Buyers Archives -

2020 Forecast Shows Continued Home Price Appreciation

December 26, 2019 by Thom Abbott

2020 Forecast Shows Continued Home Price Appreciation

Questions continue to rise around where home prices will head in 2020. The latest forecast from CoreLogic shows continued appreciation at 5.4% over the next year:Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. Based on the most recent results, 32 of the 50 U.S. states (plus D.C.) had a minimal probability of lowering by 2021.

Bottom Line

Experts forecast home price appreciation to continue at a moderate rate as we move through 2020 and beyond. With appreciation growing, let’s get together and plan for your next move.

How Much Do You Know About Down Payments?

August 11, 2019 by Thom Abbott

How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?

There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 – 5% of the purchase price and 40% don’t know how much they need at all.There are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.

We’ve mentioned recently that you don’t need to come up with a 20% down payment to buy, and we’ve also shared how quickly you can save for a 3% or 10% down payment, depending on where you live. If you’re planning to put down just 3%, the research shows it may be possible in most states to have enough saved for a down payment in less than a year. That puts homeownership in a much closer reach for many potential buyers, maybe even you!

2. How can I get help with my down payment?

Regardless of the loans available, many buyers still need assistance with a down payment. The great news is, there are a lot of ways to tap into down payment assistance options. Here are just a couple of them:

Assistance from Family Members

The National Association of Realtors (NAR) said, “a third of recent first-time buyers received down payment assistance from family members.” They also mentioned, “the average net worth of those aged 75 and over stands at $264,800…They just might offer the boost the next generation needs to become homeowners.”

That means one of the ways to find help with a down payment is to accept a gift from a family member. If this is an option for you, make sure you talk to your loan officer before you accept the money, to ensure you document the process the way it is required by your loan. This way, it will be received properly and you can still potentially qualify.

Down Payment Assistance Programs

The reality is, not everyone has a loved one or a family member who can provide help with a down payment. There are, however, more than 2,500 down payment assistance programs available (by local areas like city, county, or neighborhood), and some of them are even specifically for first-time buyers.

The gap, as mentioned in the same survey, is “only 23% of consumers are familiar with low down payment programs.”

That’s why it is so important to get familiar with these options by doing your homework before you plan to buy a home. Determine what is available in the area where you ultimately want to live, so you have all the details you need to take advantage of the down payment assistance option that is best for your family.

Bottom Line

If buying a home is one of your long-term goals, you may be able to get there sooner than you think by tapping into one of the many down payment assistance programs available.

Learn more about the home buying process by reviewing the articles in our Real Estate Buyers Guide.

Chamblee Signal -Official Newsletter of Chamblee, GA May June 2019

May 26, 2019 by Thom Abbott

Chamblee is a great community located along the Gold line of MARTA, North and slightly East of Midtown Atlanta. Once upon a time it was a sleepy town with it’s main street an example of what it was…Peachtree Industrial Blvd. But times have changed, and the Chamblee Signal -Official Newsletter of Chamblee is a great city publication about what’s happening in the city.

Here are the highlights of the May-June, 2019 issue:

Community Involvement in Comp Plan

A Comprehensive Plan is one of the most important documents any city can have in place. It’s the “road map” of where the city is headed in the future….the “vision” if you will. The first round of meetings referenced in the Signal happened earlier this month. You can learn more about the upcoming meetings and this process at OneChamblee.com

Facade Grant Program

Started by the Chamblee Downtown Development Authority (DDA) five years ago, this program is instrumental to the revitalizing and redevelopment of the Downtown Chamblee area. You can learn more about the DDA at DowntownChamblee.com

2019 National Wiffle Championship

Ahhhh…..don’t really know what to say. Best read the Signal, and you will find a link to it below.

PDK – A Hub for Business

Indeed, the SECOND busiest airport in GEORGIA sits right in Chamblee….Dekalb_peachtree, also known as PDK. While the airport primarily serves private aircraft, Ultimate Air Shuttle provides scheduled passenger service to Cleveland, Ohio and Charlotte, NC.

Chamblee Dining on the Rise

Along with the new apartment buildings and Peachtree Station Shopping Center comes more dining options. From Bad Daddy’s Burgers to Chronic Tacos, Gu’s Kitchen, La Garde, The Alden and more….residents and visitors alike have many new dining options, and more will certainly follow as the Downtown area redevelops and the new apartment buildings open up.

For all the stories in the Chamblee Signal -Official Newsletter of Chamblee, GA May June 2019, CLICK HERE!

If you are looking to purchase a new or existing home in Chamblee, give us a call at 770.713.1505. We’d be delighted to show you all the neighborhoods and various living options available to you! Or you can contact us here!

What Is Mortgage Insurance?

May 6, 2019 by Thom Abbott

As you look to purchase your new home, you are going to see one of the costs of borrowing money will be mortgage insurance, or private mortgage insurance (PMI) Most likely, this will occur due to your amount of down payment and the interest rate on your mortgage. Let’s take a look.

Benefits of Mortgage Insurance

Flexible premium payment options (your lender may have numerous options available)
Premium Payments are temporary – PMI can be cancelled once your home reaches an 80% loan to value ratio
Ability to buy your home sooner with as little as 3% down payment (this will depend on other factors)

FAQ’s about Mortgage Insurance

How much does PM cost?

The amount will vary based on your loan terms. You need less PMI with 15% down payment than you do with a 3% down payment. And it depends on the type of mortgage and other factors. Your TEAM Lender can provide you with specific payment amounts.

Won’t PMI Increase my mortgage payment?

While there is an added cost to PMI, it’s a small percentage of your overall mortgage payment. Most of it will be determined by your interest rate, and the loan amount.

Do I pay PMI for the entire time I have a Mortgage?

Thankfully, no! YOu can request to have PMI removed from your mortgage when your loan balance hits 80% of your original appraised value. Additionally, the FHPA (Federal Homeowners Protection Act) requires that mortgage insurance be automatically cancelled when your balance reaches 78%. This law may or may not apply to your mortgage….and you will want to discuss this with your lender.

At your closing (we like to call it a Celebration!) your lender must provide you with information about the mortgage insurance on the loan, and the conditions when you can cancel it. Furthermore, each year after you close, your lender must send you a reminder about PMI and that you can make that cancellation request once the conditions have been met.

Why do Lenders need Protection?

One need not look any further than the housing crash for this answer! But, to be more specific, it protects your mortgage company or bank if you are unable to continue making mortgage payments.

Studies have shown that homeowners with less than 20% invested in a home are more likely to default. It makes a loan with a lower down payment a higher risk. This should not be read that ALL home buyers with less than 20% are going to be a problem!! But you know how statistics work……not always in your favor. And you should not let this deter you from buying a home. MANY buyers buy with less than 20% as a down payment.

How Do I Pay PMI?

It is usually a part of your monthly payment, but can be paid in a single premium and financed as part of your mortgage. Again, your TEAM Lender can answer these questions, based on your specific situation.

The Consumer Financial Protection Bureau has more information about Mortgage Insurance HERE.

And one of our TEAM Lenders, Movement Mortgage has a great article HERE.

Every Buyer and their situation, and every mortgage can be different. This is why we strongly encourage you to meet with a lender early on in your home search process to know what your specific situation is. Your lender can look at numerous options for you, and even suggest ways to lower these amounts.

We always say that it is OUR job to help you find the right home at the best possible price and terms, but it is your LENDER that helps you pay for it.

5 Organizing Mistakes You Could be Making

April 5, 2019 by Thom Abbott

Most of us wish to keep our homes organized. That’s a piece of cake. Yet many individuals have a hard time to maintain their home this way. This is due to the fact that there are some typical actions that can be making it tough for you to remain organized. Here are 5 Organizing Mistakes You Could be Making!

Not Arranging by Feature

Lots of individuals like to sort by shade or group things by their physical similarities. Nevertheless, this could really be making areas such as your closets even a bigger mess. If every one of your shirts are organized by color yet you use specific t-shirts during the week and also other ones on the weekend, this will create you to have to sift with every t shirt you have to find one that is work-appropriate or laid-back enough for the weekend break.

Rather, group things by feature. Maintain all your shoes and also garments organized in a way that makes good sense for your lifestyle and also you will have a better chance of staying arranged.

Organizing Things You Do Not Need

Before you organize your kitchen area or bathroom, sort out what you have and ask yourself if each thing is still essential. For instance, if you are reorganizing cabinets in the kitchen, take every item out of the cabinet and also lay it out before you. Examine each thing and also choose if you must keep it, toss it or give it away!

Now, you only need to organize the products you have left. Organizing items you do not use is a waste of time and will just add to the clutter you are trying to get rid of.

Purchasing Too Many Storage Space Containers

Do you acquire boxes and also baskets with every purpose of getting organized by using them, but they wind up sitting in the garage or your storage unit with a wide variety of unassociated things? Before you invest in storage containers, eliminate anything you don’t really need or use anymore. After that, decide how many and what kind of containers you need, on a list. This way, you buy the right containers for the things you are keeping.

Using Bookshelves as a Storage Unit

It’s easy to transform your shelves into a disposing ground for knick-knacks and also various items you do not have a place for. Actually, the bookshelf should have a really thoughtful design of carefully curated products. Bookshelves are open and also become an eyesore when they’re jammed.

Also the books you display on your bookshelf ought to be the best of the best! Those paperbacks you need to keep…they go in one of those containers.

Furniture Overload

If you stay in a condo or a smaller house, make sure you have the right furnishings for the space you have to work with. For example, just because houses commonly have a formal dining room doesn’t mean you HAVE to have a dining room table. This could make a great home office or theater room! imply you have to. If you condo has a breakfast bar, and you don’t entertain much, consider not having ANY dining table. It just depends on your space and your lifestyle. Save room for that special piece that came from family or as some other meaning to you!

Looking for even more methods to maintain your residence clutter-free… especially if you are thinking about selling … Give us a call today! We are happy to help you with this process, or give you some resources!

Midtown Atlanta 2018 Year End Real Estate Market Report

March 23, 2019 by Thom Abbott

Midtown Atlanta is most often referred to as the most walkable neighborhood in all of the Metro Atlanta area. And that certainly is true. Step out the door of your home or condominium, and lots and lots of restaurants, some shopping, two MARTA transit stations, theater and art museums are all within walking distance. Not to mention the numerous festivals that happen each year in Midtown Atlanta’s “backyard” …. Piedmont Park.

A majority of the living options in Midtown Atlanta consist of condominiums and apartments. The area known as Historic Midtown is the only area with single family homes.

For the purpose of this report, we tried to outline what is considered Midtown in the MLS, as indicate in the photo on the right.

Midtown Atlanta 2018 Year End Real Estate Market Report

Disclaimer: As we do this “15,000 ft overview” of the Midtown Atlanta market, we attempted to keep the search as indicate in the map above. So places like Ansley Park or Atlantic Station are NOT represented in this report.

Single Family Homes

Single family homes in Midtown Atlanta, are found in what is referred to as Historic Midtown, and area primarily defined by 10th Street, Monroe Drive, North Avenue and Piedmont Avenue.

There were 25 homes that sold in 2018, ranging in price from $500,000 to $1,680,000. CLICK HERE to see the report.

Condominiums/Townhomes

Midtown Atlanta is best known for condominium living. And the choices range for converted homes with only 4 units to major high-rise buildings with 400 homes! And as you can see in this 2018 Year End Report, there is a range of prices! There were a total of 667 sales in the area for 2018!

86 condominiums sold between $500,000 and above. This accounted for about 13 percent of the market

78 homes sold between $400,000 and $500,000 or about 12 percent of the market.

160 homes sold between $300,000 and $400,000, about 24 percent of the market.

343 homes, or 51% of the Midtown Atlanta condo market sold for less than $300,000.

82 condos sold for less than $200,000 or about 12 percent of the total sales.

CLICK HERE to see the Complete 2018 Market Report — $500,000 Plus

CLICK HERE to see the Complete 2018 Market Report — $400,000 — $500,000

$300,000 — $400,000 CLICK HERE

$300,000 or less CLICK HERE

What’s The Real Estate Market Like In Midtown Atlanta?

Midtown Atlanta’s real estate market is still moving strong in 2019. However, we are starting to see some homes remain on the market longer and not the past frenzy of offers (and sometimes multiple offers) within a day of going on the market. 2019 will also see the values moderate. This is a GOOD THING, AND NOT A SIGN OF ANY TROUBLE! A real estate market cannot continue at 6% or more appreciation each year. If that were to happen, Midtown Atlanta, or ANY area of Atlanta could quickly become unaffordable to many people. So we look forward to continued price and value appreciation, but just not as dramatic as we have seen in the past few years.

If you are looking to Buy or Sell a home in Midtown Atlanta, MyMidtownMojo.com can help!

Selling? Do you want to sell your Midtown Atlanta single family home or condominium? Call us today at 770.713.1505 to schedule a free market analysis of your home. Or, complete our Seller Information Form and we will be in touch with you!

Buying? Are you looking to buy a Midtown Atlanta home, condo or townhome? We can set up specific searches for you based on price, community or other specifics you may be looking for. In a competitive Seller’s Market, we can alert you of new listings within minutes of them hitting the market! Just complete out Buyer Information Form, or let’s schedule a time to talk about what you are looking for!

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

2020 Forecast Shows Continued Home Price Appreciation

Bottom Line

How Much Do You Know About Down Payments?

1. How much do you really need for a down payment?

2. How can I get help with my down payment?

Assistance from Family Members

Down Payment Assistance Programs

Bottom Line

Benefits of Mortgage Insurance

FAQ’s about Mortgage Insurance

Not Arranging by Feature

Organizing Things You Do Not Need

Purchasing Too Many Storage Space Containers

Using Bookshelves as a Storage Unit

Furniture Overload

Midtown Atlanta 2018 Year End Real Estate Market Report

Single Family Homes

Condominiums/Townhomes

Contact MyMidtownMojo and Thomas Ramon Realty@Palmer House Properties at 770.713.1505 or Info@MyMidtownMojo.com for all your Midtown Atlanta real estate needs!

PalmerHouse Properties