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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Answers

7
Yes. The agent below is correct. Overall 30041 has increased upwards of 10% year to date in many communities. If you are looking to sell your home, a CMA (Comparable Marketing Analysis) is needed. The inventory is also very low verses the number of buyers we have looking now, so we are seeing housing prices on the rise until more sellers recognize this and decide to put their home on the market. Now is the time to go on the market! Let me know if I can be of service to you. Good luck!!
0 votes Thank Flag Link Wed Feb 26, 2014
The good news is prices are on the upswing! I think you'd probably find that your home would appraise at 75-80% of what it appraised for in 2007. Please contact me if you'd like me to do a CMA for you and bring it by or email it to you.
0 votes Thank Flag Link Fri Nov 16, 2012
Hi Lee,

I did a search for you for just your street to see how things are doing. On Habersham Marina Rd, there was one sale in 2007. It sold at $210,500. In 2008, there were no sales. And, from 1/1/09 to date, there have been 2 sales. They were: $190,000 and $191,000. This equals a 10% depreciation in value since the market decline.

Like the other agents, you really want to have the home appraised by a Certified Appraiser. I recommend using Scott Murphy (Murphy & Associates). He is highly reputable and is on the Board of Appraisers for GA.

In terms of refinancing, you should be able to refinance for a lower rate, but most likely will not be able to pull additional money out if your loan amount is higher than the current market value. I also have a wonderful lender I can recommend to you. His name is Jeff Morris, he is local and with SunTrust. He is absolutely wonderful to work with and will take excellent care of you. Tell him Melanie Gurley referred you to him. His email address is Jeff.Morris@SunTrust.com, cell is 770-842-3480.

Best wishes to you all. If I can be of further help to you, please call or email me...anytime!!

Melanie Gurley - 770.596.5965
Emai: Melanie@TheGurleyTeam.com
0 votes Thank Flag Link Wed Feb 10, 2010
Lee -

I'm an appraiser and I'm familiar with the area having been here since '94, drop me a note if you want an appraisal.

Hank
0 votes Thank Flag Link Sun Feb 7, 2010
Lee,

It will depend on your home in relation to the two sales that occured in 2009. One at $191,000 and one at
$190000. If your home is similar to those two the decline in value is huge. To compare mortgage companies go to http://www.hsh.com this will give you an unbiased opinion and some great calculation tools. If you would like a personal recommendation call me and I would be happy to give you ome local sources.
Web Reference: http://chuckgreen.com
0 votes Thank Flag Link Fri Feb 5, 2010
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
You have to take into account how long you have been there, what you paid for it and when you bought it. A good appraisal will get you an idea of what is happening in your area. Generally, we are seeing percentage decreases any where from 5-15% depending on many factors- the number one being how many like homes in your areas have been foreclosed on or have been sold in distressed (short sale) status because those are real comps now. A good appraisal will let you know where you are.
0 votes Thank Flag Link Thu Feb 4, 2010
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