North Atlanta Area Real Estate Homes For Sale BlogRecently posted or modified blog postshttps://www.northatlantarealestatevoice.com/blog/Copyright NorthAtlantaRealEstateVoice.com2024-01-03T09:43:22-07:00tag:northatlantarealestatevoice.com,2012-09-20:6078Rates fall below 7%, driving momentum in the marketThe seventh straight week of mortgage interest declines has led to more holiday season homebuying activity.
By Dave Gallagher, Real Estate News Article <a href="https://www.realestatenews.com/2023/12/14/rates-fall-below-7-driving-momentum-in-the-market?utm_source=Real+Estate+News&utm_campaign=1715dda6b9-EMAIL_CAMPAIGN_2023_12_14_08_19&utm_medium=email&utm_term=0_02c652b510-1715dda6b9-%5BLIST_EMAIL_ID%5D">link</a>
Key points:
The 30-year fixed-rate mortgage averaged 6.95% this week, dropping below 7% for the first time since August.
The change in tone from the Federal Reserve, which is now signaling rate cuts in 2024, is a key factor.
Both purchase and refinance activity have jumped following the decline in rates from their October peak.
Mortgage interest rates hit a key psychological milestone this week, falling below 7% for the first time in more than four months.
The 30-year fixed-rate mortgage averaged 6.95%, according to the latest Freddie Mac survey. That's down from 7.03% last week and marks the seventh straight week of declines. The 15-year fixed-rate mortgage ticked up, however, halting its downward streak. It's now at 6.38%.
The drop in the 30-year rate is welcome news to potential homebuyers who hope to see this trend continue.
"Given inflation continues to decelerate and the Federal Reserve Board's current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year," said Sam Khater, Freddie Mac's chief economist.
The combo of lower rates and some fresh inventory has prompted buyers to jump into the market, said Lisa Sturtevant, Bright MLS' chief economist.
"With rates falling and new listing activity up, expect that the unusually busy December market will continue into January as some buyers and sellers will be out there trying to beat others before the spring market," Sturtevant said.
The Fed signals a change in policy
A different tone from the Federal Reserve is contributing to the increased buyer optimism. On Dec. 13, Chairman Jerome Powell acknowledged that rates are at or near their peak in this current cycle, and the board held off on raising short-term interest rates, as expected.
But Fed members went a step further, signaling that cuts could be on the way, with the majority surveyed forecasting three cuts that would trim rates by around 75 basis points in 2024.
Rate cuts are usually a sign that the overall economy is performing poorly, but when questioned during a press conference Wednesday, Powell said cuts are also a way of reducing the constraints currently on the economy. He added that the Fed is aware of the risk of pushing rates too high and said they may start making cuts before inflation reaches 2%.
Median home payment lowest in 8 months
The recent drop in mortgage interest rates has made a significant impact on monthly payments, according to a new <a href="https://www.redfin.com/news/housing-market-update-mortgage-rates-fall-below-7/" class="Document_link__d6Jno Accessibility_focusLink__Y4Tn4" target="_blank" rel="noreferrer">Redfin report</a>. The median U.S. housing payment for the four weeks ending Dec. 10 was $2,503, down $233 from October's record high and at its lowest point since April.
But home prices keep rising, jumping 4.5% year-over-year as demand continues to outpace supply, according to the Redfin report. Even with the recent increase in new listings, overall inventory is still down year-over-year.
Application activity continues to pick up
With seven straight weeks of mortgage interest rate declines, more borrowers are applying for home loans. The Mortgage Bankers Association estimates in its latest survey that overall mortgage applications have increased 7.4% compared to a week before. And a big driver has been refinancing applications as rates have fallen from around 8% to under 7%, said Mike Fratantoni, MBA's chief economist.
While increasing in recent weeks, purchase applications remain 18% below last year due to limited inventory, Fratantoni said.
<a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">Contact us</a> for the latest rates and to find out how to start the <a href="https://www.northatlantarealestatevoice.com/thinking-about-buying/" target="_blank">homebuying process.</a>
2024-01-03T09:35:54-07:002024-01-03T09:43:22-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5995If Mortgage Rates Fall, Bidding Wars ExpectedHomebuyer conundrum: If mortgage rates fall, bidding wars will follow, expert says
Mortgage rates are pulling back from 8%, a seemingly promising sign for sidelined buyers. But further declines could unleash pent-up demand.
"If rates fall below 7%, I think we're going have a surprisingly strong year," Daryl Fairweather, chief economist at Redfin, told Yahoo Finance Live. "That's when I think we're going to see more people out there with bidding wars."
The average 30-year home fixed-rate mortgage fell to 7.22% this week, according to Freddie Mac, and rates seem to be on course to drop further by the year-end. Overall, rates have scaled back more than a half-point in the last five weeks.
That's prompted some buyers to get back in. The volume of mortgage applications for a purchase increased 5% for the week ending Nov. 24 versus the previous week, according to the Mortgage Bankers Association (MBA).
At the same time, the median monthly mortgage payment shrank over $100 during the last month as rates edged away from 8%.
That means a buyer purchasing a home at last week’s average rate of 7.29% would face a median monthly mortgage payment of $2,575. That’s down $164 from the all-time high of $2,739 set a month earlier, according to Redfin, but 13% higher than a year ago.
"Rates going up to nearly 8% has reset the threshold for buyers wanting to get back into the market," Fairweather said.
Still, purchase activity remains 20% lower than one year ago, MBA found.
"The purchase market remains depressed because of the ongoing, low supply of existing homes on the market," Joel Kan, MBA’s deputy chief economist, said in a press statement.
However, there may be a glimmer of hope for those still on the hunt.
New listings posted their biggest year-over-year increase since 2021 during the four weeks leading up to Nov. 26, Redfin found.
Those purchasing may also benefit from new listings on the market, which have climbed 5.8% year-over-year, Redfin data found – the biggest uptick in over two years. Overall, the share of new listings amounted to 64,576. By comparison, new listings were falling at this time of the year, Redfin analysts noted.
"They're going to be more people who are wanting to move because they have a new job or they're getting married or they're having kids, so people's lives go on and that creates demand," Fairweather said. "And if we have a strong stock market, people may feel good about spending money, but those high rates are the biggest drag on the housing market right now."
'Limited inventory will create bidding wars'
Though some homeowners have put their listings on the market, most are still reluctant to list.
Some 37% of homeowners believe it’s a bad time to sell a home, according to Fannie Mae’s latest <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey">housing sentiment</a> index. Overall, 78% of respondents also said they thought the economy was on the wrong track in October, up 7 percentage points from the month prior.
The problem is that rates may fall enough next year to convince buyers to come back, but not enough to persuade enough homeowners to sell.
"If rates fall, we will see more buyers come back to the market and with limited inventory that will create bidding wars that push up prices," Fairweather said. "We're seeing a bit of relief on new listings right now with more sellers deciding now is the best time to sell and maybe that will continue into next year. So hopefully, we'll have a bit of a balanced situation even if rates do decline."
According to Redfin, available inventory of homes on the market amounted to 4.2 months of supply as of Nov. 26. At least 4 to 5 months is considered a balanced market, per Redfin.
Fairweather added: "But I don't think that balance is going to last. The overall story for the housing market is that there are fewer homes available compared to the number of people who want to buy a home… The fact [rates] have come down a little bit makes me more optimistic, but I think it's gonna be another slow year at least when we look back historically."
Courtesy of Gabriella Cruz-Martinez, personal finance and housing reporter at Yahoo Finance.
2023-12-06T09:39:09-07:002023-12-06T09:45:45-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5925Big rate drop could mean flurry of Thanksgiving home salesThe fever of rising mortgage interest rates has finally broken, providing some relief to homebuyers looking for an end-of-year purchase.
The 30-year fixed-rate mortgage averaged 7.5% this week, down from 7.76% the week before, according to the latest Freddie Mac survey. It's the biggest one-week drop since last November, when rates began significantly retreating.
The 15-year rate followed a similar pattern, falling from 7.03% to 6.81%.
The decline was influenced by data showing household debt rising, along with a slowing job market and wages, said Sam Khater, Freddie Mac's chief economist.
Sidelined buyers may be ready to jump in
The mortgage rate market is now looking similar to last year — but today's consumers have adjusted their expectations and may be more willing to pounce, said Lisa Sturtevant, chief economist at Bright MLS.
"Many buyers are pressing on and will act quickly when they see rates dip. There could be a flurry of buyer activity before the Thanksgiving holiday as buyers opportunistically jump on relatively lower rates," Sturtevant said.
There are also signs that rates could continue to slide, at least in the short term. <a href="https://www.mortgagenewsdaily.com/" class="Document_link__d6Jno Accessibility_focusLink__Y4Tn4" target="_blank" rel="noreferrer">Mortgage News Daily</a> put the rate for Nov. 8 at 7.41%.
Some homebuyers are already locking in at the lower rate. The <a href="https://www.mba.org/news-and-research/newsroom/news/2023/11/08/mortgage-applications-increase-in-latest-mba-weekly-survey" class="Document_link__d6Jno Accessibility_focusLink__Y4Tn4" target="_blank" rel="noreferrer">Mortgage Bankers Association</a> reported that applications increased 2.5% from the week before.
"Applications for both purchase and refinance loans were up over the week but remained at low levels. The purchase index is still more than 20% behind last year's pace, as many homebuyers remain on the sidelines until more for-sale inventory becomes available," said Joel Kan, MBA's deputy chief economist.
Rates likely to remain elevated
Despite this week's big drop, many real estate economists expect rates to remain high for some time. Sturtevant predicts rates will come down more in 2024 but still settle above 6%.
Jiayi Xu, an economist from Realtor.com, noted that a rate hike from the Federal Reserve is still on the table if inflation, which is currently at 3.7%, does not move closer to the 2% target.
"Investors are likely to exercise caution in their positioning, and the expectations for rates to stay steady to slightly higher remains," Xu said.
Courtesy of Dave Gallagher, Real Estate News2023-11-13T08:02:44-07:002023-11-13T08:07:37-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5911Fed Holds Rates, Now WhatRates have been on hold in a range of 5.25 to 5.5 percent since July. Policymakers think that borrowing costs are high enough to achieve their goal of curbing economic growth if they are kept at this level over time.
By cooling demand, the Fed is hoping to prod companies to raise prices less quickly. Overall price increases decelerated to 3.4 percent as of September, from more than 7 percent at their peak, according to the New York Times. With rates holding steady, even at the current levels, NOW is a good time for buyers because competition is at one of the lowest levels we’ve seen in a while. A lot of buyers are on the sidelines waiting for a rate drop. We don’t expect rates to start to come down until at least mid 2024 and even then it will be at a very slow pace.
So will home prices drop in 2024? Probably not, says NAR chief economist Lawrence Yun: “Home prices will rise around 3 to 4 percent,” he predicts. Prices are intricately connected with housing inventory, as well. Sellers are likely to remain reluctant to give up their low interest rate for a much higher one, so inventory will remain constrained.
Here’s a simple example of why now is a good time to buy:
November 2023
Home Price: $350,000 with 10% down payment
Mortgage Rate of 7.5% on $315,000 loan = $2192 principal and interest
Wait 6 months until April 2024
Home Price: $357,000 (based 4% annual appreciation) with 10% down payment
Mortgage Rate of 7.25% on $321,300 = $2236 principal and interest
A .25% drop in interest rate coupled with 2% (6 months) price appreciation results in a payment that is $44 higher per month.
This also doesn’t factor in any increased competition which may drive prices even higher.
The bottom line: Don’t wait to buy real estate; buy real estate and wait. And remember, rent is a 100% interest rate with no equity!
<a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">Contact us</a> now to discuss how you can get a great home and get ahead of the competition.
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<a href="https://www.northatlantarealestatevoice.com/property-search/results/" target="_blank">Search For Homes</a>
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<a href="https://www.northatlantarealestatevoice.com/free-market-analysis/" target="_blank">Free Market Analysis</a>2023-11-08T08:12:06-07:002023-11-08T08:14:28-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5776State of the Market - Cobb County - July 2023July 2023 - Cobb County Stats
<img src="https://assets.site-static.com/userfiles/1391/image/Screenshot_2023-08-14_at_2.18.27_PM.png" width="272" height="271" alt="Cobb County Map" style="display: block; margin-left: auto; margin-right: auto;" />
As you can see in the chart below, year over year for both the month of July and YTD thru July, month's supply and closed sales are down 16% and 25% respectively for <a href="https://www.northatlantarealestatevoice.com/personalized-home-search/" title="Home Search" target="_blank">Detached</a> (single family homes); month's supply for Attached (townhomes/condos) has increased a dramatic 42.9% in July while cloosed sales is down 20% for the same period.
In addition, median sales price is up only 0.4% for Detached while Attached prices are up approximately 5% even with increasing inventory and market time . The percentage of list to actual sales price remains close to 100%; same as the previous month. Lastly, the inventory of available Deatched homes is down 35% from 2022 to 2023 for July while inventory of Attached homes actually increased approximately 12%.
<img src="https://assets.site-static.com/userfiles/1391/image/Screenshot_2023-09-11_at_3.13.48_PM.png" width="1786" height="1520" />
The analysis: even with higher interest rates, it remains a <a href="https://www.northatlantarealestatevoice.com/free-market-analysis/" title="Free Home Market Analysis" target="_blank">seller's</a> market for well priced and maintained homes. Low investory and consistent demand is keeping prices steady. We are at, or close to the peak of interest rates. The Fed may raise them one more time in November but thst should be the last increase. Once rates begin to fall, we should see a flow of buyers back into the market which may drive demand faster than inventory growth. This could lead us back to multiple offers and price premiums. Also, there is no forecast for prices to fall dramatically. We may see more seasonality over the next two quarters but prices will remain steady until inventory gets closer to a balanced market.
If you are considering <a href="https://www.northatlantarealestatevoice.com/thinking-about-buying/" title="Home buyer resources" target="_blank">buying</a>, now is the time. Even with interest rates expected to drop over the next 12 months, price appreciation will out pace the benefit of a low rate. Buy now and refi when rates are better. <a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">Contact us</a> for assistance.
2023-09-11T12:14:13-07:002023-09-11T12:33:40-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5761Are you Septic Smart?
Septic systems are underground wastewater treatment structures that use a combination of natural and technological processes to treat wastewater from residential plumbing. They are separate from the county sewer system. Sewer from a county line is treated at a water reclamation facility, but septic systems treat wastewater onsite. If you are wondering whether your home is on septic or a county sewer line, take a look at your water bill. If don’t see a charge for sewer on your bill, your home is on a septic system. You can always <a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">contact</a> us to refer a reliable plumber to assist you.
Knowing how to properly care for your septic system is beneficial to your health and reduces negative impacts to the environment. Taking care of your septic will also lessen the expense of repairs, or replacements, to the system.
Every septic system owner should know where the tank is located and have it inspected, as well as the drain lines and the absorption field, on a regular basis. A certified inspector should check your system and pump the tank every 3-5 years. The routine expense of maintaining your system is much more cost-effective than dealing with a system failure. Sewage odor, soggy soil, and/or wastewater back up into your home are all signs of a septic system failure. We strongly recommend a septic inspection or sewer line scope for all <a href="https://www.northatlantarealestatevoice.com/first-time-buyers/" target="_blank">home buyers</a>.
There are simple measures you can take to properly care for your septic system on a daily basis.
Using water efficient fixtures
Verifying that the home water pressure is at or below 80 pounds per inch (psi)
Fixing water leaks
Only flushing the 3 Ps: Toilet Paper, Pee, and Poop
Never park vehicles or heavy machinery above the septic system or drain field
Keep the area around and above the system free of tree roots
Take a look at our Eco-Logical video to better understand how to maintain your septic system.<br />For more information, visit: <a href="http://www.cobbcounty.org/water/education/water-quality/home/septic-systems" target="_blank">www.cobbcounty.org/water/education/water-quality/home/septic-systems</a>.
Source: epa.gov
2023-09-05T12:29:33-07:002023-09-05T12:36:11-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5689State of Market - Cobb County June 2023June 2023 - Cobb County Stats
<img src="https://assets.site-static.com/userfiles/1391/image/Screenshot_2023-08-14_at_2.18.27_PM.png" width="272" height="271" alt="Cobb County Map" style="display: block; margin-left: auto; margin-right: auto;" />
As you can see in the chart below, year over year for both the month of June and YTD thru June, inventory and sales are down considerably, well over 20% for both <a href="https://www.northatlantarealestatevoice.com/personalized-home-search/" title="Home Search" target="_blank">Detached</a> (single family homes) and Attached (townhomes/condos).
In addition, median sales prices are up approximately 2% for Detached while Attached prices are up approximately 8%. The percentage of list to actual sales price remains close to 100%. Lastly, the inventory of available Deatched homes is down 25% from 2022 to 2023 for June while investory of Attached homes actually increased 21%.
The analysis: even with higher interest rates, it remains a <a href="https://www.northatlantarealestatevoice.com/free-market-analysis/" title="Free Home Market Analysis" target="_blank">seller's</a> market. Low investory and consistent demqnd is keeping prices steady. We are at, or close to the peak of interest rates. Once rates begin to fall, we should see a flow of buyers back into the market which may drive demand faster than inventory growth. This could lead us back to multiple offers and price premiums.
If you are considering <a href="https://www.northatlantarealestatevoice.com/thinking-about-buying/" title="Home buyer resources" target="_blank">buying</a> now is the time. Even with interest rates expected to drop over the next 12 months, price appreciation will out pace the benefit of a low rate. Buy now and refi when rates are better. <a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">Contact us</a> for assistance.
<img src="https://assets.site-static.com/userfiles/1391/image/Screenshot_2023-08-14_at_1.56.30_PM.png" width="2166" height="1426" alt="June 2023 Cobb County Stats" title="June 2023 Cobb County Real Estate Stats" />2023-08-14T10:56:56-07:002023-09-11T12:15:40-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5239What is Property Tax Homestead Exemption in Georgia?What is Property Tax Homestead Exemption in Georgia?
State v. County Property Tax Exemptions
Below is taken directly from the Georgia Department of Revenue website. These are the exemptions that are guaranteed under state law. Counties have the right to provide additional exemptions and many do. County exemptions are on the tax assessor’s website for each county. The Georgia Department of Revenue site includes a <a href="https://dor.georgia.gov/property-records-online" data-reader-unique-id="11">link</a> to each Georgia county with online assessor sites.
Homestead Exemptions Offered by the State per Georgia Department of Revenue
Standard Homestead Exemption
The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead. The owner of a dwelling house of a farm that is granted a homestead exemption may also claim a homestead exemption in participation with the program of rural housing under contract with the local housing authority. (O.C.G.A. § 48-5-44)
Individuals 65 Years of Age and Older May Claim a $4,000 Exemption
Individuals 65 years of age or over may claim a $4,000 exemption from all county ad valorem taxes if the income of that person and his spouse does not exceed $10,000 for the prior year. Income from retirement sources, pensions, and disability income is excluded up to the maximum amount allowed to be paid to an individual and his spouse under the federal Social Security Act. The social security maximum benefit for 2019 is $68,664. The owner must notify the county tax commissioner if for any reason they no longer meet the requirements for this exemption. (O.C.G.A. § 48-5-47)
Individuals 62 Years of Age and Older May Claim Additional Exemption for Educational Purposes
Individuals 62 years of age or over that are residents of each independent school district and of each county school district may claim an additional exemption from all ad valorem taxes for educational purposes and to retire school bond indebtedness if the income of that person and his spouse does not exceed $10,000 for the prior year. Income from retirement sources, pensions, and disability income is excluded up to the maximum amount allowed to be paid to an individual and his spouse under the federal Social Security Act. The social security maximum benefit for 2019 is $68,664. The owner must notify the county tax commissioner if for any reason they no longer meet the requirements for this exemption. This exemption may not exceed $10,000 of the homestead’s assessed value.(O.C.G.A. §48-5-52)
Floating Inflation-Proof Exemption
Individuals 62 years of age or over may obtain a floating inflation-proof county homestead exemption, except for taxes to pay interest on and to retire bonded indebtedness, based on natural increases in the homestead’s value. If the appraised value of the home has increased by more than $10,000, the owner may benefit from this exemption. Income, together with spouse or any other person residing in the house cannot exceed $30,000. This exemption does not affect any municipal or educational taxes and is meant to be used in the place of any other county homestead exemption. (O.C.G.A. § 48-5-47.1)
Disabled Veteran or Surviving Spouse
Any qualifying disabled veteran may be granted an exemption of $60,000 plus an additional sum from paying property taxes for county, municipal, and school purposes. The additional sum is determined according to an index rate set by United States Secretary of Veterans Affairs. The amount for 2019 is $85,645. The value of the property in excess of this exemption remains taxable. This exemption is extended to the unremarried surviving spouse or minor children as long as they continue to occupy the home as a residence. (O.C.G.A. § 48-5-48)
Surviving Spouse of U.S. Service Member
The unremarried surviving spouse of a member of the armed forces who was killed in or died as a result of any war or armed conflict will be granted a homestead exemption from all ad valorem taxes for county, municipal and school purposes in the amount of $60,000 plus an additional sum. The additional sum is determined according to an index rate set by United States Secretary of Veterans Affairs. The amount for 2019 is $85,645. The surviving spouse will continue to be eligible for the exemption as long as they do not remarry.(O.C.G.A. § 48-5-52.1)
Surviving Spouse of Peace Officer or Firefighter
The unremarried surviving spouse of a peace officer or firefighter killed in the line of duty will be granted a homestead exemption for the full value of the homestead for as long as the applicant occupies the residence as a homestead. (O.C.G.A. § 48-5-48.4).
Homestead can be filed throughout the year
For many years the owner had to wait until after January 1 following their purchase to file for homestead exemption. Georgia now allows filing as soon as the ownership deed is recorded but will not take effect until January 1 following the purchase.
Some changes in ownership require refiling
Adding someone to title should not affect homestead but it is always best to check between January 1 and April 1 after the change to make sure that the homestead was not dropped by the county tax assessor in error.
Removing someone from title may affect the homestead exemption depending upon the circumstances. Again, it is always best to confirm that the homestead is still in place between January 1 and April 1 after the change.
Moving the property into a Trust does not eliminate the homestead exemption. Homestead does need to be refiled after transferring ownership to a Trust.
Owners need to refile if they qualify for additional exemptions.
If a homeowner did not qualify for senior exemptions, military and first responder exemptions or need-based exemptions when they originally filed, the homeowner must refile to claim the additional exemptions. The county will not automatically apply exemptions when a homeowner reaches the senior exemption age since the county tax assessor has no record of the age of the homeowner.
How to file?
Our <a href="https://thomasandbrownlaw.com/resources/homestead-exemption/" data-reader-unique-id="52">website</a> includes links for many of the Georgia counties filing information. Some counties allow for online application and some require the document to be physically sent to or brought to the county tax assessor’s office. Given the time deadline, it is not recommended to use regular mail to file for homestead exemption. If the county you are looking for it not on our site, googling {Your County} Georgia homestead exemption should get you to the right place.
Source: Cheryl King, Thomas and Brown, Attorneys at Law2023-03-28T13:15:38-07:002023-03-28T13:24:44-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5220How the Federal Reserve affects mortgage ratesWhile the Fed does not set mortgage rates (and the central bank’s decisions don’t drive mortgage rates as directly as they do other products, like savings accounts and CD rates), key players in the mortgage industry keep a close eye on the Fed’s moves. The mortgage market’s attempts to interpret the Fed’s actions affect how much you pay for your home loan.
What the Federal Reserve does
The Federal Reserve sets borrowing costs for shorter-term loans in the U.S. by changing its <a href="https://www.bankrate.com/banking/federal-reserve/what-is-the-federal-funds-rate/">federal funds rate</a>. The rate governs how much banks pay each other in interest to borrow funds from their reserves kept at the Fed on an overnight basis. The Fed kept this rate set near zero during much of the coronavirus pandemic.
Mortgages, on the other hand, track the 10-year Treasury rate. Changes to the federal funds rate might or might not move the rate on 10-year Treasury bonds, which are issued by the government and take a decade to mature.
The Fed also influences mortgage rates through monetary policy, such as when it buys or sells debt securities in the financial marketplace. Early in the pandemic there was severe disruption in the Treasury market, making the cost of borrowing money more expensive than the Fed wanted it to be. In response, the Federal Reserve announced it would buy billions of dollars in Treasuries and mortgage-backed securities (MBS). The move was to support the flow of credit, which helped push mortgage rates to record lows.<br />
What influences mortgage rates
Fixed-rate mortgages are tied to the 10-year Treasury rate. When that rate goes up, the popular 30-year fixed-rate mortgage tends to do the same, and vice versa.
Rates for fixed mortgages are also <a href="https://www.bankrate.com/mortgages/how-interest-rates-are-set/">influenced by other factors</a>, such as supply and demand. When mortgage lenders have too much business, they raise rates to decrease demand. When business is light, they tend to cut rates to attract more customers.
Price inflation pushes on rates as well. When inflation is low, rates trend lower. When inflation picks up, so do fixed mortgage rates.
The secondary market where investors buy MBS plays a role, too. Most lenders bundle the mortgages they underwrite and sell them in the secondary marketplace to investors. When investor demand is high, mortgage rates trend a little lower. When investors aren’t buying, rates may rise to attract buyers.
The Fed’s actions do indirectly influence the rates consumers pay on their fixed-rate home loans when they <a href="https://www.bankrate.com/mortgages/refinance-rates/">refinance</a> or take out a new mortgage.<br />
What Fed rate decisions mean for mortgages
The Fed sets the federal funds rate. This is an interest rate applied to money that banks and other depository institutions lend to each other overnight.
The fed funds rate affects short-term loans, such as <a href="https://apple.news/AfPvylfGYQzOa8eWxKkwAaA">credit card debt</a> and <a href="https://apple.news/Aq1k6fEa0QQWiFKXdTDHCjg">adjustable-rate mortgages</a>, which, unlike fixed-rate mortgages, have a floating interest rate that goes up and down with the market on a monthly basis. Long-term rates for fixed-rate mortgages are generally not directly affected by changes in the federal funds rate.
<a href="https://www.northatlantarealestatevoice.com/buyers/mortgage-pre-approval/" target="_blank">Contact us</a> to get approved for a loan and buy your next house.
Source:
RUBEN CAGINALP MARCH 22, 2023, Bankrate.com2023-03-24T08:30:54-07:002023-03-24T08:38:54-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5173Why you need a mortgage pre-approval before shopping for a homeIf you're ready to begin your home shopping journey, make sure you get a mortgage pre-approval first.
A mortgage pre-approval letter is an essential step in the homebuying process. Without pre-approval, it might be difficult to determine your budget. Plus, you risk not being taken seriously by sellers — especially in a highly competitive real estate market.
Below, CNBC Select breaks down how a mortgage pre-approval works and when you want to get one.
What is mortgage pre-approval?
A mortgage pre-approval is a document from a lender conditionally offering you a mortgage and containing its terms, such as the loan amount, monthly payments and interest rate. This is a lender's promise that unless your financial situation changes by the time of purchase, you'll be approved under the outlined terms.
A mortgage pre-approval is different from a pre-qualification, even though people often use these terms interchangeably. A lender will pre-qualify you based on the information you provide and typically without running a hard credit check and give you a rough estimate of how much you'll be able to borrow. You won't need to submit any documents to prove the information is accurate.
When you're getting pre-approved, a lender will verify your creditworthiness. You'll need to complete a mortgage application and provide documents such as your recent pay stubs, bank statements and tax returns. The lender will also perform a hard credit pull, meaning your credit score can temporarily drop a few points.
Your pre-approval letter's expiration date can also vary by lender, but most allow you 30 to 90 days to shop for a home and officially apply for a mortgage.
Why you need a mortgage pre-approval
You want to get a mortgage pre-approval at the beginning of your homebuying journey for two reasons:
That's the best way to learn your maximum loan amount
While you can estimate how much house you can afford using an online calculator or by pre-qualifying, a pre-approval will give you the most accurate number. This way, you'll know your price range and what houses you can actually afford. Discovering a lender is willing to part with less money than you had hoped is always a disappointment, but at least it allows you to take stock of your finances or save more for a down payment before proceeding further in the homebuying experience.
You will position yourself as a serious buyer
A pre-approval letter shows that you can secure a mortgage. This alone gives you an advantage over potential buyers without pre-approval, especially in competitive markets where real estate agents and sellers can afford to be picky about with whom they work.
If you really want to give yourself an edge in the market, obtain pre-approval letters from several lenders. A house will probably be the most expensive purchase you'll have made. A slight difference in the interest rates a lender charges can mean significant savings, so it pays to <a href="https://apple.news/A3frnSRYxSLyzpz3eJc1Upw">shop around</a>. When it's time to put in an offer, you can go with the lender that has offered you the best terms.
And don't worry about extra hard inquiries on your credit report. When you apply with multiple mortgage lenders in a short period of time (14 to 45 days of each other, depending on a credit scoring model), the credit pulls will count as a single inquiry.
How to get pre-approved for a mortgage
Since pre-approval is a much more rigorous process than pre-qualification, you want to have all your ducks in a row before applying.
First, check your credit score as it will play a big part in the lender's decision. You can use a credit monitoring service from your credit card issuer. You can also check your credit by using a free service from Experian — <a href="https://www.kqzyfj.com/click-100236640-13403929?sid=textlink_Experianfreecreditmonitoring_creditmonitoring">Experian free credit monitoring</a>. The higher credit score you have, the better the terms you'll receive on a mortgage.
You won't see the exact score your lender will be checking as mortgage lenders use scoring models not readily available to the public. Still, it will give you a good idea of what you're working with.
Next, prepare the documents that will show lenders your debt, income, assets and other aspects of your personal finances. While every lender has different requirements, having the following in hand is a good starting point:
At least two most recent pay stubs
Tax returns from the past two years
Bank statements from the last 60 days
Employment verification documents
Employer contact information
List of your debts
Investment account statements, including 401(k) and IRA
Proof of rental payments or landlord contact information
Gift letters (if you've been gifted money for your down payment)
It's best to have all your paperwork ready before you apply — this will save you time on the back-and-forth with the lender.
Bottom line
A mortgage pre-approval can help you gauge how much mortgage you can afford and position yourself as a serious homebuyer. It's a good idea to apply for pre-approval at the beginning of your homebuying journey — or even better, apply with several lenders to ensure you get the lowest interest rate you can.2023-03-07T09:38:31-07:002023-03-07T09:45:50-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5172Gov't To Lower FHA PremiumsThe White House moved to cut fees for mortgages insured by the Federal Housing Administration, a move meant to lower costs for lower-income and first-time homebuyers that was welcomed by the industry.
As part of the plan, the FHA will slash the annual premium charged to mortgage borrowers by 0.3 of a percentage point. That means mortgage insurance premiums will go from 0.85% to 0.55% for most new borrowers.
The White House estimates that the change will lower housing costs for some 850,000 homebuyers by an average of $800 per year.
“Today’s announcement is an important step in making homeownership more attainable. FHA-insured mortgages, which accounted for 7.5% of home sales in the third quarter of 2022, are targeted at homebuyers who otherwise may not be able to achieve homeownership,” the White House said in a statement.
Housing trade groups applauded the move, which many have been backing for some time. The Mortgage Bankers Association has been calling for a cut since 2021.
“The lower premiums will expand homeownership opportunities by lowering mortgage payments for qualified FHA borrowers, providing critical relief from the steep rise in mortgage rates and home prices just in time for the spring buying season. This will especially help minority homebuyers and low-and moderate-income households who are predominantly served by FHA loans,” said MBA’s President and CEO Bob Broeksmit.
But critics of the plan believe slashing the premium will end up backfiring and hurting low-income families. Tobias Peter, the assistant director of the American Enterprise Institute’s housing center, argued that market conditions are not favorable for a mortgage insurance premium cut.
“Housing supply remains at historically low levels at 4.0 months and is even tighter for entry-level homes. A premium cut would thus get absorbed into higher prices and do little for affordability,” he said in a blog post. “An MIP cut would amount to a massive wealth transfer from FHA’s capital reserve fund, which ultimately protects taxpayers, to realtors and homeowners in largely FHA neighborhoods.”
Sen. Thom Tillis (R-NC) said in a statement to the Washington Examiner that "it’s troubling that FHA has opted to enact policy which will work to undermine the effectiveness of the Fed’s recent monetary policy actions."
"The Biden Administration should be pursuing policies that eliminate inflation for the American people, not allowing unelected bureaucrats to unilaterally implement counter-productive policies," he added.
The FHA slashed mortgage insurance premiums by an even more aggressive half-point in January 2015, the last such cut. At the time, the FHA predicted that the cut would lead to some 250,000 first-time buyers and would save buyers about $900 per year. Peter said that research showed that home prices actually grew 2.5% faster in FHA neighborhoods and just 17,000 first-time homebuyers entered the market in the years after the cut.
“Instead of helping first-time buyers, the beneficiaries of FHA’s 2015 MIP cut were existing homeowners, who profited from higher asset prices, and realtors, who received an estimated windfall of around $2.8 billion due to increased commissions,” Peter wrote.
After the announcement on Wednesday, Scott Olson, the executive director of the Community Home Lenders of America, said he “strongly commends” the Biden administration’s move.
“Long a top CHLA priority, an FHA premium cut is critically needed to insure minorities and other underserved borrowers have affordable access to mortgage credit, in a period of rising mortgage rates and homeownership affordability challenges,” he said.
The FHA’s Mutual Mortgage Insurance Fund’s capital reserve ratio is required by law to remain above 2% and was sitting at 11% in November. The FHA projects that, with the cuts, the capital ratio will stay above that 2% level.
“We have a very high capital ratio right now — it’s more than five times the statutory minimum of 2%. And what we did was a great deal of analysis and thought and consultation, to make sure we met at a number that we believe is meaningful to borrowers, and will make a difference for those borrowers but that also was prudent from the perspective of the Mutual Mortgage Insurance Fund. And I think we got there,” said FHA Commissioner Julia Gordon, according to Housing Wire.
The cut is expected to go into effect in March. FHA-insured mortgages accounted for about 7.5% of home sales during the third quarter of 2022.
Source: Washington Examiner2023-03-07T09:30:42-07:002023-03-07T09:36:23-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:186810 Tips for Making A Good First Impression For Your Home For Sale10 Tips for Making A Good First Impression For Your Home For Sale in Marietta GA
Here are ten simple things to do that will make a big difference in how a buyer perceives your Marietta home for sale, and whether they decide to keep driving or stop and see it.
1) Light bulbs – Make sure all of them work! Next, replace energy savers with clear glass regular bulbs. You want clean, bright light. If you have fluorescent lights, make sure they are all working and turn on at the same time. Bright light creates space. Shadows and darkness close down space.<br /><br />
2) Screens off – Remove all window screens from the front and visible sides of your house. In my opinion, screens are the equivalent of putting braces on your teeth. You may have a great smile but you’re going to be distracted by the braces. Needless to say, clean your windows once you’ve removed the screens.<br /><br />
3) Trim bushes – Landscaping should be neat and trimmed. Nothing should cover any of the front windows of your home. Replace briquettes or pine straw as needed and watch the weeds.
<br />4) Power wash drive and walk way – It’s amazing how much dirt accumulates on these areas. A good power wash will make your entrance more appealing.
<br />5) Plant flowers at mailbox and entry – Add some color to maximize curb appeal. As I approach a house for a showing, I always notice whether it has a bright and colorful appeal or if it is the typical green grass and red brick. Add some color (yellow, white and red almost always work) especially at the mailbox which is typically at the front of the driveway. Use planters at the front door to brighten up this area.
<br />6) Clean screen/paint front door – If you have a screen or storm door, make sure the glass is clean and/or the screen is not torn or ripped. For your front door, a fresh coat of paint plus a new knocker and/or kick plate will draw people into the house.
<br />7) Wash entry lights – While most showings are done during daylight hours, one thing I always notice is if the front entry lights are clean and straight. Since most sellers enter and leave through their garage, they forget about these lights. Replace them if needed but many times all they need is a wash and new bulbs.<br /><br />
8) Paint stair rail or porch – Again, with most sellers using their garage as their exit/entry portal, they often forget to look at the house from a guest’s perspective. If your rails are rusted or just worn from the sun, put a fresh coat of paint of them. If you have a porch, the same goes here. Make sure the paint is in good condition.<br /><br />
9) Cut and edge the lawn – This one seems like a given but you need to keep your lawn mowed (weekly in season) and edging will make it look sharp. Also, don’t forget to edge the beds and islands if you have them.<br /><br />
10) Replace or remove worn welcome mat – Again, remember how buyers are approaching the house. If everything else looks good but you have a worn out welcome mat, it can negate all the work. Either replace the mat or remove it and put one inside.
<br />These simple tips will show you care about the house and want to make a good first impression. Buyers will be more likely to feel that you have also taken care of the rest of the house if they are impressed as they walk up..
2023-03-07T09:30:00-07:002023-03-07T09:30:30-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:5029Atlanta-Marietta #1 Location to Buy A Home in 2023Click here:
<a href="https://www.cnbc.com/2023/01/22/best-real-estate-markets-to-buy-a-home-in-2023.html">https://www.cnbc.com/2023/01/22/best-real-estate-markets-to-buy-a-home-in-2023.html</a>2023-01-23T13:15:44-07:002023-01-23T13:24:40-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4975Homestead Exemption
It's Time to File for the Homestead Exemption!
As you're probably aware, the New Year means it's time to remind any of your clients that bought in the last year that it's time to file for the Homestead Exemption!
<br /> As a reminder, a homestead exemption is a legal provision that helps reduce the amount of property taxes you pay on your new home—i.e., it saves you money.
<br /> Remember that the deadline for filing for the Homestead Exemption is April 1, 2023. Once you have successfully filed for the exemption, you will not have to do it again until the property changes ownership.
Here are some of the types of documentation you may need to properly file for the exemption, but note, it can vary by county.
Georgia Driver's License or valid Georgia identification
Social Security Number (including spouse's)
Car registration for all vehicles owned in county being filed in
Settlement Statement from closing
Recorded Deed from closing
County Exemption Links: <br />
<a href="https://fultonassessor.org/exemptions/" target="_blank">FULTON</a>
<a href="https://dekalbtax.org/file-homestead-exemption" target="_blank">DEKALB</a>
<a href="https://www.cobbtax.org/property/exemptions.php" target="_blank">COBB</a>
<a href="https://www.forsythco.com/Departments-Offices/Board-of-Assessors/Homestead-Exemption" target="_blank">FORSYTH</a>
<a href="https://gwinnetttaxcommissioner.publicaccessnow.com/PropertyTax/HomesteadExemption/AboutHomesteadExemptions.aspx" target="_blank">GWINNETT</a>
<a href="https://www.cherokeega.com/Tax-Assessors-Office/homestead-exemptions/" target="_blank">CHEROKEE</a><br />
2023-01-06T10:21:40-07:002023-01-06T10:30:02-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4704September 2022 Housing Stats
SEPTEMBER 2022 HOUSING INDICATORS
The Monthly Housing Indicators for Georgia are in for September. Median Sales Prices were up 13 percent year-over-year, Inventory was up 39 percent and Months Supply of Inventory rose 60 percent.
* New Listings decreased three percent to 16,072
* Pending Sales decreased 25 percent to 10,511
* Closed Sales were down 18 percent to 11,906
* Inventory levels increased 39 percent to 29,868 units
* The Median Sales Price increased 13 percent to $340,000
* The Average Sales Price increased 13 percent to $402,920
* Days on Market decreased 20 percent to 30 days
* Months Supply of Inventory was up 60 percent to 2.4 months
Feel that change in the air? It's not just the weather. This market is in transition. You can still sell for a good price and buy at a good rate if you have the right people advising you. <a href="https://www.northatlantarealestatevoice.com/about/contact/">Contact us</a> now to find out how.
2022-10-20T10:13:18-07:002022-10-20T10:38:26-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4652New Mortgage Options with Lower Rates2-1 BUYDOWN MORTGAGE
Buyers this product will help you afford a new home! The obvious benefit is you get an interest rate 2 points under market for the first year then 1 point under for second year, and years 3 – 30 would be at the current rate when you lock.
Some guidelines on this:
• Interest savings must be completely paid for by the seller
• Buyer must qualify based on the Full Note Rate
• FHA, VA, Conventional loans
• Conventional w/less than 20% down max seller contribution of 3% of purchase price; 20% or more down, max seller contribution of 6% of purchase price.
• FHA max seller credit of 6% no matter the down payment.
Benefits:
• Great opportunity to help Sellers get a property sold without affecting the sales price.
• Creates monthly savings the first two years of ownership while you buy furniture and get settled in to your home.
• This loan can be refinanced with no penalty when rates come down again.
.
For Example: (3.5% down FHA - 640 credit; $350,000 loan amount)
Year 1: 3.869% (full rate – 2%) Monthly Payment $1,700.19 APR 4.922%
Year 2: 4.869% (full rate – 1%) Monthly Payment $1,913.49 APR 5.939%
Years 3-30: 5.869% (full rate) Monthly Payment $2,138.94 APR 6.957%
*** Buydown costs calculation***
Year 1 Savings (2138.94 – 1700.19 = 438.75; 438.75 x 12 = 5265)
Year 2 Savings (2138.94 – 1913.49 = 225.45; 225.45 x 12 = 2705.40)
Year 1 + Year 2 (5265 + 2705.40 = $7970.40 saved in monthly payments for Buyer)
* In this example borrower must negotiate for at least $7970.40 in seller paid closing costs *
Rates change daily, so please reach out for current day's pricing.
<a href="https://www.northatlantarealestatevoice.com/about/contact/" target="_blank">Contact us</a> to find out how to take advantage of this great mortgage program!
Information courtesy of Sean Trombetti with Reliant Mortgage Solutions. NMLS# 214727 GRML# 272692022-10-04T07:58:00-07:002022-10-04T11:15:24-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4624Things People Forget to Do While DownsizingThings People Forget to Do While Downsizing
- BARBARA BELLESI ZITO
They Neglect to Consider Their New Lifestyle
“Many people assume that downsizing is going to make life simpler, but oftentimes they forget to consider the functions that are really important to their lifestyle,” says Amy Leferink, owner and principal designer at InteriorImpressions.
For example, if you love to entertain but are moving into a new home that doesn’t provide enough room for you to continue hosting friends and family, Leferink says downsizing becomes difficult because you’ll have to eliminate some traditions that you hold dear.
If the new home you are considering won’t allow you to do the things you most enjoy in life, it might be better to keep looking for one that can. “It is important to consider the features that are important to your lifestyle and to ensure that your new home allows you to do those things,” Leferink says.
They Assume Their Furniture Will Fit<br />It’s one thing to comprehend that you can’t bring all the furniture from a five-bedroom home to, say, a two-bedroom condo. But it’s another thing entirely to assume you can get any piece of furniture into your new space.
“One thing everybody forgets to do is to measure the doorways to confirm their old furniture will fit through the door,” says Sandra Asdourian, founder of Sandra Asdourian Interiors.
If you’re buying new furniture, you’ll likely be reminded by the sales associate to take measurements of entryways — including elevators and stairwells — for delivery. But if you’re keeping any furniture from your old home, take out that tape measure to ensure a smooth move-in day.
They Don’t Declutter Enough
Donation piles and garage or estate sales are common sights for those downsizing. But what many people neglect to do is get rid of enough things so that they can organize their new space easily.
“You don’t want to fill your home with clutter,” says Christie Stewart, interior designer at Design Lines Signature. “This new space should reflect quality over quantity, so try starting with selecting that one statement piece that brings you the most joy and build your home around it.”
Stewart says that keeping a few heirlooms or cherished pieces along with purchasing new items and especially furniture that will easily fit the smaller layout is a good way to combine the old with the new when downsizing.
Asdourian says that having too many clothes is often an issue for people. Her recommendation? If you haven’t worn something in two seasons, donate or sell it. This is especially important reminder for those moving from colder climates to more temperate climates — chances are you won’t be needing all those heavy coats if you’re moving to Florida. She suggests installing a closet system in the new place to help you get and stay organized with your clothing as soon as you move in.
2022-09-26T11:32:00-07:002022-09-26T11:43:27-07:00Lisa Wrenntag:northatlantarealestatevoice.com,2012-09-20:2003Don't Fall Short! 6 Home Maintenance Tasks You Should Tackle This AutumnAutumn brings pumpkins and—love 'em or hate 'em—pumpkin spice lattes, sweater weather, and spooky skeletons. But most importantly, fall brings an end to a summer of outdoor adventures—and tedious yard tasks like weeding, mowing, and watering the lawn.
But just because the weather's cooling off doesn't mean your to-do list will, too. Before busting out the cinnamon spice and mulled wine, take on a few home maintenance tasks that will put you in good standing once temperatures dip.
"It's easier to prepare for a winter emergency in the fall," says Jericho McClellan, who works in construction management.
But fear not: We've got you covered with our <a href="https://www.realtor.com/tag/seasonal-home-maintenance-checklist/" target="_blank">checklist of home maintenance chores</a> to tackle this season. Read on for details about where to start, and whom to call if you need backup.
1. Properly store your yard equipment
One of the best parts about fall: You can usually put your lawn mower into hibernation mode until spring.
But before you forget about that pesky piece of machinery entirely, remember this: Spring will suck if you don't prep your equipment this fall. That's because gasoline reacts with the air in the tank if left long enough, causing oxidation, which creates small deposits that can affect the performance of your mower.
And it's not just gas-powered equipment that needs a fall refresh.
Lester Poole, Lowe's live-nursery specialist, recommends running pressurized air through your pressure washers to remove any remaining water in the system, which will prevent freeze damage to the pumping mechanisms.
If your winter is particularly snowy and gritty, you'll be glad to have your pressure washer on high alert.
DIY: This project is easy to do yourself—just get rid of any spare gasoline. Many cities and counties have hazardous-waste programs, or your local auto parts store might take the old gas for you, too.
2. Protect your pipes
When temps dip below freezing, unprotected pipes can burst from exposure. <a href="https://www.realtor.com/advice/home-improvement/how-to-keep-pipes-from-freezing/" target="_blank">Guard against burst pipes</a> by wrapping them in foam insulation, closing foundation vents (more on that below), and opening cabinet doors under sinks to allow warm air to flow around supply lines. And make sure to keep your thermostat at 60 degrees or higher overnight.
If you haven't tracked down your home's water shut-offs yet, now's the time. They might be located outside your house or in your crawl space. Once you've found them, give them a test.
"The winter is not a fun time to try to figure that out, especially should a pipe burst," McClellan says. (More on that, too, in a minute.)
Now's also a good time to drain all of your exterior water hoses to prevent an icy emergency.
DIY: If your pipes do freeze, leave the affected faucets on and turn off your water supply, says Jenny Popis, a Lowe's Home Improvement spokeswoman. Then locate the freeze point by feeling the length of frozen pipes to determine which area is coldest. You can attempt to thaw it by wrapping the frozen section in washcloths soaked in hot water—then thaw until you have full water pressure.
Call in the pros: If you can't locate the freeze point or your pipes have burst, call in a licensed plumber, <a href="https://home.costhelper.com/water-leak.html" target="_blank">which will run $150 to $600 on average</a> (depending on the severity of the leak).
3. Clear out your crawl space
While you're winterizing your pipes, peek around your crawl space. Is your HVAC system blocked by boxes of 50-year-old Mason jars? Can you get to any leaking pipes quickly?
DIY: While it's still warm, clear out any debris from your crawl space to ensure clear passage when winter's worst happens.
Call in the pros: Creeped out by the idea of crawling around under your house? Professional crawl space cleaners <a href="https://www.homeadvisor.com/cost/foundations/crawl-space-repair-and-clean/#cleaning" target="_blank">charge about</a> $500 to $4,500, depending on the size of your house and the state of the space.
4. Close your crawl space vents
During your crawl space expedition, this is a must-do: Close the vents that circle your home's perimeter.
"The vents were placed there for a functional reason, not just aesthetics," says real estate agent, broker, and construction expert Ron Humes. "The problem is that most homeowners have no idea why they are there."
Here's why: In warm, wet seasons, crawl space vents allow airflow, which prevents moisture buildup. But if you leave them open during cold, dry weather, that chilly air will cool down your floorboards—making mornings uncomfortable.
DIY: "When the temperatures drop, slide those crawl space vents closed," Humes says. "Just remember to open them again in the spring."
If one of your vents is broken, replacements <a href="https://www.homedepot.com/b/Heating-Venting-Cooling-Ventilation-Foundation-Vents/N-5yc1vZc666" target="_blank">range from $20 to $50</a>.
Call in the pros: If your crawl space stays damp through the fall and winter, you might want to consider waterproofing, dehumidifying, and sealing off your crawl space to prevent wet air. This can cost <a href="https://www.homeadvisor.com/cost/foundations/install-crawl-space-encapsulation/" target="_blank">$1,500 to $15,000</a>.
5. Kick-start your composting efforts
Now's the perfect time, with all those leaves and dead plants, to start a compost pile. You don't even need a fancy compost spinner; sectioning off a corner of your yard is enough.
"Put yard waste to work by piling green leaves and clippings into a pile near your garden," Poole says. Next, layer with brown materials such as soil, dead leaves, and coffee grounds. Next up: kitchen scraps.
"Through the season, turn your mound using a pitchfork to expose oxygen to all ingredients and use it in the spring for fertilizer," Poole says.
Next year's tomatoes will thank you.
DIY: If your yard lacks space for a compost corner—or you have no interest in regular pitchforking—consider a tumbling composter. This <a href="https://www.amazon.com/Yimby-Tumbler-Composter-Color-Black/dp/B009378AG2" target="_blank">well-reviewed model from Amazon</a> costs about $100.
6. Protect your trees
Not all species of trees are winter-hardy—especially thin-barked ones like beech, aspens, or cherry trees. For these varietals, "sun-warmed sap quickly freezes at night and causes bark to split," Poole says.
He recommends wrapping your tree trunks with paper tree wrap, covering the entire bark from an inch above the soil to the lowest branches. Adhere the wrapping to the tree using duct tape to keep your trees in tiptop condition.
DIY: You can find 150 feet of paper tree wrap on <a href="https://www.amazon.com/HORT-Paper-Tree-Commercial-Grade/dp/B015JEWAFY" target="_blank">Amazon for $18</a>, although you may need a few rolls depending on how many trees need winter protection.
Call in the pros: Are your trees already looking the worse for wear? A tree service can help you sort out what's wrong. Pruning <a href="https://www.homeadvisor.com/cost/lawn-and-garden/tree-trimming/" target="_blank">costs anywhere from $75 to $1,000</a>.
Jamie Wiebe writes about home design and real estate for <a class="vglnk" href="http://realtor.com" rel="nofollow">realtor.com</a>. She has previously written for House Beautiful, Elle Decor, Real Simple, Veranda, and more.
2022-09-26T07:40:00-07:002022-06-22T12:22:00-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4618Atlanta Housing Market - August 2022AUGUST 2022 HOUSING INDICATORS
The Monthly Housing Indicators for Georgia are in for August. Median Sales Prices were up 15 percent year-over-year, Days on the Market decreased 14 percent, and Months Supply of Inventory rose 47 percent.
* New Listings decreased three percent to 17,427<br />* Pending Sales decreased 18 percent to 12,635<br />* Closed Sales were down 17 percent to 12,958<br />* Inventory levels increased 32 percent to 28,391 units<br />* The Median Sales Price increased 15 percent to $345,000<br />* The Average Sales Price increased 15 percent to $404,868<br />* Days on Market decreased 14 percent to 25 days<br />* Months Supply of Inventory was up 47 percent to 2.2 months
This makes it several months in a row of increased supply and lower sales. If you're waiting to buy now is the time. If you're selling, prices remain steady but time on market is increasing. Contact us to find out how to make this market work for your real estate plans.2022-09-22T07:25:00-07:002022-09-22T07:29:44-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1870Five Ways To Boost Your Credit Score<a class="entry-title-link" rel="bookmark" href="http://narev.gmgstaging.com/2013/03/22/five-ways-to-boost-your-credit-score/">Five Ways To Boost Your Credit Score</a>
As some borrowers are recovering from the past downturn in the market, here are five tips for giving your credit score a boost. Credit scores can be repaired over the course of 6-12 months. Keeping good credit scores are crucial in today’s market especially for borrowers looking for best rates.<br /><br />
1. Pay your bills on time. Because payment history makes up about 35 percent of your credit history, paying your bills on time is very important. One delinquent payment that is just 30 days late will stay on your credit report for up to seven years. Remember that paying your bill in full and on time is positive for your credit history AND score.
<br />2. Check your credit report regularly. Sometimes people who know they have had some problems in the past (maxed out a credit card, missed a payment or two, or failed to pay a bill that ultimately went to collections) are sometimes apprehensive about checking their <a title="USA Gov Provide Answers" href="http://1.usa.gov/qHoZ0j" target="_blank">credit report</a> until it becomes absolutely necessary. However, it’s important to check your credit report regularly, regardless of whether you think you have a score of 550 or 750. It will help you evaluate which debts need to be paid down, if you have any collections that need to be paid off immediately, or if there is any inaccurate information on the report. You also want to make sure you haven’t been a victim of identity theft, which can destroy your credit.
<br />3. Pay off debt. The <a title="Your Debt-to-Credit Ration" href="http://bit.ly/Z92Vpf" target="_blank">debt-to-available-credit ratio </a>is another important aspect of your credit history. It’s more positive to have a higher ratio of available credit to debt. For example, if you have a credit card with a $10,000 limit, and you’ve charged $8,000, potential creditors might be worried about how much additional debt you can take on and about your ability to pay that debt off on time. If you only have a few hundred dollars of debt, you’ll be seen as more likely to be someone who pays debts off quickly and handles credit responsibly.
<br />4. Fix any errors. If you discover an error, whether an erroneous address or a bill marked unpaid that you’re sure you did pay, fix it immediately. A creditor may have missed reporting a payment or you may never have received an important bill that was eventually sent to a collections agency. Start by <a title="fix errors on your credit report" href="http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports" target="_blank">disputing the error</a> with the credit reporting agency. It will work to resolve the error with you and the creditor. You can also contact the creditor to see if you can resolve the error with that company. Remember to get names and take detailed notes during these conversations so you can reference them later.
<br />5. Consider new credit opportunities. Some people have lower credit scores because they have a very thin file, meaning they don’t have much credit or have a very short credit history. Building your credit history takes time, but you can build a more positive credit report if you open more lines of credit. While it is certainly not recommended to take on debt you don’t need, you may want to try opening a retail, gas, or low-interest credit card. Keep in mind that this credit card isn’t for buying things you can’t afford. It’s about building a positive credit history. Charge only small amounts that you can easily pay off at the end of the month.Also if you cannot qualify for a traditional credit card with an unsecured line of credit, contact a local bank or credit union and ask about getting a <a title="Rebuild credit with secured card" href="http://money.usnews.com/money/blogs/my-money/2012/12/03/how-to-rebuild-credit-with-secured-credit-cards" target="_blank">secured credit card</a>. This is good for anyone who is coming back from a foreclosure or bankruptcy situation and may have little or bad credit. A secured credit card is when the consumer gives the bank $500.00 to deposit in an account. The borrower receives a credit card from the bank for that amount secured by the account that was opened. This card is reported to all 3 bureaus and is a great opportunity to increase your credit score and reestablish credit.
2022-06-30T09:53:00-07:002022-06-22T12:22:20-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:4256Is There a Housing Bubble?Is There a Housing Bubble Coming?
courtesy of Sean Trombetti, Broker - Reliant Mortgage Solutions
I said this last month and the answer is still "no". Next year will be my 20th year as a mortgage loan originator so I have been through a few of these cycles as you can imagine. Lately, I have heard some people saying they were going to sit on the sidelines and wait for a “good deal”, anticipating a crash like 2007. I am here to say that 2007 was totally different than what is happening in 2022 and I wouldn’t hold my breath for that. House prices are based on supply and demand, period. Here are a few facts regarding inventory:

1) There are 5 million more 35-year-olds (prime buying age) today than there were in 2007.
2) There are 12 million more households today than in 2007.
3) There are estimated 700,000 fewer housing starts today than in 2007.
4) There is 50% less inventory as of now than there was in 2007. However, inventory is on the usual summer rise over the past 2 weeks.
5) Foreclosure predictions are based on late payment numbers. I still remember seeing this warning sign in 2006. Today - Core logic March numbers show an increase in loan performance. Past due 30 and 90 day numbers are down!
6) Home price appreciation is expected to be 7% this year and 5% in 2023. Lower than the last 2 years but still an increase.
Yes, the days of extreme overbidding may be over and days-on-market will increase but return to equilibrium is not the same as a crash.2022-06-22T12:15:00-07:002022-06-22T12:20:03-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:3145Payoff Forbearance and Make A ProfitPayoff Forbearance and Make A Profit<br />
The super hot housing market maybe the lifeboat homeowners in forbearance have been waiting for. If you’ve stopped making payments on your home, the increased value may have created enough equity for you to payoff the loan and interest charges and still walk away with a tax-free profit.
"It’s first important to understand how forbearance works. Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage for a specified amount of time.
In “normal” times, a mortgage forbearance is recorded on a borrower’s credit report and would likely have negative consequences on their score. However, as part of the CARES Act, mortgage accounts in forbearance as a result of COVID-19 cannot be reported negatively to the credit bureaus.
According to the Consumer Financial Protection Bureau (CFPB), forbearance can help you deal with a hardship, such as, if your home was damaged in a flood, you had an illness or injury. ” However, the bureau explains, forbearance does not erase the amount you owe on your mortgage,” adding, you will have to repay any missed or reduced payments.”"(1)
“During a forbearance plan, interest is not paid but still accrues in accordance with the terms of the note,” says Tom Goyda, senior vice president, consumer lending communications at Wells Fargo. “Additionally, as required by the CARES Act, no interest accrues during the forbearance period beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the note.” (2)
Can You Sell Your Home During Forbearance?
Yes, homeowners in forbearance can sell their homes. The forbearance amount would become payable upon sale of your property. Anything left over could potentially go to the homeowners as profit.
Why You Should Consider Selling Now
If you are still in a good position in terms of your equity (you owe less than the property is worth in today’s market), there is profit to be made with a successful home sale. Even if you only break even, selling your house may be the right move for you and your family.
It is a seller’s market right now and that’s good news for those in a position to sell and move into something more affordable. You won’t have to worry about making up those missed mortgage payments skipped while in forbearance. The bank will get a lump sum at the closure of the sale that will cover whatever you owe. Anything leftover will come to you as cash— after fees, commissions and any other closing costs are covered.(3)
<a href="https://www.northatlantarealestatevoice.com/sellers/free-market-analysis/" title="What Is Your Atlanta Home Worth" target="_blank">Click To Find Out What Your Atlanta Home Is Worth Now</a>
(1)How Does a Mortgage Forbearance Affect Future Borrowing?, Amanda Oboza, Greater Lansing Association of REALTORS
(2)BankRate, <a href="https://www.bankrate.com/authors/zach-wichter/" style="font-family: Arial; font-size: 12px;">Zach Wichter</a>
<a href="https://www.bankrate.com/authors/zach-wichter/" style="font-family: Arial; font-size: 12px;"></a>(3) How to Sell Your House While in Mortgage Forbearance, Mario Jauregui
2021-05-12T10:32:00-07:002021-05-12T11:02:31-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1869Home Remodeling Projects with the Best Return on InvestmentHome Remodeling Projects with the Best Return on Investment
Now is a great time to sell real estate in Georgia. Low inventory levels are creating a seller’s market, but that doesn’t mean you can just put your home on the market as-is and make a quick sale. In order to get the most value for your Marietta, Roswell, or Kennesaw real estate, it’s wise to do some strategic home improvement projects.<br /><br />
The key word is strategic, because home improvement projects vary greatly in their ROI, or return on investment. In order to make selling your home worthwhile, you need to focus on the remodeling that will provide you the best return on investment.
Factors That Influence Remodeling ROI
Home Realtors anywhere can tell you that remodeling ROI can be influenced by a number of factors, including:<br /><br />
local real estate values in the neighborhood and the city at large
the current market value of the home and the amount of equity in the home
how in-demand the upgrades are to your target buyers
the quality of the remodeling project
how quickly the home is sold after making improvements
Let’s take a look at the home improvement projects that home Realtors say have the best return on investment.
High ROI Remodeling Projects
These features can help sell your home, but only if the house is otherwise in great condition. For instance, don’t worry about the kitchen remodel until you fix the leaky roof and ramshackle deck.
Attic bedrooms– Add usable square footage. Though expensive, they are much sought after by home buyers.
Kitchen remodels– Having an attractive, updated kitchen is a must, just don’t go overboard and price your home out of the neighborhood.
Master bath– A well-designed master bath can result in a 62% return, but only if it contains features like double sinks and custom, spa-inspired showers.
2020-02-27T09:36:00-07:002020-02-27T09:36:53-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:2175Housing Indicators - Jan 2020HOUSING INDICATORS
Key indicators for the Georgia housing market are in for January! New listings, pending sales, and prices are up as inventory levels continue to shrink:
New Listings increased 2.5 percent to 15,928.
Pending Sales were up 12.1 percent to 11,332.
Inventory levels shrank 7.2 percent to 38,023 units.
The Median Sales Price increased 7.1 percent to $225,000.
Days on Market was down 7.5 percent to 62 days.
Months Supply of Inventory was down 11.1 percent to 3 months.
<a href="https://www.northatlantarealestatevoice.com/contact/">Contact us</a> to find out how this information affects you as a home owner or home buyer. 2020-02-20T11:35:00-07:002020-02-20T11:40:37-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:2113Should I Do A Survey When Buying a Home?There's a lot of research you have to do when you're thinking of purchasing an investment as big as a home. This research is also called completing due diligence, which is a real estate term. Essentially it means that you know exactly what state the house you want to buy is in, and that you'll be prepared for whatever happens.
One of the things that you should complete (but sometimes don't have to, depending on your mortgage company) is a property survey. It may not seem like a big deal, but not having a property survey completed, and not following up with the surveyor can create some disastrous results.
What is a Property Survey?
You can have your property surveyed at any time, but you will most likely hire a surveyor when you're buying a home or constructing something. Most mortgage companies require a property survey to make sure the property is worth the amount of money they're providing in the loan. However, the property survey is not always legally required. Some mortgage companies will be satisfied with title insurance.
A property surveyor will research into the property before they even look at the land. They'll research the history of the deed and may include a title search. This title search makes sure there are no discrepancies when it comes to who owns the land. All property surveys begin with research into legal descriptions about the land they'll be surveying and its history. Then, the surveyor will actually go out to the property and sketch out the land, its boundaries, and different elements that make up your property. This is called the fieldwork. After surveying, they will provide a type of map detailing the property's legal boundaries. The survey will also include a written description of the property, the street address, the location of buildings and adjacent properties, and any improvements a homeowner can make to the land.
A property survey also includes things like right-of-ways and easements. These are elements that detail what to do with shared yards or driveways, or if your neighbor has a right of way to the street or alleyway between your homes.
Sounds simple enough, right? Your property survey tells you about the property you're potentially going to purchase, and any stipulations that come with it. It's still important to complete your due diligence when it comes to a property survey. First, get multiple quotes from surveyor companies, and pick the one that works best for you. Then, make sure you go with the surveyor to attend the property survey. You will learn more about the land you might buy, and be the first to know about any potential problems. Finally, follow up with any questions once you've seen the property survey.
2020-02-06T07:56:00-07:002020-02-06T08:03:34-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:20965 New Year's Resolutions That Can Help You Buy a HomeNew year, new home? Whip your financial resume into shape to improve your home-buying odds.
Thinking of buying a home this year? We compiled five New Year’s resolutions that can help you keep your financial resume in tiptop shape.
1. Avoid job hopping
Employment history and income are two of the biggest factors lenders look at when evaluating a mortgage application. A new job may be a good career move, but if you plan to buy a home in the new year, know that job hopping can be a red flag to some underwriters — especially if you’re moving to a different industry.
A steady job history and few or no gaps in employment over the past two years are ideal, as it helps lenders more easily forecast your future income.
If you do get a new job while <a href="https://www.zillow.com/blog/home-shopping-during-winter-210494/" target="_blank" rel="noopener noreferrer">home shopping</a>, let your lender know as soon as possible. It doesn’t mean you won’t qualify for a mortgage — just be prepared to show extra documentation.
If you’re moving from a commissioned or hourly job to one that’s salaried with equal or more compensation, it may help your application. Lenders often prefer borrowers to have steady, predictable paychecks.
2. Limit monthly subscription services
Monthly subscription services are certainly convenient, but they can add up. Even if you pay off your credit card every month, you could be dinged for high credit utilization if your credit report is pulled midcycle.
If you’re thinking of buying a home this year, consider keeping your monthly subscription services to a minimum.
3. Build a solid credit history
One of the first things a lender will look at is your <a href="https://www.zillow.com/blog/credit-history-home-insurance-171466/" target="_blank" rel="noopener noreferrer">credit history</a>. Lenders prefer borrowers who have a history of paying off credits cards and other debts on time — because it signals that you’re a responsible borrower and less of a risk.
If you don’t have credit, securing a home loan may be significantly more challenging and time-consuming, but not impossible. Records of paying rent and utilities on time, as well as student loan debt or cell phone bills, can help show a potential lender that you have a history of managing monthly payments.
4. Check your credit
Your credit score can have a significant impact on your ability to buy a home. A low credit score can negatively affect how much money a lender is willing to loan you, as well as your interest rate.
Just a few percentage point differences in an interest rate can cost you thousands over the life of a loan. Monitor your credit closely, especially for fraudulent activity, to prevent any surprises that could delay the loan application process.
If you’re unsure of your credit score, many financial websites offer credit score monitoring, or you can get a full credit report once a year.
5. Avoid large purchases
Avoid taking on large amounts of debt — whether it’s buying a car or planning a large vacation — before buying a house. This is advisable even if you’re already preapproved.
Your <a href="https://www.zillow.com/mortgage-calculator/debt-to-income-calculator/" target="_blank" rel="noopener noreferrer">debt-to-income ratio</a>, or how much money you make compared to how much debt you have, can significantly affect how much money a lender is willing to give you. Keeping debts to a minimum can help make the home-buying process go a lot more smoothly.
Just like proofreading your resume before you apply for a job, cleaning up your financial resume can help improve your chances of buying a home.
Take advantage of online tools and resources, like our <a href="https://www.zillow.com/mortgage-calculator/house-affordability/" target="_blank" rel="noopener noreferrer">affordability calculator</a>, which can help you determine how much home you can afford. Our <a href="https://www.zillow.com/mortgage-calculator/" target="_blank" rel="noopener noreferrer">mortgage calculator</a> can also provide custom down payment estimates based on home price and interest rates. And as you search for your future home, check out our extensive lender and agent reviews, which can help you find the best real estate partners for your needs.
By <a href="https://www.zillow.com/blog/author/alexafiander/" title="Posts by Alexa Fiander" rel="nofollow">Alexa Fiander</a>2020-01-08T09:03:00-07:002020-01-08T09:09:07-07:00Lisa Towerstag:northatlantarealestatevoice.com,2012-09-20:1871Buying a Home in North Atlanta: Know Your FICO ScoreBuying a Home in North Atlanta: Know Your FICO Score
Due to continued lack of inventory, competition is still fierce when it comes to buying North Atlanta real estate. If you are ready to buy a home in Marietta, it’s important to know your FICO score.
What is your FICO score?
FICO stands for Fair Isaac Corporation, the creators of this scoring system. The FICO score uses a mathematical formula to weigh a number of factors that indicate the level of risk you pose to a potential lender, including:<br /><br />
Debt load
Payment history
Types of credit you have used
Length of credit history
New credit applications
What’s a good score?
FICO scores are measured numerically between 300 and 850, with 300 being extremely poor and 850 being extremely good. 650 is generally considered a good score that will make it much easier for you to get a good interest rate on financing your home. If your score falls below 620, you may have a hard time finding good financing for your home purchase.
Why does it matter?
Most people must seek financing in order to buy a home. Your FICO score will determine whether or not you can even find a lender willing to finance your purchase in the first place, as well as how high the interest rate will be on your mortgage.
Home buyers with higher FICO scores benefit from substantially better interest rates, which can mean much lower monthly payments. For instance, a buyer with a score of 720 could enjoy an interest rate as much as 2% less than someone with a score of 620.
2019-12-27T10:00:00-07:002019-12-27T08:12:35-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:185710 Common Home Inspection Related Questions Answered By The Experts10 Common Home Inspection Related Questions Answered By The Experts<br />
This post features Scott Berlyoung with Alpha Home Services. I asked him to provide answers to these questions.
1) What does an inspector do?<br /><br />AN ASHI RESIDENTIAL INSPECTOR COMPLETES A VISUAL REVIEW OF THE GENERAL HOUSE, LOT AND ALL SYSTEMS KEEPING SAFETY AND HEALTH IN MIND. A NEW HOME CODE INSPECTION HAS THE ADDED VALUE OF CHECKING STATE BUILDING CODES USING THE ICC, NEC AND OTHERS AS THE GEORGIA QUALIFICATION FOR MINIMUM BUILDING STANDARDS.<br /><br />2) How long does an inspection take?<br /><br />MOST INSPECTIONS TAKE A HALF DAY, OR ABOUT 4 HOURS DEPENDING ON HOUSE SIZE AND THE NUMBER OF SYSTEMS TO RUN, E.G. MORE THAN ONE KITCHEN OR 3 HVAC UNITS MAY REQUIRE 4-6 HOURS. A NEW HOME FRAMING INSPECTION MAY TAKE ONLY 2-3 HOURS AGAIN DEPENDING ON THE SIZE OF THE CONSTRUCTION.<br /><br />3) Do you guarantee your work?<br /><br />YES, WE GUARANTEE ALL OUR WORK AND CUSTOMER SATISFACTION.<br /><br />4) What do you inspect in a home?<br /><br />THE HOME IS REVIEWED FROM OUTSIDE IN, TOP TO BOTTOM SO THAT ALL PLUMBING AND MOISTURE CONCERNS CAN BE PROPERLY CHECKED. ALL SYSTEMS ARE RUN AND NORMAL CONTROLS ARE OPENED INCLUDING ELECTRIC PANELS, WATER MAINS, AND FURNACE CONTROLS.<br /><br />WE REQUEST ALL BUYERS TO ACCOMPANY THE INSPECTOR AND LEARN ABOUT THE HOME, ASKING QUESTIONS ALONG THE WAY. OUR CAMERA BRINGS PICTURES FROM ROOF TOPS AND THE BOTTOM OF CRAWL SPACES WHERE MOST PEOPLE DON’T VISIT.<br /><br />5) Should I get a Radon test?<br /><br />RADON SHOULD ALWAYS BE CONSIDERED AND TESTED IF A PREVIOUS TEST IS NOT AVAILABLE. RADON IS ON THE PROPERTY DISCLOSURE FOR FAMILY HEALTH AND VALUE OF ALL GEORGIA PROPERTY. THE TEST IS SIMPLE; WE USE QUICK TURN AROUND ELECTRONIC MONITORS TO SPEED THE PROCESS.<br /><br />6) What’s an ASHI certification?<br /><br />ASHI, OR THE AMERICAN SOCIETY OF HOME INSPECTORS IS THE LEADING NATIONAL CERTIFICATION GROUP FOR PROFESSIONAL RESIDENTIAL INSPECTORS. AN ASHI INSPECTOR HAS PASSED SOME OF THE HIGHEST QUALIFICATIONS AND MUST MAINTAIN OVER 20 HOURS OF YEARLY STUDY TO MAINTAIN MEMBERSHIP.<br /><br />7) Can you also repair any problems you find?<br /><br />THE STANDARDS OF PRACTICE FOR AN ASHI INSPECTOR DO NOT ALLOW THIS CONFLICT OF INTEREST. WE MAY NOT DIRECTLY REFER OR CONDUCT A BUSINESS THAT IS CONTINGENT ON THE OUTCOME OR SALE OF THE HOME.<br /><br />8) How much does an inspection cost?<br /><br />AN AVERAGE ASHI HALF DAY INSPECTION COSTS $450-$500 AND HAS MANY BENEFITS, ALWAYS WELL WORTH THE TIME AND MONEY FOR AN INDIVIDUALS LARGEST LIFE INVESTMENT.<br /><br />9) Can I pay you at the closing?<br /><br />TYPICALLY, WE GET PAID AT THE END OF THE INSPECTION.<br /><br />10) Do I have to have an inspection?<br /><br />NO ONE IS REQUIRED TO INSPECT THEIR HOMES FOR SAFETY AND VALUE, BUT IT IS ALWAYS STRONGLY ADVISED FOR ALL THE ABOVE REASONS.2019-12-20T08:55:00-07:002019-12-20T08:54:14-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:2039Tax Withholdings For Non-Resident SellersBE CAREFUL - FEDERAL & GA WITHHOLDING RULES EXPLAINED
If you are a buyer or seller who is a resident in a different state, or possibly a different country altogether, you must be aware that you could be subject to a large withholding of proceeds at Closing.<br /><br />Below is a short description of the two statutes.<br />
1. GEOGIA WITHHOLDING - 3%<br /><br />Here is a common scenario: Bob bought a Property for his children while they were attending school, but now hopes to sell this upcoming Spring. Bob has asked you to list the property, and asks for a "net to seller" so that he can be prepared regarding his expenses.
Issue - Bob is a resident of Florida!<br /><br />Per Georgia statute: Nonresidents who sell or transfer Georgia real property are subject to a 3% withholding tax. The rate of withholding is 3 percent (%) of the sales price. An alternative for calculating the withholding is to use the seller’s gain (see O.C.G.A. Section 48-7-128).<br /><br />The law is designed to make sure Bob pays his Georgia state income taxes. Due to being a resident of Florida and not Georgia, Georgia collects this amount up front and requires that Bob file a Georgia return to claim any portion of it back that he may be owed.<br /><br />Though Bob may be able to claim an exemption to the standard withholding rule (no gain, low sales price, etc.), Bob should discuss this with his accountant and be prepared to have this amount withheld at closing.
2.FEDERAL WITHHOLDING - 15%<br /><br />Another common scenario: Mary bought a property several years ago in Georgia with her husband but they have since been moved back to Europe permanently. Due to her status as a "foreign person" there is a requirement to withhold 15% of the sales price at closing! This is in addition to the 3% Georgia withholding, bringing the total to 18% potentially.<br /><br />FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.<br /><br />In Mary's case, if the sales price is $250,000 there could be a withholding amount of $45,000 (18%)! Similar to GA withholding, the Federal government is ensuring that the seller file a Federal tax return in order to claim any portion of the withheld amount. Importantly, this is also the case even if there is not $45,000 in equity on the sale - the Seller would have to pay this regardless!
There are several accountants that will prepare a tax return on behalf of the Seller in anticipation of selling the Property. If done ahead of time, the Seller may be able to avoid withholding the full 15%-18% at Closing and only pay what they owe. Feel free to reach out to me for a referral in the event this would apply to you.
courtesy of Christian Ross, Esq., Campbell & Brannon, LLC, Real Estate Closing Attorneys2019-11-01T09:42:00-07:002019-10-30T09:48:53-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:2036What Buyers should know about PMI
HOME BUYING
3 THINGS YOUR BUYERS NEED TO KNOW ABOUT PMI
Many buyers and would-be buyers have heard the popular idea that they need a 20% down payment in order to buy a home. If your clients aren’t financially prepared to put 20% down, you’ve probably introduced them to some of the programs that allow them to pull together a smaller down payment (or even no down payment!) and still end up as homeowners. But just as important as teaching them about the buying process is teaching them about what comes with other finance options: specifically Private Mortgage Insurance (PMI). Here are three things to make sure your buyers know about PMI.
What it is. It’s important that your buyers understand what Private Mortgage Insurance is and how it works. Mortgage companies require PMI to mitigate they're risk when accepting less than 20% down.
How to cancel it. Explain to buyers that when they have at least 20% equity in their home, they can work with their mortgage professional to cancel their PMI, reducing their monthly expenses.
It may be tax deductible. Let your buyers know that depending on the specifics of their loan, their PMI payments could be tax deductible (which could save them <a href="https://www.refiguide.org/pmi-tax-deductible/">hundreds of dollars a year</a>.) Make sure they consult a tax professional.
For many home buyers, reducing the amount they have to put away for a down payment can make the difference between whether or not they’re able to buy a home. Mortgage professionals, like us, can help fully educate your buyers on the ins and outs of PMI.
HOME SELLING
REMODELING WITHOUT BREAKING THE BANK
Certain home renovations can seriously increase a property’s sale price, such as updating the kitchen or finishing the basement. But if the goal is to increase the home’s value, it’s important that sellers don’t sink more money into the upgrades than they’ll make back on the sale. Here are some basic rules to follow that can help make sure you don’t overspend on renovations.
Don't move the plumbing. This gets expensive quickly! Instead, find ways to rearrange the kitchen and bathrooms without moving sinks, toilets, etc.
Update rather than replace. Not thrilled with the cabinets? Instead of ripping them out, encourage your clients to try a new coat of paint and some updated hardware. Making repairs is often cheaper than replacing.
DIY what you can. Doing their own painting and simple installations can really save your sellers money. Just make sure they defer to the experts on the truly skilled labor, like electrical.
Consider the ROI. <a href="https://themortgagereports.com/39910/home-renovation-highest-roi-remodeling-projects">Do some research</a> into which updates will increase a home’s value, such as replacing the garage door or the siding, and which updates aren’t as likely to pay off, like adding a master suite or building a patio.
While remodeling can definitely make a home more appealing to buyers, it’s not the only thing that can! Remind your clients that deep cleaning and careful staging can freshen up a house, too. Renovations should be just one of the tools in your home selling tool kit.
PRODUCTIVITY
4 QUESTIONS TO KICK OFF A PRODUCTIVE DAY
When discussing a healthy work/life balance, much has been said about the importance of mentally “clocking out” at the end of the day and making sure to detach from work. But according to <a href="https://journals.sagepub.com/doi/full/10.1177/0149206319829823">a recent study</a>, “reattaching” to work again before you begin your workday can be just as important. This reattachment is key to ensuring that you spend your workday engaged and focused. Here are four questions to ask yourself each morning to promote that reattachment and prepare yourself for a productive day.
What's on your plate today? Perform a quick overview of any meetings, calls, or deadlines scheduled for the day. Is there anything you need to prepare or finalize?
What is your main goal? It may seem extreme to ask yourself about your life’s purpose every morning over your coffee, but refocusing your attention on your primary goal can help you better prioritize your tasks. Use this goal as a lens through which to choose which tasks are essential and which have no larger impact.
If you could only do one thing today, what would it be? This should be the first thing you do. That way, even if the rest of your day gets derailed, you completed your most important task.
What are you putting off? If there’s something on your to-do list that you’re dreading, it can help to identify it and recognize the obstacle standing between you and completing it.
Thinking about work while eating dinner with your family or watching the latest Netflix original can make your downtime less restful and prevent your mind from recuperating in between work periods. It’s important to unplug after work — and by that same token, it’s also important to plug back in once you’re ready to get back to it! Taking five or ten minutes to review these questions in the morning sets you up to have a great, focused day.
TECHNOLOGY
DON'T LOSE IMPORTANT DATA
Use two methods at once. There’s always a chance that your backup or storage method will fail, whether that means that a local hard drive becomes corrupted or your off-site cloud storage fails. By always using two methods to protect your data, you’re covered even in the case of a catastrophe.
Make sure cloud storage is secure. Don’t fire all your data off into the cloud without ensuring that your data will be kept private! If your cloud storage provider isn’t encrypted, you also encrypt your own data before backing it up.
Check up regularly. Many data backup systems are sold on the promise of convenient, automatic function. However, that means that if your backup is flawed in any way, you may not notice until it’s too late. Check in consistently to make sure that your data is being stored properly and safely.
Keep your data clean. It’s easy for backups to get cluttered, redundant, and messy depending on how they’re managed and how often you review them. Cleaning up years of backups at once is a daunting task, so instead, just make a point of keeping up with your backups so you can ensure that they stay well organized.
Don’t let a data disaster be the thing that reminds you to take care of your files and information! Maintaining a reliable system for backing up and storing your data adds a little work to your day-to-day now, but prevents a major headache in the case of future data loss.
Camilo Escandon<br /> Senior Loan Officer <br /> NMLS# 274587<br /> GA Residential Mortgage Licensee: 27978
Branch NMLS # 422918<br /> 1000 Mansell Exchange W, Ste. 310<br /> Alpharetta, GA 30022
Office: 678.495.2819<br /> Mobile: 678.427.1932<br /> Fax: 678.262.3552<br /> <a href="mailto:Camilo.Escandon@supremelending.com">Camilo.Escandon@supremelending.com</a><br /> <a href="http://www.camiloescandon.com">www.camiloescandon.com</a>
2019-10-25T05:32:00-07:002019-10-25T05:40:48-07:00Lisa Towerstag:northatlantarealestatevoice.com,2012-09-20:2030Georgia Housing Market Snapshot - SeptemberGeorgia's housing market remains steady as we head into the fall and winter months. Monthly indicators for September are as follows:
New Listings increased 6.5 percent to 16,066.
Pending Sales were up 11.2 percent to 11,436.
Inventory levels shrank 1.1 percent to 45,326 units.
Median Sales Price increased 5.8 percent to $230,000.
Days on Market was down 7.3 percent to 51 days.
Months Supply of Inventory was down 7.3 percent to 3.8 months.
We are in a transitioning market which means pricing, marketing and positioning are critical to selling.
<a href="https://www.northatlantarealestatevoice.com/contact">Contact</a> us at 770-765-6222 to get your <a href="http://www.northatlantarealestatevoice.com/sellers/free-market-analysis/">home's value</a> and custom marketing plan to sell for top dollar.2019-10-22T11:26:00-07:002019-10-22T11:31:10-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1999Georgia Housing Market Snapshot - August Georgia's housing market continued to gain traction during the month of August. Monthly indicators are as follows:
New Listings decreased 3 percent to 18,221.
Pending Sales were up 9 percent to 13,128.
Inventory levels shrank, with a 2 percent decrease to 43,791 units.
Median Sales Price increased 8 percent to $229,193.
Days on Market remained flat at 52 days.
Months Supply of Inventory was down 10 percent to 3.6 months.
<a href="http://emlink.supremelending.com/wf/click?upn=HlEUh86LAgIj3gOQFqBwrhOp5hwYbTnuiX6lBLofxi9NAFde9h9lYwH-2FfnZzPYL9PkMij04U4yBQzNIjVv9tp-2BmdaDvwp1XI7vbr0QErU3w-3D_Ua7mHbNNt0xWMH97bYVmIEn4WLeb-2Ft0i7s3rV-2BQ2U-2FZsLdpE3c3TeNr-2FWNg58P4Qent4AB5kXolq0Uuu0rq8QeI8Xge9WlTQ-2FFbpMH7H7v2ZDPivLvv9ibl7yOMLsh-2Bz3tRoOJNW85XJWktGNsBaxi3oZJb9Sf3S-2BcfDD73gbOLuP-2FP2iu48rNqz7HWlAwnmoPjnEQr8o9-2BVcs5dfIUdQvm6EfjoISsLPaZE2-2Bkl-2BZ0NVC5DGUHjhumOt27PyDIjtFWVf-2Fd7ibftVHgfUJ3mGW-2FNLUsBhcrx8I4y5BO-2Fh92s6Yqy7HBnAQICd67OYgeAQmj6WVLkjf0Wok3sGqKx-2Fg-3D-3D">Housing Starts</a> shot up 12.3% in August, to a 1.364 million annual rate, a new post-recession high. And Building Permits gained 12.0% over a year ago, to a 1.419 million yearly rate, another post-recession record.
No wonder builder confidence hit an 11-month high! Meanwhile, <a href="http://emlink.supremelending.com/wf/click?upn=HlEUh86LAgIj3gOQFqBwrtwMhTC2iOxxh-2FEB-2FMx1X4c38MhKc8qkG2exTcOdOLntg29k2uLRsReNnCrso2i-2FQAG6md2ujLb6gTaTe5XDWhCRmd1mXPCsJ8Ods9GV-2FtNp_Ua7mHbNNt0xWMH97bYVmIEn4WLeb-2Ft0i7s3rV-2BQ2U-2FZsLdpE3c3TeNr-2FWNg58P4Qent4AB5kXolq0Uuu0rq8QeI8Xge9WlTQ-2FFbpMH7H7v2ZDPivLvv9ibl7yOMLsh-2Bz3tRoOJNW85XJWktGNsBaxi3oZJb9Sf3S-2BcfDD73gbOLuP-2FP2iu48rNqz7HWlAwnm8A5NxO-2Fmf7WB72Q7yI6TmbM8CTgDK5hs54632veyqlOVqzP1k2LZcJzr4KYzkRfBZ2BYX1JIF3aOEaKnxyWTG24ZJT8s1V-2B7sVl5dCLfl8ObGUtQpom6nUuuyzg-2BAEK6BryEG57DR3lR1fnEvbD7dg-3D-3D">Existing Home Sales</a> have now risen two months in a row, up 1.3% in August, to a 5.490 million annual rate, 2.6% above a year ago.
Housing activity is clearly gaining momentum with a nice rise in purchase demand. The Mortgage Bankers Association reports purchase mortgage applications up 15% from a year ago. Credit the strong labor market and low interest rates.
We are in a transitioning market which means pricing, marketing and positioning are critical to selling.
<a href="https://www.northatlantarealestatevoice.com/contact">Contact</a> us at 770-765-6222 to get your <a href="https://www.northatlantarealestatevoice.com/free-market-analysis/">home's value</a> and custom marketing plan to sell for top dollar.2019-09-23T08:51:00-07:002019-09-23T08:54:45-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1981Fallen Tree Liability in GeorgiaFallen Tree Liability in Georgia
<br /> With intense summer storms, hazardous and fallen tree liability is a huge issue in the state of Georgia. Around here, we call this issue “Tree-Gate” because we receive so many calls and emails from clients who are concerned that a neighbor’s dead tree may fall and do serious damage to their property or injure a loved one.<br /> <br /> Tree-Gate boils down to a legal duty of care. You would think that everyone has a duty to avoid exposing their neighbor to unreasonable risk of harm due to the things they do (or fail to do) on their property. However, when it comes to dangerous trees in Georgia, this can be a gray area and the standard of care can be less stringent depending on where you live. <br /> <br /> In <a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=61b922288a&e=9de58464ee" target="_blank" title="Part 1 of Tree-Gate">Part 1 of Tree-Gate</a>, we covered the steps you should take to determine whether your neighbor is legally obligated for costs associated with the removal of a dead tree or damages that may have resulted from its fall. <a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=c64a31c483&e=9de58464ee" target="_blank" title="Part 1 of Tree-Gate">Click here</a> to read more about those steps and the questions your Real Estate Lawyer needs to help you answer to determine the best approach to remedying your Tree-Gate situation.<br />
Laws Governing Rural vs. Urban Trees<br />
To determine who’s legally responsible for personal injuries and property damage caused by a fallen tree, we must first determine where the tree is located. In Georgia, different laws apply when a tree is located in a rural versus an urban area.<br /> <br /> Rural Tree Liability. In 1977, the Georgia Court of Appeals explained that rural landowners ("RL") are under no obligation to cure dangerous conditions on their land if the condition is of a natural origin. (see <a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=9ecc4c65e7&e=9de58464ee" target="_blank" title="Cornett vs. Agee">Cornett vs. Agee, </a><a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=1a964bdc9c&e=9de58464ee">143 Ga. App. 55</a>). Trees, even dead or deceased trees, are of a natural origin. Therefore, if your neighbor's rural tree falls onto your property line, and they did not contribute to its fall, your neighbor cannot be held liable. Even if they could have easily removed the tree.<br /> <br /> Here's the exception to this seemly blanket "non-liability rule" - if the RL had actual notice of the hazardous tree, the RL could be held liable for damages that arise. What's the moral of the story? If your property is being threatened by a RL's trees, put them on notice immediately, and make sure your notice is in writing.<br /> <br /> Urban Tree Liability. Landowners are held to a higher standard of care in urban areas -- "reasonable care." Unlike a RL, an urban landowner ("UL"), has a duty of reasonable care to inspect trees displaying visible, apparent signs of decay to the point that they could fall over a property line and cause harm. Therefore, ULs can be held liable for subsequent injuries and property damage if they knew or had reason to know the tree was dead, diseased or decayed. <br /> <br /> Keep in mind, we're not talking about "normal usual latent micro-non-visible accumulative decay." (see <a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=8d340e6ecb&e=9de58464ee" target="_blank" title="Wesleyan College v. Weber">Wesleyan College v. Weber, 238 Ga. App. 90</a><a href="https://sammaguire.us17.list-manage.com/track/click?u=b41a8cae20dd44517cb4710ff&id=43b57a3975&e=9de58464ee"> (1999)</a>). We're talking about the knowledge that a reasonable person might have; not a trained arborist or inspector. However, if there are patent signs of decay that a reasonable person can see, the UL has a duty to maintain the tree or eliminate the hazard it poses.<br /> <br /> No matter where the tree is located, actual notice (by you or obvious conditions) is not only the general rule of thumb, but also the law in Georgia.
Courtesy of The Law Offices of Sam McGuire Jr. PC2019-09-09T08:26:00-07:002019-09-09T08:36:05-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1964Georgia Housing Market Snapshot: JulyGeorgia's housing market continued on a positive track and steady pace for the month of July. Monthly indicators are as follows:
New Listings decreased 7 percent to 18,416.
Pending Sales were up 7 percent to 13,286.
Inventory levels were flat, with a 0.3 percent decrease to 45,242 units.
Median Sales Price increased 4.5 percent to $235,000.
Days on Market was down 8 percent to 48 days.
Months Supply of Inventory was down 5 percent to 3.9 months.
We are transitioning towards a buyers market which means pricing, marketing and positioning are critical to selling.
<a href="https://www.northatlantarealestatevoice.com/contact">Contact</a> us at 770-765-6222 to get your <a href="https://www.northatlantarealestatevoice.com/free-market-analysis/">home's value</a> and custom marketing plan to sell for top dollar.2019-08-26T09:02:00-07:002019-08-26T09:09:26-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1963Georgia Withholding Requirements for Non ResidentsPer O.C.G.A. Section 48-7-128, income tax is to be withheld at a rate of 3 percent of the sales price on sales or transfers of real property as well as associated tangible personal property by nonresidents of Georgia.
There are several exceptions to this rule including:
Transactions where the purchase price is less than $20,000.00.
Foreclosure or In Lieu of Foreclosure transactions
Sales where the seller is a tax exempt organization
To read the entire list of exemptions as well as to read more information, click <a href="https://dor.georgia.gov/sites/dor.georgia.gov/files/related_files/document/TSD/Form/TSD_Withholding_Requirements_for_Sales_or_Transfer_of_Real_Property_by_NonResidents_2011_2.pdf">HERE</a>.
Courtesy of McManamy, McLeod and Heller2019-08-26T08:50:00-07:002019-08-26T08:55:53-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1872North Atlanta Home Buyer Tips: Get Pre-Approved for a Home LoanNorth Atlanta Home Buyer Tips: Get Pre-Approved for a Home Loan
As we’ve mentioned in recent blog posts, low inventory and high demand for north Atlanta real estate mean that there is a lot more competition between home buyers. With so few homes for sale, north Fulton and Cobb County home sellers are getting multiple offers and are able to be a little more picky when it comes to striking a deal. So how can you beat out the competition and buy the home you love? One way you can increase your chances of getting the house you want is to get pre-approved for a loan.
When you make an offer on a home for sale in Marietta or Roswell, you need to know that the seller will take you seriously. Coming in strong with a solid pre-approval will indicate that you are serious about buying the house and you are prepared to get the process started.
What’s the difference between pre-approval and pre-qualification?
Pre-approval is more meaningful than pre-qualification because it means that your credit has actually been reviewed by a qualified loan officer. A pre-qualification is merely an initial opinion from the loan officer, but that opinion could change upon viewing your full credit history.
Benefits of getting pre-approved for a home loan
So what can you hope to gain from pre-approval? Well, in addition to making your offer look more attractive to a seller who is entertaining other options, there are a few definite benefits, including:<br /><br />
Budgeting– You can be sure how much house you can afford in order to more effectively conduct your north Atlanta real estate search.
Less drama– It’s heartbreaking to set your heart on a house only to have the purchase derailed by an unresolved credit issue. Completing the qualification first will allow you to address any problems and move on before you make an offer.
Speed– By having this step taken care of already, your home buying process will go much more quickly. This also gives you a marked advantage over other buyers. It’s entirely likely that the seller would choose you over other buyers simple because you’re ready to close quickly.
2019-08-06T08:02:00-07:002019-08-06T08:08:10-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:19201031 Exchange - Tips For Smooth TransactionsA 1031 Exchange is a great opportunity for the Taxpayer (Exchanger) to get rid of a business use or investment asset by acquiring a Replacement Property and deferring the tax that would ordinarily be due upon the sale.
There are a few extra steps involved when doing a 1031 Exchange, so planning ahead is essential for guaranteeing that the transaction goes smoothly.
Here are some tips courtesy of IPX1031 to follow that will help guide you through the process to a successful exchange.
Contact the 1031 Exchange company. Before the closing date, as soon as escrow is open or after binding on the purchase and sale agreement, let the 1031 exchange company know of your intent to do an exchange.
Make sure your real estate agent or attorney includes the “Exchange Cooperation Clause” in the purchase and sale agreement.
Engage your legal and/or tax advisors to counsel you through the exchange and real estate transactions. Consulting with these advisors is important because the 1031 Exchange company can not give you tax or legal advice.
Let the 1031 Exchange company know if you plan to make improvements on the Replacement Property or you plan to acquire the Replacement Property before selling the Relinquished Property.
If you haven’t already, begin your search for the Replacement Property. The time in which you have to identify a Replacement Property is only 45 days from the date the Relinquished Property is transferred.
Timing is very important as certain actions must be taken in sequence and exchanges must be completed within strict time frames.
Contact <a href="https://www.northatlantarealestatevoice.com/contact">Wolfert & Wrenn Real Estate Team</a> to help guide you through the 1031 Exchange process.
Courtesy of: McManamy McLeod Heller<a href="https://www.mmhfirm.com/should-you-use-a-quit-claim-deed-to-transfer-property/" target="_blank"></a>
*For informational purposes only. Not to be relied upon as legal advice. Nothing in this blog should be construed as creating an attorney-client relationship. MMH is not responsible for, does not endorse or accept liability for any externally linked site or its content. MMH does not give any representation regarding the safety, reliability or accuracy of the content or materials contained on any external website.2019-07-17T11:47:00-07:002019-07-17T11:57:13-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1891Georgia Housing Market Snapshot - May 2019Georgia Housing Market Snapshot: May
Georgia's housing market showed modest but positive growth last month. Indicators for May are as follows:
* New Listings increased 8.8 percent to 20,660. <br />* Pending Sales were up 6.9 percent to 14,617. <br />* Inventory levels grew 2.6 percent to 44,318 units. <br />* Median Sales Price increased 6.8 percent to $235,000. <br />* Days on Market was down 7.3 percent to 51 days. <br />* Months Supply was down 2.6 percent to 3.8 months.
Following April, inventory grew again in May. While modest, this trend is starting show a slow down in sales and absorption.
We are moving further towards a buyers market which means pricing, marketing and positioning are critical to selling.
<a href="https://www.northatlantarealestatevoice.com/contact">Contact</a> us at 770-765-6222 to get your <a href="https://www.northatlantarealestatevoice.com/free-market-analysis/">home's value</a> and custom marketing plan to sell for top dollar.
2019-06-20T11:46:00-07:002019-06-20T11:53:15-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1887Titles and Deeds - What Every Home Buyer Should KnowShould you use a Quit Claim Deed to Transfer Property?
The three most commonly used deeds to transfer title are a General Warranty Deed (GWD), a Limited Warranty Deed (LWD) and a Quit Claim Deed (QCD).
Georgia home buyers and sellers shold be familiar with how they transfer property during the purchase process.
A General Warranty Deed provides a warranty to the Buyer (the Grantee) for any and all prior problems with title, not just title issues that occurred during the Seller’s (the Grantor) period of ownership. A GWD offers the highest level of protection to the grantee
On the other hand, when transferring property to a Buyer by way of a Limited Warranty Deed, the owner is limiting the warranty to the period during which the owner owned the property.
A Quit Claim Deed is most commonly used when a quick transfer of property is needed without the requirement of extensive assurances provided by a General Warranty Deed or a Limited Warranty Deed.
Unlike the General Warranty Deed and the Limited Warranty Deed, a Quit Claim Deed makes no assurances or warranties whatsoever about the property. The Grantor is not warranting that title is clean. In fact, the Grantor isn’t even warranting that he or she owns or has “good title” the property.
Quit Claim Deeds are typically used to convey real estate through a Will or as a gift, to place a property into a trust or to distribute property as part of a divorce settlement. In addition, conveying property from one family member to another or adding a spouse to title would use a Quit Claim Deed.
These transfers usually do not involve an exchange of funds and are regarded as transactions with low risk of fraud or misrepresentation.
Finally, Quit Claim Deeds are used to cure a defect in title. If a title issue arises in the way of a missing signature, the misspelling of a grantee’s name or a recording error, then a Quit Claim Deed can be used to correct the error and perfect the grantee’s title.
For the most part, in a standard Purchase & Sale transaction, a Quit Claim Deed should not be used because it does not offer the same guarantees that a General or Limited Warranty Deed does.
Courtesy of: <a href="https://www.mmhfirm.com/should-you-use-a-quit-claim-deed-to-transfer-property/" target="_blank">Dal Burton, Jr. Attorney, McManamy McLeod Heller, Intown Office</a> - Link to Original Article
*For informational purposes only. Not to be relied upon as legal advice. Nothing in this blog should be construed as creating an attorney-client relationship. MMH is not responsible for, does not endorse or accept liability for any externally linked site or its content. MMH does not give any representation regarding the safety, reliability or accuracy of the content or materials contained on any external website. 2019-06-19T11:09:00-07:002019-07-17T11:53:38-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1883ENCROACHMENTS - WHAT YOU NEED TO KNOW WHEN BUYING A HOME
ENCROACHMENTS WHAT YOU NEED TO KNOW
“What is ON your Property, IS your Property!”<br /><br />Where this becomes an issue is when a survey reveals that something you or your neighbor owns which crosses the Boundary Line and causes an “encroachment.” Below is an example of just that, note that the solid black line is the Boundary Line:
<img alt="" src="https://gallery.mailchimp.com/02645d1efbaeea0af48cf6fec/images/30dfdb90-9275-40d6-9e6d-6dbe3ade6cf0.png" class="mcnImage" width="564" align="middle" />
<br />
WHAT DOES THIS MEAN?
The encroachment is a title issue, beyond just standard exceptions, and Buyer has the right (but not the obligation) to terminate.
GAR F201, Section B(1)(a)-(b) states that the Seller must warrant good and marketable title subject only to standard exceptions.
WHAT SHOULD YOU DO?
1. ASK QUESTIONS. Speak with an Attorney to determine if the survey is correct or that a solution isn’t already present;<br /> <br />Surveyors often do not perform a title exam and the issue may have already been addressed. The attorney may look at the recorded plat, agreements previously recorded, or even a quiet title action that resolved this previously.
<br />2. REVIEW. Evaluate the survey for errors and speak with Surveyor;
Did the surveyor find monuments on site or did they place new ones?
Is the plat very dated and lacking exact coordinates?
After going through the above analysis, several solutions may be appropriate given the nature of the encroachment. For example, an Encroachment Agreement may be a good solution for a fence that crosses the Boundary Line. However, in the above situation (building encroachment) or even a driveway encroachment, it may be best to convey a portion of the property via Deed to avoid future issues - a Boundary Line Agreement would also be a good option.<br /><br />Ultimately, these situations require more interactions from the parties involved (and the neighbors!) and the help of an experienced attorney to spot issues and execute on solutions.
Courtesy of Christina Ross, Attorney, Campbell & Brannon
2019-06-13T12:13:00-07:002019-06-13T12:22:08-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1879Cobb Schools Named One of Best Employers in GAOne of the keys to increasing home values for your Marietta area home is the quality of the school system and local employers. Buyers are always interested in finding the best schools and the best places to work. Read the article below about how Cobb County has both of these which will help the value of your Marietta area home.
Forbes: Cobb Schools One of America’s Best Employers in Georgia
<img width="777" height="437" src="http://cobbcast.cobbk12.org/wp-content/uploads/2019/06/Best-Employers-Forbes-Blog-777x437.jpg" class="attachment-content-single size-content-single wp-post-image" alt="" srcset="http://cobbcast.cobbk12.org/wp-content/uploads/2019/06/Best-Employers-Forbes-Blog-777x437.jpg 777w, http://cobbcast.cobbk12.org/wp-content/uploads/2019/06/Best-Employers-Forbes-Blog-260x146.jpg 260w, http://cobbcast.cobbk12.org/wp-content/uploads/2019/06/Best-Employers-Forbes-Blog-120x67.jpg 120w" sizes="(max-width: 777px) 100vw, 777px" />
Google, Home Depot, Publix Super Markets, Emory University, and Gulfstream Aerospace join the Cobb County School District as part of the top 25 employers in the state of Georgia, according to a recent <a href="https://www.forbes.com/best-employers-by-state/#60d1370e487a" target="_blank">Forbes report.</a>
In Forbes’ first-ever ranking of America’s best employers by state, Cobb Schools ranked at number 23 just below Chick-fil-A and above FedEx, Charles Schwab, Honda Motor, the University System of Georgia, and many more stand-out employers in Georgia.
Cobb Schools is one of only two K-12 school districts to make the list and the only one to make the top 25.
“We have known for a long time that Cobb is the best place to teach, lead, and learn, and it is outstanding that a national outlet, like Forbes, agrees,” said Cobb Schools Superintendent Chris Ragsdale. “One of the reasons Forbes ranks Cobb as the top school district in Georgia is because we make people a priority, both our students and our staff members.”
In May, the Cobb Board of Education <a href="http://cobbcast.cobbk12.org/?p=28200" target="_blank">approved a budget that includes a historic 8 to 12% raise</a> for every non-temporary staff member in the District. The raise approved in the?FY2020 budget?also includes a full salary schedule step for eligible employees.?
For more evidence to support Forbes naming Cobb as one of Georgia’s Best 25 Employers, look no further than Cobb Schools recent <a href="http://cobbcast.cobbk12.org/?p=28150" target="_blank">retirement ceremony</a>. The 229 Cobb employees retired with a collective service of more than 5,000 years. Of the group of dedicated Cobb staff members, 13 served Cobb County students for 35 years.
Source: <a class="fn" href="http://cobbcast.cobbk12.org/?author=19" target="_blank">NAN KIEL</a> JUNE 10, 20192019-06-11T11:47:00-07:002019-06-12T07:48:08-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:18733 Ways to Winterize Your North Atlanta Home3 Ways to Winterize Your North Atlanta Home
<a href="http://northatlantarealestatevoice.com/wp-content/uploads/2013/11/fall-leaves-gutter.jpg"><img class="alignright size-medium wp-image-6295" title="fall-leaves-gutter" alt="clean fall leaves out of your gutters" src="http://northatlantarealestatevoice.com/wp-content/uploads/2013/11/fall-leaves-gutter-300x225.jpg" srcset="http://narev.gmgstaging.com/wp-content/uploads/2013/11/fall-leaves-gutter-300x225.jpg 300w, http://narev.gmgstaging.com/wp-content/uploads/2013/11/fall-leaves-gutter.jpg 500w" sizes="(max-width: 300px) 100vw, 300px" width="300" height="225" /></a>It’s hard to believe freezing temperatures are already on the way here in Atlanta. With winter just around the corner, it’s important to make sure your home is properly winterized. This seasonal maintenance will not only preserve the value of your north Atlanta home, but will also help prevent winter home repair headaches.
Clean gutters
If your home is surrounded by trees, your gutters can quickly fill up with leaves and other organic debris. In cold weather, water can get trapped behind those “leaf dams” and freeze, damaging your roof and even seeping into your home. Once there is water leaking in to your warm house, you could end up with a mold problem. Avoid all that by simply having your gutters cleaned at the end of fall.
Conserve energy
Think all those little drafts in your home don’t amount to much? Think again! All together, the air leaks in the average American home amount to having a nine square foot hole in the wall! Whether you hire a local home repair company to seal your home or do it yourself with a caulk gun, sealing up cracks around windows, doors, and electrical outlets will conserve energy and save money on your heating bill.
You may also want to add some insulation to your home and have the ductwork checked. According to the U.S. Department of Energy, homes with central air can lose 60% of heated air before it reaches the vents if the ductwork is not properly connected and insulated. Even just adding insulation can decrease your annual heating and cooling bill by as much as 20%.
Warm up
Temperatures in Marietta and throughout north Atlanta are expected to dip into the twenties next week, so go ahead and check your heater. Better to find out it needs repairs now than when you’re already freezing!
If your home features a fireplace, make sure it has proper maintenance. Have it swept and inspected by a certified chimney sweep, and consider installing a screened cap to ensure that nothing gets lodged in the chimney. When not using the fireplace, close the damper to prevent the loss of warm air.
Keeping up with the seasonal maintenance on your home will result in less stress for you and a well-preserved home that will be much easier to sell if you decide to list it.2019-06-06T10:05:00-07:002019-11-06T10:28:34-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1846Spring Staging Tips to Sell Your North Atlanta HomeSpring is widely considered to be the best season to sell your home, but it’s also the season with the most competition! At the Wolfert & Wrenn Real Estate Team, we can help you beat out the competition to sell your home quickly and at a great price. Staging helps you show off your home to its best effect and make a great first impression on potential buyers. Check out these spring staging tips gleaned from our years of experience as north Atlanta Realtors.
<img src="https://assets.site-static.com/userfiles/1391/image/cabinet-contemporary-counter-1080721.jpg" width="6000" height="4000" alt="Photo by Mark McCammon from Pexels" style="caret-color: #000000; color: #000000; font-family: -webkit-standard;" />
Lighten up
Spring is a season of fresh starts and sunshine, so make sure your home reflects that. Natural light is a big selling point for most people, so be sure to let your home’s windows play their part. If you have heavy, dark draperies that block out a lot of natural light, consider replacing them with curtains in paler colors and lighter-weight fabrics.
Bring in some spring
We’ve already discussed the importance of spring landscaping to sell your home, but don’t be afraid to bring spring inside as well with fresh cut flowers and potted plants. Real estate agents usually recommend that sellers (a) declutter, removing extraneous accessories and decorative items in favor of clean surfaces, and (b) re-paint the home in light, neutral colors and minimize brightly colored furnishings and decor.
These things allow buyers to see the “bones” of the house better and make it appealing to a wider range of people, but they can also result in a rather boring atmosphere. Fresh flowers and house plants work wonders as home staging tools by adding color and vibrancy to the home. Make sure all cut flowers are fresh and house plants are well-tended. Simple glass or crystal vases are best, and can be placed wherever a room needs something extra, from kitchen counters to coffee tables.
If you’re ready to sell your home, give us a call today or <a href="https://www.northatlantarealestatevoice.com/contact">contact</a> us online!
Photo by Mark McCammon from Pexels2019-05-28T12:20:00-07:002019-06-12T07:50:12-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1826Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1391/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2019-05-03T09:11:00-07:002019-05-03T09:13:21-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1825Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1391/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
<a href="https://www.viewhomes.ca/blog/top-10-mistakes-when-selling-your-home/" target="_blank">Selling</a> in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2019-05-03T09:11:00-07:002020-01-23T10:01:08-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1824Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1391/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2019-05-03T09:11:00-07:002019-05-03T09:13:11-07:00Barry Wolferttag:northatlantarealestatevoice.com,2012-09-20:1823Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1391/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" /> There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case. This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home. A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more. Bottom Line As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2019-05-03T09:11:00-07:002019-05-03T09:13:07-07:00Barry Wolfert