A P R I L
2 0 1 9
THE BUCKHEAD OFFICE
LISTED BY: Mary Stuart Iverson
TABLE OF CONTENTS Basics of Buying a Home HOAs - Explained Market Update What you Can Buy for $500,000
O F
BASICS
B U Y I N G
A
H O M E
By Prosperity Home Mortgage
LISTED BY: Madeline Sater
BUYING A HOME? HERE ARE THE BASICS. If you know what to expect – and you have a knowledgeable team of real estate and mortgage lending professionals to assist you – finding and financing your first home can be an exciting and rewarding experience. Here’s what you need to know: Obtain a mortgage preliminary approval before you begin house hunting. •
Learn how much home you can purchase.
•
Strengthen your bargaining position with sellers.
Work with your real estate agent to find the right home. •
Determine your needs and create a wish list of desirable features.
•
Take notes as you preview homes using our House Hunting Checklist.
Make a purchase offer. •
Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer.
•
When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale.
Complete the loan application process. •
If you have already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process.
Have the home inspected. •
If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, which can reveal any safety hazards and give you a chance to reconsider the deal.
The home will be appraised. •
An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value.
Obtain title insurance. (where applicable). •
Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed.
Close on the property. •
A closing agent coordinates and distributes all the paperwork and funds.
•
Ownership of the property is transferred.
And you become the proud owner of your new home! •
Whatever your home financing needs, we are ready to help with a broad range of programs and services.
LISTED BY: Hilary Young
HOAs
E X P L A I N E D B y L i s a J o h n s o n M a n d e l l o f R e a l t o r. c o m
LISTED BY: Sue Stanford
W H AT I S A H O M E O W N E R S A S S O C I AT I O N ? What is a homeowners association? If you’re buying a condo, townhouse, or freestanding home in a neighborhood with shared common areas - such as a swimming pool, parking garage, or even just the security gates and sidewalks in front of each residence - odds are these areas are maintained by a homeowners association, or HOA. How will it affect your life? HOAs help ensure that your community looks its best and functions smoothly, says David Reiss, research director at the Center for Urban Business Entrepreneurship at Brooklyn Law School. For instance, if the pump in the community swimming pool stops working, someone has to take care of it before the water turns green and toxic, right? Rather than expect any one individual in the neighborhood to volunteer their time and money to fix the problem, homeowners associations are responsible for getting the job done. And the number of Americans living in HOAs is on the rise, growing from a mere 1% in 1970 to 1 in 4 today, according to the Foundation for Community Association Research. So, it’s wise to know exactly how they work.
How much are HOA fees? To cover these maintenance expenses, homeowners associations collect fees (monthly or yearly) from all community members. For a typical single-family home, HOA fees will cost homeowners around the $200 to $300 per month, although they can be lower or much higher depending on the size of your unit and the services provided. The larger the home, the higher the HOA fee - which makes sense, because the family of four in a three-bedroom condo is probably going to be using the common facilities more than a single woman living in a studio. In addition, most HOAs charge their members a little more than monthly expenses require, so that they can build up a reserve to pay for emergencies and big-ticket items like repairing the roof and water heaters, or acquiring new carpeting, paint, and lights for the hallways. If the HOA doesn’t have enough money in reserve to cover necessary expenses, it can issue a special “assessment,” or an extra fee, in addition to your monthly dues, so that the repairs can be made. For example, if the elevator in your condo building goes out and it’s going to cost $15,000 to replace it—but the HOA reserve account holds only $12,000—you and the rest of the residents are going to have to pony up at least an additional $3,000, divided among you, to make up the difference. And yes, you would still have to contribute your share even if you live on the first floor.
LISTED BY: Connie Cousins Baker
LISTED BY: Dawn Mullins & Kiley King
HOA rules: What to expect All HOAs have boards, made up of homeowners in the complex who are typically elected by all homeowners. These board members will set up regular meetings where owners can gather and discuss major decisions and issues with their community. For major expenditures, all members of the HOA usually vote. In addition to maintaining the common areas, homeowners associations are also responsible for seeing that its community members follow certain rules. Homeowners receive a copy of these rules, knowns as “covenants, conditions, and restrictions” (CC&Rs), when they move in, and they’re required to sign a contract saying that they’ll abide by them. CC&Rs can cover everything from your type of mailbox to the size and breed of your dog. Some HOAs require you to purchase extra homeowners insurance if you own a pit bull, for example; others prohibit certain breeds entirely. An HOA may even regulate what color you paint your house, and what kind of curtains you can hang if your unit faces the street. Its goal is not to meddle—it’s merely to maintain a neighborhood aesthetic. However, if you don’t like being told what to do with your home,an HOA may not be for you. What happens if you violate HOA rules? That varies from place to place, but if you break the rules - or fall behind in paying your HOA dues—the consequences can be severe. You could be evicted, or worse. Some HOAs have the right to foreclose on your property, says Bob Tankel, a Florida attorney specializing in HOA law. So make sure you read your CC&Rs carefully so you know what to expect, and know the pros and cons of HOA living before you buy in.
LISTED BY: Kathy Olmstead & Price Curtis
MARKET UPDATE B Y
N E I G H B O R H O O D
ANSLEY PARK
H I S T. BROOK H AV E N
20
76
HOMES FOR SALE
HOMES FOR SALE
4
20
NEW ON MARKET
NEW ON MARKET
$1,129,000
$990,000
AV E R AG E S A L E P R I C E
AV E R AG E S A L E P R I C E
-9.5%
+14.5%
SALES PRICES
SALES PRICES
97%
97%
L I S T T O S A L E P R I C E R AT I O
L I S T T O S A L E P R I C E R AT I O
51 AV E R A G E D AY S O N M A R K E T
67 AV E R A G E D AY S O N M A R K E T
HarryNorman.com Trendgrahix based on data pulled the end of February 2019 | Residential Properties | All Price Points | % sales price change based on changes from February 2018
BUCK HEAD
C H A S TA I N PARK
725
45
HOMES FOR SALE
HOMES FOR SALE
325
23
NEW ON MARKET
NEW ON MARKET
$1,195,000
$1,871,000
AV E R AG E S A L E P R I C E
AV E R AG E S A L E P R I C E
-1.1%
+9.5%
SALES PRICES
SALES PRICES
93%
90%
L I S T T O S A L E P R I C E R AT I O
L I S T T O S A L E P R I C E R AT I O
75 AV E R A G E D AY S O N M A R K E T
186 AV E R A G E D AY S O N M A R K E T
MID TOWN
MORNING SIDE
305
68
HOMES FOR SALE
HOMES FOR SALE
127
34
NEW ON MARKET
NEW ON MARKET
$376,000
$947,000
AV E R AG E S A L E P R I C E
AV E R AG E S A L E P R I C E
+2.6%
-4.1%
SALES PRICES
SALES PRICES
98%
90%
L I S T T O S A L E P R I C E R AT I O
L I S T T O S A L E P R I C E R AT I O
67 AV E R A G E D AY S O N M A R K E T
80 AV E R A G E D AY S O N M A R K E T
HarryNorman.com Trendgrahix based on data pulled the end of February 2019 | Residential Properties | All Price Points | % sales price change based on changes from February 2018
VIRGINIA HIGHLAND
SANDY SPRINGS
26
452
HOMES FOR SALE
14
HOMES FOR SALE
230
NEW ON MARKET
NEW ON MARKET
$789,000
$481,000
AV E R AG E S A L E P R I C E
AV E R AG E S A L E P R I C E
-1.2%
-7.4%
SALES PRICES
SALES PRICES
93%
95%
L I S T T O S A L E P R I C E R AT I O
L I S T T O S A L E P R I C E R AT I O
66 AV E R A G E D AY S O N M A R K E T
64 AV E R A G E D AY S O N M A R K E T
W H A T
Y O U
C A N
B U Y
FOR $500,000 1281
PROPERTIES LISTED IN METRO ATLANTA
54
PROPERTIES LISTED IN BUCKHEAD
LISTED BY: Kiley King
$599,000 953 M O R E L A N D AV E N U E S E 5 B E D S | 4 F U L L B AT H S
LISTED BY: Lori Halpern
LISTED BY: Rachel Brochstein
$565,000 3420 PINE MEADOW ROAD NW 4 B E D S | 2 F U L L B AT H S
$549,000 2393 HURST DRIVE NE 2 B E D S | 1 F U L L B AT H | 1 H A L F B AT H
LISTED BY: Hilary Young
LISTED BY: Debbe Ezzell
$515,000 3298 FERNCLIFF LANE 4 B E D S | 3 F U L L B AT H S | 1 H A L F B AT H
$509,900 1939 KILBURN DRIVE 3 B E D S | 1 F U L L B AT H
LISTED BY: Kiley King
Buckhead Office - 532 East Paces Ferry Road, Atlanta, GA 30305 | 404.233.4142 | HarryNorman.com | Mary Beth Lake - Assistant Sales Manager. The above information is believed accurate, but is not warranted. This offer is subject to errors, omissions, prior sale and withdrawals without notice
