Looking for your new home can feel like a daunting task, especially if it’s your first time going through the home buying process. Sometimes, all of the choices may feel overwhelming. You want to make the best decision for yourself and your family. Continue reading
For many Americans, retirement age is fast approaching or already here: Baby Boomers account for nearly 75 million individuals in the United States. Continue reading
Often times, home buyers can be disappointed when they find their dream home only to discover they are not able to get a mortgage to purchase the property. There are methods that potential buyers can use to ensure this does not happen to them. Continue reading
Home increased in October according to Case-Shiller’s 20 City Home Price Index. Home prices rose from September’s annualized reading of 5.40 percent to 5.60 percent. Factors contributing to rising home prices include stronger economic conditions and outlook along with short inventories of available homes coupled with high demand. On average, October home prices rose 5.10 percent on seasonally adjusted annual basis, which was unchanged from September’s reading. Continue reading
Many home buyers have found the perfect house, signed on the dotted line and may think they’ve watched enough home improvement shows to know if the home they’re getting is in good shape. Unfortunately, some buyers make the mistake of skipping a home inspection in order to save a little cash.
Even if a home has already stolen your heart and you’re ready to pay for it as-is, you need to bite the bullet and hire a home inspector to let you know what repairs and financial repercussions await you. Continue reading
When looking to buy or sell Metro Atlanta real estate, confusing terminology can leave you feeling somewhat uneasy.
From a multitude of numbers to marketing jargon, property listings can provide you with an overwhelming amount of information — and it’s hard to know what’s important.
So, brush up on the terms below and don’t get fooled this April.
This is an important number to pay attention to when choosing a real estate professional to sell your home.
The percentage is calculated by what a home was initially listed for, divided by the actual sale price.
The closer an agent’s percentage is to 100, the better.
If it’s low, that could be an indication that they routinely list homes too high, or you may be in a slow market which would favor the home buyer.
On the other hand, if it’s high, it could show that your agent markets their listings well and your market might favor home sellers.
Median Days on Market
The median days on market is the midpoint of how many days it took for homes in that area to sell.
If it’s 30 days, then half of the homes sold quicker and half took longer than 30 days.
If you compare the real estate you’re considering to its area’s median days on market and you find that it’s been on longer, the sellers might be willing to take a lower offer.
Properties are listed as distressed when the owners have defaulted on their mortgage loans or are about to.
As a buyer, you might be able to get a good deal on a short sale or a foreclosure, as banks many times list them below market value to try and recoup some of their loss and clear the property from their books.
An Active Versus Pending Status
If you find your dream home and then notice that it has a pending status, brace yourself for disappointment.
An active status on a home means the owners are accepting offers, while a pending status indicates that they’ve already accepted an offer.
If you know it’s the one for you, you can still place a bid in case the first offer falls through.
While there are many new concepts and terms you will learn when purchasing your new home, the benefits of home ownership far outweigh any fear that you may have.
If you’re looking to purchase a new home soon, please contact a licensed real estate professional who can cut through the jargon and find the home of your dreams.
For more information about the Atlanta area real estate market, please email me at email@example.com or call me at 404.918.2500.
~ Ed Short, Atlanta REALTOR®
It’s a great time to buy a new home because there are still quite a few Metro Atlanta homes for sale, and interest rates have continued to stay comparatively low.
Whether it’s your first time purchasing real estate or you’re a seasoned professional, here are a few tips to make shopping for a new house more pleasurable.
1. Get Help
Searching through all of the available properties on the market can be mind-boggling.
Find a professional real estate agent to help guide you through the homes for sale and select one that meets your family and financial needs.
2. Start Looking Now
Finding the perfect house can take longer than you might think, especially if you’re looking in a competitive market.
If you’re looking at getting a good deal on a foreclosure or short sale, then these transactions can take even longer because you’re likely waiting on the bank to make the final call on your purchase transaction.
Try to be patient. The more thorough you are in your search, the happier you’ll be in the long term.
3. Don‘t Settle For The First Place You See
Searching for a house can be extremely emotional.
If you think you’ve found the one, then take a step back, consult your real estate agent and go over your housing checklist one last time before writing an offer.
4. Weigh The Pros And Cons
Almost any property will need a few improvements; even newly constructed houses usually need improvements like landscaping.
Sellers are more savvy now about how to make cosmetic changes to catch a buyer’s eye, so look carefully.
There will still be things you want to change, so weigh the difference between the cost of those repairs and the sales price of the home.
If you really want a house even though it’s going to take a lot of work, make your offer accordingly.
5. Make Sure Your Financing Is In Order
Having financing done in advance makes the process of buying homes for sale much easier because you’ll know how much you can afford.
Your loan officer can also help you determine what your monthly payments will be based on how much money you borrow.
A great first step is to consult with a licensed mortgage financing specialist to go over the available programs and terms available in the area.