Lake Sidney Lanier Homes Blog

Tuesday, February 15, 2022

Berkshire Hathaway HomeServices Talking Real Estate Newsletter- February 2022

FEBRUARY 2022

Whether you own a home or 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

HOMEBUYERS, HOMEOWNERS, HOME SELLERS, TRENDS

Outlook for Housing 2022

Housing was one of the strongest sectors of the economy for 2021, but rising interest rates and inflation are causing many to wonder if sales will continue as strong in 2022.

Lawrence Yun, chief economist for the National Association of REALTORS, believes the number of home sales will decline in 2022 but will still outpace pre-pandemic levels, based on continuing demand from homebuyers. More inventory is becoming available from home builders and from homeowners who will no longer receive loan forbearance and may decide to sell their homes instead.

Goldman Sachs economists predict that home prices will climb another 16%, reports Houwzer.com. Yet, Corelogic has lowered its forecast from 2.2% to 1.9%, according to Fortune.com. Fannie Mae is predicting that mortgage rates will rise to an average of 3.4% next year, while the Mortgage Bankers Association believes rates will rise to 4%.

Fortune.com points out that the Federal Reserve predicted 1.8% inflation for 2021, but the real number is closer to 6.2% set in October – the highest rate since 1990. In real numbers, if a buyer puts 20% down on a $500,000 home, they will have a monthly payment of $1,682 at 2.98%. At 4%, the monthly payment would be $1,910.

So, should you buy a home or wait it out? If economists can’t agree on their outlooks, you probably shouldn’t try to time the market either. Housing is a terrific hedge against inflation, so instead, ask yourself what you can afford and go from there.

TRANSACTION ADVICE, MARKETING, HOMEOWNERS, HOME SELLERS

The Most Critical Period for New Listings

Your home’s marketing begins when your Berkshire Hathaway HomeServices network professional submits your listing to the local multiple listing service, or MLS. Brokers share their listings with other brokers in the MLS, making it the best chance of selling your home quickly and for the most money.

During the critical first two weeks of marketing, your listing agent will schedule your home on the MLS tour for other agents to see as well as contact their network to let them know your house is coming on the market. The MLS distributes data about your home on the MLS website, your broker’s website, other broker websites, and third-party sites such as Realtor.com.

Other data such as mapping, satellite image, neighborhood information, tax roll data, and school information is added to your listing so that buyers can get the full picture of what it’s like to live in your home. Your listing agent may also advertise your home in newspapers, online home magazines, and in their broker’s marketing tools such as e-magazines, newsletters, and email alerts to prospective buyers. And they’ll put a for-sale sign in your yard. Every potential buyer will know your home is for sale.

When your home is new to the market, that’s the most exciting time to buyers. If you get few showings or offers, you need to know immediately. Feedback from other agents and buyers will tell you what you need to do to make your home more appealing.

MORTGAGE ADVICE, CREDIT REPORTS, HOMEBUYERS, FINANCE

How Inquiries Impact Your Credit

Mortgage lenders depend on the information found in credit reports and credit scores. One of the numbers that cause fluctuations in a consumer’s credit scores is inquiries.

Inquiries, according to Equifax.com, are “entries that appear on your credit report when your credit information is accessed by a legally authorized person or organization (including yourself).” Inquiries can include “an application for credit, goods or services; an account review made by a company that you already do business with; or a preapproved offer of credit.”

Inquiries can be either hard or soft. Soft inquiries such as account reviews, preapproved credit applications, and employer checks don’t impact credit scores. Consumers can check their own credit without impacting their credit scores.

Hard inquiries, such as an application for a new loan, credit card or line of credit, can temporarily lower credit scores by as much as five points and remain on your record for up to two years. but, if you handle the credit responsibly, with no late payments, your scores could go back up again in just a few months. If you’re just out of school and want to build your credit, only apply for credit cards and loans that you need.

If you’re applying for a mortgage, every point counts, so follow your lender’s advice on what to do. Don’t open new lines of credit for six months to a year before applying. Apply to multiple lenders, so you can shop for the best terms and rates.

LUXURY, SMART TECHNOLOGIES, HOMEOWNERS, HOMEBUYERS, LIFESTYLE

Three Home Trends That Will Stay Around

The way Americans use their homes has changed since the advent of the pandemic. Once many activities were significantly curtailed or eliminated, from going to the office or school, travel, gatherings, dining out, to theaters and other entertainment, homeowners spent more time at home. Here are some home design trends for 2022 that may stick around after the pandemic is over.

Smart furniture – According to Puffy.com, the smart furniture industry is on track to reach $244 million by 2024. Televisions can double as artwork when turned off, couches, beds and chairs offer charging ports, but most exciting are coffee tables that come with refrigerator drawers, so you never have to leave the game to grab a cold one.

Muted but colorful décor – Color palettes for 2022, such as those suggested by Benjamin Moore, are calling for colors on the paler side, far from the deep jewel, spice and ocean shades of recent years. Three colors with less chroma and more tint are emerging as popular - blues because they’re calming, greens for versatility and bringing the outdoors inside, and yellows for cheerfulness and optimism, according to Homesandgardens.com.

Vintage accents – In the chaotic environment of climate change, rising inflation, supply chain interruptions, and sky-high lumber prices, it’s natural to be nostalgic for simpler times. That sentiment is spurring designers and homeowners to seek out vintage furnishings and accessories. Housebeautiful.com explains that vintage pieces add individuality and personality to interior design with craftsmanship and materials that can’t be affordably duplicated today.

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.

Friday, February 04, 2022

Historic Count Of Active Listings On Lake Lanier And How It Affects Your Home Search!

Historic Count Of Active Listings On Lake Lanier And How It Affects Your Home Search! Take a look at this video in order to better understand historic listing inventory levels at Lake Lanier, how it affects your lake home search and buying opportunities, and what is going on now in the Lake Lanier waterfront real estate market.

Friday, January 28, 2022

Lake Lanier Waterfront Home Sales Trends & Statistics For 2021

Lake Lanier Waterfront Home Sales Trends & Statistics For 2021. Our market analysis is generated at the beginning of each new year. It is designed to show you Lake Lanier home sales trends and statistics. Presented by Arthur Prescott, a REALTOR with Berkshire Hathaway HomeServices Georgia Properties on Lake Lanier.

www.LakeSidneyLanierHomes.com

www.LakeSidneyLanierHomes.Blogspot.com

www.LakeLanierLotsAndLand.com

Friday, January 21, 2022

Lake Lanier Waterfront Home Sales For The Year 2021! Let's Check Sales Trends!

Lake Lanier Waterfront Home Sales For 2021! Let's Check Sales Trends!

The numbers are in for Lake Lanier home sales for the year 2021! Here is a brief recap of the home sales as reported in our comparative market analysis that we will provide via SlideShare later in this article.

Lake Lanier waterfront homes sold: 336

The highest home price sale was $3,650,000

The lowest home price sale was $105,000

The average home sold had four bedrooms, three bathrooms, and one half bathrooms

The average build date was 1986

The average original list price was $953,020

The average list price after price adjustments was $931,846

The average sales price was $912,495

Sales price vs list price ratio came in at 98.5 %

Average total days on the market was 49

Lake Lanier Home Sales Analysis For 2021 from Arthur Prescott

Our market analysis is generated at the beginning of each month. It is designed to show you Lake Lanier home sales statistics. Each month, we search the First Multiple Listing Service for home sales (closings) based on the following criteria:

Area: All counties with frontage on Lake Lanier. Specifically Forsyth, Dawson, Lumpkin, Hall, and Gwinnett counties.

Status: Sold (Closed Transactions)

Lake Frontage: The home must be a waterfront property on Lake Lanier as described as lake frontage in the First Multiple Listing Service

Property Category: Our analysis includes only residential detached homes as categorized in FMLS.

This market analysis is deemed to be accurate but is not warranted. It is meant to give a general idea and overview of the current housing market for waterfront homes on Lake Lanier.

Tuesday, January 18, 2022

Building on 2021’s robust market, purchase mortgage originations in 2022 are expected to grow to a record $1.73 trillion, the highest level in American history!

Building on 2021’s robust market, purchase mortgage originations in 2022 are expected to grow to a record $1.73 trillion, the highest level in American history. Have questions? We can help. Read more in the #BHHS 2022 Real Estate Report and reach out to us for any clarity or questions you might have.

Friday, January 14, 2022

Berkshire Hathaway HomeServices 2022 Real Estate Report: We look at buyers’ changing priorities and tastes, inventory and material supply issues, and we explore which parts of the world are showing lots of growth!

Berkshire Hathaway HomeServices 2022 Real Estate Report

In this easy-to-read flipbook report, we look at buyers’ changing priorities and tastes, inventory and material supply issues, and we explore which parts of the world are showing lots of growth—from Dallas to Dubai and almost everywhere in between. Let's talk about your real estate goals this year.

https://bhhsmarketingresource.com/p/9834b8251ac5f193fdf50119684fb992/11707888

Wednesday, January 12, 2022

Lake Lanier Waterfront Home Sales For December 2021! Let's Check Sales Trends!

The numbers are in for Lake Lanier home sales for the month of December 2021! Here is a brief recap of the home sales as reported in our comparative market analysis that we will provide via SlideShare later in this article.

Lake Lanier waterfront homes sold: 18

The highest home price sale was $1,975,000

The lowest home price sale was $482,000

The average home sold had four bedrooms, three bathrooms, and no half bathrooms

The average build date was 1984

The average original list price was $1,072,028

The average list price after price adjustments was $1,047,222

The average sales price was $1,018,875

Sales price vs original list price ratio came in at 95.44 %

Average total days on the market was 46

Lake Lanier Home Sales Analysis December 2021 from Arthur Prescott

Area: All counties with frontage on Lake Lanier. Specifically Forsyth, Dawson, Lumpkin, Hall, and Gwinnett counties.

Status: Sold (Closed Transactions)

Lake Frontage: The home must be a waterfront property on Lake Lanier as described as lake frontage in the First Multiple Listing Ser

Property Category: Our analysis includes only residential detached homes as categorized in FMLS.

This market analysis is deemed to be accurate but is not warranted. It is meant to give a general idea and overview of the current housing market for waterfront homes on Lake Lanier.

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

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

Monday, December 20, 2021

Lake Lanier Waterfront Home Sales For November 2021! Let's Check Sales Trends!

The numbers are in for Lake Lanier home sales for the month of November 2021! Here is a brief recap of the home sales as reported in our comparative market analysis that we will provide via SlideShare later in this article.

Lake Lanier waterfront homes sold: 29

The highest home price sale was $2,000,000

The lowest home price sale was $244,000

The average home sold had four bedrooms, three bathrooms, and no half bathrooms

The average build date was 1986

The average original list price was $947,798

The average list price after price adjustments was $899,286

The average sales price was $857,610

Sales price vs original list price ratio came in at 93.11 %

Average total days on the market was 31

Lake Lanier Home Sales Analysis November 2021 from Arthur Prescott

Area: All counties with frontage on Lake Lanier. Specifically Forsyth, Dawson, Lumpkin, Hall, and Gwinnett counties.

Status: Sold (Closed Transactions)

Lake Frontage: The home must be a waterfront property on Lake Lanier as described as lake frontage in the First Multiple Listing Ser

Property Category: Our analysis includes only residential detached homes as categorized in FMLS.

This market analysis is deemed to be accurate but is not warranted. It is meant to give a general idea and overview of the current housing market for waterfront homes on Lake Lanier.

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