To find the current value, you can either have a trusted Real Estate agent doing a CMA for you or you can pay for an appraisal. Both will give you a current value.

Sally W. Hamby
The Sally Team
Mortgages
404 644 7696

Kate, I also live in east cobb and our home value did the same thing. In 2007 I renovated the kitchen and added $50k to the appraised price. In 2008, we had another appraisal for a refi and had lost all of the money. Foreclosures in the subdivision had hurt our value more than we thought. Waiting it out is the only advice I've been able to find.

Brodie
Browntree Home Inspections.

Kate, there is a lot to look at -schools, neighborrhod, unfortunately foreclosures affect pricing at this time. But, what upgrades and other things improvements help is time on the market. A lot of people want to move in, put their groceries in, and not worry about fixing up the home.

Could you rent your home? Could you qualify for your new home and rent the one you have? Loan companies will not consider the rental income in your qualifications for the loan. Your price point should rent reasonable well. We have a property management division in our company along with residential sales.

Good luck!

Mary Johnson
Realtor/Owner
ES Johnson
678-388-2604

check out this info on Trulia - I find that this site has alot of useful stats that would be of interest to buyers and sellers. http://www.trulia.com/real_estate/30062-Marietta/market-trends/
Real estate is very local - appreciation or declines can change subdivision to subdivision. Good luck.

Barry -

I'd go really slow applying straight line conclusions from Case Shiller to individual situations. It's not practical to broadly assign conclusions like that, as I'm certain you're aware that Case is extrememly broad and all encompassing. I would also tell you with absolute certainty that there are areas of North Atlanta (ECobb) one of them where values have held and even bumped up slightly. If you narrow data to schools, price ranges, even style of home you would be surprised.

Case is broad and includes the cancer markets in the city, the hayfields and white sewer pipe stub fields out on the fringes and all the other areas with double digit drops. Trust me, I'm as pragmatic and miserable with this market as they come, but I'm also appraising every day and using progams like SMART to assess refined data - there are pockets holding their own and much of ECobb is included.

Of course buyers have the final say but the data is there to support what I say.

Hank

I feel your pain Kate as both an agent and homeowner in East Cobb. According to the Case-Schiller price index, Atlanta prices decreased 11.2% last year.

I'm not sure why you're home would have lost more value, but it is quite possible that your home should be priced in the $170,000 range. Your list price should be determined by looking at comparable sales, current active competition and factoring any upgrades and improvements you've made. Other factors include how long you are willing to keep the house on the market as well as the reasons for your move.

Now, on the buy side, you said that $300,000 homes are holding steady. I have several homes for sale in E Cobb and they too have seen their list prices fall by 10%-15% and they're still on the market. I would offer that you need to price your home right in order to sell it. But, you will have equal negotiating power when you buy.

Also, consider this: If you sold your home for 15% less than you paid ($200,000-15%=$170,000 or $30,000 difference) and are able to negotiate 15% off on your new home that is currently priced at $325,000 ($325,000-15%=$276,250 or $48,750), you will actually net a positive $18,750 in value.

Not every home is going to sell for 15% off list price but there are a lot of motivated sellers out there. I would be happy to visit your home and give you a free market analysis and net sheet showing you what your walk away hard dollars are. Then, we can look at where you wan to buy and what the likelihood is getting that money back on a new home.

This is a challenging market and price is what is making all the difference. However, if you're patient and hire a professional who will give you objective advice and a sold marketing plan, you can come out a winner in this market. Don't also forget that you may have a tax write off for the loss as well. I know that's not the goal but it is a benefit none the less.

Please let me know if I can be of assistance.

Determining value is a fairly simple process that any qualified agent can assess. Value is always determined by one factor - BUYERS! Buyers determine market value. The way to determine a value of any home is to use the comparable market analysis approach (unless you want to pay $300-$400 for an appraisal). In doing a comparable market analysis is is reasonable to assume that a potential buyer won't pay more than what like properties have sold for in a reasonable period of time. Because our market has fluctuated so much in the past 12 months I wouldn't suggest going back any further than 3 months. An appraisal done 1 year ago is irrelevant to your homes value today and could never be used to determine value or be used by a lender. How do you know that homes in E. Cobb are holding steady? Probably what you are seeing is list prices. Unfortunately, list prices do not have any factor in determining a homes value. Your neighbors can ask anything they want. Every area in Atlanta has been affected by the market. Some areas worse than others and some price ranges worse than others. You are losing value, but you are NOT losing buying power. Think of it this way. If the agents are right that means you've lost about 15% of your homes value in the last twelve months or $30,000. The same is true about homes in E. Cobb. They have surely lost 15% and that's more like $45,000. So, you've netted a difference of $15,000 just by moving up in home price. The key in your question is "list price" which does not, I will repeat, determine value. I'd be happy to look at solds in E. Cobb where you want to purchase to help you determine if it's worth it to take a loss on your current home so you can buy another home and get an even greater deal. Just let me know and I would be happy to figure it out and present to you what I've discovered.

Sincerely,
David Brower, Assistant Manager/Realtor
Crye-Leike Realtors
678-982-9600
david@davidwbrower.com

Kate -

I'm an appraiser and broker right out of the Prudential office on Roswell Road - shoot me an email and I can zero you in pretty quickly.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Hi Kate. It really all depends on your property characteristics and school district. Is your home updated? Do you know the competition? The best way to determine value is to look at recent sales of similarly situated homes. Then consider the absorption rate and marketability. There are things you can do to appeal to first time buyers and/or FHA buyers in your price range as well. In general, I believe that homes are selling within 10% of asking price in East Cobb when the asking price is right. If you want to send me more details, I'd love to evaluate your property as well as some that you may be interested in buying. You may be able to get a better deal than you think on the buying side!

If you want to be wise....get an independent appraisal from a reputable appraiser. It might cost you $200-300 but it will give you more peace of mind as to a more accurate market value.

Weichert Realtors has a Pricing analysis offered by the Weichert agent representing you. Do you have a Weichert Realtor? They are very helpful for entire purchasing process (or sellin gprocess) . The other option is to pay for an appraisal. However, that Sellers appraisal value may have a different value than the one that matters (paid for by the Buyers) and hired by Buyer's Lender -at least in the MD, VA & DC Metro area.