Atlanta Home Prices: Relatively Small Decline

In a recent interview, Princeton economist Paul Krugman spoke with Fortune's Jia Lynn Yang about the economy and the outlook for home prices in which he specifically mentions the Atlanta market. See what he has to say.

How far do you think home prices will fall?

My preferred metric is the ratio of home prices to rental rates. By that measure, average home prices nationally got way too high. We'll probably basically retrace all that. So that's about a 25% decline in overall home prices. Only a fraction of that's happened so far. Of course, it varies a lot. In places like Houston or Atlanta, where home prices have not risen much compared with underlying rents, the decline will be relatively small. In places like Miami or Los Angeles, you could be looking at 40% or 50% declines.

Article: How bad is the mortgage crisis going to get?

Related Post: Buy a home in Atlanta: Make over $40,000 in 4 Years

Buying An Older Home in DeKalb County? Old Toilets Will Mean No Water Service

If you plan on buying or selling one of the 165,000+ homes built before 1993 in DeKalb County, please be aware that starting this June buyers will be required to have proof of "low-flow" toilets before the county will hook up water service.

For sellers, having these fixtures already updated before placing your home on the market can be an excellent selling point that makes your home stand out.

To help homeowners meet this new mandate, DeKalb County is offering two rebate options. The first is a $50.00 rebate for the purchase of any approved 1.6 gallons per flush toilet on the list of eligible toilets. The second option is a $100.00 rebate for the purchase of any approved 1.28 gallons per flush toilet on the list of eligible toilets.

For more information on the Toilet Rebate Program and list eligible toilets, click here.

Preparing Your Atlanta Home For Sale

In Metro Atlanta's competitive real estate market, it's imperative that you position (aka stage) your home in the best possible light while appealing to the widest number of prospective buyers. And remember, before a potential buyer makes an offer on your house they must first envision themselves living there.

Here are a few things that you can do today to your home to achieve this:

1. Declutter. Declutter. Declutter.
2. Paint rooms to a neutral color.
3. Clean EVERYTHING. Twice.
4. De-personalize. This includes removing family photos, organization affiliations, religious items and changing "themed" rooms. Your home is THEIR new home.
5. Eliminate odors. Common culprits include cat litter boxes, dogs and carpets.
6. Create curb/entryway appeal.
7. Use fresh flowers and real plants.
8. Make it appear "up-to-date"
9. Spaciousness is in. Remove unnecessary clothes from closets and place all but essential furniture in storage.
10. Let the Sun shine in. Allow as much natural light to come into the house as possible.