What Will Your First Home Feel Like? Life takes lots of turns. Reach out to us if you’d like help navigating a new path for the next chapter in your life!
Call or email Cathi at The Lund Group to get the information you need!
If you call me and find yourself saying any of the following, just know you may be hurting your chances of selling your home quickly and for the most money possible.
“I’m not making any repairs.” According to the 2018 Home Buyer and Seller Generational Trends Report from the National Association of REALTORS®, 47 percent of buyers under the age of 37 purchased new homes to avoid renovations and problems. If many buyers don’t have the will, skill or time to make repairs, you’re eliminating a number of buyers who would otherwise love your home.
“My home has to be worth more than that.” You may believe your home should be worth more than you paid for it and provide you with enough equity to move, and indeed, that might be true! We will supply you with tools to understand current market value. Our comparable market analysis will show what homes have recently sold for and what other sellers are asking for similar homes as yours, as well as price and sales trends. We’ll help you make the best decision based on facts.
“Let’s price it higher and see what happens.” Pricing above comparable homes is a risk. You’ll outprice buyers who would want your home. Buyers who can afford your home will quickly find that your home doesn’t compare to others.
In any of these cases, you’ll be looking at a price adjustment, and will have lost valuable marketing time. Realistically, your home is only worth what the most qualified buyer is willing to pay for your home.
What is your first step? Call or email Cathi at The Lund Group to get the information you need to make the best business decision for you.
Source: Berkshire Hathaway Talking Real Estate September 2018
For today’s sellers, market conditions are like a weather report; they show you what to expect so you can make plans, pick your listing price and decide on your marketing strategy.
One thing is certain: Markets are either going up or they’re going down, so as conditions change, you need to know the long and short-term trends. If the market is heating up, you can ask a little more for your home. If it’s cooling off, you may need to lower your price to attract buyers.
So, how are buyers behaving? Are they making multiple offers and paying over list price? Or are they sitting on the sidelines, looking but not making offers? The answers tell you if you’re in a buyer’s or seller’s market.
A seller’s market is characterized by rising prices, short “days on market”, supply levels of less than six months on hand, and offers close to full price, at full price or above list price offers.
A buyer’s market is characterized by longer “days on market,” inventory supply levels of six months or more, and low offers. To get buyers to come in from out of the storm, sellers must offer incentives such as seller-paid closing costs or throw in the refrigerator, washer, and dryer.
It’s critical that you deal with a market professional to find out where your market stands. Markets vary from city to city and from neighborhood to neighborhood.
Whether you are a buyer or a seller, call or email Cathi at The Lund Group to get the information you need to make the best business decision for you.
Source: Berkshire Hathaway Talking Real Estate August 2018
It’s the heat of the summer, and you want a swimming pool. Before you go off the deep end, make sure the benefits outweigh the drawbacks.
Swimming pools are a strong part of the outdoor living trend. They’re fun for all ages, they promote fitness, and they give you a great place to entertain family and friends. They also add costs, increased liability and ongoing maintenance. So, to help you decide if it’s worth it, ask yourself the following questions:
And finally, how will this pool affect my resale value? Will I recoup the dollars I invest? Pools can be wonderful, but before you make this decision, consider consulting a real estate professional to help answer these questions.
In other words, call or Email Cathi at The Lund Group …
Resource: Berkshire Hathaway Talking Real Estate – eNewsletter – July 2018
Home prices have been rising for over seven years, and mortgage interest rates for five years. So, should you wait to buy a home? The numbers say no.
According to the National Association of REALTORS®, the median existing-home price is more than $250,000, the highest it’s ever been. If you wait to buy a home, you’re losing the opportunity to build equity, or ownership, in a home of your own.
If you’re worried that homes are priced too high and you’re afraid of losing money, consider this: the U.S. Bureau of Labor Statistics reports that prices for housing were 50.88% higher in 2018 versus 2000, for an average increase of 2.31 percent a year. The average inflation rate for the same period was 2.07 percent. Homeownership beat inflation by 0.24 percent.
In North Fulton County, over the past year, the average price for homes sold increased by 5.4%
Mortgage interest rates hit all-time highs in October 1981, when a benchmark 30-year fixed rate was 18.45 percent (with 2.3 points paid by the borrower), according to Freddie Mac. The lowest took place in November 2012 at 3.35 percent with 0.7 points. At about 4.5 percent for a conforming fixed-rate for those with good credit, mortgage interest rates are still tantalizingly low.
The best time to buy a home is when you want to, not when you think the market timing is best.
Unless you have a crystal ball, you don’t know if prices and interest rates will recede, plateau and or rise. Look at home buying for the long term, and you’ll be glad you didn’t wait.
As always consult your financial professional for interest rate information and advice. What’s happening in your neighborhood? Let’s have a conversation. My 30 years plus of experience will help you make the best business decision. Call or Email Cathi at The Lund Group …
Resource: Talking Real Estate, Berkshire Hathaway HomeServices, June 2018
The U.S. Conference of Mayors Report predicts that Metro Atlanta will be the 6th largest city in the nation by 2046! Great news for our long-term real estate values.
Source: Berkshire Hathaway HomeServices Metro Atlanta Market Trends April 2018
Berkshire Hathaway HomeServices Georgia Properties is pleased to announce our new Atlanta Real Estate skill for Alexa and Google Home. Just enable the “Atlanta Real Estate” skill to search properties and check home values. This is the most advanced real estate skill available and we are just getting started. The emerging frontier of voice-activated devices is rapidly emerging as a method of accessing information. All the tech titans are entering this market with new devices coming this spring from Amazon, Google, Apple, and Facebook. Amazon is the leader so far with over 70% market share.
Our next release will include buyer stats. When you ask Alexa or Google Home for your home value, the response will be something like, “Your home is estimated to be worth $450,000 and there are 750 active buyers looking for a home like yours right now. Would you like to be connected to your Berkshire Hathaway HomeServices Georgia Properties agent to meet them?” This new release will be available in the next few months. Look for more details soon!
Source: Berkshire Hathaway HomeServices Georgia Properties Real Estate Advisor
Some sellers believe it’s smart to price their homes high, yet, through the years we have learned that it is a fallacy to price a home for any reason other than what a qualified buyer is willing to pay, given market conditions and other sales. A home is worth what a buyer is willing to pay for it and what it will appraise for. That’s the bottom line.
Often sellers think …“Buyers want to negotiate, so we need room for negotiations.” Sellers tend to think that no one will pay the asking price for a home. In reality, if the home is priced properly, and the expectation is set with the buyers/buyer’s agent that there is no negotiating room … buyers will pay the asking price! In today’s market with low inventory and so many competitive bid situations, buyers are often willing to pay more than the asking price.
“We need to get a certain amount of money out of our home…what we paid, plus what we have spent on improvements.” The buyers don’t care about what was actually spent on improvements when looking at market value. However, we always make a list of improvements with associated costs that buyers can pick up along with the brochures we provide. Those improvements help the buyers with a perception of value. Improvements also matter to the appraisers if done within the past 5 years. That being said, a seller does not typically get dollar for dollar out for what they have spent.
“My neighbor’s home sold for a certain amount and I think my home is nicer, so my price should be higher.” That home must be compared to yours … ie, features and benefits, square footage, age, improvements and updates and more. An experienced agent can give you a picture of the entire market and then narrow it down to your subdivision or to the homes most like yours. The analysis will determine if your price should be higher or lower than your neighbors. In addition, buying a house is an emotional decision, so emotions factor in.
“The market is much better, therefore, my home should sell for a lot more than it was worth last year.” Your real estate agent will need to determine what homes are selling for in your specific area. Often one part of town appreciates much more than another and the stats need to be analyzed carefully.
Proper pricing is the most important part of the selling process. In order to obtain the highest possible price, it’s important for every seller to have professional and honest advice from an experienced Realtor who has knowledge in your specific area. Sometimes a house will sit on the market and it is hard for a potential seller to determine why. Typically, the answer is that the price is too high, or the condition of the home is not up to standard. There are other conditions that will affect the price … backing to a busy road, steep uphill or downhill driveway, synthetic stucco, little or no yard, mold, water in the basement, very dated inside (not up to standard,) among others.
If you want to get top dollar for your home, call us at 770-993-9572 to make an appointment. We’ll be able to tell you what your home should sell for, about how long it will take, and what it is we’re doing to get all of these homes sold. From there, you can decide what’s best for you!
The Lund Group
Top 1% Worldwide
Resource: excerpts from Talking Real Estate, Berkshire Hathaway Home Services
The new tax laws will definitely have an effect on Georgia homeowners. There is a new $750,000 cap on mortgage interest deduction, a fact that will have an impact on a percentage of owners in the higher price points. In addition, the cap of $10,000 on the combination of local and state property and income taxes will have negative consequences for some homeowners. If there is an upper-end slowdown in sales as a result, we hope that it will not have a long-term effect.
On a brighter note, according to REAL Trends, historical patterns indicate the general economy will get stronger this year. Business owners will benefit from lower taxes, which leads to more employment and more income for workers. That’s certainly a positive trend!
Doubling the standard deduction for singles and married households should also help prospective homebuyers who are saving for a down payment.
The Lund Group has a positive attitude (always) about predictions for a strong housing market in 2018. The cities in which we do a great deal of business (Alpharetta, Roswell, Woodstock, Cumming, Canton, and Marietta) are growing, and with that growth comes a strong real estate market.
The biggest obstacle in 2018 is likely to be low inventory, especially in the lower and mid price points. Three months or less of inventory creates a strong seller’s market where buyers are often competing for the homes they are attempting to purchase. It is helpful to work with an experienced agent from The Lund Group, as we know how to compete and win the bid for our clients. Our knowledge and expertise are big benefits!
We expect interest rates in 2018 to increase, so when you are ready to make a move … we can help! Just Email Cathi or call our office at 770-993-9572.