Buyers Archives

SOLD Ansley Above The Park Number 914

July 27, 2015 by Thom Abbott

In real estate, a “closing day” is always a good day for everyone! There are happy Seller’s that have sold their home and happy Buyers that are going to be moving into their new home! The process should be an easy one, but that is not always the case.

SOLD Ansley Above The Park Number 914

MyMidtownMojo.com is pleased to have helped Jim, Natalie and Emily call this stunning, three story condominium at Ansley Above The Park home! Natalie was not able to come to Atlanta on the house hunting trip, so Jim and I looked at the options and he sent photos and video back to Natalie in California. She just walked through the door and saw if for the first time this past Saturday morning! She was excited and pleased!

Their closing was an unusual one! They were not only not able to be in Atlanta for closing (so we do what is called a “mail-away closing”) but Jim was in Nevada and Natalie was in New York…so it was a DOUBLE mail-away! Our team at Ganek, Wright and Minsk, Closing Attorneys did an outstanding job of finding our Buyers locations to sign their documents. And they each had to sign the SAME set of documents, so they had to go from ATL to Nevada to New York and back to Atlanta! Whew!

Jim’s lender, John Markham with Wells Fargo Home Mortgage did an incredible job with his team to have a loan package ready and to the attorney for the mail-away process to begin. Here’s a funny side to the story however…and just goes to show that in your real estate purchase, your lender is worth their weight in gold in making your closing be smooth! The SELLER used Wells Fargo to close on their new home purchase and they had a total disaster. They ended up having to delay their closing twice, and almost lost the home they had found! All because the loan officer did not have their “ducks in a row!”

When we work with Buyers, this is one of the very reasons we work with them and recommend the various players they need to have on YOUR TEAM! After all, everyone IS on YOUR TEAM to help you find, and buy the home of your dreams!

Congratulations again to our Buyers and we look forward to seeing them around Midtown!

10 Questions You Should Ask Your Mortgage Lender

May 9, 2015 by Thom Abbott

Finding the right home or condo is important. I mean this is going to be your home. Your sanctuary to get away from it all after a long day at the job. So it’s a big decision. But part of that decision is also your mortgage. Unless you are in a position to pay all cash for your home, you will need a mortgage.

10 Questions You Should Ask Your Mortgage Lender

And there is a lot that goes into a mortgage. But that is not my role in helping you find your home. Much like when you go to a doctor’s office, there are numerous people there that have a role in your visit. From the person that greets you, to the one that takes your vitals to the doctor him(her)self, everyone has a purpose.

My purpose is to help you find the right home, and get it at the right price. There’s other considerations too, but we’ll keep it simple for this topic. But when you need a mortgage, then you need a mortgage lender. And that person is a specialist in what THEY do! They know the in’s and out’s of getting you the best financing arrangements they can. But just as there are questions and parts to the home buying process I discuss and questions I answer for you, here are 10 questions you should ask your mortgage lender.

10-questions-to-ask-mortgage-lender

If you need help in getting your pre-approval ready to begin your home shopping with me, please check out our team of mortgage lenders. We have worked with these people for years, and know they will do it right for you!

More Atlanta Renters Looking to Homeownership in 2015

March 17, 2015 by Thom Abbott

More renters are looking to become homeowners in 2015, but it won’t be without some challenges.

The Zillow Housing Confidence Index has indicated that Atlanta’s renters are more confident about the housing market, and some 130,000 plan to buy a home this year. That’s all well and good, but here are some challenges:

Lack of Inventory

If those renters are looking at Midtown or Buckhead for condominiums, they best be prepared to pounce when they find one they like, and have their pre-approval with a lender in place. Limited inventory and almost no new construction on the horizon will make prices continue to rise, and the possibility of multiple bids a continued reality. All those cranes you see over the skyline are not building “For Sale” buildings, but an abundance (and maybe a bit to much) of rental apartments. So when that priced-right condo hits the market, don’t expect it to sit around for long. An inventory example in Midtown…Cornerstone Village has 310 homes, and there are currently only TWO homes listed For Sale.

Saving For A Down Payment

You have to have some “skin in the game” when it comes to getting a mortgage. That means you need to have money for a down payment. Depending on your credit and other circumstances, this does not mean you may need 10 or 20 percent down. You might qualify for other programs that will offer less money down. And you can work with parents or other family members for a potential gift towards your down payment.

Qualifying for a Mortgage

Well, yes….gone are the days of “fog a mirror, get a loan.” You need to qualify for that mortgage. If you have good credit, a job and don’t have oodles of credit card debt or a big car loan, you should be able to qualify for a mortgage. How much, is another story. (You can find our list of preferred lenders here.)

Finding an affordable home or condo

That might be the biggest challenge of all. Prices have certainly rebounded from years past. Another example in looking at Cornerstone Village. A 1-bedroom condo that sold for $78,900 in December, 2013 is now on the market at $137,000! One bedroom homes at Spire Midtown were selling in the $140-170,000 range and are now topping over $200,000 for the same homes!

But according to Zillow, Atlanta’s Housing Confidence Index hit 66.5, up some 4 percent from January, 2014. Renter confidence also climbed 4.6 percent for the same period.

Those that continue to “sit on the fence” will find that jump off more expensive!

When Should I Sell My Atlanta Condo?

February 25, 2015 by Thom Abbott

In real estate, I often wish I had a crystal ball. It would make it so much easier for myself and everyone of my clients. I could just look into it, glance up and say, “List your condo on March 2, 2015 at 1:45pm and a Buyer will find in 10 minutes later and it will be sold in 21 days.”

But, that is not the reality of real estate, is it? I have to rely on hard work, good marketing and my knowledge of what is happening in the market. Those things, combined with you being ready to place your condo on the market at a price that makes market sense, will bring that Buyer to our door.

When Should I Sell My Atlanta Condo?

But, the Buyer has to FIND something to buy! And inventory is at an all-time low! In Midtown Atlanta for example, all the construction cranes you currently see are for rental apartments, NOT for new condominiums! Yes, there is a chance they might convert in the future to For Sale homes, but if construction is underway, they most likely do not have the type of financing that will allow for a conversion right away. (NOTE: One new building, Seventh Midtown at Peachtree and 7th Streets is new construction condominiums…..prices start at $739,000 for a 2-bedroom home)

So, here are two graphs that clearly indicate the problem….

So, the Buyer’s are out there….and they are looking. But what do they have to look AT?

While these are national stats from the National Association of REALTORS, they still reign true in Atlanta condos! Many buildings that I work with, have as little as 1 or two homes For Sale, and there are some that have nothing listed for sale! Nothing!

If you are “on the fence” as to whether this is the time to sell, let’s talk. Sure, there are other factors we have to consider if you are going to sell your home! When did you buy? What did you pay? What are homes selling for now in your building? The answers to some of these questions might truly say it is NOT the time for you to sell.

But having a conversation and talking about all these factors is the only real way to know what is right for you.

My phone is right here next to me.

Atlanta Federal Reserve Lockhart sees interest rate hike by middle of the year

January 12, 2015 by Thom Abbott

Have you been sitting on the “real estate fence?”

“Should I buy or should I wait?”

Well, the Atlanta Federal Reserve has spoken….and there is almost certainty that interest rates will rise at some point in 2015.

In an address to the Rotary Club of Atlanta, Federal Reserve Bank of Atlanta President and CEO, Dennis Lockhart summed it up in the first remarks of his speech….

As I look back on 2014 and look ahead to 2015, I can comfortably assert that, more and more, the U.S. economy is hitting on all cylinders. The recovery that began in 2009 is well-advanced, and we are getting closer to a point where the Fed’s Federal Open Market Committee (FOMC), the body that formulates monetary policy, can begin a process of normalizing the interest-rate environment. That process will begin with so-called “liftoff”—that is, the first increase in the policy rate.

So, perhaps we might want to jump off that fence….a minor increase in interest rates can change what you might qualify for in your mortgage!!!

Can I Afford a Mortgage In Atlanta?

January 8, 2015 by Thom Abbott

When you search for your new, or next, home or condo, there are probably two major things to consider….The house/condo itself, and your ability to buy it. Don’t get me wrong, there are many other things to look at, from location, to schools, amenities, the condition, maintenance, etc. But all of these things circle around finding the home and affording the home.

Can I Afford a Mortgage in Atlanta?

If you have recently reached out to a real estate agent, you may have very quickly been asked the question, “Have you been pre-approved for a mortgage?” Some buyers are put off my this kind of hard question being asked right at the start. I always tell buyers, there are two reasons for that question:

With limited inventory, Sellers are looking to make sure it is a qualified buyer that is making an offer on their home or condo. They are not going to want to take a contract on their home, and THEN wait for you, the Buyer, to get your financing approved. So by having a pre-approval, this indicates you have already spoken with a lender, provided them with financial documents and employment information so they have been able to qualify you for your mortgage.
When working with a Buyer, the last thing I ever want to do is show you a home, and then find out you don’t qualify for a mortgage large enough to purchase the home. Having that pre-approval gives both of us the boundaries if you will, to know what price range to look in.

I also tell my Buyers that you have selected me as your real estate professional because I know the market and know Midtown Atlanta. But I’m not the money guy….that is the responsibility of your lender! But, I do work as a team with the lender to get them the information they need (contract, HOA info, etc) to make the process move smoothly.

But in this changed real estate world, many Buyers think they can’t get a mortgage and don’t even start the process. Well, mortgage rates are still at all-time lows….and there are all sorts of different programs that may be available to you.

Just look at this information from one of our preferred lenders, Brian Dover with Sharpe Mortgage!

Let’s get you pre-approved, and into that new Intown Atlanta home or condo while these rates are great!

SOLD Ansley Above The Park Number 914

10 Questions You Should Ask Your Mortgage Lender

Lack of Inventory

Saving For A Down Payment

Qualifying for a Mortgage

Finding an affordable home or condo

When Should I Sell My Atlanta Condo?

Can I Afford a Mortgage in Atlanta?

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