Sellers Archives

MyMidtownMojo Makes for a Happy Seller

July 6, 2018 by Thom Abbott

Just as important as it is to find the right agent when you BUY a Midtown Atlanta condominium, so is it true that you need to have the right person to help you SELL!

Often times we hear of Sellers that choose to work with “well my wife’s co-worker’s husband is a real estate agent” or “there is this girl in our church that we feel we need to help” and while that may sound all fine and well on the outside, you have to know who you choose will get your condo sold…and know the right things to do, at the right time. Or have the right connection.

In working with Jacob, at the last minute, the Buyer’s lender requested a document that really none of us had ever had requested. When I reached out to the HOA of the building, they questioned why the lender need the said document. But, my relationship with the HOA helped us get it to the lender, and keep the closing on track! Whew…..disaster averted! One has to wonder if the “girl in our church” would of had that relationship to help get through a tight spot.

We had the pleasure of working with Jacob when he first moved to Atlanta from Boston in 2016. He found MyMidtownMojo.com and knew he wanted to live in Midtown Atlanta. His job in the medical field required extensive traveling, and the access to MARTA was also a major plus for him. He also had a unique requirement to find a condo home that would accommodate a family heirloom…a pool table that belonged to his father. Not all condos meet that requirement, but we found him the perfect space at Spire Midtown.

Fast forward a short two years to 2018, and a company promotion sent Jacob to Tampa. We again helped him sell his Midtown condo, at a great price, and Under Contract after just 6 days on the market!!

“Thom was great, his local knowledge helped me quickly find what I was looking for to buy, as well as sell a couple years later! When inventory is low, you need someone who will be responsive and timely to act on the market.”

Thanks for allowing us to help you Jacob!!

If you’d like to read more great reviews about our work with both Buyers and Sellers, please visit our Testimonial Page!

And we are ready to help YOU have an incredible real estate experience!

How’s The Atlanta Real Estate Market?

June 15, 2018 by Thom Abbott

How’s The Atlanta Real Estate Market?

I wanted to share some information regarding the Atlanta real estate market from the recent Case-Shiller Real Estate Report.

The entry-level market has strong demand and very low inventory. There are many multiple offers and values rose faster than other segments.
The luxury market is a buyer’s market with buyers negotiating better pricing and terms.

Mortgage rates are rising slowly which will impact affordability. Metro Atlanta continues to be very affordable relative to other metro areas around the country.

May pending contracts were up .6% from April and up 8.6% from the prior year. May closings were up 11.7% from April and down 1.3% from the prior year.
Year-to-date pending sales units were up 6.5% versus the prior year. Year-to-date closings were up 2.8% versus the prior year.

The Average Sales Price for May was $322,000 – up 3.2% from April and up 6.6% from last year. 2018 is on track to be the highest annual ASP on record.

Inventory for May was up 5.3% from April and down 8.8% from last year.

Overall Months of Supply for May was 2.4 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 10 months and properties over $2 million averaging 16 months to close. The luxury market remains a buyer’s market in many areas.

The Average List-to-Sale Price Ratio was 97% for all price points. Many properties in high-demand areas are selling above list.

The latest Case-Shiller Index for Atlanta (5/29/18) was up .8% compared to the previous month. Metro Atlanta home values are up 73% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.

I always, repeat, ALWAYS tell my clients, whether you are a Buyer or a Seller, that the real estate market will be different for you depending on your real estate plan. Are you looking to refinance? Are you looking to purchase an investment property? We look at your specific real estate needs and goals, and then we talk about the market and what will work best for you. This, coupled with a great lender from our Team Lenders, and we will all work together to make your real estate experience a great one!

Let’s sit down over coffee (or an adult beverage) and talk about location, location, location…and how important that is in real estate.

Home Warranty vs Home Inspection – What’s the Difference?

June 4, 2018 by Thom Abbott

We’ve talked about both of these subjects in the past, so we won’t beat them to death here, but will point you to the past posts. They are still relevant and will give you more information about a home warranty vs a home inspection.

Home Warranty vs Home Inspection – What’s the Difference?

A home warranty is an insurance policy (of sorts) on your home for a certain period of time, usually one year. You may get a home warranty as part of your negotiation process with your initial contract, or after you have had a home inspection completed. A home warranty covers most major systems in the home for repair or “replacement.” (Each warranty company is different, but most will work very hard to REPAIR an item before they will replace it.) Even still, the cost of the repair will be much less via the service call fee on a home warranty vs. calling a specific trade person (plumber, electrician, appliance repair, etc.)

We did a detailed post about What is A Home Warranty, and you can get more information there.

A home inspection is much like a snapshot look at a home at a certain time. When you make an offer on a home or condominium, and it’s accepted, you have negotiated a Due Diligence period. It is during this time you have the property inspected. The purpose of this 3rd party inspection (done by a home inspection company, not your Brother or Father!) is to get an opinion of the condition of the home. An inspection will look at systems (HVAC, plumbing, electrical) as well as things like flooring (say cracked tiles or damaged wood flooring) windows (have they been painted shut, do they work) and other aspects of the home. This helps you determine the condition of the home in more detail than when you just walked through it with your real estate agent.

Once this inspection is completed, you will review it with your agent and determine what actions you want to take next. This can vary from asking for no repairs, to an extensive list of repairs, to deciding you may not want to purchase the home at all. You can learn more about the home inspection process from one of our Team Members, National Property Inspections.

We did a post, Do I Need a Home Inspection on a Midtown Atlanta Condo, which talks about the importance of getting an inspection done on a condominium. They will just vary as the inspector is not checking for structural or roofing items…those are related to the building. But you will find an informative short video on that post about the home inspection.

Home Warranty vs Home Inspection – What’s the Difference?

If you have further questions about the home warranty or inspection, we are always ready to help our Buyers or Sellers with this part of the home buying and selling process!

The Georgia Real Estate Contract for 2018

January 8, 2018 by Thom Abbott

The process to purchase a home or condominium in the Metro Atlanta area has remained much the same over the years. (The process can be much different if you are buying property on Lake Sinclair, or if you are buying in Savannah, so we will focus on the Atlanta area, where we work!) But it helps to know about the Georgia Real Estate Contract.

Some changes have come from the lending side, certainly, and those changes do affect most all buyers. But over the years, the Georgia Association of REALTORS (GAR) has made changes to the Purchase and Sale Agreement and other exhibits we use to buy real estate. At one point, the contract had areas where you had blanks to fill in on each page, and it made it difficult or both they Buyer and the Seller to really understand the terms of the offer. Fast forward to 2018, where the contract has been designed to have the key elements of the offer on Page One, and the supporting paragraphs for each item on Page One on the following pages. While those “following pages” get into the contract details, the key points such as the Property Description, Purchase Price, Closing Costs, Earnest Money and Due Diligence are all located on that first page.

The agreement is written such that it is pretty fair in representing BOTH parties in the real estate process. It can become a “one-sided” document if special stipulations are added, or if any of the Page One items are slanted towards one side or the other. An example would be a long Due Diligence Period (say 15 days or more). During the Due Diligence Period, the Buyer may terminate the agreement or any reason, or no reason at all. This puts the Seller at a disadvantage by having their home/condo off the market with this lengthy time where the Buyer can walk away.

As part of our Buyer Consultation, we provide you a copy of the Purchase and Sale Agreement along with the most likely Exhibits or Amendments you would use during your purchase. This helps our Buyers get to know the documents and ask any questions prior to us being in the middle of making an offer.

If you are relocating to the Atlanta area, this gives you an opportunity to learn about the process (at least the forms used) in purchasing a home here, versus what it may have been in the city or state where you are moving from.

You can find our 2018 Contract Package HERE.

We are here to help our Buyers and Sellers understand all the terms of the agreement, as well as answer questions and make sure you are being represented.

Four Housing Predictions for 2018

January 2, 2018 by Thom Abbott

Hey, it’s a New Year, right? And with it comes all kinds of predictions. Now some of them may be personal in nature, like I predict I will make the change in my routine to get to the gym more often.

Of course, those predictions don’t matter to you! But Four Housing Predictions for 2018 just might.

A recent article from HousingWire cites low inventory and rising home prices along with some other factors. The four predictions are:

The historically tight supply of single-family homes will tighten further in 2018 after hitting a record low in November 2017
The national home price boom that began in mid-2012, will continue, and given the unprecedented low levels of inventory, will even accelerate further
First-time buyers will face even higher home price gains for entry level homes
First-time buyers will continue take on even more leverage in an effort to keep up with the out-sized home price gains on entry level homes

Now first of, remember that real estate is local, local, local. So what is happening in Minneapolis may not be the same as Midtown Atlanta, nor would what’s happening in Cumming be the same as College Park. But experience does tell us that most of these are probably on track. There is a difference amongst professionals about how fast home prices will increase in the next year. Some say faster in 2018, and others say it will slow down.

Certainly in the Atlanta market, we can cite low inventory, a low days on market, and a challenge for first-time buyers to find a condo (In Midtown/Buckhead areas) or home they can afford. Prices certainly have gone up although not as dramatic as they have been. But I have seen homes realize appreciation like this:

If you are looking to buy or sell, whether in 1 month or 1 year, sit down with a real estate professional, like myself, and talk about the market, your plans, what you are looking for and be more informed as to what your options may be. Understand, things can change in a year, but at least you have some ideas.

For the details about the Four Housing Predictions for 2018, read the rest of the article HERE

Downsizing Your Home? Consider These 5 Questions

November 21, 2017 by Thom Abbott

If you’ve landed on this post, or our website, chances are good you are looking to move into a condo. And possibly considering Downsizing Your Home! Awesome! Here are 5 Questions to think about! (And we’ll throw in a bonus one too!)

Downsizing can mean going from that huge 5 bedroom home to a smaller, 3 bedroom home as well.

Downsizing Your Home? Consider These 5 Questions

Do You Want to Cut Expenses? Living in smaller space can reduce any number of expenses, from electricity and gas to a lower mortgage and insurance payments. But as you make this transition, you want to compare ALL your monthly expenses….such as maintenance costs of a home (be it from larger to smaller) and the monthly HOA fees in a condo. Also, as you move, don’t forget the costs associated with buying and selling, such as realtor marketing fees, closing costs on a new mortgage and moving costs.
Do You Want More Free Time? Moving into a condo can free up lots of hours to do other things like work out in your new gym, take up a hobby or more traveling. You won’t have the yard to mow, the fence to paint or leaves to rake up. Certainly, you’ll have these if you move to a smaller home, but it may have a smaller yard that requires less time. Some communities might even provide lawn maintenance, such as a 55+ community.
Does Your Home No Longer Meet Your Needs? Are all three kids off in college? Who needs a 4-5 bedroom house for just two people? Or, maybe you’ve reached the point of not wanting to climb stairs and would like an En-Suite on the main floor? Laundry on the main floor? Maybe it’s a long drive from Cumming to Midtown Atlanta to enjoy plays at the Alliance Theater or exhibits at the High Museum?
Still Need Room to Host? If you expect your grown family to return often for visits, you may still need an extra bedroom, but 5 of them? So a smaller house could be the right choice. But if those family visits are just at holidays, maybe you get the Midtown condo, and YOU make the trip to visit the family elsewhere!
Want Better Cash Flow? With the market shift in the past few years, you are probably back to the point you have positive equity in your home. That can be used as a large down payment on the next home or condo, thereby reducing your mortgage payments. This can free up money on a monthly basis for other things! Again, you want to compare all costs of where you live now, and what they might be in a different location. Property taxes on a condo in the city could be higher than what you pay on a house, say in Cherokee County. But what money will you save in commuting expenses if you work in the area, or better yet, retire and can walk to those plays and museums?
BONUS — Do You Want a Lifestyle Change? This applies mostly to going to condo living. It’s very different from all that space in a house! (I’ve done both, and can relate/help you understand the difference!) Being able to leave your car parked and walk, both for leisure and possibly to work, is wonderful. You might not even need a second car. You will also have to give serious consideration to downsizing the “stuff” you have. There is not all these closets and storage nooks in a condo. And if you have a priceless family piece of furniture, be SURE to tell your real estate agent you simply can’t give it up, and there needs to be room for that 12-foot dining room table (yep, had that challenge) or maybe a large desk.

Downsizing is not a decision you should make in haste. Spend some time talking about it. Looking at the numbers. Another good thing, spend a weekend in a hotel in Midtown Atlanta. While it certainly is NOT like living in a condo, you can get the feel of being able to walk around, shop, dine and learn about city noises that you don’t hear in that John’s Creek subdivision where you are now.

More questions about Downsizing? Email me or give me a call at 770.713.1505. Let’s meet for coffee in Midtown and chat!

How’s The Atlanta Real Estate Market?

Home Warranty vs Home Inspection – What’s the Difference?

Home Warranty vs Home Inspection – What’s the Difference?

Downsizing Your Home? Consider These 5 Questions

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