Real Estate Tips Archives

Five Tips For Selling Your Condo Quickly

April 23, 2016 by Thom Abbott

With the ever-so-hot Atlanta real estate market, you may think you can just put your condo on the market and ….BAM! It will be Under Contract. That could be true for some of you. But, if you have plans to buy a house, or some other significant reason that has you putting your condo on the market….you might just need…

Five Tips For Selling Your Condo Quickly

Price

I consult with Sellers almost every day. And I totally understand that every dollar you make from your sale of your condo can go towards the purchase of your next home. But when you play the pricing game, you may not win if you are looking for a quick sale. Take a look at the comparative sales (comps) that I (or any agent) will show you. And price your condo there…if not even below that price. A condo that does not have a huge price tag is going to appeal to agents and buyers alike.

No Personal and No Pets

If you have been living in your condo for a few years, you have stuff. (Unless you truly are a minimalist…..and I’ve not seen many.) That stuff is personal items from those wedding photos (maybe THAT is why we are moving?) to the great group shot from that mud run….these things need to go in storage bins…and go to storage. There are numerous storage places around Intown Atlanta where you can get a small storage room for your….stuff.

And pets. Nothing can kill a sale like pet odors. Even if the potential buyer has a pet themselves, no one wants to smell….or “see” them. Make sure you remove pets for showings. If you are at work during the day….doggie day care is a great option. And then tuck pet dishes away.

A 2 Bedroom Looks Like a 2 Bedroom

Now this CAN work both ways. If your second bedroom is a home office, that just might appeal to the buyer who also wants space for a home office. On the other hand, if they are looking for a 2 bedroom condo, and your’s “appears” to be a 1 bedroom with an office, they might not be able to see past this really IS the second bedroom. Again, I realize this could be hard to change in a condo….but make that office as clean and sleek as possible so the Buyer can visualize what they would use the room for.

Update…Not a Full Blown Remodel

Often times, one condo can look like another…and another. That’s because that is how they were built….in “stacks” such that 1504 looks like 1804 that looks like 2104. So if you are 1504….make it stand out above the others! The quickest, easiest thing you can do is paint! You might have a great color scheme or accent wall you just love. But that’s the point….YOU love it and the buyer does not! So THEY are thinking, “Ugh, I’ll have to paint this.” Remove THAT thought from their mind. A fresh neutral color not only gives a fresh, new feel to your condo, it helps that buyer think about their own colors….or not. Do you still happen to have the builder-grade little light fixture on the ceiling? A new ceiling fan/light can make a big difference. Has that kitchen sink taken a real beating? Replacing it could make the kitchen really shine. Think about other simple things like faucets or your cabinet hardware. Anything that makes your condo look unique and different can help lead to that quicker sale.

Technology Sells

Everyday when I search the MLS for properties for clients, I’m blown away at the horrible quality of photographs that are out there trying to sell someone’s home or condo. Seriously….I have to wonder if the Seller knows just how BAD their home is being marketed. Well, if I am looking at those photos, guess who else is. The potential buyer of your condo!!! Make sure your home shines online! This WILL BE the first place your home is shown! Look at the photos your listing agent takes (some of us are good at photography) or that the professional photographer takes. Just make sure they show the good features of your condo.

The days on market your condo faces can be greatly reduced by being aggressive from the moment you leave the starting gate. Also making your home readily available to show (24 hour notice, can only be shown on such and such days, etc) are not flexible to a buyer. In the hot Atlanta market, if your listing goes live this morning….you best be prepared for showings this afternoon.

Get that potential Buyer in your condo….and let’s get it….SOLD!

What Are These “Energy Ratings” on Real Estate Listings?

April 22, 2016 by Thom Abbott

Tomorrow is Earth Day! (Click HERE to learn about Earth Day!)

What Are These “Energy Ratings” on Real Estate Listings?

And there is no better time then when we talk about our planet, to also talk about energy, and efficiency when buying a home or condo. You often hear these terms, “LEED Certified” or on a listing you see a “HERS rating.” And then there is “Energy Star.”

What do they all mean?

HERS Index

The Home Energy Rating System (HERS) Index is the industry standard by which a home’s energy efficiency is measured. It’s also the nationally recognized system for inspecting and calculating a home’s energy performance.

The HERS Index measures how efficient a home’s energy usage is. There are a lot of great reasons to have a home energy rating performed on your house.

It can tell you so much about the home you are going to purchase, like how efficiently it’s operating and where you can make modifications for greater energy savings. When you’re selling your home, a low HERS Index Score can command a higher resale price. And when you’re buying a home you can anticipate the costs of energy bills and efficiency upgrades.

How does the HERS Index work?

A certified Home Energy Rater assesses the energy efficiency of a home, assigning it a relative performance score. The lower the number, the more energy efficient the home.

The U.S. Department of Energy has determined that a typical resale home scores 130 on the HERS Index while a standard new home is awarded a rating of 100.

A home with a HERS Index Score of 70 is 30% more energy efficient than a standard new home
A home with a HERS Index Score of 130 is 30% less energy efficient than a standard new home

For more information, visit the Residential Energy Services Network (RESNET) website.

LEED

LEED, or Leadership in Energy and Environmental Design, is a program managed by the US Green Building Council. It is more frequently used in the commercial office environment, but it can also be applicable to residential real estate.

LEED works for all buildings—from homes to corporate headquarters—at all phases of development. Projects pursuing LEED certification earn points across several areas that address sustainability issues. Based on the number of points achieved, a project then receives one of four LEED rating levels: Certified, Silver, Gold and Platinum.

To learn more about LEED for residential construction, visit the LEED for HOMES page of U.S. Green Building Council.

ENERGY STAR

Created by the U.S. Environmental Protection Agency (EPA), ENERGY STAR is a voluntary program that helps businesses and individuals save money and protect our climate through superior energy efficiency.

Energy Star covers items like sealing and insulating, heating and cooling, as well as products like home appliances, electronics and lighting.

For more information about Energy Star ratings or your home, visit the Energy Star website.

Many of the above ratings may have been accomplished when the home, or condominium building was built. Others, you can change later, such as HVAC or home appliances.

If any of these certifications are important to you in your home search, we encourage you to look at these websites and learn more information about the areas you have a focus on!

Happy Earth Day!

What You Get For $150,000 in Atlanta Real Estate

April 6, 2016 by Thom Abbott

Atlanta Real Estate For Sale for $150,000

As we start off this weekly feature, we are starting at the listing price of $150,000. Here are three listings that are at, or near that price. Today we look at a condominium in Midtown, a single family home in Mcdonough (Henry County) and a townhome in Alpharetta.

NOTE: Clicking on the links may or may not ask you to register to see the listing.

885 Glendale Terrace, NE, Unit A1, Atlanta, GA 30309 (MLS#5638207)

Glendale Condominiums is located in Historic Midtown, just a few blocks from Peachtree Street as well as Piedmont Park. This one bedroom condo appears to be on a lower, basement-type level of the building, but has some really cool features that make up for it’s location, including the cool rock wall in the bathroom. There is a large private fenced patio. The current owner has updated the kitchen and bathrooms. Also, the HVAC and water heater are new.

List Price: $150,000

Taxes: $2,139 (2015)

HOA Fee: $200 per month (Exterior Fire/Liability, Exterior Maintenance and garbage)

Listing Agent: Richard Reid, Direct Link Realty — 404-961-4400

2095 Grant Avenue, Mcdonough, Georgia 30252 )MLS # 5656892

Located South of Atlanta in Henry County, Mcdonough has seen tremendous growth in recent years. Located in the Colonies Subdivision, this home has approx. 2,136 square feet. All 4 bedrooms are located on the second floor (no Master on the Main) with two baths. There is a half bath on the main floor. The expansive yard offers the new owner lots of landscaping options. There is a separate dining room, family room and the kitchen opens to a breakfast room. Two car garage.

List Price: $150,000

Taxes: $1,901 (2015)

HOA Fee: $400 per year including swim/tennis

Listing Agent: Page/Andrew Morgan, Keller Williams Realty ATL North — 770-579-5650

1105 Jamestowne Trail, Alpharetta, GA 30009 (MLS #5668318)

Jamestowne is in a great location, located just behind the new Avalon mixed-use development off of Old Milton Parkway and GA400 in Alpharetta. Built in 1988, this 2 bedroom, 2.5 bath townhome has 1,493 square feet and is an end unit with spacious bedrooms and an updated white kitchen with granite counters. The living room features a fireplace, and a door opens to the parking spaces located right at the home.

List Price: $149,000

Taxes: $557 (2015)

HOA Fee: $115 per month (Exterior Fire/Liability, Exterior maintenance and landscaping)

Listing Agent: Cynthia Bowman, Berkshire Hathaway Home Services — 678-613-1469

Each week, we will feature 3 homes, in a certain price point, around the Metro Atlanta area, always with one of them being in Midtown, or an Intown Atlanta neighborhood if the price allows.

We had a really hard time finding a home for $150,000 in Alpharetta!

See you next week!

Why Does A Real Estate Agent Ask Me to Use Their Lender?

March 1, 2016 by Thom Abbott

Why Does A Real Estate Agent Ask Me to Use Their Lender?

So, you’ve decided you are ready to buy a home or condo in Atlanta? You’ve been researching online for sometime now. Getting familiar with areas or condo buildings you think you might like to look at. In doing all this research and reading blogs (ah..hopefully THIS one!) you’ve also seen this thing called a mortgage pre-approval.

Most real estate agents will ask you in their initial conversation with you (we call it a Buyer Consultation) if you have been pre approved. If not, here is our list of preferred lenders. Oh, but I already got pre-approved with Anytown Mortgage. (Names have been changed to protect the not so smart mortgage brokers). What can happen with this?

Well, there are really two scenarios that could take place. First, nothing. Meaning, everything is smooth sailing right up to and through your Celebration (closing)! Awesome! You found a great mortgage broker.

Or, you have a disaster from day one, but to your Celebration…and you find the need for your real estate agent to take you out for a drink!! That is, if you even MADE it to your Celebration!

See, here at MyMidtownMojo and Thomas Ramon Realty, we have a TEAM to help you buy your home or condo. Who’s on your TEAM?

First and Foremost — YOU!
Your Real Estate Agent
Your Lender (Mortgage Broker)
Your Home Inspector
Your Closing Attorney ( who helps orchestrate your Celebration!)

We are ALL here to help you achieve one thing….getting the keys to your new HOME! All of these people we have worked with, and have a relationship with. We know they get the job done, and done right. And if they don’t do a good job, you are not happy and neither are we!

But, let’s go back to the lender point again, and I’ll give you not one, but TWO real-life scenarios that just happened this weekend! Oddly enough, they both happened with the same lender, but different loan officers within that company.

Buyer One

Suzie is a single young lady, first time home buyer. She’s got a horrible, 1.5 hour commute to and from work where she lives with her parents. She’s ready to be a homeowner! And cut the commute. She is doing an FHA mortgage and looking for a condo. From my perspective (her agent) this was challenging as many condominium communities have let their FHA certifications expire. And she has to have one that is approved. I search and search and find her about 5 we can look at. Pretty slim number. The last one we look at….in her price range, great location that affords a huge park across the street, walkable to a shopping plaza with a Kroger and Starbucks and some restaurants. We have a winner. We make an offer, and ask the Seller to pay all her closing costs. While making her offer, she asks about these closing costs and if this means her down payment. Say WHAT? Long story short, her LENDER never explained what closing costs were, and Suzie thought she only had to have her down payment…..that’s it. Never would of happened with my lender.

I certainly learned that any future first time buyers I work with, I will be having some loan discussions to make sure they know these things. I thought the loan officer who was getting them a pre-approval would have done so. (NOTE: she was “approved” for a higher purchase price, but in the end, no she was not, as she did not have the money for closing costs!) We are currently working with one of our team lenders to make it all happen and get her this great condo!

Buyer Two

Larry came to me through a referral website where we work. He too was “pre-approved” for up to $220,000. He had been out with a previous agent who showed him several homes far, far far from where he worked! He did not want this long commute. I told him we certainly could find something closer. He had some particulars in looking for a condo, and did not want an older complex. That quickly reduced him down to just two buildings. He liked the one! Had a second showing, and wanted to make an offer. I explained that I needed his loan information from his lender. There is an exhibit in the Purchase and Sale Agreement, called a Financing Exhibit where we detail the type of financing he is going to get.

Well, he did not have a copy of his letter. Not the end of the world, right? He sends me lender information (we are writing our offer on a Saturday afternoon). NOTE; condo was shown 4 times before 1pm when we looked at it…..a.k.a. HOT market with little inventory!! Lender does not return my phone call. We submit our offer, we get a counter offer, which includes the request that Buyer provide a copy of their pre-approval letter and we accept it! Yeah, right? Ah, not so fast.

Lender does new approval letter, but does not send to ME…only to the Buyer, who presumes I got it. NOT! When I DO get a copy, it’s not a pre-approval letter but just a pre-qualification letter!!! Ok, so this is bad for both of us. I’ve got a Buyer that has really not been qualified ( I took his word for what he said he had done) and I’ve got an offer with a term I cannot meet. When I finally speak with the loan officer (I had left two messages with no return call and finally found a cell phone number and left a message) I’m told that, NO, he’s not pre approved. OK….can we get him pre approved so I can have a new letter. Loan officer says, “Well, that will take at least a week.”

SERIOUSLY?

So, I’ve now got two Buyers, both in love with the places I helped them find, and issues with their mortgage company that may keep them from getting either place.

We are still working on both to try and make it happen.

Neither Buyer would be in this situation had they worked with one of their team members.

Why Does A Real Estate Agent Ask Me to Use Their Lender?

In all fairness to all mortgage brokers/loan officers, not all of them are like this. There are plenty, plenty, plenty of very good ones. But all it takes is ONE not so good one, and your home purchase can quickly become derailed!

5 Reasons You NEED a Real Estate Agent

February 27, 2016 by Thom Abbott

5 Reasons You NEED a Real Estate Agent

Let’s face it. Some things are just better left to professionals.

If I knew how to work on my car, I probably would…but it goes to a mechanic. I hate painting, but I will paint the INSIDE of my house. When it comes to the outside, sorry, I hire a professional. Some people hire a lawn maintenance company….their yards look almost like a golf course.

So, when you are off to make one of the largest purchases, or a financial investment, called buying a home, don’t you think you might want to engage a professional? A real estate agent can help you through parts of the process that you might find challenging and down right difficult!

5 Reasons You NEED a Real Estate Agent

What’s The Market Like?

I never like to zing other companies, but it is no secret that some of the online real estate portals can be really off… I mean really, really off on what the value is of your home or condo, and those around you. A real estate agent that works the market where you are buying or selling can tell you more about what the current market conditions are, and what they will mean to you.

Experience

You may have bought your last home 3 or 5 or more years ago. Guess what? Times change. Things change….market trends change. A real estate agent is in real estate every day. In my case, I’m searching for homes and looking at what is happening in the markets I work on a daily basis…not every couple months, or even years. I understand the process of buying, selling and what you go through.

Paperwork and Paperwork

Yeah, we do have electronic signatures, but we still have lots of forms to fill out. From a Purchase and Sale Agreement to a Loan Exhibit to a Disclosure Statement. We are here as part of your team ( your lender, loan officer, inspector and more are all here to help you along the way) to help you understand these forms.

Negotiations

Buying or selling a home or condo should be a business-like process. But sometimes, it can get pretty emotional. As a Seller, you’ve lived in the home and it means something to you…how DARE they offer us that much! As a Buyer, you may have been searching and searching and you’ve finally found THE ONE, but the Seller is not budging. My job as your real estate agent is to be your negotiator…the buffer….between you and the Buyer/Seller…depending which side I’m representing.

Pricing To SELL!

And it can be Pricing to BUY too! I’m here to help you understand those market conditions we just mentioned above, and how that special tiled floor you laid in your sunroom might not be worth as much as YOU think it is. I’m here to help you see what the market has said your home may be worth. Yes, you heard that right. The market WILL determine what your home is worth. You can list for $300,000. You might not get more than $285,000. Or in a tight inventory market, you might get MORE than your list price if there is more than one buyer interested in your home.

Working with a real estate agent will help the home buying and/or selling process be much smoother for you. I’m here to help!

Selling Your Home The Buyer’s Bathroom

January 29, 2016 by Thom Abbott

Selling Your Home The Buyer’s Bathroom

When you place your home or condo on the market For Sale, it becomes less the owner’s home, and more of a display item. I know that may sound harsh, but seriously, what are we trying to do….SELL YOUR HOME!

Nowhere is this more important to remember than in the bathroom. Buyers don’t want to see the seller’s personal hygiene items, moldy remnants of steamy showers or a soap scum-covered collection of empty shampoo bottles. They want to be confident that this most private of rooms is well maintained and sanitized. The trick to make the area seem less, well…private.

Preparing a bathroom for touring potential buyers is a four step process: clean, repair, sanitize and spruce.

Every surface that can hold something – vanity, toilet tank, shower window, floor – should be divested of as many objects as possible. The same thing applies for anything that can be opened – medicine cabinet, drawers, and linen closets.

Cleaning begins with throwing out any expired medication, make-up that hasn’t been used in a year, nearly empty containers, and any other useless objects found while emptying cabinets and drawers.

The process continues with wiping each shelf, drawer, and cabinet door. When everything is out from under the sink, take the time to check the faucets and pipes for leaks.

REPAIR — If faucets leak, washers probably need to be changed. In some cases, the faucets may be corroded and need to be replaced. If this is the case, opt for an inexpensive and very plain model. Fill the sink with water. If it drains from the sink slowly, pour in some drain clog remover and see if this helps. If not, call a plumber. When everything is clean and in working condition, neatly return items to the cabinet under the sink, using containers for small objects like bath toys, sponges or cleaners.

While the top of the toilet tank is bare, lift up the top and check the water level and condition of the inner mechanisms. Flush the toilet. Does the water refill to the correct level? Does the water shut off when it reaches this level? If not, then the inside mechanism with the seat and stopper at the bottom of the tank will need to be replaced.

This is quite easy and inexpensive to do yourself. Parts are available at your local hardware or home improvement store.

SANITIZE — Folks will notice a filthy shower. So, spend some time here. Remove personal items – cleanser, shampoo and conditioner, shave cream, razor, body sponges – from the shower/tub area.

Discard items that are unnecessary and store the rest under the sink. Test the faucets and showerhead. Do the faucets turn off all the way? If not, change the washers. Is the water spraying freely from the showerhead? No? Then remove it and check to see if it’s clogged. If it still doesn’t work properly after cleaning, replace it.

Carefully examine tiles and the tub. Does the tub have chips and discoloration? It may need to be resurfaced or replaced.

How do the tiles look? Any loose pieces or chips? Are there cracks in the grout? Scrub the bathtub, tiles and grout until they are mold and mildew free. Regrout gaps between tiles. Scrape and replace discolored caulking.

When the shower and bathtub have been overhauled, top off your repairs with a new, crisp shower curtain or liner in a neutral color.

Take a good look at the ceiling and walls. Do you see any mold, mildew, fingerprints or grime? If so, scrub it with bleach. Cracking or curling paint should be scraped and repainted in a neutral color.

A rule of thumb: Place only three items on the vanity area. Many real estate experts suggest these include potpourri, a new or clean, filled soap dispenser, and a plant. It’s a good idea to keep the toilet tank top cleared as prospective buyers and inspectors may want to peek inside it.

After the big clean-up and repair job in the bathroom, it’s important to maintain the fresh smell and appearance each day the house is on the market. The space should be kept uncluttered, clean and sanitized. It should reflect well on the house of which it is a part and offer few glimpses of the personalities who currently live there.

At this point, a homeowner enters the sprucing-up stage. After cleaning every nook and cranny in the bathroom, it’s time to add the finishing touches. All dirty towels and wash cloths, bath mats and robes should be removed. A clean set of towels should be displayed before the house is shown. Trash baskets should be emptied and floors wiped daily. All personal grooming items – tooth brushes, make-up, combs and brushes, hair dryers, perfume, etc. – should be tucked away, preferably in a container and stored in a drawer or cabinet.

Five Tips For Selling Your Condo Quickly

Price

No Personal and No Pets

A 2 Bedroom Looks Like a 2 Bedroom

Update…Not a Full Blown Remodel

Technology Sells

What Are These “Energy Ratings” on Real Estate Listings?

HERS Index

LEED

ENERGY STAR

Atlanta Real Estate For Sale for $150,000

885 Glendale Terrace, NE, Unit A1, Atlanta, GA 30309 (MLS#5638207)

2095 Grant Avenue, Mcdonough, Georgia 30252 )MLS # 5656892

1105 Jamestowne Trail, Alpharetta, GA 30009 (MLS #5668318)

Why Does A Real Estate Agent Ask Me to Use Their Lender?

Buyer One

Buyer Two

Why Does A Real Estate Agent Ask Me to Use Their Lender?

5 Reasons You NEED a Real Estate Agent

5 Reasons You NEED a Real Estate Agent

Selling Your Home The Buyer’s Bathroom

HomeSmart