Community Corner
The Active Leftovers from the 2010 Market
Using the 2010 prices to evaluate your next steps
For those getting ready to sell in 2011 and for buyers who are still considering buying a quick snap shot of what still remains for the 2010 market may be beneficial. We all know or should know the home values are continuing to trend downward, which is supported by the analysis of a major conservative statistical tracking organization called Case Schillar. So some of the following statistics may be beneficial in your overall analysis.
As of early February 2011 in the zip code of 30338 in Dunwoody, under detached housing there are 149 homes for sale ranging between $995,000 and $172,000 with 69 percent in the range of $700,000 to $250,000.
Using four bedrooms as a base line for the criteria of detached homes 86 homes are for sale with a high of $935,000 and low of $172,000.
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In the attached homes there are 74 homes for sale ranging between $381,901 and $59,900.
The benefit of this data is to help you evaluate where you may want to enter the market or, from the other side, where you want to get out. The 2010 market is done and the books are closed. The 2011 market now has a solid foot hold from the remaining excessive inventory and to date the small influx of new inventory.
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Normal sellers – especially had better take a hard look at reality when evaluating their exit strategy. This advice should also be considered by those ‘Quick Flipper’ investors who have been left with a wonderfully rehabbed house and a mountain of debt with no buyer in sight except for the bank at the courthouse steps.
The banks and government agencies have finally been shocked into the reality of the declining market. The resistance of the buying public willing to spend hard earned scarce money on homes displaying less than perfection has already resonated through the real estate industry. Now the industry has the monumental task of communicating that to the selling public.
In summary, this is where the emphasis on listing/selling price comes into play. The old real estate adage of location, location, location has been transformed into price, location, price with a dash of perfection thrown into the mix.
