Seller Tips Archives

12 Tips For Selling Your Home or Condominium

November 2, 2022 by Thom Abbott

12 Tips For Selling Your Home or Condominium

Awesome! You’ve decided it’s time to move on up, or move on out! Whether you are just moving to a new home elsewhere in Atlanta, or moving to another city, we now have ONE GOAL in mind. Get your home or condominium SOLD! And while you hire me to market your home, there are certainly MANY things that you can, and should do to help get us to the celebration! (We use to call it a closing….now it’s a CELEBRATION!

Let’s look at 12 Tips for Selling Your Home or Condominium…

Check What I’m Doing to Market Your Home!— Since probably 90% or more of homebuyers START their shopping online, they may never set foot in your home or condo if they don’t like what they see on line. I used to post several times a week on Facebook, as series called PRICELESS Listing Photos….and you would be amazed that these pictures come from actual listings. I decided NOT to call out the others in my industry for their lack of professionalism, so I don’t publish them anymore. I mean, these are the pictures I have seen attached to an actual listing that an agent is marketing!!! Just look at this one! When I market your home, once marketing is up and in place, I will send you links to where you can find your listing. If you see a photo that you don’t think shows your home in the best way, we change it.
Write a Love Letter about Living Here — Does this sound silly? Well, a nicely written letter from you to prospective buyers that are touring your home or condo can mean a lot to someone else. Tell how much you loved your Saturday morning walks up and down Peachtree Street with your Starbuck’s coffee in hand….or watching the kids play in the backyard, or the peaceful setting you’ve created to slip away from a crazy week….help a buyer LOVE what you LOVE about your home. We don’t advise this when you are submitting an offer on a property….but it can help a Buyer see what life might be like!
Facebook Your Friends — Don’t knock it….Facebook is where many people are today. We use it constantly to post real estate updates, neighborhood information and YOUR LISTING! We’ll send you links to our custom website built for your home, and you can inturn share that with your friends. Remember, then their friends see it and their friends and so on….and get your friends to comment on it….the more activity it sees, the more it gets seen. (Facebook has some pretty complex behind-the-scene algorithms to make things show up!)
Neighbors Like Neighbors — You have to admit, you like having great neighbors. What could be more fun than your friends down the street or the hall know they could now have THEIR friends for way out OTP be close by?? Back to Facebook, if your neighborhood has a page, or Nextdoor, consider getting the word out there.
Condition, Condition, Condition — I’m sure you’ve heard that phrase, but with the word location. While that is true too, the condition of your home or condominium will have much to do with how many showings and ultimately…the price you sell for! If you have a single family home, consider having an inspection done, just like the Buyer would. Find all those little things — and even the major ones — and address them NOW, rather than during a due diligence period once you are Under Contract! It will make the process much easier for everyone, and you won’t have a Buyer asking your for hundreds or thousands of dollars in repairs or off the contract price as a concession. If you have not painted your home or condo in 3 years or more….I have one word for you…..PAINT! It will do wonders for how your home shows, and will cover up those nicks and scrapes of your years living there. Remember, condition, condition, condition…..
Leaving Something Behind — Now I’m not suggesting you leave your personal belongings or a family heirloom, but if there is something unique in your home or condo that really just may not fit where you are going…consider leaving it for the next owner! Maybe you had custom blinds or drapes made….patio furniture that from your house, won’t fit on that condo balcony. If it’s in great shape, consider leaving it behind as way to distinguish your home from others that may be for sale.
Showings made Simple — Nothing can be more frustrating to a Buyer’s agent, and a potential Buyer than having a hard time seeing your home. If your home does not get shown, it’s not going to be SOLD! If you can avoid things like “Shown By Appointment Only” or “Must have 24 Hours Notice” it will help in marketing your home. Ok, we understand you have a life to live. But go back and read Paragraph One and what our GOAL is….to get your home SOLD! And we understand pets, and kids and all that. But let’s make showing your home or condo simple. We use an automated system on our side that helps us manage and confirm showings quickly. We can put specific showing instructions on the approval as well. But you want to have your home available…and yes, there may be showings that happen short term – like within a few hours. That could be YOUR Buyer!
Stage the Exterior — Of course this mostly applies to a single family home. Keep your yard mowed weekly. Driveway and front entrance blown/swept off. When the agent is at your front door, opening the key box and the door, the Buyers have time to look. And look. Give them nice pots of flowers and well mulched landscape beds to look at. If you live in a condo, this can be very much out of your control. But, if you see something in your lobby that needs attention, mention it to your Property/Association Manager.
Proper Pricing Makes for a Prompt Celebration — Of course you want to get the most money you can when you sell your home or condo. And we often follow the idea of if the last one sold for $x, we want to get $xx. Well, that can work FOR, or AGAINST you. You’ve priced ABOVE the last sale, so there could be an appraisal issue. Or that mindset of “room for negotiation.” How about this….price your home BELOW the last sale! This makes it look like a great deal, and these are the ones that get the most visits from Buyers and may even generate multiple offers for your home. And remember, however you price it, if your home sits on the market, it quickly becomes “stale.” When your agent talks to you about a price adjustment….listen.
Personal belongs in the Storage unit — Remember, your HOME is now a HOUSE you are trying to sell. You will take your memories with you, but the new Buyer is trying to imagine making their OWN memories in this space. They can’t do that if you have family photos all down the hallway, or all your golf trophies on display. You are going to have to pack to move…just get started early. And while we are packing the personal….
De-Clutter! — keep on packing! If it’s summer time – pack away the winter sweaters and coats and open up the closets! Pack up all your tchotchkes that are on tables, shelves, the kitchen counter. Make the space open and inviting. Buyers want to see how much closet space there is…and if you don’t have a lot in a condo, making it LOOK like you have lots of storage space is important!
Competition for YOUR Celebration — If your same floor plan is For Sale a few floors up, or down, it’s going to come down to condition and price. And if your competition looks better than you, your Celebration is going to be delayed as they make an offer and move on your competition because it looked and showed better than yours. I’m more than happy to take YOU, as a Seller out and show you some of the very homes or condos YOUR potential Buyers could see. Then you know if you are in first place, or if you have some more work to do!

Let’s get your Celebration ready!

What’s Causing Ongoing Home Price Appreciation?

August 4, 2022 by Thom Abbott

What’s Causing Ongoing Home Price Appreciation?

If you’re thinking about making a move, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand.

While Growing, Housing Supply Is Still Low

Even though inventory is increasing this year as the market moderates, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses data from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s.

The blue bars represent the years leading up to the housing crisis in 2008. As the graph shows, right before the crash, homebuilding increased significantly. That’s because buyer demand was so high due to loose lending standards that enabled more people to qualify for a home loan.

The resulting oversupply of homes for sale led to prices dropping during the crash and some builders leaving the industry or closing their businesses – and that led to a long period of underbuilding of new homes. And even as more new homes are constructed this year and in the years ahead, this isn’t something that can be resolved overnight. It’ll take time to build enough homes to meet the deficit of underbuilding that took place over the past 14 years.

Millennials Will Create Sustained Buyer Demand Moving Forward

The frenzy the market saw during the pandemic is because there was more demand than homes for sale. That drove home prices up as buyers competed with one another for available homes. And while buyer demand has moderated today in response to higher mortgage rates, data tells us demand will continue to be driven by the large generation of millennials aging into their peak homebuying years (see graph below):

Odeta Kushi, Deputy Chief Economist at First American, explains:

“. . . millennials continue to transition to their prime home-buying age and will remain the driving force in potential homeownership demand in the years ahead.”

That combination of millennial demand and low housing supply continues to put upward pressure on home prices. As Bankrate says:

“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”

What This Means for Home Prices

If you’re worried home values will fall, rest assured that experts forecast ongoing home price appreciation thanks to the lingering imbalance of supply and demand. That means home prices won’t decline.

Atlanta Market Update

Some of this information comes at a more National level look, and we all know that real estate is local, and all about location, location, location!

Key housing metrics, including the median sales price, swung to negative territory in Atlanta on a month-over-month basis in June, Georgia MLS reported, citing its 12-county Housing Market Snapshot.

The median price for a home in Atlanta’s core market fell 2.1% to $403,169 from $412,000 in June. Year over year, the median price was up 15.5%.

Atlanta-area home sales by dollar volume fell in July, dropping 18.9% month over month and 15% year over year to $2.84 billion.

The number of houses sold in July was 5,918, down 16.9% from June and 27% from July 2021.

New listings in July totaled 9,268, a 14.1% decrease from June and a 5.3% increase from last July, while active listings jumped 15.9% month over month and 57.1% year over year to 11,970.

Georgia MLS’ 12-county report includes Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding and Rockdale counties.

Bottom Line

Based on today’s factors driving supply and demand, experts project home price appreciation will continue. It’ll just happen at a more moderate pace as the housing market continues its shift back toward pre-pandemic levels.

Want To Buy a Home? Now May Be the Time.

July 29, 2022 by Thom Abbott

Want To Buy a Home? Now May Be the Time.

There are more homes for sale today than at any time last year. So, if you tried to buy a home last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising mortgage rates help slow the frenzy the housing market saw during the pandemic.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains why the shifting market creates a window of opportunity for you:

“This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.”

Two Reasons There Are More Homes for Sale

The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising home prices, leading many to postpone or put off buying. The graph below uses data from realtor.com to show how active real estate listings have risen over the past four months as a result.

The second reason the market is seeing more homes available for sale is because the number of people selling their homes is also rising. The graph below outlines new monthly listings coming onto the market compared to last year. As the graph shows, for the past three months, more people have put their homes on the market than the previous year.

Bottom Line — Want to Buy a Home? Now May Be the Time!

The number of homes for sale across the country is growing, and that means more options for those thinking about buying a home. This is the opportunity many have been waiting for who were outbid or out priced last year.

If you are ready to start looking for your next home, you can complete our Buyer Questionnaire HERE, and we will be in contact with you shortly. And you can call us directly at 770-713-1505, or email us at Info (at) MyMidtownMojo.com

Wondering Where You’ll Move if You Sell Your House Today?

July 20, 2022 by Thom Abbott

Wondering Where You’ll Move if You Sell Your House Today?

If you were wondering where you’ll move if you sold your house today and if you put a pause on your home search , it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.

Buying an Existing Home Can Give You That Lived-in Charm

According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto the market and the pace of sales slowing:

As the graph shows, if you’re looking for a home with lived-in charm, supply is rising, and that’s great news for you.

Danielle Hale, Chief Economist for realtor.com, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today:

“Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options. We’ve seen more homes come up for sale this year compared to last year . . .”

There are several benefits to buying an existing home. Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.

Plus, timing can be a consideration as well. With an existing home, you can move in based on the timeline you agree to with the sellers, rather than building a new home and waiting for construction to finish. This is something to keep in mind, especially if you need to move sooner rather than later.

Just remember, while more sellers are listing their homes, supply is still low overall. That means you’ll have more options to choose from as you search for your next home, but you’ll still need to be prepared for a fast-moving market.

Purchasing a Newly Built or Under Construction Home Means Brand New Everything

Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built. As the graph below highlights, the supply of new homes for sale has also grown this year:

When building a new home, you can create your perfect living space and customize it to your lifestyle. That could mean everything from requesting energy efficient options to specific design features. Plus, you’ll have the benefit of all new appliances, windows, roofing, and more. These can all help lower your energy costs, which can add up to significant savings over time.

The lower maintenance that comes with a newer home is another great advantage. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. And with new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Keep in mind, purchasing a new home could mean waiting a considerable amount of time before you can move. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains:

“New single-family home inventory remained elevated at a 7.7 months’ supply. . . . However, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”

That’s an important factor when making your decision and one you should discuss with a trusted real estate advisor. They’ll help you think through all the pros and cons of both new and existing homes to help you arrive at your best decision.

Bottom Line

If you were wondering where you’ll move if you sell your house today….with the supply of homes for sale rising, you have options for your next home no matter what your preferences are. If you have questions or want help deciding what’s best for you, let’s connect and start the conversation today.

The Drop in Mortgage Rates Brings Good News for HomeBuyers

July 19, 2022 by Thom Abbott

The Drop in Mortgage Rates Brings Good News for Homebuyers

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent, and The Drop in Mortgage Rates Brings Good News for HomeBuyers! The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.

Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):

But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:

“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”

That’s because when rates go up (as they have for the majority of this year), they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power.

The chart below shows how a half-point, or even a quarter-point, change in mortgage rates can impact your monthly payment:

Bottom Line

If your home doesn’t meet your needs, this may be the opportunity you’ve been waiting for. Let’s connect to see how you can benefit from the current drop in mortgage rates. Also, the best place for you to start with a mortgage is to speak with one of our TEAM LENDERS and see what you qualify for, and what your buying power is!

Why Rising Mortgage Rates Push Buyers off the Fence

May 20, 2022 by Thom Abbott

Why Rising Mortgage Rates Push Buyers off the Fence

If you’re thinking about buying a home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans. Let’s talk about Why Rising Mortgage Rates Push Buyers off the Fence!

Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.

A Look Back: How the Current Mortgage Rate Compares to Historical Data

One factor that could help you make your decision to buy now is how today’s mortgage rates compare to historical data. While higher than the average 30-year fixed rate in recent years, the latest rates are still comparatively low when you look at the bigger picture of where rates have been since 1971 (see graph below):

Mark Fleming, Chief Economist at First American, explains it like this:

“. . . historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.”

If you’re deciding whether to buy now or wait, this is important context to have. Today’s mortgage rate still gives you a window of opportunity to lock in a rate that’s comparatively lower than decades past.

A Look Ahead: What Happens if Rates Climb Further

The buyers who are springing into action now are also motivated to make their move because they know rates have risen steadily this year, and they’re eager to get ahead of any further increases.

Why? When mortgage rates climb, they impact the monthly mortgage payment you’ll have on the home you’re buying. Basically, it’ll likely cost you more to buy a home if you wait. Experts say mortgage rates will rise (although more moderately) in the months ahead. Odeta Kushi, Deputy Chief Economist at First American, explains:

“. . . ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”

So, if you’re ready and financially able to buy now, it may make more sense to get off the fence and make your purchase sooner rather than later. As Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), says:

“With even higher interest rates on the horizon, I don’t see any reason to hold off from purchasing a home right now. If you feel financially secure, you should start looking for a home.”

At the end of the day, there is no perfect advice on when to buy a home. What you should do depends on your goals, your finances, and your personal situation. Use this information with the help of local real estate professionals to make an informed decision on what’s best for you. The Mortgage Reports sums it up best:

“. . . if you’re on the fence about whether to buy now or wait for a better deal, buying sooner rather than later might be wise. That said, home buying is always a personal decision. Whether you should buy in 2022 depends on your financial situation and the local housing market where you live.”

Bottom Line

For many buyers, rising mortgage rates are motivating them to act now and make a purchase before rates rise higher. To decide what move is best for you, let’s connect so you have expert advice on your side. You can reach me HERE!

« Previous Page
1
…
3
4
5
6
7
…
15
Next Page »

12 Tips For Selling Your Home or Condominium

What’s Causing Ongoing Home Price Appreciation?

While Growing, Housing Supply Is Still Low

Millennials Will Create Sustained Buyer Demand Moving Forward

What This Means for Home Prices

Atlanta Market Update

Bottom Line

Want To Buy a Home? Now May Be the Time.

Two Reasons There Are More Homes for Sale

Bottom Line — Want to Buy a Home? Now May Be the Time!

Wondering Where You’ll Move if You Sell Your House Today?

Buying an Existing Home Can Give You That Lived-in Charm

Purchasing a Newly Built or Under Construction Home Means Brand New Everything

Bottom Line

The Drop in Mortgage Rates Brings Good News for Homebuyers

Bottom Line

Why Rising Mortgage Rates Push Buyers off the Fence

A Look Back: How the Current Mortgage Rate Compares to Historical Data

A Look Ahead: What Happens if Rates Climb Further

Bottom Line

HomeSmart