents don’t sell on the first listing. So if you are one of the guys who have been trying to sell for the last 6 months – 12 months, hearing talk about a housing recovery and hype about shortages of housing inventory does not relate to personal experience of many disillusioned sellers. Many sellers site cases of similar properties on the same street selling fast in short sales at prices way below those still for sale at a “fair” market price. To get a place sold you have to work with the right agent who knows how to market and price property in your area and can demonstrate evidence that they have a track record of selling in your neighborhood.
For your part you have to put your best foot forward for presentation outside and inside the house. If the first photo promoting your house shows it’s covered in overgrown vegetation and trees not pruned back then don’t be surprised if nobody even comes to take a look inside.
The broader US economy will benefit from a genuine housing recovery leading to banks and lender confidence backed up with other equity loans to boost consumer spending which in turn helps the economy.
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