Market Update • November 30, 2022

Why 2022’s Market Will be Fascinating

by Century 21 Results

02/25/2022

Today let’s take a look at the forecast for the 2022 market. Right now, it looks like the word of the year will be “fascinating.” Inventory, interest rates, and inflation will all play a big part in our market. Here’s a look at what the future has in store for us:

Inventory in 2021 was sparse, to say the least. If a home came on the market at a halfway decent price, it was gobbled up before you could blink. I anticipate that at the beginning of 2022, we’ll see a lot of the same. Inventory may rise later this year as interest rates increase and demand falls.

Speaking of interest rates, the Federal Reserve has announced that interest rates will begin to rise in 2022. They’ve already increased a little bit, and they’ll probably be even higher by the end of the year. Right now, they’re floating in the mid 3% range, which is still a fantastic deal. We may see an influx of buyers trying to take advantage of our great rates while they last.

Last, let’s talk about inflation. The other day, I saw an article that claimed inflation had increased to a 39-year high. At this point, it’s clear: inflation is here to stay, at least for the near future. Rates will increase to combat this, and while this is bad news for buyers, it could bring some much-needed stability to our market. No matter what happens with the three I’s, one thing is for sure—2022 will be fascinating. If you have any questions about how you should navigate our market, give my team a call or send us an email. We’d love to help you!

Market Update • November 30, 2022

Where Is the Atlanta Market Right Now?

by Century 21 Results

11/09/2021

Here’s a snapshot of Atlanta real estate as we near the end of 2021.

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As we head into November, I wanted to quickly recap the latest news and numbers for Atlanta real estate.

In September, the pace of sales was down 11% compared to 2020. We had one year of crazy, whacked-out sales volume from COVID. A shortage of inventory helped prices go sky-high.

Prices have started to level off recently, which is allowing buyers to take advantage of low interest rates and lock them in for the long term. Buying traffic has slowed a little, but we’re still seeing multiple offers frequently.

The speed of your sale comes down to your high school district, price range, and the agent you work with. Institutional buyers are buying at a higher clip than they have in the past, offering guaranteed money to homeowners with a cash sale and quick close.

If that option interests you, we can surely offer it. We also pride ourselves on our retail sales process. The supply is still low, and we’d love to help you maximize your home’s sale price.

If you have any questions for us, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Market Update • November 30, 2022

When’s the Best Time to Sell Your Home?

by Century 21 Results

05/27/2022

Is it better to list your home now or wait for the market to change?

As a seller, if you can’t find what you’re looking for in your next home, should you list now or wait for the market to change?

The best time to sell your home is when inventory is low and demand is high; fortunately, our current market has these exact conditions. However, the Federal Reserve has decided to increase interest rates to balance out the market. Their goal is to see more homes enter the market and reduce demand. Currently, we have less than two months of supply, and there are less than 1.5 months of supply nationwide. The Fed’s goal is to raise inventory to above three months.

From a supply and demand standpoint, you’re in a much better position to sell your home now than you will be when interest rates and inventory increase soon. In other words, the more balanced the market becomes, the fewer opportunities you’ll have to get top dollar for your home.

Let us help you get on the market before your window of opportunity closes. Don’t hesitate to reach out to us by phone or email if you have any questions or need any assistance. We’d love to hear from you.

Market Update • November 29, 2022

What’s A Home Warranty?

by Century 21 Results

What’s A Home Warranty?

A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.

Check your home warranty policy to see which of the following items are covered. Also find out if the policy covers the full replacement cost of an item.

• Plumbing

• Electrical systems

• Furnace

• Water heater

• Heating ducts

• Water pump

• Dishwasher

• Garbage disposal

• Stove/cooktop/ovens

• Microwave

• Refrigerator

• Washer/dryer

• Swimming pool (may be optional)

The data relating to real estate for sale on this site comes in part from the Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than Results Realty Services are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

Home Checklists • November 29, 2022

WHAT YOU CAN DO TO IMPROVE YOUR CREDIT

by Century 21 Results

WHAT YOU CAN DO TO IMPROVE YOUR CREDIT

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

Home Checklists • November 29, 2022

WHAT NOT TO OVERLOOK ON A FINAL WALK-THROUGH

by Century 21 Results

WHAT NOT TO OVERLOOK ON A FINAL WALK-THROUGH

It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through.

Make sure that:

• Repairs you’ve requested have been made. Obtain copies of paid bills and warranties.

• There are no major changes to the property since you last viewed it.

• All items that were included in the sale price — draperies, lighting fixtures, etc. — are still there.

• Screens and storm windows are in place or stored.

• All appliances are operating, such as the dishwasher, washer and dryer, oven, etc.

• Intercom, doorbell, and alarm are operational.

• Hot water heater is working.

• No plants or shrubs have been removed from the yard.

• Heating and air conditioning system is working.

• Garage door opener and other remotes are available.

• Instruction books and warranties on appliances and fixtures are available.

• All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

Home Checklists • November 29, 2022

What If The Property Is A Short Sale?

by Century 21 Results

What If The Property Is A Short Sale?

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

• You’re very patient. Even after you come to agreement with the seller to buy a shortsale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

• Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

• You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

• Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.

• A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)

• Title officer. It’s a good idea to have a title officer do an initial title search on a shortsale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

• Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.

• Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.

• No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

Market Update • November 29, 2022

What if the Home Doesn’t Appraise?

by Century 21 Results

04/26/2022

One of the topics that we regularly get asked in today’s market is, “What happens if the home doesn’t appraise?”

It all depends on your area, price point, and what the market is doing. If you get multiple offers, you should negotiate so that there is no appraisal contingency. This way, if the home does not appraise for the full price, the buyer would cover the gap.

However, sometimes that’s not possible. The buyer and seller then have to negotiate and decide to meet in the middle, have the buyer cover the gap, ask the seller to meet the appraisal amount, or terminate the deal. In today’s market, when there are multiple offers, it’s key to make sure you get the appraisal contingency removed.

If you have any questions, don’t hesitate to reach out to us at (770) 634-9710. We look forward to hearing from you.

Market Update • November 29, 2022

What Happened to Our Market in 2021?

by Century 21 Results

01/25/2022

Here’s what a crazy 2021 was like for buyers, sellers, and builders.

Looking to buy a home? Search all homes for sale
Looking to sell your home? Find out your home’s value

It’s been 29 years since I started my career in real estate, and 2021 still managed to be one of the most interesting years I’ve ever seen. Today I want to recap what happened in our market last year and explain things from a buyer’s, seller’s, and builder’s perspectives.

The first thing we need to talk about is low interest rates. Despite some grumblings in 2020, they remained extremely low throughout 2021. For most of the year, they were below 3%, and this sparked a ton of buyer demand. Bidding wars became common because every buyer wanted to take advantage of great rates. Prices were skyrocketing, but if a buyer was lucky enough to win a bidding war last year, they probably locked in a fantastic mortgage.

“

Early signs are showing our market may normalize in 2022.

”

For sellers, 2021 was nothing but good news. Prices increased throughout the year, and it doesn’t look like things will change too much in 2022. While the rate of growth may decrease, our low supply and high demand probably mean we’ll be in a seller’s market for a while longer.

Meanwhile, 2021 was a weird year for builders. Most builders had plenty of contracts for 2021; the issue was getting affordable supplies. The cost to build homes went up significantly, causing some builders to back out of contracts and risk legal liability. Things have settled down since the beginning of the year, and builders are racing to meet high buyer demand.

2021 was a wacky year, but it’s in the past now. My hope is that the market begins to normalize in 2022, and early signs are showing that it might. In the meantime, if you have any questions about today’s topic or anything else related to real estate, please call or email me or my team. We’d love to help!

Home Checklists • November 29, 2022

WHAT BUYERS NEED TO KNOW ABOUT TITLE

by Century 21 Results

WHAT BUYERS NEED TO KNOW ABOUT TITLE

1. Your mortgage lender is going to require it. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You pay a one-time fee as part of your closing costs. If you are purchasing a home, you should also purchase an owner’s policy which provides coverage up to the purchase price of the home you are buying. In some states it is customary for the seller to purchase the owner’s policy on your behalf.

2. You have the right to choose! And it’s now it’s easier than ever. You can shop around for a lower insurance premium rate on line at sites including Closing.com, EasyTitleQuote.com and FreeTitleQuote.com. You can also ask your lender or real estate professional for help in getting quotes.

3. Check the companies out before you select one. Make sure the title insurance company you choose has a favorable Financial Stability Rating® with Demotech, Inc., the leading title insurance rating company (www.demotech.com).

4. It’s easy to save money on title insurance. Request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges which could make one quote seem more attractive than another. Ask about discounts. There are often discounts available if you are refinancing and sometimes even when you are purchasing if the current policy issued to the seller on the property isn’t too old.

5. Even new construction needs coverage. Even though the home is new, the land isn’t. There may be claims to the land or liens placed during the construction which could negatively impact your home.

Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.

Why 2022’s Market Will be Fascinating

Where Is the Atlanta Market Right Now?

When’s the Best Time to Sell Your Home?

What’s A Home Warranty?

WHAT YOU CAN DO TO IMPROVE YOUR CREDIT

WHAT NOT TO OVERLOOK ON A FINAL WALK-THROUGH

What If The Property Is A Short Sale?

What if the Home Doesn’t Appraise?

What Happened to Our Market in 2021?

WHAT BUYERS NEED TO KNOW ABOUT TITLE

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