Home Buying in Palmetto>Question Details

Kee, Home Buyer in Palmetto, GA

According to the Fulton County Assessor, nothing has been sold in October. Are asking prices still too high?

Asked by Kee, Palmetto, GA Sat Nov 3, 2007

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Hi Kee: I agree with the comments below. There have definitely been sales in Fulton County in October...I know because I have sold some of them! It does often take up to 6 months for Fulton Tax records to show the recorded deed.

In response to your broader question....the market has definitely shifted and in many cases asking prices are still too high, but homes that are priced at the market value, staged, and in good condition are still selling well, but just over 25% of homes on the market meet this criteria.

Here is the reality of what the market data is showing through the third quarter of 2007 relative to overpricing: 59% of the homes that were listed failed to sell during the listing term. An additional 14% reduced their price. As a result, overpriced listings/failed listings reached an all-time high of 73% in the 3rd quarter. Should you need any further information or assistance with buying or selling a home, feel free to contact me at Brenda@RKiHomes.com or 770.300.0023.
Web Reference: http://wwwRKiHomes.com
1 vote Thank Flag Link Mon Nov 5, 2007
Kee,

You must mean for your street or neighborhood. It's still far too early for Fulton County to have any data as well. Fulton is one of the most backed up counties as it is. Be careful of looking at sites like Trulia and Zillow because they have old data as well. Call your Realtor, they would be glad to hear from you about this.

Also, prices are for the most part too high right now too! Last month I saw many areas that had actual depreciation which is very rare in the metro Atlanta area.
Web Reference: http://www.jrjarvis.com
1 vote Thank Flag Link Sat Nov 3, 2007
Joshua Jarvis, Real Estate Pro in Duluth, GA
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Kee -
I show more than 560 properties SOLD in Fulton county since Oct 5 (as I far as I can go back without getting complicated) until October 31. More than 650 are showing as pending sale currently. Tax records often take some time to "record" and then to be available via the assessors website. I clicked on some random properties that had closed in early October and none were updated in my tax records, but showing as sold in the MLS.

Tough to generalize if selling prices are too high - and that depends upon if you are asking about offering price or sold price. Atlanta is on the list of the areas still showing some reasonable appreciation overall. As Realtors, it is our job to HELP the sellers determine the best price, but the majority of experienced Realtors provide recent sales data to their seller and the seller ultimately decides on the price. Hope this helps!! Feel free to get directly in touch if you want some more specific information.
Web Reference: http://leeadkins.net
1 vote Thank Flag Link Sat Nov 3, 2007
I wouldn't think that the Assessor's office would have all of the stats input this soon. You should probably check your local MLS information. It takes the tax office much longer to get it into their system.
1 vote Thank Flag Link Sat Nov 3, 2007
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