Home Buying Series • January 3, 2024

What to Expect at an Inspection

by Sarah King

(Disclaimer: I’m not a licensed inspector!)

Buckle up buttercup, it’s inspection time.

Inspections are one of those things that can strike fear in the hearts of buyers and sellers alike. What will the inspector find? Will I have to fix it? How much will it cost? Will the seller pay for it? Will the buyer pay for it?? WHAT IF THERE’S NO PLUMBING???

I can assure you, I’ve never been privy to an inspection where there was no plumbing at all, (that would be revealed in the Sellers Disclosure statement at the very least, so fret not), but there are still some issues that can come up. Like I’ve said before, I can’t cover them all, but I can give you a good idea of what an inspector is checking over when he or she comes to do their job:

*Roof

*Plumbing

*HVAC

*Foundation

*Trees proximity to roof (if they’re touching, or close, it gives squirrels an entryway to the attic)

*Evidence of squirrels and other rodents

*Evidence of bugs

*Flooring

*Exterior condition of house (siding, wood rot, facia, gutters)

*Doors and windows

*Garage door (if applicable)

The inspection is usually scheduled for about 3 hours, either in the morning or afternoon. If it’s scheduled for the morning you should have your report by the end of that business day 🙂

Something will usually come up that has to be negotiated, (will the seller replace that leaky gutter, is the buyer cool with that wood grate over the front door not being painted?), and it’s up to the separate parties as to how smoothly that goes. But if all is negotiated to the satisfaction of each, we’re signed and sealed and on the way to closing!

The next few weeks are a bit of a no man’s land, where nothing major is scheduled and everyone is waiting on the loan to finalize and the lawyers to clear the title and make sure we are clear to close. It’ll be quiet (for the most part), with the ball in the lenders and lawyers court. After we’re clear to close, the next stop is the place all of us want to be.

The closing table.

Home Buying Series • December 18, 2023

What’s an Appraisal and Why do I Need it?

by Sarah King

We’re keeping it short and sweet today.

An appraisal is when the lender sends someone out to appraise the home (I’m telling you, real estate folk get an A+ for creativity. They keep knocking it out of the park), to make sure that the bank isn’t loaning more money than they need to and that the home is actually selling for what it’s worth.

They won’t just take our word for it, apparently.

Which I think is rude, but I digress 😉

When the appraisal comes back over asking, or worse yet for the seller UNDER asking, is when it’s a bit of a sticky wicket. Back a couple of years ago this is why the appraisal clause became so popular. Homes were regularly under contract for more than asking, and the buyer wanted to assure the seller (if they were the lucky buyer who even got picked in the first place), that regardless of how the appraisal came back, they would stick to the agreed upon purchase price in the contract.

An appraiser checks things like the location of the home, the general condition of the home, roof, lot size, number of bedrooms and bathrooms, etc. They run comps like we agents do, to make sure everything is square.

Appraisals are required for all government backed loans, which include your FHA, VA, and USDA. You may waive it with Cash or Conventional purchases. They usually cost around $300-$700 depending on the size of the house, and is typically paid by the buyer. They’re scheduled during your Due Diligence period along with the inspection, so that if anything comes back less that ideal, you have an opportunity to back out of the contract with no loss.

Speaking of inspections…

Home Buying Series • December 11, 2023

How to Make an Offer on a Home

by Sarah King

[All my blogs are written without the assistance of AI. I have nothing against it, I just wanted y’all to know my own brain and my own synapses created these posts. This has been my PSA :D]

This ain’t gonna be sexy.

Writing an offer on the home you’ve picked as ‘The One’ is terribly exciting.

It’s emotional.

It’s daunting.

It’s scary and exhilarating.

But it ain’t sexy.

There’s mundane things to decide on, and some potential back and forth over repairs and concessions and move-in date and so on and so forth. Like I’ve said before, I can’t cover every contingency we may encounter, but I can give you a brief overview so that you know and are prepared when the time comes to make an offer on that home you fell in love with.

1.) Set Offer Price

Depending on varying conditions, we put in a low, full, or overprice offer. A couple of years ago I know you heard all the stories about how homes were selling for 20, 50, 100 GRAND over asking.

For one thing, those 100 grand offering people… please adopt me 😀

For everyone else, that was the most intense sellers market we’ve ever witnessed. I’ve heard it referred to as the ‘unicorn market’, because it’s doubtful we’ll ever experience that trifecta of circumstances again. Now, while it’s still a sellers market, we’re in a STABLE sellers market. It’s normalized. We have things like seller concessions, which would have gotten you laughed out of the running two years ago, are now being negotiated and accepted.

There’s a few considerations most people know when it comes to a real estate negotiation, and that’s things like how many days on market and the location. Other things to consider is the roof age (are you going to have to replace it soon?), the age of the HVAC (same question), are there any repairs or additions that you’d have to complete before the property is up to a certain standard (there was a buyer who worked for the school system and they needed a certain wifi system that the current owner didn’t have the infrastructure to support. It was an addition they needed, and the negotiation was for a certain amount off the asking price since they’d have to add it after closing)? Does the seller need to stay in the home a certain amount of time after close? Does the buyer need to move in early? Does the antique china cabinet stay? Does the septic need to be pumped? All of these are questions that will be specific to the home, and are what the offer price hinges on. I’ll walk you through all this and keep you informed, so you know just what kind of an offer to make, and what to negotiate for.

2.) Seller Concessions

Are we asking for Seller Concessions? Each loan type has a certain percentage you may ask for (FHA & USDA is 6%, VA is 4%, and Conventional depends on the down payment amount).Let’s say you have an FHA loan. You put 3.5% down on a $418,000 home (the average home price in the Metro Atlanta area), the max seller concession would be 6%. That would total out to $25,080 to cover closing costs, possible repairs, rate buy-downs, attorney’s fees, appraisal fees, inspection fees, loan origination fees, property taxes, recording fees, and title insurance.

3.) Closing Attorney

Yes, we negotiate the closing attorney. I always start the offer with the closing attorney being Raymer Law Group (more info here). They’re our closing partners here at Better Homes, and they treat every closing with white glove service. Unless my buyer already has a closing attorney they love and always want to do business with, I start with Raymer. They’ve been in the business for 30 years, and they will come to any of our 26 office locations in Metro Atlanta. Are you in Villa Rica? They’ve got you covered. Sandy Springs? They’ll be there with snacks and fancy water (did I fail to mention they bring snacks?? They bring snacks). The closing attorney can either add or eliminate a ton of stress. Once upon a time I worked with a closing attorney, and the pre-closer they assigned to my case went on medical leave the day after they got my contract… and didn’t assign it to anyone else. There was our poor little file, languishing in an inbox somewhere while our calls and emails went ignored because no one was on our case. Needless to say that was NOT Raymer, and I have an ulcer.

4.) Earnest Money

How much earnest money do you wish to use? Earnest money is simply money that shows how “earnest” you are (wow) (who says real estate people have no imagination??). A good rule of thumb is around 1% of the purchase price, but it can be anything you’d like. Just know if you only offer $100, your offer isn’t looked at as seriously. Also, it goes toward the purchase price, so you’re not losing it (as long as you cancel the contract within Due Diligence).

5.) Due Diligence

A good rule of thumb is 5-7 days. This is where the inspections, appraisal, and the ‘sleeping on it’ portion come into play. During Due Diligence, you may cancel the contract for any reason or no reason at all. Don’t like the way the sun glints off the window panes? Don’t like it as much today as you did yesterday? You decided your prized sword fish collection won’t look so good in that space after all? The termination agreement is on its way.

6.) Financing or No Financing Contingencies

Depending on how you plan to purchase your new home depends on the contingencies we use. If you’re using all cash (please adopt me too 😀), we’ll use the No Financing Contingency. We have to state how many days until the seller may receive your Proof of Funds and whether or not you’re waiving appraisal (and if not, who’s ordering it, buyer or seller).

If you ARE using a financing contingency, this is where we spell out the specifics of your loan so the seller knows how they’re getting paid.

Once our offer is submitted, negotiated, signed, and God willing ACCEPTED… Now it’s time for inspections and appraisals.

Home Buying Series • December 4, 2023

MBF and Financials- Getting Pre Approved

by Sarah King

[Disclaimer: I am not a licensed mortgage officer. If you would like to know the inside nitty-gritties of the home loan process, please contact a lending professional at MetroBrokers Financial (info at end of post), or any lender of your choosing.]

[All my blogs are written without the assistance of AI. I have nothing against it, I just wanted y’all to know my own brain and my own synapses created these posts. This has been my PSA :D]

So, you’d like to buy a home.

You’ve found an awesome agent (more about that here) who you’re looking forward to working with, and now you’re ready to get pre-approved.

I know that might sound like a scary undertaking, people poking into your financials and asking all sorts of invasive questions (little side note here: As your Realtor, I am not privy to nor do I learn about your personal financial information. All I know is how much you qualify for, so I know what the budget is. Everything else is mortgage lender territory) and I understand that the process can seem incredibly overwhelming.

That’s why you’ve found me 🙂

I have a handy little checklist to share with you, so you know just what you have to share and have available to a mortgage lender. Also, there’s a helpful list of DON’Ts tacked onto it as well. You’d be surprised at the things you can’t do when applying for a loan. It can throw off your debt-to-income ratio and disqualify you for a loan that was clear to close, and believe me– no one wants that heart break.

1.) Home Loan Application Checklist

Do’s and Don’ts of Applying for a Home Loan:

Provide your last 30 days of pay stubs. Provide W-2’s for the past two years
Provide all pages and schedules of last two years personal tax returns
If self employed, provide all pages and schedules of last two years business tax returns and corporate K-1’s
If retired, provide benefit award letter, last two years 1099’s, and all pages and schedules of last two years tax returns
If any rental income is received, provide copy of current lease agreement
If VA and active duty personnel, copy of Statement of Service Letter and Off Base Housing Authority Letter Proof of Assets Information
Provide ALL pages of most recent 2 months statements for all accounts; including all checking, savings, stocks, IRA, 401k, etc.
If funds to close will come from a gift, complete the gift letter and the following: (see gift requirements) a. from the donor – bank statements showing the funds in the donor’s account and a copy of the check from the donor’s account b. from the borrower – a copy of the deposit slip showing the gift check deposited into your account
If funds to close will come from sale of home, copy of Hud-1 from sale of home and deposit slip showing proceeds deposited into bank account Additional Documentation
Copy of driver’s license and social security card
Copy of divorce decree (if applicable)
If applicable, a full copy of bankruptcy papers, including all schedules and discharge, they will also want a credit explanation letter explaining why you had your bankruptcy and that the problem has cleared up
If you are a Veteran, or a spouse of a deceased Veteran you need a Certificate of Eligibility or copy of VA DD214
Hazard Insurance Agent’s name, address, and phone number – obtain new insurance policy within 48 hours of loan application.
Explanation Letter for any late payments on credit report or collections or judgments.
Explanation Letter for any credit inquiries in the past 120 days and if new credit was opened as a result.

DON’T DO’s – Some of the most common mistakes borrowers make prior to loan application:

Don’t pay off collection accounts
Don’t move funds around
Don’t deposit funds that are not your payroll into your accounts
Don’t make any purchases such as furniture
Don’t open any new credit accounts
Don’t quit your job
Don’t think that you can send items needed a few days before closing and still meet closing date

Make sure the copies you send are legible.
Do not include documents that have whiteout or other alterations.
Submit the entire requested document and include all pages (even blank ones)

2.) Pre-Approval Timeline

Once you submit all your paperwork to the loan officer (paystubs, w-2s and so forth mentioned above), you can get your Pre-Approval in hand within the same business day. The biggest hold up is getting all your paperwork together and straight in order to send to your loan officer. Once it’s sent, the loan officer is pretty much just verifying that what you told him or her is true. Once verified, you get notified of what you are approved for… and then we can go shopping 😀

3.) A Word about Pre-Approval vs. Pre-Qualification

These terms are sometimes used interchangeably in the real estate industry, but they’re not. A Pre-Approval is the strongest position you can come from, because all of your documentation has been verified and it’s basically saying, yes, we have confirmed you work at ABC Construction and make *this much* a year based on your pay stubs. We can CONFIRM that.

A pre-qualification says you’ve TOLD US that… and we’re taking your word for it. Based on what you said you make from the Butterfly Ranch counting larvae part time, you qualify for a 2 million dollar loan.

Two very different positions, but they are used interchangeably like vase and vah-z.

Needless to say, at MBF you get a Pre-Approval. Nobody is out here to waste anyone else’s time running buyers around when they’ll inevitably get their hearts broken because in reality they couldn’t qualify for a pack of gum (no offense intended to anyone) (and just because you don’t qualify for a pack of gum RIGHT NOW, doesn’t mean you can’t in a couple of years. We can talk about that in another post if you’d like).

These are the general guidelines for applying for a loan, and what you need on hand to give to your mortgage lender of choice. Here at Metro Brokers, we have some of the best lenders in the business, who know their product inside and out and whose standard procedure is to get you the best deal at the best interest rate for your situation. The Home Loan Checklist was created by them as a download for us agents to give out to our clients, and prospective clients, to help you in knowing what you need to send to your lender.

If you’d like a PDF of the Home Loan Checklist, click here, and I’ll send one to your inbox!

Now that you’re Pre-Approved, it’s time to go shopping for a place to call home.

The next step is submitting an offer.

(Special shout out and a sincere thank you to Miss Yvonne Bubienko! You took the time out of your day to answer my questions about parts of the loan process that I wasn’t privy to. Thanks ❤ )

MBF Loan Officers:

YVONNE BUBIENKO

NMLS #1669531 | License #64180

678.551.3154

yvonne.bubienko@metrobrokers.com

CAROLE HODGE

NMLS #658880 | License #60741

404.863.9537

carole.hodge@metrobrokers.com

SALLY THOMPSON

NMLS #262414 | License #26683

770.3174928

sally.thompson@metrobrokers.com

Now that you’re Pre-Approved, we’re ready to go shopping for a place to call home 🙂

Next step is submitting an offer.

Home Buying Series • November 28, 2023

What’s the First Step in Buying a Home?

by Sarah King

[All my blogs are written without the assistance of AI. I have nothing against it, I just wanted y’all to know my own brain and my own synapses created these posts. This has been my PSA :D]

I’m starting a series.

Do you not know where to turn when it comes to buying a house?

Would you like to know of any red tape and what exactly it is you can expect in the process of buying a home?

Have you done this before, but it’s been a while and Zillow was nowhere in sight the last time you plucked up a For Sale sign?

You’ve come to the right place.

I’m going to take you through every step of the buying process in this new series. While I can’t take care of every single contingency that we might come across (what if there really ARE squirrels in the attic??), I will spell out the general steps that every transaction has. Hopefully you’ll feel like your feet are a little firmer underneath you when you’re ready to head out on your own journey to find home.

Here’s an overview of the topics I’m covering in the Home Buying Series:

Finding an Awesome Agent
MBF and Financials – Getting Pre-Approved
Making an Offer
What’s an Appraisal and Why Do I Need It?
What to Expect at an Inspection
Scheduling Your Move & Closing – Getting the Keys

Without further ado, here we go!

Finding an Awesome Agent

Step 1- Deciding on a Realtor

This might seem easier said than done, but may I be so bold as to say your search is over (I got awarded by my board of Realtors for humility… and exaggeration). Even if you’re not in the West Georgia area, I have a referral network through Better Homes & Gardens that can hook you up with an agent ANYWHERE IN THE WORLD.

Yes, anywhere in the world.

Moving to Tokyo?

I got your back, Jack.

Moving to Oklahoma City?

Do I have the gal for you.

I really don’t want to go into a hard sell here, but Better Homes has the reputation it does for a reason. Contacting me for a referral to an agent anywhere in the world, I’m going to make sure you’re getting the absolute best.

Your agent is also your advocate. In an ideal situation, your agent takes their position seriously as the professional tasked with helping you make what is typically the largest financial decision in your life. We listen to you, and help connect you with the home that fits your situation at this phase in your life. As agents at BHGRE (Better Homes & Gardens Real Estate), we have access to 2,000+ agents across the Atlanta Metro area and North Georgia and their listings, sometimes before they’ve even hit the market! In addition we have access to tools that will help you find the home that matches your criteria, like the Multiple Listing Services and Buyer Needs, our in-house buyers agent tool.

Step 2- Meeting at the Office

If you’re someone who has inquired at my office, called in, walked in, or been referred to me, it’s time to go a little more in-depth. After the initial overview of where you’re looking and why, I set up a meeting at my office. Here is where we meet each other, and see if we’re a good fit to work together. Not everybody is. The fact happens to be, you might not like me. I might not like you. That happens sometimes, and it’s no one’s fault. But if we meet and the chemistry is good, I will go over some brief questions with you. They cover a bit more than the ones over the phone or in the email, and it helps paint a fuller picture of why you’ve decided, or why you’re needing to move right now. After name, phone number, and email address, we’ll go over:

*Preferred method of communication- Call, text, or email

*Children’s names and ages

*Reason for move

*Do you need to sell your current home before buying a new one?

*Are you looking at homes with any other agents?

*Have you ever bought a home before?

*How does your family make important buying decisions such as this? (what this question is getting at is what other opinions will be involved in this transaction? Many people value their mother’s, brother’s, uncle’s, dad’s, mailman’s hairdressers’ opinion and give a tremendous amount of weight to it. There’s nothing wrong with this- we just need to know)

*Does anyone else have to be consulted prior to you buying a home, and the reason? (If you’re divorced, there’s some extra paperwork and approvals we need)

*Amount available for down payment? Source? Who controls?

*Regardless of what you may qualify for, how much of a payment are you comfortable with?

*Have you been involved in any bankruptcy, mortgage foreclosure, or other credit problems during the last seven years? Please explain.

*What do you like about your present home?

*What would you change about your present home?

*Do you have any hobbies, interests, lifestyle factors that would affect your housing needs?

*Do you anticipate any changes that may affect your needs (children, college plans, retirement, etc.)

*Basic features desired: number of bedrooms, bathrooms, style, lot size?

*Best times to look at homes, day, evening, weekends?

These questions help me get to know you and your needs, and to learn about your specific situation. It also helps to avoid any hiccups down the road, like if I had forgotten to ask if you were divorced, and that created an issue for you to deal with before we can close (disclaimer: Just because you’re divorced doesn’t automatically mean there will be hurdles to your home search. It just means there’s an extra layer of steps we need to take to make sure everything runs smoothly.) This isn’t meant to sound like an inquisition or a job interview, it’s just so we have the smoothest transaction possible from start to finish.

Step 3- Signing the Paperwork

There’s alot of paperwork associated with buying a house (oh my goodness, so much paperwork), and I’ll walk you through it as much as you need or would like. We begin with The Exclusive Buyer’s Brokerage Agreement. If you feel comfortable with me representing you as a real estate professional and guiding you through this process, and I feel comfortable guiding you, we’ll both sign the Agreement. This is what officially mints you as my client, and me your official Realtor. It’s 7 pages of the best legalese the State of Georgia can produce, and is required by the state before we can proceed. If we don’t sign it, we don’t have a client (or customer) relationship. The only relationship we have is we’re two humans who shared the same space in houses that were for sale for a little while. The Buyer Brokerage agreement was created for your protection, and for mine as well. It states in writing, with our signatures attached saying yes we agree, to a list of responsibilities for each party. Aside of being dry reading, it’s pretty straight forward. It walks you through your role as the Buyer, and the one I (and my brokerage) have towards you.

The benefit of being my client as opposed to customer is I can advise you about the nitty gritties. As a customer I can only push paperwork. If you know what you’re doing and have been through this umpteen times (military families I’m looking at you), then just being a customer is fine. You don’t need my advice, you’ve got the whole routine on lock, in fact you have some inspectors you can refer to ME.

However.

If you’re needing a true guide that can help and explain every single step of this process, client is what you want. Neither choice is better or worse than the other, they are each just very distinct in the services I can provide to you. Sometimes it just comes down to personality choice. Most of the people I’ve worked with have been clients, and in the spirit of full disclosure that’s a more comfortable agreement for me personally. But it all just depends on your comfort level.

I have several pamphlets I am required by Georgia law to send to you covering Radon (a toxic gas sometimes found in residential dwellings), the ABC’s of Agency (literally what it’s called), and several others about Flood Insurance (exciting), lead, buying property, HOA’s and so forth. Edge of your seat reading all.

After we agree it’s til-closing-do-we-part, we still have one more step. I can absolutely show you houses during this time, and if you insist I will. However, it’s not a fabulous idea; especially if you find a house you fall in love with.

If you find a house you fall head over heels for, you’ll want to make an offer. And what do you need to make an offer? A loan and the green light that you’re good for it.

The next step on our journey is getting pre-approved.

Holidays • November 24, 2023

Who Wants a New Home for the Holidays?

by Sarah King

Imagine with me:

It’s December 24.

You pull a wine glass out of your new kitchen cabinet. It’s dark outside (by 5 pm but who’s counting??), and there’s a roaring fire in the fireplace. The tree is lit up and decorated with your favorite ornaments, and it’s the only light besides the fire. Twinkle lights illuminate the glitter on the stockings you’ve placed on the mantel (with care) as Bing Crosby is singing nostalgia in the background. The home smells like your favorite dessert, the lingering laughter of your guests still reverberating off walls that display christmas cards, the first ones sent to your new address, from friends and family. You’ve had a wonderful time celebrating with those you care about, inviting them into your new home; a home that will welcome them for many holidays and special events to come. You pour a glass of wine and hand it off, settling in for an evening of Christmas movies and cozy vibes.

This could be you.

Can you be in a new home before Christmas??

Why yes, yes you can 🙂

‘Tis impossible!’ you cry, citing the hassle and terrible undertaking it is to move during the most wonderful time of the year.

If this is your protest, please carry on, intrepid reader.

It’s a hassle to move at any time of year; add the holidays in on top of that, and you have a mixture that even the most hardy of constitutions might dread.

Here at Better Homes & Gardens, I’m here to make sure this transaction is the smoothest it can be, even as ol Saint Nick is gearing up for his sleigh and checking the reigns on Rudolf.

I bring merry tidings.

Benefit #1- Metro Brokers Financial

You’re free to use any lender that your heart desires, you have zero obligation (even with signing me on as your Realtor) to work with a Metro Brokers Financial lending officer.

But there’s a few advantages in doing so.

A Metro Brokers lender will get you the best deal on the market. They shop around and are able to find you the best rates possible for your specific situation. They’re licensed and have to have a minimum number of years experience to even be considered for the job with Metro Brokers. In other words, they’re not a fly by night lender. Plus, the lender who covers my office is in the top 1% of mortgage lenders in the COUNTRY for closed deals. They know what they’re doing, and they’ll take care of you.

Last but not least… They can close in as little as 20 days.

Yes, 20 days.

That is not a typo.

Benefit #2- Movers Concierge

Exclusive to Better Homes & Gardens agents, we have BHGRE Movers’ Concierge. As soon as you go Under Contract on a home, we sign you up and have our team turn the lights on for you. They handle utilities, home security, internet, television, and phone services. You make the call to us, and we handle the little things that can make a move seem so tedious and overwhelming. Also, it’s a complimentary service, simply because you chose me as the agent to assist you with your real estate needs.

Benefit #3- Vendor Partners

We have partnerships with PODS, Budget Trucks, and Atlanta Peach Movers. Any moving need you have, our partners can handle. They are licensed and insured to make sure your stuff gets from point A to point B in one piece, so you can focus on bigger things.

Benefit #4- Less Competition

This is historically a slow time for buyers and sellers, for obvious reasons. But that also gives a unique opportunity not available the rest of the year. While most buyers are waiting for spring (additional info here), they aren’t looking at that 3 bedroom, 2 bath beauty 20 minutes from your work with that cute little coffee shop close by. Not as many eyeballs means you have a better shot at securing that deal. Most buyers’ loss is most definitely your gain.

So… Who wants a new home for the holidays??

Holidays • November 20, 2023

How To Get Your House Thanksgiving Ready

by Sarah King

It’s almost Turkey Day again. Time for dressing and sweet potatoes and listening to relatives wax poetic about political views that half of us find terrible and the other half agrees with but why does it have to be with crazy Uncle Robert??

I can almost hear Nat King Cole singing now 😀

Here are some quick tips for getting your house in turkey day shape!

1.) Clear the Clutter

I can hear the eye rolls now. ‘Wow, come up with that one on your own?? You’ll be a Nobel Laureate soon with that insight.’

While I appreciate the vote of confidence, I figured it bears repeating. If your entire house overwhelms you, start with something small and set a timer for 15 minutes. You’ll be shocked at the amount of things you can clear away and sort through in 15 minutes. You don’t have to clean the whole house today, just start with a corner. You’ll be proud of your progress, and it didn’t take hours out of your schedule.

2.) A Little Decorating Goes a Long Way

While Thanksgiving doesn’t have the glitter and garland status of her older sister Christmas, she can still dress up when she wants to. A candle setting in burgundy and gold, or maybe a canvas pumpkin here and there can go a long way in setting a festive mood. The table may be the star for this holiday, but no one will turn their nose up at a pinecone place setting or a fall themed garland (or maybe they will, Uncle Roberts better half Aunt Rosie is never pleased with anything, is she??)

3.) Remember What All There is to be Thankful For

This isn’t an exhaustive list by any means, and you can find lots of festive tips on websites that specialize in the topic (Better Homes & Gardens, anyone?), but I think a good thought to keep in mind is everything we have to be thankful for. Maybe it was a lean year and we’ve had more months where there was more month at the end of our money than anything. I don’t know your specific situation, but I do know a grateful heart turns what we have into enough. And maybe I’m thankful for that most of all 🙂

Happy Thanksgiving everyone. I hope you have a blessed and happy day, and I wish all of you enough 😀

Real Estate Market • November 17, 2023

Should You Wait to Buy Real Estate?

by Sarah King

Some good news came out this week.

Lawrence Yun, the chief economist at the National Association of Realtors, is predicting that rates will lower to around 6-7% come spring. This is welcome news to millions of buyers who are balking at the higher rates (and rightly so. They can remind us that rates were 18% in the 80’s, but when they rise from 2% to 8% in less than two years, that’s catastrophic no matter which way you slice it).

But should you wait till spring to buy?

I’m not talking to people who aren’t in the position to buy right now regardless of where the rates are. If the numbers don’t make sense they don’t make sense, and that’s a very painful reality for many people. Whom I’m talking to are people who have decided to wait because they feel like spring will bring them a better deal.

That’s not necessarily the case.

Everyday you wait, the price of housing is going up. Real estate appreciates, that’s the name of the game (and before you quote 2008, that was the first time since we’ve been keeping RECORDS that real estate lost value. And I believe everyone would agree that we’ve since regained that ground in spades. The headlines from earlier this year were pertaining to appreciation rates slowing after the highs of the pandemic, not values tanking. Them boys in the press can’t resist hitting the panic button; better for views lol).

A house that right now is sitting at $400,000, come spring may be around $404,000. That might not seem like much, but it might be the difference in qualifying for a loan or not. Additionally, as soon as those rates drop you’re going to have people flooding back into the market that couldn’t afford a house in November, but come April now they can. The ones who had been on that affordability threshold will be ushered in, and as soon as demand goes up… prices will too.

It’s a personal decision, but my advice would be please don’t wait. There’s no point in trying to time the market, no matter how badly we wish to (I wish I had bought as much real estate as I could in 2008, but I was a little busy being 14, so alas…). The best idea is to buy what you can afford when you can afford it, and let the chips fall where they may. That matchbox with the postage stamp yard may not be your castle on a hill, but it’s YOUR matchbox with a postage stamp yard. It’s your bargaining chip to trade up with when the day comes.

You don’t want to be priced out waiting for rates to drop. Marry the house, but date the rate. If I may end on another little pithy saying:

Don’t wait to buy real estate; buy real estate and wait.

Unless you’re 14.

Then you just have to wait 🙂

Money Saving Tips • November 15, 2023

How to Save Money When Buying a House

by Sarah King

(Disclaimer: I am licensed in real estate, not in the mortgage industry. For the most up-to-date information and the nitty gritties, please contact a licensed mortgage lender.)

It seems like every time we turn around these days, the price of everything is going up.

And up.

And up again.

And then, just for funsies, up again.

It might seem nearly impossible to buy a house, but sometimes life circumstances make it necessary (a job gets transferred, a baby is born, or a relationship unravels).

In other words life happens, and when it does how do you keep from paying out the nose for something you need?

That’s why you’ve come to me 🙂

Even in this economy, you do have a few options for trying to keep as much money in your pocket as you can.

1.) A 2/1 BUYDOWN

A 2/1 buydown is seller paid and based on the amount of your loan. It’s where you buydown (that title took some thought, didn’t it?) your interest rate for the first 2 years of your mortgage. The first year would be 2% below the current market rate, the second year 1%, and from years 3-30 it returns to the current market rate. It would look a little something like this:

Current Rate (as an example)- 7.5%

First Year-5.5%

Second Year- 6.5%

Three-Thirty- 7.5%

However, starting year 3 if the current market rate is lower than the one you have, you’re free to refinance to capture that lower rate! Like they say: buy the house, but date the rate 😉

2.) Assumable Mortgage

If the house you’re looking to purchase has a mortgage that’s assumable (FHA, USDA, and VA loans are assumable.) (Plus you don’t even have to be a veteran to assume a VA loan! Wild, I know.)(And you can’t a buy a farm with USDA… I guess that made sense to somebody), you might be able to assume that loan! It’s tricky, but people do it every day and it might be the ticket you’re looking for to save a little coin. Assuming a loan that has a 2-3% mortgage rate?? Yes please!

3.) Adjustable Rate Mortgage

If you’re looking at a place that isn’t your forever home and you know you’ll be moving within 3-5 years, an ARM is a great choice. This is a great option if you know your job is only going to be placing you in a certain city for a limited amount of time, or if you know you’ll be trading up within the next few years. I wouldn’t recommend it if this is where you’re going to be for the next 8-10 years+, but it’s a great short term option.

These are just some options to try and save you some money in buying your next home. I hope this helped!

What real estate topic would you like me to tackle next??

Welcome • November 13, 2023

Hello World (or at least my corner of it).

by Sarah King

Hello.

Bonjour.

Salut.

Or maybe to stay in touch with my roots and the place I serve… hey y’all 🙂 (or all of yall, if my ego can exert itself a bit and dream of more than 2 people reading this. And by the way thanks mom and dad :D)

My name is Sarah King and I’m a Realtor with Better Homes and Gardens Real Estate Metro Brokers. It’s been about 5 years since I earned the right to say that, and I have a nifty little license from the state of Georgia certifying me that I can. I serve primarily West Ga, the Douglas, Paulding, and Carroll counties, but I have contacts all over the state. Hanging my shingle out with Better Homes, we have a referral network that can serve the entire country, and actually the globe. So when I ask do you know of anyone, anywhere who is looking to buy or sell, I do mean that in it’s most literal sense.

This won’t be a long post, it’s mostly just to say hello, and to ask… what are you curious about when it comes to real estate? It can be anything, from market conditions or how to buy a house or what exactly is due diligence anyway?? I’d love to answer any questions you have. Being in it everyday, and given my closeness to the subject, I can develop blinders to some things. Like, of COURSE everyone knows what an Amendment to Address Concerns is all about, who wouldn’t??

Um.

Yeah.

Most people, actually.

My goal for this blog is to shed some light on the industry and it’s inner workings (who doesn’t like a behind the scenes?), and to help educate people about real estate to the best of my ability. And also hopefully to entertain and get a smile or two out of you.

That’s all for now. I appreciate you stopping by, and I hope I can address a point or two along the way that may be of some help.

Bonne nuit.

Au revoir.

Ciao.

Or as a proud Georgia girl…Y’all come back now, ya hear? I’ll leave the porch light on 🙂

What to Expect at an Inspection

What’s an Appraisal and Why do I Need it?

How to Make an Offer on a Home

MBF and Financials- Getting Pre Approved

What’s the First Step in Buying a Home?

Who Wants a New Home for the Holidays?

How To Get Your House Thanksgiving Ready

Should You Wait to Buy Real Estate?

How to Save Money When Buying a House

Hello World (or at least my corner of it).

Home

Properties

About Me

Blog

Neighborhood News