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Smooth home buying process By: Marta Wild According to a landmark stress study developed by psychiatrists Thomas Holmes and Richard Rahe, FOUR events in the home buying process rank among the Top 43 of life’s most stressful circumstances: Changes in someone’s financial state ranked No. 16, large mortgage loans ranked No. 20, change in living conditions ranked No. 28, and a change in residence ranked No. 32. The purchase of a home should be a joyous event, but sometimes, the process can be overwhelming. Experts recommend partnering with trusted professionals whom should advocate for you, the buyer, to avoid mishaps. STEP 1: FINANCES Prior to home search, secure a preapproval. This will allow you to not only get acquainted with your loan office, but it will also help you steer clear of surprises in the loan process later to come. STEP 2: HIRE A BUYER’S AGENT Having a Realtor who represents
you, the buyer, is the best decision in order to avoid costly mistakes. They advocate for your interest and ensure the process is as smooth as possible by using their expertise and education to guide you . STEP 3: INSPECTION A good Realtor should be able to recommend reliable inspectors in your area. Inspectors must adhere to code of ethics, which prohibits them from accepting kickbacks from contractors, or real estate agents. Insist on inspectors who go beyond state regulatory requirements, take continued education courses in their field and belong to organizations like ASHI. STEP 4: CLOSING FIRM Again, a good Realtor is your source for recommending a reputable, reliable firm, to avoid overdue closings and unforeseen problems at the closing table. The communication between the Realtor, lender and attorney during this final stages of home buying is probably the most important factor to avoid the elevated stress home buying can produce. Keep in mind, the closing attorney
who work with lenders, title companies and prepare all the necessary paperwork for the actual transfer of ownership. ABOUT MARTA: Marta is a tri-lingual native of Czechoslovakia who speaks Slovak, Czech, and English. She believes that through hard work, education, and ambition anything is possible. Marta is a college graduate with a degree in Business and Economics. Her greatest asset to her clients is her ability to really listen to their needs, read between the lines and then come up with solutions and results. She is a Board Member of the Gainesville Newcomers Club, member of BULLI, Frances Meadows Aquatic and Community Center, as well as a member of the 400 Board of Realtors, GA Association of Realtors and National Association of Realtors. Marta strongly believes that the American dream of owning a home will never fade and she hopes to help as many people as possible to capture this privilege we have in this great country of ours.
• Everything you need as you look to buy or sell in the City of Milton • Search every listing in Milton • List your home with the Milton Specialist • Free seller valuations • Milton’s leading brokerage
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Sponsored Section • real estate report September 2014
Prices continue climb despite fewer sales Home sellers can take solace in the fact that prices are still trending upwards, despite other challenging factors in the market. With all sales transactions reported for July, data from the multiple listing system (MLS) still shows an increase in average and median sales prices for homes sold in North Fulton and Forsyth County. The price gains were stronger and more dramatic last year and while they will continue, the rate at which they increase has been slowing and will continue to level off through the rest of this year. Despite higher prices and slightly higher inventory to choose from, unit sales are not up compared to last year at this time. The number of home sales in July for Forsyth
Robert Strader
Local Realtor Keller Williams Realty
County are flat, while sales in North Fulton for the same month are down 11 percent over last July. The slowdown in sales comes from a combination of factors such as the dramatic rise in prices last year, condition of the available inventory, less than flexible lending standards and lagging wage income. Loan qualification has been challenging for buyers across
all price ranges and while standards will loosen in the future,
it’s likely to come at a time that rates increase.
Buyers have pulled back in general this year but the pool of buyers remains fairly large for the lower and mid-range priced homes – but condition is key. Renovated or completely updated homes are selling fast and close to asking price, indicating that buyers will make quick decisions and pay for what they want. Nationally, sales of new homes are beginning to flatten out, but here in North Fulton the growth is startling. New homes are now real competition for existing homes where that wasn’t as much the case 18 months ago. As we continue to see new communities get developed, prices of new construction will rise which, in turn, will help with overall home prices.
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The steady increase of home prices slows By: Bill Rawlings Vice President/Managing Broker North Atlanta Office Atlanta Fine Homes Sotheby’s International Realty Nothing to stress about yet, because home prices are still rising – but according to the S&P/Case-Shiller Home Price Indices, the rate of the increase is slightly slowing. Compared to last spring, national home prices increased 6.2%. However, for the first time in more than six years, home prices in the country’s largest markets showed that prices rose slower year-over-year in June with every city reporting lower gains. Still, both city
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indices, the 10-city and 20-city composites, escalated to 8.1% on an annual basis. If you have read the latest housing market data, you will see that it has been a little contradictory. For the third straight month, the number of new homes sold in July fell, while existing home sales in July jumped to an annual increase of 5.15 million units - the highest level in 2014. Not to mention, everywhere you look, builder sentiments have remained positive. “Taken together, these point to a more normal hous-
ing sector,” says David Blitzer, spokesman for S&P. Fortunately, the housing market in North Atlanta did not suffer like many areas in the city due to our fantastic schools and quality of life. What is happening now is simply a matter of supply and demand; there are more buyers in our market than there are homes that meet their immediate needs. When the market subsided several years ago, much of the construction labor force decreased, as a result, builders now face difficulty recruit-
ing the skilled labor needed to build at their desired pace. Thus, the time it takes to build a quality home has increased. So what can be concluded? Slow and steady. As long as our market is increasing, it is a good sign. If you would like to learn more about a specific area, please reach out to me directly and I can introduce to you to a specialist in your particular market. Bill Rawlings, billrawlings@atlantafinehomes.com, 770.442.7300 Source: CNN Money
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What are buyers looking for in today's market? By NANCY HAMBY Harry Norman Realtors If you are thinking of putting your home on the market, here are a few tips that might help you in getting your home ready. Buyers are looking for a home that is “Move-In Ready”, meaning they can move in without major repairs. Many buyers prefer homes in an established neighborhood, but the inventory is low for resale properties. New construction creates competition, but if your home is in good condition and priced right, your chances are good of selling fast. A clean and de-cluttered home leaves a good impression. Freshen up your home with new paint inside. If you have a lot of walls with colors, you might want to consider neutralizing them. Consider replacing worn floors as new carpet will make your home attractive. Often owners spend money on upgrades that are unnecessary to sell a home or inappropriate for the price level. Consult a Realtor to help you decide what needs to be done to your home based on your area. Call 678-557-4228 and I will be glad to talk to you on what needs to be done to get your home ready to put on the market.
3 p’s of real estate By: Pam Santoro Harry Norman Realtors Real Estate consists of the 3 P’s: Price, Product and Promotion. To get the highest sales price in the shortest time, a seller must properly stage their home to invite buyers to sit down and picture themselves living there. Kitchens and bathrooms always give the most return on investment for home improvements. Neutral painted walls will give the appearance of a bigger space with a seamless look. Colorful accents can be used to pull a room together. Furniture should be placed in groupings. Extra furniture and artwork can be repurposed in another area of the house. Use high wattage
bulbs in your decorative lighting and lamps. Good impressions start outside when a buyer arrives at your property. Freshly painted front doors, landscaped yards, fresh pine straw and seasonal flowers in bloom will make a wonderful impression on a buyer. Staging your outdoor living space is a must. Enjoying a cool drink by the pool, grilling with friends and family, or playing catch in the backyard are good reasons for potential home buyers to make a home purchase. To learn more about the value of your current home or purchasing a new home, please feel free to call me. Pam Santoro 678.656.6627 .
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Five tips to help you land a home you’ll love (NAPSI)—With mortgage rates still low, now could be a great time to buy a new home. Before diving into the market headfirst, however, it’s important to do your homework so that you’re prepared to tackle each hurdle in the homebuying process. With this in mind, the “What I Wish I Knew About the Homebuying Process” survey gauges the preparedness of recent homebuyers. As a result, these five tips can help you make the right homebuying decision. 1. Identify your “must-haves.” Identifying your “must-haves” is key to guaranteeing satisfaction with your home purchase. The survey found that nearly four in 10 recent homebuyers (39 percent) said that, knowing what they know now, they would buy a home of a different size, at a different price point, and/or in a different area. In addition, first-time homebuyers (55 percent) are more likely to say that they would make significant changes with respect to the home’s size, price and/or location. To help you look back regret-free, make a checklist of top priorities (access to a good school district, for example) and perks you can forgo (such as a multiple-car garage). Know what you’re willing to compromise on and what you are not so that you’re prepared to find the home that’s right for you. 2. Understand the financial aspects of the homebuying process. Nine of every 10 recent homebuyers felt prepared going into the homebuying process, but in hindsight, more than half (56 per-
cent) wish they had been armed with more knowledge about the financial aspects of purchasing a home, according to the survey. In fact, it found that recent homebuyers would have liked more knowledge about the ins and outs of the closing and settlement process (22 percent), negotiating/making an offer on a home (19 percent) and financing a home (15 percent). To help people overcome the challenges of buying a home and give them a primer on what to expect, Chase launched the My New Home app and YouTube Channel. 3. Prepare with technology. Key aspects of the homebuying process differed from expectations. A majority said the length of the process was not what they anticipated, saying it either took longer (40 percent) or shorter (16 percent) than expected. Thirty-four percent of recent homebuyers overall said the costs and fees of maintaining their home were more than they expected, with the sentiment especially felt by first-time homebuyers (55 percent). Chase’s My New Home suite of educational tools can help individuals and families avoid surprises and fully prepare for one of the biggest purchases they will ever make. 4. Seek out advice from experts. Homebuyers continue to rely on Realtors and mortgage bankers to meet their needs. Sixty-eight percent of homeowners sought out advice from Realtors throughout the homebuying process
Heeding a few hints can help you wake up in the home of your dreams. and about half (45 percent) turned to mortgage bankers and loan officers. Seek out Realtors, mortgage bankers and loan officers with key industry data and tools that are easy to understand so you have all the information you need to find the right house—one that you will be proud to call home. 5. Consider the desire to renovate. The desire to renovate is bound to hit even the newest of homeowners. While
recent homebuyers said the home they bought aligns well with their “musthave” list (97 percent) and considered the home move-in ready (83 percent), 76 percent have done or are planning to make renovations to their home in the near term, according to the survey. A Chase Home Equity Line of Credit (HELOC) is one product that homeowners can continue to rely on to put their ideas and visions into action.
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In the Atlanta division, prices, plans and specifications are subject to change without notice. Photographs and or renderings are for illustrative purposes only. Information believed to be accurate but not warranted. BUILDER magazine gave Ryland Homes an A+ on the Big Builder 2014 Builder Report Card in the May 2014 issue of Builder 100. See a Sales Counselor for details and a complete list of HouseWorks® features. © 2014 The Ryland Group, Inc.
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Sponsored Section • real estate report September 2014
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In the Atlanta division, ManorView community only, first five homebuyers for to-be built homes on accepted purchase agreements are eligible to receive $30,000 in Flex Cash; can be used towards MyStyle® Design Center Options and/or closing costs when using RMC Mortgage® and/or lot premiums, finished basement, etc. Buyer also eligible to receive up to $5,000 toward closing costs. Closing cost assistance available from Ryland Homes to those financing through RMC Mortgage® Corporation and closing with a closing attorney selected by Ryland. Amount of closing cost assistance may vary by product and community, and is subject to applicable contribution limitations. For all financing promotions, see a RMC Mortgage® Corporation Loan Officer for details. RMC Mortgage® RA1651 Corporation is located at 1000 Mansell Exchange West, Suite 200, Alpharetta, GA 30022 and is a Georgia Residential Mortgage Licensee, license number 24225 and NMLS number 203897. Prices, plans and specifications are subject to change without notice. Photographs are for illustrative purposes only. Ryland’s promotion may not be combined with any other promotion or incentives. Information shown believed to be accurate but not warranted. BUILDER magazine gave Ryland Homes an A+ on the Big Builder 2014 Builder Report Card in the May 2014 issue of Builder 100. See a Sales Counselor for details on available promotions, restrictions, offer limitations and a complete list of HouseWorks® features. © 2014 The Ryland Group, Inc.