The Charlotte Mabry Home Selling Team Podcast

How Buyers Can Easily Handle Higher Rates

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 16 Jan 2023 07:07:00 -0800

Sharing a few easy ways that buyers can mitigate higher interest rates.

If you’re looking to buy a home, you’ve probably noticed how high interest rates are but don’t worry—it is not the end of the world. There are ways to work around interest rates that are a little higher.

First, don't buy more than you can afford. A home you could have easily afforded last year might not be in your price range anymore. Don’t get discouraged; there are ways around that. For example, if you think your income will increase in the next couple of years, you can opt for a 2-1 buydown.

2-1 buydowns work by lowering your interest rate for the first two years that you have the loan. For the first year, your rate is reduced by 2%, and for the second year, your rate is reduced by 1%. This allows you to ease into a higher payment. Plus, by the time the two years are up, rates may have fallen, and then you can refinance to a lower rate.

"Interest rates will come back down eventually."

2-1 buydowns require an upfront cost, but don’t stress; your seller might be willing to help you out. Right now, many sellers are struggling to find buyers who are willing to pay their full asking prices. If you offer to pay full price, it’s very likely that your seller will compensate you by paying for your 2-1 buydown through concessions.

Another thing to consider is that with a 30-year mortgage, you’ll have plenty of time to refinance. What comes up must come down, right? Interest rates may be high right now, but they won’t be this way forever. When they inevitably fall, you can always refinance to a lower rate.

Finally, you might be able to assume your seller’s mortgage when you purchase a new home. You’ll need to qualify for it, but if you can, you might be able to secure a mortgage with a 3% interest rate. That doesn’t sound half bad, right?

You need to be as creative as possible when buying in today’s environment. Call or email us if you’d like to talk strategy; we are always willing to help!

Where Have All The First-Time Buyers Gone?

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Tue, 3 Jan 2023 08:39:00 -0800

Why it’s so difficult for first-time buyers in this housing market.

Where the heck did all the first-time homebuyers go? It’s been tough to look for your first home these last few years: Prices have been high, and competition has been fierce. As a result, the percentage of first-time buyers in our market hit an all-time low this past year. Today I want to go over why first-time buyers have had it rough and what they can do to finally get into their first house.

You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:

0:00 — Introduction

0:43 — Why it’s been hard to be a first-time buyer

1:17 — First-time buyers also have to deal with rising rent prices

1:50 — 92% of homebuyers don’t think they can afford a mortgage

2:37 — First-time buyers are staying in their homes for longer

3:23 — Many first-time buyers are purchasing with others

3:46 — What this information means for sellers

4:07 — What this means for first-time buyers

4:44 — Wrapping up today’s topic

If you have more questions about this topic or buying your first home, please call or email us. We are always willing to help!

Happy Holidays From Us

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 12 Dec 2022 07:47:00 -0800

From our team to your family, we want to wish you a happy holiday season.

We are so excited about the holiday season, and we are so thankful for you. So much of our business comes from friends like you who refer business to us and who do business with us. For that, we are so very grateful. We love helping people make their real estate dreams come true, so thank you for supporting our business.

This may be a busy time of year, but we are always here to help you and answer any questions you may have. Call or email us, and we’d love to help you. We wish you a merry Christmas, happy holidays, and a happy new year.

A Seller’s Guide to This Shifting Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 28 Nov 2022 05:14:00 -0800

The market may have shifted, but savvy sellers can still get top dollar.

What could this shifting market really mean for you as a seller? While real estate and many other financial markets are changing, the sky has not fallen. It’s really not that bad. It certainly might feel like the end of the world, but keep in mind that this really is just a normalization and not a crash. What it does mean, however, is that you will have to deal differently with buyers.

For example, you might have to make some concessions to the buyer, like paying some of their closing costs. It might also mean that you don’t get multiple offers on your home or find yourself buying down the interest rate. Remember, because the buyer is dealing with those high interest rates, you will have to negotiate differently.

We’ve seen a lot of success with sellers who, rather than come down on their price, are offering to buy down the interest rate for the buyer. It makes the payments a little easier for the buyer to swallow.

“You might have to make some concessions for the buyer."

You might also want to consider staging. You’ll want to have your house ready and in the best condition possible to make it attractive in this market. This is especially true for sellers who want to see top dollar for their house.

Some offers are coming in over the asking price, but this is definitely not the norm. It’s possible, but you need to be working with an agent who knows how to negotiate this kind of deal for you, and nobody does it better than the Charlotte Mabry Team.

If you’re thinking of selling in this shifting market, please call or email me. I’d be delighted to help you with any questions you may have.

Crucial Changes in Our Area’s Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Tue, 15 Nov 2022 05:10:00 -0800

The national news may sound grim, but there are positives to this market.

Is the sky falling in real estate? With all of the bad news, you might be wondering if there is any good news at all. I have all the latest numbers for the Tennessee and North Georgia markets, and I’ll help you understand some of the positives and negatives we’re seeing in the current climate.

To begin with, pending home sales are down by 35%, which is a little scary. That’s the lowest level we’ve seen in seven years. It’s important to remember, however, that things are a trade-off in real estate. A year ago, we saw very few homes available for sale, and buyers had to pay well above asking price to get them. Yes, interest rates are hovering in the range of 7% to 8%, but there are homes available, and sellers are paying concessions. That means there is finally room in the market for negotiation, which is a blessing for homebuyers. Among those concessions, sellers are paying for buyers to buy down the interest rate, which can ease some of those concerns.

“With all of the bad news, you might be surprised to learn there are bright spots in our market."

Mortgage applications are down to the lowest levels since 2014, which is

another blessing in disguise. Remember that this allows buyers to competeon their interest rate and negotiate with lenders.

On the other hand, listings have been on the rise, with roughly a three-month

supply nationally and in our local market. That means buyers have more

options and more room to negotiate with sellers. Homes that were selling

in one week are down about 30% from last year but are still selling quickly,

so sellers need to be prepared for their homes to spend 30 days on the

market rather than 30 minutes.

Speaking of sellers, it’s also important to note that homes are closing for

98% of their list price recently. The days of selling for 104% of list price are

gone, so sellers should be prepared for that as well.

If you are a buyer or a seller looking to make a move in this market,

you need to have someone in your corner from the Charlotte

Mabry team. We have the expertise to help you navigate the current market.Reach out to us by phone or email, and we’ll be delighted to help you out.

How To Change Your Business for the Better

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 31 Oct 2022 05:11:00 -0700

Five questions to ask yourself when creating your business plan.

I’ve got some great information for agents that I am excited to share today. Have you ever thought about business planning? For many people, it’s not a fun topic to consider. However, I believe it’s essential. Just like you wouldn’t go on a road trip with no map or sense of direction, you shouldn’t continue your business without an idea of where you want to go.

Having a plan for how to get from where you are to where you want to be is

extremely formative, so I have created a list of five questions to ask yourself

in order to make that plan:

1. How much money do you want to make? In the next year, how much money do you need to make to cover your bills and live the life you want to live? It’s important to quantify these things.

2. How are you going to get real estate business? Are you going to focus on buyers, sellers, or have a blend of both? Have a specific goal to target.

“Having a plan will completely change your business for the better."

3. What is your cost of sales? For example, know specifically what it costs for the overhead of your real estate company.

4. What are your expenses? You can’t know everything that will happen, but there is a lot you can predict. What do you plan to spend on marketing? Do you want to hire an assistant? Be prepared for how much money that will cost, and know if it’s in line with what it should be.

5. What is your plan for taxes? Many people forget about this expense, but you should be setting money aside to prepare.

All this to say, are you an agent living off of cash flow, or are you running a business that has a profit? To be the latter, you have to create a plan, and you can do that with those five questions. I admit that I used to be the former, but becoming the latter has completely changed my business for the better.

If you have any questions about this, or if you need help creating your business plan, I would be honored to help you! Email me anytime; I look forward to talking with you.

Pricing Your Home in Today’s Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 17 Oct 2022 06:04:00 -0700

There are three key things to consider when pricing your home today.

So you’re selling your home: How do you price it in today’s market? That is the question of the hour right now. Even we agents are asking that question. Here are some things to consider when pricing your home in today’s correcting market.

1. Don’t price your home too high. Over the past couple of years, it felt like we were getting away with murder as sellers. We could price our home however we wanted to. Today, though, it is crucial that our pricing isn’t too high. That’s where your agent will be spending a lot of their time.

2. Price under the market. You want to be just under the target price to attract more buyers and get bid up to where you ought to be. If buyers perceive that the home is going for a good deal, they’re more motivated to bid on it quickly out of fear of missing out.

“It felt like we were getting away with murder as sellers."

3. Work with a professional. You need an agent who really understands that the market has changed. When agents and appraisers are looking at the value of a home, they’re only looking back around two months because that’s when the market began to shift. While it’s tempting to look at homes that sold a year ago for comparison, it’s just not an accurate way to get a price.

At the Charlotte Mabry team, we’ve got the professionals for you to partner with to get top dollar for your home in this shifting market environment. Please reach out to us via email, and we’ll help you get your home sold for the most money and in the quickest time possible. Make it an awesome day.

How To Protect Yourself From Loan Fraud

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Tue, 4 Oct 2022 08:57:00 -0700

Six ways you can help protect yourself against wire fraud and other threats.

As you near closing, you’ll probably get a lot of messages about sending money towards the transaction. If you’re not careful with these, you may end up a victim of fraud. How can you verify these emails and ensure you’re not sending your money away? Here are a few ways to protect yourself:

1. Speak with your agent and learn about the process. Ensure these emails are from the right person and coming at the right time. Don’t just wire money because they’re asking about your closing; that’s one of the biggest frauds we see today. 2. Confirm the numbers and call them. Don’t just communicate by text or email—pick up the phone and call. 3. Beware of any last-minute changes. These can happen, but make sure you call and confirm before you act on any change you hear about in an email.

“When thousands of dollars are on the line, you have to verify everything."

4. Check your wiring instructions. Your wiring instructions will come to you via email, but again, call and confirm that these are the correct instructions. 5. Never email your financial information. Even if the email seems legitimate, never share your financial information. You might have noticed a theme here, but I would advise you to call and give them the information over the phone. 6. Confirm callers’ identities. If someone calls you, ask some questions and confirm their identity. You might hate being too suspicious, but when you’re spending thousands of dollars, you have to verify everything and make sure your money is secure. If you have any questions or need help closing, call or email us. We’d love to hear from you.

What Can You Do To Buy First?

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 19 Sep 2022 07:34:00 -0700

What you can do to sell your home before purchasing a new one.

One of the toughest things in the real estate world over the past couple of years has been trying to purchase another home while you're stuck with one you've got to sell. That's just been impossible in the market we've had. However, I'm seeing the market change a little bit. Let's talk today about how you can buy a home before you sell your current one. It is easier in today's market. You do have to have it ready to go on the market quickly. You are most likely able to make an offer today subject to selling your current home, and you have a much better chance of getting that offer accepted, but you can't dilly-dally. You can't wait around. You have to have your house ready to go. You should get pricing ready, maybe even have photographs ready. Have a plan in action and ready to go, but don't pull the trigger until you make that offer. When you make an offer subject to selling your home, you're probably not going to be able to make any other concessions. If you want a cheaper price, for the seller to pay your closing costs, and would like their firstborn in the car, those things probably won't happen because they're going to give you the concession of waiting a little bit or giving you an opportunity to make an offer without selling.

“Planning on the front end will help you down the road."

Get with your agent ahead of time and work through inspection issues and anything you might have on your current home that you might need to address so that when you do put it on the market, it will go under contract without problems. Planning on the front end will help you with this offer as you go down the road. If you don't want to go to all that trouble, there are some other options. You could get a bridge loan and bridge from your current house over to the new one until it can be sold. There are companies out there that will actually buy your home, myself included. We will buy your home so that you can go ahead and purchase another one. If you'd like information on how to make this process go more smoothly, I'd love to talk with you. Look around on our blog page for information and links that could help you. If you can’t find anything there, feel free to do the old-fashioned thing: Pick up the phone and call me at (423) 593-5588. I'll be glad to give you more information about getting your home sold so you can buy a new one. Have an awesome day.

4 Tips To Start Investing in Real Estate

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Tue, 6 Sep 2022 08:57:00 -0700

Four tips for beginners getting started in investing with real estate.

Have you ever thought about investing in real estate? If you haven't, maybe you should. Investing in property is a fantastic way to secure long-term wealth, but where do you start? Today I’ll share my best tips to help you begin investing in real estate: 1. Buy a duplex, not a single-family home. If you’re a first-time buyer, this is a great place to start. You can live on one side and rent out the other. After living there for a few years, you can buy a single-family home while keeping your duplex. This way, you’ll have a home all to yourself and a great investment property.

“Flipping properties is great, but it’s not a way to build long-term wealth.”

2. Start simple. When you buy your first single-family home, don’t go way over budget. Instead, stick to a simple, three-bedroom, two-bathroom house with a garage in a decent area. Once you upgrade from this property, you can keep it and rent it out, just like the duplex. 3. Short-term rentals are great for beginners. You can rent out part of your current home as an Airbnb, or you can turn an inherited property into a short-term rental. 4. Flipping homes is not a long-term investment. Buying distressed properties, fixing them up, and selling them for a profit can be a great way to invest in real estate. However, it is not a good way to build long-term wealth. If you need more information, please call or email my team. We’d love to help you start investing in real estate!

What To Prioritize as the Market Changes

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Thu, 18 Aug 2022 06:48:00 -0700

Three actions to prioritize so you can thrive as the market shifts.

As a real estate professional, I’m sure you’ve noticed that the market is changing. This is the time to make sure you’re doing things correctly so you thrive instead of flounder. That is why I have narrowed down three priorities that are the most important actions an agent should be taking right now: 1. Check on your systems. Do you have systems, and are they in order? You should have an ideal system for all your processes that does the same thing every time. These systems will give you consistency in this shifting market.

“Who you align yourself with matters.”

2. Update your tools. My advice as someone who has been through downturns in the market before is you should be more careful to make sure you're spending wisely. For example, your marketing pieces — are they giving you a return on your investment? Also, are they reflecting the market? This all has to do with making sure your tools are updated to reflect the current climate. 3. Align yourself with a leader. Who you align yourself with matters, and you should be getting coaching from someone who has experience. If you don’t have anyone like that in your life, I would love to have a conversation with you. If you would like to know more about our experienced team and how we work well during change, send me an email. I hope to hear from you soon!

4 Metrics You Need To Track in Your Business

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 5 Aug 2022 08:34:00 -0700

Four aspects of your real estate business you should be tracking.

We’re in the middle of a changing market, so there’s a lot to manage! Then the question is, which systems are vital to focus on? In my opinion, the most important thing you can do is keep up with tracking your business’ metrics. Here are a few things you should keep track of, especially in a tough market:

1. Expenses. Do you have a system to track how much you spend on advertising, staff, marketing, etc.? You need something to help you track your expenses in this market.

2. Lead sources. Where are your leads coming from? This will change, so you need to look at your lead sources and the money you’ve spent on them to see if you’re getting a good return on your investment.

“You can’t improve what you aren’t tracking.”

3. The ratio of buyers to sellers. A good business has half buyers and half

sellers. If you’re skewed one way or the other, I have a solution on my team

that I’d love to share with you.

4. Lead-to-appointment ratio. How many leads does it take to get one

appointment?

You can always improve these things, but you don’t know what to improve if you

aren’t tracking it. On the Charlotte Mabry Team, we have an automatic system to

track it all.

If you want to build a team around you or grow in a down market, I would love to

help you put some tracking systems in place. Just email me. I look forward to hearing

from you!

The Truth About Our Changing Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 22 Jul 2022 09:39:00 -0700

Why the Chattanooga real estate market is not falling apart.

Is the real estate market falling apart? There has been a lot of bad news about real estate lately, but it’s like they say: There’s no news like bad news. Since I got my license in July 1986, I’ve been through lots of cycles like this. The market will always go up and down, and you need to keep that in mind as we discuss its future.

There is good news: The average home in Tennessee and Georgia has appreciated between $60,000 and $65,000 over the last year. I think this change is a return to normal. We typically see 2% to 4% appreciation every year, and that is what we should expect going forward.

Higher interest rates are here to stay, and they will make it a little harder to afford a home. If you’re thinking of buying, experts predict interest rates to climb further this year, so it might be better to buy now rather than later.

“There are no bad headlines for the Chattanooga market.”

We still have incredibly low inventory. We used to carry 4,000 to 6,000 homes

per month, but at the beginning of this year, we only had 400 homes for sale. Right

now, we have around 1,600 homes available, so we are seeing more inventory,

but it will take us a long time to catch up.

I don’t think prices will go down, and I don’t think the market will fall. We

still have a long way to go before everyone who wants a house gets one. If we

head into a recession, that might mean something different for our market.

However, the real estate market doesn’t create a recession; it just reacts to

inflation.

Bad headlines make people look at the news, but there are no bad headlines for

the Chattanooga market. If you’re thinking of buying or selling, there couldn’t be

a better time. Just call us at (423) 593-5588 or send us an email. We’d love to

help.

2 Tips if You Want To Be Real Estate Agent

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 8 Jul 2022 09:08:00 -0700

Here are my tips if you want to start a career in real estate.

Between January 2021 to January 2022, many people left their traditional jobs and began looking at real estate as a new career. The No. 1 trending career search entry during this time was "How to become a real estate agent?" Throughout my 36-year career, I've learned much about what it takes to succeed in this industry. Here are two of my best tips if you're thinking about joining:

1. Surround yourself with people who will help grow your business. You have to be around people who can help you not just sell houses but also grow your business. Here at the Charlotte Mabry Team, we work hard to provide each other with a wealth of knowledge and skills to succeed as agents and individuals. If you're considering joining a team or growing a business, I would love to talk to you.

“At Charlotte Mabry Team, we work hard to help our agents succeed as agents and individuals.”

2. Go to real estate school for free. We partnered with Keller Williams so you

can have an opportunity to go to real estate school for free and get your license.

Starting a career in real estate is not easy, but it's lots of fun. If you're interested,

I'd love to have an opportunity to work with you. Reach out to me by giving me a

call or sending an email. I hope to hear from you soon!

5 Hard-To-Find Home Improvement Necessities

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 27 Jun 2022 09:28:00 -0700

Here are a few items you should order in advance when improving your home.

We’ve all been hearing about supply chain issues throughout our economy. How do these problems impact your home purchase or sale? Today I want to answer that question and share the top four hard-to-get items you might need when you buy or sell:

1. Kitchen and laundry appliances. If you think you’ll need these appliances in your new property, I suggest you buy them now. You can still find the expensive ones, but they’re hard to find if you’re looking for a deal.

2. Lumber. It is not as expensive as it has been in the past few years, but it still costs a lot and is hard to find. If you’re planning to build a deck or start another project that requires lumber, put in an order right away.

“Start ordering these items 90 days ahead of time.”

3. Flooring. Whether you want carpet or hardwood flooring, it’s hard to come

by. Solid wood floors are particularly tough to find because of the lumber shortage.

If you’re thinking about remodeling before you sell, you should start buying the

flooring now, even though you might not need it for a few months.

4. Adhesives and glues. If you’re changing out insulation or anything else that

requires an adhesive, be aware that adhesives are hard to find.

5. Drywall. Maybe you want to fill in, change, or finish a room in your house. You

can still get drywall, but it will take a bit of time.

If you’re thinking about remodeling or buying a home, you should start ordering

these items 90 days in advance so that you have them when you need them.

If you want some help finding these materials or have any real estate questions,

feel free to call or email us. We’d be happy to help!

Why You Need to Visit a Home on a Rainy Day

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 10 Jun 2022 09:24:00 -0700

Here’s why it's not so crazy to inspect a home on a rainy day.

Should you look at a home you want to purchase while it’s raining? I know it sounds crazy, but it might actually be a good idea. Today I want to talk about the different reasons why you should inspect a home on a rainy day.

Water is often the No. 1 problem in any given house. Water eating away at foundations or cultivating mold in your new home are huge problems, so check a property thoroughly before moving forward with your purchase.

When you visit a property in the rain, check the gutters, downspouts, and drainage. In our area, landscaping often keeps water up against the house, which causes the water to drain towards the property. This can lead to major issues over time, so watch out for water pooling around the home.

“Basements are common in our area, so check for standing water in them.”

Your inspector will certainly check for these problems, but if they do their

inspection when it’s dry, they’ll have no way of knowing about them. If you

check for these issues, you can tell your inspector about them so that they

can investigate further.

Make sure you visit the crawlspace or basement during your rain visit to look

for standing water. This is a red flag for mold and other issues.

If water is seeping through into the basement, it could lead to foundation

issues down the line.

I know it doesn’t sound fun to visit a property in the rain, but I highly recommend

it. The agents on my team can help you with this visit and anything else involved

in buying a home, so reach out to me via phone or email if you have any questions.

I look forward to hearing from you!

New Construction Homes Need Inspections Too

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 27 May 2022 11:09:00 -0700

Here’s why new construction buyers should have a home inspection done.

Should you have a home inspection done when you’re buying new construction? People often skip this step for new homes; only around 14% of new construction homebuyers actually do a home inspection.

I think that’s a mistake—just because a home is new, that doesn’t mean it’s flawless. Around 25% of new construction homes sold have had big-ticket issues. Ten years back, I was walking through a new construction house with a home inspector who was checking out the HVAC system. On the outside, the system looked shiny and new, but the serial number was from 10 years earlier than the property’s build date. We had no idea where that system had been for those 10 years. As a buyer, I’d want to know the whole story before I purchase that property.

“Just because a home is new, that doesn't mean it's flawless.”

Home inspectors also check for safety issues when examining a home. Most

new construction houses have some sort of ground-fault wiring that hasn’t been

done properly, for example, so it’s always good to make sure that the final

product is safe for you and your family.

To be sure, you should go through a punch list of items to check with your builder

when the construction is done, and you should do a final walk-through as well.

However, I strongly recommend that you go the extra mile to have a professional

home inspector check out the nuts and bolts of the property.

If you’d like a recommendation for a home inspector to take a look at your new

construction property or if you have any questions, don’t hesitate to give me a

call or send me an email. I’d love to help you.

Getting Your Home Ready for the Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 13 May 2022 08:05:00 -0700

Four simple things homeowners can do to prepare their homes for sale.

When it comes to getting their homes market-ready, today’s sellers can skirt around some of the bigger projects, meaning that the process doesn’t have to take as long. In the past year, more than 50% of homeowners took less than a month to prepare their properties. Around 20% of them were able to get their homes ready in two weeks. How did they make that happen? Here are a few things you should keep in mind before you sell:

1. Staging isn’t as important anymore. If you’re planning to sell in today’s market, you can do a minimal amount of work to get your home ready.

2. Spruce up your curb appeal. People won’t want to look at the inside of your home if they don’t like how it looks on the outside. Spend a little time improving your landscaping so that it looks neat, clean, and inviting.

“In the past year, more than 50% of homeowners took less than a month to prepare their properties.”

3. Handle general maintenance items. If your roof is leaking or your HVAC

system doesn’t run properly, for example, you could still sell your house even

with those problems, but you won’t make nearly as much money as you could

by taking care of those issues before selling.

4. Take care of minor cosmetic issues. Where needed, take care of some

of the smaller superficial issues like touching up your home’s paint and cleaning

up stained carpet or flooring.

Before you do anything to start getting your home ready to sell, please give us

a call or send us an email. Our team would like to walk through your home and

give you some advice on which projects are worth your time and money when it

comes to increasing the value of your home.

The Secret to Buying and Selling Simultaneously

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 29 Apr 2022 09:43:00 -0700

Here are the different ways you can go about buying and selling homes.

Can you sell a house and buy another at the same time? Contrary to what you may

have heard, it’s possible, and today I’m going to show you how.

Let’s start with your current home. Before you start looking to buy, you should

address what you have control over. Make those little repairs, declutter, clean,

and have professional photos taken.

Even though your home’s not on the market yet, you want it to shine when buyers

see it online. At this point, I also recommend a pre-listing home inspection to alert

you of any potential issues ahead of time.

Then we need to look at your financial situation to make sure you have the ability

to buy another home. Even if you have good credit, that doesn’t automatically

mean you qualify to hold two mortgages simultaneously.

“I recommend a pre-listing home inspection.”

One way to buy before you sell is with a home equity line of credit. A lot of

homeowners these days have a lot of equity, and if you already have a line set up,

you can pull money from that to use as a down payment.

A bridge loan is another option. It allows you to have money to put down on your

new home, and then you can pay it back once you sell your current property. You

have to be able to qualify for all of these payments, however. You could also

borrow against retirement funds, which would make me nervous, but it is an option.

The last resort is making an offer on a new home that’s subject to selling

your current home. You could get beat out by another person without the

contingency, but sometimes it’s what you have to do. We’ve been able to make it

happen with this strategy in this market.

If you want to have the best chance of having your home purchase and sale go

off without a hitch, reach out to me. I would love to hear from you.

How Much House Can You Afford?

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 18 Apr 2022 06:31:00 -0700

Explaining the factors that determine how much home you can afford.

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It’s easy to look at homes online and find one you love, but how much home can you truly afford? There are four things we look at: your monthly income, cash reserves, debts and expenses, and credit profile. Let’s start with the debt-to-income ratio because it’s one of the first things a lender will look at. As a general rule, your mortgage payment and housing expenses should total up to no more than 28% of your monthly income. If you make $5,000 a month before taxes, 28% of that is $1,400 a month. In a perfect world, that house payment, including taxes and insurance, should be no more than $1,400 a month.

“How much house you can afford is closely tied to the interest rate."

The next thing that lenders look at is your total debt. Maybe you have a car payment, a few student loans, and a credit card. All your debts should be no more than 36% of your monthly income. With that $5,000 a month example, you’d want your debts to equal less than around $2,000. Keep in mind that you want to be safe about these numbers. Some lenders will let you go up to 50% with these ratios, but my advice would be to stick with the 28% and 36% rules. Also, don’t forget that you have other costs when you own a house, like taxes, utilities, insurance, and the costs of repairs. Make sure you budget for all of that as well. How much house you can afford is closely tied to the interest rate, and the secret’s out: Interest rates are going up. If you are thinking of buying, I would do it sooner rather than later, and you need to speak with a lender beforehand. We work with the best lenders in the business. They’ll get you a good interest rate and make sure your ratios are in line with what's best for you. If you have any questions, feel free to call or email my team and me. We’d love to help you.

Buyers Beware: Look for These Home Issues

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Fri, 1 Apr 2022 09:11:00 -0700

Here are five home inspection red flags to beware of when buying a house.

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If you’re in the market to buy a home, you should always be on the lookout for certain red flags during the inspection process. Remember that home inspections are typically non-invasive; they’re just visual examinations of the property. The inspector isn’t going to catch everything, but they will find most of the issues that could be deemed red flags for you as a buyer. Today I’ll share five of the red flags that may show up: 1. Safety issues. If the inspector finds that the steps on the house aren’t level, the water heater temperature is set too high, or there’s a heavy presence of carbon monoxide in the home, that should send up red flags. Items that constitute safety hazards should be fixed before you proceed with the purchase. 2. Foundation issues. In our area, there are a lot of homes with basements, and they almost all have some sort of water issues. However, you still want to keep an eye for things that are outside of the norm, such as cracks in the foundation, areas that are sinking, or water seeping into your crawlspace.

“Items that constitute safety hazards should be fixed before you proceed with the purchase."

3. Mold. The presence of mold is a big safety concern, so that should be addressed before you buy. 4. Termite damage. Termites can eat through the support for your floor and other wooden areas of your home, so be sure to have a termite inspection done. 5. Electrical issues. Especially if you’re buying a home built before 1970, you’ll want to take a close look at the wiring of the house. Many older homes don’t necessarily jive with more modern technology, which could ultimately end up as yet another safety issue. Whether you’re looking to buy a home, you’re a seller who wants to have your home inspected, or if you have any questions about the home-inspection process, don’t hesitate to give us a call or send an email.

Keep These New Kitchen Trend in Mind

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 21 Mar 2022 07:26:00 -0700

Five new kitchen trends that you should keep in mind if you remodel.

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What should you keep in mind while remodeling your kitchen? If you’re like me, you keep seeing all these cool ideas in magazines and want to try them out. Before you do, there are five big kitchen trends you should keep in mind:

1. Quartz countertops. We spend more money on our countertops than anything else in the kitchen. Right now, people are looking for quartz countertops. We still see granite, but it’s being outpaced by the durability and look of quartz.

2. Bigger islands. People are making their center islands bigger. If you have a smaller island, you might want to consider expanding it.

“The top colors are, you guessed it, white and grey."

3. Laminated vinyl floors. These floors are awesome. They look like wood, but you can drive a truck across them. Not to mention, you can spill anything on them, and they’ll still clean up great.

4. White and grey colors. These are the top color choices today, whether you’re doing backsplash, flooring, or cabinetry. You don’t see the wood color anymore.

5. High-end appliances. People are looking for fancy appliances right now. They want the refrigerators you can see into, the high-end oven, and more. However, there’s currently a six-to-eight-month backlog on appliances right now. If you want to remodel before you sell, you might be better off offering an allowance to replace the old appliances instead of waiting.

If you’re thinking of selling, we can help point out what you should change to get the most bang for your buck. Please send us an email or give us a call. We would love to help.

The Pros and Cons of Short-Term Rentals

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Mon, 7 Mar 2022 10:25:00 -0800

Here’s why you should consider investing in short-term rentals.

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Should you buy a short-term rental property? Airbnbs and VRBOs are becoming increasingly popular investment choices. That’s why today I want to discuss their pros, cons, and if they make sense for you.

An article from the National Association of Realtors says that short-term rentals have surged among remote, hybrid workers. In 2021, half the properties on Airbnb’s short-term rental platform were booked for at least seven days. From what we can tell, remote workers are taking ‘work-cations.’ Since they can work from anywhere, they’ll book an Airbnb by the beach or in the mountains for a week without taking any time off. On top of that, one of every five bookings at a short-term rental was for 28 days or longer.

“Short-term rentals are becoming more and more popular."

Based on this new data, it seems like owning a short-term rental could be a great use of your investment dollars. However, owning an Airbnb or VRBO is a little different. It’s easiest to pay in cash, but if you need financing, you might have to put down 25% or 30%. You should also consider that managing a short-term rental requires a greater time investment. If someone leaves every month or week, you need to be ready to clean and market the home regularly.

Short-term rentals are a little more high-maintenance, but the rewards could be great. They become more popular every month, and the sooner you get in, the more potential your investment has.

If you have any questions about short-term rentals, please call or email my team. We’d love to share where the best opportunities in our area are!

The Latest Numbers From Our Housing Market

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Thu, 17 Feb 2022 10:49:00 -0800

The numbers from last year’s market and what they mean for 2022.

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It’s time to look back and recap last year’s market. You’re in luck today because we are talking about stats; I can tell that you’re excited. Let’s talk about the numbers from last year, how they apply to you, and what they mean for our market looking forward.

If you were around in the housing market in 2006, you remember how crazy it was. Well, 2021 was almost the same. It was short a few thousand homes sold, coming in at a little over six million homes. That’s in a year of supposedly low inventory!

Because of people's perspectives on the availability of homes, prices went up. In December, we saw things slow down a little bit, but the market still stayed relatively strong. The median home price nationwide was $358,000 at the end of last year, which was up around 16% from December 2020. The bottom line is that house prices are still going up. People built up a lot of equity last year, especially compared to more normal markets where we only see 3% to 4% appreciation.

“You definitely get your money’s worth when you pay for an agent."

Total housing inventory is way down, but keep in mind that it’s not that there aren’t houses for sale. There is a ton of demand, so homes sell quickly and don't stay on the market very long.

Almost 80% of the homes sold this past December were on the market for only about a month. The average was 19 days on the market, which is really fast. First-time homebuyers were about a third of the market. That is up from the year before, so it’s good to know that those first-time buyers are getting a chance. About 17% of homes were purchased with cash, which could be investors in our market.

If you look at the South, existing-home sales slowed down in December, but our median home price stayed at $323,000. It’s a little bit of a decrease, but there was still a lot of growth over the past few years. We’re also seeing a lot of growth because people are moving into our region right now.

If you’re looking to sell your home, you could never find a better time to do so. If you don’t know where you would go after you sell, there are more opportunities to buy right now than there have been in a long time. 2022 is your year to make this happen; you can sell at the peak price and buy while rates are still low.

If you want to take advantage of this opportunity, you need to give me or my team a call now at 423-593-5588. We’d be glad to walk you through the whole process.

What Sellers Have To Pay at Closing

Charlotte@CharlotteMabryTeam.com (Charlotte Mabry) — Thu, 3 Feb 2022 09:36:00 -0800

Here are most of the costs you’ll have to pay when you sell your house.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

What does it really cost to sell your home? If you’re thinking about selling your home, you may be asking yourself that. So what are the typical closing costs for a seller?

You’ll usually have to pay a title insurance company to perform the closing. They’ll draw up the deed, write a new one, and move money around during the process. You’ll also be charged your share of property taxes from the first of the year to the closing date.

If you’re in an HOA, you may have some prorated costs due as well. Sometimes, you may be asked to pay some fees on the buyer's behalf, such as their closing costs. Of course, you also have to pay off the remainder of your mortgage.

“You definitely get your money’s worth when you pay for an agent."

If you’re working with an agent, you’ll also have to pay their commission as well. Some people decide not to work with a Realtor because they want to save money, but interestingly enough, most sellers who sell their homes on their own only get 89% to 91% of the asking price.

Selling by yourself can mean anywhere from an 8% to 10% discount on the asking price, so if you’re paying an agent a 5% commission, you’re still coming out ahead. Agents have a much better track record of getting the full price. Not to mention that we bring professional marketing, photos, and a better knowledge of how to price your home to the table.

We might even be able to get more for your house than you thought you could; this past week, we sold a property for $15,000 more than what the seller thought they could get. You definitely get your money’s worth when you pay for an agent.

I’d love to send you a list of all your closing costs as a seller. Just email me at charlotte@charlottemabryteam.com. I can even give you a breakdown specific to your home if you send me your property address. If you have any questions, feel free to call me as well.