Posts Tagged ‘Atlanta homes for sale’

Why Home Prices are Still Rising Despite the Global Pandemic

To say the economic news coming out lately has been disconcerting would be an understatement. Statistics concerning job losses, furloughs, and unemployment figures have pointed to upheaval in the global economy as a result of social distancing measures, which were put in place by governments to contain the global COVID-19 pandemic.

But according to recent data from Realtor.com, there is one statistic that should give homeowners (especially potential sellers) some comfort—home prices still appear to be on the rise. In the week ending April 25, the median home list price ticked up by 1.6% annually, compared to one year ago. The data comes from the 99 largest metropolitan areas.

To be sure, price growth was higher a few months ago, when prices were rising by over 4% prior to the lockdown. But this is still a positive sign given the turmoil in other segments of the economy, and could provide reassurance about the stability of the housing market for those considering buying or selling their property.

So why do housing prices appear to be holding steady despite uncertainty in the broader economy?

First, it could be that prices are “sticky”, according to Realtor.com Chief Economist, Danielle Hale:

“The slight increase this week is because prices are sticky. Home sellers are strongly resistant to lowering prices, and they’d gotten really close to declining, so we see a bounce-back. I don’t think this is a return to big price increases.”

The second reason might have to do with the reduction in inventory. The number of homes for sale has been on the decline for years, leading to a much publicized housing shortage in many parts of the country. Low inventory and high demand tends to drive prices up as more buyers compete for fewer houses.

And, after the pandemic hit, available inventory has plummeted. Some estimates put the decline of annual inventory at upwards of 17% compared to last year. Meanwhile, according to the Realtor.com data, the number of new listings has plummeted by a whopping 43.1%.

People are pulling their homes off the market, or waiting to list them because they’re worried about their own economic prospects, concerned with moving during such an uncertain time, or believe that the health risk of having strangers visiting their property isn’t worth it. In any event, listings have slowed, which has helped keep prices of homes that are on the market fairly high.

So, despite the constant deluge of health and economic news, home prices appear to be holding steady. This is good news for anyone who is considering selling, or wants confidence that they’ll be buying a home that has value. It might also give buyers and sellers an edge in a market where many others are choosing a “wait and see approach.”

As always, if you’re thinking about buying or selling a property, or have any real estate questions at all, don’t hesitate to reach out. Even during these difficult times, there are still great opportunities for sellers and buyers. Our team is happy to support you along the way. Call Us!

HOMELUX Realty Pro, LLC

Phone: (678) 469-5683

www.atlantaluxuryhomes4sale.com

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The Kimmig Team Atlanta Luxury Homes for Sale

We are writing to express my pleasure with real estate agent Anisa Kimmig. She represented us in our recent purchase of a single family home.
Anisa Kimmig guided us through the entire process, from loan prequalification to searching for houses to making the offer and closing the deal. We purchased a home from Anisa in June 2016. We credit Anisa with a smooth, stress free home buying experience.
We have purchase many homes in the past, and never had we had such a pleasurable experience. Anisa is professional, true caring nature and knows the market inside and out. We never could have gotten our beautiful home without her.

Anisa doesn’t forget you once the deal is done. I have called Anisa with questions about the home or other situations. She has always come through with excellent, timely recommendations. To this day, she always makes me feel like helping me is her highest priority.
To reiterate, we are nothing but pleased with Anisa and her expertise, we recommend her to everyone.
Sincerely,
Mr & Mrs Owen Barnaby

The Kimmig Team Atlanta Luxury Homes for Sale

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ALPHARETTA GA HOMES FOR SALE – COUNTRY CLUB OF THE SOUTH – LUXURY HOMES

Country Club of the South – Alpharetta GA, 30022

Alpharetta GA Homes for Sale – Country Club of the South – Luxury Homes for Sale

Interested in purchasing a home or ready to sell your home in Alpharetta GA – Country Club of the South Neighborhood? We are the Neighborhood Experts and will provide you with all the data and history of the neighborhood you would need! Country Club of the South is located in the prestigious North Atlanta community of Alpharetta and is a unique community. Its wide variety of price points provide broad appeal and have allowed many residents to trade-up houses in Country Club of the South as their success has allowed.

Experience North Atlanta’s Premier Private Club

The beautiful Country Club of the South offers an idyllic private haven where Members enjoy exceptional golf, premier tennis and swimming facilities, exquisite cuisine as well as genuine Southern warmth and hospitality. The perfect club for the busy family, our people and world-class facilities combine to create a fun and relaxing environment for family and professional activities.

With a recently completed clubhouse renovation and fun activities and amenities for the entire family, membership at Country Club of the South is the perfect complement to the friendly, welcoming spirit of the Atlanta community.
Play a round on the prestigious 18-hole Jack Nicklaus-designed golf course, voted one of the “Top 20 Best Courses in Georgia” by Golf Digest
Unwind around the fire pit with friends on the outdoor patio lounge
Dig into tantalizing culinary delights in casual and upscale dining venues
Meet new friends at the Tennis Center complete with six soft and six hard tennis courts
Share family time at fun-filled Club social events
And much more!

COUNTRY CLUB OF THE SOUTH, ALPHARETTA, GA 30022 – REAL ESTATE ACTIVITY

Click the link below for instant access to Active, Pending and Sold Homes listings in Country Club of the South, Alpharetta GA, 30022:

https://www.atlantaluxuryhomes4sale.com/homes-for-sale-results/?subdivision=Country+Club+of+the+South

180 Days Real Estate activities in Country Club of the South: Report as today’s date of 08/10/2016

48 Active Single Family Detached Country Club of the South homes for sale, as today’s date of 08/10/2016. Highest asking price is $5,125,000 and lowest asking price is $558,900;
0 Contingent – Due Diligence Country Club of the South homes for sale, as today’s date of 08/10/2016.
3 Pending Sale – Country Club of the South homes for sale, as today’s date of 08/10/2016. Highest asking price is $938,500 and lowest asking price is $689,900;
22 Sold Homes – Time Period: 02/10/2016– 08/10/2016. Country Club of the South homes SOLD. Highest sold price during this period was $1,550,000 and lowest sold price was $554,000.

ALPHARETTA GA HOMES FOR SALE – COUNTRY CLUB OF THE SOUTH – LUXURY HOMES… » Read More

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Residential Appraisals: The facts about Real Estate Appraisals.

Residential Appraisals: The facts about Real Estate Appraisals. Real Estate Appraisals are a necessary step in the home buying process. There is a lot of confusion out there regarding the truth about appraisals. Some people are confused about their purpose and often think of them as home inspections. Some people think that a low appraisal for their home is the kiss of death. People should take the time to learn the facts about real estate appraisals. The more people learn beforehand, the better prepared they will be to tackle this crucial step.

Your home loan approval is contingent upon the results of the real estate appraisal. It is as simple as no appraisal…no loan. Since very few people have the ability to pay for a house with cash, the appraisal is going to be necessary. A loan is never going to go through without an appraisal. The purpose of the appraisal is to establish the home’s market value. The sales price will be based on the market value.

The main goal of the appraiser is to protect the lender. Lenders don’t want to be stuck with property that is not worth its price tag, so the appraisal must be completed before the lender will approve the loan. The information contained in appraisal is invaluable to the lender. The lender will study the details of the appraisal before reaching a final decision. It makes sense. If they are going to be funding the transaction, they should be aware of the property’s value.

The lender will often dictate the choice of appraiser. It might have one in house or through a contract with an independent appraiser. If you go with your own choice for appraiser, they may be subject to final approval from the lender.

Residential properties are normally appraised using either the sales comparison approach or the cost approach. When using the sales comparison approach, an appraiser compares the property to similar properties that have sold in the area and bases the market value on the comparable properties. The cost approach is based on the costs to build, which means it is more appropriate for new properties.

The actual appraisal reports are very detailed. They contain information about the subject property along with comparisons of a few similar properties. There is an evaluation of the overall house market within the area. The appraiser will then list any issues that he or she feels might diminish the property’s value.

The next component is a list of any serious problems like bad roofs or weak foundations. The appraiser then gives an estimate of the sales time for the house. Finally, the report will indicate the type of property.

It is important to note that the real estate appraisal is not the same thing as an inspection. The appraiser might make note of any problems they see, but they are not responsible for declaring if your home is in good condition or not. They are only responsible for assessing the property and determining the market value for the lender. A home inspection is a different process altogether.

Real estate appraisals only include the home, the land, and any improvements to the land. It does not cover any personal property that might be sold with the house. The buyers should purchase those items separately.

Everyone fears the possibility of a low appraisal. It happens all of the time, usually during closing. There are some things you can do to remedy this common but stressful situation. The buyer can make a larger down payment. If this is not feasible, the seller and buyer can negotiate the price some more. Additionally, the appraisal can always be disputed.

What all goes into an appraisal? Appraisers are looking at the condition and size of the house, its proximity to good schools, and the size of the lot. Appraisers do not look at dirty dishes or overflowing laundry baskets. They do care about chipped paint, broken windows, and appliances that don’t work.

You can also dispute a short appraisal. Lenders cannot communicate directly with appraisers, but you can. If you think the appraiser overlooked important information about the home or comparable properties in your neighborhood, you can either reach out to the appraiser, or you can hire a different appraiser for a second opinion (at your own expense). If you do seek a second opinion, make sure that the appraiser is state-certified and approved to work with your lender.

You can also walk away. If the sellers accepted your offer, but the appraisal comes in too low, you don’t need to purchase the house. Often, the sellers will negotiate at this point, because otherwise they’re back to finding another buyer.

How to avoid a short appraisal. Before making an offer, do your homework. Keep an eye on the real estate listings for the neighborhood where you’d like to live. How much do houses sell for? Are they on the market for months, or are they snatched up quickly? You may not have access to all of an appraiser’s tools and calculations, but a lot of data is available on the Internet and through public records.

Few Tips for Getting the Most out of Your Home Appraisal if you are a Seller hopping to get the top dollar for your property, a buyer eager to have a lender sign off on a loan or a homeowner wishing to complete a cash-out equity line refinance or getting more bang for your buck out of an appraisal. Low ball appraisals can kill deals, but fortunately there is a lot you can do to help boost the appraisal value of a particular property.

If you have made improvements and updates to your home over the years it is a good idea to detail these upgrades in a report and hand this list over to your appraisal. Remember, part of the appraisal process is looking at your home’s previous sales and comparing the property to similar houses in the neighborhood. If you’ve added an additional bathroom, bedroom, garage, screen porch, additional heated square footage, finish-out basement and the records don’t show, you’ll want this fact rectified and taken into consideration. The same goes for updates done on your kitchen and bathrooms. If your home was built on or before 1975 but you updated, gutted and replaced the electrical, plumbing and heating system recently, this is something that your appraisal shall know.
It’s important to remember that the appraisers are people, too. Don’t presume they’ll use their professional experience to look past children’s toys scattered across the home and backyard or dirty dishes. First impressions matter just as much with your appraiser as they do with potential buyers. Always do your best to maintain the look and feel of your home as clean and cared as possible.
It is okay for your house to look lived in, but certain things like carpet stain, signs of rodents or insects, overgrown landscaping will affect the overall rating of your home. If your home looks uncared for your appraiser may start to wonder if a lack of attention to maintenance issues are present as well.
Curb appeal matters! It really does. Maw the lawn, pull those weeds and do the edging. Add some potted flowers by your front door and replenish the flower beds. Giving your landscaping the fresh look is very important! You want to distinguish your property and make it stand out on the day the appraiser is set to arrive.
Exterior Home Renovation. Picture before renovation.
Exterior Home Renovation which improves the home value. Picture after renovation.
A fresh coat of paint provides more return of your investment than any other home improvement! Not only a fresh new look yield to a higher appraisal, but you will more likely to sell the home more quickly at a price closer to what you are asking.
An experienced real estate agent can also help you determine whether an offer is reasonable and likely to get a favorable appraisal.

Appraisals are not being conducted by just anyone off the street. Real estate appraisers are trained professionals licensed by the state in which they work. They are qualified for the work they do by completing state certification requirements like exams and continuing education courses. This line of work demands strong critical thinking skills and the ability to interact with different groups of people.

When you are buying real estate it is important that you have professional representation, and you should not settle for anything than the best. The Kimmig Team is representing all types of buyers and sellers, from luxury homes, to first-time home buyers. We are here to help you and in deciding about the Re-sale Value of your future real estate purchasing. Visit our website at www.atlantaluxuryhome4sale.com and start searching for 1000’s of homes today! Take advantages of lower interest rates and start living your dream.

Remember: The facts about Real Estate Appraisals – Real Estate Appraisals are a necessary step in the home buying process.

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