Home Buying in Atlanta>Question Details

Davis, Home Seller in Atlanta, GA

My company recently went through a restructuring. Fortunately I was able to keep my job, but I have to

Asked by Davis, Atlanta, GA Wed May 13, 2009

relocate to Dallas, TX. My house has been on the market eight months and my sell price is below what I paid for it in 2002 ( 325K) now $309K. The property is in zip code 30331. Is there any hope for this area or is it experencing price deflation. Please help I need to sell this house.

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You are missing the market at $309000. There is very little demand in your area for over $300000.

Most of the demand over $350000 is for 5/4, substantial houses, and in that price strata there is not much demand versus the mega-supply - super high BIG house inventory. Huge. The lot is what starts to matter very quickly.

"Is it experiencing price deflation?" The other answers offer a pretty good look at reality for the southwest side of Atlanta.

But, in defense of the ultimate value of the area, I absolutely love Niskey Lake, and other mid-century neighborhoods in the area. I like the sprawling properties and sturdy houses.

Golfers, air commuters, easy highway commuters to Vinings or downtown or even Sandy Springs, gardeners, privacy lovers - buy here.

Dallas is a cool city - enjoy it. Sell your Atlanta house. Sell it short if you need to. 8 months on the market is too long.
4 votes Thank Flag Link Wed May 13, 2009
Hi there, Lee has given you a good answer - he brings local knowledge to the table which is what you need. But even without that I would say that the price of $309,000 and 8 months on the market is clearly not working. Think about it this way - your buyer is very likely under the $300,000 mark, and if that is true, which I would bet it is, then priced where you are, the buyer pool that may consider your home isn't even seeing it. Buyers are guided to search in $25K or $50K increments. You need to tuck that price just under $300K to appeal to new slice of the market.

I also agree with the advice to sell and move on - life is calling you in another direction, like so many of us, the market turn as created unexpected circumstances --- best to do the best you can and move on.

Good luck in Dallas!

Jeanne Feenick
Unwavering Commitmen to Service
Web Reference: http://www.feenick.com
2 votes Thank Flag Link Sun Jun 13, 2010
Has anyone noticed this question is from May 2009?
0 votes Thank Flag Link Wed Mar 7, 2012
choose a better realtor and lower the price
0 votes Thank Flag Link Wed Mar 7, 2012
Does your company assist with selling your your existing home when you relocate? Check with the HR dept. to find out if you don't know. Some companies actually buy your existing residence and then sell it to help you with your move. If they don't offer that service and your home is listed with an agent, have the agent provide recent ( last 30 days) comparable sold properties and then price your home where the sold homes are selling. This is a buyers market and pricing your home above what other similar homes are now selling will not get you the results you desire. If you can't sell your home for what others are now selling for you may have to do a "Short Sale" to compete and get the job done.

All the best,
Gary Geer

0 votes Thank Flag Link Thu Dec 29, 2011
two important facts:
1.) Can you rent it for about the same amount as your mortgage?
2.) How soon do you have to be in Dallas?
If you are only $20-$30,000 under; you may be able to re-coup that in a couple years if you keep it and rent it out. This loss would be preferable to other loses you would incurr.
You would probably qualify for a "Hardship" for the Shortsale; but you are not "Destitute" so the bank may still come after you for the Deficiency.
And if you have to get to Dallas soon; a Shortsale will take 6 months to a year.
Not to mention what that would do to your Credit score.

There are a lot of renters out there now, people who have lost their homes, have bad credit, but would be good renters. Think about it.

Good luck and may God bless
0 votes Thank Flag Link Fri Jun 24, 2011
Davis, Lee's answer about the market is spot on. If I were in your situation, I would try to rent the property unless you are prepared for a major hit to your credit and the inability to qualify for a new loan for 2 years if you short sell. If foreclosure happens, in addition to a major credit hit, you can’t qualify for FHA financing for 3 years and conventional financing for 5 years. Here's a basic strategy: If you rent the property, you may be able to qualify for a purchase in Dallas, assumedly at depressed prices. Then, if the rental doesn't work out, you could short sell it. At least you’d own your home and wouldn’t be as concerned about the 2 year qualification window for short sales.

Good luck!!!
0 votes Thank Flag Link Wed Apr 6, 2011
The prices in the camp creek area has seen a decrease, in todays current market the values have been decreased due to the excessive foreclosures hitting the market. A short-sale is probably your best option or you will have to bring a significant amount of money to the table to sell your home. Possibly 25,000-$50,000. If you are not willing to pay the difference then a short-sale is your answer. I can assist you with this option.
Rayford & CO, 770-431-7458 or http://www.Rayfordandcompany.com , i will send you some information on this process
0 votes Thank Flag Link Wed Jul 7, 2010
We all know the real estate market changed, and maybe it is nice to have affordable houses. Buyers are looking to purchase a house for a fair current market price, and with affordable mortgage rates it is a great time to purchase, it is not reverent what you paid for your house hopefully you will make up the loss in the discounted price on the other side when you purchase the next house.
0 votes Thank Flag Link Tue Jun 15, 2010
Hi Davis....are you listed with a Realtor or are you trying to sell the house by owner? I am curious to know what your agent is telling you about the days on market in the Atlanta area and what price range was given for a 90 day sale? Is the home in great shape? Are you offering incentives to the buyer? What were the last sales in your immediate area? Are you under water? How many price reductions have you had since listing it? All these questions play a part in selling a home. If you need a referral let me know. My Coldwell Banker network is quite large. Helping you hire a competant agent is something we can assist you with. My office number is 850-650-4563 x 106.
Web Reference: http://www.judirutland.com
0 votes Thank Flag Link Mon Jun 14, 2010
My advice would be to list it as a short sale or rent it out and ride out the market. All indications is the market will improve over the next 24 months and you just might make out better if somehow you can keep it as a rental. Hope this helps.
0 votes Thank Flag Link Thu Jun 3, 2010
Short sale your home and good luck buying anywhere any time soon. This will ding your credit for selling it for less than you owe. Consider lease purchase or rent. Whichever you prefer to do, buy first, qualifying with both homes and then do whatever it takes to sell the Atlanta home. Don't do it the other way around. If you have other rental property (history of at least 1 year), you may be able to find a renter and use that income to help offset the mortgage enough to buy something else. If you do end up with a short sale (or deed in lieu of foreclosure) prior to, you will be eligible to buy again in 3 years. Just make sure to keep your other credit history clean and you should be okay.
0 votes Thank Flag Link Sun May 30, 2010
Is it listed with a realtor? If so you may want to vist with them about updating you as to why it hasn't sold...Many times, it's not the price only that keeps people from purchasing it, it may be that it backs up to a highway, or some other kind of functional obsolence ( that is out of your control) like being located near an airport, etc....Find out why it hasn't sold, if in fact that it's because your realtor is not fulfilling their obligation, you may want to cancel the listing and go with another company. If you have any more questions, please feel free to contact me at swillard@cbtulsa.com
0 votes Thank Flag Link Sun May 23, 2010
I would hope that you have some relocation program through the company that is making your relocate. If there is no support there, that's tough. Unfortunately, I've had to sit down with potential sellers/relocators in the recent past and have them weigh the consequences of either (a) refusing to relocate and potentially lose position at employer, or (b) potentially losing their newly invested $150K-$200K in equity when selling their property for relocation commitment. That might not make you feel any better, but I think it is good to know that you are definitely not the first person in this situation and you won't be the last.....

There are tons of choices, paths and alternative solutions in regard to the situation you have at hand and you already have great suggestions from the other agents here. Hang in there! Best of luck to you -
0 votes Thank Flag Link Fri May 21, 2010
If you are relocating to Dallas I work with many families who lease homes till their home sales in another state. Happy work with you I would need additional specific information where I can forward you Dallas homes for rent

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Wed May 19, 2010
Do you have an agent? I have an aggressive plan for just such circumstances; it might help.

If you are without an agent, send me an e-mail and we'll see what we can do, post haste!

0 votes Thank Flag Link Wed May 13, 2009
what type of relocation package does your company offer. my brokerage company has a relocation division. if we can help you find a home in Dallas, we may be able to help you get your home sold here. give me a call if I can discuss this with you and help you further.

David Brower, Assistant Manager/Realtor
Crye-Leike Realtors
Web Reference: http://davidwbrower.com
0 votes Thank Flag Link Wed May 13, 2009
Keep in mind that the median home sales price in metro Atlanta is below 2003 levels, so you are not alone. Renting is certainly an option and one many homeowners are having to choose rather than selling at today's prices. Relocation is also a qualification for a short sale if you are concerned about losing your home to foreclosure.
0 votes Thank Flag Link Wed May 13, 2009
The entire of metro Atlanta is experiencing some deflation, but without an exact address, I can't speak to your subdivision. There has been a lot of foreclosure activity in 30331, You have 2 choices: You can rent the property for a year in hopes that the market will open up again, or you can contact your letter and explain that you were transferred to Dallas and have to sell your house. Ask for a short sale and see what they say. I would think that renting would be the better alternative.
0 votes Thank Flag Link Wed May 13, 2009
Is it listed with a realtor?
0 votes Thank Flag Link Wed May 13, 2009
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