Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 18, 2021

Should You Get a Home Inspection Before Selling Your Home?

  

   Let's Take a Look...

  Is it time to upgrade or move on to a new home? If you are planning on listing    your home for sale in the near future, you will have a few key considerations to    make. Do we paint? Finish the basement into a suite? Renovate the bathroom,      or leave it?

  However, before you start worrying about renovations it can be helpful to understand how your home has stood the test of time. Let's have a quick look at a few reasons why you may want to consider investing in a professional home inspection before selling your home.

Assessing Your Home's Current Condition

Give some thought to your home's current condition. How old is it? When was its last professional inspection? Has your home suffered any significant weather or other kinds of damage? Take a walk around and look at the key structural areas. Do you see any issues with the roof? How do the walls or siding look? Are there visible cracks in the home's foundation? If there are obvious issues, it is time for an inspection.

 

Do You Need A Speedy Sale?

Another excellent reason to get your home inspected early in the selling process is that it's likely to speed things along. If there are any repairs required, you can have them taken care of before you start staging your home, having professional photos taken and hosting open houses.

A recent inspection can also give you a competitive edge over nearby or similar homes that are for sale. It signals to potential buyers that you have done some of the heavy lifting in the process and that they are unlikely to uncover any major issues when they have their own inspection done.

 

Take Care Of 'Deal Breaker' Problems

Finally, a home inspection ensures that you will be able to take care of any potential deal-breaking issues that could ruin a sale. Even if you decide to skip repairing some of the minor issues, taking care of things like cracks in your foundation, mold problems or old electrical wiring will all help with keeping your sale on track.

These are just a few of the great reasons to invest in a professional home inspection before listing your home for sale. To learn more about the home selling process or to get started, contact us today. Our listing team is happy to share our experience to ensure that your selling process moves along quickly.

 

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Posted in Home Selling Tips
July 1, 2021

For Builders and Buyers, Lumber is a Bummer

Over the past several years we’ve seen real estate prices climb higher and higher due to a limited supply and an increased demand, but a new factor is pushing prices up even further: the skyrocketing price of building materials. So, what’s behind these increased prices, and, more importantly, when can we expect some relief?

We’re all painfully aware that the pandemic triggered widespread supply chain issues, and building materials have been no exception. Supplies of steel, aggregates, and cement have dried up, but the trend might be most noticeable when it comes to lumber.

There's gold on that there truck!

Nearly every aspect of home construction necessitates lumber – framing, trim, doors, flooring, windows, railings, and cabinets. The pandemic shut down lumber mills across the country, and supply chains were slowed by a shortage of truck drivers. Low interest rates and a lack of existing inventory increased demand for new construction, and all that new construction increased demand for lumber. It’s a perfect storm of demand outpacing supply.

According to Markets Insider, lumber prices rose by over 400% between May of 2020 and May of 2021, with the price per thousand board feet going from $327 to $1,645 during that time span. That figure has corrected since May, but, as of this writing, prices are still substantially higher than this time last year.

The rise in lumber prices has added almost $36,000 to the price of an average new single-family home, and nearly $13,000 to that of a new multi-family home.

Building material supply shortages, coupled with increased prices for land, means buyers will continue to see high prices for new builds for at least the foreseeable future.

Last year, home price inflation reached 11.4%, but experts predict a slowdown to 8.1% through 2021. By 2023, price growth is expected to slow to 4%. To put it another way, the surge in home prices is expected to slow, but it’s going to take a few years as supply chains and workforces return to pre-pandemic levels of productivity.

Posted in Market Updates
June 22, 2021

Mistakes First-Time Home Sellers Make and How to Avoid Making Them

 

Are you thinking about selling your home without the assistance of a knowledgeable agent? If this is your first time going through the selling process, you may be wondering if everything will go smoothly. Selling a home is usually a smooth process – there are thousands sold each day – but issues can arise if you're not careful. Let's explore four mistakes that are commonly made by first-time home sellers and how you can avoid them.

 

1.     Trying To Sell Without Experienced Representation

The first and most significant mistake that some first-time sellers make is to try to go it alone. Selling a house is a major financial and legal transaction and one where experience is crucial in getting things right. Invest in an agent who has a track record for quick, efficient sales and you're going to have an advantage.

 

2.     Choosing Emotion Over Reason

Next, you'll want to avoid letting your emotions control how you react or respond during the selling process. Many homeowners become emotionally attached to their homes, which is fine while you're living there but can be a problem when you're selling. It's important to let logic and reason guide the sale. Don't let yourself get caught up emotionally or you may make a critical mistake.

 

3.     Pricing Outside Of A Realistic Range

Asking too much – or too little! – for their home is another common mistake made by first-time home sellers. It's critical to understand that the local real estate market has a lot of influence on the correct asking price for your home. Current listings and recent sales of similar homes in the area tend to set a price range in the minds of buyers, so these will need to be observed. Your real estate agent will be a big help in choosing the right sale price.

 

4.     Selling At The Wrong Time

The final mistake we'll cover today is listing your home for sale in the wrong environment. The local real estate market is in constant state of change due to a variety of factors. The seasons, other local home listings, interest rates, new home construction, local municipal zoning changes and all sorts of other factors can influence your sale. Unless you are under a time constraint, it's best to let your agent advise you when it's a good time to list your home.

 

Selling your first home can be a daunting experience, but with the right frame of mind and professional representation, it will go smoothly. To learn more about the home selling process or to list your home for sale, contact us today at 678-674-7929. The Fort Knox Realty team is happy to assist.

Posted in Market Updates
June 1, 2021

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates