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What to know when buying a home October to December

Yes, we know the spring/summer seasons are the most popular time of year for home buyers. And this year, here in Atlanta, it was a crazy, busy, competitive season. Of course, if you were a buyer in this market, you well know what I’m talking about.

If all the craziness had you sitting on the sidelines, or losing out on a few homes, now may just be the perfect time for you to step back into the market. According to data released by Trulia, October through December is the best time of year for buyers as home inventory goes up and prices improve.

Also, in general, there are fewer buyers in the market and sellers are often eager to get their home sold and closed before the end of the year.

The combination of all of these factors make this time of year a great season to be shopping for a home and negotiating a competitive price. Speaking of negotiation – if you know me, you know I love negotiating a great deal 😉 – here are a few of the points of the deal that I like to use as leverage to get you a great deal on your home purchase during the fourth quarter.

Tax benefits

By closing before the end of the year, you will get all the tax benefits to closing in 2018.

Need to close before the end of the year

Often corporate relocations happen in the fourth quarter, so if the seller needs to have their home sold and closed on before the end of the year we can offer a nice, neat closing process to meet their end of year deadline.

Where do we want to spend the holidays?

If the sellers want to spend one last Christmas in their home or be moved out in time to spend it in their new home, this can be a great negotiation piece to make their holiday desires happen.

So, how about it? Are you ready to take advantage of the pendulum swinging closer to the buyer’s favor this season? If so, I’m happy to help you find your perfect place here in Atlanta, all wrapped up in a holiday bow.

~Jess

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What to do when you home is not selling

As a Realtor®, I’ve seen this situation many times – especially in a seller’s market like we’re experiencing now here in Atlanta – a seller puts their home on the market, the days and weeks go by with some interest but no reasonable offers. They begin to get frustrated, questioning everything, and ultimately ask their real estate agent, why is my home not selling?

It’s a valid question and one I recommend you ask if you’re in this situation. If I’m asked this question, or asking it of myself when one of my listings is not selling, here’s the thought process I go through.

First, has it been on the market for at least two weeks?

I use two weeks as a good benchmark because buyers are typically buying “off the top,” meaning the buyers actively in the market are buying the newer listings as opposed to the older listings. This is why pricing right early on matters so much. Being priced right from the outset ultimately allows sellers to get a better price in a shorter amount of time. So, if there have not been any serious offers, it may be time to make some adjustments. If your home is positioned and priced well, it should sell.

The next step is to consider the price.

Even in a seller’s market, pricing is a huge factor. There are so many considerations when coming up with the right price and if they have not all been properly calibrated, the house will sit, or take much longer to sell. I always tell my clients, that the market will communicate to us what’s going on and if we’re not priced right, the message will come in the form of no offers. So, as a rule of thumb, if you have not received any offers within two weeks of listing, you are priced too high.

Ask, how move-in ready is my home?

The largest pool of homebuyers right now is Millenials and Baby Boomers. Both populations want move-in ready homes. They do not want lots of projects, renovations, or updates when they move in. So, my recommendation is to tour your home with the eyes of a young buyer with a young family. How ‘2018’ is your home? Are the colors updated? Is the home ready to accommodate children? Older homes are great for young families, as long as they have fresh paint (interior and exterior), updated appliances, and newer flooring – at a minimum. I’m thinking of a listing right now that I know would sell in a hot second if only the exterior paint colors were updated.

Ask, how ‘show-ready’ is my home?

Remember, once you list your home, it becomes a ‘show home.’ Help your home look its best for showings by making sure it’s decluttered and staged to show off it’s best features. You never get a second chance to make a good first impression!

Remember, timing is everything.

Before listing your home, make sure to have the conversation with your agent about timing. There are optimal times of the year for certain properties. For example, single family homes in the suburbs are going to sell for the best price and the quickest during the spring/summer months when families are out of school and more eager to move before the next school year begins. High rise condos often sell the best later in the year when corporate relocations are most common. How will timing affect your listing?

Ask potential buyers why.

If you want to know why your home is not selling, just ask. When potentially perfect buyers tour your home and don’t buy, it’s a good idea to ask them why. What would they like to see in your home to make it more desirable? What are the factors keeping them from putting in an offer? Your agent can help with this, but survey those that tour the home and see if you can get some helpful ideas for how to better sell your home.

For example, I sold a gorgeous older home with a very contemporary interior. Buyers that wanted an older home wanted a more traditional interior and buyers that loved the contemporary interior were also looking at newly built homes, not older homes. So, there was a disconnect. Learning this helped me to better position the home to the ‘right’ buyers and the home sold.

The bottom line is that if your home is not selling, there’s lots you can do to change things up and help get it sold within your desired timeline. Don’t give up! Ask your Realtor®’s advice and see what you can do together to increase interest.

Happy selling!

~Jess

 

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Ready, Set, Fall! Fall kicks off the 2nd Largest Season for Real Estate Sales

Yes, it’s typical. In August, real estate sales can slow down as peak season buyers and sellers get settled in to their new homes, families squeeze out the last days of summer sun, and the kids head back to school. In August there is a lull before the second peak season of the year, the Fall home buying/selling season.

And we expect this year’s Fall market to be robust with the rise of the Millennial buyer and a large pool of Baby Boomer buyers in the market. The fall market is often dominated by those that don’t need to abide by the school schedule. And with the crazy season we’ve experienced during spring/summer, understandably there were lots of buyers that chose to sit out this year’s busy season. This all means that there’s likely lots of buyers out there, and with less competition and craziness in the Fall, we expect it to be a robust Fall home buying season.

So, if you have been considering selling your home, now may just be the perfect time as there are lots of buyers waiting in the wings and mortgage rates remain favorable. This is also a great time of year to capture buyers that are relocating to Atlanta for jobs and new opportunities as many companies do their relocations in the third and fourth quarter of the year.

If you are ready to jump on this prime time to capture Fall buyers, here are a few tips to keep in mind as you prepare:

Take photos sooner rather than later.

In the few weeks now before all the leaves start falling off the trees, get your home photographed. Late summer, while everything is still green and the angle of the sun is good, is an ideal time to have your photography and videography done. Even if you’re not considering selling until later in the fall or winter, getting your home filmed now will set it apart from the stark gray and leafless look of late fall and winter photography.  

List before the holiday lull kicks in.

Once Thanksgiving comes, most folks enter full-blown holiday mode and nothing much moves in the housing market. So, plan accordingly and decide if you’d like to list before or after the holidays.

Hold off on holiday decor.

If you decide to list once the holiday season – including Halloween – begins, keep your decorations modest and to a minimum. You want your home to be the star of the show, not your decorations so keep them subtle so they don’t distract would-be buyers from seeing the true beauty and character of your home.

Do create a cozy atmosphere.

Cooler weather can be a great time to highlight the indoor livability and coziness of your home. Light a fire and make sure each room of your home is well lit to help buyers feel the hominess while they’re out touring during cooler weather and shorter, darker days.

So remember, just because you didn’t list during the summer, doesn’t mean you missed your chance. Fall is a great time to sell and I’d love to help you make the most of this great time of year to list.

~Jess

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Buying an Investment Property: Vacation Home Edition

How many times have you been to a gorgeous vacation destination and thought, “yes, I could live here?” Well, maybe this is the year that you do it! Yep, buy a vacation home. What do you think? If you’re considering it, this post is for you because it’s not quite the same as buying your primary home. There are some tips and advice I have for you that will  help you make an informed, wise – and really exciting – decision.

Picking the Location

When picking the perfect location to buy a vacation home, there are a few considerations. Choose a location that you’re familiar with that really resonated with you and your family. Make sure it’s a place you want to keep visiting again and again. Visit multiple times with the eyes and ears of owning a home there. Remember, owning a vacation home is different than a primary residence, so maybe you’d consider a lower maintenance home like a condo or townhome.

What’s your goal?

Before beginning the process of buying a vacation home, you need to know what you and your family’s goal is with the home. Are you planning to keep it for yourselves and sell when your family’s needs change. For example, buying a condo near Disney World may be less usable when your kids get older. Or perhaps you want a property in a hot short-term rental market so that you can make money on it when you’re not there. Do you want it to be a property you keep in the family and pass on to your children?

What will it cost?

Once you’ve decided on a location, I can help you determine the cost of ownership in that area so you can have a solid understanding of how the vacation home fits into your budget. We will consider the costs of financing, costs of owning the home, the tax and maintenance implications; even the costs to travel to and from you vacation home. Remember, the mortgage for a vacation home will have different terms and requirements so let’s figure it all out so you have no surprises.

Assemble a good team

Finally, you’ll want to assemble a trustworthy team that includes a local real estate agent, lender (if needed), and a possibly a property management firm to help be your eyes and ears when you’re not there. Make sure that you are also getting good legal and financial advice on how to structure the purchase, especially if it is in a foreign country.

In addition to being a Realtor®, I am a real estate attorney, so please reach out if you would like my advice on your purchase or help finding a Realtor® in the area where you are considering buying your vacation home.

Buying a vacation property can be an exciting and rewarding experience, as well as a great opportunity for income and creating a legacy. These steps will get you started in the right direction; however, please reach out and I can help you through the process.

~Jess

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Insider Strategies for Buyers

As a home buyer, have you ever felt at a disadvantage, whether it be because it’s a sellers’ market or you’re just plain intimidated by large, complex financial transactions like buying a home? Most of us have at one time or another.

I’m willing to bet you’d love some insider secrets for your next purchase. Well, my friend, that’s what I’ve got for you today! I’m a Realtor® now, but in my previous career I was a real estate attorney, so when I combine both of those skill sets I’ve got lots of great tips to help give you the confidence to feel like a budding real estate tycoon for your next home purchase.

Define your ‘win?’

The first thing you need to do is define what makes a win for you. Yes, getting your optimum purchase price is what most people think of first, however, there are other aspects of the deal that will make it a win, in addition to the financial piece. In a seller’s market it may seem tough for sellers to go for a win but we can negotiate some winning terms such as sellers contributing to closing costs and getting your preferred date for closing and transfer of possession. Or a win may be purchasing that piece of furniture you noticed fits exquisitely in one certain space in the home. Keep an open mind and be sure to discuss with your Realtor®.

In a multiple offer scenario

Find out how you can offer to sweeten the deal. Do the sellers need a quick sale? Do they need a specific closing date further in the future because of their constraints? Can you offer a cash purchase or shorter due diligence? Consider including an escalation clause in your contract, which allows your offer to be automatically escalated if counter-offers arise. Your agent should be willing to find out from the seller’s agent how a deal could be sweetened to get their attention. Be willing to act on those options.

Know what you’re buying

Since you are ultimately responsible for the home you are purchasing, make sure all the necessary due diligence is being completed. For example, make sure to have a home inspection, a survey and a radon test. I also recommend my clients request a home warranty and a termite bond. These items are not always standard practice, so protect yourself and your investment to insure they’re done properly and you have seen the results of any of the inspections and tests.

Above all, choose to work with a Realtor® that will represent you and your interests well. They need to listen to you and be willing to go the extra mile to make your purchase a success. If you need that kind of agent, I’m happy to help you! Please reach out by phone or text at 404.218.6714 or visit my website at www.jesscs.com.

Happy House Hunting!

~Jess

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Insider strategies for a successful sale

Yes, it is a seller’s market, but having a successful, uncomplicated sale is not effortless. It takes planning and work and the more consideration we put into the sale of your home, the more money you will make and the happier you and your buyers will be. So, I’m inviting you behind the curtain, backstage for some pointers on what you can do to insure the successful, uncomplicated sale of your Atlanta Luxury Home.

  1. Know your buyer. Today’s buyers, more than ever, prefer move-in ready homes. If you have been putting off basic updates, like carpets, paint, or floors, get those done before putting your home on the market. Your home will sell faster and for more money if it’s been updated with a neutral color palette.
  2. Timing is everything. Timing also has to do with knowing your buyer. Is your home ideally suited for a family? If so, you may want to time your listing so that buyers with kids can close and move during the spring/summer when school’s out. However, if you are selling an intown penthouse in a high-rise building, you may want to time your sale near the end of the year when lots of corporate transfers happen. Discuss the best timing with your agent.
  3. Marketing out of the box. Even in a seller’s market, you’ve got to market your home like a pro. Make sure your agent presents you with a thorough marketing plan that includes professional photography and videography as well as staging. The marketing plan should also include strategies such as social media and an open house for agents. If you want to fetch top dollar for your home, it’s got to look like a top dollar home. Buyers can spot value and they will willingly pay if they feel they are getting their money’s worth.
  4. Have a plan. Murphey’s Law is alive and well in real estate so I like to discuss expectations with my clients and have lots of contingency plans and strategies. For example, we’ll choose a starting price for the home, but if market factors change and comparables and competing properties pop up, we need to have a plan for how we will adjust for success.
  5. Assess the strength of the buyer. And, finally, if you want an uncomplicated transaction, assess the strength of the buyer before entering into a sales contract with them. I like to look for factors such as a short due diligence period. Now in Georgia, eager buyers can even offer option money, which is basically a good will gesture to sellers. At the end of the day, we like to see a clean offer from a buyer in a strong financial position that’s not asking for lots of contingencies.

If you look forward to a streamlined, successful sale of your home, these pointers will help you get there. And, equally as important as the above tips is choosing the right team members to work with that you can trust. As a third generation Atlantan and practicing real estate attorney I would be happy to guide you through the sale of your home and together we can make it as successful and uncomplicated as possible. Please reach out if I can be of any help to you.

~Jess

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Spring 2018 – Beacham Insider

Beacham sellers time the market to their benefit as the firm experiences a blistering start to 2018 with a 53.5% increase in homes sold and a 33.6 % increase in dollar volume closed from 2017.

Get all the details in the latest issue:

Spring 2018 Beacham Insider

 

Enjoy!

~Jess

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Insider strategies for a successful luxury home sale

Yes, it is a seller’s market, but having a successful, uncomplicated sale is not effortless. It takes planning and work and the more consideration we put into the sale of your home, the more money you will make and the happier you and your buyers will be. So, I’m inviting you behind the curtain, backstage for some pointers on what you can do to insure the successful, uncomplicated sale of your Atlanta Luxury Home.

Know your buyer.

Today’s buyers, more than ever, prefer move-in ready homes. If you have been putting off basic updates, like carpets, paint, or floors, get those done before putting your home on the market. Your home will sell faster and for more money if it’s been updated with a neutral color palette.

Timing is everything.

Timing also has to do with knowing your buyer. Is your home ideally suited for a family? If so, you may want to time your listing so that buyers with kids can close and move during the spring/summer when school’s out. However, if you are selling an in-town penthouse in a high-rise building, you may want to time your sale near the end of the year when lots of corporate transfers happen. Discuss the best timing with your agent.

Marketing out of the box.

Even in a seller’s market, you’ve got to market your home like a pro. Make sure your agent presents you with a thorough marketing plan that includes professional photography and videography as well as staging. The marketing plan should also include strategies such as social media and an open house for agents. If you want to fetch top dollar for your home, it’s got to look like a top dollar home. Buyers can spot value and they will willingly pay if they feel they are getting their money’s worth.

Have a plan.

Murphy’s Law is alive and well in real estate so I like to discuss expectations with my clients and have lots of contingency plans and strategies. For example, we’ll choose a starting price for the home, but if market factors change and comparables and competing properties pop up, we need to have a plan for how we will adjust for success.

Assess the strength of the buyer.

And, finally, if you want an uncomplicated transaction, assess the strength of the buyer before entering into a sales contract with them. I like to look for factors such as a short due diligence period. Now in Georgia, eager buyers can even offer option money, which is basically a good will gesture to sellers. At the end of the day, we like to see a clean offer from a buyer in a strong financial position that’s not asking for lots of contingencies.

If you look forward to a streamlined, successful sale of your home, these pointers will help you get there. And, equally as important as the above tips is choosing the right team members to work with that you can trust. As a third generation Atlantan and practicing real estate attorney I would be happy to guide you through the sale of your home and together we can make it as successful and uncomplicated as possible. Please reach out if I can be of any help to you.

~Jess

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Welcome to the Spring Home Buying Season: Luxury Home Market Update

Happy Spring, y’all! I just love the hope and promise of this time of year as we see the trees budding and spring bulbs blooming. Of course, in the housing market thoughts turn toward the peak home buying and selling season. Are you preparing for a move this year? If so, you may be interested to see how the Atlanta Luxury Home Market shaping up so far this year to help you make wise choices when it comes to your next move. Here’s what I’m seeing:

Housing market is strong in Atlanta.

So far this year, we’ve seen about 144 homes sell for $1 million and up (You can take a look at them HERE), with another 25 under contract (view them HERE), as of the publishing of this article.. Inventory has still been a little tight; however, it seems that the luxury market is leveling out a bit. The pendulum may be swinging toward buyers’ favor slightly.

Speaking of buyers, they’re looking for value.

Buyers are holding out for value, if the home is priced right, it’s selling; but they’re not going for homes over-priced. If you are listing your home, be sure that it’s priced right. For some guidance, take a look at my recent post on Pricing Right for some valuable tips. It also pays to have a plan for negotiations and what you’re willing to bring to the table or concede during your sale. As a practicing real estate attorney and Realtor® I’m happy to offer any advice or assistance. 😉

Still time to beat the rush.

Want to time the market? Beat the rush of competition? The good news is, it’s not too late! The peak season is upon us but we’re early yet, competition for homes is still at early-year levels. But if you’re ready to make a move, whether that means listing or buying, let’s get moving! Beginning the process now allows you to have more options and better, more serious buyers. I’m happy to work with you to accomplish your real estate goals for this year.

I often have clients and friends ask me if now is a good time to sell their home and upgrade to their next one with the tax law changes, rising mortgage rates, tight housing market. The answer is unequivocally, yes, it’s a great time! The facts are that the economy and job market here in Atlanta are great, the tax laws didn’t change much as far as your home purchase or sale goes; and mortgage rates are still historically low. The average mortgage rate over the last 45 years is near 8.5% for a 30-year fixed rate loan and current rates are hovering near 4.45% (according to Freddie Mac).

Here in Atlanta we’re looking forward to a healthy Q2 of 2018; so if you’d like to see how you can capitalize on this market, feel free to reach out, I’m happy to explore your options and see how we can help you achieve your real estate goals in 2018!

~Jess

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Location, Location, Location

We’ve all heard the title’s axiom about buying real estate, but what does that exactly mean for buyers of luxury real estate in Atlanta? As a 3rd generation Atlantan, I’ve seen lots of changes in this city and I’ve had the chance to experience many of our city’s neighborhoods in many different phases of my life and my family’s lives.

Now as a Realtor® it’s fun to get to share with my clients – and now you – all I’ve learned over the years about the best places to live for the various seasons of life. I cover my top picks in this article and soon will be publishing a downloadable map that you can take with you as you go and explore these neighborhoods yourself. And, of course, I’m always happy to chat with you about finding the right Atlanta neighborhood and home for you and your family.

Smyrna/Vinings

Nicknamed “Smynings,” these two adjacent suburbs have become the latest “it” communities thanks to the new, SunTrust Park, home of the Atlanta Braves as well as new neighborhoods, dining, and entertainment popping up. Smynings is located just across the Chattahoochee River from Atlanta.

My Insider Info: Smyrna is a city, Vinings is not, it’s a small portion of town and in Cobb County. This is a great area for families, very family-friendly; plus, Cobb County taxes are the lowest in metro-Atlanta. With the new Braves stadium in the area there are lots of new restaurants and entertainment options. For example, The Battery is a new live-work-play development. There’s fun galore and you’re close to both the airport and downtown.

West Midtown

Once largely an industrial area, the Westside of Atlanta is experiencing a re-birth and being developed into a hip scene of urban living, working, and playing. There are numerous new housing and mixed-use developments popping up as vintage warehouses are being given make-overs and becoming home to new businesses flooding into Atlanta. This area is generally defined as west of Northside Drive and Georgia Tech, south of Buckhead, east of Marietta Blvd, and north of Hollowell Parkway.

My Insider Info: This is a booming, newer area that’s got lots of hot, new restaurants; a Whole Foods Market is coming. It’s also adjacent to the Beltline above ground trail system, which is nice for those that like to get around on foot or bicycles as Atlanta doesn’t have a great mass transit system. This area is perfect for young professionals that want to be in a fun, up and coming area.

Buckhead

Buckhead now comprises 22 Atlanta neighborhoods that make up the northern fifth of the city of Atlanta. The area is summed up in one word: upscale. The area is known for its elegant residential areas, Rodeo-Drive-like shopping experiences, and awe-inspiring architecture and landscapes. Buckhead is also a major economic and financial center of the Southeast.

My Insider Info: There’s something for everyone in Buckhead, if you have the budget – from skyrise condos on Peachtree Street to sprawling family homes in Kingswood (where the Governor’s mansion is), to the family feel of Garden Hills. The best shopping in Atlanta is in Buckhead at Lenox Square and Phipps Plaza!

Brookhaven

This area is a northeastern suburb of Atlanta that just recently, in 2012, became a city. Even though it’s a newly minted ‘city,’ it’s full of history as well as historic homes, cottages, and bungalows. With a population around 50,000, it is now the largest city in DeKalb County. The area is known as an affluent area with spacious homes and high-quality public and private schools.

My Insider Info: Brookhaven is a booming suburb, north and east of Buckhead. It has a mix of fantastic traditional homes and new construction options. The area is great for professionals and families. Residents love that it’s close to Sandy Springs, Dunwoody, Buckhead, and lot of shopping options.

Midtown

This area of Atlanta is sandwiched between Buckhead to the north and Downtown Atlanta to the south. It’s all that you’d expect of an urban lifestyle – cultural attractions, great dining and entertainment as well as high-rise residences. It’s also home to Georgia Tech University and Georgia State University. Midtown is also known for being easily walkable and bike-friendly; and many of the young hipsters that live here enjoy Piedmont Park.

My Insider Info: Midtown is Atlanta city living at its best. It has tremendous walkability, Piedmont Park, and Ansley park. This area is perfect for those who want intown living, an intown commute, and the joys of living in the city.

Old Fourth Ward

Called O4W for short, this is one of the oldest and most historic areas of Atlanta. Martin Luther King Jr. grew up here and delivered many sermons at Ebenezer Baptist Church located here. You can still visit his boyhood home, now known as the MLK Jr Historic Site. Most recently, this area, on the eastside of Atlanta has experienced a renaissance as its abandoned warehouses are being converted to lofts and mixed-use commercial spaces for small businesses. With attractions like Beltline Trail, Ponce City Market, and lots of new homes, this area is one of the top 10 best places to live in America.

My Insider Info: This area has seen so much change and is now teeming with new construction. It’s close to midtown with the feel and livability similar to midtown but without midtown prices. It’s got great walkability, the Ponce City market, and lots of very cool attractions. It offers newer and additional opportunities compared to midtown. It’s still developing so it’s a great option for home buyers wanting to be in up and coming, fun, new area. It also has great proximity to Interstate.

I could go on and on about all the wonderful neighborhoods in our fine city. Hopefully this provides you with some ideas of areas that fit into your lifestyle and season of life. I’m happy to further explore with you personally which areas and communities within them might be the best fit for you and your family. Reach out today. I’m here to help!

~Jess