Market Conditions in Atlanta>Question Details

Vnpsilas, Both Buyer and Seller in Atlanta, GA

How much of a loss in value of property is due to 2008 housing market dip in Atlanta?

Asked by Vnpsilas, Atlanta, GA Tue Aug 7, 2012

Is there a generally accepted percentage that is on average the amount of value that property values decreased in 2008?

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There is no generally accepted percentage decline in property value. A more detailed study by subdivision, zip code or school district focusing on the property type is a better indication of the conditions on the ground. The market adjustment is different by price range, age range, and condition has to be factored into the valuation. A good agent can do the appropriate analysis for a specific neighborhood and property type.

Bruce Ailion,
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0 votes Thank Flag Link Tue Aug 7, 2012
I've posted many articles about the "Atlanta" market, also been quoted several times with national media - the idea that "Atlanta" can be considered as one market is nonsensical. Case-Shiller is cotton candy; great water cooler fodder but otherwise worthless.

To get an accurate idea, you have to break things down to at least zip code and then by price points - the variables are many. So I would tell you that without a specific and very detailed analysis, it's impossible to confidently say "the market is off blah blah blah..."

You can see a significant amount of data updated weekly with about a three year look back on my site. The graphs are adjustable so you can see the trends - http://hankmillerteam.com/atlanta-real-estate-conditions/

Hank
0 votes Thank Flag Link Tue Aug 7, 2012
I do not know what that number would be, or what it would mean. As the saying goes, all real estate is local. Nowhere is that more true than in Atlanta. Whether you look at whole counties, municipalities or zipcodes, you will find substantial differences within each. Within the city of Atlanta, you really need to look at the neighborhood level before you see consistent trends in the value of homes since 2008.

Best,

Dave Herren
Best Atlanta Properties
404-424-4945
0 votes Thank Flag Link Tue Aug 7, 2012
Great answer Michael!
Vnpsilas, look to the future as the market continues to slide. Contrary to what the media wants you to believe, the housing market is not getting better. From an investor stand point, that's a good thing.
One of the biggest issues we'll face next are the influx of baby boomers ready to retire. The ones who didn't save enough will be down sizing, This will create a large inventory of houses which may drive values down.
Here's one theory too: House value were inflated prior to 2008. Values are now where they should be. I just happened to miss the memo.
0 votes Thank Flag Link Tue Aug 7, 2012
Happily I can report that home values are on the rise again! The value lost depends on the area/market. Some areas (i.e. Lithonia) had a value loss of nearly 70% but other areas only lost 25% of their value from 2005. Home prices are on a rise, in part due to economic recover, increased employment and lack of inventory.

For more information about market conditions, feel free to read my blog here on Trula. You can also find additional information about your area in particular by going to my website (link below). If you are looking to sell your home and want to know if it is economically feasible, I would be happy to provide you with a comprehensive CMA (Comparative Market Analysis).

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Tue Aug 7, 2012
My experience tells me since the stagnation of 2007 and the decline of 2008 to present is that it depends on the area to which you are referring, Vnpsilas. A "generally accepted percentage" of decrease, however, in all of metro Atlanta would be around 33 points, IMHO. Hope this helps. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/
0 votes Thank Flag Link Tue Aug 7, 2012
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