Monday, January 03, 2022

Berkshire Hathaway HomeServices Talking Real Estate Newsletter- January 2022

JANUARY 2022

Whether you own a home or you're looking to buy or sell one, here are the latest Good To Know articles for when you’re ready to take the next step in finding your Forever Home.

Berkshire Hathaway HomeServices Georgia Properties
Arthur Prescott
REALTOR®, ABR, CRS
Cell: 770-309-7531 Office: 770-844-8484
arthur.prescott@bhhsga.com
www.LakeSidneyLanierHomes.com

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HOMEBUYERS, TRANSACTION ADVICE

How to Negotiate with Difficult Sellers

Before you submit an offer to buy a home, you don’t know how the seller is going to respond. Some sellers are challenging – they don’t want complications or compromises. They can demand all-cash offers, no inspections, and for you to pay over list price. The only thing you can do is make it hard for the seller to be difficult.

Ask your Berkshire Hathaway HomeServices network professional to contact the seller's agent to find out what the seller wants as far as terms, if they’re open to doing any repairs, and if other offers are on the table. The seller will appreciate knowing you’re trying to craft a reasonable offer.

Consider the seller’s feelings and don’t be critical of their home. Keep your intentions to remodel or tear the house down quiet. Low-balling a seller will only make them angry, so make your offer fair.  Include a copy of your lender’s pre-approval letter, along with a cover letter summarizing your strengths as a buyer and why you love this home. You can also include a copy of the comparable market analysis you used to illustrate how you arrived at the offer price.  

If you ask the seller to extend the closing date or accommodate another contingency, be prepared to make a concession, such as a higher offer price or waiver on repairs. The more your offer matches up with the seller's needs in terms of price, move-out dates, and closing, the more likely your offer will be graciously accepted. 

FINANCE, HOMEBUYERS

The Real Mortgage Rate – Or Is It?

Advertised rates look tempting, but don’t be fooled into thinking that’s the rate you’ll pay. You have to qualify to receive the best rates with excellent credit and work histories. According to  BankofAmerica.com, interest rates are the annual cost of a loan to the borrower expressed as a percentage. The annual percentage rate or APR, is the annual percentage plus other fees, including mortgage insurance, many closing costs, discount points, and loan origination fees.  

The Federal Truth in Lending Act requires lenders to disclose the APR in advertising and in loan agreements. When you apply for a mortgage loan, the APR will be listed in the loan estimate your lender is required to give you. ConsumerFinance.gov recommends that you get estimates from other lenders for the same loan, so you can compare fees. Compare the loan estimates by looking at page one under loan terms. You’ll find the APR on page 3 under “Comparisons.”

APR comparisons are easiest to understand if you’re applying for a fixed-rate mortgage. For adjustable-rate loans or ARMs, APR estimates are based on the initial fixed-rate period of the loan. While ARMs have rate-hike ceilings, the APR is much higher when interest rates rise during adjustment periods.

Lenders can charge consumers high or low interest rates, and they have flexibility in which fees they include or exclude in the APR, so compare interest rates and APRs carefully. If you don’t understand the purpose of any fee, ask your lender to explain.

HOME IMPROVEMENT, HOMEOWNERS, HOME SELLERS, HOMEBUYERS

Renting Out a Room in Your Home

We’re living in a sharing economy, says Realtor.com, so it should be no surprise that 69% of homeowners in a recent survey would rent out part of their home if it had a separate entrance, kitchen, and bathroom and 32% have already rented out a room, space or outdoor feature on their property.

You can generate extra income by renting out a space in your home, but the price is a loss of privacy. You’ll be a landlord, so you’ll need to know about renting as a business, your community’s regulations, and fair housing laws.

Rentprep.com recommends finding out about your homeowners’ association regulations, town zoning laws or ordinances, and fair housing laws. You may need a permit and may be required to provide a separate private entrance for the renter’s use, a private bathroom, and a way for the tenant to lock up their belongings.

Renting to a roommate/housemate is a little different than typical federal fair housing laws allow. You can advertise for a male or female roommate, for example, if you’re sharing the house, but if you’re renting a separate space like a garage apartment, fair housing laws would apply.

Ask your homeowner insurance agent to see if you need extra or specific coverage. Keep careful records including utilities and maintenance costs to report the extra income correctly. Take photos of the space to show how it looks before a renter moves in.

To find renters, look for organizations such as college housing advocates, Travelnursehousing.com, and senior centers.

HOME DÉCOR, HOMEOWNERS, HOME SELLERS, HOME BUYERS, HOME IMPROVEMENT, LIFESTYLE, LUXURY

Add Pizazz to Your Bland Kitchen

Neutral kitchens are supposed to complement any décor, but they can become bland over time. What can you do to make your kitchen more exciting?

Make it artsy

Art galleries have neutral walls because they don’t compete with the art, so hang a colorful abstract painting in a key location. Have fun with artistic-themed dishtowels, placemats, and dishes, instead of classic motifs like roosters and other farm animals or Italian chefs with curling mustaches. Try a washable rug or runner with a colorful modern pattern.

Fold in some color

Neutral décor is decorating for the next occupant of your home, so put yourself first in items you can take with you when you move. Find your favorite color in cookware, serving pieces, utensils, and small appliances to add cheerful interest to a neutral decor.

Add texture

If color isn’t your thing, interesting shapes and textures add vitality to neutral walls, backsplashes, curtains and blinds, and kitchen seating. Natural wood accents like artisan-made bowls can also warm up a neutral kitchen.

Repaint 

Neutral doesn’t have to mean white or beige. For a soft contrast, introduce watery colors like sea glass. For more drama and sophistication, go for high contrast with deep blue, black, or grey. Paint the island a different color from the rest of the kitchen, or paint lower cabinets a different color from the top cabinets.

You can still have a neutral kitchen, but pops of color, texture, and artistic touches may provide changes you’ll really love.  

GA Lic #: 246526
325 Brannon Rd. Ste. 200 Cumming, GA 30041

©2022 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.


Lake Sidney Lanier Homes is the most comprehensive online source for information on Lake Lanier homes for sale and Lake Lanier area real estate. View the latest Lake Lanier home listings, foreclosures, lots, land, sales trends, and real estate topics on Lake Lanier. Arthur Prescott is an Accredited Buyer's Representative and Certified Residential Specialist with Berkshire Hathaway HomeServices Georgia Properties. He has over nineteen years of Lake Lanier real estate experience. If you would like to schedule a free buyer or seller consultation, please feel free to contact us directly at www.LakeSidneyLanierHomes.com or 770-844-8484 or email us at Arthur.Prescott@BHHSGeorgia.com.

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