Why Metro Atlanta is Still Thriving

Low unemployment. Impressive job growth. Deep cultural and historical significance.  Burgeoning business opportunities. These are a few of the reasons Atlanta, GA has been named the #1 place to live in the Top 50 best places to live list by Money.com (Money Magazine). Atlanta continues to attract both transplants, entrepreneurs, businesses, students, and visitors (who end up becoming Georgia Peaches themselves!).

Is Atlanta for everyone? Absolutely not. No place appeals to everyone across the board. However, what Atlanta does offer is this:

1. Headquarters to 15 Fortune 500 Companies (Ranked #2 in the nation)

2. Home to 16 colleges and universities (57 across Metro Atlanta)

3. Home to the world’s most traveled airport.

In addition, the Metro Atlanta area includes approximately 150 cities and towns, providing ample varieties for residential living-from thriving city centers to sprawling rural landscapes. There are countless choices in communities and neighborhoods to choose from, depending on your needs and desires.

Thus, when someone asks why they should consider Metro Atlanta as their next home or what Metro Atlanta has to offer, let them know that the reasons are numerous and have been validated. And if you ever decide to pursue relocation and want to explore other parts of the country, we have you covered. Of course, as most of the Les Maisons Partners team are transplants ourselves, we’re rather partial to Metro Atlanta and Middle GA.

Metro Atlanta Is NOT Full … Yet.

As realtors in Metro Atlanta, we’ve heard the running joke more than once: '“Atlanta is full”. More recently, we’ve been hearing “Atlanta is full FULL”. Although Metro Atlanta is not technically full (or even close to population capacity), according to the U.S. Census Bureau, “the Atlanta urban area had its population adjusted to 5.1 million residents from 4.9 million residents”.*

This brings up a critical issue in the Metro Atlanta area: finding suitable housing in a highly popular and populated landscape. Rents in the area continue to climb, stricter rental regulations have become pervasive, and the eligibility criteria for many rental units has become more challenging for prospective renters. The population growth and challenging rental market have combined to create an extremely competitive, and oftentimes inflexible, rental market. Property managers, investors, and landlords have a substantial pool of prospective renters to choose from and the influx of out of state transplants with deep pockets continue to help solidify Metro Atlanta as a consistently desirable rental market. While this causes a challenge for residents, it is also an area of opportunity for renters and others looking to begin their homeownership journey. In addition, there is a unique opportunity for those interested in multigenerational housing or pooled investment purchases.

While your buying power is not as strong as during with -the height of the pandemic, many areas within Metro Atlanta are experiencing less competition for homes, an increase in sellers willing to contribute to buyers’ costs, and a proliferation of programs designed to offset some of the increases in interest rates. In addition, we are noticing an increase in interest from buyers willing to pool resources in order to mitigate the costs of homeownership and novice investors interested in buy and hold opportunities. This market presents a multitude of opportunities for those willing to be flexible, innovative, and creative. Thus, Metro Atlanta is not full …yet.

*Source: Associated Press, September 12, 2023

Selling During An Emotional Time

While selling a home can come with its own set of sentimental feelings and mixed emotions, it is particularly challenging for most people when they must sell a home due to unfortunate circumstances beyond their control. Whether it be a divorce, death of a loved one, or any other emotionally difficult situation, there are a few key factors to keep in mind.

1. Give yourself grace. This is a challenging time and it’s okay to spend time gathering your thoughts and putting together the necessary paperwork you may need.

2. Do your research first. It’s important that those who have any interest/ownership (including any known  lienholders) in the home be identified. If there is an estate involved, we advise you to contact an attorney specializing in this area.

3. Please be aware that your real estate professional will need to visit the home in order to ascertain its current condition, any potential maintenance and/or repair issues that need to be addressed prior to selling, and the key features and amenities of the home. Our goal is to provide you with a realistic snapshot of the potential value of the home on the current market and changes that may increase that value.

4. Keep us in the loop. There may be a lot of moving pieces as you are selling your home and dealing with an emotional situation. Remember that we are here to help thus, if there is a change in circumstances or you have a new development, please keep all parties informed.

Although this may be an emotional and challenging time, surrounding yourself with experienced professionals who can take some of the burden and offer empathetic and insightful input can make all the difference.

Mastering the Real Estate Market Cycle: What Homebuyers and Home Sellers Need to Remember

Timing is key however, the real estate market waits for no one. You have may have heard that you should wait until home prices decrease; you may have heard about an impending slower economy; or you may have heard that this is still a good time to sell your home and an even better time to buy. No matter what you may have heard, we’ll let you in on a secret that is known but, not often shared: people buy and sell homes in spite of economic factors, inventory, whether it is a buyer’s or seller’s market or any number of factors.

Homebuyers purchase homes (and home sellers sell their homes) for numerous reasons including a change in circumstances such as relocating due to a job change, divorce, estate sale, and a need to upsize or downsize.

While we as agents can never guarantee what will happen, we can certainly provide one piece of advice: the real estate market is cyclical. While we are seeing a return to the spring sales season, we still have buyers looking (nothing like the frenzy and surge we experienced during the height of the pandemic) and not enough inventory in the most sought after budgets and areas.

Selling and buying in this cycle takes vision, motivation, and consistency. Homes, for the most part, are not flying off the market with tens of offers and going under contract within hours. Seller concessions, such as repairs and credits, have returned in many places however flexibility, thinking outside the box, and targeted marketing makes all the difference when selling. Innovative loan products, careful negotiating, and diligence make all the difference for homebuyers. By listening and heeding the advice of those in the market on a daily basis, it can help make the process easier and more seamless. 

In Default On Your Student Loans? Your Homebuying Options May Be About To Change.

One of the statements we often hear from prospective clients is ”I have everything I need to buy except I have unpaid student loan debt. “ The US government has recently put new regulations into action to address the crushing student loan debt that is impacting so many potential homebuyers. While much attention has been paid to the public sector employees who can now more easily seek student loan forgiveness, an even more recent change impacts a much larger portion of the population.

For those student loan borrowers who find themselves in default on their public student loans, the Biden administration will move millions of people who were in default on their loans to being classified as current.* “Collection activity, including wage garnishment and the offset of Social Security benefits, will also end. About 30 days after the delinquency or default is removed from your credit history, you should order a free credit report to make sure the information is removed and your loans are marked as current, Kantrowitz said.”

This is welcome news for so many people who find their student loan status as a major stumbling block. This change provides borrowers an amazing opportunity to bring their accounts current and begin to pay their student loans again and/or take advantage of an income-based repayment plan.

Interested in seeing how this change can impact your homeownership plans? Contact us and learn more.

Source: https://www.cnbc.com/2022/04/11/millions-of-student-loan-borrowers-in-default-are-getting-a-fresh-start-.html?utm_source=facebook&utm_medium=news_tab

How Making Timely Rental Payments Can Help You Become A Homeowner

While timely rental payments have traditionally served to keep a roof over one’s head and keep one in a landlord’s good graces, it now also can help you to go from renter to homeowner. As of September 18, 2021, new guidelines from Fannie Mae allow potential homebuyers to use their most recent 12 months of on-time rental payments as a consideration when they seek preapproval for a home. Although this is not the only consideration, this change can help enhance an applicant’s eligibility, as it reflects an applicant’s ability to make payments on time, a core factor when it comes to the repayment of mortgage loans. One’s ability to repay a considerable amount of money in a timely fashion is paramount to mortgage loan professionals and the lending institution itself.

Keep those on-time rental payments coming and your path to homeownership could be easier.

P.S. The best part of the new guidelines: on-time rental payments are only considered if it helps bolster the applicant’s creditworthiness.

Is Your Home Really Covered In A Natural Disaster?

With devastating hurricanes impacting the US, many people in geographic areas not traditionally known to incur the severe consequences of brutal storms, such as tornadoes and hurricanes, are finding themselves victims of flash storms. As many survivors of brutal weather will tell you: It’s not always the storm you fear, it’s the flood that can be worse. As those who survived recent storms on the East Coast will attest to, it is often shocking to learn that as you pick up the pieces and try to rebuild from a tragedy, you may not have the coverage and protection you believed you had all along. There have been several stories of survivors who found out that their flooded homes and cars were not covered under their homeowner’s or auto insurance policies. In fact, “well under 20% of U.S. homeowners have flood insurance, according to the Insurance Information Institute.” (https://www.cbsnews.com/amp/news/flood-insurance-ida-homeowners-floodwaters-climate-change-risk/ )

Since these victims were not in typical flood zones, they may not have carried flood insurance, which can increase your premium substantially.

Now, more than ever, it is imperative that you review your homeowner’s and automotive insurance policies to better understand your policy and coverage areas and exclusions. Most of us believe we will be covered for almost every instance however, there are instances where circumstances are considered “acts of God” and excluded from coverage.

Review your coverage page and contact your insurance representative if you have specific questions. If you need to make changes, it’s best to do that when you are not facing down an emergency or natural disaster. Flood insurance is also available through the National Flood Insurance Program (https://www.fema.gov/flood-insurance) Staying informed and knowing where you stand are key to protecting yourself.

3 Things They Never Told You About Owning A Home But Should Have

While TV shows and magazine articles spotlight the glamorous side of homeownership, some first time homebuyers may not realize that there are a few critical aspects of homeownership that people usually don’t discuss. We’ve listed some of the most frequent homeownership aspects that may surprise you.

1. Owning a home is not renting a home. While we know this is an obvious statement, it may feel strange the first time something comes up and you realize YOU are the management/property manager. Once you get the keys to your house and you own it, you cannot simply go back to the seller if something does not meet your expectations (barring an extremely narrow and rare set of issues). A home warranty and homeowner’s insurance are great tools however, it is essential that you understand that the unexpected can and does happen.

2. Every home requires maintenance, even new homes. While every homeowner would love to live in their home and never have to repair, maintain, or take care of household issues, that is not possible. The purpose of maintenance is to prevent larger and more expensive issues from surprising you and to help preserve the equity and physical condition of your home. While cleaning air ducts, servicing an HVAC, switching out smoke alarms, and the myriad of other potential home maintenance tasks may seem unnecessary, they are the key to taking care of one of the largest assets you may own. If you regularly wash your car and get oil changes to keep your car running, what are you doing to keep your property running smoothly?

3. Don’t forget that the mortgage may be monthly however, other home related costs are not. Once you close on your home and get the keys, it is natural that some bills that occur rather infrequently may slip your mind. There may be quarterly or yearly bills that you need to account for in your budget. Homeowners insurance, home warranties, and property taxes are a few of the bills that may not occur monthly. It’s critical that you understand if any of these bills are covered in your monthly mortgage payment through an escrow account or if you are responsible for paying them directly.

When you walk into homeownership armed with all the knowledge of what to expect, it makes homeownership that much more exciting.

Navigating the Multiple Offer Landscape: Seven Steps to Crafting Winning and Compelling Offers in a Seller's Market

Anyone who has purchased a home recently can probably attest to the frenzied atmosphere propelling an overwhelming amount of buyers to compete for a limited amount of inventory. Back-to-back showings, multiple offers on one property, and sought-after properties going under contract within hours have become par for the course. So how does one actually get an offer accepted in a seller’s market? Here are a few ideas to help.

1. Set your expectations. With few exceptions, be prepared to offer the asking price or more for a property. ”Lowball “ offers will usually be dismissed first. If you are looking for a “deal”, consider homes that have been on the market awhile and may require repairs and/or updates.

2. No blind offers. Ensure that you view the property prior to submitting an offer. In this market, blind offers hold more risk for sellers and you want to do everything you can to remain competitive.

3. Make the offer as clean as possible. Try not to include anything that will require a seller to think twice. The more straightforward and the less you ask the seller to contribute, the better. Your realtor can advise you on items that may need to be included.

4. Don’t forget the preapproval. The listing agent needs to ensure you are preapproved, serious about closing the deal, and have the purchasing power to buy the home.

5. Make sure you review the paperwork to ensure everything is correct. You would hate for your offer not to be considered because of a typo or omission. Also, read the fine print on any listings and your agent should be reading the private remarks carefully.

6. Don’t forget to back-up! Back-up offers are often overlooked tools in this climate. A backup offer allows you to be the next offer in line should the original offer terminate for any reason.

7. Send a love letter. Include a letter to the seller indicating your interest in the property and introduce yourself to the seller. Hearing your story could convince a seller that you are invested in their property and will make it your home. Consult your realtor for specific laws and regulations governing this practice.

We understand that it may be challenging when you are competing with others for a limited amount of homes however, people are still buying homes and presenting winning offers. With a little motivation, creativity, and a positive outlook, you can craft an offer that gets you into your dream home.

Isolating with Toddlers: Top Six Observations You Need to Know

The first thing I must point out is that I have three-year-old twins. I am in the trenches with you, fellow parent. I’ve been at this isolation business for over a month and I can tell you that teachers are walking saints. As a granddaughter of an educator, I have always had an appreciation for those who choose to
educate young people. After staying home with my children, I have a deep and profound appreciation for anyone who has to mediate an argument about whether the exact same Paw Patrol cups belong to one child or another. So far, this is what I’ve learned and I have some suggestions for how you can cope.

1) You’re not Betty Crocker however, anybody can make some box cookies or
brownies. If they come out misshapen, salty, and inedible, chances are
your children will still eat them 🤷🏾‍♀️. Chances are if you are desperate enough, you will eat them as well.

2) There are a plethora of educational shows on Netflix and if you don’t
have Netflix, Youtube is your friend. There is a world of education, adventure, and discovery out there. You can learn about the solar system, practice yoga, learn a new language, or discover hidden talents. My children love Youtube and gasped in excitement when I showed them yoga for kids. After a few minutes of child pose, the glamour was worn. They then asked to watch the Paw Patrol episode they have seen precisely 1,000 times previously.

3) Snapchat is amazing. I occupied two three-years-olds for almost half an hour by converting them to pirates, hippies, and various animals. We posed for photos together, laughed, and generally acted silly. You
are definitely going to want to check the filters before you let them free since there may be some that are not age appropriate. I found myself explaining way too much too soon.

4) I have to admit that I momentarily forgot my children couldn't read. I handed my daughter a book and told her to go sit and read quietly. She handed it back to me and said "Mommy, please read it to me". I told
her she was a big girl and she should be able to sit still to read She looked at me quizzically and said "Mommy, I can't read", as if she was questioning both my intelligence and ability to parent competently.
Oh, right, you are three. The haze of staying at home sometimes gets a little cloudier than usual at times.

5) It's best not to explain why you want your children to go to sleep. They will usually use the knowledge to mock you or as leverage. When I tried to coax my children to sleep by telling them that I had things
to do, they looked at me and laughed, continuing to build an imaginary house. I had to come to terms with the fact that partying like rockstars on IG with DJ D-Nice and Michelle Obama or joining my friends' Netflix Watch Party weren't happening. This was my chance to finally be on equal footing with a twenty-five year old partygoer and I was bargaining with two toddlers to got to bed. Oh well.

6) Get your sleep when you can. When you invariably feel a presence in the middle of the night, you have two choices: one, open your eyes and face your child peering into your face asking you "Mommy, are you awake?" or two, pretend to be asleep. I usually choose the latter, as the former always marks the end of your sleep time for the night. One out of four times, the latter choice will result in a child giving up and returning to bed, Not great odds however, once is all you need.

Finally, you will be frustrated, annoyed, and at the end of your rope at some point. You will want to throw your hands up after hearing the same arguments, crying, and whining. At that point, breathe. Remember
that the same children running around will get tired at some point and come to you and remind you that they love you. They'll wrap their arms around you and say something that will melt your heart. Then, and only
then, they will ask you to watch Paw Patrol again. What's once more in the grand scheme of things?

Can YOU Live With Your Family? Is Multigenerational Living Right For You?

With continued advances in medical science contributing to the longevity and vitality of older Americans and the average age when couples marry continuing to creep up steadily, many American families are finding themselves living with multiple generations under one roof. The advantages of this type of living situation are numerous, including the cost of living spread across more people, combined incomes often contributing to being able to afford more house, and maintenance and upkeep being done by more people. According to the Pew Research Center, more than 64 million Americans were living in multigenerational housing, driving more people to consider living together in an expanded family situation.

The most important thing to remember is that you can live well together if you have a plan for expectations.

1. Set boundaries early. Especially in the case of adult children, it’s important to establish expectations as to what each family member needs as far as privacy, bills, maintenance/upkeep, and personal preferences.

2. Establish a household budget and plan how everything will be divided. Does the couple in the master suite pay more? Will bills be divided evenly? Who will park in the garage? Questions such as these help everyone feel comfortable since there won’t be surprises.

3. Plan for the challenges. It’s important that you discuss what happens if someone decides to move out, how the proceeds will be divided if the home is sold, and what happens if a family member loses their job or stops paying altogether. While you may hope that these scenarios don’t happen, it’s better to discuss these situations now while everyone can have time to reflect and make a decision without being in a stressful situation.

4. More house for your dollar. By combining funds, you may be able to afford a bigger home or a home in a neighborhood that you want but, didn’t think you could afford. Be on the lookout for en suites, basements, and homes with guest houses. This could allow more family members to live together more comfortably.

While multigenerational living certainly has its benefits, it’s crucial that everyone be completely realistic about whether this living situation could work for them. If this is the right choice for you, contact your local lender and see what the best programs and products are for you and your family’s needs. Cheers to the family home.

Your Weekday Time-Saving Hacks

As schoolage children around the country don new gear and pose for the iconic "First Day of School" photos and adults wax nostalgic about summer vacation memories, it’s time to get back into the swing of a routine. From the fall through the spring, there is a high premium placed on conserving resources and saving time. Although the old adage is that "there are no shortcuts in life", there are life hacks that will help you adhere to your schedule, spend more quality time with your family, and reduce the time you spend on repetitive tasks. Here are some great weekday life hacks that will keep you on track:

1. Prep your wardrobe so you can forget about it. On Sunday night, have the family choose clothing for the week ahead. If you have children, get them excited by letting them put on a fashion show and choose their favorite accessories. Consider purchasing clear bins for each day of the week and labeling the bins. Each day's outfit can be placed in the bin, making it easier to simply select that day's outfit. For the adults, clear a small space in the front of your closet and hang your selected outfits. An easy way to separate each day is by placing a different colored hanger in between to signal a new day.

2. Don't let lunch be a chore. When you are in a rush, you are more liable to end up buying lunch or dinner or throwing together a quick meal that may not meet your needs. Place a set of clear bins packed with non-perishable snacks and drinks, such as drink boxes and water bottles, granola bars, chips, fruit cups, and other snacks. These easy-access meal items will help you create a packed lunch quickly and help you identify when you are running low on items. On Sunday night, add fresh fruit and veggies to wax paper or plastic sandwich bags for the entire week. Instead of sandwiches, consider crackers or pita slices and the fillings of your choice in separate containers; the ingredients stay fresh and everyone can grab and go each day. For salads, put fresh greens in a separate container and separate ingredients into smaller containers.

3. It's on the calendar. Managing multiple schedules can be a challenge, particularly with children participating in extracurricular and school activities. Put an oversized calendar in the kitchen and color code based on each family member. Once you receive a calendar of activities, add it to the shared calendar. If the whole family is tied to technology, use the family version of the Google calendar to keep everyone up to date.

While things can get frenetic during the weekday, these time-saving hacks can help you shave time from your day and avoid the frantic daily rush. While we cannot avoid the last-minute surprises, spending some time on the weekend prepping for the week ahead will save you a lot of time during the week.

I’m Interested in Buying a Home. Where Do I Start?

Can I afford it? My credit is not perfect. Don’t I need to put 20% down? These are only some of the questions and comments we have heard time and again from prospective buyers. You are not alone in questioning whether you can transition from renter to homeowner. Purchasing a home is one of the most significant investments you can make within your life. It allows you to put down roots, customize and design an environment to meet your needs, and in many cases, can include tax and investment savings. While many of our parents and grandparents were able to achieve the dream of homeownership through dedication, hard work, and perseverance, you may be pondering if, and how, you will become a homeowner yourself.

The good news: you may be closer to homeownership than you think. There are many paths to owning a home and you don't have to be perfect. There are a variety of products that your lender can offer that can meet your needs based on a variety of factors—from creditworthiness to income. Your lender may have programs aimed at down payment assistance/low down payments, those with credit blemishes, and those in certain professions, among other factors. Your first step is to determine where you stand in the process by contacting your preferred lender (or contacting a realtor for recommendations for preferred lenders). The mortgage specialist can explain your options and can help you determine if there are further steps you will need to take to position you as an ideal prospective buyer. Once you have been pre-approved for a loan, it's time to contact your realtor to guide you through the homebuying process.

The homebuying process is within reach. The most important step you can take to achieve homeownership is the first step. Contact us with any questions you have. Take your first steps toward your dream home.