Are We There Yet?
Posted by Ben Hirsh on Tuesday, March 8th, 2011 at 6:22am.I live and breathe real estate on a daily basis, but the continued drop in Metro Atlanta real estate values during 2010 suprised even me. Home prices in Atlanta dropped 8 percent in 2010, sinking to new lows ,according to Standard & Poor's S&P/Case-Shiller Home Price Indices.
Are we at the bottom?
From an insiders point of view, the market now seems to be most affected by fear. People are waiting and watching, not wanting to catch what is being portrayed on the evening news as a falling knife. While fear is the current ruler of the market, I have seen many signs that the allure of opportunity has started to get buyers attention.
The median sales price of Atlanta’s single-family homes was up 1.7 percent in January, according to the National Association of Realtors. It has become less expensive to buy than it is to rent in most situations, sometimes as much as 30% cheaper when tax advantages are taken into consideration.
If you are a buyer, you will never be able to know or predict the "day" that the market hits bottom. If you wait until you are sure the market has turned, then you will be several months behind. I have personally recently purchased investment property and the overall focus for buyers right now should be on long-term value and finding the "perfect" property for them.
It is important to remember that you are buying just one property and if you have a great Atlanta Realtor representing you, then you will beat the market averages.
Are we there yet? I really do not know for sure...but we are so close I can taste it.
Blog Tags
Print
ShareBe the first to comment on this blog entry!