Posts with tag 'home improvement'
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28
Three Common Mistakes Sellers Make When Listing a Property
As the real estate market begins to shift and cool down, it is more important than ever to have the correct approach when selling your property. An imperative part of our job as Realtors is consulting with clients and preparing them to list their home. Market value analysis, condition of the home and attention to detail all matter. There are several common mistakes that I see property owners make. I will cover some of those below.
Perhaps the most essential part of putting a property on the market is value analysis. There needs to be data behind the list price. Recent sales of similar properties in the vicinity of the subject property should be considered. Even in a great market, you cannot just throw a price out there. You need comparable sales to support the value. Many homeowners take pride in their home which is a great thing. However, when it comes to pricing, you need an objective approach. Many buyers will not see the same value in an aspect of the home that you will....
12
Mortuary Boys!
Growing up in Newnan if it was your time to take the midnight train to glory, not Georgia (sorry Glady's and pass my apology along to the Pip's, won't you) your choice was clear. Hillcrest or Mckoon's funeral home. Both establishments were known for their high quality of service and were housed in some of the most iconic homes the region had to offer. In fact, some would say, at night if the moon was full, you could see on their porches Rhett, Scarlett, and even Miss Daisy if Hoke had not picked her up yet for a drive, rocking in their chairs, drinking sweet tea, and talking about the recent unpleasantries.
Well, at 13 years of age, for a summer job, I was hired on at Hillcrest to do a little of this, that, and the other. During that summer I also played on a little league baseball team sponsored by Lindsey Realty. I played catcher because I was short, chubby, and not the quickest of humans. All you have to do as a catcher, my coach said, was stop the pitch with your open gl...
12
REAL ESTATE: LOCAL MARKET IS BEGINNING TO CHANGE
We have also noticed that the number of buyers in the marketplace has decreased. Prices are staying strong, but the showing traffic and the volume of offers are not what they once were. As recently as this year I would receive 20-plus offers on a property but those days seem to be gone.
A significant reason for this sudden change is the increase in rates. In late June, mortgage rates rose above six percent. The Federal Reserve announced a large 3/4 percent raise of interest rates in June. The Federal Reserve has also stated that they expect to raise the rates several times this year and next to combat rising inflation in our country. All this seems to have cooled real estate buyer activity. As mortgage rates rise, a mortgage payment becomes higher and higher. An article I read recently from Lawrence Yun, from the National Association of Realtors, stated that the payment on a $300,000 mortgage went from $1,265 in...
29
Finding a house to buy!
Finding A House To Buy in 2022
What is it like finding a house to purchase in 2022? You have probably heard through someone you know how competitive it is. Maybe you know from your own experience. With a low supply of listed properties and high demand to purchase, it's a battle to find the right house for you.
Finding the right house is a fight all in itself. At the time I writing this, there are only 165 homes listed for sale in Coweta County. If you are interested in any of the properties, you can expect to compete with other buyers for the same home. I have had as many as 21, 22 and 30 offers on the same house recently. In these situations, a strong cash offer with no contingencies usually wins out the bidding war. Competing with this many buyers is a not typically a formula for success. This is where your Realtor should come in.
A good Realtor, that is connected to the local market, should know of o...
21
Interest Rates Are on The Rise
There is a growing concern in the real estate community regarding rising interest rates, which mortgage rates typically follow. Many potential buyers have been waiting for the real estate market to cool and prices to lower before they purchase a home. That does not seem to be happening anytime soon. As interest rates rise, many buyers will not be able to afford purchasing a home and will be priced out of the current market. Increased inflation is a driving force for the interest rates to be raised by the Federal Reserve. According to Bloomberg, in January of 2021, the year over year inflation rate for the United States was 7%. As of January 26th, 2022, mortgage rates are pushing 4%. This may not seem like a high rate, but mortgage rates were as low as 2.68% just 13 months ago, according to Rocket Mortgage. The rates have steadily increased since December 2020.
This example, from Rocket Mortgage, of a one percent increase in a mortgage rate shows you the difference a percentage can make. This will prevent many "fringe buyers" from purchasing: By way of example, say that Taylor, a 30-year-old woman who is a first-time home buyer, wishes to obtain a 30-year fixed FHA loan on a new home with a 20% down payment. Below, you can get a sense of just how much she stands to save, given a 1% difference in interest savings on her 30-year mortgage.
|
30-Year Fixed Mortgage Rate |
Monthly Payment* |
Principal And Interest |
|
[2.99%] |
$1,073 |
$842 |
|
[3.99%] |
$1,184 |
$953 |
On January 26th, 2022, the Federal Reserve, the central bank of the United States, strongly hinted at raising the interest rates. The Reserve said with inflation rates well above two percent, it could start raising interest rates as early as March of this year. Many experts believe this is the first of several rate increases this year. This will cause mortgage rates to rise. With increasing home value and prices, as well as rising mortgage rates, purchasing a home will become more difficult.
Now is a good time to buy before the rates and prices rise any higher. We are also seeing a large increase in the supply of listings here in Coweta County. We are at the very start of our listing season. It is a good time to start looking at property if you are not already.