Market Conditions in Atlanta>Question Details

369153981, Home Buyer in Atlanta, GA

hi, what's the matter with the Atlanta houses prices? it rised over 1,000%?!

Asked by 369153981, Atlanta, GA Thu Jan 10, 2013

No. Bedrooms Oct - Dec '12 y-o-y 3 months prior 1 year prior 5 years prior
1 bedroom $9,064 999.9% $134 $119 $179
2 bedrooms $3,353 999.9% $146 $138 $135

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18
And you seriously believe this math? Might there be a few things missing to further illustrate what exactly it is that you're talking about? This question is so out of left field it can't really be discussed because it's nonsensical.

And Ming - appraisers haven't caught on? Caught on to what? Last I checked (and it's often as I'm an active appraiser), appraisers are expected to comply with underwriting guidelines. Appraisers care about one thing - submitting an accurate appraisal based upon current comparable data that meets underwriting criteria. I might say that you haven't caught on to the idea that if you want to complain about :low" appraisals then write a letter to your various trade organizations and tell them to loosen up the underwriting criteria.
Web Reference: http://www.hmtatlanta.com
1 vote Thank Flag Link Fri Jan 11, 2013
This is the most rediculous post I have seen in a while - the poster may be confusing Singapor with Atlanta. Try those numbers on GA Lotto - that makes more sense!
0 votes Thank Flag Link Sun Mar 10, 2013
Excellent product placement Simon.

It would be beneficial to all if you would elaborate on the source of the data for your graphic, is your data filtered to ensure a high degree of accuracy? What are you considering "Atlanta"? Your sources seem to include sites like Trulia; I'd consider Zillow, Realty Trac....similar, are they are accurate with their living areas, etc? Are these actually closed sales? Actually foreclosed or just given notice? What are the time frames for your stats' last six months, year, two years?

There are about a hundred other questions and I can see right out of the gate. While handsome, that chart is far too broad to be reliable. I don't think I'd say that "really tells me what's going on in Atlanta".
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Fri Jan 25, 2013
The data is a yearly average of 2012. Putting data from the city of Atlanta side by side with Georgia's data collected. Demographic information I used was collected from http://bit.ly/X8LDpT, which seemed to be the most accurate when it came to population, employment, information pertaining to the amount on the mortgage % paid upfront and the % of people that purchased a particular home at a different price brackets (cheapest to most expensive) in the area. The foreclosure law and foreclosure process time was taken from here http://bit.ly/XMxwp5. RealtyTrac has been a great updated source to read from and good for legal foreclosure information. Information towards home value was taken from http://bit.ly/NikJKc, also considering the surrounding areas.
Flag Mon Jan 28, 2013
I think I can give you a fair explanation to this obviously false data. (If I was in a market where prices were increasing 1000% I would sell off everything I own to buy - but that only happens in infomercials).

Okay so here is the real reason for the numbers. Have you noticed that a vast majority of REO's are putting their property listings in Trulia without square footage? Imagine if 30% of the sales over the past year have "0" square feet. That is now averaged with the remaining 70% of accurate sales. Their sales prices are now throwing off the averages of the whole database and thus causing false data readings.

If you want to see what is really going on in Atlanta, check out my recent infographic at http://www.bankforeclosuressale.com/wp/article-11214078.html or look to local MLS data which is much more accurate.
0 votes Thank Flag Link Thu Jan 24, 2013
I came across this nonsensical post yesterday and just had to pass on it...Hank has accurately summed up my position.

This is truly a reminder that real estate is an extension of our society and included in it are all of its most unique personalities. People do get a kick out of just making things up............

Bill
0 votes Thank Flag Link Sat Jan 12, 2013
Seriously Hank, I miss Royal.
0 votes Thank Flag Link Sat Jan 12, 2013
seriously, how is this still getting somewhat legitimate responses?
0 votes Thank Flag Link Sat Jan 12, 2013
I have told you a hundred million times to quit exaggerating!!!!!!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Fri Jan 11, 2013
From my experience, I have not seen 1000% increase. Although housing prices have increased due to the decrease in homes available for sale.
0 votes Thank Flag Link Fri Jan 11, 2013
I've not seen these numbers any where. I look at homes for buyers every day and review CMA's (Competitive Market Analysis) for them within neighborhoods they like.

Have a Good Day,

Rick Payne
Keller Williams Realty
0 votes Thank Flag Link Fri Jan 11, 2013
the fact that Royal died is still crazy....
0 votes Thank Flag Link Fri Jan 11, 2013
Personally, I have not seen a 1,000% increase. Inventory levels are low so many homes are going into multiple offer situations. This is resulting in sales pricing inching higher.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Fri Jan 11, 2013
I thought these were last week's lottery numbers.
0 votes Thank Flag Link Fri Jan 11, 2013
To quote the late Royal Marshall...

....Just damn!

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Fri Jan 11, 2013
#####'s,
If you believe the numbers you quote (and you should not) it would suggest you have a decisions to make. You are either motivated to act or you fold your tent and watch what happens in the Atlanta real estate market.

Please put together 15 comparable sales reflective of the same trend THEN you have something to talk about. An 'N" of one is not a trend, but only a data point.

Best of success,
Annette Lawrence, Broker/Associate
Remsx Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Jan 11, 2013
Wow.

Hank - WTF?

I wonder what it would be like to sit in a classroom with esteemed exonomist 369153981. Hmmm...Maybe Ming could explain what all these empirical statistics reports and area by area comparison reports I pay for really mean.

I picked up one of my desktop reference books, "What would Keith Richards do?" to find a relevant quote to wrap up my answer...some of you may not know this but Keith has been known to stay awake for days - here's a quote that relates Keith's sleeplessness to this Q&A:

"You lose track of time after 3 nights. An hour becomes a minute. A minute becomes an hour. Time is meaningless, sleep becomes superfluous. Everything becomes a beautiful blur, until you fall over and break your nose..."
Web Reference: Http://intowninsider.com
0 votes Thank Flag Link Fri Jan 11, 2013
The holding time in the Atlanta market is the lowest it has been. The average date to sell is around four months. You want to know why? There are multiple large cash investment capital that has moved into the real estate market and they are buying hundreds of homes a month. This creates less inventory and owner occupants are less likely to obtain "good deals". The investment capital has driven the price up quicker then the appraisal. Some appraiser has not caught on and still appraise the property less then market value which makes the owner occupants lose their contract or force the bank to sell it at the appraise value.

A good site for owner occupants to go to are:

http://www.hudhomestore.com
http://www.homepath.com
http://www.homestep.com

All three of these site does offer owner occupant priority before investors can make an offer but the owner occupants would need to bid during those time frame.

Ming Richardson
Solid Source Realty GA, LLC
770-616-4901
0 votes Thank Flag Link Thu Jan 10, 2013
It's called supply and demand.
0 votes Thank Flag Link Thu Jan 10, 2013
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