The greater Atlanta metro numbers from the S&P/Case-Shiller® home price index showed a home prices record setting drop of 17% from 2011 figures. However much of this drop is driven by foreclosed properties. Lenders want to get these properties off their books and so they usually sell for lower than their market value which drags down home prices as they made up 28% of homes sales in April alone.
But with historic low interest rates, homes sales increased almost across the board in the first quarter of 2012. With most of these distressed properties being sold and new guidelines from the Federal Housing Finance Agency to make short sales easier over foreclosure, home prices are expect to rise into 2013.
While Atlanta still has a large amount of distressed properties to clear, outlying areas such as Johns Creek are seeing home value rebound in line with the national 2.7% upward trend. With home prices expected to continue to rise, it will be a buyer’s market in the Atlanta area for some time.
Need help buying or selling a home in Johns Creek and metro Atlanta? Be sure you get the best help possible, which only comes from the experts at The Gebhardt Group.
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