Market Conditions in 30041>Question Details

Lee S, Other/Just Looking in 30041

I live on Habersham Marina Road in 30041 area code. What percentage in price have homes in that area depreciated since the housing decline?

Asked by Lee S, 30041 Thu Feb 4, 2010

A few years ago I was told it is a prime location. My husband and I have been slowly remodeling and are thinking about refinancing with cash out to replace the windows, deck and remodel two full baths, but we're not sure the house will appraise high enough. We want to refinance 80% of the appraised value, which was $282,000 in Feb. of 2007. Since then we have added new roof, new HVAC and just completed an upscale kitchen remodel. We need the house to apraise at the same value as 2007.

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The odds of your home appraising today at the same price or higher than in 2007 are pretty slim, Lee. Here are the cold, hard facts for Average Sales Price in your zip code over the past two years.

Month 1-12 13-24 % Change

February 257,780 262,168 - 1.7%
March 295,689 339,870 - 13.0%
April 294,179 305,668 - 3.8%
May 326,604 317,192 3.0%
June 349,552 292,289 19.6%
July 349,860 319,432 9.5%
August 306,471 342,419 - 10.5%
September 313,733 317,227 - 1.1%
October 303,696 321,742 - 5.6%
November 272,580 297,431 - 8.4%
December 323,215 299,778 7.8%
January 372,950 313,243 19.1%

The only way to know for sure is to hire an appraiser before you start the re-finance, or go ahead and talk to a mortgage advisor and let them begin the process for you. Here are two of our preferred lenders you may want to speak with before moving ahead. Good Luck!

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

Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462
E-mail: Jay.Posey@mortgagefamily.com

Chuck Ewing
Senior Mortgage Planner
Community Mortgage Services
Phone: 770-241-1700
Fax: 678-623-0960
chuckewing@mindspring.com
http://www.chuckewing.com
0 votes Thank Flag Link Thu Feb 4, 2010
Lee,

We have a couple of appraisers that will probably answer your question here soon enough. They'll have some more insight into this question. However, in almost all market areas, nothing is appraising today at 2007 pricing. I hope your case is different, but I would brace for the reality that in the past 18-24 months we have lost 18-24% in value for most homes. Tough times for refinancing. If you have some cash you can always add to it to get your LTV to 80%. Good luck.
0 votes Thank Flag Link Thu Feb 4, 2010
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