Real Estate Report, April 2015

Appen Media Group

Real Estate Report April Special Section

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North Atlanta’s

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News and advertising for new homes, realtors, developers, commercial properties and more.

A word about building permits By: Babs Price Broker Associate Atlanta Fine Homes Sotheby’s International Realty It appears that the days of finishing your basement yourself are gone. No longer is it recommended that you pick up building supplies on Friday to work on your Saturday home improvement project yourself.

At my family home when I was a teenager my mom, dad, sisters, and I worked together and finished our basement.

A plumber added a full bath and tiled the floor. The rest of the work we did our selves. We added a large bedroom with 2 closets. I learned how to hang sheetrock and paneling and put down large squares of vinyl flooring and built a bar. The den area of the basement had a wonderful brick fireplace.

This was a great learning experience. I loved working on this project. We did not have a permit. It did not even occur

to us to apply for a permit.

Things have now changed.

Doing work such as finishing your basement without a permit may come back to haunt you. For example when you try to sell your home the new buyer may not be able to get a mortgage on a home that has work that was not permitted. My research reveals that a house with non-permitted work is ineligible for a VA Loan. Many lenders are now unable to secure a mortgage for buyers who wish to purchase a particular house that has non-permitted work due to new FHA and VA compliance requirements. Even if you sell the “as is” with no disclosures, an inspection may reveal that there is non-permitted work.

If you do have non-permitted work you may want to check with the local code office about what to do. The local authorities may be able to retro-permit the work you have had completed.

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In the Atlanta division, on accepted purchase agreements on homes that are signed between January 1, 2015 and January 31, 2015 are eligible to receive $15,000 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. Incentive offer does not apply to contracts written prior to January 1, 2015. The following communities are excluded from the $15,000 incentive, Bethany Crossing, Bridleton, ManorView and Marketplace Commons. Individual promotions may vary by community. Certain included features may not be available on all plans. Value of package, and products, may vary by community and plan. Homes already under contract prior to this offer are not eligible. Plus for New to-be built homes, buyer eligible to receive up to $5,000 toward closing costs. Individual incentives may vary by community. 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® 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. Buyers also eligible to receive Waived 1% Origination Fee through RMC Mortgage®; average value of $4,000 which is based on a $400,000 loan amount. The waived origination fee through RMC Mortgage® Corporation is subject to cancellation or change without notice. Buyers must make a loan application by January 31, 2014 with RMC Mortgage® Corporation (NMLS# 203897) a Georgia Residential Mortgage Lender Licensee #24225. *Buyers must also close with RMC Mortgage® Corporation. Please contact your RMC Mortgage® Corporation Representative for exact quotes. Prices, plans and specifications are subject to change without notice. Ryland reserves the right to modify or cancel these offers at any time. Photographs are for illustrative purposes only. Offer may not be combined with any other promotion or incentives. Information shown believed to be accurate but not warranted. See a Sales Counselor for details on available promotions, restrictions and offer limitations. © 2015 The Ryland Group, Inc.

April 2015

Real estate report • Sponsored Section

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Sponsored Section • real estate report April 2015

Jumpstart your home sale By: Eve Jones, Harry Norman Realtors A little known fact: the first three weeks are the most critical when selling your home.

Why is that? Because new listings initially generate a lot of excitement among agents and buyers.

There are many buyers out there waiting for the right home to magically appear on the market. And, agents are checking the multiple listing service “hot sheets” (new listings) every day.

With all this attention, you had better be ready!

So, let’s talk about the “S” word. If you’ve ever watched any program on HGTV, you know what “staging” is, but there some new thinking about how homes should be staged today.

According to Realtor® Magazine (a NAR publication), no longer are designers recommending the “stripped-down, beige-heavy stylings at that are as boring as they are forgettable.

Staging today is giving way to a livelier vision encompassing, more trendy inviting interiors and exteriors that are intended to make a listing more marketable.”

The boring has been traded in for adding back some personality in the form of bold pops of color, updated fabrics, accessories and furnishings while still appealing to a wide range of buyers.

Stayed antiques and fine oil paintings do not appeal to younger home

buyers.

Often sellers ready to downsize are resistant to make many changes or updates to appeal to the new generation of buyers, but they are only hurting them themselves (and their pocketbook).

Other opportunities for engaging home buyers is to focus on outdoor spaces.

Outdoor living is the latest item on the buyer’s want list, so make the most out of your deck or patio space by staging a dining space, lounging space and even add a fire pit.

So, staging addresses the concept that “real estate is a beauty contest”.

But, I’d like to add that, “beauty is only skin deep”.

Yes, your home should look good but, beneath the surface are some of the most important features of a home; mechanical/HVAC systems, roof, structural integrity, siding and trim condition, hot water heaters, windows etc.

This is the non-sexy stuff that, if left to chance, can kill a deal.

Many of the homes in North Fulton are advancing to 20+ years in age and require maintenance and systems replacements.

Some sellers mistake replacing an 18 year old HVAC unit or replacing/ painting wood rot for an “upgrade”.

These are not upgrades. They are simply maintenance. Buyers do not want to fix your problems that should have been addressed long ago.

Here’s where a full-service Realtor can really earn his/her commission on

the front-end of a sale by finding an inspector who can help you identify issues before you get all those agents and buyers excited about your home! And, that agent will have reliable contractors to do the repairs.

Both staging and addressing maintenance issues are ways to jumpstart a smooth, easy, profitable home sale and the thing that may keep the buyer “inlove” with your home from the market introduction to the closing table.

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April 2015

Real estate report • Sponsored Section

The Spring Market...

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NORTH FULTON OFFICE | 678-461-8700 | 7855 North Point Parkway, Suite 100 | Alpharetta, GA 30022 | www.harrynorman.com

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Sponsored Section • real estate report April 2015

Termites 101Âť

What every homebuyer should know this spring It's a cruel coincidence that the spring's real-estate buying season corresponds with another far less pleasant one - termite swarming season. When eager homebuyers emerge from winter hibernation to look for their dream homes, winged termites emerge, too, and swarms of them go in search of new places to establish their colonies.

"Termites cause about $5 billion in property damage every year - damage that typically isn't covered by homeowners' insurance policies," says Missy Henriksen, vice president of public affairs for the National Pest Management Association (NPMA). "In spring, swarms emerge in every state except Alaska. Potential homebuyers need to be aware of the risks associated with termite damage, and of the importance of having any home they're considering inspected for termites and other wooddestroying organisms."

More than half of Americans (52 percent) have never had their homes inspected for termites, according to an NPMA survey. Yet 38 percent worry about discovering termites in their homes and 33 percent have had termite damage or know someone who has, the survey found.

If you'll be buying (or selling) a home this spring, the NPMA offers some valuable termite information: * The average homebuyer and homeowner might have difficulty spotting the evidence of a termite infestation.

Termites chew through wood, flooring and other materials behind-the-scenes, so it can take years before the signs of an infestation are visible to the untrained eye. An inspection by a licensed pest professional is the best way to detect an infestation of wood-destroying organisms (WDOs) - especially if you live in a termite-prone area of the country. * A WDO inspection is different from a simple structural inspection. Buyers may assume that the person who does the pre-purchase home inspection will look for termites while assessing the condition of the home's physical structure and systems. While some inspectors might spot signs of termite damage, others will not. Buyers should be sure to have their prospective home inspected by a licensed pest professional. The inspection will last about an hour, and the specialist will probe the home from top to bottom to look for telltale signs of termite

damage. After the inspection is over, the specialist will report to the buyers what he or she has found, and an estimate of how much it might cost to remediate any termite damage he or she has discovered. * Different states have varying laws about termite inspections. Some may require one before a home can be sold, while others do not. Check with your realtor about the laws in your state, and keep in mind that many lenders will require a pest inspection be done in addition to a structural inspection - especially if the home you are buying is in a termite-prone area. * Termite detection, remediation and control are not do-it-yourself tasks. If an inspector finds signs of a termite infestation and damage, you'll need professionals to remedy the problem. Buyers who discover problems before the sale is final will be better able to negotiate with the seller to take care of the problem. In some states, the law may not allow the sale to be finalized until the damage is addressed, and lenders may refuse to finalize a mortgage for a home with unresolved termite issues.

If the termite inspection shows your new home is pest-free, congratulations!

After the sale is finalized, be sure to take steps to protect your home from termites going forward, including having the home inspected for termites at least once every three years, and every year if you live in an area prone to termite infestations. To learn more about termite prevention or to find a licensed pest professional in your area, visit www.pestworld. org, the education website of the NPMA. Harry Norman RealtorsÂŽ, Forsyth/Lake Lanier Office 1664 Market Place Blvd.

Cumming, GA 30041 Used with permission, Brandpoint, 2015.

April 2015

Real estate report • Sponsored Section

Get a jump start in the spring market By: Bill Rawlings Vice President/Managing Broker Atlanta Fine Homes Sotheby’s International Realty Spring officially started on March 20, but the spring market truly started back in February, even as we nervously crossed our fingers to ward off a repeat of Snow Jam 2014!

Spring and early summer are traditionally the busiest times of the year for residential real estate. With winter behind us, buyers and sellers alike are eager to see what the spring market holds. As a buyer, you and your REALTOR® may face intense competition and rising prices as you set out to find the home of your dreams.

Now that you have put away your winter sweaters, take the time to prepare for the home-buying process so that you have an immediate advantage over other homebuyers.

By taking these steps in advance, you may afford yourself the ability to act quickly and decisively when you find the house you want to call home.

Before you begin the search: • Find your REALTOR®.

You need an experienced partner with extensive knowledge of the residential real estate market. Identifying the right agent who is best suited to work with you requires some research. Ask your friends for references, look up the recommendations and interview three or four agents. Navigating the ins and outs of the homebuying process is not always smooth sailing, so you want to ensure you identify the agent who you believe is best suited to assist with your needs.

• Have your loan preapproved. This process may take a little time, but if you take care of it up front, you will have the advantage of knowing exactly how much the bank will loan you, and it will also show sellers you are truly ready to buy when you submit an offer.

• Consider the down

payment process. According to the National Association of REALTORS®, firsttime buyers typically put down 6 perrawlings cent. More than 24 percent of first-time buyers down payment are funded by gifts from relatives or friends. If this is not an option for you, research loan programs that better suit your needs. Be careful to save for closing costs, which often run anywhere from 2-7 percent of the purchase price.

• Ready, set, GO! With the hot spring and summer markets, your agent is going to alert you about homes matching your criteria the second they are listed. If it has most of your ‘must-haves,’ head over to the home as soon as your agent can arrange a showing.

If you love it, be prepared to make an offer.

• Keep an open mind. If the home meets your biggest requirements – school district, proximity to work and shopping, a desirable neighborhood- but you are not totally in love, what changes could be made to make the home work?

Are they easy or difficult?

Remember, you can change the floors, carpet and paint colors.

Try and envision what the home will look like when it has your touch.

• Listen to the advice of your REALTOR®. He or she will know how to make your offer shine in a multiple offer situation. Together, you can determine the best course of action if you and several other potential buyers make an offer.

At Atlanta Fine Homes Sotheby’s International Realty, we are dedicated to providing you with an exceptional experience throughout the buying and selling process. If I can be of assistance, please do not hesitate to contact me.

Article adapted from Realty Times.

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