Home Buying in Suwanee>Question Details

Chaz, Both Buyer and Seller in Lindenhurst, NY

Why are there so many homes listed for sale, in the northern atlanta area? The other question is are these asking prices realistic?

Asked by Chaz, Lindenhurst, NY Thu Jan 13, 2011

What is the average discrepancy between the list price and close price. Looking to relocate, from ny, choosing between the northern atlanta area, and Pittsburgh, pa, what are the possible negatives to choosing the greater atlanta area.

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11
I love your question Chaz.

I like Pittsburgh a lot - but our two cities are very different.

Your core question isn't about inventory really, is it? It's about value, right?

The web reference has a link to a summary of the most recent Case-Schiller report. It looks at 20 metropolis sized areas around the USA. Here's a salient quote:

“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no
good news in October’s report. Home prices across the country continue to fall.” says David M. Blitzer,
Chairman of the Index Committee at Standard & Poor's.

Atlanta was the lowest.

No PA cities make the statistical cut.

Look man, this is a lifestyle choice, and value is only relative to that.

Only 12% of sellers get it - those are the houses that sell to the savviest retail buyers who want to buy in the market of the moment - they sell within 22 days of list and they sell within 96.5% of list.

58% or so never sell.

The other 30% sell after a cycle of failure leads into a spiral of price changes that chase the market toward like 80% of original list, or worse. And 225 days or so on market. And it gets worse over $750K - those submarkets are even tighter.

You'll like North Atlanta just like all the other yankee transplants do...

Call Hank Miller if you want an agent, Paisan.
1 vote Thank Flag Link Thu Jan 13, 2011
The NW area of metro Atlanta was trememndously over built during the boom and despite the years that have passed, it remains saturated with inventory. Any buyers looking in this area should expect that values are likely to slide further - there is a substantial amount of "shadow" inventory waiting to be introduced as well as significant bank owned property and owners teetering on the edge of short sales and foreclosure. If '11 shows stability it will be fanatastic - I don't see that happening until at least mid '12 AND only if the economy stabilizes.

All that said - having come from Port Washington myself, I will tell you that the weather is much better here, the dollar still goes much further and all in all it's a pretty good area for kids. I see the areas on the north side between 75 and 85 as the area to focus - and in there are pockets to really look at that are doing better than others. I'm saying this both as an appraiser and broker who is in the field and in the data every day.

Hank
http://www.hankmillerteam.com
Web Reference: http://www.hrmiller.com
1 vote Thank Flag Link Thu Jan 13, 2011
M.
It has been a nightmare trying to sell our house and lost so much money in doing so in ny, with taxes and ins. we needed to find a place with low cost of homes. Pittsburgh was our first choice but we were priced out of that market. There are little to no rental/leases available in pitt. So we checked out north atlanta. Now we wanted nothing near the city and wanted a more rural, good school, safe, room to breath with lower taxes. We actually were looking in a large geographical area with a reasonable commute to alpharetta. We finally decided on Cumming, canton, woodstock, ga. We are NOT purchasing, NO WAY. We will lease until i feel its right. We are so bitter from the last home, that we lost all of our money and retirement keeping it afloat. They can keep it . I will happily throw the rent money out the window for years to come.
I will keep you informed as to how it is down there. Unless you want to rent us your home in pitt. :)
chaz
0 votes Thank Flag Link Wed Jul 20, 2011
Chaz,

I live in PIttsburgh and I am currently considering a relocation to Atlanta. Which city did you decide on - Pittsburgh or Atlanta. If Atlanta, what area did you decide to purchase and why if you don't mind me asking? I have a similar family, 3 kids and two dogs.

Thanks,
M
0 votes Thank Flag Link Wed Jul 20, 2011
Chaz,

I live in PIttsburgh and I am currently considering a relocation to Atlanta. Which city did you decide on - Pittsburgh or Atlanta. If Atlanta, what area did you decide to purchase and why if you don't mind me asking? I have a similar family, 3 kids and two dogs.

Thanks,
M
0 votes Thank Flag Link Wed Jul 20, 2011
Thanks for the info. I am also trying to narrow down where we will be relocating to. From our research it seems as if alpharetta, forsyth county (cumming), Suwanee, and Woodstock are some areas we are looking for. Does anyone have any advice in which area you would prefer to be in? Minding we have two small children and dogs, and one on the way. Woodstock seems to offer good real estate bang for your buck, but i am open to suggestions. We will be working in alpharetta.
0 votes Thank Flag Link Sat Jan 15, 2011
Hello Chaz,
In my experience in todays market, I have not seen much of a discrepancy between list price and sold price. Many of the homes on the market today are priced accurately, with a few exceptions. You are right, there are many homes for sale today, but for many different reasons. Some home owners may have purchased more house then they could afford, job loss, down sizing, inventory of new homes, buyer's needing or wanting a larger home, etc. Chaz, my family and I moved from NJ to the Atlanta area several years ago and have no regrets. We truly love it here.

I hope that collectively we have been helpful to you.

Best Regards,
Felicita Borrero
Virtual Properties Realty
770-617-3982
0 votes Thank Flag Link Thu Jan 13, 2011
Hi Chaz,

I'm a former New Yorker myself Westchester County. The homes prices that you see are realistic and
are based on comparable properties that have sold in the last 6 months. As a buyers agent for the last 16 years in metro Atlanta, GA I can tell you that it may look like there's alot of homes on the market. But buyers are really specific on what the want these days (they want everything) which does not leave you many homes available that meet the buyers criteria. As far as negatives in choosing to relocate to Atanta. I can truly say that we have no negatives.
0 votes Thank Flag Link Thu Jan 13, 2011
Hi Chaz,
The northern Atlanta area encompasses several large counties so there are a lot of listings that are included in this general area. Every market is unique so please keep this in mind when comparing communities in different states. Our market has remained stable and desirable as we have great amenities, location and schools so the closed prices have remained close to list prices in many of our best areas. As a buyer relocating to a new area there are new search tools available through agents that go well beyond home listings and provide a wealth of community information as well that would be helpful to you. Please visit http://www.NorthAtlantaHomeSearch.com or contact me for more information-I would love to help you or answer any other questions.
Web Reference: http://www.Wilmahine.com
0 votes Thank Flag Link Thu Jan 13, 2011
Remember that on a Short Sale (Pre-foreclosure) the list price may not be realistic and ficticious! You see the price is set by the Seller and until/if the price and transaction is approved by the lienholders it may not sell and go to foreclosure and if it does get approval for a short sale it will probably sell above the "ficticious" asking price.
0 votes Thank Flag Link Thu Jan 13, 2011
Hi Chaz~ There is approximately a 10 month supply of homes on the market in the Suwanee area. What this means for you as a buyer is that it remains a buyers market and pricing is still favorable for you. The list price vs closed price is generally in the 97% range. For more information on Suwanee and available homes in the area you can visit my Suwanee Site at http://www.homesalessuwanee.com. Feel free to let me know how I can be of service to you.
0 votes Thank Flag Link Thu Jan 13, 2011
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