How Will My Agent Determine What the List Price of My Home Should Be?

How Will My Agent Determine What the List Price of My Home Should Be?

Real Estate agents do not determine the price of a home. We collect data from the local Multiple Listing Service and the tax records on current active home prices and the most recent past sales. We also compare pending sales ( those that show currently under contract, we can view the list price but will not be able to see final sales and seller contribution until the home sale closes) This determines the value range of a property.

We provide the home owner with the data and go over this to discuss the suggested list price, the homeowner has the final say. If the homeowner would like to have additional confirmation on the list price then it is suggested that they pay for an independent appraisal.

Comparing homes with regard to property condition , analyzing the current market and looking at price per sq footage we arrive at what we feel is the current market value. It is basically the broker opinion of the price of your home. We have to begin with the values in your direct community first before seeking comparable homes outside of the neighborhood. If there are not enough recent similar sales then a combination of price per ft of the neighborhood sales can be used in comparison to a few similar properties within a 1 to no more than 2 mile radius.

This should be a part of the listing presentation, to provide some recent sales information and data for the home owner to view. The final price cannot be determined until we actually walk through the property. We gather information from the county tax records which is not always accurate. You may have finished a bonus room, completed a basement and these items change the sq ft and bedrooms and baths. These things impact the house value.
A full time agent that works with many buyers and sellers has seen hundred's of homes via seller listing appointments AND having showing homes to buyers. Understanding those buyers expectation when they view your home. Property condition has a major impact on sales price.

As an agent we understand that home owners have an emotional attachment to their homes and in offering a value it is our goal to facilitate and smooth transaction certainly not to hurt feelings or offend. Values are what they are.. numbers not people :-)

Most homeowners feel their property should be valued higher than the current market of buyers may value it. I always provide my clients with a current list of properties on the market and ask them to view them at least online, if not drive by as this is their competition.

The risk of over pricing your home can be an extended marketing time, upon which you can eventually obtain an offer but they will begin to be lower priced offer and requesting more incentive dollars to purchase.
If your home is priced to high, you may not receive many viewings as potential purchasers view your home online compared to the other homes in the price range. If those homes are superior they will be purchased first. You should then consider a price improvement if your home has not received any offers within 30 days.

Ask for agent and buyer feedback after each showing. I set up an automatic questionnaire for each agent showing and ask all agents to please complete the survey, which I forward to the seller for consideration. This is an easy transparent way to receive information on your property. Typical questions are if the buyer liked the home and if they are considering an offer. It gives feedback on pricing and where the buyer ranks the property compared to others they have viewed.

Pricing it at value in a tight market or at the low end of range- can have multiple offers and go to "highest and best" which would be those offers that are above list price. It can also result in a quick sale.

Pricing the property in the median area is good as it will get good interest from buyers, sell within a reasonable marketing time , the property shall appraise at the contract terms and move forward to a complete closing transaction.

When is the best time to sell your home?
Anytime, each season has its positives to consider. There are fewer homes on the market in the winter... so less competition. More homes in the spring/ summer and more buyers in the market. It can slow down a small amount over the holidays but there are still many buyers in the market. If your home shows well and is priced right it will sell in any market.

If you would like a free consultation I can help you determine what is the best direction to take to sell your home and relocate to another property.
https://kingstonlane.com/sat/Latika-Arch...”

Property Valuation and how Agents determine what the List and Offer price should be

How Will My Agent Determine What the List Price of My Home Should Be?

Real Estate agents do not determine the price of a home. We collect data from the local Multiple Listing Service and the tax records on current active home prices and the most recent past sales. We also compare pending sales ( those that show currently under contract, we can view the list price but will not be able to see final sales and seller contribution until the home sale closes) This determines the value range of a property.

We provide the home owner with the data and go over this to discuss the suggested list price, the homeowner has the final say. If the homeowner would like to have additional confirmation on the list price then it is suggested that they pay for an independent appraisal. 

Comparing homes with regard to property condition , analyzing the current market and looking at price per sq footage we arrive at what we feel is the current market value.  It is basically the broker opinion of the price of your home.  We have to begin with the values in your direct community first before seeking comparable homes outside of the neighborhood. If there are not enough recent similar sales then a combination of price per ft of the neighborhood sales can be used in comparison to a few similar properties within a 1 to no more than 2 mile radius. 

This should be a part of the listing presentation, to provide some recent sales information and data for the home owner to view. The final price cannot be determined until we actually walk through the property. We gather information from the county tax records which is not always accurate. You may have finished a bonus room, completed a basement and these items change the sq ft and bedrooms and baths. These things impact the house value. 

A full time agent that works with many buyers and sellers has seen hundred's of homes via seller listing appointments AND having showing homes to buyers. Understanding those buyers expectation when they view your home.  Property condition has a major impact on sales price. 

As an agent we understand that home owners have an emotional attachment to their homes and in offering a value it is our goal to facilitate and smooth transaction certainly not to hurt feelings or offend. Values are what they are.. numbers not people :-)

Most homeowners feel their property should be valued higher than the current market of buyers may value it. I always provide my clients with a current list of properties on the market and ask them to view them at least online, if not drive by as this is their competition. 

The risk of over pricing your home can be an extended marketing time, upon which you can eventually obtain an offer but they will begin to be lower priced offer and requesting more incentive dollars to purchase.

If your home is priced to high, you may not receive many viewings as potential purchasers view your home online compared to the other homes in the price range. If those homes are superior they will be purchased first. You should then consider a price improvement if your home has not received any offers within 30 days. 

Ask for agent and buyer feedback after each showing. I set up an automatic questionnaire for each agent showing and ask all agents to please complete the survey, which I forward to the seller for consideration. This is an easy transparent way to receive information on your property. Typical questions are if the buyer liked the home and if they are considering an offer. It gives feedback on pricing and where the buyer ranks the property compared to others they have viewed.

Pricing it at value in a tight market or at the low end of range-  can have multiple offers and go to "highest and best" which would be those offers that are above list price. It can also result in a quick sale.

Pricing the property in the median area is good as it will get good interest from buyers, sell within a reasonable marketing time , the property shall appraise at the contract terms and move forward to a complete closing transaction.

When is the best time to sell your home?

Anytime, each season has its positives to consider.  There are fewer homes on the market in the winter... so less competition. More homes in the spring/ summer and more buyers in the market. It can slow down a small amount over the holidays but there are still many buyers in the market. If your home shows well and is priced right it will sell in any market. 

If you would like a free consultation I can help you determine what is the best direction to take to sell your home and relocate to another property. 

https://kingstonlane.com/sat/Latika-Archuleta-B1MuyZrGV/r1TsTavH7

 

Clayton County Georgia Provides up to $5,000 to Purchase a Home!

CLAYTON COUNTY      

COMMUNITY DEVELOPMENT DEPARTMENT        

HUD PROGRAMS DIVISION

Down Payment Assistance  (DPA) - find a home in Clayton County and 
qualified buyers will receive $4,000 in assistance. 
OR 
Neighborhood Stabilization Program (NSP) -homes are move in ready and 
qualified buyers receive $5,000 in mortgage assistance plus closing costs.

Who Qualifies?
 Have not owned a home in 3 years   (Downpayment Asst. Only) 
 Home must be your permanent residence for 5 yrs. 
Must be income eligible based on household size per HUD 
At least $1,000 towards the purchase

How to Get Started?
Pre-qualify with one of the certified lender
Attend HUD Approved 8 Hour Counseling Class 
Contract on a home in Clayton County

Clayton County does at times have inventory of homes that have been purchased and rehabilitated specifically for the purpose of affordable housing.  Call for additional  information on our buyer  programs!

770-231-2253

"Point" wants you to sell them a percentage of your Home Equity!

Homeowners may start getting solicitations from a company called Point. Basically a homeowner can go to the website, provide information about their home and their financial history. Point will then make them an offer to purchase some equity usually between 5 and 15 percent of their home’s value. After additional screening including supplying more financial information, allowing Point to to pull credit and a home appraisal—at the expense of the homeowner—Point will charge homeowners a 3 percent processing fee and an escrow fee, and then provide them with the agreed upon loan amount. The way Point will make money is If the house rises in value, the homeowner owes Point 20 percent of the overall increase, which could wind up being a pretty hefty chunk of change in exchange for a 10 percent cash advance. Also they place a lien on the property so they are assured to recoup their investment. A homeowner will also want to be mindful that they may be Providing point with the ability to foreclose on the equity position that Point has. If you are thinking of doing this be sure to do your research and check with your local bank for Home equity lines of credit as well.
Thank you for reading

Dekalb County Georgia Offers up to 5% toward Buyers Down Payment

WE DeKalb Program Overview

Approved homebuyers will receive a 30-year fixed-rate fully amortized first mortgage and a non-repayable down payment assistance (DPA) grant equal to 4% or 5% of the initial principal balance of the mortgage. The amount of assistance depends on the selected mortgage rate. The grant can be used for down payment and/or closing cost assistance. General program guidelines are provided below.

General Guidelines: o Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically. o Maximum qualifying income - $81,900 (families of 2 or less) and $95,600 (families of 3 or more); o Eligible VA and FHA loans; o FHA mortgage limit is $342,700; o VA mortgage limit is $417,000; o Minimum FICO score of 660; o 45% debt-to-income (DTI) ratio; o No first-time homebuyer requirement; o Residential property; o Owner-occupied;  o Property must be located in DeKalb County; o New or existing 1-4 units detached or attached, condos, town homes, and homes that meet service/guarantor requirements are eligible; o No prepayment penalty; and o Standard agency guidelines still apply.   Non-eligible: o Recreational, seasonal, or other types of vacation or non-permanent homes; o Buy downs are not permitted; o Cosigners are not permitted; and o Construction to perm is not permitted.

Gwinnett County Georgia NSP Program

Neighborhood Stabilization Program (NSP)

About the Program

The Neighborhood Stabilization Program makes affordable housing available for purchase for eligible low-to moderate-income homebuyers.  The County utilizes NSP funds to purchase vacant foreclosed homes throughout the County, make necessary repairs on the homes, and resell these properties to income eligible homebuyers. This program does not provide foreclosure prevention assistance.

Eligibility Requirements 

In order to qualify for this program, applicants must meet the following criteria:

• Must earn below 120% of Area Median
• Must not own or will not own residential property at the time of closing
• Qualify for a 30-year fixed mortgage
• Complete an 8 hour HUD-approved homebuyer’s course

 

If you are interested in applying for this program please click here for the pre-application.

NSP Financial Assistance

Eligible applicants can receive homebuyer's assistance for the purchase of their new NSP home.  This assistance can be utilized to help with the cost of purchasing the home and be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.

Applicants are required to maintain the NSP home as their primary residency for a period of five or ten years depending on the amount of assistance they select.

The program currently offers the Soft-Second Mortgage in two options:

1. $14,500 for five years with no interest and no payments, reduced annually at a 20% rate.
2. $22,500 for ten years with no interest and no payments, reduced annually at a 10% rate.

If the homebuyer is unable to remain in the home for the residency requirements then the pro-rated loan amount shall be due back.

All buyers must meet certain eligibility requirements for financial assistance. To see if you qualify, visit the Qualifications page.

How to Get Started

Contact a mortgage lender or a real estate agent, who will assist you in qualifying for a loan and selecting a home. If you or your lender/agent has any questions, contact NSP at nsp@gwinnettcounty.com or (678) 518-6008.

Probate is not as scary as you think!

Through the years I have helped many of my clients through the oftentimes tangled web of working through Probate issues.

I am writing this post to hopefully give you some valuable information that you can use to maneuver through the sometimes tangled web. 

If money were no object and you would afford a probate attorney then everyone one would do that. Unfortunately I have heard (after the fact of course) of people losing their inheritance to probate court or foreclosure because the property was tangled up in a probate issue that the heir was unable to resolve.

If you have a relative that you know owned property and they did not have a will... if the heirs do not come forward then the property can become owned by the State. This is called "intestate".  In Georgia this is the case. If a person dies without a will then their estate will eventually go to the State of Georgia.

Now, do not fret, we do have Probate courts in each county and there is a way to work through the courts to rightfully claim your property if you are the next of kin.

The first thing that you will be required to do is to complete a "chain of heirs" form.  You can obtain the form from the respective county.  Complete the form and submit to the probate court with required payment.  In addition you should complete the form requesting to because the Executor/Administrator of the Estate.  If there are other heirs, you are required to notify them and to place an add in the local paper for notices.  After the required amount of time has passed you may have a court date to explain to the Probate Judge your claim on the estate and request for Administrative papers. If the Judge Agrees to your claim then you will take an oath and receive the proper paperwork to be able to transfer title of the property held in the estate.

Yes this sounds easy but it does take some time.  It can get complicated if there are many potential heirs especially if they want a claim as well.  The chain of Heirs from will typically also have a percentage of ownership that the Judge can go by if potential heirs are not able to agree how the estate shall be split.

I am not an attorney and do not claim to provide legal advise here, I am simply offering you some information on what I have helped to walk my clients through in a multitude of Probate situations.  I honestly suggest taking the time and patience because the rewards can be great.  

I recently had a situation where my client was the conservator over a family member that became elderly and was unable to care for herself.  My client lived out of state and the Attorney that was administering the conservatorship told her to just let the property go for taxes!!  ARE YOU KIDDING ME??  My client received calls from investors telling her the property was worthless and let them have it for $20k.  Lucky for her she called me and I sold the home for $130,000! So it was worth a little paperwork and advertisement in the paper to get that money that otherwise would have been wasted!

I had another situation of a client that became the Administrator over a family members estate and the property in the estate was worth less than the loan amount and there were many liens including tax liens on the property.  Well you may ask.. why even bother?  The answer to that question is that in the estate you have assets and liability.  In order to claim the assets, you have to pay off or resolve the liability. I was able to short sale the property in the estate, remove the IRS lien and other various liens off the property and clear all those issues up so the heir could receive the assets unencumbered from the estate including insurance policies.

So before you just give up... don't!  A little time and paperwork will allow you to claim your rightful inheritance!  Thank you for reading and if you are in the Metro Atlanta area I am happy to help you get your property listed and SOLD!