Tag Archives: North Georgia Home Market Conditions

How to Finance Your Home Renovations

Have you ever watched the TV show ‘Love It or List It?’  Perhaps you’re thinking of staying put until the market gets a little calmer, but you would like to do some home renovations.  Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on your mind, the first thing you must consider is how are you going to finance it. Here are some of the most common options to make your dreams become a reality.

Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than the current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.

Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of

your home, as it can add a lot of interest and fees.

Home Equity. Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.

Retirement Funds. Homeowners can consider pulling money from a 401K or IRA account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments but may be worth it when making improvements that will benefit them financially in the long run.

Whichever option you choose, consider the renovations carefully in regards to resale.  You want to make sure the renovations will increase the value of your home but not overprice it for the neighborhood.  And of course, after you do the renovations and you decide you want to list, give me a call.

Hope you found these tips helpful.

Sincerely,

Marie

The Dinsmore Team

Experience, Passion, and Commitment to Excellence

What does Back to School mean to the Real Estate Market?

It’s that time of year when kids fill their backpacks and wave goodbye to Mom and Dad as they board the school bus or are dropped off in the carpool lane. Summer vacation for the most part is over.  The last thing on most family’s minds is packing and moving.

Typically, when school starts, the housing market slows down, but with this tumultuous market, it is hard to predict.  Many are still looking for homes in this seller’s market.  If there is a lull, it will be short-lived.  After Labor Day there is usually an uptick as it is the unofficial start of the fall season. Sellers and buyers will now want to buy and close quickly to get settled before the holiday season.

It is still a good time to sell as there is still a shortage of inventory.  If you have a plan in mind as to where you’re going to live once your home sells.  Many sellers have gotten creative.

Here are some possible solutions:

  • Do you have rental property? Many sellers are moving into one of their rentals until they can find their next home
  • Do you have vacation property? Same scenario.
  • Move in with relatives.
  • Find a short-term rental – Those who do have rental property who are willing to take a month-to-month lease situation are offering this alternative until the sellers can find their next home.
  • I’ve even seen some move into their RV or houseboat until they find their next home. You might have to store your household belongings for a while, but if you do, consider using a pod, that way you don’t have to have a moving company move you twice.
  • Buy before you sell. Some have taken their equity out of their current home and used it as a down payment on the new home.
  • New Construction. When the new home is move-in ready, then you list yours.

In this area, the market is extremely hot, because of the great schools, which is great.  The good news is homes bring a premium price tag.  The bad news is, it makes buying a home in the school district you want a little challenging, but not impossible.  Another reason you need a seasoned agent.

If you’re thinking about selling or buying, give me a call and let’s devise a plan that will work for you and your family.

Marie Dinsmore

The Dinsmore Team

Experience, Passion, and Commitment to Excellence!

The Value of a Good Realtor

Despite COVID 19 the market is still doing well.  The best thing about the real estate market right now, are those who are buying and selling property are serious.  What is getting listed, is selling fast.

So, why do you need to enlist the help of a good realtor to sell your property and not do it yourself?

  1. Overpricing. Experience shows that when the home is overpriced it usually doesn’t sell quickly; if at all.  A good realtor can get you good comparisons on what has sold nearby and advise if you need to have your property appraised prior to listing.
  2. Selling in “As-Is Condition. In today’s competitive market, you need to take the effort to make your house sparkle like the day you bought it.  If there are reasons that you have to sell ‘As-Is,’ then a good realtor will have alternative solutions, i.e. the I-Rep program, know of investors, etc. looking for property in the area.
  3. Drive-By Appeal. First impressions decide whether the buyer even stops to come in.  Depending on your location, you may not be able to depend on drive-by traffic to even get potential buyers interested except for perhaps your immediate neighbors.  And in today’s market people want a preview of the inside, so you need great photos for a virtual tour.  Your realtor will get your property listed on all the real estate listing sites so that all serious buyers and other realtors have access to the information on your property and can schedule showings.
  4. Dark Home Syndrome. The brighter and cleaner a home is, the better it shows.   A good realtor will ensure you have plenty of notice prior to bringing potential buyers to see your property to give you sufficient time to tidy up.
  5. Overvaluing Your Home. Beware of spending too much on your property so that you overvalue its worth in the neighborhood.  Having a conversation with a good realtor can give you good sound advice on where to make improvements and what will help your home sell.  It is advisable to have that conversation as soon as you’re thinking about listing your property.
  6. Financing. Be willing to be flexible with closing costs.  This is all part of why you hire a realtor.
  7. Do It Yourself Syndrome. Unless you know the laws about Seller’s Disclosure and termite reports you could cost yourself thousands of dollars by doing it yourself.
  8. Stay Out Of The Way. If you are underfoot when showing, a buyer does not feel free to really look at your home.  Put away and lock up any valuables before showing.  Yes, you love your home and you may think you can point out all it’s best features, leave this to your realtor.  Realtors screen potential buyers before bringing them into your home so as to only bring those who are serious.
  9. Attitude. A positive attitude is best; remember your taste is not everybody else’s.  Another reason you want to leave the showing of your property to your realtor.  They can also advise you on how to best prepare your home for showing.
  10. Seller’s Remorse. Respond to offers quickly, the first might be the best offer.  Your realtor will advise you on pricing your home correctly.  In today’s market, the offers come in quickly and are on target for what the property’s value truly is.  By not responding and being able to negotiate may delay the sell and getting the best price.

Have questions?  Give us a call.  We can help you through the maze of selling or buying in today’s market.

Sincerely,

Marie B. Dinsmore
RE/MAX Around Atlanta
Marie@DinsmoreTeam.com
www.DinsmoreTeam.com
770-712-7789

 

In Progress: Mountain Crest by Lennar

7630562014AvalonFrontwebAs the second largest homebuilder in the United States, the Lennar Corporation has announced that they are securing the permits to build a large neighborhood of houses and townhomes just West of Cumming.

As part of Forsyth County, the Georgia division of the Miami-based company says the new division—covering 444 acres and entitled Mountain Crest—will consist of 572 single-family homes and 124 townhouses along Chamblee Gap Road.

The project, which will hopefully connect to the Big Creek Greenway’s trail network, has a completion date of 2022; however, the first initial phases are expected to be open by 2016.

The actual development calls for 1.6 units per acre, but Lennar is promising an unprecedented 200 acres of green space within the community.

For now, Lennar is going through the process of getting approval through the county, as well as the Georgia Mountains Regional Commission (which is required for all developments with 300+ lots).  Once all comments are addressed through the GMRC, Lennar will be looking to reduce the area’s required commercial and office use from 25% to zero, while also reducing the stream buffer from 50 feet to 25 feet.

Stay tuned for more updates as we get closer to seeing this wonderful new development become a reality!

Lennar-sized

 

Featured Neighborhood: Greenwich Park

Greenwich Park is a luxurious, gated community located in Johns Creek. Just 30 miles outside of Atlanta and 20 miles from Lake Lanier, this area offers residents numerous amenities and recreational opportunities, including the Atlanta Athletic Club and the Country Club of the South.

Greenwich

With homes built by the respected builders, Traton Homes, these estates will have stunning architectural exterior and interior design, including four sides of exterior detail, elegant yet functional features and 3 car-side entry garages. Gourmet kitchens will be garnished with stainless steel appliances and granite countertop; hardwood flooring will spread throughout the homes and each owner’s suite will be equipped with a luxurious bath and walk in closet.

Greenwich 2

Johns Creek is a diverse community that is proud of its impeccable public safety, various national park services and exceptional public schools. In fact, the children of Greenwich Park will attend the finest public schools in Georgia, including State Bridge Crossing Elementary, Autrey Mill Middle and Johns Creek High Schools.

With easy access to I85, I285, 141 and GA400, Johns Creek offers its residents the perfect balance between rural and city life. Johns Creek national park services include the Chattahoochee River, National Recreation Area, Autry Mill Nature Preserve and Heritage Center and the Johns Creek Art Center. Music lovers will also take note of the 45-acre Encore Park, which includes the 12,000 seat Verizon Wireless Amphitheatre, the summer home of the Atlanta Symphony Orchestra and venue for top musical acts.

Each of the 21 Greenwich estate homes rest on 1/3 acre to 3/4 acre lots, and prices are in the $800,000’s. For more information about this fabulous community, please contact me.

Marie Dinsmore, Certified Luxury Home Marketing Specialist

The Dinsmore Real Estate Team | www.dinsmoreteam.com

Marie@DinsmoreTeam.com | 770-712-7789