Georgians would need 9.4-yr to save up for a 10% down payment on the typical home.
This would require saving 5% of the median household income every month.
To achieve a 20% down payment, homebuyers would need to save 10% of the median household income in the same time frame.
In July 2023, the avg price of a house in Georgia was $320K, ↑ 1.3% yearly.
In the Atlanta metro area, the avg home price was higher than the state avg, with $377K.
The shift to hybrid or remote work has led to a 50% vacancy rate in downtown office buildings in the US.
Converting vacant office towers into residential spaces is seen as a solution to the housing shortage.
However, demolishing existing office towers and building residential multifamily properties from scratch is more cost-effective.
In response to the Bank of England raising interest rates at their fastest pace since gaining independence, many households with mortgages have seen their monthly repayments increase by 50%, from £600 to £900 overnight. This has put many households at risk of becoming cash-flow insolvent, and government schemes are in place to adjust repayments and provide liquidity. Looking to the future, wages will likely rise with inflation, and the value of mortgage debt will fall in real terms.
Homeowners insurance is essential for mortgage loans and protects against property damage and liability.
Premium rates can increase over time, and understanding the reasons behind the rise is crucial.
Affordability and availability of homes are now scarce commodities.
Spring 2023 saw a mere 400K homes on the market, a sharp ↓ from 1M in 2019.
Also high rents and housing prices make saving for a down payment tough.
If you are planning to sell your house, it is important to keep in mind that buyers today value energy efficiency and eco-friendly features. The 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows that 48% of agents or brokers have noticed consumers are interested in sustainability. To make your house more appealing, consider upgrading it with features such as energy efficient windows and doors, a comfortable living space, and a programmable thermostat. Installing a heat pump water heater and proper attic insulation can also help reduce energy consumption and appeal to environmentally conscious buyers.
The spring homebuying season in the US is experiencing intense competition despite predictions of a market crash and bargain prices.The supply of available homes is decreasing, as homeowners with historically low mortgage payments have no incentive to sell.Bidding wars have become common, reminiscent of more prosperous times.
The global real estate market is expected to reach USD 8,364,886.92 million by 2027.
The market is forecasted to grow at a CAGR of 4.14% during the forecast period.
Trends Impacting the Real Estate Market in 2023:
1- Sustainability and Green Buildings
2-Technological Integration
3-Urbanization and Mixed-Use Developments
The Fed hiked its key interest rate by 25 bps to 5.5%The Fed expresses doubt that inflation will continue to decrease towards its 2% target without implementing another rate hike.
The number of build-for-rent homes under construction has reached an all-time high of 44,700.
That is ↑ 3X the number of homes completed in 2022.
In 2022, over 14,500 BFR homes were completed, ↑ 47% yearly and the highest yearly total to date.
Prior to 2020, the avg number of BFR homes built annually was only 6K.
1. Mortgage rates are unlikely to budge.
2. Housing inventory might ↑, but only slightly.
3. Home sales could ↓.
The decision to buy or sell requires careful consideration individually.
By making bi-weekly mortgage payments, a buyer can save up to $20K in interest on a $200K loan with a 4.1% APR over a 30-year loan. This is because 26 half-payments or 13 full payments are made per year, instead of the usual 12 payments. This results in paying less interest over time and building equity faster.
Mortgage interest rates have been volatile recently, due to investors trying to guess the Federal Reserve’s next move. The Fed has been steadily increasing its own short-term rate to bring down inflation, which has caused mortgage rates to go up, down and up again. While inflation has decreased, it is still higher than the Fed’s 2% goal. Higher rates have made it more challenging for buyers to afford homes and incentivized many would-be sellers to stay put instead. Real estate experts don’t expect mortgage rates to return to the record lows experienced during the COVID-19 pandemic, and
One thing is for sure. If there is somehow a housing market crash this year it won't be from an abundance of foreclosed homes!
Home-price volatility is settling asymmetrically, with some areas experiencing price increases and others seeing declines.San Francisco and New York City have seen decreases and modest increases in home prices, respectively.
If you bought your house and have lived in it a few years, you may have a significant amount of equity!
You may not need as much for a down payment on a house as you think!
Hello and welcome to this post on a choice that many of us will have to make at some point in our lives: Should we buy a home or stay in our current rental? This is a complicated situation that depends on a number of financial and emotional aspects. We shall discuss the various advantages of buying a property in this article. Our goal is to give you the information you need to make wise choices as you move toward homeownership. Whether you’re a first-time buyer or thinking about switching from tenant to owner, this conversation should be helpful.
Check out this quick video Ken made about this:
Alright – Let’s get on with the article!
You’ll hear the word “equity” a lot in the world of real estate. Equity can be defined as the difference between your home’s market value and the balance of your mortgage. A percentage of each mortgage payment that you make is applied to reducing the main balance of your loan, so raising the equity in your house. Think of it as a built-in savings plan where you’re gradually buying more and more of your home from the bank.
Let’s now discuss the long term. Your equity can increase significantly as you steadily pay down your loan balance and, ideally, as your property values increase over time. This implies that property ownership has the potential to be a substantial asset for accumulating wealth in the future. When you rent, the concept of forced savings is completely absent, so it’s like turning your housing expense into that. What do you think—good fodder for thought?
The stability and control that come with homeownership are another appealing feature. If you have a fixed-rate mortgage and are a homeowner, you can exhale with ease, knowing that your principal and interest payments will stay the same throughout the term of the loan. Contrast that with the potential for unanticipated rent rises at the end of each lease term. Additionally, having a home gives you independence. Dream of a sky-blue kitchen or a backyard rose garden? Go for it! You don’t have to get your landlord’s permission before making alterations. As a homeowner, you have control over the maintenance, additions, and general aesthetic of your home. The power of being able to customize your house and making it seem truly like “home” goes far beyond the financial aspect of the situation. Therefore, owning a home offers a certain allure, whether it’s stability in your monthly payments or the chance to express your personality through your property.
Let’s change gears a little and talk about renting out your property, which has the potential to make your house a source of revenue. It’s not a route that every homeowner takes, but it can undoubtedly change the game. Imagine you have a spare room, a finished basement, or maybe you frequently travel for work. Through websites like Airbnb, these areas might be rented out for both long- and short-term tenants. The money earned from these rentals can be a sizable money maker, helping to defray the cost of other bills like mortgage payments. Additionally, if you later decide to leave but opt to keep your home, it can develop into a full-fledged investment property. The benefits of homeownership financially are enhanced by the opportunity for rental revenue. Being a landlord isn’t for everyone and has its own set of obligations, but it’s a possibility that undoubtedly gives the typical story of homeownership a fascinating twist.
The possibility of property appreciation is the last topic we’ll cover, but it’s by no means the least significant. Appreciation basically describes the rise in a home’s worth over time. Because historically, property values have tended to increase, real estate is frequently regarded as a secure and long-lasting investment. This is not always a fast process and can be influenced by a wide range of variables, including the condition of the house, the local real estate market, and general economic conditions. However, in most cases, given enough time, your home’s value can increase, meaning that when you sell, you could be able to get more money than you initially paid. A significant factor in what makes homeownership desirable as an investment is the potential increase in value. So you might be sitting on a steadily rising asset as you enjoy your property and possibly make modifications to it. It’s similar to a bonus that becomes bigger the longer you hang onto it! But keep in mind that there are no certainties and that real estate markets can change, so it is always advisable to do your homework and speak with experts.
Now that we’ve extolled the virtues of homeownership, it’s important to balance the discussion by taking certain factors into account before making the decision to buy. You must first evaluate your financial preparedness. This includes being aware of all associated expenses with homeownership, such as property taxes, insurance, upkeep fees, and the monthly mortgage payment. It’s also wise to have a healthy savings buffer for unexpected expenses.
Next, factors like location and the market are quite important. Research the local real estate market, understand price trends, and take into account the possibility for community growth and development, just as you would with any investment.
Finally, consider your personal style and future goals. Do you have any immediate plans to stay in the area? Would you rather have a landlord take care of maintenance or do you like the concept of maintaining a property? You can make an informed choice with the aid of these and other questions.
Although the advantages we’ve covered are alluring, it’s important to make sure you’re choosing the right option for your particular situation because buying a home is a big decision. To find the best fit for you, you must strike a balance between the financial ramifications and your lifestyle preferences. So take your time, do your homework, and the perfect home will be there when you’re ready.
As a summary of the advantages of home ownership, it is evident that the advantages are extensive. The benefits are compelling, from creating equity to enjoying the security and control that homeownership offers. Not to mention the possibility of rental income and long-term appreciation, both of which contribute to the financial attraction. But as we’ve emphasized, this isn’t a choice that should be made quickly or casually. Making the best decision for you will depend on how carefully you weigh your financial preparation, the state of the local economy, your personal lifestyle, and your long-term goals. Remember that purchasing a home is more than just a transaction; it’s a journey and an experience.
If you have questions or are looking to buy or sell a house in Cobb County or the Metro Atlanta area, don't hesitate to get in touch. You can reach us at 404-410-6465 or visit CompleteRealtyTeam.com
Hello there! It’s well-known that making just a few updates and improvements to your home can drastically enhance its value, potentially helping it sell faster and at a better price. Not all updates are created equal, though, so we did some homework for you and compiled our top five home improvement projects with the greatest ROI – some may surprise you! Here’s a quick video explaining why you should go ahead and do some updating before listing:
Let’s consider the advantages of updating your house before placing that “For Sale” sign on the lawn. First, trying to modernize can act like a magnet for potential buyers who visit. Imagine walking into your house to find it looking like something out of the 80s versus a modern space with sleek modern vibes? Yeah, me too! Not only are aesthetic updates attractive, they can also significantly raise it’s value. Investment in home improvements doesn’t amount to wasted money; instead, it can become an even more significant return when selling. And updating your house may even speed up the sale process – seemingly too good to be true? Not really; plenty of stories exist about homes that underwent quick makeovers, leading to them selling quickly. So giving your property some TLC before selling could really pay off!
Let’s first ensure we’re clear on the Return On Investment (ROI) concept. Simply put, ROI refers to what a return will look like from what was invested. A real estate appraisal is all about adding the greatest possible value with home improvements that exceed what they cost you. There’s no magic formula for what will yield the greatest return on investment – it depends on various factors, like your home’s current state, housing market conditions and trends in home design. But don’t let that discourage you – with careful planning and an informed approach, you can select updates that provide maximum return while leaving you smiling all the way back home – all it takes is forethought and selecting upgrades that offer the greatest value to maximize return on investment!
Without further ado, here are four projects with the most significant return on investment!
Let’s bring this discussion full circle now. We have discussed how making key upgrades before listing your home can draw in more prospective buyers, raise your selling price, and hasten its sale process. Certain projects can significantly boost your return on investment (ROI) from cosmetic updates to creating an introspective home office space. But remember: smart decisions with regard to upgrades will yield maximum return for your dollar spent. Before you tear out tile or start choosing paint colors, take a moment to consider which upgrades will add the most value to your home. With some careful planning and smart upgrades in place, your next real estate transaction could become a smashing success! Here’s to making that real estate transaction successful and profitable!
If you are looking to buy or sell a home in Cobb County or the Metro Atlanta area, or just have questions – get in touch! You can reach us at (404) 410-6465 or visit CompleteRealtyTeam.com to learn more or contact us by email.
In the complicated process of selling a home, many things come into play that can have a big effect on how well the sale goes and how much money the seller makes. A pre-sale home check is one of these factors that sellers often forget or don’t give enough thought to. As the name suggests, a pre-sale home inspection is a thorough look at the state of your property by a trained professional before you put it on the market.
Traditionally, this was the buyer’s job. The goal was to find problems that weren’t obvious and ask for repairs or lower prices. But things are changing because more and more sellers are doing their own checks. A pre-sale home inspection can give you important information about your property, giving you an edge when it comes to price, negotiating, and making the property more marketable in general. But, like any other strategic choice, it has both pros and cons. This article goes into detail about pre-sale home inspections, which will help you decide if it’s a good idea for your situation.
A home inspection before the sale is also known as a pre-sale home inspection.
A pre-sale home inspection, also called a seller’s inspection or listing inspection, is a thorough look at the state of a property by a certified home inspector before it goes on the market. The goal of this process is to find any problems that could make it hard to sell the house or lower its value.
During a typical pre-sale home inspection, all of the home’s major systems and structural parts are looked at in depth. This includes, but is not limited to, the roof, foundation, heating and cooling systems, plumbing and electrical systems, windows and doors, and the house’s general structural integrity. It is also often necessary to check for bugs or insect damage, such as from termites. If the property has a swimming pool or a septic system, these may also be checked. Depending on the size and state of the land, the inspection can take several hours.
At the end of the inspection, the home inspector will give you a detailed report that lists any problems he or she found, generally grouped by how bad they are and how much it is expected to cost to fix or replace them. There may also be photos and ideas for things that need to be repaired around the home.
When a house is being sold, the home inspector is a very important part of the process. As neutral third parties, they look at the condition of a place and write a report about it. Their goal is to find problems that aren’t obvious and give a fair, accurate picture of the home’s state.
Certified house inspectors have gone through extensive training and follow a code of ethics. This makes sure that their inspections follow standard rules and that their reports are accurate and full of details. It’s important to remember that home inspectors do not give a house a pass or fail score. Instead, they give a snapshot of its current state and let the sellers and possible buyers decide what to do.
A pre-sale home inspection gives buyers a number of clear benefits that can speed up the selling process and possibly make the home worth more on the market. By doing this, sellers can do a lot to boost buyer trust and reassure potential buyers about the property’s condition. When problems are found and fixed before the buyer’s review, surprises that could kill the deal don’t happen. Also, sellers can make their home more appealing to buyers by fixing problems before putting it on the market. Pricing-wise, a clean pre-sale inspection report or a clear promise to fix problems can be used to support a higher asking price. Lastly, a good pre-sale inspection can speed up the selling process because buyers may decide not to do their own inspection or because negotiations may go more quickly after the inspection. Basically, a pre-sale home inspection can give buyers an edge in the market, which can lead to a successful and profitable home sale.
A pre-sale home inspection can be helpful in many ways, but it can also be bad in some ways. One drawback that stands out is the cost. Home inspections can be expensive, and the seller has to pay for this cost up front. Also, a pre-sale check could find major problems that the seller has to tell any potential buyers about, even if they don’t want to fix them. This could turn off potential sellers or make the home seem less valuable. Also, if big problems are found, fixing them can make it take longer to put the home on the market. Even if there is a pre-sale inspection, a buyer could still choose to do their own inspection, which could find more problems. So, a pre-sale inspection can bring clarity and trust, but it can also bring up issues that sellers need to think about.
In conclusion, a pre-sale home check could have both pros and cons that homeowners should think about. On the plus side, it can boost buyer trust, make sure there aren’t any surprises during the buyer’s inspection, let problems be fixed before the house goes on the market, give you a price advantage, and maybe even speed up the selling process. But there are costs and the chance of finding problems that the seller needs to tell you about. In some situations, if serious problems are found, it could cause delays, and buyers could always ask for a second inspection. Whether or not to do a pre-sale home inspection rests a lot on the seller and the property. This includes the condition of the home, the local real estate market, and the seller’s finances. Even though it can be helpful in some cases, it’s not a sure thing for every seller. Before making a choice, it’s best to talk with real estate professionals who know the local market and can give you personalized advice. They can tell you if a pre-sale home inspection is likely to help you in your situation.
Should you buy a newly built house or one that has been previously lived in? Check out the advantages of both in this new video:
There is no doubt that the financial benefits of selling a house are excellent today. If you’re ready to make a move, now is a wonderful time to list. Yet, if you do sell your home right now, you may be wondering where you will live when you relocate.
With so few properties on the market right now, you may be thinking about building a new home as one of your possibilities. Yet, you may wonder if it is your best option. Let’s weigh the advantages of buying a new house against buying an existing one, and why engaging with a real estate agent throughout the process is crucial to your success no matter what you choose.
First, consider the advantages of owning a newly built home. You’ll be able to do the following with a brand-new home:
1. Make Your Dream House A Reality – When you build a house from the ground up, you can choose the specific desired features, such as appliances, finishes, landscaping, layout, and more.
2. The Latest In Energy Efficiency – You can choose energy-efficient options when designing a home to help minimize your electricity expenses, protect the environment, and reduce your carbon footprint.
3. Reduce The Need For Repairs & Updates – All home builders provide warranties, giving you peace of mind that your new home should be trouble free for years to come. You will also have fewer small or large projects to complete. QuickenLoans puts it this way:
Buying a new construction vs. existing home typically means you’ll have fewer repairs to do. It can be a huge relief to know that it’s unlikely you’ll have to repair the roof or replace the furnace.
4. Everything Is Brand New – Another advantage of a new home is that nothing in it is used. Everything is completely new and distinctively yours from the start.
Let’s compare that to the benefits of purchasing an existing property. You can do the following with an existing home:
1. Find A Wider Range Of Home Types & Floorplans – You’ll have a more comprehensive selection of floorplans and designs to choose from with decades of homes to choose from.
2. Join A Well Established Community – Existing homes allow you to get to know the neighborhood, community, or traffic patterns before making a commitment.
3. Established Landscaping And Older Mature Trees – Established neighborhoods also feature better-developed landscaping and trees, which can provide you with more seclusion and curb appeal. According to Investopedia, if you buy an existing home:
Odds are, too, that the home will have mature landscaping, so you won’t have to worry about starting a lawn, planting shrubs, and waiting for trees to grow.
4. Enjoy That Lived In Charm – The character of older dwellings is challenging to replicate. You may select an existing home if you value timeless craftsmanship or design characteristics. According to the website Houseopedia:
Charm is priceless. Existing homes, especially those built in the 1950’s or before, often offer architectural elements, historic charm and a quality of craftsmanship not available in new homes.
You do have options. When you begin your search for the ideal home, keep in mind that you can go either way; you simply need to pick which features and benefits are the most essential to you. Partnering with your trusted real estate expert and agent will help you make the most informed and educated decision possible, allowing you to move into the home of your dreams.
If you have any questions about the alternatives in your area, let’s talk about what’s available and what’s best for you so you can confidently make your next move. Just visit CompleteRealtyTeam.com to contact us by email or give us a call at 404-410-6465 anytime.
