Atlanta Home Values Down - Time To Buy

Sometimes it's difficult to really appreciate what's going on in a real estate market just reading statistics on paper. Fortunately for us here in Atlanta, the FMLS puts together some fantastic tools to help us understand the market so that we as REALTORS® can help you the consumer. Have a look at this chart as it shows Atlanta real estate values over the past several years in a very clear way:

Now, if you look at the purple line with the circles you will see this years home values. The values have tanked! It looks to me like our current average home value is right now just about the same as it was in the summer of 2004. Wow! This is terrible right? Well, in some ways yes, in other ways it's a sign of things to come - and an improving market. Total sales of Atlanta homes are down considerably and that last ones to figure it out were the sellers. Now that sellers have lowered prices, we can begin to get buyers back in the market and reduce the inventory problems. Atlanta real estate has not really suffered as badly as many other areas around the country have suffered and we should begin to see more signs of recovery soon.

Believe it or not, I see this as a very important sign in the recovery. Without price reductions, we were looking at staying right where we were for some time. This added incentive to buy in the form of lower prices is just what was needed to stimulate the market, get buyers off the fence and put us on the right track for 2008.

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