Record Low Mortgage Rates for Buyers

Low mortgage rates help propel U.S. home sales and the refinance market. Mortgage rates in the United States have fallen to the lowest level ever on the heels of concerns stemming from the coronavirus outbreak.

As mortgage rates remain near three-year lows, those who are considering refinancing shouldn’t wait on the sidelines. Many lenders have hit their capacity in terms of how many loans they can process. Banks are currently inundated with small business loans. This is a response to COVID-19 and the government stimulus, but are still processing mortgage loans.

Rise in Mortgage Applications

Mortgage application data has shown that a growing number of Americans have been applying for loans to finance the purchase of a new home. Most consider this a positive sign for the spring home-buying season.

Low Inventory

“In order to take advantage of low mortgage rates, buyers will need homes to buy,” said Danielle Hale, chief economist at Realtor.com. According to Market Watch, the inventory of homes for sale has an hit all-time low amid the high demand from buyers. The low inventory is largely the result of depressed home construction activity in the wake of the 2018 recession, which did not keep pace with household formation across the country. Many single-family homes were also purchased by investors during the bust years and converted into rentals, further constricting supply.

Economic Health

Another factor that could prevent Americans from taking advantage of low rates is the overall health of the economy. Many buyers might get cold feet despite the potential savings they would be leaving on the table, Hamrick said.

“There’s no avoiding the fact that a home purchase is the most significant purchase individuals will make in their lifetimes” Hamrick said. Whether you are looking to downsize your home or take advantage of low interest rates, contact Karen Cannon, Realtors to walk you through the process. We can advise you based on the current climate and demand.

Get started today by exploring Dunwoody homes for sale, Sandy Springs homes for sale, and Chamblee homes for sale!

Sources: bizjournal.com; marketwatch.com

The Importance of 3D Virtual Home Tours

Whether you are stuck inside or not, the new 3D home tours are a great way to check out a potential home from the comfort of your home. Karen Cannon, Realtors provides 3D virtual tours of every house we sell so buyers anywhere in the world can tour our listings as if they were actually walking through your house. Our 3D virtual tours offer such an immersive experience that only the most serious buyers visit our listings in person.

Homes with a 3D virtual tour get more views via websites and social media, far exceeding those without it. The virtual home tour also has the capability to be emailed and is proven very effective in real estate search engines.

3D virtual home tours also allow a 24-hour open house and saves both the seller and buyer time. With a 3D virtual tour, prospective leads can do their own walk-through of your properties from anywhere, anytime, generating higher engagement and interest. According to viz360, “More than half of their respondents have taken a virtual tour of the property they liked. They like the technology so much that 54% of them won’t check out a property without these virtual images.”

When you sell with Karen Cannon, Realtors, we provide the highest quality 3D virtual tour of your home. It allows Karen Cannon, Realtors to:

Sell at a 4-9% higher sales price.
Decrease time on market by up to 31%.
Increase time on site by 15%.
Attract more qualified prospects by giving viewers the most complete representation of your property, filtering out those the property may not be right for while also attracting leads that are genuinely interested in your property.

How Accurate Are Zillow Estimates?

How much is my home worth? Before you move, it’s the first question you have to ask. There are numerous real estate value estimators online, but Zillow’s is by far the most popular. While surfing homes on Zillow.com, home values are assessed to the dollar. This can be very misleading. If you are committed to starting online, start by collecting data from numerous sites like Zillow, Realtor.com, and Trulia to see the differences in estimates.

Taxes

Professionals agree that online home estimators have advanced in the last 5 years and are useful as a ballpark pricing tool. They are not comparable to value estimates made by professional real estate agents. In addition to public data on the sale of property in that area, “the Zestimate also takes into account actual property taxes paid, exceptions to tax assessments, and other publicly available property tax data. Tax assessor’s property values can be inaccurate. The tax assessor’s database might have a mistake related to a property’s basic information. This causes the assessed value to be too high or too low.” For instance, a finished basement or exterior improvement.

Market Algorithm

One of the major issues we see within Dunwoody and Sandy Springs real estate market is the issue Zillow has with turnover. The more homes sell in a particular area in a period of time, the more data Zillow has on estimated value. Families in our area tend to retain their homes and thus the cost at purchase is very different than selling.

Home Upgrades

Many homeowners choose to make upgrades on their current homes. This is generally overlooked by Zillow unless the upgrade requires a permit. Once that permit is issued and passed along to the tax assessor, it will then be a factor of the “Zestimate.” It is important to research which home improvement investments have the greatest return on investment. An experienced Realtor will be able to offer insight as to which renovations will make your home more appealing.

Get a Complete Value

Zillow.com is a great tool for allowing potential buyers or sellers an idea of what and where they need to be looking. If you are more serious, the only way to get an accurate answer is to contact a real estate agent. Five homes built in the same year in the same area code, can be priced differently based on a number of factors. In addition to factoring in home improvements and similar home values, they can weigh in school districts, potential growth, taxes and neighborhood trends to assess the value of your unique home. When you are ready to get an estimate on your home, call Karen Cannon Realtors. Our real estate team has also been recognized as a Top 5% for Team Volume. Every agent on the KCR team has been chosen for his or her professionalism, industry knowledge, and connection to the community. This recognition reinforces the fact that we have one of the most accomplished teams in town.

Sources: www.investopedia.com

Common Home Buying Mistakes to Avoid

When it comes to buying a home, many people lead with their heart. However, getting wrapped up in the emotion of the experience can cause you to overlook some important details. If you aren’t careful, you might make some major mistakes that can delay – or even prevent – closing on the home you’ve chosen. Here are some common home buying mistakes to avoid:

Failing to Get Pre-Approved

In today’s market, heading to the bank or mortgage company to be pre-qualified should be one of your first steps when you start thinking about buying a home. The process is relatively painless and can help you get a realistic picture of what sort of home you can really afford. Pre-qualification also signals to sellers and agents that you’re ready to buy and that you have no interest in wasting their time.

When taking out a home loan, make sure to understand the basic process, how your credit score will be taken into consideration, the avenues where you can get a loan, and the types of loans that are available to you.

Misunderstanding The Total Price Tag

Even if you have an idea of your budget, many homebuyers fail to set a specific price ceiling for the home they can afford. When hunting for homes, ask your lender to discuss closing costs with you – beyond a simple down-payment, there are often other fees associated with getting a loan and can add up quickly.

Inspections, title insurance, and legal fees should all be a part of your budget planning process from the beginning. There’s nothing more upsetting than having an offer accepted and finding out that you can’t pull the cash together to seal the deal.

Skipping the Pre-Purchase Home Inspection

Skimping on your home inspection could seem like a money-saver, but could end up costing you a bundle in future home repairs. You may feel that the money for the inspection would better serve you as part of the down payment, but don’t be tempted to skip it. No matter how nice the house looks, or what the sellers tell you about its condition, always get a house inspected before you buy it. There are so many little details (and potentially major problems) that only a trained professional can spot.

Even if you’re willing to overlook some problems, it’s better to know exactly what you are buying, including any possible issues. A thorough inspection usually costs a few hundred dollars and is worth every penny.

Opting Against A Home Protection Plan

In the event that your home inspector misses a repair or issue with the home prior to your purchase, you can be left with huge repair bills for an unanticipated issue. A home protection plan, which you can arrange through your real estate agent or mortgage company, is a short-term insurance plan to hedge against just this sort of unforeseen issue – usually for a period of one year from the closing date. While they don’t cover every issue of a home, it offers peace of mind and costs are low. The benefits, should you need them, can help.

Failing to Hire a Real Estate Agent

With so many resources for finding homes for sale online, it can be tempting to go it alone. But without a qualified Realtor by your side, you are making yourself vulnerable to being taken advantage of, or not understanding everything in the contract. No one knows the housing marketing or what factors go into a home’s value like a professional real estate agent. When they specialize in the area in which you are looking, a Realtor is familiar with factors like the age of the homes in certain communities, market value, school ratings, traffic and commute details, and accessibility to shopping or public transportation.

All buyers have access to the same real estate websites that you do. As a result, in many markets, homes that show up through these mediums can be snatched up before you can schedule a visit. But with a good agent on your side, you may be shown homes that haven’t even hit the market yet. Armed with your specific requirements, the right agent can have you open the front door for a walk-through before other buyers even know about the property.

At Karen Cannon, Realtors, every agent on our team has been carefully chosen for his or her professionalism, industry knowledge, and connection to the community. We connect buyers and sellers better than anyone because we often know about homes for sale prior to listing. Let us be your advocate throughout the home buying process and help you avoid these common mistakes. We’ll save you time and money, and help you find the home that is perfect for you.

Get started today by exploring Dunwoody real estate, Sandy Springs real estate, and Chamblee real estate.

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Why Professional Photography Is Important When Selling A Home

We’ve all heard the old saying “A picture is worth a thousand words.” And, in real estate, pictures make a huge difference in how quickly you sell your home. Now, thanks to the continued advancement of technology, buyers can have an intimate look into your home they are interested in without ever leaving their couch. And buyers are doing their research, more now than ever before. They are filtering through sites based on location, prices, school districts, square footage, etc. Once they have narrowed down their search to their liking, they are immediately flipping through photos.

Often, the photos are what’s piquing a buyer’s interest in your home and prompting them to take the next step in contacting their real estate agent. That is why it is important to work with a real estate agent in getting professional photography done before putting your home on the market. Your agent should have the expert knowledge and connections to professional photographers to produce images that resonate and appeal to sellers. And the more photos the better, so choosing one or two won’t do the trick! At Karen Cannon, Realtors, we work with the best real estate photographers that have an eye for the right angles, best lighting and provide high-quality photos to capture the best features of your home.

Homes with more photos sell faster, which makes sense because buyers are doing more research than ever before. The more buyers can find ahead of time, the better your chances of getting your home sold quickly. According to the National Association of Realtors 2017 study, Homes with one photo spent an average of 70 days on the market, but a home with 20 photos spent 32 days on the market. Not only do professional photographs help you sell your home quickly, but it can also help you get a better deal, too. For homes in the $200,000-$1 million range, those that include high-quality photography in their listings sell for $3,000-$11,000 more.

And we’re putting an emphasis on the words professional photography because you need high-quality photos. While there are plenty of great HGTV shows with useful information out there, nothing can replace the quality and direction of an agent and a professional real estate photographer. It is often the first impression that buyers have of your home before stepping foot onto the actual property. In fact, 89% of buyers who used the internet to aid their home search found the photos to be very useful. Your agent will have referrals to photographers that specialize in real estate that they have worked with personally.

As time goes on and technology continues to advance, online platforms and visual tools become more robust allowing home buyers more and more insight into a home before ever connecting with the seller or agent. At Karen Cannon, Realtors, we stay on top of the latest trends and constantly look for innovative marketing techniques to help sell our clients home quickly. We take it to the next level with 3D Virtual Tours to let a buyer walk through your home no matter their location.

At Karen Cannon, Realtors, we are local real estate experts for Dunwoody, Sandy Springs and North Atlanta. We live, work and play here, and our agents are hand-picked for their connections in the community. Our clients know about homes coming on the market before anyone else. And our highly effective marketing program allows us to shorten the number of days on the market. We’ve even put homes under contract sight unseen!

If you are thinking about selling your home, or are interested in moving into Dunwoody, Sandy Springs or the surrounding areas, call us at 770-352-9658.