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1st Time Home Buyer ATL

Milla Murad | Realtor® | Real Estate | Atlanta | Georgia

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Do you need a property inspection?

5 Types of Home Inspections to Know 

Most buyers and sellers know that a home inspection is an essential part of the purchase process. But in real estate, there’s more than just one type of inspection to consider. In fact, there are dozens. 

Whether you’re purchasing a new home or investment property, selling your current home or trying to build equity in the house you’re already in, here are the top five inspections you should know about. 

Prepurchase inspections are the most common. They include a full assessment of a property’s systems and structure, and they offer the buyer a full report of any repairs or issues that need attention. The buyer can use this report as a negotiating tool to have the seller address any repairs before closing or to lower the sales price to reflect the necessary repair costs. 

Prelisting inspections are performed to give sellers a checklist of repairs to consider before listing the home. They can also help them gauge how much to list their property for, given its condition. 

Feature-specific inspections are performed on a home’s various features or systems. Some examples include inspections for swimming pools, septic tanks, and wells. 

Termite or wood-destroying insect inspections are needed if wood-eating pests are common in your area. Damage from these bugs can lead to costly repairs. Often, a buyer’s inspector will recommend a termite inspection if they see specific signs of damage. 

Municipal or COO inspections are required by municipalities to show that a newly constructed home or a home that has undergone major renovations is fit for occupancy. A municipal inspector will focus on the home’s electrical, plumbing, building, and fire code compliance to issue a certificate of occupancy. Get in touch today if you’d like to learn more about a specific inspection process and how it could impact the value of your home. 

Posted in: Blog Tagged: atlanta, buying, Home Inspection, house for sale, inspection, realtor, Selling

Should You Sell Your Home?

Could now be a good time to sell your home?

The Dow Jones Industrial Average is just under 25,000.  Deputy chief economist Len Kiefer announced a positive economic outlook saying “Treasury yields are higher and the economy has strengthened since December”.  As a result, and as I projected in my fall blog, interest rates on a 30 fixed mortgage have gone up; and they’ve gone up 48 basis points since January.  When this happens, historically the real estate market slows, however not this time.  Coming off of a strong 2017, there still wasn’t enough inventory to meet the demand of the buyer community.   “We think the strength of the economy and pent up housing demand should allow the U.S. housing market to post modest growth this year even with higher mortgage rates” Kiefer goes on to say.  Along with interest rates and buyer demand, home prices have also been going up, showing an increase of 7.1% over the last year.  That means your $350,000 home will now sell for roughly $375,000.

For so many people, the equity they have in their home is a big part of their net worth.  I always tell my clients, I don’t determine the price of your home nor does the consumer, the market dictates the price of a home.  So we are in a unique moment in time where while rates have increased, so too have the number of qualified buyers and the value of your home; yet inventory remains low.   Right now, you have an opportunity to perhaps be one of just a few, perhaps even the only home for sale on your street or in your neighborhood!  What does this all spell out?  Well, if you’re a home owner that is looking to downsize, now may be a very good time to list.  If you are a homeowner and are looking to go bigger, you may also consider listing because rates are still very low, but are climbing.  I recently had a client say, “if I list now, I may get more money from the sale of my home, but I’m also going to pay more for my next home!”  My response was simple: “use a mortgage calculator and plug in 4.5%, 5%, 6% and 7% because in doing so you will see the impact mortgage rates will have on your decision making.  All I’m saying is that if, in the back of your mind you have considered selling, you should have a market analysis done on your home, be presented with the facts and make an educated decision.  I’ve seen the cycle of real estate for many years; too many people wait too long, in hopes to max out their equity, which is extremely difficult to project.

 

 

 

 

 

Posted in: Blog, Real Estate Tagged: market trends, Real Estate Market, sell your home, Selling

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Real Estate team of a Real Estate Agent, Lender, Attorney, and Insurance Agent to coach you on 1st time home buying process. Seminars held quarterly.
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Milla made our first time home buying experience easy! Milla's knowledge of the market and her home buying steps simplified the process. Thank you Milla!

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FROM OUR BLOG

4 Tips for Decorating a Small Space

4 Tips for Decorating a Small Space

Whether it’s a cramped bedroom or an office nook, many homes have a small room that’s difficult to decorate.  Do you wish you could add more charm without forgoing square footage? Well, just because your space is limited, it doesn’t mean your style has to be.  Make your tiny area more usable and trendy with […]

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Milla Murad, Realtor® Village Realty 3423 Piedmont RD NE ATL,GA 30305
O: 404-965-4080
404-268-5565
MillaMurad@gmail.com
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