Intown Atlanta Real Estate Buyers Guide Archives -

35 Tips to Furnish Your New Home For Less

November 16, 2023 by Thom Abbott

Furnish your new home for less with these 35 tips

Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter.

But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms. (1) Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget.

But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you. Here are some 35 Tips to Furnish Your New Home For Less!

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher. (2) That’s why we recommend starting with a thorough assessment of what you already have and what you actually need to start life in your new place. Here are some steps to help you prioritize your purchases and keep spending in check.

Make a list of everything you need. Going room by room could help you brainstorm—for example, you might list items ranging from a mattress to blackout curtains for your new primary bedroom.
Inventory what you already have. Cross the big (dining table) to the small (kitchen knives) off your list as you go.
Divide the remaining items into three groups: things you need right away (a mattress), items you’d like to have in the near future (a coffee table for your living room), and pieces that can wait (an area rug).
Calculate your budget. Figure out how much money you’ll have available for immediate purchases after the sale has closed, and start researching the items on your priority list to understand how they’ll fit into your budget.
Don’t rush the process. Bringing older items to your new space doesn’t mean you need to keep them forever. Consider hanging onto pieces that can tide you over for a year or two until your bank account has recovered from the costs of a home purchase.

Before you start shopping, make sure you know which appliances and fixtures are included with your home purchase. We can inform you of the standard contract terms when you’re making an initial offer and note any additional items that you would like to request.

TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

Did you know that some home items predictably go on sale at certain times of the year? If you can wait to buy these pieces when prices are lower, you could save significantly. Here are some of the best times to buy household essentials:(3,4)

Bedding and linens: January
TVs: Black Friday/Cyber Monday and late January (before the Super Bowl)
Furniture: February and August, as well as Black Friday, Memorial Day, and Labor Day
Large appliances: Labor Day through October
Small kitchen appliances: May
Mattresses: Holiday weekends, especially Memorial Day, Labor Day, and 4th of July
Vacuum cleaners: April
Tools: June
Outdoor furniture: August through October

Generally speaking, holiday weekends (as well as Black Friday and Cyber Monday) tend to be great times to find deals. If the item you’re looking for is seasonal—like patio furniture or holiday decorations—waiting until the end of that season usually pays off.

FIND ALTERNATIVE SHOPPING SOURCES

Can’t wait for a sale? It’s time to think outside of the box (the big-box stores, that is). There are plenty of surprising places to find great furniture and houseware deals.

Check out overstock and liquidation stores. These stores purchase items other retailers haven’t sold and offer them at a steep discount. The inventory can be hit or miss, but you can often get a great deal if you find what you’re looking for.(5)
Try private membership/warehouse stores. Retailers like Costco and Sam’s Club often have great deals on home goods. If you’re not already a member, ask family or friends if they are willing to take you to look around before you commit.
Consider open-box items. When buyers return items like furniture or electronics, retailers can’t always sell them as new, even if they haven’t truly been used. Look online for open-box deals from retailers like Wayfair and Amazon Warehouse or visit local retailers to see what they have in stock.
Give scratch-and-dent appliances a chance. These appliances are brand new but sold at deep discounts because their external packaging was damaged. Typically, this means that flaws are purely cosmetic—but it’s always possible that the merchandise has suffered more serious damage. So, be sure to check out the appliances carefully and ask about included warranties.(6)
Expand your window treatment search. Window treatments can be surprisingly expensive, but it’s often possible to save by buying off-the-shelf offerings in standard sizes. If you need a custom size or material, consider ordering online from a discount supplier and installing them yourself.
Shop secondhand. In addition to thrift stores and garage sales, Facebook Marketplace, NextDoor, and Craigslist are all great places to find deals in your area.

Are alternative shopping sources still a stretch for your budget? Check out local Freecycle or “Buy Nothing” groups, which are often hosted on Facebook. Participants offer big and small items they no longer need—everything from furniture to clothing hangers—for free to other members. (7,8)

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

Many people don’t realize that prices for home goods, from furniture to appliances, are often negotiable. While asking for a discount can be intimidating, it’s common practice in many industries, although more so at independently-owned stores than chains. Here are a few tips: (9,10)

Comparison shop before you walk into a store. If you can find a lower price for the same item elsewhere, many retailers will match it.
Ask the store associate or manager for the best price available. They may be able to offer additional discounts or coupons.
If you can pay in cash, ask if you can get a discount for doing so. The seller may be happy to offer a small price reduction to avoid paying processor fees.
Call ahead to ask about applicable discounts. Some retailers offer price reductions for active military, veterans, teachers, first responders, or senior citizens on certain days or times of the year.
Point out scratches or dings to the sales associate. They may be willing to offer a discount to compensate for the imperfection.
Ask about floor models. Many stores offer these pieces at a lower price, even if they’re in like-new condition.

After you’ve negotiated a killer deal, don’t forget to ask for free or discounted delivery! Sometimes furniture and appliance stores will offer complimentary delivery or installation if you spend a certain amount or purchase multiple items.

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MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

Every penny counts when you’re on a budget—and spending a little extra time maximizing reward programs and discounts is usually worthwhile.

Sign up for a change of address kit with the United States Postal Service. You’ll need to do anyway to forward mail to your new address, and it comes packed with valuable coupons.11
Make sure you never miss a sale. Sign up for your favorite retailers’ email lists and follow them on social media for discounts and sale alerts.
Take advantage of loyalty programs. If you’re making a big purchase or getting multiple items from one store, ask about free loyalty programs. Signing up often comes with an introductory coupon.
Consider store credit cards (carefully). Store credit cards can offer significant discounts—but only charge items you can pay off right away to avoid interest, and never open new lines of credit until your home purchase is complete, since it can affect your credit score.
Enroll in coupon and cashback programs. When you’re shopping online, programs like Rakuten and Honey can help you find coupon codes and give you cash back on purchases.

While you’re at it, why not set up a housewarming registry?12 You can share the link with family and friends if they ask what you need—and you can also use it to score discounts. Many stores offer a percentage off to help you buy unpurchased items on your registry.

GET CREATIVE

If you want to avoid a cookie-cutter home aesthetic—and save a few bucks—try reimagining your existing furniture and how it could fit into your new space. Here are a few of our favorite strategies.

Repurpose what you have. Instead of buying a new item to fit a specific purpose, ask yourself if you can use what you have in a different way. For example, repurpose an old dresser as a television stand or use a mismatched dining chair in your home office.
Upgrade existing items. Sometimes, a new coat of paint or varnish, or simply swapping out drawer pulls and handles, can lend a new lease on life to an old piece of furniture. You can also keep this strategy in mind if you see second-hand items that would be just right if they were a different color or had nicer fixtures.
Reupholster instead of buying new. If you have a tired-looking sofa or chair that’s still comfortable and stable, think about getting it reupholstered in new fabric instead of replacing it.
Get handy. Building furniture is certainly not for everyone, but with some basic tools and help from the internet, you may find that simple items like headboards are well within your grasp. You might also be able to repair pieces you already have and avoid shopping altogether.

Do-it-yourself projects can be fun, but they aren’t for everyone. If you’d like some professional help, reach out for a list of our recommended service providers.

Lending Standards Are Not Like They Were Leading Up to the Crash

July 5, 2023 by Thom Abbott

Lending Standards Are Not Like They Were Leading Up to the Crash

You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008. One of which is how lending standards are different today. Here’s a look at the data to help prove it. And why the idea of waiting to buy a home until “the market crashes” is not a wise decision.

Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is . . . a summary measure which indicates the availability of mortgage credit at a point in time.”

Basically, the index determines how easy it is to get a mortgage. Take a look at the graph below of the MCAI since they started keeping track of this data in 2004. It shows how lending standards have changed over time. It works like this:

When lending standards are less strict, it’s easier to get a mortgage, and the index (the green line in the graph) is higher.
When lending standards are stricter, it’s harder to get a mortgage, and the line representing the index is lower.

In 2004, the index was around 400. But, by 2006, it had gone up to over 850. Today, the story is quite different. Since the crash, the index went down because lending standards got tighter, so today it’s harder to get a mortgage.

Loose Lending Standards Contributed to the Housing Bubble

One of the main factors that contributed to the housing bubble was that lending standards were a lot less strict back then. Realtor.com explains it like this:

“In the early 2000s, it wasn’t exactly hard to snag a home mortgage. . . . plenty of mortgages were doled out to people who lied about their incomes and employment, and couldn’t actually afford homeownership.”

The tall peak in the graph above indicates that leading up to the housing crisis, it was much easier to get credit, and the requirements for getting a loan were far from strict. Back then, credit was widely available, and the threshold for qualifying for a loan was low.

Lenders were approving loans without always going through a verification process to confirm if the borrower would likely be able to repay the loan. That means creditors were lending to more borrowers who had a higher risk of defaulting on their loans.

Today’s Loans Are Much Tougher To Get than Before

As mentioned, lending standards have changed a lot since then. Bankrate describes the difference:

“Today, lenders impose tough standards on borrowers – and those who are getting a mortgage overwhelmingly have excellent credit.”

If you look back at the graph, you’ll notice after the peak around the time of the housing crash, the line representing the index went down dramatically and has stayed low since. In fact, the line is far below where standards were even in 2004 – and it’s getting lower. Joel Kan, VP and Deputy Chief Economist at MBA, provides the most recent update from May:

“Mortgage credit availability decreased for the third consecutive month . . . With the decline in availability, the MCAI is now at its lowest level since January 2013.”

The decreasing index suggests standards are getting much tougher – which makes it clear we’re far away from the extreme lending practices that contributed to the crash.

Bottom Line

Leading up to the housing crash, lending standards were much more relaxed with little evaluation done to measure a borrower’s potential to repay their loan. Today, standards are tighter, and the risk is reduced for both lenders and borrowers. This goes to show, these are two very different housing markets, and this market isn’t like the last time.

Eco-Friendly, Energy-Efficient Homes Attract Buyers

June 22, 2023 by Thom Abbott

Eco-Friendly, Energy-Efficient Homes Attract Buyers

Are you planning to sell your house? If so, you may be surprised to hear just how much buyers value energy efficiency and eco-friendly features today. This is especially true as summer officially kicks off.

In fact, the 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows 48% of agents or brokers have noticed consumers are interested in sustainability.

So, if you’re considering selling your house, why does this matter to you? It helps you know what you can do to make your house even more appealing to today’s buyers. According to Jessica Lautz, Deputy Chief Economist and VP of Research at NAR:

“Buyers often seek homes that either lessen their environmental footprint or reduce their monthly energy costs. There is value in promoting green features and energy information to future home buyers.”

Consider Upgrading Your Home To Make It More Appealing

If you want to upgrade your house in a way that maximizes its green appeal, you need to work with a local agent to understand what buyers in your area are looking for. The same NAR report identifies the following green home features as most important to buyers at a national level:

Windows, doors, and siding
Proximity to frequently visited places
A comfortable living space
A home’s utility bills and operating costs

While you can’t change the location of your house, you can take action to make sure it’s as comfortable as possible while also setting up the next owners for lower operating costs. ENERGY STAR shares some suggested upgrades as ones that may be worth considering:

Heating and cooling: Ensure your HVAC system is properly maintained and regularly serviced to maximize its efficiency. Consider upgrading to a high-efficiency model, if needed.
Water heater: Your water heater uses a lot of energy. Upgrading to a heat pump water heater can significantly reduce energy consumption and appeal to environmentally conscious buyers.
Smart thermostat: A big part of your energy bill goes to heating and cooling. Install a programmable thermostat to better regulate temperature settings. This not only enhances comfort but can also lower energy usage.
Attic insulation: Proper sealing and insulation in your attic help prevent air leaks and maintain a comfortable temperature, reducing the strain on heating and cooling systems.
Energy-efficient windows: Replacing old, drafty windows with energy-efficient ones can minimize heat transfer and lower your energy bills.

It’s worth noting that you may be able to take advantage of tax credits and rebates for energy-efficient home installations and upgrades. These incentives could help offset a portion of the costs associated with eco-friendly home improvements.

As you prepare to sell your house, it’s important to recognize that real estate agents are valuable resources. They can help you determine which upgrades would be most appealing for buyers in your area and provide guidance on which green features to highlight in your listing. If you’ve already made these updates recently, tell your agent so they can feature them in your listing.

Bottom Line

Focusing on energy efficiency and eco-friendly features can help make your house more appealing to buyers today. Let’s connect to ensure you’re choosing the right upgrades for our area.

Pre-Approval in 2023: What You Need To Know

January 25, 2023 by Thom Abbott

Pre-Approval in 2023: What You Need To Know

One of the first steps in your homebuying journey is getting pre-approved. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains:

“In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be.”

Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand your options and what you may be able to borrow.

How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.

Pre-Approval Helps Show You’re a Serious Buyer

Another added benefit is pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. A recent article from Forbes notes:

“From the seller’s perspective, a preapproval [sic] letter from a reputable local lender often can make the difference between accepting and rejecting an offer.”

This goes to show, even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool explains it may be the most important part of making an offer:

“Pre-approval maximizes the chances you’ll be able to actually close the deal – and sellers want to see that.

The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step . . .”

Bottom Line

Getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow, shows sellers you’re serious about purchasing their home, and last but not least, it helps ME know what to be looking for as we search for a home. We have a great team of Lenders to help you get that important pre-approval! Check them out at YOUR TEAM Page here on the site.

Buyers: You May Face Less Competition as Bidding Wars Ease

September 3, 2022 by Thom Abbott

Buyers: You May Face Less Competition as Bidding Wars Ease

Buyers, you may face less competition as bidding wars ease, and we also see an increase in inventory in various locations in Atlanta! One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers. These stats are on a national level…locally in Atlanta, we are still seeing multiple offers on choice properties, but we are also seeing the return of financing contingencies, due diligence periods and even Seller paid closing costs.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years (or months), it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.

If you are a first-time home buyer, we are ready to help you! Check out our Buyer’s Guide…a series of articles that will walk you through the home buying process. And of course, we will be there every step of the way with you! Give us a call and let’s talk about your home buying needs!

Should I Rent Or Should I Buy?

July 21, 2022 by Thom Abbott

Should I Rent or Should I Buy?

Some Highlights

It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
If you want to learn more about the benefits of homeownership, let’s connect today. You can contact us via email at Info (at) MyMidtownMojo.com or fill out our Buyer Questionnaire!

35 Tips to Furnish Your New Home For Less

PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING

TIME YOUR PURCHASES TO MAKE THE MOST OF SEASONAL SALES

FIND ALTERNATIVE SHOPPING SOURCES

DON’T BE AFRAID TO NEGOTIATE FOR A BETTER DEAL

MAKE THE MOST OF REWARD PROGRAMS AND COUPONS

GET CREATIVE

WE’RE HERE TO HELP

Lending Standards Are Not Like They Were Leading Up to the Crash

Lending Standards Are Not Like They Were Leading Up to the Crash

Loose Lending Standards Contributed to the Housing Bubble

Today’s Loans Are Much Tougher To Get than Before

Bottom Line

Eco-Friendly, Energy-Efficient Homes Attract Buyers

Eco-Friendly, Energy-Efficient Homes Attract Buyers

Consider Upgrading Your Home To Make It More Appealing

Bottom Line

Pre-Approval in 2023: What You Need To Know

Pre-Approval in 2023: What You Need To Know

Pre-Approval Helps Show You’re a Serious Buyer

Bottom Line

Buyers: You May Face Less Competition as Bidding Wars Ease

Buyers: You May Face Less Competition as Bidding Wars Ease

What This Means for You

Bottom Line

Should I Rent Or Should I Buy?

Should I Rent or Should I Buy?

Some Highlights

HomeSmart