Forsyth County GA Mortgage Interest Rates: Another Surprise
It usually takes at least some digging to come up with relevant news for Forsyth County GA real estate watchers. Last week provided an exception.
The boldest headlines, cable TV info crawls, and email announcements dealt with the unexpected move in mortgage interest rates. The welcome news for Forsyth County GA home sellers and prospective buyers came with Freddie Mac’s midweek announcement that the benchmark 30-year mortgage rate had fallen to 3.97% “for the first time since November.”
Beneath the “Mortgage Rates Tumble Below 4 Percent” headline, the quasi-government site elaborated on the importance of the move. The drop had pierced “the psychologically important 4 percent level.” Freddie doesn’t usually delve into psychology, but in this case, it was well warranted. Locally, Forsyth County GA mortgage interest rates had been expected to trace a slow but steady rise, paralleling the Federal Reserve’s announced intention to nudge bank borrowing rates upward. Last month, after the Fed did exactly that, Forsyth County GA mortgage interest rates behaved as expected, tiptoeing upward.
Of course, since higher lending rates mean buyers experience higher monthly payments, that could presage less real estate activity. But since the Fed was expected to continue with two or three more Fed funds rate hikes in 2017, the opposite had been expected. More likely, prospective homebuyers would appreciate that the 4+% rates were still lower than average—and want to take advantage of them before they moved higher.
And in fact, by Friday the NAR’s Realtor® website could confirm that U.S. “Existing-Home Sales Jumped 4.4% in March.” The spring selling season was off to a robust start, chalking up the strongest month of sales in a decade. That was all well and fine, but how to explain the drop in mortgage interest rates?
Some informed opinions had it that world financial markets were queasy about an election in France, so capital was seeking safety (real estate lending fits the bill). When lenders have lots of investors sending cash into their coffers, rates get competitive. Others saw signs that the Fed might once again fail to follow through on future rate hike promises.
As for the most important takeaway—namely, what should local buyers and sellers expect for the immediate future of mortgage interest rates in Forsyth County GA, prognosticators were saying things like, “it’s important not to over-interpret” the latest news. Translation: “It’s anyone’s guess.”
One thing that is certain: we’re again seeing absolutely terrific Forsyth County mortgage interest rates!
For potential buyers and sellers who choose to take advantage of that window, the way to get started is as easy as giving me a call!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
Was Your Home a Good Investment? Use this Calculator to See
I spend my days showing homes for sale in Cumming, GA in South Forsyth county GA and I speak to homeowners every week who are shocked to find out that their home is not worth what they thought it was.
“But I paid $…”
On the other hand, values in our local market have really held strong when compared to the national average so others are pleasantly surprised. It really just depends on a combination of location, date of purchase and updates/upgrades that have been made over the years.
Are you wondering if buying your home was a good investment? You can use this Calculator from CNN Money to find out.
Want an up-to-date market value analysis of your home? Just use this form to provide a bit of info and I’ll share my expertise with you for FREE!
Want to know why you need a CMA or market value analysis before you decide to sell?
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
How Should a Seller Respond to A Low Ball Offer?
“STOP now, before you lose a sale!”
You just received an offer on your home and you are ecstatic…. Until you really look at it closely and see that the amount is significantly lower than your asking price. How should you respond?
For most sellers, receiving what they consider to be a low ball offer generates an immediate and, usually, very negative response. For many that response is “This is ridiculous. I’m not even going to reply!” But, any seasoned real estate agent will tell you “STOP now, before you lose a sale!”
Before you choose to ignore any offer on your property you must first stop to think that a written offer means that there is a person who is seriously interested in buying your home and a responding counter offer may well turn that low price offer into a sale with a bit of strategic negotiation.
In the current market climate I make every effort to prepare my home seller clients for this possibility. In some cases a buyer is just “fishing” to see how motivated a seller is. In others, they simply have the misconception that all areas have suffered the same level of market downturn they hear the media harp on day in and day out.
Stop and Think
No matter how low, all purchase offers deserve a response. In some cases this may be a counteroffer in others it may be an outright rejection. In order to determine which way is best in your situation, you will need to check your emotions and deal strictly with the facts. A frank discussion with your real estate agent will help you determine the ways in which you can respond and still keep the negotiations open. Keep in mind: At the end of the day, it is your goal to sell your home so you, and your agent, must make every effort to progress the negotiations if possible.
Make a Counteroffer
A counteroffer signals to the buyer that you are willing to negotiate. Curb the instinct to respond at full price. While real estate “feels” very emotional, in the end, it is a business transaction and the best response is usually a reasonable response.
In most cases, the best strategy is to determine a price and terms that you would willingly accept and respond accordingly. This may mean lowering your price and removing any seller concessions (such as paying closing costs) or it may mean sticking to your price, but giving in on a few of the buyer’s requests (such as leaving behind the appliances).
Review Recent Changes in the Market
A seasoned agent constantly monitors the local market and should be providing you with market updates throughout your listing period. If you are unsure, ask your agent to provide you with an up-to-date CMA so you can see which comparable homes in the area have sold since your home was listed or if any new properties have been listed for sale. In a volatile real estate market, this data is very important as not only the sale price, but the appraisal price may be affected. Keep in mind: If the new CMA determines a lower price based on the changes in the market (recent comps), you might be forced to lower your price in order to sell.
Have Your “People” Call My “People”
In most cases, the selling agent knows why the Buyer made a very low offer so ask your agent to call them. A buyer’s agent cannot necessarily speak to “motivation”, but if the buyers are using a different set of comps, your agent should be able to get a copy of them for you. If it is simply a situation in which the buyer can’t really afford what he/she wants and is hoping for a desperation sale, then you can feel justified in rejecting the offer and moving on with no aditional wasted time or effort. Basically, you won’t know unless you ask and information is king when negotiating a sale.
In today’s real estate climate low offers are more often a “sign of the times” than an actual statement about the quality or value of your home. However, buyers now have access to real estate listings online and most are aware that certain circumstances may make a seller more receptive to a low offer. If your home is vacant or if the wording in your MLS listing signals desperation (motivated seller, seller says bring all offers) you are much more likely to receive a lowball offer.
If at all possible, try to make your home presentable and reduce any obvious clues that you are overly motivated and the next offer you receive might be more what you have in mind.
Putting Your Tax Refund on the “Fastest Path to Wealth”
This Tuesday’s tax filing deadline didn’t pass without standing as the annual reminder to all of Forsyth County, GA’s taxpayers that time seems to pass ever more quickly—as do the comings and goings of our earnings. The best estimate is that this year 70% of Americans will have overpaid by close to $3,000—making their tax refund checks the only smile-producing part of the annual ritual.
The Motley Fool financial site offered its insight into how most people plan to spend their refunds—but at least one real estate mogul counseled for a definite ultimate destination for those dollars. Forsyth County, GA real estate could play an important role.
According to the Fool, 38% of respondents will use their refunds to pay off existing debts. Only 11% will direct the cash toward vacations; 5% will splurge on some kind of purchase; an equal number will put the cash toward a major purchase. The largest percentage— 41%— will sock their refund dollars into savings accounts. That’s where the real estate mogul agrees.
The gentleman in question is Sean Conlon, himself a multi-millionaire and host of his own TV show. This time of year, with income tax refund dollars rolling into more than 100 million households, he makes it a point to recall his own point of departure from day work as a janitor into being the owner of his own real estate mortgage company.
He saved. Stuffed every spare dollar into a shoebox until he’d scraped together enough to buy his first house. CNBC quoted Conlon’s dictum last week: “I’m a true believer that you should save every penny…until you can buy your first house.” Forsyth County, GA tax refund checks would more than qualify as major stepping stones toward what Conlon assesses as being “still the fastest path to wealth in this country.”
Another pointed tax refund observation came from a website called Financial Samurai. “Sam” points out that with tax refunds nearing the $3,000 mark, that amounts to nearly 6-7% of typical after-tax income: “a pretty meaningful number.” Since saving (that is, not spending!) $250 a month in that income bracket is difficult for most, the tax refund checks provide a one-shot opportunity to make saving a done deal. The same applies to those in higher brackets. In short, since out of sight is out of mind, Samurai recommends the best course of action for any tax refund check is “to make it disappear.” Into a savings account. Then there’s at least one other relevant tax consideration—one that fattens many a refund check: that whopping mortgage interest tax deduction!
The mogul and the Samurai both have valid points—and Forsyth County, GA real estate opportunities (there are plenty on hand at the moment) certainly fit into that picture. Good reason to give me a call today!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
How Cumming GA Showings Benefit From an Element of Illusion
Showings—whether here in Cumming GA or anywhere else—can succeed or fail as a result of quite minor details. Appreciating that fact isn’t hard to do when you relate showings to their theatrical first cousins: stage presentations. In important ways, they are quite similar.
Think of what happens when you attend a live play. The audience finds their seats, settle in, and wait for the action to begin. The house lights dim, the stage lights brighten, and the action begins. If all goes without a hitch, the play captures your attention—and it has every chance of successfully casting the spell the author and director intended.
But if one element is jarringly out of place, the whole effort will go kablooey! If a stagehand accidentally wanders onstage, the illusion is wrecked. Likewise, if a drama’s agonizing death scene is perfectly portrayed—up until the moment when the dying actor’s mustache begins to slip—the audience will be hard pressed to stifle giggles.
In a different way, the success of Cumming GA home showings is subject to similar kinds of missteps. The illusion we are after isn’t that of a home that has desirable features and is in great condition—that’s no illusion: it’s real! The illusion part comes when we create the impression that the current owners are not much in residence; that the home—although it may be furnished—presents itself in a neutral kind of way that seems to be awaiting the new owners’ belongings and personal touches.
Showings tend to be most successful if prospective buyers have no trouble envisioning themselves as the comfortable new owners. They may or may not find that the spaces and features will accommodate their family’s needs—that’s not subject to illusion. But showings have the best chance for success if the “stage” is clear of distracting elements. That’s why evidence of pets should be avoided. Strong odors of any kind, likewise (fresh popcorn or newly-baked chocolate chip cookies are prized because they supersede other aromas). Family photos should be removed if at all possible; personal mementos of all kinds stored out of sight, and so forth.
When you appreciate the reasoning behind a showing’s attempted illusion, you can see why most Realtors® advise against decor schemes featuring strong colors. It is also why it’s a good idea for owners to safely vacate the premises with a few minutes to spare. It’s not because the owner is objectionable—it’s that the presence of the owner counteracts the illusion.
The funny thing is that the “illusion” is actually an authentic projection: it’s a mock-up of the reality that will come to pass if the prospect does decide to become the home’s owner.
If you are planning to sell your South Forsyth County GA home soon, here are a few other articles that might be of interest to you as well:
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Should you DYI when Preparing to Sell Your Home?
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Quick (and cheap) Back Yard Staging Tips
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How To Make Your Home Open House Ready
Showings are key parts of a coordinated residential sales effort that begins with the first consultation and continues through closing day. I hope you will remember to call me when you decide it’s time to put your own South Forsyth County GA property on the market!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
Preparing Your Cumming GA Home for Sale – Should You DIY?
In a time when Dave Ramsey economics reins supreme, we are all looking for ways to make every dollar stretch even further.
And, when your home is on the real estate market, the idea of completing any needed repairs or updates yourself may be tempting. While DIY may be a great way to save money, you have to know which projects are the suitable for homeowner completion and which DIY projects may end up costing you much more in the end!
Read Full Story: http://www.houselogic.com/home-advice/contracting/when-it-pays-to-do-it-yourself
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice. All content, including text, original art, photographs and images, is the exclusive property of Gayle Barton and may not be used without the expressed written permission.
For Forsyth County Homeowners 55 and Over: a Practical Issue
While much attention is directed at the mass of youthful first-time homebuyers, the Millennials and GenXers aren’t the only groups who are having a substantial influence on the direction of Forsyth County’s real estate market. Whether they are tagged “mature,” “aging,” or downright “elderly,” the 55 and over crowd comprise an increasingly influential part of the marketplace. They are also facing some challenges when it comes to housing—and where there are challenges, people with solutions stand to profit.
Last month, Freddie Mac—the quasi-governmental entity that studies changing directions in the nation’s real estate market—published an eye-opening look at what’s been going on with our older homeowners. They conducted a survey that queried a representative sample of 4,886 homeowners aged 55 and older.
One finding that everyone in Forsyth County would probably expect was that the majority (about 2/3) of respondents hope to stay in their current homes. That proportion of the population hasn’t changed much over time. Another finding that no one in Forsyth County would be awfully surprised to hear was that a similar number—the same two-thirds—admitted that their present residences aren’t accessible to anyone with arthritis or limited mobility (not to mention the wheelchair-bound).
In other words, the wish and the reality are, at least for the moment, not entirely in sync. The real estate solution boils down to the issue of retrofitting. Eighteen percent said they had never given retrofitting a thought, but most of the others who have considered it are weighing how they will finance what can cost thousands of dollars. A third said they will rely on savings to create a home where they will be able to “age in place;” 26% plan to use HELOCs or bank loans; and a smaller percentages will rely on cash-out refi’s, reverse mortgages, or family loans.
Freddie Mac didn’t provide a prescriptive commentary on the likely real estate repercussions of this aging in place phenomenon, but it seems as if Forsyth County contractors and sub-contractors will find themselves with a developing remodel category as the ranks of Forsyth County’s retirement-aged continue to grow. As far as Forsyth County’s real estate market is concerned, homes that are easily retrofitted should attract more of the 55+ crowd—as will single-level and ranch-style residences. Styles like multi-story Victorians which are generally associated with Gramma and Grandpop…well, perhaps not so much.
Aging in place is something to which even youthful homeowners should give some thought—particularly if the greater plan is to live and work in Forsyth County for the long haul.
When you add to this the fact that Forsyth County offers a very generous property tax exemption to seniors, it is no wonder we are seeing more homeowners choose to stay put.
Whenever real estate plans are under consideration, I hope you’ll give me a call to discuss how I can help!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
April Is a Good Time to List Cumming, GA Real Estate
It’s April—a time of year when area homeowners who haven’t yet added their homes to the Cumming, GA real estate listings may have a legitimate question about whether it’s too late to benefit from the spring selling season. This year, they may also be concerned that the rise in mortgage interest rates could discourage prospective buyers.
The answer to the first question is a qualified not—not too late! The only qualification has to do with the condition of the property itself. If it can be put into sound showable condition within a month or so, this is an excellent time to jump into the Cumming, GA real estate listings—for a number of reasons.
We won’t know the actual foot traffic numbers for Cumming, GA until after the dust has settled at the end of summer, but we do know for certain that the law of supply and demand points to this year being a standout for sellers. In large part, because the economic outlook has been building optimism for months, early signs point to strengthening buying interest. Realtors® across the nation report that last month’s buyer traffic was either strong or moderate.
The index number for December through February was all the way up to 70 (that’s at the top of the chart)—up from 57 just a few months back. At the same time, the volume of new listings remained weak in most areas: down to 41 from 48. That would negate the most common argument for delaying entry into Cumming, GA’s real estate listings—that is, the fear of getting lost in the shuffle as the real estate season peaks. If the number of listings continues to lag, that worry disappears. When demand is up and supply down, everyone from high school economics teachers to Warren Buffet agree there’s no better time to jump into the market.
As for the other concern—the Fed’s having raised borrowing rates—so far it hasn’t seemed to discourage buyers. The analysts at Housingwire offer three reasons why that might be happening. First, most potential homebuyers believe rates will rise further, prompting them to act sooner rather than later. Second, any slackening in mortgage applications will prompt lenders to relax the tight lending standards that have tended to depress the market. Lastly (this is a good one!), lenders had already factored in last month’s rate hike—so actual home loan rates aren’t likely to rise further for a while.
The long and the short of it is that for anyone hesitating to add their home to this spring’s Cumming, GA real estate listings, it’s not only NOT TOO LATE—it’s also an excellent idea. Another excellent idea is to give me a call ASAP: the Cumming, GA real estate listings await!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
Will House Sales in Forsyth County Match Rising U.S. Rate?
Forsyth County GA home sales usually respond in the seasonal pattern that is familiar in most other areas. Spring and summer lead the way for weather-related, financial, school scheduling and other family-related reasons. From now into well past June (and sometimes even July), house sales activity can be counted on to peak. Those are the normal expectations.
But when any segment of U.S. home sales numbers quadruple expectations even before spring bulbs see daylight, that’s worthy of special attention. That was the case last Thursday when the Commerce Department reported that in February, purchases of newly built homes rose by more than 6%. Since The Wall Street Journal’s panel of experts had forecast 1.4%, it drew headlines.
In fact, this was the second month in a row for sharp rises in U.S. new home sales—and what could be a bright sign for Forsyth County GA’s own prospects as the spring selling season begins. Press reports were, to put it mildly, enthusiastic:
- MartketWatch: “New-home sales roar to a 7-month high”
- Reuters: “…strength in housing should underpin economic growth”
- ABC News: “Americans…snapping up new homes at the fastest pace since July”
- Bloomberg: “U.S. New-Home Sales Climbed to a Seven-Month High”
- CNBC: “[Sales] were the highest since July of last year—and that was the best number since January of 2008”
Bloomberg’s Michelle Jamrisko deduced from the house sales rise that the impact from the recent rise in borrowing costs was, at most, “modest.” That sentiment was echoed by the Realtor, which quoted the National Association of Housing’s chief economist. “The uptick in mortgage interest rates,” he said, “is having a minimal effect.”
We’ll have to wait and see whether that is true vis-à-vis the impact of mortgage interest rates on Forsyth County GA’s own home sales market. They might be either “modest” or “minimal”—or the prospect of continuing hikes might induce more Forsyth County GA prospects to get busy sooner rather than later. If “sooner” describes your own inclination, I hope you’ll decide to put thought into action by giving me a call!
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County, North Fulton County and East Cobb cities: Cumming, Suwanee, Johns Creek, Alpharetta, Duluth, Milton, and Roswell. Other areas are serviced by request.
Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
Gayle Barton Cumming GA Real Estate | South Forsyth Real Estate
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