According to Smart Money, Atlanta Homeowners are listing their homes 40% over the median home selling prices. A homeowner with an overpriced contract for an overpriced home will face the lender’s appraisal which can kill the deal since the lender will not loan more than current market appraised price. See Smart Money Article below.
Need to purchase a home priced at market value or below? Just drop me an email: EARL@EARLPARK.NET or ph: 770-377-5793. I am an Accredited Buyer Representative with the National Association of REALTORS and I know price vs value.
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Where Sellers Are Most Unrealistic With List Prices
Daily Real Estate News | Wednesday, April 25, 2012
House prices have fallen in many areas of the country during the last five years, forcing sellers to get more realistic.
But some sellers still are hoping to get more for their home, despite market conditions. SmartMoney, in using housing data from the National Association of REALTORS®, found which metro areas appear to be the least realistic with their asking prices. They based their analysis on the gap between the median list price and median sales price in March housing data.
The least realistic cities for asking prices, according to SmartMoney, are:
Atlanta: a 40 percent gap between the median list price ($150,000) and median sales price ($90,600).
Jacksonville, Fla.: a 34 percent gap between the median list price ($184,775) and median sales price ($121,600)
Washington, D.C.: a 13 percent gap between the median list price ($359,900) and the median sales price ($313,300)
Meanwhile, sellers seem to be the most realistic with their list prices in Las Vegas, according to the SmartMoney analysis. In Las Vegas, the median sales price is $121,800, which is slightly above the median list price of $120,000.
SmartMoney includes a disclaimer in its analysis, reminding readers that the study was based on median prices, where half the homes are below that price and half are above.