Whether you or someone you know is changing residences, sending kids back to college, or moving for a different reason, it’s important to stay safe while you relocate. Below are some helpful tips for protecting your belongings, yourself, and your loved ones while making moves during these unprecedented times.
1. Remember to add PPE to your packing supplies.
If you have friends, family members, movers, or anyone from outside of your household helping you pack your things, make sure everyone is wearing personal protective equipment (PPE). Facemasks are a given, but gloves, plastic face shields, and disposable booties are also helpful in terms of minimizing contamination. After all, it’s hard to maintain social distancing when you’re helping someone lift a heavy appliance or dresser.
2. Disinfectant is everyone’s best friend.
From wiping sweat off your forehead to sweeping hair out of your eyes, it’s nearly impossible to avoid touching your face while moving. Your best defense from spreading any kind of germs or virus is to regularly disinfect your hands. Place hand sanitizer pumps or wipes at popular access points like entrances, staircases, or the kitchen to make sure you’re never too far from freshly cleaned hands.
3. DIY as much as possible.
Under normal circumstances, the rule of moving is “the more the merrier.” During a global pandemic, it’s the opposite. Every additional helper is another potential virus carrier. If you are physically able to make the move on your own, now might be a good time to do it. If you’re not, you should try packing as much as you can to minimize the number of people coming in and out of your home, and for how long.
4. If you don’t need it, donate it.
Donating clothes, furniture, or shelf-stable foods in your pantry you no longer need will both lighten your load and benefit someone who has been negatively impacted by this pandemic. It’s a true win-win.
5. Host your housewarming party virtually.
One of the greatest joys of moving is showing off your new digs to your friends and family, and thanks to modern technology, you can do so responsibly. Giving a live tour via video chat or social media is a safe and convenient way to put your new place on display while keeping COVID-19 at bay!
If you have any other questions, or need the name of a trustworthy moving service, I’m always a text, email, or phone call away! Stay safe, and remember to lift with your legs.
Simple measures to make moving safer
Experts Weigh-In on the Remarkable Strength of the Housing MarketAmerica has faced its share of challenges in 2020. A once-in-a-lifetime pandemic, a financial crisis leaving millions still unemployed, and an upcoming presidential election that may prove to be one of the most contentious in our nation’s history all continue to test this country in unimaginable ways.
Even with all of that uncertainty, the residential real estate market continues to show great resilience. Here’s a look at what the experts have said about the housing market over the past few weeks.
Ivy Zelman, CEO of Zelman & Associates:
“Whether in terms of pending contract activity or our proprietary buyer demand ratings, the various measures of demand captured in this month’s survey can only be described as shockingly strong, in spite of the resurgence in COVID-19 cases.”
Logan Mohtashami, Lead Housing Analyst at HousingWire:
“Existing home sales are still down year over year by 11.3%, but as crazy as this might sound, we have a shot at getting positive year-over-year growth…We may see an existing home sales print of 5,510,000 in 2020.”
Matthew Speakman, Zillow Economist:
“In a remarkable show of resilience, the housing market has stared the pandemic right in the eye and hasn’t blinked.”
Todd Teta, Chief Product Officer for ATTOM Data Solutions:
“The housing market across the United States pulled something of a high-wire act in the second quarter, surging forward despite the encroaching economic headwinds resulting from the Coronavirus pandemic.”
Ali Wolf, Chief Economist of Meyers Research:
“The housing recovery has been nothing short of remarkable. The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”
Clare Trapasso, Senior News Editor of realtor.com:
“Despite the crippling and ongoing coronavirus pandemic, millions out of work, a recession, a national reckoning over systemic racism, and a highly contentious presidential election just around the corner, the residential real estate market is staging an astonishing rebound.”
Bill Banfield, EVP of Capital Markets at Quicken Loans:
“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”
Economic & Strategic Research Group at Fannie Mae:
“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”
Mark Fleming, Chief Economist at First American:
“It seems hard to deny that when one looks at many of the housing market statistics, a “V” shape is quite apparent.”
Bottom Line
The experts seem to agree that residential real estate is doing remarkably well. If you’re thinking of jumping into the housing market (whether buying or selling), this may be the perfect time.
- What do you do if you have property you would like to sell but are worried about paying capital gains taxes? We are here to help with some information about Section 1031 of the Tax Code. First of all, capital gains equals sales price of property minus cost of property. Uncle Sam makes you pay taxes on that gain. In order to defer payment of capital gains taxes, you must understand and follow of the legal requirements. The properties that qualify are 1. non owner occupied property held for over a year; 2. commercial real estate; 3. raw land. You also need a Qualified Intermediary (QI) who is a disinterested party who has not acted as your agent within the past two years. The QI will guide you through the process and hold all funds. We can refer you to an excellent QI.In order to have a fully deferred exchange, the taxpayer must sell his property and buy replacement property(ies) of greater or equal value. The taxpayer must then reinvest all proceeds from the sale of the relinquished property(ies) and must then re-acquire debt equal to or greater to the debt paid off from the original relinquished property(ies). Additionally, there is a strict time frame involved. The taxpayer has 180 days from the time of closing on the relinquished property to close on the newly acquired property(ies) and only 45 days to identify that replacement property. Most importantly, a taxpayer is not eligible for Section 1031 deferment after his/her property has closed. It is essential that the QI engage a QI prior to closing. For properties under $1,000,000, the cost of a QI is usually less than $1,000. If you have any questions or a property you would like to sell and use the proceeds to reinvest, please contact Bright Homes Atlanta.Section1031
Why Foreclosures Won’t Crush the Housing Market Next YearWith the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Here’s why.
According to Black Knight Inc., the number of those in active forbearance has been leveling-off over the past month (see graph below):
Black Knight Inc. also notes, of the original 4,208,000 families granted forbearance, only 2,588,000 of these homeowners got an extension. Many homeowners have once again started to pay their mortgages, paid off their homes, or never went delinquent on their payments in the first place. They may have applied for forbearance out of precaution, but never fully acted on it (see graph below):
The housing market, and homeowners, therefore, are in a much better position than many may think. Much of that has to do with the fact that today’s homeowners have more equity than most realize. According to John Burns Consulting, over 42% of homes are owned free and clear, meaning they are not tied to a mortgage. Of the remaining 58%, the average homeowner has $177,000 in equity. That number is keeping many homeowners afloat today and giving them options to avoid foreclosure.While ATTOM Data Solutions indicates that there is a potential for the number of foreclosures to increase throughout the country, it’s important to understand why they won’t rock the housing market this time around:
“The United States faces a possible foreclosure surge over the coming months that could more than double the number of households threatened with eviction for not paying their mortgages.”
That number may sound massive, but it is actually much smaller than it seems at first glance. Today’s actual quarterly active foreclosure number is 74,860. That’s over 7.5x lower than the number of foreclosures the country saw at the peak of the housing crash in 2009. When looking at the graph below, it’s clear that even if the number of quarterly foreclosures today doubles, as ATTOM Data Solutions indicates is a possibility (not a given), they will only reach what historically-speaking is a normalized range, far below what up-ended the housing market roughly 10 years ago.
Equity is growing, jobs are returning, and the economy is slowly recovering, so the perfect storm for a wave of foreclosures is not realistically in the housing market forecast. As Odeta Kushi, Deputy Chief Economist for First American notes:“Alone, economic hardship and a lack of equity are each necessary, but not sufficient to trigger a foreclosure. It is only when both conditions exist that a foreclosure becomes a likely outcome.”
While our hearts are with anyone who may end up in foreclosure as a result of this crisis, we do know that today’s homeowners have more options than they did 10 years ago. For some, it may mean selling their house and downsizing with that equity, which is a far better outcome than foreclosure.
Bottom Line
Homeowners today have many options to avoid foreclosure, and equity is surely helping to keep many afloat. Even if today’s rate of foreclosures doubles, it will still only hit a mark that is more in line with a historically normalized range, a very good sign for homeowners and the housing market.
Here’s a look into the two weeks worth of Olympic Events we have going on. Take part in as many as you like. Share with your family and friends – great for all ages, solo and groups!
Check out our last blog here for details and free download on how to make your very own DIY Olympic Torch!
Use #BHAolympics2020Every day for every event we are giving away prizes!!BHA Virtual Olympics 2020 – Events Calendar!Have you had some extra time in your home lately to clean up and clean out? Join us on Saturday May 30 to get rid of all that extra stuff. On site shred truck, dump your junk & even get rid of a few paint cans. Don’t forget to fill out and bring your ticket!
Join us for Shred & PurgeHave you had some extra time in your home lately to clean up and clean out? Join us on Saturday May 30 to get rid of all that extra stuff. On site shred truck, dump your junk & even get rid of a few paint cans. Don’t forget to fill out and bring your ticket!
Join us for Shred & Purge!
Listing this week!
That perfect flat grassy backyard? You’ve found it! This Brookfield CC beauty is conveniently located close to the neighborhood entrance and also in a small quiet cul-de-sac. Wow! 4319 square feet and a floorplan that really works. Open concept eat-in kitchen and family room (vaulted with a fireplace and built-ins!). Bright sunroom with warm wood accents off of family room. Kitchen island that everyone will hang out around. Not just a master on main, but also another full guest suite on the main level. Separate living room, banquet dining room with gleaming hardwoods, plantation shutters, another fireplace and lots of natural light throughout on main. Upstairs 2 enormous bedrooms with a jack and jill bath.
Third upstairs bedroom/bonus room with bathroom and wetbar has plenty of space for entertaining, playing or hobbies. Lots of storage in this house – huge room in garage, several walk in closets, and an enviable mud room (with covered separate entrance). Join the optional $125 HOA or any one of several country club memberships at BCC for access to great amenities. If you want to know more about this upcoming listing or want to set up a private showing, let us know!
email: Hello@BrightHomesAtlanta.com
phone: (404) 936 – 8382COMING SOON! Brookfield Country Club
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Does this sound like anyone you know….
“When we put our house on the market, we know it will sell quickly and don’t know where we would go”
“As soon as we see something we like, it’s gone. We don’t have time to list our house, go under contract and make an offer when a new listing comes on the market!”
“The real estate market is so competitive – nobody will accept a contingent contract and we need the equity out of our house to put down on a new house.”
We have a solution! Let’s go find that dream house. When we find it, we’ll buy it for you with cash – eliminating the contingency and increasing your chance of getting the contract. Then, we’ll sell your current house. When it sells, you then buy the new house from us with whatever financing you choose. Eliminate the stress of the contingent sale and purchase!
Advantages of using our trade in program include:
- Get up to 5% off the purchase price of your next property using our all-cash offer, and take your time selling your current home so you get full market value.
- Have a more relaxed home buying process and schedule because you can find the home you really want first, then move in on your schedule.
- Get a guaranteed minimum sale price for your current home so you can go shop with confidence for your next one.
- Make an all-cash offer to the seller. Cash offers are 2 times more likely to beat out financed offers.
- Focus on the fun part of moving – finding that dream home. We’ll take care of the rest!
Relax. Now you can buy before you sell!Contact
You’ve seen the TV spots, heard the radio ads and maybe even clicked that button to “get an offer on your home now” when checking up on your Zestimate. They’re selling speed, convenience and certainty. Do you know what you’re getting yourself into though?
The claims are that you’ll sell your home under your terms, you’ll save time and money and it will be a smoother and more convenient process. As I’ll explain in detail in a minute, it’s not going to cost you less money. There may be some specific instances where these services are the perfect option for a client including:
- You just had triplets and the thought of showings gives you literal panic attacks
- You just found out you’re being foreclosed on. The auction is next week. You can afford to sell and you need to close NOW.
- Your house is so ugly, stinky and/or needs so many repairs that we know you won’t get market value because buyers can’t see past the mess. (guess what? If this is your situation, they probably won’t buy your house anyways – more on that in a bit)
- You’re buying a new house and refuse to deal with a contingency.
- You are so famous, or private, or cripplingly germaphobic that the buyers coming into your house is not a good idea.
Even if these situations apply to you – have a conversation with a low pressure Realtor (Hi! ?♀️). I’ll help you figure out if your best option really is to trade some of your equity for probable convenience (see what can go wrong below for why it’s probable and not certain).
Who are the players, and what actually goes down when you sell your house to an “i-buyer”?
(Side note – a lot of people think the term i-buyer stands for internet buyer. But really it stands for investor buyer. Most of these companies have a goal of purchasing properties that they can turn around and sell to wholesale investors. If the investors don’t want it, they put it on the open market)
Other companies like Perch, Redfin and even brokerages like Coldwell Banker and Keller Williams are starting to offer ibuyer products, but the above are currently the biggest players.
As you can see, if all goes well, you’re spending more money in order to not have to make your bed, keep your dishes put away, not deal with contingencies, and name your closing date. But as we all know, it doesn’t always go perfectly well. If you have a less than ideal experience, you’re really looking at a lose-lose. Here are some of the things to think about:
- It’s unlikely they’ll even buy your home. Zillow for example hopes they don’t have to. They want you to push that button, not buy your house, and then sell you as a lead to an agent (in the Atlanta area the Sanders Team/Realty One currently has exclusive ownership of those leads). Offerpad, Opendoor and Zillow all want investment properties in a certain price range, without major defects, not too old, not too many repairs needed, etc etc. They only want homes that are easy for them to turn around and sell. Kind of defeats the purpose of the ugly/smelly argument above. Those sellers should sell to a traditional “We buy ugly houses” franchise or find an agent with a network of investor buyers to work with (Hi again! ?♀️).
- They’re going to charge you for upgrades. Most relisted Offerpad and Opendoor listings have slapped on some paint and cheap carpet, maybe put some granite in the kitchen. When they bought that house, they charged the seller $5000+ to cover that work. The original seller probably could have done it for less themselves. ? And we can even do that work for you, and you pay for it at closing. ?
- They may change the terms or even cancel the contract at the last minute. The contracts they use drastically favor the buyer (the company = Offerpad/Opendoor/Zillow). And you don’t have anyone to explain the contracts or protect your interests in the transaction.
- Their offer – determined by an algorithm, and in some cases a double check with some human eyes – may or may not be market value. I’ve seen several that were tens of thousands of dollars lower than the house actually sold for within a couple months. I’ve also seen some that were very fair. You don’t know which you’re getting. Exposing your house to the open market, especially in this low inventory market, guarantees a market value sale price.
- The fees add up. Service fees vary, but average 7-8% of purchase price. On top of that are the repair fees and title and closing fees (that are normally paid by the buyer in a traditional transaction). Forbes estimates that the average ibuyer transaction charges the homeowner about 10% of purchase price.
These companies have lots of venture capital funding, and they provide a good alternative to traditional real estate listing for a very small percentage of sellers for a higher fee. They’re a good option for some. If you’d like to look at your options for selling your house, we are happy to come over and talk about it. We promise we’ll give you the best advice for your property, your situation and your convenience – and make sure you keep your equity in your pocket!
Do you really want to sell your home online?
(404) 334-3011
