Seller Tips Archives

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

May 5, 2023 by Thom Abbott

AWESOME! 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.

Preparing 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)

May 5, 2023 by Thom Abbott

Selling 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 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)

May 5, 2023 by Thom Abbott

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

Real 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

The 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!

Why You Shouldn’t Fear Today’s Foreclosure Headlines

February 1, 2023 by Thom Abbott

Why You Shouldn’t Fear Today’s Foreclosure Headlines

If you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s happening today. Here’s a deeper look.

According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percentage into context.

While the number of foreclosure filings did more than double last year, we need to remember why that happened and how it compares to more normal, pre-pandemic years in the market. Thanks to the forbearance program and other relief options for homeowners, foreclosure filings were down to record-low levels in 2020 and 2021, so any increase last year is — no surprise — a jump up. Rick Sharga, Executive VP of Market Intelligence at ATTOM, notes:

“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic. It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”

Clearly, these options meant millions of homeowners could stay in their homes, allowing them to get back on their feet during a very challenging period. With home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure, and that trend continues today.

And remember, as the graph below shows, foreclosures today are far below the record-high 2.9 million that were reported in 2010 when the housing market crashed.

So, while foreclosures are rising, keeping perspective in mind is key. As Bill McBride, Founder and Author of Calculated Risk, noted just last week:

“The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”

Bottom Line

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

December 5, 2022 by Thom Abbott

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.

The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.

1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:

“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”

2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:

“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.

4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.

5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:

“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”

Your home could be their ticket to leaving renting behind for good.

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays!!

Bottom Line

There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move.

Why Is My Home Not Being Shown Multiple Times Per Week?

November 23, 2022 by Thom Abbott

Why Is My Home Not Being Shown Multiple Times Per Week?

As I have daily conversations with my Seller’s, as well as speak with other real estate professionals, and it is a continuing education class for Seller’s in the current market. Long gone are the multiple offers, offers over list price and no contingencies. In fact, gone are multiple showings in a day!

When Seller’s ask me, “Why is my home not being shown multiple times per week?” I have to remind and educate them that the real estate market in Atlanta (and pretty much every city from people I talk to) has made a dramatic shift. It’s not that Buyer’s don’t want to buy a home…it’s that many Buyers have been priced out of the market completely by the sharp rise in interest rates.

This dramatic rise in interest rates can do a number of things to a buyer: 1) They can no longer afford the mortgage payment on the price point they were looking; 2) They are having to look at less expensive homes to meet their mortgage budget (hence not looking at yours?) or; 3) have left the market completely. Other buyers, while they may still be able to afford the payment at a higher interest rate, have chosen to move to the sidelines while they see what happens to the economy.

The increase in interest rates is directly related to the number of times your home is being shown. And unless you have priced it below market value….yes…I said BELOW market value, it may be on the market for sometime before it sells. While we certainly have not shifted 100% from a crazy Seller’s market where we were last year or even at the beginning of this year, Buyers are looking for homes that the Seller is showing their willingness to price it such that it is a great value to the buyer.

As a listing agent, I can work to market your home in numerous ways. If your home is vacant, we can increase the amount of virtual staging we do in each room to help show the home in a better way. We reach out to agents in our marketplace that we know list and sell homes in the area to confirm they have seen your listing, and if they have any buyers that might be interested. But even with these efforts, when you have a reduced buyer pool to draw from, it’s going to take more than 3 days to sell your home. It is now quite common to see homes on the market for 60-90 days and even longer.

Some Seller’s are showing their frustration by taking their home off the market. I had one Seller say, ” I’ll put it back on after the holidays when the market has improved.” Well, I don’t have THAT crystal ball, but if there are buyers out during the holidays, they most likely are strong buyers that ARE qualified, and you could miss that opportunity.

I can talk to you and tell you about the market, but numbers don’t lie….as this statement about the volume of mortgages clearly says:

Seller Tips for Midtown Atlanta Real Estate

Setting The Sales Price

Disclose, Disclose, Disclose

Preparing Your Condo For Showing

Have Important Information Ready For Buyers

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

Addressing Buyer Concerns Quickly

Fair Housing — What you CAN’T Do!

What to Do with Fido?

Choosing Your Real Estate Agent

Seller Tips for Midtown Atlanta Real Estate

Real Estate Contracts Must Be In Writing

Keep Your Copies

Just Because You Have a Contract

Passing Title to the Property

Why You Shouldn’t Fear Today’s Foreclosure Headlines

Bottom Line

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays!!

Bottom Line

Why Is My Home Not Being Shown Multiple Times Per Week?

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