How will the new tax laws affect homeowners?

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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.

Atlanta REALTORS® Market Brief: October 2017

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The numbers are out for last month’s Market Brief!

The Atlanta REALTORS® (ARA), the largest association of its kind in Georgia, has released it’s October 2017 Market Brief on residential housing statistics in metro-Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. Covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale.

Click on the link below to view the entire report. For the best effect, click on PRESENT at the top left-hand side of the page.

via ARA- 10-2017-MarketBrief | Piktochart Visual Editor

The numbers are important. Just Email Cathi or call our office at 770-993-9572 so we can explain how they will influence your specific real estate situation.

Making Repairs after the Home Inspection

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One of the most taxing parts of the selling experience is dealing with the buyer’s inspection.

After you have negotiated a contract on your home, the buyer does a home
inspection. After reviewing the report, they send you (the seller) a copy of the report along with the request for repairs. There is typically just a few days for getting estimates and making decisions. This can be stressful for both seller and buyer.

Inspections are very detailed and include anything and everything the inspector sees that he or she deems not up to par … and some items noted will seem very picky. This doesn’t mean that the inspector intends that the buyer would ask the seller to repair everything.  It’s a matter of full disclosure on the inspector’s part.

Photo credit: Foter.com

Unfortunately, the inspection report always comes at what is a period of high stress  … the seller is making plans to somehow move out on time and is sometimes living out of town.  Remember … it’s a process, and we just need to work through it.

The first order of business will be to get estimates so that you can make informed decisions.

Fortunately, we have a list of vendors who are honest, reliable and responsive:  paint, wood repair, electrical, plumbing, heating and air, flooring, masonry, roofing, landscaping and more. This helps enormously in both preparing homes for sale and with requested inspection repairs. Our vendors do quality work at the best prices!

Just as important … You need an experienced and skilled negotiator to help guide you through the process toward the best possible outcome, and this is exactly where The Lund Group excels.

Just Email Cathi or call our office at 770-993-9572. We’ll tell you more!

Millennials in Real Estate Atlanta

“Millennials” are also demographically known as the “Y” generation. Depending on which expert you read, they were born somewhere between @1980 and the mid-1990s, even as late as 2000.

And Atlanta was named as one of the best cities for millennials in America! The AJC reports that “for millennials seeking jobs, affordable housing, and entertainment, Atlanta is the place to be.” This is according to Niche.com.

Niche analyzes public data sets and millions of reviews to produce comprehensive rankings, report cards, and profiles for every K-12 school, college, and neighborhood in the U.S.

RIS Media (residential real estate industry’s definitive source for news and information) notes that millennials are the biggest generation in U.S. history, even surpassing baby boomers.

They make up 34 percent of all homebuyers—and as they get older, make more money and start families, that figure will grow.

What does this mean to Real Estate Atlanta today?

  • Nearly all millennials go to the internet first to search for a home. If you are a seller, your home needs to photograph beautifully!
  • Millennials want new appliances, a large master, a 2 car garage, and energy features.
  • They generally do not have the extra cash to make repairs and updates.
  • They don’t necessarily care about the money you spent on an extravagant backyard.  They would rather the extravagance be inside.

The important thing is to know who are your most likely buyers, what you can do to attract them, and that’s where we can help!

Buying in a North Fulton Urban Neighborhood

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It’s true! Now we have many choices in Alpharetta and Roswell to live in an “uptown” neighborhood!

You may have to compromise on square footage, but you’ll be happier if your new neighborhood offers everything you want in an urban environment. Think about features that are most important to you and your family.

Walkability. Is there a bike path or sidewalk nearby? Can you walk the dog or take the baby for a stroll safely? Look for lots of street lighting and foot traffic. How close is the nearest coffee shop?

Transportation and commute time. How far away is your route to work? Is there a garage you can use or do you need to buy a parking space? How long will you spend in the car for your daily commute to work?

Parks and community centers. You may have a small garden or yard, but you’ll also enjoy the beauty that parks and walking trails offer. The local community centers offer swimming, yoga, and activities for the kids.

Shopping, restaurants, and services. You want grocery shopping, dropping clothes at the dry cleaners, and getting your car serviced to be handy. It’s also fun to get out to the local pub, see a movie or walk to dinner.

Considering the neighborhood will make leaving and coming home much more pleasant. We know what’s “out there” … give us a call!

 

Resource: Berkshire Hathaway HomeServices “Talking Real Estate”

Looking for Investment Property in Atlanta?

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Real Trends has just published a new report about the single family investment market. Most owners of one to four family unit rental properties in our country are owned by individuals, nearly 8 million owning at least one.

Many of these investors want to purchase more.

Right now, in our market area, inventory remains low. Investors need to find a professional who stays on top of what is available and can offer expert advice.

Just Email Cathi or call our office at 770-993-9572. We’ll get you started!

Source: REAL Trends, the “Trusted Source of news, analysis, and information on the residential brokerage industry since 1987”

 

 

Your Real Estate Property Assessment

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The Fulton County Property Tax Assessments are out! Your tax bill is based on your home’s value as of January 1 of this year.

If you feel sure that the “fair market value” assigned to your home is too high, you have 45 days to appeal. Right on your assessment notice, you will see the last date you can file.

What you need to provide is evidence that supports a lower value as of January 1, 2017. What do you think your house is worth?

It might be helpful if you can see what data the assessor’s office used. If you make the request, they will send you their sales comps. The telephone # is 404-612-6440.

Then, if you contact me, I can send you a list of 2016 comparable sales from your subdivision. You will want to choose at least 3 properties similar to yours that sold for less than the value assigned to your home.

Calculate a spreadsheet or a table with the # of bedrooms, # of baths, age, and a dollars per square foot calculation for each.

You can also get information from the Fulton County Board of Assessors site. Search for and pull up your own address.  At the top left-hand corner of the page, you can click on “Recent Sales in Neighborhood.” (These are not necessarily in your subdivision but are nearby.) If you like, you can even go down to the bottom of this “neighborhood page” and pull up the results in excel. At this site, you can find all the other properties’ 2017 assessments.

Now you’re ready to file your appeal. At the Fulton County site are detailed instructions and options.  Appealing your Property Value

If you file your appeal online, you can follow its progress all the way through the Appeal Resolution Center.

Good luck! And be sure to email me if you want comps …