Atlanta Condos For Sale

Seller Tips for Midtown Atlanta Real Estate (Part 1 of 3)

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Selling Your Midtown Atlanta CondoAWESOME!  You’ve decided to sell your Midtown Atlanta condo! The market is on the move, and you may have a contract quicker than you think! But, there are some things to consider when selling your Midtown Atlanta Condo!

Seller Tips for Midtown Atlanta Real Estate

When we sign our listing agreement with  you to begin marketing your home, the agreement has a checkbox that indicates that your Listing Agent has shared with you the Georgia Association of REALTOR’s Protect Yourself When Selling A House (or Condo). That publication is the basis for these posts.

Please keep in mind that not all of these tips may pertain to you or your particular selling situation.

Setting The Sales Price

Price it right…and they will come! Midtown Condos can be under contract in the matter of a day, if priced right. But if you overprice your home….it will just be sitting there. Agents look at prices and if a home is overpriced, they will often choose not to even show it. Listen to your real estate agent and their pricing strategy! You may also want to have your home or condo appraised before you even list it.

Disclose, Disclose, Disclose

“Sellers have a duty to disclose latent or hidden defects in their properties that are not readily apparent from a reasonable inspection of the property.” In a condominium, you are not responsible for the common areas, unless an assessment has been passed to address an issue or situation. But inside your condo, you need to disclose things such as if you’ve done any remodeling, etc. When we list your condo, we will provide you with a Condominium Seller’s Disclosure Statement to complete.  There is also the mistaken idea that you can avoid disclosure obligations by selling your condo “as-is.” Known defects still need to be disclosed.

How to sell your Midtown Atlanta condoPreparing Your Condo For Showing

This is when you have to no longer think of your condo as your “home,” but a piece of property you need/want to sell. At first that sounds harsh, but what it really means is you want to make your house (condo) inviting for prospective Buyers! You want them to look around, even sit on your furniture so the can say ” Yes, I could see myself living here!”

To do this, you need to declutter and make your home inviting. Remove (consider a storage place short term) all those photos and personal items. A photo or two is fine, but I’ve been in a condo where there was a wall of pictures. The Buyer’s spent more time looking at the pictures than they did the condo!

This is also the time you want to secure and protect valuables like prescription drugs, checkbooks, jewelry and such. I’ve shown homes where bank statements with account numbers were just laying on the desk….not good!

Your home should NEVER be shown with out a real estate agent being present! Either I as your Listing Agent would be there (for an Open house) or the Buyer would be with their agent. They will gain access by using a special key to open the lockbox.

Have Important Information Ready For Buyers

With today’s technology, we can have many documents related to the sale of your home in the MLS and attached to your listing. This can include the Seller’s Property Disclosure Statement, Utility Information and HOA disclosures. This way, as an agent prepares to show your home, they can either review these documents or at least have access to them to answer questions from the Buyer. If the agent is using an iPad, they can open these right while you are viewing the condo!

However, some home owners and agents prefer to have a Home Book in the home. This contains the items noted above, and they are there for the buyer and agent to review while they are looking at your home. Depending on if you are selling a single family home or a condominium will dictate which way you want to provide this information as well as what  you may need to provide.

In our next segment, we’ll review real estate contracts, keeping copies of everything, what can happen while your home is Under Contract and how to address issues that buyers may have with your home or condo.

If you missed Seller Tips for Midtown Atlanta Real Estate Part 2, Click Here!

Seller Tips for Midtown Atlanta Real Estate Part 3,  Click Here! 

 

Seller Tips for Midtown Atlanta Real Estate (Part 3 of 3)

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Seller Tips for Midtown Atlanta Real EstateSelling your Midtown Atlanta condo or home need not be a stressful time. Mind you, things may happen along the way that cause that stress level to go up for all the parties involved. But if you have the right people on your team, it should be easy.

In my previous articles, I’ve covered disclosures and sales price to buyer information and written contracts. Let’s look at a few more items for you to consider as you list and sell your Midtown Atlanta condo or single family home.

Seller Tips For Midtown Atlanta Real Estate

 

Addressing Buyer Concerns Quickly

Buyer concerns will most likely come up as the result of a home inspection, but there can be other items of concern. In selling your Midtown Atlanta condo, you will complete a Community Association Disclosure Exhibit. This outlines what is covered in the monthly HOA fee, as well as potential assessments. If your HOA recently passed a special assessment and you ask the Buyer to pay this, you might have a “bump in the road.”

You might consider a pre-inspection before you list your home or condo for sale. This way, you can discover potential problems and address them before a buyer sees them. In a condo, there is not nearly as much to consider, depending on the age of the condo. Items you could have checked are the hot water heater and the heating/ac system.

A home in great shape will sell quicker, and usually much closer to it’s listing price…if priced right of course!

Fair Housing — What you CAN’T Do!

If I’m your listing agent, and I bring you an offer, don’t ask me the race of the buyer! In fact, neither you nor I can discriminate on the basis of race, color, religion, national origin, sex, disability or familial status. As a real estate agent, I have a commitment and an obligation to provide equal housing opportunities.

Violating fair housing laws carries stiff financial penalties….something neither of us will be paying!

What To Do With Pets What to Do with Fido?

“Oh, he’s the sweetest little thing and won’t bother anyone.” Ever been cornered in a house with that sweet little dog that wanted to take a leg off? Well, you don’t want to find out, and you certainly do not want a buyer or their agent to find out either!

Pets should be removed from the home during showings, and if not removed, then crated. You don’t even want to lock them in a room, as someone still might open a door.  Also know that a Buyer that is allergic to animals will quickly note the presence of an animal, and may not even look at your home further.

Choosing Your Real Estate Agent

Some agents are members of the National Association of REALTORS…and some are not. Some will tell you that if you select an agent that is NOT a REALTOR, you will be getting less than the best. NOTHING could be further from the truth. You should be most concerned with your agent’s knowledge of the market and neighborhood where you live. Choose someone that sells in your area, and has knowledge about your unique selling situation…such as condominiums.

You might think it’s ok to hire Frank your Friend from the burbs, but do they know your area? Your building? How to access it and where everything is?

If you are here at MyMidtownMojo, then you know we know Midtown Atlanta condominiums!

Here are links to Part One and Part Two of Seller Tips for Midtown Atlanta Real Estate!

Seller Tips for Midtown Atlanta Real Estate (Part 2 of 3)

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When selling your Midtown Atlanta condo or single family home, you want to take all the necessary steps to get your home sold as quicly as possible and for the best possible price. And these tips are just what you need.

In Part 1, we reviewed the sales price, disclosures, preparing your home for showings and providing important information to the buyers.  Now let’s look at some other points to consider.

Seller Tips for Midtown Atlanta Real Estate

Tips for Selling Midtown Atlanta Real EstateReal Estate Contracts Must Be In Writing

They could be on a bar napkin, but they have to be in writing! Now, you probably won’t sell your Midtown Atlanta condo off of a paper napkin, but I do want to stress the importance of the contract. In Georgia, purchase and sale agreements must be in writing to be enforceable. We don’t want any of that “he said, she said” stuff going on. There can be email exchanges back and forth that could possibily be enforced, but in the end, you want to have a written contract spelling out ALL the details of the sale.

Keep Your Copies

You should be given a copy of each and every document you sign as part of your sale. From your Listing Agreement to your Purchase contract to amendments and exhibits…if your name or initials are on it…you want a copy!

Just Because You Have a Contract

Oh how I wish I could simply say, once you have a signed contract, it’s smooth sailing. While many times it will be, there are many times it will NOT be smooth sailing. Most contracts will have contingencies that need to be met before the sale is finished. This can range from appraisals, to financing to addressing repairs to the property. In Georgia, buyers can ask for a due diligence period during which they conduct inspections, work on financing and just look around. During this time, the buyer may terminate the contract for any reason whatsoever!  This is why you want to have as short of a due diligence period as you can reasonably negotiate.

Passing Title to the Property

Tips For Selling Midtown Atlanta real estateThe Purchase and Sale Agreement requires you to convey good and marketable title to the property at the time of closing. This means it is free of any liens, mortgages or title defects.  As the Seller, you need to know that what you are going to “net” from the sale will be enough to cover paying off your mortgage, real estate fees and any of the closing costs you may have agreed to pay for the buyer. Your agent can provide you with a Seller’s Net Sheet that will help you see the money you will receive (or may have to bring) at the closing.

If you think you may not be able to have the funds needed, you may qualify to do a short sale. I’m happy to discuss this process with you and how it may be an option for you. You can learn more about short sales here.

In our last article, we’ll cover addressing buyer issues, fair housing laws, pets and choosing your real estate agent.

Here is a link to the first article of Seller Tips for Midtown Atlanta real estate.

Here is a link to Part 3 – Seller Tips for Midtown Atlanta real estate!

Reasons to Consider Condos in Your Home Search

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Reasons To Consider Condos in Your Home Search

Reasons to Consider Condos in Your Home Search
Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. I have been selling condos since I first became licensed as a real estate agent back in 2004. I’ve seen most of the current condo inventory in the metro Atlanta area be built. And I have owned a few of them as well. There certainly are benefits to condo living. And price can be a big factor, depending on what you are looking for and in what part of the city. Here are some other reasons to consider condos in your home search.

According to Bankrate:

“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

There is one important part of condo ownership you have to keep in mind, and that is the monthly HOA (homeowners association) fee you have to pay. This fee covers a variety of things, and can vary from building to building as to exactly what is covered in that fee. Normal items include exterior maintenance, fire and liability insurance, and some type of security, depending on the design of the community. When you are looking at overall affordability, and your mortgage payment, you (and your lender) need to consider how much the monthly HOA fee is. As part of your loan pre-approval, have your lender figure how much you can have in a monthly HOA fee…and this will also help me as we search for potential condos and knowing where we need to be with that fee.

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure. Sometimes you will hear the phrase, “lock and leave” meaning that it is very convenient to just lock the door and take a trip…no need to have anyone water the lawn or mow the grass!!

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in our area.

Don’t Be Afraid of Today’s Housing Market

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Don’t be afraid of Today’s housing market! Just think, there is a good potential that interest rates may go even higher than they currently are! So buying now, you could lock in a lower rate than might be around in say, 3 or 4 months. And with the equity that you have in buying a home (let’s make sure you don’t overpay…and that market has cooled enough to help us with THAT goal) you can look to refinance your mortgage when interest rates come down in the future. 

Of course, every person’s situation is different. We might even tell you that it does not make sense for you to buy a home right now. But, let’s sit down and talk and see what your options may be!!

 

 

If you would like to know more about the home buying process ….perhaps you are new to Georgia and the real estate buying process DOES differ from state to state …. check out our Atlanta Real Estate Buyers Guide. And if you still have questions….well that’s what we are here for! 

Buyers: You May Face Less Competition as Bidding Wars Ease

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Buyers: You May Face Less Competition as Bidding Wars Ease

Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM

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):

Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM

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! 

Thom Abbott

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

 
 
 
 
 
 
 
 
 
 

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