The Charlotte Mabry Home Selling Team Podcast: Recent Episodes
Charlotte Mabry
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from The Charlotte Mabry Team - your professional Chattanooga Real Estate Agents.
Sharing a few easy ways that buyers can mitigate higher interest rates.
If you’re looking to buy a home, you’ve probably noticed how high interest rates are but don’t worry—it is not the end of the world. There are ways to work around interest rates that are a little higher.
First, don't buy more than you can afford. A home you could have easily afforded last year might not be in your price range anymore. Don’t get discouraged; there are ways around that. For example, if you think your income will increase in the next couple of years, you can opt for a 2-1 buydown.
2-1 buydowns work by lowering your interest rate for the first two years that you have the loan. For the first year, your rate is reduced by 2%, and for the second year, your rate is reduced by 1%. This allows you to ease into a higher payment. Plus, by the time the two years are up, rates may have fallen, and then you can refinance to a lower rate.
"Interest rates will come back down eventually."
2-1 buydowns require an upfront cost, but don’t stress; your seller might be willing to help you out. Right now, many sellers are struggling to find buyers who are willing to pay their full asking prices. If you offer to pay full price, it’s very likely that your seller will compensate you by paying for your 2-1 buydown through concessions.
Another thing to consider is that with a 30-year mortgage, you’ll have plenty of time to refinance. What comes up must come down, right? Interest rates may be high right now, but they won’t be this way forever. When they inevitably fall, you can always refinance to a lower rate.
Finally, you might be able to assume your seller’s mortgage when you purchase a new home. You’ll need to qualify for it, but if you can, you might be able to secure a mortgage with a 3% interest rate. That doesn’t sound half bad, right?
You need to be as creative as possible when buying in today’s environment. Call or email us if you’d like to talk strategy; we are always willing to help!
Why it’s so difficult for first-time buyers in this housing market.
Where the heck did all the first-time homebuyers go? It’s been tough to look for your first home these last few years: Prices have been high, and competition has been fierce. As a result, the percentage of first-time buyers in our market hit an all-time low this past year. Today I want to go over why first-time buyers have had it rough and what they can do to finally get into their first house.
You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
0:43 — Why it’s been hard to be a first-time buyer
1:17 — First-time buyers also have to deal with rising rent prices
1:50 — 92% of homebuyers don’t think they can afford a mortgage
2:37 — First-time buyers are staying in their homes for longer
3:23 — Many first-time buyers are purchasing with others
3:46 — What this information means for sellers
4:07 — What this means for first-time buyers
4:44 — Wrapping up today’s topic
If you have more questions about this topic or buying your first home, please call or email us. We are always willing to help!
From our team to your family, we want to wish you a happy holiday season.
We are so excited about the holiday season, and we are so thankful for you. So much of our business comes from friends like you who refer business to us and who do business with us. For that, we are so very grateful. We love helping people make their real estate dreams come true, so thank you for supporting our business.
This may be a busy time of year, but we are always here to help you and answer any questions you may have. Call or email us, and we’d love to help you. We wish you a merry Christmas, happy holidays, and a happy new year.
The market may have shifted, but savvy sellers can still get top dollar.
What could this shifting market really mean for you as a seller? While real estate and many other financial markets are changing, the sky has not fallen. It’s really not that bad. It certainly might feel like the end of the world, but keep in mind that this really is just a normalization and not a crash. What it does mean, however, is that you will have to deal differently with buyers.
For example, you might have to make some concessions to the buyer, like paying some of their closing costs. It might also mean that you don’t get multiple offers on your home or find yourself buying down the interest rate. Remember, because the buyer is dealing with those high interest rates, you will have to negotiate differently.
We’ve seen a lot of success with sellers who, rather than come down on their price, are offering to buy down the interest rate for the buyer. It makes the payments a little easier for the buyer to swallow.
“You might have to make some concessions for the buyer."
You might also want to consider staging. You’ll want to have your house ready and in the best condition possible to make it attractive in this market. This is especially true for sellers who want to see top dollar for their house.
Some offers are coming in over the asking price, but this is definitely not the norm. It’s possible, but you need to be working with an agent who knows how to negotiate this kind of deal for you, and nobody does it better than the Charlotte Mabry Team.
If you’re thinking of selling in this shifting market, please call or email me. I’d be delighted to help you with any questions you may have.
The national news may sound grim, but there are positives to this market.
Is the sky falling in real estate? With all of the bad news, you might be wondering if there is any good news at all. I have all the latest numbers for the Tennessee and North Georgia markets, and I’ll help you understand some of the positives and negatives we’re seeing in the current climate.
To begin with, pending home sales are down by 35%, which is a little scary. That’s the lowest level we’ve seen in seven years. It’s important to remember, however, that things are a trade-off in real estate. A year ago, we saw very few homes available for sale, and buyers had to pay well above asking price to get them. Yes, interest rates are hovering in the range of 7% to 8%, but there are homes available, and sellers are paying concessions. That means there is finally room in the market for negotiation, which is a blessing for homebuyers. Among those concessions, sellers are paying for buyers to buy down the interest rate, which can ease some of those concerns.
“With all of the bad news, you might be surprised to learn there are bright spots in our market."Mortgage applications are down to the lowest levels since 2014, which is
another blessing in disguise. Remember that this allows buyers to competeon their interest rate and negotiate with lenders.
On the other hand, listings have been on the rise, with roughly a three-month
supply nationally and in our local market. That means buyers have more
options and more room to negotiate with sellers. Homes that were selling
in one week are down about 30% from last year but are still selling quickly,
so sellers need to be prepared for their homes to spend 30 days on the
market rather than 30 minutes.
Speaking of sellers, it’s also important to note that homes are closing for
98% of their list price recently. The days of selling for 104% of list price are
gone, so sellers should be prepared for that as well.
If you are a buyer or a seller looking to make a move in this market,
you need to have someone in your corner from the Charlotte
Mabry team. We have the expertise to help you navigate the current market.Reach out to us by phone or email, and we’ll be delighted to help you out.
Five questions to ask yourself when creating your business plan.
I’ve got some great information for agents that I am excited to share today. Have you ever thought about business planning? For many people, it’s not a fun topic to consider. However, I believe it’s essential. Just like you wouldn’t go on a road trip with no map or sense of direction, you shouldn’t continue your business without an idea of where you want to go.
Having a plan for how to get from where you are to where you want to be is
extremely formative, so I have created a list of five questions to ask yourself
in order to make that plan:
1. How much money do you want to make? In the next year, how much money do you need to make to cover your bills and live the life you want to live? It’s important to quantify these things.
2. How are you going to get real estate business? Are you going to focus on buyers, sellers, or have a blend of both? Have a specific goal to target.
“Having a plan will completely change your business for the better."3. What is your cost of sales? For example, know specifically what it costs for the overhead of your real estate company.
4. What are your expenses? You can’t know everything that will happen, but there is a lot you can predict. What do you plan to spend on marketing? Do you want to hire an assistant? Be prepared for how much money that will cost, and know if it’s in line with what it should be.
5. What is your plan for taxes? Many people forget about this expense, but you should be setting money aside to prepare.
All this to say, are you an agent living off of cash flow, or are you running a business that has a profit? To be the latter, you have to create a plan, and you can do that with those five questions. I admit that I used to be the former, but becoming the latter has completely changed my business for the better.
If you have any questions about this, or if you need help creating your business plan, I would be honored to help you! Email me anytime; I look forward to talking with you.
There are three key things to consider when pricing your home today.
So you’re selling your home: How do you price it in today’s market? That is the question of the hour right now. Even we agents are asking that question. Here are some things to consider when pricing your home in today’s correcting market.
1. Don’t price your home too high. Over the past couple of years, it felt like we were getting away with murder as sellers. We could price our home however we wanted to. Today, though, it is crucial that our pricing isn’t too high. That’s where your agent will be spending a lot of their time.
2. Price under the market. You want to be just under the target price to attract more buyers and get bid up to where you ought to be. If buyers perceive that the home is going for a good deal, they’re more motivated to bid on it quickly out of fear of missing out.
“It felt like we were getting away with murder as sellers."3. Work with a professional. You need an agent who really understands that the market has changed. When agents and appraisers are looking at the value of a home, they’re only looking back around two months because that’s when the market began to shift. While it’s tempting to look at homes that sold a year ago for comparison, it’s just not an accurate way to get a price.
At the Charlotte Mabry team, we’ve got the professionals for you to partner with to get top dollar for your home in this shifting market environment. Please reach out to us via email, and we’ll help you get your home sold for the most money and in the quickest time possible. Make it an awesome day.
Six ways you can help protect yourself against wire fraud and other threats.
As you near closing, you’ll probably get a lot of messages about sending money towards the transaction. If you’re not careful with these, you may end up a victim of fraud. How can you verify these emails and ensure you’re not sending your money away? Here are a few ways to protect yourself:
1. Speak with your agent and learn about the process. Ensure these emails are from the right person and coming at the right time. Don’t just wire money because they’re asking about your closing; that’s one of the biggest frauds we see today. 2. Confirm the numbers and call them. Don’t just communicate by text or email—pick up the phone and call. 3. Beware of any last-minute changes. These can happen, but make sure you call and confirm before you act on any change you hear about in an email.
“When thousands of dollars are on the line, you have to verify everything." 4. Check your wiring instructions. Your wiring instructions will come to you via email, but again, call and confirm that these are the correct instructions. 5. Never email your financial information. Even if the email seems legitimate, never share your financial information. You might have noticed a theme here, but I would advise you to call and give them the information over the phone. 6. Confirm callers’ identities. If someone calls you, ask some questions and confirm their identity. You might hate being too suspicious, but when you’re spending thousands of dollars, you have to verify everything and make sure your money is secure. If you have any questions or need help closing, call or email us. We’d love to hear from you.
What you can do to sell your home before purchasing a new one.
One of the toughest things in the real estate world over the past couple of years has been trying to purchase another home while you're stuck with one you've got to sell. That's just been impossible in the market we've had. However, I'm seeing the market change a little bit. Let's talk today about how you can buy a home before you sell your current one. It is easier in today's market. You do have to have it ready to go on the market quickly. You are most likely able to make an offer today subject to selling your current home, and you have a much better chance of getting that offer accepted, but you can't dilly-dally. You can't wait around. You have to have your house ready to go. You should get pricing ready, maybe even have photographs ready. Have a plan in action and ready to go, but don't pull the trigger until you make that offer. When you make an offer subject to selling your home, you're probably not going to be able to make any other concessions. If you want a cheaper price, for the seller to pay your closing costs, and would like their firstborn in the car, those things probably won't happen because they're going to give you the concession of waiting a little bit or giving you an opportunity to make an offer without selling.
“Planning on the front end will help you down the road." Get with your agent ahead of time and work through inspection issues and anything you might have on your current home that you might need to address so that when you do put it on the market, it will go under contract without problems. Planning on the front end will help you with this offer as you go down the road. If you don't want to go to all that trouble, there are some other options. You could get a bridge loan and bridge from your current house over to the new one until it can be sold. There are companies out there that will actually buy your home, myself included. We will buy your home so that you can go ahead and purchase another one. If you'd like information on how to make this process go more smoothly, I'd love to talk with you. Look around on our blog page for information and links that could help you. If you can’t find anything there, feel free to do the old-fashioned thing: Pick up the phone and call me at (423) 593-5588. I'll be glad to give you more information about getting your home sold so you can buy a new one. Have an awesome day.
Four tips for beginners getting started in investing with real estate.
Have you ever thought about investing in real estate? If you haven't, maybe you should. Investing in property is a fantastic way to secure long-term wealth, but where do you start? Today I’ll share my best tips to help you begin investing in real estate: 1. Buy a duplex, not a single-family home. If you’re a first-time buyer, this is a great place to start. You can live on one side and rent out the other. After living there for a few years, you can buy a single-family home while keeping your duplex. This way, you’ll have a home all to yourself and a great investment property.
“Flipping properties is great, but it’s not a way to build long-term wealth.” 2. Start simple. When you buy your first single-family home, don’t go way over budget. Instead, stick to a simple, three-bedroom, two-bathroom house with a garage in a decent area. Once you upgrade from this property, you can keep it and rent it out, just like the duplex. 3. Short-term rentals are great for beginners. You can rent out part of your current home as an Airbnb, or you can turn an inherited property into a short-term rental. 4. Flipping homes is not a long-term investment. Buying distressed properties, fixing them up, and selling them for a profit can be a great way to invest in real estate. However, it is not a good way to build long-term wealth. If you need more information, please call or email my team. We’d love to help you start investing in real estate!
Three actions to prioritize so you can thrive as the market shifts.
As a real estate professional, I’m sure you’ve noticed that the market is changing. This is the time to make sure you’re doing things correctly so you thrive instead of flounder. That is why I have narrowed down three priorities that are the most important actions an agent should be taking right now: 1. Check on your systems. Do you have systems, and are they in order? You should have an ideal system for all your processes that does the same thing every time. These systems will give you consistency in this shifting market.
“Who you align yourself with matters.”
2. Update your tools. My advice as someone who has been through downturns in the market before is that you should be more careful to make sure your spending wisely. For example, your marketing pieces — are they giving you a return on your investment? Also, are they reflecting the market? This all has to do with making sure your tools are updated to reflect the current climate. 3. Align yourself with a leader. Who you align yourself with matters, and you should be getting coaching from someone who has experience. If you don’t have anyone like that in your life, I would love to have a conversation with you. If you would like to know more about our experienced team and how we work well during change, send me an email. I hope to hear from you soon!
Four things aspects of your real estate business you should be tracking.
We’re in the middle of a changing market, so what’s the most important system to focus on? In my opinion, the most important thing you can do is keep up with tracking your business’s metrics. Here are a few things you should keep track of, especially in a tough market:
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Expenses. Do you have a system to track how much you spend on advertising, staff, marketing, etc.? You need something to help you track your expenses in this market.
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Lead sources. Where are your leads coming from? This will change, so you need to look at your lead sources and the money you’ve spent on them to see if you’re getting a good return on your investment.
“You can’t improve what you aren’t tracking.” 3. The ratio of buyers to sellers. A good business has half buyers and half
sellers. If you’re skewed one way or the other, I have a solution on my team
that I’d love to share with you.
- Lead to appointment ratio. How many leads does it take to get one
appointment?
You can always improve these things, but you don’t know what to improve if you
aren’t tracking it. On the Charlotte Mabry Team, we have an automatic system to
track it all.
If you want to build a team around you or grow in a down market, I would love to
help you put some tracking systems in place. Just email me. I would love to hear
from you.
Why the Chattanooga real estate market is not falling apart.
Is the real estate market falling apart? There has been a lot of bad news about real estate lately, but it’s like they say: There’s no news like bad news. Since I got my license in July 1986, I’ve been through lots of cycles like this. The market will always go up and down, and you need to keep that in mind as we discuss its future.
There is good news: The average home in Tennessee and Georgia has appreciated between $60,000 and $65,000 over the last year. I think this change is a return to normal. We typically see 2% to 4% appreciation every year, and that is what we should expect going forward.
Higher interest rates are here to stay, and they will make it a little harder to afford a home. If you’re thinking of buying, experts predict interest rates to climb further this year, so it might be better to buy now rather than later.
“There are no bad headlines for the Chattanooga market.” We still have incredibly low inventory. We used to carry 4,000 to 6,000 homes
per month, but at the beginning of this year, we only had 400 homes for sale. Right
now, we have around 1,600 homes available, so we are seeing more inventory,
but it will take us a long time to catch up.
I don’t think prices will go down, and I don’t think the market will fall. We
still have a long way to go before everyone who wants a house gets one. If we
head into a recession, that might mean something different for our market.
However, the real estate market doesn’t create a recession; it just reacts to
inflation.
Bad headlines make people look at the news, but there are no bad headlines for
the Chattanooga market. If you’re thinking of buying or selling, there couldn’t be
a better time. Just call us at (423) 593-5588 or send us an email. We’d love to
help.
Here are my tips if you want to start a career in real estate.
Between January 2021 to January 2022, many people left their traditional jobs and began looking at real estate as a new career. The No. 1 trending career search entry during this time was "How to become a real estate agent?" Throughout my 36-year career, I've learned much about what it takes to succeed in this industry. Here are some of my best tips if you're thinking about joining:
- Surround yourself with people who will help grow your business. You have to be around people who can help you not just sell houses but also grow your business. Here at the Charlotte Mabry Team, we work hard to provide each other with a wealth of knowledge and skills to succeed as agents and individuals. If you're considering joining a team or growing a business, I would love to talk to you.
“At Charlotte Mabry Team, we work hard to help our agents succeed as agents and individuals.”
- Go to real estate school for free. We partnered with Keller Williams so you can have an opportunity to go to real estate school for free and get your license.
Starting a career in real estate is not easy, but it's lots of fun. If you're interested, I'd love to have an opportunity to work with you. Reach out to me by giving me a call or sending an email. I hope to hear from you soon!
Here are a few items you should order in advance when improving your home.
We’ve all been hearing about supply chain issues throughout our economy. How do those problems impact your home purchase or sale? Today I want to answer that question and share the top four hard-to-get items you might need when you buy or sell:
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Kitchen and laundry appliances. If you think you’ll need these appliances in your new property, I suggest you buy them now. You can still find the expensive ones, but they’re hard to find if you’re looking for a deal.
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Lumber. It is not as expensive as it has been in the past few years, but it still costs a lot and is hard to find. If you’re planning to build a deck or start another project that requires lumber, put in an order right away.
“Start ordering these items 90 days ahead of time.” 3. Flooring. Whether you want carpet or hardwood flooring, it’s hard to come
by. Solid wood floors are particularly tough to find because of the lumber shortage.
If you’re thinking about remodeling before you sell, you should start buying the
flooring now, even though you might not need it for a few months.
- Adhesives and glues. If you’re changing out insulation or anything else that
requires an adhesive, be aware that adhesives are hard to find.
- Drywall. Maybe you want to fill in, change, or finish a room in your house. You
can still get drywall, but it will take a bit of time.
If you’re thinking about remodeling or buying a home, you should start ordering
these items 90 days in advance so that you have them when you need them.
If you want some help finding these materials or have any real estate questions,
feel free to call or email us. We’d be happy to help!
Here’s why it's not so crazy to inspect a home on a rainy day.
Should you look at a home you want to purchase while it’s raining? I know it sounds crazy, but it might actually be a good idea. Today I want to talk about why that is.
Water is often the No. 1 problem in any given house. Water eating away at foundations or cultivating mold in your new home are huge problems, so check a property thoroughly before moving forward with your purchase.
When you visit a property in the rain, check the gutters, downspouts, and drainage. In our area, landscaping often keeps water up against the house, which causes the water to drain towards the property. This can lead to major issues over time, so watch out for water pooling around the home.
“Basements are common in our area, so check for standing water in them.” Your inspector will certainly check for these problems, but if they do their
inspection when it’s dry, they’ll have no way of knowing about them. If you
check for these issues, you can tell your inspector about them so that they
can investigate further.
Make sure you visit the crawlspace or basement during your rain visit to look
for standing water. This is a red flag for mold and other issues.
If water is seeping through into the basement, it could lead to foundation
issues down the line.
I know it doesn’t sound fun to visit a property in the rain, but I highly recommend
it. The agents on my team can help you with this visit and anything else involved
in buying a home, so reach out to me via phone or email if you have any questions.
I look forward to hearing from you!
Here’s why new construction buyers should have a home inspection done.
Should you have a home inspection done when you’re buying new construction? People often skip this step for new homes; only around 14% of new construction homebuyers actually do a home inspection.
I think that’s a mistake—just because a home is new, that doesn’t mean it’s flawless. Around 25% of new construction homes sold have had big-ticket issues. Ten years back, I was walking through a new construction house with a home inspector who was checking out the HVAC system. On the outside, the system looked shiny and new, but the serial number was from 10 years earlier than the property’s build date. We had no idea where that system had been for those 10 years. As a buyer, I’d want to know the whole story before I purchase that property.
“Just because a home is new, that doesn't mean it's flawless.” Home inspectors also check for safety issues when examining a home. Most
new construction houses have some sort of ground-fault wiring that hasn’t been
done properly, for example, so it’s always good to make sure that the final
product is safe for you and your family.
To be sure, you should go through a punch list of items to check with your builder
when the construction is done, and you should do a final walk-through as well.
However, I strongly recommend that you go the extra mile to have a professional
home inspector check out the nuts and bolts of the property.
If you’d like a recommendation for a home inspector to take a look at your new
construction property or if you have any questions, don’t hesitate to give me a
call or send me an email. I’d love to help you.
Four simple things homeowners can do to prepare their homes to sell.
When it comes to getting their homes market-ready, today’s sellers can skirt around some of the bigger projects, meaning that the process doesn’t have to take as long. In the past year, more than 50% of homeowners took less than a month to prepare their properties. Around 20% of them were able to get their homes ready in two weeks. How did they make that happen? Here are a few things you should keep in mind before you sell:
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Staging isn’t as important anymore. If you’re planning to sell in today’s market, you can do a minimal amount of work to get your home ready.
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Spruce up your curb appeal. People won’t want to look at the inside of your home if they don’t like how it looks on the outside. Spend a little time improving your landscaping so that it looks neat, clean, and inviting.
“In the past year, more than 50% of homeowners took less than a month to prepare their properties.” 3. Handle general maintenance items. If your roof is leaking or your HVAC
system doesn’t run properly, for example, you could still sell your house even
with those problems, but you won’t make nearly as much money as you could
by taking care of those issues before selling.
- Take care of minor cosmetic issues. Where needed, take care of some
of the smaller superficial issues like touching up your home’s paint and cleaning
up stained carpet or flooring.
Before you do anything to start getting your home ready to sell, please give us
a call or send us an email. Our team would like to walk through your home and
give you some advice on which projects are worth your time and money when it
comes to increasing the value of your home by doing the bare minimum.
Here are the different ways you can go about buying and selling homes.
Can you sell a house and buy another at the same time? Contrary to what you may
have heard, it’s possible, and today I’m going to show you how.
Let’s start with your current home. Before you start looking to buy, you should
address what you have control over. Make those little repairs, declutter, clean,
and have professional photos taken.
Even though your home’s not on the market yet, you want it to shine when buyers
see it online. At this point, I also recommend a pre-listing home inspection to alert
you of any potential issues ahead of time.
Then we need to look at your financial situation to make sure you have the ability
to buy another home. Even if you have good credit, that doesn’t automatically
mean you qualify to hold two mortgages simultaneously.
“I recommend a pre-listing home inspection.” One way to buy before you sell is with a home equity line of credit. A lot of
homeowners these days have a lot of equity, and if you already have a line set up,
you can pull money from that to use as a down payment.
A bridge loan is another option. It allows you to have money to put down on your
new home, and then you can pay it back once you sell your current property. You
have to be able to qualify for all of these payments, however. You could also
borrow against retirement funds, which would make me nervous, but it is an option.
The last resort is making an offer on a new home that’s subject to selling
your current home. You could get beat out by another person without the
contingency, but sometimes it’s what you have to do. We’ve been able to make it
happen with this strategy in this market.
If you want to have the best chance of having your home purchase and sale go
off without a hitch, reach out to me. I would love to hear from you.
Explaining the factors that determine how much home you can afford.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIt’s easy to look at homes online and find one you love, but how much home can you truly afford? There are four things we look at: your monthly income, cash reserves, debts and expenses, and credit profile. Let’s start with the debt-to-income ratio because it’s one of the first things a lender will look at. As a general rule, your mortgage payment and housing expenses should total up to no more than 28% of your monthly income. If you make $5,000 a month before taxes, 28% of that is $1,400 a month. In a perfect world, that house payment, including taxes and insurance, should be no more than $1,400 a month.
“How much house you can afford is closely tied to the interest rate."
The next thing that lenders look at is your total debt. Maybe you have a car payment, a few student loans, and a credit card. All your debts should be no more than 36% of your monthly income. With that $5,000 a month example, you’d want your debts to equal less than around $2,000. Keep in mind that you want to be safe about these numbers. Some lenders will let you go up to 50% with these ratios, but my advice would be to stick with the 28% and 36% rules. Also, don’t forget that you have other costs when you own a house, like taxes, utilities, insurance, and the costs of repairs. Make sure you budget for all of that as well. How much house you can afford is closely tied to the interest rate, and the secret’s out: Interest rates are going up. If you are thinking of buying, I would do it sooner rather than later, and you need to speak with a lender beforehand. We work with the best lenders in the business. They’ll get you a good interest rate and make sure your ratios are in line with what's best for you. If you have any questions, feel free to call or email my team and me. We’d love to help you.
Here are five home inspection red flags to beware of when buying a house.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you’re in the market to buy a home, you should always be on the lookout for certain red flags during the inspection process. Remember that home inspections are typically non-invasive; they’re just visual examinations of the property. The inspector isn’t going to catch everything, but they will find most of the issues that could be deemed red flags for you as a buyer. Today I’ll share five of the red flags that may show up: 1. Safety issues. If the inspector finds that the steps on the house aren’t level, the water heater temperature is set too high, or there’s a heavy presence of carbon monoxide in the home, that should send up red flags. Items that constitute safety hazards should be fixed before you proceed with the purchase. 2. Foundation issues. In our area, there are a lot of homes with basements, and they almost all have some sort of water issues. However, you still want to keep an eye for things that are outside of the norm, such as cracks in the foundation, areas that are sinking, or water seeping into your crawlspace.
“Items that constitute safety hazards should be fixed before you proceed with the purchase."
3. Mold. The presence of mold is a big safety concern, so that should be addressed before you buy. 4. Termite damage. Termites can eat through the support for your floor and other wooden areas of your home, so be sure to have a termite inspection done. 5. Electrical issues. Especially if you’re buying a home built before 1970, you’ll want to take a close look at the wiring of the house. Many older homes don’t necessarily jive with more modern technology, which could ultimately end up as yet another safety issue. Whether you’re looking to buy a home, you’re a seller who wants to have your home inspected, or if you have any questions about the home-inspection process, don’t hesitate to give us a call or send an email.
Five new kitchen trends that you should keep in mind if you remodel.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhat should you keep in mind while remodeling your kitchen? If you’re like me, you keep seeing all these cool ideas in magazines and want to try them out. Before you do, there are five big kitchen trends you should keep in mind:
1. Quartz countertops. We spend more money on our countertops than anything else in the kitchen. Right now, people are looking for quartz countertops. We still see granite, but it’s being outpaced by the durability and look of quartz.
2. Bigger islands. People are making their center islands bigger. If you have a smaller island, you might want to consider expanding it.
“The top colors are, you guessed it, white and grey."
3. Laminated vinyl floors. These floors are awesome. They look like wood, but you can drive a truck across them. Not to mention, you can spill anything on them, and they’ll still clean up great.
- White and grey colors. These are the top color choices today, whether you’re doing backsplash, flooring, or cabinetry. You don’t see the wood color anymore.
5. High-end appliances. People are looking for fancy appliances right now. They want the refrigerators you can see into, the high-end oven, and more. However, there’s currently a six-to-eight-month backlog on appliances right now. If you want to remodel before you sell, you might be better off offering an allowance to replace the old appliances instead of waiting.
If you’re thinking of selling, we can help point out what you should change to get the most bang for your buck. Please send us an email or give us a call. We would love to help.
Here’s why you should consider investing in short-term rentals.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationShould you buy a short-term rental property? Airbnbs and VRBOs are becoming increasingly popular investment choices. That’s why today I want to discuss their pros, cons, and if they make sense for you.
An article from the National Association of Realtors says that short-term rentals have surged among remote, hybrid workers. In 2021, half the properties on Airbnb’s short-term rental platform were booked for at least seven days. From what we can tell, remote workers are taking ‘work-cations.’ Since they can work from anywhere, they’ll book an Airbnb by the beach or in the mountains for a week without taking any time off. On top of that, one of every five bookings at a short-term rental was for 28 days or longer.
“Short-term rentals are becoming more and more popular."
Based on this new data, it seems like owning a short-term rental could be a great use of your investment dollars. However, owning an Airbnb or VRBO is a little different. It’s easiest to pay in cash, but if you need financing, you might have to put down 25% or 30%. You should also consider that managing a short-term rental requires a greater time investment. If someone leaves every month or week, you need to be ready to clean and market the home regularly.
Short-term rentals are a little more high-maintenance, but the rewards could be great. They become more popular every month, and the sooner you get in, the more potential your investment has.
If you have any questions about short-term rentals, please call or email my team. We’d love to share where the best opportunities in our area are!
The numbers from last year’s market and what they mean for 2022.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIt’s time to look back and recap last year’s market. You’re in luck today because we are talking about stats; I can tell that you’re excited. Let’s talk about the numbers from last year, how they apply to you, and what they mean for our market looking forward.
If you were around in the housing market in 2006, you remember how crazy it was. Well, 2021 was almost the same. It was short a few thousand homes sold, coming in at a little over six million homes. That’s in a year of supposedly low inventory!
Because of people's perspectives on the availability of homes, prices went up. In December, we saw things slow down a little bit, but the market still stayed relatively strong. The median home price nationwide was $358,000 at the end of last year, which was up around 16% from December 2020. The bottom line is that house prices are still going up. People built up a lot of equity last year, especially compared to more normal markets where we only see 3% to 4% appreciation.
“You definitely get your money’s worth when you pay for an agent."
Total housing inventory is way down, but keep in mind that it’s not that there aren’t houses for sale. There is a ton of demand, so homes sell quickly and don't stay on the market very long.
Almost 80% of the homes sold this past December were on the market for only about a month. The average was 19 days on the market, which is really fast. First-time homebuyers were about a third of the market. That is up from the year before, so it’s good to know that those first-time buyers are getting a chance. About 17% of homes were purchased with cash, which could be investors in our market.
If you look at the South, existing-home sales slowed down in December, but our median home price stayed at $323,000. It’s a little bit of a decrease, but there was still a lot of growth over the past few years. We’re also seeing a lot of growth because people are moving into our region right now.
If you’re looking to sell your home, you could never find a better time to do so. If you don’t know where you would go after you sell, there are more opportunities to buy right now than there have been in a long time. 2022 is your year to make this happen; you can sell at the peak price and buy while rates are still low.
If you want to take advantage of this opportunity, you need to give me or my team a call now at 423-593-5588. We’d be glad to walk you through the whole process.
Here are most of the costs you’ll have to pay when you sell your house.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhat does it really cost to sell your home? If you’re thinking about selling your home, you may be asking yourself that. So what are the typical closing costs for a seller?
You’ll usually have to pay a title insurance company to perform the closing. They’ll draw up the deed, write a new one, and move money around during the process. You’ll also be charged your share of property taxes from the first of the year to the closing date.
If you’re in an HOA, you may have some prorated costs due as well. Sometimes, you may be asked to pay some fees on the buyer's behalf, such as their closing costs. Of course, you also have to pay off the remainder of your mortgage.
“You definitely get your money’s worth when you pay for an agent."
If you’re working with an agent, you’ll also have to pay their commission as well. Some people decide not to work with a Realtor because they want to save money, but interestingly enough, most sellers who sell their homes on their own only get 89% to 91% of the asking price.
Selling by yourself can mean anywhere from an 8% to 10% discount on the asking price, so if you’re paying an agent a 5% commission, you’re still coming out ahead. Agents have a much better track record of getting the full price. Not to mention that we bring professional marketing, photos, and a better knowledge of how to price your home to the table.
We might even be able to get more for your house than you thought you could; this past week, we sold a property for $15,000 more than what the seller thought they could get. You definitely get your money’s worth when you pay for an agent.
I’d love to send you a list of all your closing costs as a seller. Just email me at charlotte@charlottemabryteam.com. I can even give you a breakdown specific to your home if you send me your property address. If you have any questions, feel free to call me as well.
Here’s what happens to earnest money if a real estate contract falls apart.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhen you’re buying a home, you need an earnest money deposit as a show of good faith to the seller. The deposit goes toward your closing costs when the deal is closed, but what happens to it if the deal falls apart? I’m answering that question in detail today.
First and foremost, you need to follow the guidelines of your contract. If it says you need to have a home inspection done by a certain date or a specific type of financing, you better make sure those conditions are met. As long as you follow the rules in your contract, there will be provisions about when and where earnest money is refundable.
“Everything goes back to the contract."
Let’s say you do a home inspection and some big issue comes up. If your contract says that your earnest money is refundable so long as you get the home inspection done by a certain date, then you get the money back.
If you’re getting a loan to buy the home, but it’s declined right before closing, you should also be able to get your earnest money back based on a standard contract. If the seller backs out of the deal, that’s another situation where your earnest money is refundable.
Everything goes back to the contract. Make sure you and your agent are clear about what it entails and where your outs are. Backing out of a deal without cause or delaying your home inspection could lead to you losing out on a home and losing your earnest money deposit.
I’d be happy to send you a blank copy of a Tennessee or Georgia contract if you’d like to see one. If you have any other questions about earnest money, what to look for in real estate contracts, or real estate in general, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.
How much should you offer on a home? Today I’ll give you a few tips.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationHow do buyers decide on how much to offer for a home?
First, are you in a seller’s market or a buyer’s market? That’s an easy question to answer—we are certainly in a seller’s market right now. Most homes are selling for at least 100% of their asking price. That means, in today’s market, if you come in and offer 90% to 95% of the asking price, one of two things will probably happen: you’ll offend the seller, who was expecting a full price offer, or You’ll get beaten out by someone who did offer full price. If the market were to transition to more of a buyer’s market, then you would have some leeway in what you could offer.
“If you’re looking for a deal on a house right now, I’d first shop among the homes that have been listed for a while."
To get a deal in a seller’s market like this, I advise you to negotiate on things
other than the price. For example, say that someone wants $260,000 for
their home. You could offer them full price but negotiate on terms, like getting
the extra refrigerator they have in the garage in addition to the one in the kitchen.
You could also ask to move in a little sooner or make a deal to get
help with closing costs.
Also, consider how long the house has been on the market. If it’s only
been for sale for two or three days, you’re less likely to get a deal. If the
house has been on the market for two or three weeks, you might have a
better opportunity to offer a little less money for the home. Frankly, if you’re
looking for a deal on a house right now, I’d first shop among the homes that
have been listed for a while.
Finally, how does their asking price compare to other, similar homes in
the same neighborhood? Ask your buyer specialist to show you the data
on how those homes compare. Even if a home is new on the market, if it’s
overpriced, then you’ll have an issue with the appraisal
If you’d like information about working with a buyer specialist who can give
you tips on this topic and much more, or if you have any questions, please
give us a call or send an email. We can give you a checklist of things you
need to think about when you make an offer on a home. Hope to hear
from you soon!
Here are three mistakes that I see sellers make in today’s market.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationAre you thinking of selling? What are some of the mistakes you might make? There are three top mistakes that I see people make all the time, and today I want to talk about how you can avoid them: 1. Showing your home at its worst. I understand that people call last minute sometimes, but you only get one chance to make a first impression. Even in a seller’s market like this one, you need to have your home staged at all times.
“If you want to sell your home for the most money, you need the help of an experienced agent."
2. Not planning for taxes. There are tax exemptions on the sale of your residence, but in this day and age, we’re seeing so much appreciation that people are being put over the limits of those exemptions. Meet with your accountant to see if and how much you might be taxed. 3. Not filling out the disclosure form. You have to properly fill out the disclosure form, even in a seller’s market. You might not know everything, but you need to disclose any problems that you are aware of about your home. Your agent can help you with this form, but they aren’t allowed to fill it out for you. If you want to sell your home for the most money, especially in today’s market, you need the help of an experienced agent. That's where the Charlotte Mabry Team comes in; we have tons of experienced professionals, including myself, who can help you net the most money in the least amount of time. You can reach us at charlotte@charlottemabryteam.com or (423) 593-5588. We are standing by to help you.
Here are four mistakes you should avoid at all costs as a buyer.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you’re thinking about buying, make sure you don’t make these common mistakes: 1. Picking a bad location. This might mean it’s in a poor part of town. It might be cheaper to buy, but the value is worse in the long term. The lot location can also affect the resale value. If you sit way above or below grade, you can have trouble selling the home.
“I would never waive the inspection on a home I was buying."
2. Buying a home sight unseen. A lot of people are doing this, but it’s a mistake in the long run. You should at least try to see the home at a later date rather than make a decision based solely on the pictures. 3. Waiving the home inspection. This is a dangerous idea. There are some ways around it though. You might ask the inspector to look at the property on your first walk-through, for example. It won’t be a complete inspection, but it’s better than nothing. 4. Not having a knowledgeable representative. When you’re making an offer, you need someone who can give you advice on the location, pricing, and even what to waive. We have plenty of buyer specialists on the Charlotte Mabry Team. You can send me an email at charlotte@charlottemabryteam.com or call my team at (423) 593-5588. We would be glad to help you get the best deal on your new house.
Here are four things you can do to prepare your home to sell this fall.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhen you sell your home in the fall, there are four things that you need to do in order to take advantage of the season:
1. Include fall colors in photos and decorations. Exterior photos should take advantage of this beautiful time of year. Interior decorations that are fall-themed should make the home feel cozy.
“Buyers should have a good first impression when they walk up to your home."
2. Highlight the nearby schools. Many people move in the fall because they’re thinking about schools. If your home is in a school district that everybody loves, talk up the schools in your marketing.
3. Curb appeal. It's important that people get a good first impression when they walk up to your home. Make sure the leaves and sticks are picked up. You could get a new fall-themed welcome mat and have corn and pumpkin decor nearby. It's a real draw to have your curb appeal tied into the fall season.
- Don’t wait to put your home on the market. We have a window of opportunity between now and the first couple of weeks of December. These months are very busy, and it's a great time to have your home listed. If you're thinking of selling, now is the time.
We have more step-by-step information on what to do to get your house ready for sale. If you'd like to have a copy, I'd be delighted to email that to you. Reach out to me at charlotte@charlottemabryteam.com or 423-593-5588. I look forward to hearing from you.
Here are three ways you can make your FHA or VA loan compete with cash.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationSo you want to buy a house, but you need FHA or VA financing. How do you
compete with cash offers? Today I want to go over a few tips on how financed
offers can compete with their cash counterparts.
Why are cash offers even desired in the first place? The main issue is that
financed offers require both an inspection and an appraisal. In today’s crazy
market, a lot of buyers are waiving these to make their offer more competitive,
but you don’t have that option if your offer is financed.
“Navigating this market can be tricky, so make sure you hire an experienced professional."
Things only get trickier when you use an FHA or VA loan. According to a recent
survey, 90% of sellers would accept a conventional loan, but only 30% would
accept an FHA or VA loan. If these numbers make you nervous, don’t worry; I
have some great tips to make your offer more attractive, even if you’re using FHA
or VA financing:
1. Pick up the tab for repairs. Once again, the main hurdle you have to
overcome is the inspection and appraisal. Since they aren’t optional withfinancing, why not tell the seller you’ll pay for any repairs that need to be done?
If you assure the seller you’ll take care of anything an FHA loan would require to
be fixed, then you can make your disadvantage disappear.
2. Pay the difference of an appraisal gap. If the home appraises low, yourlender will only give you the lower amount for the home. While every lenderis different, some will let you pay the difference in cash. So if you agree to a
$300,000 price and the home only appraises for $290,000, you can make up
the $10,000 difference yourself to reassure your seller. Every lender is
different, so ask them if this is an option you can use.
Offer an incentive. This one will be different for every buyer, but you can
always offer an incentive. It could be allowing the seller to remain in their
home while they search for a new one or something like offering a boat you
don’t use as part of the sale. No matter what, always talk to your lender
about your options and the conditions of your loan. If you do something
you weren’t supposed to, it could come back to bite you later.
If all these options sound tricky to navigate, it’s because they are. That’s why you need a seasoned real estate professional to help you figure out what options are best for you. If you need a local expert, give us a call at (423) 593-5588 or email us at cmabry1112@gmail.com. My team is always willing to help!
Here are my six steps to find the perfect agent to sell your home.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationSo, you’ve decided to sell your home. Now’s a perfect time because it’s a great seller’s market. However, how do you find an agent that can get you the best deal possible? Today I want to talk about the steps you should take to find a great agent to sell your home.
1. Visit open houses. Even if you aren’t planning on selling your home right this second, visiting open houses is a good way to meet a wide variety of agents. When it comes time to sell, you’ll have a list of contacts ready to go.
2. Get a personal referral. You should ask everyone you can if they know a great agent. Coworkers, family, and community members are all good places to start asking around.
3. Check the agent’s track record. There are plenty of new agents, and they have to start somewhere, but do you really want to be their first sale? I recommend you look for someone with plenty of experience.
“There are plenty of ways to do an inspection without spooking your seller.”
- Compare online reviews. Comparing online presences is one way to get a feel for an agent. Are they hard to find? Are positive reviews readily available? Ideally, your agent has a significant online presence.
5. Work with a team. Individual agents can be fine, but if you want to guarantee success, you should work with a team. It’s pretty simple: two heads are better than one. Instead of one person doing all the work, teams have people dedicated to marketing your home, researching your area, and making sure you get top dollar.
- Talk about communication. Like in all relationships, communication is key. Do you prefer calling or texting? How often do you want updates? These are all important questions you should talk to your agent about.
I hope these steps gave you a good idea of where to start when looking for an
agent. If you have any questions, please call or email me. I have a more
comprehensive list of steps to take when selling your home that I am happy
to give you with no strings attached.
Of course, if you are looking for an experienced team to help sell your home,
the Charlotte Mabry Team is hard to beat. We look forward to hearing from you!
Here’s everything you need to know about waiving home inspections.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationYou want to buy a home in this competitive market, and you’re wonderingif you should waive the home inspection. Let’s talk about it. It sounds like a good idea. You want your offer to stand out, and if the seller gives you disclosure forms, what is there to worry about?
“There are plenty of ways to do an inspection without spooking your seller.”
In my opinion, I would never buy a property without some sort of home inspection. There is too much risk involved in not having one. The last thing you want is to have your dream home turn into a money pit.
Now, there are ways to have a home inspection without spooking sellers. For example, you can write in your offer that the inspection will be done quickly, and you won’t ask the seller to make any repairs. If you have a home inspector already lined up, you can streamline the process and shorten the overall inspection time.
Another tip I have is to take your pre-selected home inspector with you when you tour a property. They can do a quick, 30-minute run-through to see if they find any glaring issues, and you won’t have to worry about putting the inspection in the contract.
At the end of the day, I highly recommend you always have an inspection done when buying a home. Even a quick one can save you a ton of headaches and money.
If you are looking to buy, our team has some rockstars ready to get you into your dream home, so please reach out to us via phone or email. Also, if you liked today’s blog post, we have tons of great content on our site. We look forward to hearing from you!
Here are five ways you can make your offer stand out in today’s crazy market.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you’re thinking about buying a home, and you’re ready to make an offer, how can you stand out
in this crazy market? I have five tips that can help make your offer as strong as possible.
- Know what you can afford. Don’t make offers on homes that are right at the top of what you can afford. If you look for houses that are a little bit below that line, you can potentially bump up your offer price to outbid other buyers.
“You’ll probably need to make your best offer first.”
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Keep a fast pace. If your agent calls you and tells you to look at a house, you need to look at it right away because it might move in the blink of an eye. Being flexible with your work and your time can let you see more houses before they get sold.
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Make your best offer first. Back in the day, we could make an offer and gauge how the seller responded to it. That’s not the case anymore. A weak initial offer will just make the seller ignore you and go with seemingly stronger buyers.
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Be a flexible negotiator. If the sellers want to stay in the property a little longer, or even if they want to rent afterward, you might have to be flexible. It can help your offer stand out and get you the home.
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Use a seasoned real estate professional. We have a lot of good agents in our market, but you really need to be working with the best. They understand the process and will help you win multiple-offer situations
Here at the Charlotte Mabry Team, we have some awesome people who really know what they’re doing. I’d love to hook you up with one of them and help you win that house. Call or send us an email, and feel free to reach out even if you just have real estate questions.
Here are my top home remodels to get the best return on investment.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you are planning on remodeling your home, you should make sure your choices
are adding value. That way, when you plan to sell, your home will be ready to get
top dollar. Today I’ll be sharing my top tips to get the most out of your remodel.
1. Buyers like light, bright, and open. Increasing the amount of light and space in your home is a great way to make it appeal to buyers. Enlarging windows, adding windows, raising ceilings, or any other way to increase light and space in your home are all sure to bring in a great return on your investment.
2. Improve your landscaping and curb appeal. This method is easy, but it adds a lot of value to your home. Sidewalks, bushes, and other landscaping upgrades improve your home’s first impression. At the end of the day, no one will walk through your home if the outside looks unappealing.
3. Make sure you have a home office. If you don’t have a designated home office area, I highly recommend converting a bedroom or adding an additional room to make space for one. More people are working from home than ever, and having a home office can be an essential item for buyers.
4. Add or improve your decking. After the pandemic, people want to spend more time outside with their friends and family. A nice deck gives your home value and is something nice for you to enjoy as well.
"Even if you plan on upgrading your kitchen for yourself, you might as well increase the value of your home in the process."
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Finish your basement. If you have an unfinished basement, it is super easy to add an office or workout room. Doing something with the space will add a ton of quick value to your home.
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Update your bathroom or kitchen. Traditionally, updating your bathroom or kitchen is a great return on investment. Enlarging your bathroom and adding kitchen accessories are just a few ways to improve the value of your home.
If you’d like a recommendation on vendors to help you with these remodels,
just send me an email at charlotte@charlottemabryteam.com. I would be more than happy to send you some excellent recommendations.
Here are the top seven kitchen features buyers want these days.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhat kitchen features do buyers look for when they view your home? This is an important question because a lot of buyers see the kitchen as one of the most crucial rooms in your house. Today, I’ll be going over the top seven features buyers look for in your kitchen:
1. Double sink - You would never have guessed it, but the most important feature your kitchen can have is a double sink. For a while, we thought a single farmhouse sink would be more popular, but buyers have confirmed over and over that they prefer the traditional double sink setup.
2. Walk-in pantry - A normal pantry works just fine, but having a walk-in pantry makes the kitchen that much nicer.
- Table space - It’s nice to have a bar, but most buyers are more concerned with space for a big kitchen table for dinner.
4. Central island - It may sound picky, but buyers want a nice island to prepare their food before they bring it over to their table. Even if you plan on upgrading your kitchen for yourself, you might as well increase the value of your home in the process.
"Even if you plan on upgrading your kitchen for yourself, you might as well increase the value of your home in the process."
5. Granite countertops - They do not necessarily need to be granite, but solid surface countertops are a must in today’s kitchens.
6. Custom backsplash - This one is related to the countertops. No matter what countertops you have, buyers want a backsplash that matches.
7. Pull-out shelves - If you can spring for it, pull-out shelves always catch the attention of potential buyers.
Even if you plan on upgrading your kitchen for yourself, you might as well increase the value of your home in the process.If you have any questions or want to know a vendor who can help you with kitchen additions, do not hesitate to email me at charlotte@charlottemabryteam.com or call my team at (423) 593-5588. We’re always happy to help!
Here’s an overview of what happens during the closing process.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhile you’re getting ready to close on your new home, what’s going on behind the scenes? Here’s a checklist of tasks that typically happen: 1. Your contract is reviewed. This ensures all your contingencies are met, your loan information is correct, your name is spelled correctly, etc. 2. Your loan is verified. This ensures that all your funds are there and you’ve met all the terms of the loan process. Your lender will also check your employment history and your credit. This all happens typically the day before closing. 3. Your deed for the home is checked. This involves title work and a title search to verify that there are no liens on the property or any other surprises. The title insurance policy is also prepared to ensure the title is free and clear. 4. You receive the survey of the property (if you ordered one). This survey will then be verified so it matches with the written description of the property.
"Double-check the numbers before signing on the dotted line. "
5. You do a final walk-through. You and your agent will walk through the home to confirm that everything is in working order and exactly how you purchased it. We typically recommend doing this the day before closing. 6. You receive a closing disclosure. You receive an estimate of your closing costs during the initial phase of the closing process, and this document breaks down all of those closing costs. Your lender usually sends it to you three to four days before closing. Double-check the numbers before signing on the dotted line. 7. You sign a lot of paperwork come closing day. If you’ve bought a home before, you know that you need to bring both hands with you on closing day because you’ll be signing a lot of papers. Transactions with conventional loans typically involve more paperwork than cash transactions, and transactions with government loans (VA or FHA) usually feature even more paperwork. 8. The deed is sent to the courthouse and recorded. Afterward, that document is sent back to the title company, who then sends it back to you. You should get it in the mail two to six weeks after closing. If you have questions about the closing process or there’s anything else I can assist you with, send me an email and I’d be happy to help you. I hope you have a fantastic day!
Here are a few ways you can invest in real estate in 2021.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you’re unsure whether or not you want to invest in real estate, now’s a great time to make that leap, and there are several ways to go about it. The first is to purchase or invest in a real estate investment trust (REIT). This is an entity that owns shares of interest in homes, apartments, commercial buildings, multifamily spaces, etc. It’s a way to invest money in a property you don’t necessarily own, but don’t have to spend time with either.
"I’d be glad to sit down with you and make a plan for your investment purchase. "
The second thing you can do is go the traditional route and buy a rental property. If you’re thinking of buying a single-family home, I suggest something with three bedrooms and a garage. The property should also be located in a great school zone. That kind of property you’ll always be able to rent. Also, you could buy a rental in an area that’s zoned for short-term rentals, like Airbnb. Additionally, you could flip and sell that property. This real estate market is a great opportunity to sell a property. If you want to ease into real estate without buying a whole property, you can rent out a portion of your house—a couple of bedrooms, for example. All of these have tax consequences, so check with a tax professional before making any decisions. If you don’t know where to start, give me a call or send me an email. I’d be glad to sit down with you and make a plan for your investment purchase. Don’t let 2021 pass by without you building your personal wealth!
You’ll need to change a few things in your home if you decide to age in place.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationIf you’re thinking about holding on to your home and aging in place during your later years, there are a number of things you’ll want to do. Here are some simple home improvements you can make to increase accessibility and mobility throughout your living space:
1. Install grab bars: You can put these in your shower, around the toilet, along the stairs, and near entrances. Additionally, you need to determine whether you have the space to do so.
"Renting and flipping are both good options, but figuring out which one to choose depends on your real estate goals."
2. Improve stairways: Think about the number of stairs you’ll still need to navigate. You’ll want to install handrails to help you get up and down the stairs, both indoors and outside. You may also want to add ramps for wheelchair accessibility.
3. Widen doorways: This helps you to move a wheelchair throughout the home.
4. Alter the floorplan: If all your bedrooms or bathrooms are currently upstairs, you may need to figure out a way to bring them to the main level. However, it may be a better idea to move to a new home instead of spending the money on these big changes.
5. Remove carpets: It can be difficult to use mobility aids, such as a walker, on carpeted floors. You may want to change to hardwood flooring or something similar.
6. Modify the shower: You may need to be able to roll a wheelchair into the shower, or have a shower with a low threshold that’s easy to step over. However, if there’s not enough space, these modifications can be difficult. Many of these changes are necessary for people who wish to age in place. However, not all homes have the room for these updates; in these cases, it may be far easier to find a new home that fits your needs. If you have any questions about aging in place, or if you’d like to find a house that won’t require expensive changes, feel free to reach out to me. I look forward to hearing from you soon.
Flipping and renting are both good choices for an investment property.
Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationDeciding whether to flip or rent out your investment property can be a difficult choice. Both have a variety of pros and cons, so today I’ll be talking about each option in order to help you make a well-informed decision that meets your goals.
First, there are a few different ways to buy your investment property. You can find someone who’s simply looking to offload their home quickly, and you can often buy these at market price or even lower. Others have been unable to maintain their property and will give steep discounts by selling it as is.
"Renting and flipping are both good options, but figuring out which one to choose depends on your real estate goals."
Next, you need to decide whether to flip or hold. Flipping is a good choice if you’re looking to get cash quickly. It can take anywhere from a month to half a year in order to fix up the property and list it, and you can make some fairly quick money. Right now, the average nationwide profit is around $50,000 on flipped properties. However, there are some risks involved—the market might change and then your invested money is stuck in the home. You’re also spending time and effort to renovate the home, and your income may be subject to capital gains taxes; speak to your tax advisor to find out how this may influence your decision.
On the other hand, you can hold on to your investment property and rent it out. You did all the hard work of renovating it, so why not keep it and make some passive income? Instead of getting paid in a lump sum, renting allows you to receive cash over the long term. On top of this, the property’s value will likely increase throughout the coming years. It’s a fantastic way to build wealth. Taxes are different here as well, as you can get a write-off for investment property ownership. Renting means you’ll have tenants, however, so you’ll be on the line for things like maintenance, late payments, and other tricky situations.
Renting and flipping are both good options, but figuring out which one to choose depends on your real estate goals. If you’d like to get a better idea of which one to go with, have any questions, or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
So you've purchased a new home and now need to maintain it.
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So you've purchased your first home. Today we're going to talk about maintaining a home after you purchased it. What should you think about first? Here are the maintenance projects I suggest you do as soon as you move into the home.
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Change the locks. Always do this, even if the seller says they just changed them. I'd change them again anyway because Aunt Susie might have an extra key or Bob the neighbor down the street might have one.
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Check all of your filters. Check the filters on your heating and air system and water system to make sure they're clean. If needed, replace any old filters.
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Check the caulking around windows and doors. Even though your home checked out at closing, caulking is always a maintenance item to keep an eye on.
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Add insulation to your water heater and pipes. Your pipes and water heater can always use a little extra insulation to be a little more efficient and lower your heating and cooling bills.
"Always change the locks, even if the seller says they already have."
- Install a programmable thermostat. This will also lower your utility bills. It's a great value-adding item if you do sell again.
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Clean your refrigerator coils and dryer vent. Lots of dust and lint can accumulate behind your fridge and in your dryer vent. Those can both be fire hazards, so getting them clean right away is very important.
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Extend your downspouts away from your house. It's the best way to keep water away from your home and flooding the basement.
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Double check your smoke and carbon monoxide detectors. We just assume those things work; although your home inspector probably checked them out, there's time to make sure between your home inspection and you moving in.
If you'd like a complete list of all the things to maintain your home, I am more than delighted to send you more information. Contact me at charlottemabryteam.com. If you have suggestions on topics, send me an email and I'd be glad to cover them for you. I hope you have a fantastic day and I look forward to seeing you back here next time.
Have you ever heard of an escalation clause?
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What in the world is an escalation clause, and as a buyer, should you even use one? Today I’ll answer both of these questions and more.
If you’re thinking of buying a home in 2021, just know that so many other people are thinking the same thing. In fact, for every home that’s available to buy, there are typically between 10 and 30 other people looking at it. That means homebuyers are in for some tough competition. So how do you compete in this market?
A good tactic is to use an escalation clause. An escalation clause is a section of your contract that states you will pay a certain amount above any other offer but not more than a limit that you set for yourself. For example, you might offer $200,000 for a home, but if another offer comes in, your escalation clause might raise your offer to $210,000 or up to your cap amount (let’s say $212,000). Keep in mind that some states don’t allow for escalation clauses in contracts, so be sure to check with your agent.
The good news is that with this tool, you have an opportunity to stay in the game—hopefully all the way to the end, where you end up winning the bidding war.
Escalation clauses are a great tool, but they do bear some consideration.
The bad news is that with escalation clauses, all your cards are on the table. In the earlier example, you said that you were willing to go up to $210,000, so the seller may raise the price to $210,000 or higher. Another issue is when an appraiser comes along and states that the house is worth less than the offer price. If you agreed to pay $210,000 and the seller accepted your offer but the home doesn’t appraise to that amount, then you’ll need to find a way to make up the difference. Many buyers are removing their appraisal contingencies, but even if you left it in your contract, you’d still have to make up the difference. You might end up having to renegotiate and your contract could potentially fall apart due to the appraisal.
As a final piece of advice, think about the state of the market now and compare it to what you want. For example, if you bought a house now and then got transferred for your job in five years, would the market be as high then, and would you get a good price for it? It’s hard to say, but consider whether you’re escalating your offer because you’re thinking ahead or if it’s just a tool to help you get what you want in the moment. Escalation clauses are a great tool, but they do bear some consideration.
If you have any questions about escalation clauses and how they work or you’d like more information about what it takes to compete as a buyer in this market, feel free to reach out to me. I’d be happy to put you in touch with one of our buyer specialists to talk to you in more detail. Hope to hear from you soon!
Here’s what to consider before you invest in a second or vacation home.
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If you’re thinking about buying a second home, there are a few key things you’ll want to make sure you’re aware of. These tips will help you avoid the regret that often arises after you jump into a purchase too quickly.
First off, be sure that you aren’t making an impulse buy. It can be easy to get carried away on a vacation and think you’ve found a perfect area, but try not to let yourself act without taking time to learn more about the area and doing a bit of research.
You should also consider your long-term goals. Are you wanting to flip a home, have a rental property, or enjoy a vacation home? Each of these come with different expenses and quirks, so it’s important to know what you’re signing yourself up for before pulling the trigger.
Before buying a second home, be sure to find a great local agent and think about the extra costs involved.
If you hire a local agent, they’ll be able to answer your questions and help you find something that aligns with your goals. Especially when you’re thinking about buying an investment property, you want to make sure your Realtor knows the area well.
Mortgages on second homes typically cost a bit more as well, and different areas can have different costs in terms of things like property tax and insurance. For example, a house by the beach would be wonderful, but the hazard and homeowners insurance will likely be more expensive in beachside areas. Additionally, you’ll want to think about capital gains tax if you’re planning to sell in a few years and decide whether it’s worth it. Also, what happens when nobody wants to rent your property? These are all things that you should consider.
Before buying a second home, be sure to find a great local agent and think about the extra costs involved. If you have any questions or would like more information, feel free to reach out to me. If there’s a specific area you have in mind, I can also put you in touch with trusted Realtors who will help you find the perfect property. I look forward to hearing from you soon.
Here are some of the top home upgrades that today’s buyers love.
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Which home upgrades attract the most buyers and net you the most money? Today we’re covering the major upgrades that every homeowner and potential seller should know about.
Topping the list is closet organization and storage. Now that we’ve all made it through the tumultuous year of 2020 and spent more time in our homes than ever before, it seems that we’re all on the hunt for more storage. If you can add extra closets or finish an unfinished area as climate control storage, that’s a great investment of time and money.
I also recommend adding a sanitizing station. Here in 2021, we still need to be as COVID-conscious as possible; having an area for guests to sanitize themselves could be a great call. Pandemic aside, there’s still no downside to promoting general cleanliness in your home.
What’s been made especially clear by the recent work-from-home revolution is that we all need a home office. To sell your home for the most money, you need a designated area for work. In fact, I’d advise that you have at least two such areas—mom and/or dad can have a spot, or the kids can have a study zone. I highly recommend that you either stage your home to accent potential work areas or build an office space. Trust me, the demand will be there.
Our millennial buyers, in particular, are incredibly responsive to smart home technology.
Kitchen updates are still high on the list, especially considering that we don’t eat out at restaurants as much anymore. COVID has forced somewhat of a cooking renaissance; we’re rediscovering the beauty of having an oven, stove, and microwave. It’s important to make sure your kitchen’s appliances are updated. The goal for your kitchen is to make it as user-friendly as possible.
Let’s talk about smart lighting. When I began working at home, I had to add some extra lighting throughout the house. I highly suggest that you have dimmable lights or smart lighting. Our millennial buyers, in particular, are incredibly responsive to smart home technology. They’re looking for convenient ways to control the lighting and heating of their homes with the touch of a button.
Lastly, people want more outdoor space right now. They’re tired of not being able to go anywhere, and they’re seeking respite in outdoor areas. If you can turn your yard into a peaceful, multi-purpose space, you’ll certainly see a return on that investment.
As always, feel free to reach out if you have questions about upgrades or any other real estate topic. We’re happy to be a resource for you and assist with whatever buying, selling, or investing needs you may have.