It sounds like to me you really want to sell your house in Mechanicsville. That is the first and biggest hurdle to get over and I sense which way youre leaning. I always try to put myself in the Seller's shoes (perse) and think about what would I do if I was in this situation knowing what I know about the Real Estate Market.

I concentrate only on Intown Properties and am familiar with your area. My thoughts are the average listing price for non distressed properties in Mechanicsville range from the low to mid 200's. This area doesnt have a lot of development currently except sparsely and some along Memorial. The rise in RE values in this area will take longer than in other comparable and sought after Intown areas such as Little 5, Inman Park, Candler Park, Lake Claire and all areas North.

From my discussions with bankers and mortgage lenders, I feel pretty confident in saying that mortgage rates will never be this low again so if you really want to make a move, now is the time. If you can qualify for the home you really want in a more desirable area and can get your asking price for your existing property, I dont see what you could lose, ONLY a lot to gain!

Good Luck with your final decision and feel free to follow me on twitter! Thanks.

There are 2 sides to your story. Your home ia an assest appreciating or depreciating, in the current market, I spend a lot of my time carrying out market analysis on both my clients sell and buy. The golden rule is if your net worth as a buyer is higher and you can take advantage of the market now then you should do it.
There are many variables specific to your property. I am working on a project close to you now should you need to meet to ask questions, or feel free to contact me.

Atlhome,

In regard to your follow-up below, you are correct in that some intown neighborhoods can change drastically from street to street. If there has been a recent sale that can support the sales price of your house, then the property will most likely appraise. If it appraises the Buyer should not have a problem obtaining a mortgage (provided the Buyer is financially qualified of course).

If you want a firm answer to this question you need to obtain a Comparable Market Analysis (CMA). If I can be of service, just give my a holler!

Best wishes!

Yours is a common question among homeowners across the country.

A good starting point would be arming yourself with as much information about home values around your current home and in the neighborhoods you are considering. With insight into what is really happening to home values you can make an informed decision about what action to take: sell or wait.
http://www.RealValuator.com provides free information about Sales, Pre-Foreclosures, and Foreclosures in the areas you mentioned and would be a good place to get the information you need to decide.

Best of luck.

My advice is to contact an experienced REALTOR® in your area and discuss the market with them. They will be able to give you the facts of what has sold, what the absorption rate is, days on market, and what is available. All things need to be looked at to make the decision as to whether or not it is a good time for you to sell.

If you're looking for suggestions of strong agents you might contact
Tim Maitski
office: 404-845-0265
cell: 404-216-0472
fax: 404-845-0202
email: Tim@HomeAtlanta.com

perhaps he'd be able to assist you.

Good luck and keep us posted!
Pamela St. Peter

I understand I can't have it both ways. Also I really do understand that our home is not what it was worth two years ago, but most if not everything that has sold in the past few months have been foreclosures and the prices have ranged between 40k - 300k. I live on one of the 'better' streets in the neighborhood and was just trying to get some feedback. I have no doubt our house would sell as long as we price it right and market well. I was just worried about the buyer obtaining a mortgage with all the foreclosures as comps.

Atlhome,

I am having this very conversation with multiple Sellers (Buyers) in the Grant Park and Rosegood areas who are in a very similar situation to yours...

In areas with high concentrations of Foreclosures, appraisers are unfortunately being "handcuffed" and are having to use these as Comparables. Let's face it... even if your home is in immaculate shape and you think the value is $100,000 (without foreclosure pressure)... if someone can buy a similar home for say $70,000 (Bank Owned/Short Sale/etc.)... which one do you think a Buyer will purchase? The true "value" of your home is now really $70,000...

There are multiple strategies that you can apply to this situation... My recommendation would be to obtain the services of a real estate professional who will help you put a "Game Plan" together...

Keep this in mind... when you Sell in this market, you will most likely not like the Buyers trying to get a great "deal" on your current home... but you get to be the Buyer you despise when you look for your next home!

Let me know if you need a good coach to help you put your plan together! Good Luck!

Dear Atlhome. You cant have it both ways. You will sell for a lower price than normal for the next two or three years, and yes, foreclosures will affect the price because of so many on the market.

If you want me to come have a look and give you a reliable Comparative Market Analysis, please email me at efrancell@comcast.net or call my cell 770-633-7576

Ed Francell
Prudential Georgia Realty