Incentives for Buyers

When companies have excess inventory they usually market attractive incentives to allure prospective buyers to take the extra stock off of their hands. From time to time, Fannie Mae, Freddie Mac, HUD, and many other Banks use similar incentives to help push the inventory that has not moved off of their books. (In case you are unsure what Fannie Mae or Freddie Mac actually is, the elevator pitch version of what they do is as follows: they are government formed organizations that seek to help stabilize the real estate market and enable families across America buy a home, re-finance and avoid foreclosure.) If you want more information about these organizations you can find it at: http://www.freddiemac.com/  and http://www.fanniemae.com/.

Currently, both Fannie Mae and Freddie Mac are utilizing some very enticing incentives to help boost the real estate market and get excess inventory off of their books. In this week’s blog we want to go over a few notable opportunities you should know about.

Homes for a Dollar?

HUD offers a “dollar homes” initiative that is designed to help local governments foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Think this sounds too good to be true? It’s not. This program encompasses single-family homes that are acquired by the Federal Housing Administration, which is a division of HUD as a result of foreclosure. Single-family properties are made available through the program whenever FHA is unable to sell the homes for six months. The program enables communities to fix up the homes and put them to good use while allowing for unbelievable price cuts. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area. The program is a win/win situation for all involved.

To find out if properties are available for sale in your community, call Paige Slyman today.

No Down Payment

In addition to the great incentives from HUD that buyers all over metro Atlanta can take advantage of, there are still ways to purchase a home with little money for a down payment. Paige Slyman is an expert in advising his clients on all of the great incentives that are currently being offered in the market. He has successfully guided many happy home owners in metro Atlanta in buying their dream home with little to no money down, and he can do the same for you.

In closing, there are a multitude of great opportunities for potential home owners or investors and they just need to know where to go to find them. As these lending programs constantly change, call Paige Slyman to guide you on the opportunities that best fit your needs. Constantly striving to be knowledgeable of the latest ways to purchase a home, Paige has become one of the most trusted metro Atlanta real estate resources over the last two decades.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 2 or email us at paige@paigeslyman.com

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History of interest rates: Why Now is the Time to Buy

In an effort to boost the economy and help the struggling real estate market, mortgage rates have been slashed to an unprecedented 4% range. Seasoned real estate investors might re-call a time when rates this low were unfathomable while newer investors to the market might be taking this all-time low rate opportunity for granted.

In fact, mortgage rates had never gone below the 6% range until 2003 and as we approached the end of the last decade we experienced rates fall below 4% which was previously unthinkable in the real estate community.

Prior to the early 2000s, higher mortgage interest rates were a standard part of participating in the real estate market. Dating back to the 1970s, investors experienced rates in the 7% range and by the end of that decade rates averaged around 9%. The 1980s experienced interest rates as high as 19% during some parts of the decade. Comparing these figures to the 4% range today’s market is currently experiencing, it is hard to deny the facts, now is the perfect time to buy real estate.

The 1990s brought more stability to the real estate market and interest rates leveled out and returned to a much lower 7% to 9% throughout the decade. As we entered the middle of the first decade in the millennium the market took a dramatic shift and saw interest rates plummet to below 5%.

In closing, with mortgage rates being at an all time low, it could be very beneficial to jump on the real estate investment bandwagon and take advantage of the historically low rates while you can. As history has shown us, we have not seen the last of high interest rates and it is only a matter of time before this golden opportunity will be gone. Contact Paige Slyman today to learn more about metro Atlanta real estate and how he can guide you into your dream home or the perfect investment property.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 2 or email us at paige@paigeslyman.com

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Year End Tips for Metro Atlanta Real Estate Investors

As we approach the official end of year, it is only natural to look towards the future and set goals for ourselves in the new year. As investors, it is important to be on the forefront of industry trends and set goals to increase the likelihood of success in all of your real estate endeavors. In this week’s blog, we would like to discuss a few trends and tips that will help you reach your real estate investing goals.

Spending over 2 decades assisting clients with their real estate investment ventures, not to mention his own, Paige Slyman is often cited as one of metro Atlanta’s top real estate advisors. Below are a few of his year end “tips of the trade” and “food for thought” when it comes to putting your hard earned money in the real estate market.

-Historically, banks are eager to unload their real estate inventory towards the end of the year. The thought behind this is that banks would like to begin the new year with a clean slate and not have inventory from the previous year still on the books. Now is the time to invest.

-If you own 401K, stocks, bonds or money markets among other investor tools and strategies, it might be advantageous for you to consider diversifying your investment portfolio to include a rental home. When looking at his extensive portfolio of metro Atlanta investors, Paige Slyman says that his investor clients usually average $200-$300 net positive cash flow per month.

– As a continuation from the previous bullet point, because a home is an appreciating asset, it can be a HUGE tax deduction which is an enormous pro to investing in a home for a rental program. Most other investments do not allow for such deductions.

In closing, as we put an official end this year, now is the perfect time to open up the possibilities of investing in real estate in metro Atlanta. The perfect combination of low interest rates and steady home prices have come together to make incredible investment opportunities.  Paige Slyman is an expert in guiding his clients in the investment process and has over 2 decades of personal real estate investment experience under his belt as well. Contact him today and begin the path to achieving your investment goals.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 2 or email us at paige@paigeslyman.com

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Metro Atlanta End of Year Traditional Buying Tips

As we find ourselves closer to the official end of year, we would like to talk about a few issues/trends that effect home buyers this time of year. As a general rule of thumb, the industry tends to experience a reduction in home prices around the holidays. This is mostly attributed to both sellers and agents hitting the panic button due to the overall slow down of showings. The thought process behind the lower price strategy during the winter/holiday months is that it will stimulate showings, and from our experience, it usually does.

With that being said, if you are looking for an amazing “year in clearance” deal, now is the time to capitalize on that opportunity. By and large, the winter season is divided into two parts: pre and post-holiday and real estate buying and selling trends are divided accordingly. As we mentioned earlier, prices tend to drop before and during the holidays due to low showings and overall real estate activity.

However, after the holidays are over and we move into the second half of the winter season, historically February is the 2nd highest volume month for the industry. February experiences an influx of new homes being placed on the market because many home sellers wait until after the holidays and closer to spring to actually put their homes on the market. We recommend that home buyers make the most of this increase of homes and use the law of supply and demand as a way to negotiate a lower price and also enjoy having more options to choose from. Basically, we are suggesting home buyers leverage the fact that because more homes come into the market the closer we get to spring, the more competition the sellers will have and the more leverage will be given to the buyer.

For any buyer that feels like they have left no stone unturned and they have still not found the perfect home for their family, we encourage you to be hopeful and continue your search because in about 60 days, the market will be flooded with new inventory.

If you have yet to find a home in your budget over the last year, we strongly urge you to re-look at the inventory as prices are dropping across the board and you may just find the perfect home at the perfect price during the winter months.

Paige Slyman is an expert in advising both buyers and sellers in the real estate process. Contact him to develop a personalized and strategic real estate approach.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 2 or email us at paige@paigeslyman.com

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End of Season Part 2: Preparing to buy a home

In last week’s blog we discussed what home sellers can do during the approaching holiday season to increase their chances of selling their home in the new year. This week, we would like to shift gears and discuss what actions need to be taken at the end of the year to prepare for purchasing a home in the first quarter.

Historically, February is the 2nd highest listing volume month of the entire year. Many industry experts believe this is because sellers have a propensity to wait to list their property until after the holidays. With that being said, home buyers should be preparing now to ensure that they are ready to move forward with the buying process when they find the home they want to buy. Therefore, one of the best proactive tasks a buyer can do is get pre-approved for their home loan…NOW to prepare for the first quarter home selling season.

In closing, homes  in metro Atlanta are being reduced in price for a “year in clearance” if you will. Now is the time to make sure that you are set up for home buying success by taking the steps to get pre-approved for a loan.  Paige Slyman is an expert is assisting clients in the home buying process. Call him with any questions and to get insight on the best ways to prepare to buy or sell a home.

Give us a call at 770.405.0100 x 2 or email us at paige@paigeslyman.com.

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Preparing for the Autumn Real Estate Buying Season: 3 things you must do

According to historical real estate statistics and data, summer and spring see more real estate transactions than any other time of the year. Because of this, the months between March and October have been pinned the official real estate “buying season.”  As the buying season begins its gradual decent into the real estate history books, many buyers have been left with the stark realization that they have yet to find the perfect home for their families.

With the real estate market fostering prime conditions for buyer’s to take advantage of motivated seller’s, many buyers can be perplexed as to why they haven’t found the “real estate gold” they have spent the entire buying season searching for.

A number of factors can contribute to a buyer having trouble finding the perfect home, especially in the midst of the busiest real estate transaction season of the year. These factors include limited school districts and neighborhoods, inflexible price ceilings and not being creative and resourceful in terms of how both you and your real estate professional search for your quest for the perfect home.

Below are three critical tactics that should be implemented if you have gone through the height of the real estate season without finding your perfect home.

Research and consider other possible school districts or neighborhoods

Which school district a home is in is one of the top selling and buying points with anyone that already has or plans to have children. School zoning is so important in fact, that often times families are willing to pay premium prices to ensure their kids are able to attend a respected and high achieving school. Families are not very quick to leave a home in a great school district, thus, if you are looking in those districts, it might be harder to come across your dream home simply due to a lack of people leaving the neighborhood. If you have gone through the entire real estate season and not found the perfect home, it might be advisable for you to do some serious research about other schools in your area that might be suitable for your children as well. Opening up your search criteria to include other school districts could set you up for finding incredible deals and possibly your new home.

Re-consider your budget

Are you sitting down? If not … make sure you are because the statistic we are about to discuss is so incredible that it is sure to shock you. Did you know that for every 10,000 dollars you spend when buying a house, it only (approximately) increases your month mortgage payment only extra 55 dollars per month? Often times, re-evaluating your price ceiling can open you up to an entire new selection of homes. Discuss your current price range with your real estate professional as they can guide and advise you as to what you can feasibly afford. Your real estate professional can also advise you as to what the extension of your current price ceiling will get you in terms of “more home” for your money and the number of homes it will put in your home search.

The open minded buyer gets the home

Initially, most home buyers are very specific about what they are looking for in a home, some buyers more so than others. While having high standards and specific search requirements are necessary and advisable for any buyer, sometimes, it might be necessary to re-evaluate your requirements. Although we would never recommend that a buyer compromise their standards in terms of quality, it is sometimes advisable to access the specific requirements that you are placing upon both your real estate professional and the entire home buying process. For example, if your initial search was so specific that your real estate professional was not able to show you many houses due to minor requirements such as a specific color of a house, type of flooring or other aspects of your search that should not necessarily be a deal breaker unless your heart is dead set on a particular requirement, perhaps those requirements should be re-considered. Take a moment to review your requirements and access which ones can stay and which ones can go.

In closing, as we approach the end of yet another real estate buying season, we recommend that any buyer that has not yet found the perfect home take a few moments and reflect upon their current real estate strategy. Having an open and candid conversation with your real estate professional about what is working and not working in your home search should be the first thing on your to do list. Re-evaluating what you are looking for in terms of a home can quite possibly open you up to a new world of real estate and possibly lead you to your dream home.

Give us a call at 770.405.0100 x 2 or email us at paige@paigeslyman.com

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