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Your Equity Could Make a Move Possible

June 10, 2024 by Thom Abbott

Your Equity Could Make a Move Possible

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat. But what if there was a way to offset these higher borrowing costs? There is. Your Equity Could Make a Move Possible.

What Is Equity?

Think of equity as a simple math equation. Freddie Mac explains:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.

The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means the majority of homeowners have a game-changing amount of equity right now.

How Your Equity Can Help Fuel Your Move

After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says:

“A consideration today’s homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

To give you some examples, here are a few ways you can use equity to buy your next home:

Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates.
Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates.

The First Step: Determine How Much Equity You Have in Your Home

Want to find out how much equity you have? To do that, you’ll need two things:

The current mortgage balance on your home
The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).

Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic – all thanks to your equity.

Bottom Line

If you want to find out how much equity you have and talk more about how it can make your next move possible, let’s connect. You can learn more about Selling Your Home and reach out to me to talk about the options.

Where Are The Photos On My Listing?

May 30, 2019 by Thom Abbott

The main reason you hired me (or any real estate agent if you happened to find this article) is to Sell. Your. Home. Right? So you look on a major website and your first question is ….. Where Are The Photos On My Listing?

In marketing your home, it is my job, is to get as many people as I can to “see” your home, certainly by an actual showing on your home with a Buyers’ Agent to see your home in person. But, there is another critical part of marketing your home…..know what that is?

It’s the photos!

When we enter your listing into the Multiple Listing Service (MLS) within 15 minutes, (sometimes less, and sometimes longer), your listing will be seen virtually around the world! Technology….absolutely fabulous, right? Imagine that a home buyer in Seattle, Washington, looking to relocate to Atlanta, can be on any number of websites, and ..BAM! There is your listing.

And before they even begin to read the description, they see ……THIS!

And THAT is the only photo on your listing for not ONE, not TWO, not THREE but FOUR days! Imagine your home is being marketed…..sort of? How is that Seattle buyer going to know if your home is “the one” when they can see nothing!!!!

FOUR DAYS of critical marketing time, that is sort of lost! Sure, a Buyer might remember to come back and look at this…. Or they may find “the one” on the next listing. And with homes going Under Contract in many parts of the Atlanta area in 24-48 HOURS, you are not going to be one of those.

Even as an AGENT, I rely on the photos to determine if a particular home may meet my Buyers wants and needs. And I try to preview much of the homes and condos that I show. But if there are no listing photos for ME to look at, should I spend extra time going to see this home/condo, since I really don’t know what it looks like? Or, did you, Mr/Mrs. Seller just lose a potential showing on your home?

One of my key marketing strategies I review with all my Sellers is that, “You don’t get 50% marketing with me!” We advise our clients, that until we have your photography back from our photographer, your listing will not be entered. When your listing goes live, the photos are immediately entered after that. We want those photos on your listing before that 15 minutes mentioned above ever even passes. Now, it can take us longer as we do all the descriptions to each photo. And if there are 25-40 photos, that can take some extra time. And you want us to spend that extra time to get that description right. Again, that’s what that buyer in Seattle will be looking at, and reading!

Once you have completed preparing your home/condo for sale by decluttering, or if vacant, staging the home, we then have the photography done. Depending on scheduling, we hire a photographer or if there are scheduling issues, we do it ourselves. (Hey, I’m a marketing professional…I’m good at what I do!) When I have those photos available, your listing is entered into the MLS. And not a moment before. Maybe another real estate professional says you need to be on the MLS immediately….I’ll agree to disagree strongly with that!

So when you are talking with any real estate professional, you should ask/know how they do critical parts of their business (managing your listing) that will have a direct impact on your sale!

For More Information about marketing your Atlanta home or Condo, please contact us! We’d be happy to discuss our Marketing Plans and how we will do the best for you!

5 Reasons You Should Never Sell a Vacant Home

October 28, 2018 by Thom Abbott

We are starting to see the very beginning of some changes to the real estate market. No, it’s not a crash or a bubble bursting….it’s called a “normal” real estate market. And as part of this change we want to share 5 Reasons You Should Never Sell a Vacant Home!

5 Reasons You Should Never Sell a Vacant Home

Just this other day, I did a walk-through with my Buyers that are about to close on their first new home….Yippie! By now, the Seller has moved out of the townhome, and boy oh boy, did it ever look different without the furniture in the home. So let me take this real life example and let’s talk about these reasons…..

People Don’t Buy Houses, They Buy Homes

One of the main reasons a buyer buys a home, is well, it “felt like home.” In our case, the home felt warm and inviting! When we did our inspection, we sat on the couch for a good 90 minutes! Talk about getting a “feel” for living there! If that living room had just been empty space, it would have not felt like home, and my Buyers may not have been able to “see” themselves living there. (I remember how they wanted to know where they bought the couch….and wanted one just like it!) A room with no furniture is cold and uninviting….

Without Furniture, There is No Frame of Reference

It can be hard to really tell just how big a room is. And this is especially true in condos! “Will my king-sized bed fit in here?” is a question I’m asked all the time. Now, if there was one there, we would know. In a single family home, you may have a hard time even figuring out what the room is for. Is this a living room, dining room, what? But when that dining room or breakfast nook has a table, chairs and some other decor, it’s much easier to see the space and how it will work for the buyer.

An Empty Room Changes the Focus

Imagine looking at a new BMW that has no paint on it! Would you notice the BMW (model, features) or would you notice it has no paint? Ahhhh…so you are focusing on the wrong thing!

When the room is empty, a buyer will focus on anything else there is to look at. Maybe it’s the paint color, or wallpaper, or a chip/crack in the tile floor. When your home is furnished, or professionally staged, this brings the focus to the positive aspects of your home, not the negatives! This can even be true of outdoor space. Maybe the deck of a townhome overlooks something less desirable…but if it’s furnished, you will be thinking out enjoying using the space more so than the fact the view is not so awesome. (and yes, sometimes even staging will not overcome these kinds of issues!)

Only Ten Percent of Home Buyers Can Actually Visualize the Potential of a Home

Ever heard someone say, “You have no imagination!” Well, the same can go for an empty home or condo. Some people can’t visualize how the couch would fit in the living room. Or how sitting on the balcony, taking in the sunset or city lights view would feel…if the balcony is empty. Even a bathroom….candles and some accessories around the bath can make one imagine relaxing there after a long day….

Two Mortgages Are More Expensive Than One!

Take into consideration that a vacant home can take much longer to sell….and the longer it “sits”on the market, we end up making price adjustments to get it sold! And if you have moved and bought another home, you are now making two mortgage payments. Would you not rather have this one sold, and only be making the one?

Professional staging does cost you, the Seller, money…yes. But what’s the cost of those extra mortgage payments? Or that $10-15,000 price reduction to get the home sold? The cost of staging will probably be less.

So at the beginning, we mentioned a “normal” real estate market. That is where you may put your home on the market, and instead of it being Under Contract in a day or a week, it actually could take 30, 60, even 90 days to sell! Now, keep in mind, this will depend on the amount of inventory in the neighborhood or building where you live, the price, etc. But, if and when we see this change, it will be critical for us, as your Listing Agent to help you get your home or condo sold as quickly as we can. And we need to look at all the steps necessary…including your home not being vacant!

How Long Does It Take to Close on A House In Atlanta?

September 8, 2016 by Thom Abbott

How Long Does It Take to Close on a House in Atlanta?

When I’m working with both Buyers and Sellers, this is a Frequently Asked Question that comes up! And it’s a simple and complicated question to answer.

First off, the date you close on your home purchase (or sale if the Seller) is certainly negotiable as you present your offer. Maybe you need to move quickly because of a job transfer. Maybe the Seller has not found their new home yet and needs some extra time? See how either of those could impact how quickly you close?

One major factor in the closing process is if you are obtaining a mortgage to purchase the property. THEN, your lender can have much to say about the process. From the time you go “Under Contract” to closing, can happen in 30 days, but things need to fall in place at just the right time. A key part of this is having your loan pre-approved. Now, you will hear many descriptions of what a pre-approval really is, from both the real estate agent side, as well as the lender side. But ideally, what we are looking for is your loan officer has reviewed all the required documents (tax returns, bank statements, pay stubs, W-2’s, employment letter (if applicable) and has identified anything they feel could be a problem with your loan going through the underwriting process. This is not to say something still could not come up that an underwriter wants more information about.

Appraisal and Condominium Review (If Applicable)

Having this process mostly complete, then leaves the appraisal and potentially a condominium review. The appraisal is the process of the lender having the value of the property determined to make sure the value meets (or exceeds) the contract price. Issues can arise here, and we will talk about those in another post! A condominium review is when the lender submits a questionnaire to the home owners association to learn more about the community. Things like number of rentals, or delinquent hoa fees are looked at to make sure the association is a healthy one.

If you are a cash buyer, these two steps may be by-passed, at your discretion, or guidance from your real estate agent.

Another factor with a mortgage is the new required disclosures and timelines from the TILA-RESPA Integrated Disclosure. (Warning, that link may be more information that you want to read…but it tells you all the rules!!) These new rules require that the Buyer have the Closing Disclosure 3 days before the closing date. Any delays in the closing process mentioned above, and the closing date is going to get moved.

Based on these factors, it’s still not unreasonable to do a 30-day closing, but we are finding that our lender partners are much happier with 45 days to get the process completed.

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Thomas Ramon Realty can assist buyers in all forms of Atlanta relocation needs including new construction houses, condos, townhouses, for sale by owner homes, residential lots, townhomes, lofts, and new homes in various subdivisions across the Atlanta Metro region. If you are interested in foreclosure homes including, short sales (not found to often anymore), REO properties, bank owned properties and other types of foreclosure properties, then we can assist you. If you’re searching for an Atlanta home, then we invite you to search any community and view the listings on our site. And if you’re searching for condos or townhomes for sale in the Atlanta area, feel free to browse our updated listings of Atlanta condos, townhouses, townhomes, lofts on our site.

Do I need a Home Inspection on a Midtown Atlanta Condo?

October 29, 2014 by Thom Abbott

A home inspection is a critical part of the process when you buy a home. What’s that saying…”don’t leave home without it.” (That would be American Express…but it still rings true here!)

There is a difference in home inspections on a single family home versus a condominium. So does that mean you should or should NOT get one?

Do I need a Home Inspection on a Midtown Atlanta Condo?

It’s a pretty simple one word answer…..Y E S!!!!

While a home inspection is more detailed than a condo inspection, as a Buyer you should still have one. The inspector can uncover any number of issues that need to be addressed, as well as help you learn about the systems in your condo.

I recently had a condo inspection where the Buyer elected NOT to attend the inspection. I highly recommend you attend your inspection. One of our preferred home inspection companies, National Property Inspections says it best here …..

For more information about the home inspection, check out our Intown Atlanta Real Estate Buyers Guide and our article on The Inspection!

Do You Look at Your OWN For Sale Listing?

July 16, 2014 by Thom Abbott

That seems like a pretty obvious question, right? But do you?

Do You Look at Your OWN Listing?

You are selling the single biggest asset you own. (Most likely anyways!)

You did your homework, and found agents on-line. Or maybe it was a recommendation from someone in the office. Or your gym. Nothing wrong with a referral if your friend was happy with them, right?

You (hopefully) met with at least a couple of them before you made your decision. The presented you a marketing plan, showed you some of their past sales and you said “Let’s Do This!”

But once you’ve signed your Listing Agreement, and the marketing of your home or condo begins, how much do you follow up on what your agent is doing? Or supposed to be doing?

The primary place your home or condo will be marketed is….well….where you are right this very moment. On the Internet. On your laptop, phone or tablet. This is most likely where it will be seen first. So, have you looked at your own listing to SEE how it is being marketed?

Many agents hire professional photographers to do the photographs for listings, and many do not. It’s not to say they HAVE to have a professional so this, if they know what they are doing. But do they? They may be very well versed in photography. And have the right equipment. I personally have a DSLR camera with a wide-angle lens (a MUST if you are trying to photograph a condo!) and my iPhone. Hey, you may think an iPhone is not professional, but you tell me.

Which one of these photos I took was taken with the DSLR and which with my iPhone? Point being, both clear, crisp photos that would look great in the marketing of your Midtown Atlanta condo, especially Viewpoint Midtown, the building on the right.

But I am totally amazed at the photos I find on listings! These photos are being used by the Seller’s agent to market their home!!!

The left is a very blurry bathroom I found just this morning….the middle….a CAT? And the right….do the jeans and the guys come with the condo?

Do You Look at Your OWN For Sale Listing?

If not, maybe you should. And if your photos look like these three or the upside-down bar stools at the top, you better be asking your agent for some new photos. Or maybe be looking for a new agent.

Your Equity Could Make a Move Possible

What Is Equity?

How Your Equity Can Help Fuel Your Move

The First Step: Determine How Much Equity You Have in Your Home

Bottom Line

5 Reasons You Should Never Sell a Vacant Home

Appraisal and Condominium Review (If Applicable)

Do I need a Home Inspection on a Midtown Atlanta Condo?

Do You Look at Your OWN Listing?

Do You Look at Your OWN For Sale Listing?

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