Exciting New Cross Creek Condo Coming Soon

Work has begun to make 77 LaRue Place awesome!  The kitchen, windows, and climate systems were updated a while back and now we are making it even better.  Once complete this Cross Creek Condo will have fresh paint, new pergo flooring in living areas, new carpet in the bedrooms, and updated spacious master bath.

I am excited about this one!  It is a huge top floor two bedroom, two bath, flat over looking the LaRue Pool.  It is the largest of the two bedroom floorplans....

Coming Soon, Stay Tuned for All the Details

Selling Your Home for More in Six Steps

Desirability and Delivery

This is the basis to to selling your home for more.  As a consumer based society we all are concerned with value.  Perceived value is when the buyer believes that the price they are paying for a home is less than the perceived worth of a property in a given market cycle.  A lot of agents will add phrasing like "below appraisal, "this one is a steal," or "this one wont last long" in a property description trying to achieve this usually to lackluster results. Wording alone does not achieve perceived value. 

My team and I at Common Ground Real Estate have a much different approach. We work with the seller to actually create more value in a home.  That is why we continue to sell more homes than other agents and for more. Our services are much much more than just listing a house or condo for sale.

Making your home as desirable as possible to the buying public and delivering that message in the widest distribution possible is the key to 'Selling Your Home for More' and we are masters at it.  This is outlined in Six Steps:

1. Preparation:

Clean and Working: Less than 5% of properties are ready for market at any given time.  First off everything has got to be in working order. "Yeah that door sticks, I've been meaning to fix that" These little tell tell things give the buyer the impression that maintenance on a home has not be done and worse they can draw the wrong conclusions: 'hmmm there might be structural issues here' Cleanliness is paramount.  Nobody wants to buy a dirty home or one with pealing paint.  These are the homes that buyers will buy to 'fix it up' and want a discount to do so. 

2. Staging:

De-cluttered with minimal mementos and pictures. You are going to be moving so go ahead and pack up a lot of the 'personal and personality' items and move them to storage. Take excess furniture to storage too.  Want the home to look spacious and inviting. Clean out (and most of all) thin out the closets. Over-flowing is never a good look.  The object is to move the buyer from thinking "I can live here" to "I want to live here."

3. Photography   

Not enough can be said about this. Now that the home is model ready and looks the best it ever has, it is time to record it.  Magazine quality photography is critical to success now more so than ever.  The industry has shifted completely to online.  This is the first test with a buyer.  Thousands of buyers will look at your home online and make a critical decision whether to come see it in person.  You are only going to receive an offer to purchase if the buyer has seen it in person.

4. Distribution

Just throwing up a listing in the MLS is not enough.  You want those wonderful photographs and your home's compelling story on every real estate website that has active buyers.  My team makes sure that all of our listings are on  FMLS, GaMLS, Realtor.com, Zillow, Trulia, and over 350 more websites everyday with thousands of views. Once the buyer comes and views the home in person, having a magazine quality brochure to take with them is critically important. This helps them to remember your home and the quality of the brochure can help reinforce that perceived value.

5. Team Work

It is not enough to just reach out to the buying public but to also have 'buyin' from our fellow REALTORS. Promoting the home to key agents within a community is important.  They have ready, willing, and able buyers that are actively looking.  Following up on showings to overcome objections and identify fixable issues is critical to getting a great offer.

6. Availability

If agents have a hard time getting in to show the home it will not sell for a premium.  They will just cross it off consideration...


Give me a call at 404-353-9233 to discuss how we can help you achieve YOUR real estate goals now and in the future...
For those of you that are grammar hawks I know that there are huge grammatical flaws in my writing style.  I am an excellent REALTOR with a strong proven record.... I do not hold myself out to be a great writer....lol...  All the Best, Bill 

Maximizing your home’s perceived value to prospective purchasers is Bill's business. His job is to make sure that the buyer not only sees competitive advantages in your home but also believes that your home’s inherent value exceeds the competitions’. Bill and the Common Ground Real Estate Team are masters at marketing your home’s value and achieving the absolute highest return on your investment maximizing your equity. It truly takes a special organization to make that happen.
Click Here More info on Bill

January Metro Atlanta Market Update

January Metro Atlanta Market Update

• Closings for Metro Atlanta in December were up 3.8% compared to last month and down 9.3% compared to the previous year. This reflects a more normal seasonal pattern.

• The Metro Atlanta market was 196 units ahead of 2013 closings which is essentially flat. If you exclude the heavy volumes of investors and REOs in 2013, the market above $200,000 was actually up 12.8%.

• The average sales price was $260,000 in December versus $248,000 in November. The average sale price for YTD 2014 was $250,000 which was up 42% from the bottom of 2011.

• Listed inventory was down 5.3% from last month and up 14.2% compared to last year. Inventory is up 32% from the recent bottom of February 2013. But the limited availability of highly desirable properties in select markets is still driving multiple offers and very quick sales. Remember, real estate is local and specific markets can be very different.

• Months of supply is 5.1 months versus 5.6 last month. Six months is considered normal.

• New Homes are making a comeback. The problem is that many builders cannot build them fast enough!

• Commercial real estate is also making a comeback in Metro Atlanta. Smart RE Data reports that land sales, industrial sales and office leases are improving.

So How is Your Home Doing?  Get a 90 Day Market Report ... Like a 401K for YOUR Home... See all the Market Activity in YOUR Neighborhood and the Sales that affect YOUR Equity.  It is quick and easy sent to your email.... CLICK HERE or Go to MyIntownHomeValue.com

CES 2015: More Attempts to Dethrone Stainless Steel’s Popularity

I found this interesting because stainless has become so common I think its time for a refresh.... BILL

By Melissa Dittmann Tracey, REALTOR® Magazine

Stainless steel’s popularity has outshined its competition for years in kitchen appliances, but has that shiny, smudge-prone finish finally worn out its welcome?

Appliance manufacturers have long been trying to find a potential successor to stainless steel, but none have yet to find one to top its popularity. But two companies are giving it another chance with showcases at the 2015 Consumer Electronic Show in Las Vegas this week.

Appliance giant Whirlpool and LG are showing off new appliance finishes — with Whirlpool betting on gold and LG debuting a glassy black.

Photo Credit: Whirlpool

Whirlpool is introducing Sunset Bronze appliances to its lineup — a range of warm, golden hue appliances that can fit into contemporary or existing kitchens. The color is an attempt to capture on the latest popularity of rose gold in interior decors. It’s not a complete verge from the stainless steel look, however. Sunset Bronze is a painted version of traditional stainless steel with a blend of gold, copper, and bronze tones.
(here is a link to the You Tube Video: )

Photo Credit: LG

Meanwhile, LG is showing off a new take on black finishes. At CES this week, LG debuts a glass-front refrigerator finish called Contour Glass. The refrigerator features tempered glass over a black patterned finish that is a chic, yet smudge-proof way, to enhance kitchens. The finish is featured on LG’s new door-in-door refrigerators, which offer hidden compartments for extra storage behind the front door to hold condiments and drinks.

Will these smudge-proof finishes offer a convincing enough, stylish alternative to stainless?

“The kitchen is fast becoming a new canvas when it comes to home design and décor,” says John Hall, senior brand manager at Whirlpool. “More and more, consumers seek ways to customize their spaces with new paint colors, different countertops and backsplashes, mixing and matching cabinetry, and colored small appliances.”

In 2012, Whirlpool had introduced White Ice and Black Ice finishes to its products lineup in its first attempt to to provide an alternative to stainless’ popularity. The color failed to catch on, though. Other manufacturers have tried as well, such as General Electric’s low-gloss slate gray finish. (Read our previous blog post on the topic: Will Stainless Steel’s Popularity Ever be Dethroned?)

What do you think? Do you think stainless steel stands a chance of being outshined in the kitchen any time soon?

"Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission."

Back to Basics: Flooring for Beginners

Back to Basics: Flooring for Beginners

"My favorite TV DIY Guy, Scott McGillivray  from HGTV's Income Properties, is laying it all out for us - Bill"

Everyone’s got their passion: People who are into technology are techies. Those who are really into food are foodies. Me? I love wood floors. I guess that makes me a woody?

“Hardwood flooring throughout” – that’s the number one phrase that pops up in North American real estate listings, hands down. And while real hardwood may be perceived as the most desirable, there are other options that look great and are affordable and durable. I’m breaking down everything you need to know about the real, the semi-real, and the fake wood you find under your feet.

Hardwood (Solid)

What is it? In this case, it’s all in the name. Real, solid hardwood floors are made from solid pieces of wood (usually 3/4 – inch thick). Popular species are maple, oak, ash, hickory, walnut, cherry, and more recently, bamboo. Plank sizes range from 1.5-inches to 8-inches.

How much does it cost? Budget $4-$6/square foot, plus approximately $2/square foot for installation.

Where can you use it? Given its susceptibility to moisture and humidity, real hardwood should only be used at or above grade, and in climates without drastic changes in humidity from season to season.

Pros: It’s the real deal. Plus, it can be sanded and refinished multiple times, which can save you big bucks on replacement cost down the road.

Cons: It’s prone to moisture and scratching. It’s also one of the priciest flooring options.

Hardwood (Engineered)

What is it? Engineered hardwood combines the best of both worlds – a layer of real, solid hardwood on the top, with several layers of interlaced plywood or fibreboard on the bottom – the same materials that make up laminate floors. What this means is that you get the look and finish of true hardwood, with the durability of a laminate.

How much does it cost? You’ll be looking about the same cost as real hardwood $4-$6/square foot, plus approximately $2/square foot for installation.

Where can you use it? The beauty of engineered hardwood is that it’s nowhere near as susceptible to moisture and humidity as real hardwood, meaning that you can install it just about anywhere, including below grade.

Pros: Can’t tell the difference between it and real hardwood, but has none of the same issues.

Cons: Engineered hardwood can’t be re-finished as many times as true hardwood, if at all. You may have to settle for screening (removing the finish without sanding the actual floor).

Laminate

What is it? Laminate floor is essentially layers of adhered fibreboard with an image of real wood printed on top.

How much does it cost? Laminate can cost as little as $1/square foot, but the average is about $2-$3. Installation is about half the cost as hardwood installation, or, if you’re comfortable, you can go the DIY route.

Where can you use it? Just about anywhere. Much like engineered hardwood, laminate isn’t affected by humidity and moisture in the same way as true hardwood, making it a popular choice for below, at, or above grade.

Pros: It’s inexpensive and durable.

Cons: Depending on the quality, it can look close to hardwood, but chances are you’re not going to be fooling anyone.

Vinyl

What is it? Vinyl flooring can refer to several different products – sheet vinyl, vinyl tiles (sometimes LVT – luxury vinyl tiles), or, vinyl plank (sometimes LVP – luxury vinyl plank). Vinyl flooring is also often referred to as resilient flooring. Whatever you call it, it’s all basically the same thing – pieces of vinyl that are either printed with a pattern, or, an image that mimics stone or wood (much like laminate). Vinyl plank flooring, which is made to mimic hardwood, has come a long way and many products on the market now rival laminate as a hardwood alternative.

How much does it cost? Still cheaper than hardwood at about $2-$5/square foot, vinyl plank is usually a little more expensive than laminate. Where you save? Installation cost. Vinyl planks almost always use either a “click” or adhesive installation system, making it very DIY friendly – you can even cut it with a utility knife!

Where can you use it? Vinyl plank flooring is extremely durable and waterproof, making it a natural choice for basements, bathrooms, and kitchens.

Pros: Besides being waterproof, vinyl plank flooring is also very thin, making it great for basements with low ceilings where you can’t afford to lose much height.

Cons: Vinyl plank flooring doesn’t bring the same ROI as other types of flooring and while it’s easy to install, your sub-floor must be perfect, or imperfections will show through.

Here’s a closer look at some of the options.

All Photos Courtesy of RTR Media / Income Property - Content:

www.ScottMcGillivray.com

97% First-Time Homebuyers Loan Now Available!

Good Morning!

The buzz on the street is true- there is a 97% loan we can offer our future clients!  We are hoping by this communication, it helps to answers any questions there may be on this program moving forward. 

Fannie Mae 97% LTV Options

FOM will accept standard Purchase and Limited Cash Out Refinance transactions at the higher LTV with the following criteria:

Purchase and Limited Cash Out Refinances:

• 620 minimum credit score
• DU Approve/Eligible required.  Manual Underwriting is not eligible on this program
• All loans must be fixed-rate, standard balance, and 1-unit principal residences (No Manufactured Homes)
• Reserves will be determined by DU but may be funded by eligible gifts
• Non-Occupying Co-Borrowers not allowed
• 35% MI coverage required
  • Reduced MI not permitted
  • LPMI not permitted

Purchase ONLY:

Only one of the borrower(s) must be a First-Time Home Buyer (declaration M in Section VIII of 1003 must be noted accordingly).

Borrower minimum contributions must be met.

Borrower(s) with a 620-659 FICO MUST attend a First-Time Homebuyer Education course. 

Refinance ONLY:

FNMA

Standard Limited Cash Out Refinances of existing Fannie Mae loans must be evidenced.  The FOM Sales Partner must do their due diligence before disclosing a new origination at this 97% LTV to limit future customer service issues.  Verification of currently owned Fannie Mae mortgages can be provided through the following means:

• The current lender’s servicing system
• The current servicer’s system (if the lender is not the servicer)
• Fannie Mae’s Loan Lookup tool                  OR
• Any other source as confirmed by the current lender

Fannie Mae’s Loan Lookup Tool:  https://knowyouroptions.com/loanlookup

Once confirmed, the FOM Sales Partner must ensure that Fannie Mae owns the existing mortgage by indicating Fannie Mae in the “Owner of Existing Mortgage” field in the online loan application.  In the Desktop Originator® (DO®)/DU User Interface), this field is located on the Additional Data screen in the Full 1003 layout.

FHLMC

The primary advantage to Freddie Mac’s version of this 97% program is that the current loan does not have to be owned by Freddie Mac or Fannie Mae.  Unfortunately, we do not have enough investors to deliver to that offer this high of an LTV on the FHLMC platform.  FHLMC loans at 97% are ineligible. 

FAQ

Is the 97% LTV loan the same program as the previously retired 97% LTV Program?

No, the 97% LTV is different from the “Conventional 97” program which was retired in 2013.  This version is really more forgiving toward new home buyers and allows homeowners to refinance to today's historically lower mortgage rates.

Can first-time buyers use the 97% LTV program to purchase a home?

Yes.  The 97% LTV can be used by first-time home buyers.  It can also be used by repeat buyers.

What is the definition of a "first-time home buyer"?

A first-time home buyer is defined as a person who has not owned a home in the last three years.  A borrower who previously owned a home is still a first-time home buyer if the ownership was greater than three years ago. 

Is the 97% LTV program the same as the MyCommunityMortgage (MCM) program?

No, MyCommunityMortgage (MCM) is a totally different program.  The MCM program is aimed at certain members of the community like teachers and firefighters.  MCM also offers a more flexible underwriting standards than what is evidenced in the 97% LTV program. 

Are down payments larger than 3% allowed with the 97% LTV program?

Yes, there is no limit to the size of the down payment with the 97% LTV program.  With a down payment of 5% or more, however, a borrower would no longer qualify for the 97% LTV program.

What is a borrower contribution and how much is it for this program?

A borrower contribution is the total amount contributed by the borrower(s) to the Down Payment, Closing Costs, Financing Costs and Prepaids/Escrows of the proposed transaction.  The borrower minimum contribution of the 97% LTV program is 3%.   

What mortgage products are available via the 97% LTV program?

The 97% LTV program allows mortgage applicants to use the 30-year fixed rate mortgage only.

What is the loan limit on the 97% LTV program?

The 97% LTV program is limited to loan sizes of $417,000 or less.  Loans in high-cost areas are permitted, but loan sizes remain capped at local conforming loan limits.

What is the maximum number of units for a home under the 97% LTV program?

The 97% LTV program is for single-unit homes only.  This includes single-family detached homes and single-family attached homes such as condominiums and town homes.  2-unit homes, 3-unit homes, and 4-unit homes are not eligible. 

Are homes which are not Primary Residences eligible under the 97% LTV program?

No, the 97% LTV program is for primary residences only.  Vacation/second homes and investment properties are not allowed.

Is private mortgage insurance required with the 97% LTV program?

Yes, mortgage applicants are required to pay private mortgage insurance (PMI).  

Can I refinance a non-Fannie Mae loan with Fannie Mae under the 97% LTV program?

No, Fannie Mae requires loans refinanced under the 97% LTV program to be “Fannie Mae-backed”.

Are cash-out refinances allowed with the 97% LTV program?

No, the 97% LTV program does not allow cash-out refinances. 

How is this program better than a non-Conventional Product?

Before this new 97% LTV program, most homeowners with less than 5-10% equity in their homes would need to apply for an FHA refinance to help reduce their monthly payments.  Unfortunately, FHA loans come with permanent, high-cost mortgage insurance.  Mortgage insurance on the 97% LTV program automatically drops off when the loan balance reaches 78% of the last appraised value.  At the end of the day, the 97% LTV program ends up being more cost-effective. 

Why was this 97% LTV Program rolled out?

Research performed by the GSEs supported there was no significant difference in default rates between homeowners with 10% equity and those with only 3%.  This is one of the primary reasons why the LTV/CLTV/HCLTV restrictions were loosened up. 

How does this 97% LTV Program help ineligible HARP homeowners?

Published HARP rules state that homeowners who opened a mortgage on June 1, 2009 and later are not eligible.  The 97% LTV program has no such rule for ownership requirements.

ALL OF US BECOME BETTER, WHEN EACH OF US DOES BETTER.

For more info Reach out to Jason Randall 

my preferred lender at

Lenders.BillForrest.com

What is "FHA" and why is it so important

What is "FHA" and why is it so important

With the announcement this past week that one of my favorite neighborhoods "Cross Creek" getting FHA certification there has been a lot of discussion of what this means.  A lot of these comments have been grossly inaccurate. Getting FHA certification can be a really good thing.  FHA certification means that a property in a specific community is eligible for a FHA mortgage. Most seasoned buyers opt for a conventional mortgage because in most cases it best suits their needs.  However for a first-time home buyer a FHA mortgage is a big deal and this is why.

A recent article in the New York Times: Home Ownership and Wealth Creation  discussed how homeowners had 35x more wealth than those that rent. To understand how that is possible see my previous blog post 660K.BillForrest.com.

The basis to all of this is home ownership. Young professionals are starting to realize that to build real wealth AND lower their monthly housing costs ownership is the way to go, but there are real obstacles to acquiring that first home.

Young professionals today, the kind that every community wants, are carrying a huge burden.  These are the doctors, lawyers, and other highly educated young people that are early in their careers and most all of them have huge college loan debt as the below graphic shows. U.S. student loan debt now exceeds $1.2 trillion and is increasing at the rate of 14% per year.

So what does this have to do with a FHA Mortgage?

Everything.  Student loan debt is the biggest obstacle facing first-time home buyers. There are many requirements for a buyer to qualify for a home loan:  Down payment, Income, Credit Score, and Debt Ratio are the primary factors.  Of these DTI or Debt-to-Income Ratio is the biggest challenge.

Conventional mortgages in general have a cap of 43% DTI.  Meaning that a borrower's total monthly debt cannot exceed 43% of their monthly income.  A FHA home loan allows for most borrower's up to and as much as 56-57% DTI. As a young professional carrying a huge student loan debt this is the difference between becoming a home owner or not. 

FHA does have some other great benefits such as requiring only a 3.5% down payment vs. 5% on conventional, greater flexibility on gift funds from Mom and Dad, lower credit score requirements, and in most cases a lower interest rates. 

WOW this loan sounds great why doesn't everyone use it?   It has a huge downside.  FHA home loans require Mortgage Insurance for the entire life of the loan and it is calculated at a much higher rate than a conventional mortgage.  That is why even though it has a lower interest rate the monthly payment is much higher than a conventional mortgage for the same purchase price.

Why this is important to communities like Cross Creek?

It increases home values due to demand. Cross Creek is a great community with a unbelievable value at its current price points.  However until last week a huge portion of the buying public were unable to purchase a home in the community.  Intown Atlanta is filled with young professionals that can only purchase a condo with a FHA loan. Most buyers in this 100-200K price range are young professionals. This is a huge key segment of the buying public for Cross Creek. The seasoned 2nd and 3rd time home buyers are looking at higher price points due to higher income, equity resources, and larger households needing larger living spaces.

Getting this FHA certification is a huge win for Cross Creek. Now suddenly there are as many as five times the number of active buyers considering purchasing in Cross Creek because of this FHA loan availability.  For current sellers this is an awesome thing.  Higher demand brings higher sales prices through competition for a limited number of listings.

For our older residents having FHA certification it now means they can take out a reverse mortgage and that is another conversation for another time.....

For those of you that are grammar hawks I know that there are huge grammatical flaws in my writing style.  I am an excellent REALTOR with a strong proven record.... I do not hold myself out to be a great writer....lol...  All the Best, Bill