Trying Something New This Week

Dated: September 18 2021

Views: 231

Happy Saturday! Where I come from (just outside Augusta, Georgia) this is THE weekend in college football: Georgia vs. South Carolina is the annual "border bash," so it goes without saying I'll be glued to the TV at 7pm tonight. It also goes without saying "Go Dawgs!” Chicken is on the menu.

I'm trying something new today; I've spent the better portion of my time at EXP sending out a (mostly) weekly email and lately, with changes to the software we use to do that, some of you have gotten emails from me that look more like something out of "The Matrix" (did you see the new trailer for the latest installment due out this December? Click HERE). 

The solution? I'm going to write you each week, but via a blog. You'll still get it in your inbox, of cours, but it'll just bring you here now. 

"Can I Rent-To-Own?"

This question comes up an AWFUL lot, and coming out of a pandemic-driven recession (at least I think we are), some folks want to BE in a new house they'd eventually like to buy, but don't have the cash and/or credit score TO buy right now. 

The answer? Well, yeah, you CAN, but as with anything, really - there are catches. 

Services like Divvy and HomePartners (I'm credentialed with both, if it interests you to try) exist to assist those who see a home they'd love to buy but aren't QUITE in a position to. In essence, they step in and make the home purchase with you agreeing to rent the home until you're able to pull the trigger on purchasing it (within a matter of months to a few years, max). Now, when you rent, you're paying a little more (becaue income property owners are in business to make profits, right?) and you can expect the same with either, and in Divvy's case, they'll get a little more from you to put into a "pot" - which just becomes your down payment for when you ARE ready to purchase from them. 

Okay, without getting TOO "in the weeds," the answer to "can I rent-to-own" is "yes." If your credit is 550 or better your household income is $50,000 per year or better, currently employed (and have been for at least the last 12 months) and you have about 2% of the home's purchase price saved up, we can make it happen. Feel free to reach out; I'll guide you through the process. An added benefit to using services like Divvy is that their offer to purchase is “all cash,” and sellers usually prefer an “all cash” offer because the transaction can be completed in half the time (sometimes quicker). In SUCH a competitive market, it might give you the advantage you need to get into the house you want.  

The competition is cooling - a bit

Trying to buy a home usually means you’re getting entangled in a “bidding war,” so far in 2021, and while that’s still the case, it’s not AS often the case, according to a Redfin analysis. In April, about nearly three out of four offers written by their agents faced competition; that’s now down to 59% in the month of August. 

What it means for buyers: with more inventory coming to the market and many fatigued potential buyers bowing out, it would seem this Fall or Winter could be more ideal for a home purchase, and you may wind up not having to pay WELL over asking price to get the home you want; but you likely WILL still have to pay above list price, because sellers are still at an advantage. 

What it means for potential sellers: the clock is ticking. If you’ve been on the sidelines considering taking advantage of the market to “cash in,” understand that “supply” is starting to close the gap with “demand,” and your window may be closing. I mean, we can’t predict with certainty what the next few months will bring - delta or other covid variants, the flu, winter weather could all derail home construction and material suppliers, for example - but the current trend says the real estate market is on a slow walk back to evening out. 

Got questions? Feel free to reach out. 

Open House Sunday - Love Ormewood Park? You’ll LOVE this home!

My friend David Pippin just listed this gem: 1059 Berne Street SE, Atlanta, GA 30316. Because David’s still on crutches after breaking his ankle a few weeks ago, I’m standing in and hosting an open house for him Sunday from 2-4pm. Check out the listing HERE or watch the little video I produced below - then stop by and see me! I’d like that.

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Ron Roberts

Hi! I’m Ron, a Georgia-born Atlanta resident and real estate agent ready to put my education, personal and professional experience and work ethic into helping you embittered your new home, sell your....

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