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Is the Atlanta Real Estate Market Improving?

The Atlanta real estate market is still moving forward, but we must actually assess what is taking place.  Many of us have noticed that some of the real estate news is turning positive in many markets.  Slight increases in Atlanta home sales and prices seem to have everyone in a more cheerful mood, but until we get at least 6 months of solid back to back improvements...only then can we quote a trend that we have turned the corner.  I personally question recent increases in home sales.  Now the media wants a positive spin on everything, so the news stories we hear are colored with 'rose color glasses.'  We must keep in mind that Atlanta homes sales today are not the same as a few years ago, because they do not generate the same amount of worth.  

An example is  that when a home owner sold a home years ago to downsize, or trade up... there were full commissions and equity for the principals on both sides of the deal, and that is no longer the case. Today we are dealing with very high percentages of bank owned properties and short sales.  Many Bank owned REOs are only paying a flat fee on the listing side.  Short sales on the other hand are paying for the most part whatever the bank wants.  Also, unlike a private party sale between a buyer and seller - a bank property sale does not generate another sale.  One property is sold, and the story ends there.  It is quite different than a sale involving two or more parties - in that instance several other deals are created.

If we are going to discuss our market and their health, more real estate professionals are going to have to understand the economics that drives them.  Numbers of sales does not necessarily mean that things are back to normal.  A recent sale here in the Atlanta real estate market shows that homes are selling quickly, but they are selling for 250K less than they were a few years ago.  So it isn't good news if you are selling and taking a 150K hit in real equity.  In short less money is being created for less parties, and that means there is less to go around and spread the real wealth.  My idea of wealth creation is not paying off TARP money via a foreclosure or distressed sale.

 

RE/MAX Agent Atlanta

 

James Crawford ABR, Broker Associate

RE/MAX Paramount Properties

1605 Mansell Road Suite 106

Alpharetta GA, 30009

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Comment balloon 16 commentsJim Crawford • July 30 2009 09:02AM
Is the Atlanta Real Estate Market Improving?
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