Metro Atlanta Real Estate Market Outlook -Update August 2015

As I reminisce about my six years in undergraduate school, I still to this day remember my Economics professor. Not only because he made quite the fashion statement with his stained white tees and worn out Wranglers…but, because he taught me everything I know about supply and demand. As a college kid, I figured the extent to which I would use this knowledge would go as far as that last question on my ECON 102 final exam. At that time, I was actually hoping that was the case. But, to my amazement, those two semesters of filing that notebook with endless charts and graphs, curves and arrows really did pay off in the end. Go figure. 

So, with that said…I present to you the most current Metro Atlanta Real Estate market statistics (according to the most current Case Shiller Index Report). I hope you like charts. 

Oh, and we’ll get back to supply and demand in just a bit.

1.  Homes Sold

•    25,000 Homes Sold In 2006. 60,000 Homes Sold In 2010. We are right at 90k as of 8/15. 

2.  Total Closings

•  July Closings Down 12.3% Compared To June Closings. July Closings Up 3.3% Compared To Last Year.
•  80% of Transactions in $100K-$500K Price Range

3.  Inventory

• Residential Detached Inventory Up 53% From Bottom Of Feb. 2013
• Residential Detached Inventory Up 2.7% From Last Month, Up 1.9% Compared To Last Year
•   Metro Atlanta “Months Of Inventory” Is 3.9 Months (6 months is considered a “normal” market). ASP Is $286,000 in July. ASP Was $285,000 Last Month. Statistically Flat From Last Month. Up 5.9% From Last July.

4.  Average Sales Price

•   Annual ASP Up 51% From Bottom Of 2011. Up about 15k from last year (around 6%).
•  Jan 2010 Through May 2015 (Reported July 28, 2015). Home Values Up 49% From Recent Bottom of March 2012.

5.  Home Values

• Peak For Values Was July 2007. Recent Bottom Was March 2012. Current Home Values Moving Back To Normal Trend Line.
• Home Values up 49% from recent bottom of March 2012. 

6.  Mortgage Rates

•   Mortgage rates are below U.S. average of 8%  (based on 36 year span). But, are increasing. Which, will affect home affordability.

So, back to this thing called "supply and demand". Well, when you have a large supply of something (such as home inventory, prices for that something often decline. Conversely, if supply (such as home inventory) is limited, prices for those houses often increase.

Now you got those facts straight....what the heck does supply and demand tell you about a real estate market? Well, I'm glad you asked. 

When there are more homes for sale out there (supply) than buyers (demand), it becomes a buyer's market. There are more people looking to sell houses than there are people looking to purchase houses. In this kind of market, sellers may have to accept a lower price than they want for their home. This market is ideal for buyers because they may be able to get a better deal. 

A seller's market is just the opposite. When there are more buyers (demand) than homes for sale (supply). People may have more money to spend on real estate, so sellers will often be presented with multiple offers (bidding wars) which will ultimately drive up the selling price. Therefore, buyers will have to spend more money. You can imagine that this is what sellers hope for because they will get more money for thier home. 

Now, the statement that you, as a Metro Atlanta home buyer or seller has been waiting for since you clicked on this blog article. As of today, what kind of market is it in Metro Atlanta? Well, after analyzing the information provided in the August 2015 Case Shiller Report, I can confidently say that it is a seller's market for homes $500k and below because the inventory is lower than the average (a 6 month's supply). But, as you can see, inventory is rising, so it could easily become a buyer's market as soon as you can say "let's just wait to see what happens before we list."

Want to find out what your home is valued for in today's market? Click here to receive a FREE home valuation report sent straight to your email!

Emily Benner
Real Estate Expert
PalmerHouse Properties
678.458.2284
emilysells@gmail.com
propertyvaluesbyaddress.com

HOW MUCH IS MY HOME WORTH? TOP HOME VALUATION TOOLS

As a Real Estate Agent, I am constantly using the local MLS listings to create personalized CMA (comparative analysis reports) and Home Valuations for my clients. Not only do these reports help homeowners determine what they can get for their home....but, it also helps home buyers determine what they want to offer for a home.

I encourage people to contact a local agent in order to determine a valuation of a property. This will give you the best idea of what your home is worth, based on local comparable properties that have sold within the past six months.  But, if you want to go online and get an instant "idea" of what a home is worth in today's market, I recommend these top Home Valuation sites:

1.  ZipRealty.com

Ziprealty.com claims to you up to 30% more homes for sale than other websites. Sign in to save your favorite homes and searches!                                                                                                                                                                            

2. RealEstateABC.com

This Site offers FREE Home Value & Sales Comps

Instant, ONLINE ABC Values^TM & Sales Comps

3. eppraisal.com 

is a free real estate and home value website that aggregates data on recent home sales, neighborhoods, and local market data to help you in your real estate search.

4. Realtor.com 

Prices of new listings -What homes sold for near you. Trends showing if prices are rising...

How long it takes to sell in your area...

Data indicating if it's a good time to buy.

5. Redfin.com

Your estimate is powered by real-time home sale prices, details, and photos.

  

6. Zillow.com

The Zestimate home valuation is Zillow's estimated market value for a home, computed using a proprietary formula. 

7. Trulia.com

Very similiar to Zillow's Zestimate, but presented in a different format. 

8. Chase Home Value Estimator

Use the Chase Home Value Estimator to get a free estimated market value of your home or a home you are interested in. The site calculates the best estimated home valuation using the millions of home records in their database. 

9. HouseFax.com

Unlike the other previous home valuation sites, this site requires payment. But, they offer your first report for FREE. The report gives an assessment of house value depending on insurance, fire accidents, building permits and loan history. 

10. HouseValues.com

Fast and Free Home Valuation Report. Pretty simple. 

11. Movoto Free Home Value Analysis - 

With Movoto, you can easily download an instant comparable home report by simply supplying the house information in the form given by them.

12. HomeInsight’s Property Value Check

All you have to do is type in your zip code in order to view the current home prices in a specific area. 

13. FINDCompsNOW Free Sales Comparables

FindComps uses comparable market analysis that allows the owner to determine the estimate value of his house. Categories include cash buyers, lenders and retail values.  

 14. PropertyValuesbyAddress.com

This site will give you the best and most accurate valuation of your home because these valuations are created by local agents. There is no obligation and it is completely FREE!

Emily Benner

REAL Estate Expert

PalmerHouse Properties

678.458.2284

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Click Here to Get a FREE Home Valuation Report              

To List or Not to List? That IS the Question.

Should I list my home for sale? If I were to get a dime for every time a property owner asked me this question, well, I'd be sitting on my yacht in the middle of the Pacific right about now. So, I put together a little cheat sheet that will hopefully help these indecisive homeowners get out of that gray area of whether or not to list their property for sale. 

Here are some questions you must ask yourself before you decide. 

1. WHY ARE YOU SELLING? 

This seems like a pretty obvious and easy question to answer. But, you'd be surprised how many people don't really know. Whether your family has outgrown that tiny living room or your kids can't stop fighting over that top bunk. More room for your growing or grown family is definitely one of the number one reasons to find something bigger. Bigger can be better. So I hear.

Whether your reason to list is because of a job relocation, too much sun in the morning, too little sun in the morning, an annoying neighbor, a creepy ice-cream man, or that you really just want to get out of Dodge....you must decide whether that reason justifies moving. 

Ok....on to the next question...

2. CAN YOU AFFORD TO SELL YOUR HOME? 

I like to live life like money doesn't matter....but, in reality, it does. Bummer. It especially matters when it comes to selling such a huge investment such as a house. So, you must get your ducks in a row when it comes to your finances. What is your mortgage payoff? What is your home worth in today's market? What will you net after you deduct all the expenses of selling? (commission, closing costs, repairs...oh, my!). Not to be a Debbie the Downer, but, selling a home can be expensive. But, luckily, if you play your cards right, it can also be very rewarding financially. Click the link below, and I will send you a "Net to Seller" sheet that will help you determine what you'll come away from the table with (or how many zeros you'll be putting behind that number on the check to the mortgage company). 

Click Here to Receive a FREE Net to Seller Sheet

Ok....onto the next...

3. CAN YOU MAKE YOUR HOME MARKET-READY? 

I know the majority of people have an amazingly amount of pride when it comes to their home. Their home is, for the most part, perfect to them. But, let's be real here. Most homes need a bit of work in order to make them "perfect" in the eyes of a potential buyer. This work may include a complete deep-cleaning. You know those fingerprints on the light switches you've been meaning to clean? Those have to go. Also, there are usually some minor repairs that need to be made. Of course these will be spotted by an inspector, but, nobody wants to buy a home in need of repairs compared to homes that don't. Now onto a more "touchy" subject. You know those half-naked pregnancy pictures you have on your wall that you point to every-time your child slams the door in your face? Well, those have to go. Also included in this list are: undergarments, the last decade's Sports Illustrated collection, those bags of clothes you've been meaning to donate...or burn....and everything else shoved out of sight. That means, get rid of your junk. Or, at least hide it REALLY good. An organized, clean home speaks wonders for its owners. 

So, there you go. If you can justify those three questions and know you can afford to list your home. Well, there is no better time than the present!

Click Here to Find Out What Your Home is Worth for FREE!

Happy Selling!

Emily Benner

Real Estate Expert

678-458-2284

PalmerHouse Properties

emilysells@gmail.com

www.propertyvaluesbyaddress.com