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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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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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New Year, New Opportunities: Atlanta Luxury Real Estate Edition

Happy New Year to you! This is going to be a GREAT year! The beginning of a new year is such a fantastic time to grab hold of your plans, dreams, and goals and put them into action, right?! It’s also a time to think about your plans for your home. Are you considering relocating, upgrading, downsizing or buying an investment property? If so, I’ve got some valuable inside information to help you have greater success in your home transactions this year.

As for the Atlanta real estate market, we are expecting much strength in home listings and purchases this year as the Atlanta job market and overall economy are both very healthy and strong. According to the National Association of Realtors® (NAR) real estate sales in the Southern states will outpace that of the rest of the nation. Housing inventory is expected to rise for the first time since September 2015, opening up more opportunities for buyers and leading to an increase in home sales over and above 2017’s record breaking year.

As for the luxury market, where I specialize, we see the market looking good as well. Yes, I know the media talks lots about how the new Tax Reform will affect housing and according to our brokerage and NAR alike, the net-net affect of tax reform will be minimal on our strong, healthy housing market. One of our top selling Atlanta Realtors® is quoted as saying “no client has ever based their decision to buy or sell a home on changes in the tax code.” I agree. (If you’d like to read a deeper dive on Tax Reform, visit Beacham’s great article.) So, let’s consider your goals for this year regarding real estate.

Sellers

If you are planning on listing a home for sale this year, let me be the first to advise you that now is the perfect time to get rolling on your plans. Not only does it take time to get your home ready for sale; but also, these 12 weeks before the peak home selling season begins in the spring are the prime time to capture buyer interest as many buyers begin their search online in January. We see significant spikes in web traffic on searches for homes during the month of January.

As a seller you can grab a competitive advantage, which is especially important in the luxury end of the market as the volume of buyers are fewer. So, what can you do right now to begin your preparations?

  1. Begin to Stage and De-clutter – Please give me a call and I’m happy to visit your home, discuss your options and help you begin to think about staging and decluttering your home to make it look its best.
  2. List any needed repairs, maintenance, or improvements – Many of today’s luxury buyers want updates and upgrades done before they move in. But which ones? We can create a plan together to address home improvement items so we can earn top dollar on your sale. I have lots of trusted resources I can recommend to help us each step of the way.
  3. Your Timeline and Next Steps? Once you decide to list your home, you need to think about your timeline, when you’d like to close, what commitments you currently have (i.e., vacations, obligations) that you will need to work around. Also, think through all the scenarios and timing regarding your next move. Will you buy right away or move into a rental? Where will your belongings be stored? We can walk through these details together as we put together a plan for you.

 

Buyers

For those looking to buy, now is a great time to begin your search. In many price-points, inventory has been a challenge for Atlanta home buyers. If you’ve been one of them, consider this time of year your VIP Preview to the peak home buying season. Now is the time you can get in and see homes with fewer buyers in the market. So, what can you do now to prepare to purchase?

  1. Set your budget – Whether you are paying cash or using mortgage financing, now is the time to get your finances in order, see how much you have for a down payment, and call your mortgage advisor to get pre-qualified.
  2. Make your wish list – What are you looking for in a home? What are your non-negotiables? What are your nice-to-haves? What are the neighborhoods and school districts that you’d like to be in? Discuss these with your spouse, partner, or family members and come up with a realistic list.
  3. Determine your timeline – Start thinking about your timeline. Do you have any restrictions or requirements on when you can and/or want to move based on work, school, or planned trips? For example, many families prefer moving in the summer, so kids can start the new school year in their new school. We’ll do our best to find a home and a seller that can work within your timeline.

Whether you plan to list your home or buy this year, now is your prime time to get started! All this month, I will be providing valuable tools for sellers and buyers to jump start your housing plans for this year. Reach out as I’m happy to guide you toward your goals in 2018.

All the best to you this year!

~Jess

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Insider Secret: List in January!

Are you planning to list your home in the new year? If so, I’ve got some insider secrets to share with you to help you beat out the competition, get more money for your home and sell it within your desired timeline. It all goes back to the old adage, “the early bird gets the worm.” And in this case, the early birds are shopping for worms – homes – beginning in January. According to the latest research published by the National Association of Realtors (NAR) 88 percent of home buyers begin looking for their next home using the Internet – not really a surprise, right?! However, what is surprising is that buyers start researching homes 12 weeks before they commit to a home, making January the prime time they begin shopping in order to close and move during the peak spring and summer market. The trend bears out with our own website! Beacham & Company sees the greatest jump up in website traffic in January! 

Interesting, you say? Year after year we see this trend play out and in the luxury market, taking advantage of the trend is even more important. Luxury homes, on average, spend more days on the market than average priced homes and the buyer pool is generally smaller. So, if you are planning to list your home in 2018, I strongly suggest we get to work making that happen come January.

What are Next Steps?

  1. Make an appointment with a Realtor® – Your first step, once you decide you’d like to explore listing your home in 2018 is to call a Realtor® to discuss your options and talk about your plans. Of course, I’d love the opportunity to put my experience to work for you. As a 3rd generation Atlantan, Real Estate Attorney and Realtor®, I have a unique skill set to better help you find your ideal home and give you that extra edge at the negotiating table.
  2. Prepare to stage your home – Once we’re ready to move forward, we’ll tour your home with an eye for staging it for sale. Whether we decide to hire a professional staging consultant or do it ourselves, we will identify any fixes, improvements or most often, decluttering and shifting around that will accentuate the beauty and functionality of your home.
  3. Prepare to have your home photographed – Compelling photography was identified in NAR’s study (mentioned above) as more important to buyers when browsing your listing than detailed information about your property – including price! We’ve heard about the importance of high quality photography time-and-time again which is why we have phenomenal photographers on staff and take the time to help you prepare to have your home photographed. 

So, if you plan on listing your home in 2018, my insider advice is to consider listing in January to beat the competition and give yourself the best chance to sell within your timeline and for top dollar. We have seen it happen year-after-year that sellers listing in January get a headstart on all those who wait until spring to list. Please, reach out, I’d be happy to answer any questions and discuss your options for listing in the new year.

~Jess

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Checklist Before You List

So, you’ve heard that Fall is a great time to list your home for sale and you’ve decided to put your home on the market. What’s next? If you want to earn top-dollar on your sale, you’ll need to get your home in ‘top-dollar’ shape. I would be happy to help you determine what needs to be done and prioritize based on your specific home. However, to get you started, I’ve listed here the checklist that I go over to get a home ready to list:

  1. De-clutter – Box up and clear out any unnecessary items and furniture in your home. You’ll be packing it and moving it all anyway so this is a good chance to get a jump-start.
  2. Refinish hardwood floors – If your hardwood floors need some love, now is the time to schedule a refinish so that they’ll look shiny and new for potential buyers.
  3. Paint interior and exterior – If it’s been more than 10 years since your home’s exterior has been painted or it’s looking weathered, this is a great excuse to get it scheduled and done. For the interior, a fresh coat of paint goes a long way to impressing buyers; and if you can make the walls a basic, light color it will help buyers focus on the home as a whole and not be distracted by paint colors.
  4. Walk through the entire home and critique it like a buyer – Once you’ve decided to sell, you are in the business of making your home as appealing to buyers as possible. Take a walk around your home imagining that you’re viewing it as a buyer.
  5. Take down personal photos and personal items – Removing as many personal effects in your home as possible will enable would-be buyers to see themselves in the home rather than being distracted by your personal photos and mementos.
  6. Steam-clean carpets – If you have any carpeting, make sure it has been professionally cleaned and stains removed.
  7. Organize closets and drawers – Just as you de-cluttered the rest of the home, you need to de-clutter your closets and drawers that buyers will be viewing. The storage spaces will look more expansive and attractive with less stuff in them.
  8. Critique your curb appeal – Go out to the street and take a look at your home. Critique your curb appeal. Is your landscaping well maintained? Is your driveway and sidewalk clean? Is your entryway neat, freshly painted, and welcoming?
  9. Get a professional deep clean of your home – Make your home sparkle for potential buyers by calling in the professionals for a deep clean. It’s worth every dime!
  10. Consider professional staging – Speaking of professionals, having your home professionally staged is a great way to make it stand out with buyers. A good stager can make your home look like a showpiece! In fact, I’m interviewing a local interior designer to get her inside tips for DIY staging for an upcoming blog post, so keep an eye out for that one and make sure you subscribe to the blog so you get notified.

The purpose of this list is to help your home’s beauty shine through. Find ways to highlight your home’s best features, whether it’s your magnificent hardwood floors or the breathtaking view. Connect back to why this home is so special to you to help you prepare it for others to see.

And remember, each home is unique, so I’m happy to review your home with you to prioritize and decide what will make the largest impact for your sale.

~Jess