Potential buyers show up, and are one of 25 potential buyers at the property for a quick viewing appointment (sometimes no more than 15 minutes). Multiple offers over ask are made within 24 hours. Buyers are paying thousands of dollars over appraised value.
Welcome to the current real estate market in North Atlanta… where these scenarios are occurring every day.
In the frenzied climate and frantic pace that things are unfolding, there is plenty of room for mistakes when it comes to pulling the trigger on a home. You need a strong agent and a plan and some pre-determined boundaries. Also learning to view each home with a somewhat critical eye that focuses on the parts rather than the whole, can help you quickly decide if you should be in the pursuit or not.
Before you fall in love… look closely at the following.
The Big Six
Any of these can mean big trouble…as in big money, structural repair trouble.
- Cracks in foundation or masonry walls
- Undersized framing in roofs or floors
- Water in the basement
- Termite damage
- Evidence of mold
- Sagging in rooflines, floors, or exterior walls
Of course if your offer is accepted you will get to due diligence, and NEVER EVER give up your right to that, as a licensed and trained inspector will look closely at everything. However, if you see any of these in advance it may encourage you to move on. After all inspections cost you money and time.
How’s the Flow?
Moving walls to get the space to work for you and your family can be expensive particularly if they are load bearing. So think about the space as a whole and how it will work. Use your imagination and then be realistic about post purchase renovation costs and the extent with which you will need to renovate.
If possible, try and learn on average what current construction costs are running, so you can plan accordingly, be in the ballpark and avoid sticker shock.
Windows and Floors.
Other elements that can be big ticket items to replace are windows and floors. Prospective homes with high quality widows are a huge plus, and the same goes for floors. Luckily, if there are hardwoods, they can be refinished despite being faded or scratched.
Finally, other things to take note of are roof and gutters, and the ages of AC units, and appliances.
Karen is representing buyers in this seller’s market and has more advice, tips and strategies for you. She is completely up to the challenge and would love to help you find and then purchase the perfect home. Contact her today and let the hunt begin!
