MLS Moments - Atlanta Real Estate Update for MidYear

Let’s take a look at where the North Atlanta real estate market is today.

Our new readers will see the geographic market area defined here.

We’ve been tracking market trends for the north Atlanta market for several years. Reports for zip codes in our market area are updated weekly. Trends in pricing and inventory are updated in real time.

The table below is a snapshot of multiple listing sales data reported by the First Multiple Listing Service (FMLS). Information, analysis and opinions are solely those of this author, and are not compiled in any way by FMLS.

Information collected includes the number of homes for sale in our real estate market, the number of homes for sale that are pending- under contract, the number of homes sold this year-to-date, and the number of homes sold for the same period last year.

The data shows the average sales price down 2% from the same period last year.

	Market	30062	30066	30068	30075	30004	30005	30022	30097
For Sale	8253	576	443	341	628	731	314	660	474
Avg List Price	584K	450K	381K	566K	622K	758K	545K	679K	856K
Pending	908	67	62	37	56	66	41	80	40
Avg List Price	386K	339K	250K	473K	476K	504K	449K	412K	540K
Days on Market	87	91	66	56	90	93	82	94	103
Sold This Yr-to-Date	3380	327	222	140	246	239	156	295	162
Avg List Price	389K	331K	306K	453K	405K	545K	481K	386K	595K
Avg Sales Price	370K	318K	292K	433K	387K	523K	456K	366K	563K
Days on Market	87	78	77	71	76	102	77	78	114
Sold Last Yr-to-Date	5517	459	359	236	393	427	249	494	258
Avg List Price	391K	345K	306K	458K	421K	525K	414K	411K	594K
Avg Sold Price	380K	336K	299K	443K	411K	472K	401K	399K	571K
Days on Market	69	57	67	61	65	78	55	63	89
Supply in Months	16	12	13.6	16	16.6	20	13.6	15	19

The volume of sales - the number of houses sold - is down 39% from the same period last year. Plain and simple, there are not as many buyers buying. This percentage has been fairly stable for more than a year.

Do you think we are at the bottom? Let me know by adding a comment.

A Second Look at East Cobb Homes

We talked about 3 East Cobb homes on April 14, 2008. Two of them were judged to be tough sales secondary to price and condition.

Let’s take a look at where they are now 80 days later.

MARIETTA FORECLOSURE STILL FOR SALE

Located in the Wheeler school district, 13 Weatherstone Parkway is a foreclosure priced at $259,900. UPDATE: Price has dropped $30,000. Now listed for sale at $229,900. The house sits atop a hill on a corner lot and features an in-ground pool.

My client learned that foreclosures are a lot more, a lot less, not always what they seem. The in-ground pool is empty, the liner torn, and more closely resembles a terrarium.

The private backyard is certainly private with months of overgrown neglect.

What I learned: the bank foreclosed in November 2007 for $238,000 and listed the property for sale at $299,900 - market value for move-in condition. Huh?

PRICED TO SELL IN MARIETTA! RIGHT ON THE MONEY, SOLD AND CLOSED

The next house on our list was 451 Springs End Lane. It is smaller than the foreclosure and has a “drive-under” garage. (A drive under garage is a garage in the basement level with additional room for storage or living space.)

One of the many features of this home is the exterior living space - a screened porch off the family room and adjoining deck. Every room was prepared for showing with lights on and no distracting clutter.

My client learned her emotional response to a well maintained house (set within the first 10 seconds of entering) prompted serious purchase consideration.

My experience was affirming. Listing agents who know how to get houses sold in a tough market counsel sellers on target pricing ($225,000) and staging. UPDATE: Purchase offer accepted just a week after this was posted. Sold for $215,000 on May 15, 2008.

STILL WAITING FOR A BUYER IN MARIETTA

A candidate for Bad MLS Photo? Sure. But the listing agent for 4415 Kings Way deserves a great deal of credit for capturing a picture that doesn’t scream this house sits below street level.

Priced at $259,900, this seems like a good deal for a house in the Sope Creek, Dickerson, Walton school district. My buyer learned - even before we got out of the car - that preventive maintenance had been long deferred. UPDATE: After 6 months on the market, this listing expired May 14 - still priced at $259,900. The house is listed with a new price -$250,000 - and a new photo.

Is there a house in here somewhere? Why did the agent think this was a better photo?

Wood rot is evident at the door frame, fascia, siding and window trim. The interior is dated (1980). Every room demands updating, which is reflected in the price.

The space over the garage (which adjoins the master suite) has been finished out with a stairway down to the garage. It’s unclear what function this space would serve in the future.

SELLERS TAKE NOTE: Target pricing is the key to getting your house sold in a slow moving market.

How Much Down Payment Do You Charge?

How much do you charge for a down payment? A question often raised by first time Atlanta home buyers.

Photo Credit: AMagill

The hopeful buyers have been looking at houses online, and identified a property that seems to meet their needs. It is only natural to ask how much money is needed to buy the house.

Just a few short months ago my answer would have been different. Some lenders will finance the down payment into your mortgage.

Today, mortgage guidelines and qualifications for obtaining a loan to purchase have changed. Lenders and mortgage brokers have gone out of business. Others are hanging on by a shoestring. One unwavering constant - since 1934 - is the Federal Housing Authority (FHA).

An FHA loan is a home mortgage that allows for a purchase or refinance with a low down payment. They’re great for the first time home buyer.

My real estate colleague in Pasadena, California area has written several articles on FHA advantages and disadvantages. Advantages include low cash outlay and no penalty for paying off the loan early. A small disadvantage is loans take approximately 45 days to process and close - about 2 weeks longer than a conventional loan.

Want more information on buying a house in north Atlanta with a small down payment? Contact us.

Use this topic list to tell how to best respond to your FHA loan questions.

1. About the FHA
2. Applying for an FHA Loan
3. How To Pre-qualify for an FHA Home Loan
4. The Increased FHA Loan Amount
5. FHA Mortgage Fees
6. Fees Prohibited by HUD
7. FHA Loan Mistakes to Avoid
8. FHA Adjustable Rate Mortgage
9. FHA Loan Limit
10. FHA Loan Options

Is the Market Getting Any Better?

Each week we take a snapshot of the market. Our Real-time Market Profile(TM) is the most up-to date market information available. The Profile shows you not only pricing and market numbers, but also trends in those numbers. Where are prices heading? It’s right there on page 1.

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