Tag Archives: North Georgia

What Is A Seller’s Market?

A seller’s market happens when demand exceeds supply. When there are more buyers, but real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. We have definitely been in a Seller’s Market for many months now.

In a seller’s market, homes sell faster, and buyers compete in order to score a property. These market conditions often make buyers willing to spend more on a home than they would otherwise. Therefore, sellers can raise their asking prices. Furthermore, the increased interest means that buyers rarely have the power to negotiate and are more willing to accept properties as-is.

Due to the shortage of housing, these conditions often lead to multiple offers. During these bidding wars, buyers will make competing offers and drive up the price, typically above what the seller initially asked for.

Tips For Buyers

 Whenever there is a low inventory of houses on the market and an abundance of buyers, timing is crucial.

Act fast: If you find your dream home during a seller’s market, you will have to act fast. If you hem and haw over a house you want to buy, you may find that it’s no longer available by the time you make an offer. You should get preapproved for a loan ahead of time, so your financing is in order when you need it.

Know that you’re at a disadvantage: When it comes to making an offer, keep in mind that you’re the one at a disadvantage. A seller’s market is not the time to try to push contingencies, concessions, specific closing dates or repairs. Focus your attention on what’s most important to you. If there are certain stipulations you want written into the contract, think hard about whether they are worth losing the property over. If you can make an all-cash offer, you should. Sellers prefer buyers who are willing to pay in cash because they don’t have to worry about the deal falling through due to issues with financing.

Be patient: If you find that you keep losing out on the homes you’re interested in, it’s crucial to be patient and not get discouraged. Many buyers end up suffering during a seller’s market because they get frustrated. Inexperienced buyers caught up in multiple offers will often offer more money than a home is actually worth – or they feel comfortable spending – in order to get the home they want. That’s always a mistake.

Don’t settle: On the flip side, some buyers will end up making offers on homes they otherwise wouldn’t be interested in because they’re tired of losing out. Remember, buying any property is a huge investment and often a 30-year commitment. Don’t settle on a home just because it’s cheaper. Unless you have to move immediately, it’s a much better idea to wait it out and resume your home search after the market cools down.

Tips For Sellers

Since sellers must compete to attract buyers in a seller’s market, it’s helpful to know how to increase interest in your property.

Clean and organize: To begin, make sure that your home is in good condition and has been cleaned and organized before you list, market, or show the property.

Price fairly: Even though homes tend to sell for more money in a seller’s market, it still helps to price your home fairly. If you set your asking price at or slightly below fair market value, you are likely to attract more interested buyers. Some sellers choose to list their homes for slightly less than the assessed value in order to encourage multiple offers.

Carefully consider offers: It’s even more important during a seller’s market that you carefully review the offers you receive. Sellers are often so focused on choosing the highest offer that they fail to examine the financial strength of each buyer. Just because buyers say they’ll pay a certain amount for your home doesn’t guarantee they’ll actually be able to obtain those funds. Lenders will not allow buyers to borrow more than the assessed value of your home.

The last thing you want is to accept an unrealistic offer and be forced to put your home back on the market when the deal falls through. The longer your home is on the market, the more questionable it will seem to buyers, and the more power they will have when negotiating. For ALL these reasons, is why you need an experienced real estate agent.

Ensure preapproval: For any buyers who require financing, you should ensure that they have been preapproved for a loan. Preapproval requires that buyers’ finances and credit history are verified, making it far more likely they’ll ultimately be able to obtain a loan for a specific amount of money. Prequalification, on the other hand, is just an estimate of buyers’ finances.

Be aware of contingencies: Also, be on the lookout for offers that include contingencies. Offers that include stipulations, like mortgage contingencies, home sale contingencies, appraisal contingencies, and inspection contingencies, enable buyers to back out of sales contracts if certain conditions aren’t met.

Is It A Buyer’s Market Or A Seller’s Market?

In the North Georgia area, it is definitely a Seller’s Market.  The inventory of homes for sale is at an all-time low which is preventing some potential sellers to list their property.  Here are some things to consider if you are one of those sellers:

  • Consider new construction. Often times you will have a more definitive timeframe and have somewhere to move.
  • Consider renting for a while. Yes, it may require two moves, but will also give you time to find just the right property.
  • Consider moving in with family. Not the most ideal situation, but some have the extra space and would agree for a limited time.
  • Go on an extended vacation. Have an RV or rent one? With work from anywhere situations, this might be the opportunity to travel until the market has more inventory.
  • If you have a beach/mountain rental, use it until you find your next forever home.

Bottom line is, if you can be flexible, you can take advantage of getting top dollar for your current home and still find your next home.  Give me a call and let’s work out a plan for you.

Best Regards,

Marie Dinsmore

Experience, Passion, and Commitment to Excellence

Home Sales for the Past Year

Happy New Year!  It’s still January so I can still say that.

The real estate market continues to be great!

Housing Indicators are in for 2019, and it was another great year for Georgia’s housing market! With a strong economy and low mortgage rates, buyer activity has been strong. However, inventory levels are still below historical norms, and prices continue to rise.

A few quick facts are listed below – all indicators are year over year for existing single-family homes.

• Median Sales Price: 6% increase to $228,000
• Pending Sales: 6.7% increase to 145,087
• Closed Sales: 4.9% increase to 142,915
• New Listings: 6.4% increase to 201,215
• Average Sales Price: 4% increase to $272,207
• Days on Market: 5% decrease to 55 days
• Months Supply of Inventory: 10.8% decrease to 3.3 months

If you are thinking about buying or selling, now is a good time.  Mortgage rates are still low and prices will continue to go up. Give us a call, we are here to help.

Marie Dinsmore

The Dinsmore Real Estate Team

770-712-7789

Featured Neighborhood: Williams Point in Cumming, GA

906735196709632_wp_modelLocated just north of Highway 20 in Forsyth County, this beautiful neighborhood sits amidst the rolling countryside and boasts the kind of charm that you’d expect from an idyllic Southern neighborhood.  Carefully planned by SR Homes, buyers are sure to be enchanted by streets lined with green hedges and historic lanterns, and will enjoy the view of spacious home sites and timeless architectural details.

Each home has been built with an eye for quality and attention to detail, and features an upscale, well-designed interior with open floorplans that are sure to thrill any potential buyer.  In addition, if you’re looking for a place that offers ample amenities and opportunities for relaxation at the end of the day, Williams Point comes with a beautifully designed community area, equipped with a crystal clear pool, tennis courts, and community gathering room.

With only 61 homesites, this neighborhood is perfect for buyers who are looking for that “close-knit” vibe, especially if their goal is to find an escape at the end of the day.

For families, children in this community will be within the highly-ranked Forsyth school district, with easy access to an array of dining, shopping, and recreational activities.  In addition, each home features a design offering between 3000-4000 square feet with large private backyards, so buyers will never have to worry about space being an issue with young children or teenagers.

The community features a zoned irrigation system, with each homesite being professionally landscaped and fitted with features such as 40-year architectural shingles, premium 8-foot wide entry doors, and a variety of exterior options such as brick, cultured stone, and shake and siding veneers.

Inside, buyers are sure to be pleased with an abundance of natural light, 9-foot ceilings, stunning downstairs hardwoods, gourmet kitchens featuring granite countertops and stainless steel appliances, as well as a variety of energy saving features.

SCHOOLS

Matt Elementary School – 3.2 miles

Liberty Middle School – 3.2 miles

West Forsyth High School – 8.2 miles

SHOPPING

Kroger – 2.2 miles

Vickery Village – 6.8 miles

The Collection at Forsyth – 8.7 miles

Cumming Marketplace – 9.5 miles

North Georgia Premium Outlets – 13.1 miles

RECREATION

Poole’s Mill Park – 3.8 miles

Sawnee Mountain Park – 4.1 miles

Big Creek Greenway – 9.2 miles

Fowler Park – 9.6 miles

HOSPITALS

Northside Forsyth Hospital – 10.1 miles

If you’d like to learn more about this beautiful neighborhood or would like to schedule a viewing, please feel free to contact me at your earliest convenience.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789

The Importance of Home Maintenance Records

July2015-Trulia-4-Reasons-You-Absolutely-Need-to-Save-Home-Maintenance-Records-girl-filing-away-papersWhen it comes to our cars, most of us understand that it’s important to save our service records—or at least shove them in the glove compartment—especially if we’re hoping to get top dollar when it comes time to sell.  While your latest oil change might not seem like big news, it may be to a potential buyer who will want to see how well the vehicle has been cared for.

On a larger scale, it’s important to think of your home in the same terms.  While it’s always tempting to throw that pink carbon receipt away from your latest HVAC tune-up or leak repair, consider utilizing a digital or standard filing system to keep track of these types of records.  Here’s why:

POTENTIAL BUYERS: Purchasing a home is a massive financial investment, which means some buyers will be more than meticulous when it comes to assessing the condition of your property.  Due diligence often pays off for buyers, so chances are good that if selling is in your future, you’ll want to be able to give dates for everything from when your gutters were installed to your last carpet cleaning.  You don’t want to get caught off guard with questions that you’re simply unable to answer, so let the receipts do the talking for you.

SAVE YOUR MONEY: Maintenance records are just that—records.  In short, they give you the opportunity to keep track of how often something is being worked on so you gain a better understanding of whether you should continue throwing money into repairs or should simply bite the bullet and purchase a new product.  If you notice that those pink slips are piling up, you might save more money with a replacement.

INSURANCE DISPUTES: Insurance companies make money off of the assumption that you’ll likely pay more for monthly coverage than they’ll ever have to pay in the case of an accident.  In essence, it’s a numbers game that makes them a good bit of money; however, it also creates an environment where their goal is to make sure they compensate you with just enough to cover your costs.

Therefore, if—for example—your insurance company pays for a new roof after damage from a massive storm, it’s possible for them to decide at a later date that they paid you too much money.  Should this happen, they will likely request a portion of their funds back, which means it’s extremely important to maintain control of your receipts and maintenance records in order to dispute their claims.

SETTING FUTURE BUDGETS: Following a set maintenance schedule is an important aspect of homeownership, especially if you’re looking to retain your property value.  While no one enjoys feeling like their constantly shelling out money for appliance checks and minor repairs, having an understanding of how much you’re spending each year can set the stage for the establishment of a yearly maintenance budget.

Instead of getting caught off-guard every time you’re forced to drop a couple hundred dollars on a maintenance issue, use your receipts to establish a yearly estimate of how much you spend on repairs so you never have to feel like your scraping to find the cash to cover them.

For more tips and tricks, please feel free to contact me.  Even if you’re not looking to sell your home or buy something new in the near future, I’m always here to offer advice.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789

Before Buying a Lake House – What You Should Know

A-Room-With-A-View-CopyThere are a lot of benefits to purchasing a home in Forsyth County, especially if you’re someone who has worked hard to realize your dream of living on the lake.  Whether you’re looking for a weekend getaway, a retirement home, or a primary residence, buying a lake house can be an exciting process.  However, as with anything in life, it’s important to remember that living along a large body of water isn’t always going to be beautiful sunsets and serene mornings.  Homes near or on the lake have their own unique set of struggles, so it’s important to begin the process with your eyes wide open.

SELECT AN AGENT WITH EXPERIENCE

Lake homes aren’t like regular homes, so you don’t want to make the mistake of hiring a regular agent.  When it comes to waterfront properties, you’ll want to make sure that you’re working with someone who can explain the various aspects of owning a lake house and who has the right experience to back it up.

DON’T JUST LOOK AT THE HOME – CONSIDER THE WHOLE PROPERTY

Purchasing a waterfront home is about more than the home itself—it’s about the water that goes along with it.  Therefore, don’t make the mistake of falling in love with the house, only to discover that the water is murky, filled with invasive species, or regularly traversed by noisy powerboats.

It’s important to take some time to think about your reasons for wanting to live on the lake.  If it’s about swimming, fishing, or peaceful relaxation, make a point to check out the water quality and consider speaking with the neighbors to get a better idea of what area water traffic looks like.

LAKE ASSOCIATIONS

When it comes to waterfront properties, many lakes require homeowners to join the lake association that governs the water and the beaches, so it’s important to remember that your property’s shoreline may be the subject of various regulations.

For Lake Lanier, while it’s not mandatory to join the lake association, it’s worth noting that the water—including the shoreline—is governed by the U.S. Army Corps of Engineers.  For the most part, this shouldn’t be an issue, but they may be able to dictate what you can and cannot do with your property, especially if it jeopardizes the integrity of the shoreline.

Before you buy, it’s wise to find out what types of rules govern the property and to assess whether they are things you can live with.

PAY ATTENTION TO EXTRA EXPENSES

While lake homes frequently promise a great return on investment, keep in mind that they are often filled with extra expenses, such as increased property taxes and higher insurance premiums.  In addition, it’s important to be aware of the fact that most waterfront septic systems need to be routinely checked to ensure the lake isn’t being polluted.  While this may not seem like much, these checks can be expensive, especially if they require the replacement of an aging septic system.

CONCLUSION

Whether you’ve just started shopping or you’ve been searching for a waterfront property for several months, I have a solid knowledge base to work from and understand that shopping for a lake front home is very different from shopping for a land-locked home.

If you’d like to see what types of properties are available or would like some more information about what the market is like along Lake Lanier, I’d love to help.

Please call me.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789

Community Resources

WELCOME

2019 Welcome Services

The Dinsmore Team has created this handy guide for both Buyers and Sellers. The guide lists trusted service providers that we use personally and professionally. The providers listed service the Forsyth and North Fulton County areas.

2014 Complete Guide to Moving

This 20-Page Guide will be your comprehensive source for selling your home and planning your move. It includes tips for getting ready to sell, planning your move, packing and transitioning into your new home.

2014 Home Owners Tip Guide

This 20-Page Guide will help you develop an annual maintenance schedule for your home's systems and appliances to help you avoid bigger problems by taking care of them while they are small. It's also a great resource for trouble shooting malfunctions on your own, saving you time and money.


utilities

Looking for a fast way to connect all of your utility services online? Try Connect Utilities.

Please let us know if there are other resources you'd like to see.

Marie@DinsmoreTeam.com

770-712-7789