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Category Archives: homebuyers

OWNING A PIECE OF ATLANTA HISTORY

19 Friday Feb 2021

Posted by Mary Anne Walser, REALTOR in Atlanta Real Estate, homebuyers

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Despite our Civil War history (the burning of Atlanta), Atlanta still has many historic neighborhoods. Definitions vary, but generally speaking in a home built in 1925 or before (i.e., those homes which are approximately 100 years old or more) is “historic“. (I am speaking of older homes that aren’t necessarily on any historic register, but which are historic in character, age, and appearance). When we sell such a home, we want to be sure that buyers understand that they typically cannot expect the features of a new home. Many parts of the house may be original (even though, of course, many historic homes have been renovated, sometimes multiple times, which can carry its own concerns).

Recently we sold a gorgeous home in Grant Park that was built in X. The home at one point in its history had been in foreclosure, but had subsequently been purchased, loved, and thoroughly renovated by its current owners. Although they knew a lot about the house, there is of course a lot they did not know or could not know. (Typically when a home is sold out of foreclosure, no information is provided about the house at all and it is sold “as is“). So we were dealing with a lot of knowns, but also a lot of unknowns.

When you purchase an historic home, here are some things to look out for: consider hiring an inspector who is familiar with these older homes.  Although a good inspector can probably handle reviewing most of the issues that might arise, still an inspector with specific experience might be best.

For instance, in Grant Park you might ask for an inspector who has previously inspected (successfully) homes in that same neighborhood or at least homes and neighborhoods of similar vintage.  Here are some specific considerations you will want them to address, and other things you will wish to consider:

  • Foundation and structural integrity. You might consider that a home that has stood for 100 years is probably relatively solid, particularly if there’s no evidence of settlement or of cracking. (Of course, the floors are probably uneven as they are in most older homes. This alone is not necessarily evidence of structural problems.)  But there may be evidence that isn’t obvious to the untrained eye. Your inspection should take a close look at any structural supports for the main structure, and any evidence of termite damage. I once had an inspector tell me that there are three types of homes in Georgia: those that have had termite, those that have termites, and those that will have termites. In other words, termites are ubiquitous in Georgia and we must always look out for them.  Make sure your inspector takes a close look and ask your seller to supply a year-long termite bond at closing.
  • Plumbing. Also typical of older homes is that the cast iron sewer line to the street might be original, and if so might be rusting or overrun with tree roots. Definitely consider having a sewer line inspection, which is typically separate from an additional charge to the general home inspection.  A check of the entire plumbing system is important.
  • Electrical. Definitely check to see that the electrical has been updated and if so, when. Almost always in these older homes electrical has been updated from the original. Although I personally did buy a home that had a fuse box early on in my career – I simply had it replaced with a breaker box. It’s not unusual to find electrical components from multiple eras in one home, and you want to be sure the system is safe.
  • Lead based paint. Lead at one time was a major ingredient in paint, and can be a health hazard.
  • Asbestos. Some of the older roofs may have asbestos shingle, the siding may be asbestos siding, or there may be asbestos tile in the home. The concern here is that when the time comes to remove the asbestos material it is a more difficult and costly job because of the nature of asbestos. When asbestos becomes loose (called friable) it is a health hazard. Therefore have your inspector look for evidence of asbestos in your home. (Many inspection reports will show that there is asbestos tape around some of the HVAC ducting in an older home. This is not as concerning, as asbestos tape can simply be covered up. But the other forms of asbestos – flooring tiles, siding, and roofs are more of an issue.)
  • Plaster walls. Homes which are that old typically will have plaster walls. Currently, of course, we use drywall, which is more easily hammered into and patched when damaged. Plaster walls can crack and you must be extremely careful when hanging things on plaster walls. And many of the older homes, you will see picture railings several feet from the ceilings (which are typically very high). These were used with wires to hang pictures from so that nails would not have to be driven into the plaster. You may wish to consider using picture railings for your plaster walls, or at least being extremely careful and having a professional who is familiar with blaster hanger wall art and hangings for you.

In addition to these inspection issues, it is always good to get a survey of an historic home. In Atlanta, years ago, there often was little concern or regard for boundary lines, particularly in some areas of town.  A home might have been built on a boundary line with no repercussion. So getting a survey is always a good idea if your seller cannot supply one.

Owning a piece of Atlanta history is an amazing experience – call us when you’re ready to call one of the city’s historic homes your new home!

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Your Atlanta Pandemic Real Estate Plan

15 Saturday Aug 2020

Posted by Mary Anne Walser, REALTOR in homebuyers, real estate, sellers

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#AtlantaRealEstate, #buysellatl, #pandemicrealestate

Pandemic Real Estate in Atlanta

Despite the pandemic, real estate is selling. And fast. In Atlanta we’re seeing record number of sales and prices are still rising. I attribute this to a number of factors, among them:

  • PENT UP DEMAND. When the pandemic hit full force back in March, and things started shutting down, real estate shut down also to a large extent. Fewer buyers wanted to go out and look at homes, fewer sellers wanted to put their homes on the market, and fewer agents were out there working. A lot of folks put everything on hold.
  • TIME TO DREAM. And while everything was on hold for months, people spent a lot of time at home. They had time to look around at their home and think about what they liked and didn’t like. They had to time to think about where they might want to live next. And since they were spending more time at home, and might be working from home for some time, SPACE became more of a premium. Zillow got a lot of hits during those months.
  • HISTORICALLY LOW INTEREST RATES. Add to the mix that interest rates remain low. Lower interest rates mean that buyers can afford more home. And buyers want to take advantage of that before interest rates begin to rise one day, as they inevitably will.

So when things started to open up again, there was a surge in demand that continues. Residential real estate is still moving quickly. But the way we show and sell real estate has changed – I think for the better, and I think the changes will remain even when the pandemic is past. Here are some of the changes we are seeing.

  • SERIOUS BUYERS ONLY. With the pandemic comes concern about virus spread, particularly in properties that are occupied. So many agents instituted a “serious buyers only” policy. Only buyers who are in the market to purchase a home in the very near future should actually cross the threshold of homes on the market.
  • MORE AND BETTER PICTURES ONLINE. Most of us already hire professional photographers and do our best to make our listings look fantastic online. But since it’s harder for buyers to get into properties, this is more important than ever. The First Multiple Listing Service (“FMLS”), which is the primary listing service utilized by agents in metro Atlanta, now allows agents to upload up to 199 (199!) pictures. We also use more drone photos, videos, and floor plans so that buyers can tell a lot about a property before ever setting foot in the house.
  • LIMITED NUMBERS OF PEOPLE AT ONCE. Rather than a huge open house, many agents are instead opting for virtual open houses or videos. When the house IS shown, numbers who may enter at once are limited, and depending upon the house masks may be (and often are) required, as well as booties and in some instances gloves. Sellers leave all the lights on before they leave the house (so no one needs to touch a light switch). Buyers are asked not to touch anything and if an agent needs to open a door or touch a switch, they are to sanitize the surface afterwards.

Navigating real estate sales during the time of Covid-19 and be confusing. I am here to help with any of your real estate needs – and can help you figure out the best option for you during these unprecedented times!

Among the changes the pandemic has brought to Atlanta real estate: masks! Worn by agents, clients, and photographers alike. And photography becomes even more important – pictured here is photographer Michael Pigford doing drone photography for a high rise listing, and homebuyers Travis Nichols and Dana Haberling, who opted more more space near the Beltline in Virginia Highland.

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The Psychology of Home Selling

31 Thursday Jan 2019

Posted by Mary Anne Walser, REALTOR in Atlanta Real Estate, homebuyers, real estate, Real Estate Psychology, sellers

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Selling a home is an art as well as a science. We often focus on spreadsheets and appraisals and professional stagers when we go to sell a home, but if you want to sell fast and for top dollar (and who doesn’t?) it pays to also focus on the buyer’s state of mind.

Using psychological principles pays off. I recently had a listing appointment with Tony and Susan. They had moved to Atlanta four years ago and I helped them buy a home in Atlanta at that time. Now Tony has accepted a job in Massachusetts and so they need to sell their home and move out of state.

Their home has appreciated a lot in value (by about $75,000 in those four years) so we talked about the great decision they had made when they purchased the home. Tony told me, “and you were such a great help in selling our previous home when we purchased this one.” But The problem is, I hadn’t sold their home – they moved here from Charlotte and an agent there had been their listing agent. I don’t sell houses in Charlotte. Then Tony explained, “we did what you told us to do and your advice sold our home in Charlotte, even though we had a different agent there. That’s how we know you are the best person to sell this home, too.” Indeed, in Atlanta, in Charlotte, in any city – there are a few universal principles that will work to sell a home anywhere. So let’s talk about a few of these.

First, homebuyers buy emotionally and justify logically. That bears repeating; please let it sink in. Homebuyers buy emotionally and justify logically. It’s like picking a mate. You don’t pick the person who is the most practical – you pick the person you fall in love with. Then, of course, you also want to know that the person is a good practical choice as well. You might fall in love with your partner’s deep thoughtful eyes but then want to know that they are ethical, responsible, and gainfully employed. Well, it’s the same thing with houses. A buyer chooses the home that appeals to them emotionally, then wants to be sure the home makes sense logically. A home purchase is more emotional than almost any other purchase because of what “home” means to us, but because it is also a large purchase, buyers will investigate to be sure it makes sense logically once they have fallen in love with the home. So let’s take a look at how to appeal to buyers both emotionally and logically.

A buyer will look at a home and think that they will become the type of person who lives in that home. And what I mean by that is if the home is neat, clean and organized, the buyer will believe that if they move in, they will become neat, clean and organized. Meaning that a neat, clean, organized home will most appeal to a buyer. So we get homes ready to sell by making them into a home reflecting an “ideal” lifestyle.

Then, with the buyer, it all starts online, where the buyer first sees your home. We stage your home perfectly and then take professional photographs so that the right buyer will fall in love with your house before they ever walk in the door. It needs to be “ideal” online so that when the buyer comes to the door they come with positive expectations. Psychologists talk about something called the “confirmation bias”, meaning that when we believe something to be true, we look for evidence to confirm that belief and are more likely to overlook evidence contrary to the opinion that we have formed. Therefore, when a buyer comes to your home with positive expectation, you are way ahead of the game, for if they expect to love it, they are more likely to love it.

First impressions are very important. Malcolm Gladwell wrote about it in his popular book “Blink” – important decisions are often made in the blink of an eye. And with a home, after the very first impression online, the first “in person” impression has to be top notch as well. That’s why curb appeal is so important. So make sure you’ve paid a lot of attention to landscaping and the exterior condition of your home.

If you have used the confirmation bias to your advantage, be sure that you also utilize the fact that buyers “justify logically” to your best advantage. I ask my sellers to write a “buyer letter” putting forth both emotional and logical reasons they, the sellers, chose the particular home. Let the buyer know about the great schools and positive things going on and coming up in the neighborhood that will increase their property values over time. Make a list of the upgrades you have made to the home while living there. Many of the practical upgrades – a new roof, for instance – won’t mean as much to the appraiser as a home seller thinks that it will, but it definitely makes a difference to the buyer. Especially if that buyer is also looking at a home down the street that will need a NEW roof in short order. As your agent, I will emphasize the comparables that make your home a particularly great deal and will also point out the logical reasons your home is the best for a particular buyer, but information coming from a seller has a special impact that is difficult for an agent to provide.

Another psychological truism that applies to home selling is the doctrine of primacy and recency. When presented with a number of choices, it is natural for us to remember the most recent thing and/or the first thing presented to us. That means after a long day of house hunting, buyers will remember the last home that they saw and the first home if all other things are equal. We cannot dictate the order of homes shown when dealing with other buyer agents, so we use brochures of heavy stock glossy paper that are particularly eye catching and which are foldable 8.5 by 22 inches. Buyers put other flyers in this one, and voila – you are the first thing they see when they go to look over the flyers for the day.

Also, when a buyer is looking for a primary residence, they are looking for “home” and for all the emotional appeal that connotes. So consider what makes a home feel like a home. The term “hygge” (pronounced “hoo-gah”) is one “home” concept to consider and is worth examining. The term is Danish and refers to a feeling of coziness and contentment. Even the largest most spacious home can give a prospective buyer the feeling that they will be comfortable and content there (and even cozy, in certain areas of the home) if you will do a few things as a seller. One of these is to bake cookies and to leave them out with bottles of water and a note inviting buyers to help themselves. While it seems cliche and heavy handed, I can tell you from personal experience that it will improve a buyer’s attitude towards your home whether or not they eat they cookies (and if they do, there is the added benefit of elevating the buyer’s blood sugar levels, which improves mood and therefore a buyer’s view of the home). Also, make sure that there are nooks and crannies that are staged to appear comfortable and cozy – the type of place where one would curl up with a book (in fact, leave a book or two in those nooks for that purpose). Other things that can make a buyer feel a sense of home are candles and a fire in the fireplace (if it is winter, and of course if your agent is going to be present to supervise the fire or candles).

Do not discount the importance of considering the state of mind of the buyer when selling your house. Choose an agent who has studied the psychological principles applicable to homebuying. Together, you can convince the buyer that your home is the right home emotionally AND logically.

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Shining Light on “Blind” Offers

12 Wednesday Jul 2017

Posted by Mary Anne Walser, REALTOR in Atlanta Real Estate, homebuyers, Offers, real estate

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#Atlantahomebuying, #AtlantaRealEstate, #realestateoffers

Low Inventory, Fast Turnover

Property is moving quickly!

Low inventory and rising prices make for harried – and hurried – homebuyers.  Our client Michele couldn’t get into homes fast enough – due to her work schedule and travel, homes were under contract before she was available to even see them.  So Michele took an extraordinary step that we are seeing more and more clients take with increasing confidence.  Michele made an offer on a home that she HAD NOT YET SEEN.

This is becoming more common according to the National Association of Realtors.  Because there is so much competition over limited inventory, buyers like Michele – or buyers who are moving in from out of town and aren’t IN town to see a new listing – are more and more likely to make an offer sight unseen.  While it is always preferable to see a home before you make an offer on it, there are circumstances where a sight unseen offer can work out.  Here is our handy guide for successfully making an offer “sight unseen”.

  1. Sight unseen only means that YOU have not seen it. As your agent, I will have seen it if you cannot, and preferably with a trusted family member or friend you designate as your eyes on the property prize when you are not available.
  2. The sight unseen tactic is most likely to work if you have a base knowledge of the inventory out there, and a good idea of the area in which you want to buy. If you know you want to live in Virginia Highland, for instance, and have seen enough in person to know what you like but are not available with the “right” listing comes on the market, a “blind” offer might be fine.
  3. To increase the chance that your sight unseen offer will be accepted, be sure that at least your agent has seen it, and write a note to the seller about why you are in a hurry to make an offer and what about the home seems perfect for you.
  4. Make sure you see the property AS SOON AS YOU ARE ABLE. Even if we feel the property will move so fast that you have to get an offer in right away, when you come to town or are free from work, SEE IT as soon as you can.
  5. Most contracts in Georgia have a DUE DILIGENCE period during which the buyer can terminate for any reason or no reason at all, making it much less risky to make a sight unseen offer than if we did not have that due diligence period. However, to be fair to the seller, to other buyers and to yourself, if the property turns out not to be right for you, you will need to know sooner rather than later and terminate the contract as soon as you know it is not the right property.

While a seller will prefer a buyer who has seen their home personally, this phenomenon is *good news* for sellers.  Buyers will to make good offers “sight unseen” mean there is great demand in the marketplace.  So if you have been thinking about selling your home, NOW is the time – please call and let us show you how to get the most money for your property.

 

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Mary Anne Walser, Realtor & Licensed Attorney

Keller Williams Realty
3650 Habersham Rd.
Atlanta, GA 30305
404-277-3527

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