Atlanta Condos For Sale

Sellers Are Returning to the Housing Market

by

Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM

In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains:

“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay.”

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

“Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”

Houses today are selling faster than they’re coming to market. That’s why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

5 Maintenance Skills All Homeowners Should Know

by

5 Maintenance Skills All Homeowners Should Know5 Maintenance Skills All Homeowners Should Know

Owning a home can be one of the most important parts of a satisfying lifestyle. The joy of coming home to someplace you can call your very own offers security and comfort. Yet owning a home comes with responsibilities as well; maintaining the home in proper condition is critical to avoid larger problems later. Let’s look at 5 Maintenance Skills All Homeowners Should Know. 

And yes, this applies to condo owners as well. 

While some people are handier than others, here are 5 maintenance skills anyone can master.

1. How to Turn off Your Gas and Water –If you smell gas or have a water leak, taking quick action to shut off the source to the home while you wait for a professional can save thousands of dollars, and even lives. When you purchased your home or condo, this may have been pointed out to you during your home inspection. These are key things to know. If you have a dishwasher or washing machine that won’t stop filling, you can turn off all the water at the main shutoff to stop any flooding, or at least minimize it.  With gas, of course you want to avoid any potential explosion and/or getting sick from the fumes. 

2. Understanding How Electricity Is Fed to Your Home –Learn how to reset GFI outlets and popped breakers at the panel to avoid expensive house calls. Check out this YouTube video!

3. How to Find a Wall Stud – Avoid drywall repair when hanging pictures or shelves. Here is one on Amazon!

4. How to Change Your Air Filters – Keep your air fresh and your HVAC systems running efficiently. Know the size of your filter, and have extras on hand. You can change your filter as often as you desire, but many recommend every other month. Some systems say every 6 months, but that could be to long. 

5. How to Address Simple Plumbing – From fixing a running toilet to recaulking the shower, simple plumbing related issues can save money in service calls and damage.

A quick visit to the local big box home supply store or afternoon online watching repair videos can help any homeowner tackle a few simple do-it-yourself tasks around the house. Learning a few basic maintenance skills will ensure you and your loved ones are safe and you’ll help your home stay in top condition.

If we can help you find a handyman to help with these issues, let us know. We also have plumbers and HVAC contacts should you find a problem is bigger than what you may be comfortable handling. 

 

25 Quick Ideas for Decluttering

by

How to Declutter Your Home25 Quick Ideas for Decluttering

You know you got stuff. It’s everywhere!! Whether you live in a single family home, or a 1-bedroom condo…you just start piling up stuff!

Got a spare hour or so? It’s time to start tossing. Grab a trash bag, a recycling bin and a few donation boxes and get down to business. Working room by room, here are the things you can get rid of right this second.

Kitchen
1. Expired food in your fridge and pantry. (Don’t forget to check all those condiments—they don’t last as long as you think).

2. Recipe books, cards and print-outs you don’t use.

3. Old or one-time use cleaning supplies under the sink.

4. Bottles of alcohol collecting dust.

5. Old, stained and tattered sponges, dishrags and hand towels.

Living Room
6. Magazines you’ve already read.

7. DVDs no one watches.

8. Knickknacks that no longer speak to you.

9. Extra throw pillows and blankets.

10. Toys and electronics that aren’t played with or used.

Bathroom
11. Expired medications.

12. Old makeup, nail polishes and skin care products.

13. Any half-empty bottles or soap remnants in the shower.

14. Sample packets and hotel soaps, shampoos and lotions.

15. Any hair accessories, curlers or hot tools that don’t get used.

Bedrooms
16. Extra sets of sheets—you only need two!

17. Clothes that don’t fit or you no longer wear.

18. Shoes that are worn out or never worn.

19. Jewelry that’s broken or never worn.

20. Extra buttons, clothing tags, safety pins and bobby pins.

Office 
21. Old instruction manuals.

22. Print-outs you don’t have use for.

23. Books you’ve already read, don’t like or won’t realistically get to.

24. Old tax documents, bills and pay stubs. (Shred these!)

25. Extraneous pens, pencils and other office supplies. 

2020 Forecast Shows Continued Home Price Appreciation

by

2020 Forecast Shows Continued Home Price Appreciation

2020 Forecast Shows Continued Home Price Appreciation | MyKCM

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:2020 Forecast Shows Continued Home Price Appreciation | MyKCMAdditionally, 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 2021.2020 Forecast Shows Continued Home Price Appreciation | MyKCM

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.

3 Must-Do’s Before Listing Your House for Sale

by

AWESOME! You’ve decided that it’s time to find that new home or condo you have been looking for! Ahhhhh….but first we have to SELL the one you have now!What are 3 Must-Do’s Before Listing Your Home For Sale? 

Tips For Listing Your Home For Sale3 Must-Do’s Before Listing Your House for Sale

Before you list your home or condominium for sale, it’s time to do a little work around the house – to prepare and make sure your home is seen in the best possible light. These “must-do” items are about showing your home to buyers as one which is cared for and ready for them to add their own brand of home to the space. Taking a little time up front can mean thousands of dollars as buyers start writing their offers.

3 Must-Do’s Before Listing Your House for Sale

1. Declutter, Depersonalize and Clean – This is the time to take spring cleaning seriously, in any season. Clear out all unnecessary items from the home; closets, drawers, extra clothes, old unwanted furniture. If you have added extra furniture to your condo, now would be a good time to move it to a temporary storage unit, or even sell it if you don’t think you will use/need it in your next home.  Donate to charity, hire a dumpster or rent a storage space; buyers will look in every space and open all drawers and cabinets, make sure your home seems spacious. Closet and storage space, no matter a condominium, single family home or a condominium is always a premium. If you have limited storage, then try to have it as open as possible…it gives the look of there being a lot of space. Spend some time to depersonalize by removing excessive pictures and hide heirlooms. Finally, deep clean every space top to bottom.

2. Address Deferred Maintenance – Make small repairs or hire a handyman to take care of problems which could appear during the home inspection. I simply cannot stress this enough!!!  I even recommend you have a pre-inspection done on your home. FIND all these things and then you can address most of them, or at least be prepared with our pricing to allow for a concession for something. It will make the Due Diligence/Inspection period on your home a lot less stressful! Replace caulking, fix broken windows and screens, replace light bulbs and freshen up and clean grout; buyers want to see a home that is cared for with “good bones.” 

Listing Your Home For Sale3. Go for Curb Appeal – Spend some time in the yard. Trim bushes and trees, clean and repair hardscape and make sure there is adequate lighting. Welcome your buyers with seasonal flowers or décor and place a fresh mat by the front door. Before you put that sign in the front yard, spend a little time and elbow grease to make sure you welcome your potential buyers with the best version of your home. If you live in a condominium, there is not much you can do with the curb appeal. If you are not in a high rise, listing when the trees are in full bloom vs. when the leaves are all over the ground could be a good consideration! As for a high rise, your curb appeal starts in the lobby with your Concierge. Take time to visit with them and let then know your home is going on the market. They often talk with other residents in the building who may be looking to make a change, or could be renting and now want to purchase in the same building. Also make sure your REALTOR is familiar with the listing policies and procedures in your building. Some of this information can be added to the listing to help buyers agents as they show your home. 

3 Must-Do’s Before Listing Your House for Sale 

These are great tips to help you and your REALTOR quickly sell your home or condominium so you can head to your next new home! 

How Much Do You Know About Down Payments?

by

How Much Do You Know About Down Payments?

How Much Do You Know About Down Payments? | MyKCM

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.How Much Do You Know About Down Payments? | MyKCMThere 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.

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

PalmerHouse Properties