Bad Neighbors Can Decrease Property Values courtesy of Realtor.org

I came across this article and thought that many of us could benefit from it. While making improvements and keeping our house in good condition is vital when resale time comes around, the truth is that many buyers wont even consider buying your house if your neighborhood is not well kept. So take the time to drive around your neighborhood and stay current with your HOA plans. Trust me, it is in your best interest.

Bad Neighbors Can Decrease Property Values
Daily Real Estate News | Thursday, January 31, 2013

A bad neighbor can bring down the value of a home, possibly by even up to 10 percent, according to the Appraisal Institute.

“I’ve seen many situations where external factors, such as living near a bad neighbor, can lower home values by more than 5 to 10 percent,” says Richard L. Borges II, president of the Appraisal Institute. “Home owners should be aware of what is going on in their neighborhood and how others’ bad behaviors could affect their home’s value.”

What qualifies as a bad neighbor — or “external obsolescence” in appraisal speak? Home owners with “annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees and limbs, or poorly maintained exteriors,” according to the Appraisal Institute.

The organization recommends home owners take action. For example, banding together with other neighbors to approach the “bad neighbor” together and check if the home is violating any municipality codes or subdivision restrictions that you can report. In some cases it may be worth hiring an attorney. “If all else fails, the cost of an attorney likely will be less than the home’s potential loss in value,” according to the Appraisal Institute.

Source: The Appraisal Institute

Biding wars continue to get worse in some areas. Another reason why you need a professional on your side!

Biding wars continue to get worse in some areas. Another reason why you need a professional on your side!

Tight inventories of for-sale homes all over the country are to blame for the biding wars on homes for sale in recent months. Buyers in the Cobb County and Atlanta metro areas in general are competing with investors and other cash buyers that are ready to snatch a good buy before home prices climb again.
The situation is causing frustration for people as they face rejected offers and are forced to get competitive by in some instances having to offer above listing price in order to secure a contract. According to the California Association of REALTORS®, as cited in Realtor.com, Daily Real Estate News, “nearly six in 10 homes were selling with multiple offers because of tight inventories.”
For buyers this mean that now more than ever they should seek the assistance of a professional Realtor to help them understand the market and be competitive as they approach the home buying process.
For sellers or anyone waiting for the right time to sell a home, this are very encouraging news as we enter into the new year. Homes are receiving an average of four offers, according to CAR’s 2012 Annual Housing Market Survey report. Forty-one percent of homes are selling without a discount too, which marks the highest number since 2005.

Kennesaw Homes Market Report

Kennesaw, GA Home Prices and Market Trends brought to you by Ana Hodge with Keller Williams Signature Partners in Marietta GA. You can also find more reports like this for your specific area on my web-site www.buyahomeatl.com

Is it a good time to list my home for sale in Kennesaw?

Just as we saw with some other areas near Atlanta, list and sales prices continue to increase  in Kennesaw. During the month of November list prices increased by 1.59% from October while sales prices increased by 0.42 percent. The median list price in November for single family homes in Kennesaw is $325,000. The median sale price in July for single family homes is $236,000.  The price per square foot for listings in this area averages $113. while theprice per square foot for sales in this area is $63. As you can see on the below graph, both list prices and sell prices continue to climb.

When thinking about listing your home for sell you should keep in mind that price is one of the most important factors that will determine success for you as a seller.  A professional real estate consultant will not only list your home but will price it right so you can get as much money as you can in the shortest amount of time. This graph shows the disparity between list and sale price which is not a surprise because of the high volume of distress properties that are in the market right now.

 

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Market Inventory trends

The number of active listings in Kennesaw dropped by 2.1% from the previous month. The median number of days active properties have been listed is 69. This is significantly shorter than the national average and great news for anyone considering listing a home for sale.

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