Some Musings on Lower Price Ranges and Neighborhoods

A reporter working on a story recently contacted me and wanted me to give my opinion on the “BEST” neighborhoods for a given type of buyer in a given price range.  Unfortunately, I can’t know that without knowing the buyer.  Not only WHO you are (first time homebuyer, young family, aging empty nester), but also your personality.  Your personal traits and also your architectural personality.  Do you like historic bungalows, sleek modern houses, or traditional homes with gorgeous molding and impeccable finishes?  With any personality and price range, there are numerous neighborhoods which might fit the bill.  What you need is the Realtor who will get to know YOU and help you find the right house in the right neighborhood at the right price.  I’m going to share with you some insights I recently gave to a writer for Atlanta magazine who asked me to GENERALIZE on the best neighborhoods for a given demographic in a given price range… but keep in mind that it ALL DEPENDS ON THE BUYER.   

 SOME RECOMMENDED NEIGHBORHOODS for price points/demographics: 

I’ll start with another disclaimer: SO MUCH depends upon where the buyer and family members WORK.  Traffic in Atlanta just gets worse and worse – and commute time is precious time away from the family.  So NO neighborhood is a good neighborhood for you if your commute time is more than an hour, I’d say!  And we have good neighborhoods all around – so I usually start by asking the homebuyer, WHERE DO YOU WORK?  And then WHERE DO YOU LIKE TO PLAY/where are your friends?  And gauge the “right” neighborhood accordingly.  Another important factor is the homebuyers’ PERSONALITY.  One may HAVE to live in a walkable neighborhood while another would prefer a newer swim/tennis community. But I will do my best giving you in a general sense some of the best neighborhoods that I think exist for each price range….  Young family     1.  Under 200k: For a young family under $200,000, believe it or not there are several very good options not too far out!  I love Doraville/Chamblee.  Montgomery Elementary School is a favorite.  If they don’t mind living farther out and commute is not an issue, $200,000 will buy you a nice home in far East Cobb.  I usually recommend that the family VISIT the school personally where their child will go.  Some schools that don’t have great scores “on paper” are well loved by some of their constituents, and if there’s an IB (international baccalaureate program), a gifted child can have a great experience even at a not as great school.   2.  200-350k: Closer in East Cobb for the schools.  While the Sope Creek district is outside the range, there are a number of other great schools just a little farther out with houses in this price range.   3.  350-500k: Oakhurst, fun, diverse, walkable, family friendly.  There are also great options in Ashford Park/Drew Valley/Brookhaven Heights.   These are neighborhoods across Peachtree to the east of Historic Brookhaven.  Ashford Park Elementary is well thought of and it’s a very central location, close to I-85 and to 400.  Dunwoody is always a favorite – close in, family friendly.   4.  500k+: I can’t say enough about Decatur, as long as your work commute isn’t terrible from there.  Everyone loves City of Decatur schools, the walkability and the city services.   A lot here depends on the personality of the family!  Inman Park history might be perfect for some (with great Mary Lin Elementary), Druid Hills serenity and history (Fernbank Elementary), or for the rising corporate executive perhaps Buckhead (although homes in 30327 are generally a young family’s “second” home).  20 something   1.  Under 200k: A 20 something could go for a small condo just about anywhere they want to be.  There are even cool places in this range in the heart of Virginia Highland, in Midtown, and in Buckhead.  But if investment is also a consideration, I’d go for Doraville/Chamblee area.  With The Assembly (mixed use) development going in where the old GM Plant was, there’s a whole lot happening in this part of town.  Another great place for investment would be the historic West End – anywhere near where the Beltline WILL be going in the coming years.  There’s some awesome housing stock – great historic bungalows! And soon enough this will be the new “hip” area of town.   2.  200-350k: Ormewood Park, Reynoldstown, Kirkwood – these are the cool areas of town near the Beltline that are still affordable.  I also like SMYRNA near the Smyrna Market Village.  With the Braves Stadium moving to Cobb County, Smyrna is far enough away to avoid traffic (and you’re able to get south without getting on I-75 from there) but close enough to benefit from the development.   3.  350-500k: If they are the Buckhead type, a cool sleek condo walkable to Buckhead action!     4.  500k+: Virginia Highland, Old Fourth Ward, Inman Park, anywhere near the Beltline!   Empty nester     1.  Under 200k: On the north end of town, Kennesaw is a good option and Kennesaw Mountain is a great place to hike and to take the grandkids.  On the east side of town, Stone Mountain has some great solid one level ranch housing that might also be perfect.   2.  200-350k: In this range, a good option might be a one level ranch close to where the kids live (if the kids are in Atlanta) or close to the neighborhood they are downsizing from (to stay in touch with friends).  Lots of great neighborhoods in Tucker and nearby; Tucker has a great small town feel but is so close in, and very warm and welcoming.   3.  350-500k: I find many empty nesters in this price range love the ACTIVE ADULT communities a little farther out of town.  These generally are designed in a 4-pod pattern; basically 4 houses joined together, each all one level with a garage.  There’s a central clubhouse and pool and the exterior maintenance is generally covered by the homeowners association.  Jim Chapman is one of the prominent builders of these communities.  They are generally pretty far outside the Perimeter – there’s one near Serenbe and several which are past Alpharetta.   4.  500k+: The place historically we see empty nesters in this price category purchase is in VININGS, because taxes in Cobb County are much lower for senior citizens (the county takes off the “school” portion of the tax).  Many empty nesters end up in one of the beautiful highrises like One Vinings Mountain and The Aberdeen or buy a Weiland townhome at Paces View with an elevator.  An added bonus is that those properties are within walking distance to the Vinings Jubilee and to many awesome restaurants.  

 Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com. 

Hey You, Seller! A Home Buyer's Guide to Selling Your Home

No, it’s not a typo – truly, this is the home BUYER’S guide to selling your home.  After all, WHO really matters when you put your home on the market?  Who do you care about?  The person who is GOING TO BUY YOUR home, right?  Well, I work with buyers each and every day and I have the inside scoop on those folks.  I’ve heard anything and everything they’ve said about homes.  Here’s what they would want you to know – let’s look at home selling from a BUYER’S perspective.

FIRST, we all know that you only have one chance to make a good first impression.  So most of the time, where is the first place our home buyer is going to see your home?  ON THE INTERNET.  And the first thing they see the first time they see your home is the first picture in your listing, so let’s start there.  First of all, professional photography with a wide angle lens is a non-negotiable.  Have professional photography.  Not having professional pictures can cost you tens of thousands of dollars.  Don’t even talk to an agent who doesn’t hire a photographer.

The first picture needs to be the front of your house.  If it isn’t, our buyer will presume something is WRONG with the front of your home.  Put your landscaper to work and make your home shine from the street.  IF that first picture isn’t great, our home buyer isn’t going to click through.  And here’s a builder’s trick - take all the screens off your front windows.  A home has a much cleaner, prettier look in pictures when there are no screens.  Put them away in case your buyer wants them – just have them off for pictures.

And let’s back up a second – how has our buyer landed on your home to even see that first picture to begin with?  They search in a given area IN THEIR PRICE RANGE.  So say our buyer can afford up to $500,000.  The homes that are going to STAND OUT are the very best homes at $500,000 and below, and those are the ones the buyer will ask their agent to show them.  If you’re the best home in the $450,000 range, you’re likely the worst home in the $500,000 price point, SO DO NOT OVERPRICE.  How are you going to know how you compare?  Hop in your agent’s car, and check out the competition.  See what homes buyers are going to see when they are out to see yours.  Make sure yours is the BEST at your price point.  If it isn’t, either make it the best or re-price so that it is.

Think you have time to wait it out and “see” if you can get a higher price?  Know it isn’t that easy.  It won’t surprise you to hear that one of the first things a buyer asks when we walk into a home is “how long has this been on the market”?  The longer on the market, the worse it is in a buyer’s mind.  If no one else wanted it, they don’t want it either.  Or if they DO want it, they presume they can get it for a bargain because it’s been on the market so long.  Buyers aren’t focused on or even aware of the fact that your home was previously overpriced and then reduced; all they know is that it’s been on the market a long time and no one else purchased it.  So overpricing and then reducing is not a good strategy either.  PRICE RIGHT FROM THE BEGINNING.  Buyers look at NEW listings, and you’ll get your most attention and activity the first few weeks on the market.

While we’re at it, let’s discuss 99 pricing strategy.  You know, where sellers price their home at $899,000 thinking that looks better than $900,000?  Well, it doesn’t.  It looks like you came from Walmart pricing school, and that’s not a good image for a $900,000 home.  You aren’t fooling anyone, and if you are fooling someone, it’s not the buyer who can afford your home.  Another reason not to 99 it = buyers search in price “bands”.  Someone who’s searching from $900,000 to $925,000 isn’t going to see your home at $899,000.  At $900,000 you’re in two searches: $875,000 to $900,000 and $900,000 to $925,000.  Round numbers land you in more searches.  More eyes on your listing means more feet in the door… and more offers on the table.

STAGING your home is a topic too involved for one article.  But from a buyer’s perspective, let me share a few secrets: first, that plastic fruit and fake plastic wine is just creepy.  Really!   It’s too desperate and makes it look like you’re trying too hard, and buyers talk about the “fake” stuff and not the real house.  That and the fake television sets!  Stage with real things.  Minimize clutter and personal items, especially things that might draw attention away from your home.  And think about your target buyer - if your target buyer is a first time home buying millennial, by all means get a millennial into your home (a truthful and candid one, preferably) and walk around with them.  My guess is they’ll tell you to get rid of the doilies AND that fake plastic fruit.  Also ask if there’s any discernible smell.  You, seller, have gotten used to the smells in your home and there’s no way you can be objective about that either.  Keep in mind that CLEANING PRODUCT, particularly anything lemon scented, is usually a great smell.  You don’t want to mask your smells, you want to eliminate the bad and bring in the good.  Be open minded, have a tough skin, and ask for frank feedback.

FINALLY, your buyer wants you to know to LEAVE THE BUYER CHOCOLATE CHIP COOKIES.  Bake chocolate chip cookies and leave a note so the buyer will know they can eat one.  Everything looks better on chocolate!  Leave another note detailing what you love about the home and the neighborhood.  Buyers buy emotionally – they may justify logically, but they buy emotionally.  Chocolate chip cookies and a handwritten note ARE appreciated.   It is usually just one out of twenty homes that will leave cookies and a note, and it always makes an impression.

SO, there you have it – your home buyer’s guide to selling your home.  Always try to look at your home and the process from the perspective of the buyer you seek!

Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com.

THE WEATHER COOLS, BUT THESE ATLANTA NEIGHBORHOODS ARE HOT!

Atlanta has SO many great neighborhoods!  But here’s a quick take on what are some of our hottest (of the moment) neighborhoods and those that are HOT VALUE neighborhoods NOW, this Fall, 2015, in Atlanta.  Note the distinction.  When a neighborhood is “HOT” – i.e., very popular at the moment, oftentimes prices will rise rapidly as buyers bid against each other in their rush to move in.  A HOT VALUE neighborhood is one that is not yet “RED HOT” but which WILL be hot in the coming years, and so there are still bargains to be had.  Now, if you’re bidding in a HOT neighborhood and prices are rising, there is no need to fear overpaying as long as it’s a neighborhood that is likely to hold or increase in value in the coming years.  Usually a neighborhood is HOT either because of location, schools, or both; the location isn’t going to change and if the schools are good, residents always fight to KEEP them that way.

Don’t be concerned that I am leaving out your favorite HOT neighborhood – know that I’m not addressing CLASSICALLY HOT neighborhoods… I’m not addressing them in this particular blog post because they are always hot.  This would include Decatur zip 30030, Midtown, Va/Hi, Morningside, and many northern suburbs such as Alpharetta, Roswell, Johns Creek, and East Cobb in its great school districts. 

And also know that there’s no way to address all the “hot” areas in one blog post – I’ll just touch on a few to whet your appetite, and I’ll cover different areas of town.      

Let’s start in Ashford Park, just east of Peachtree Road – Ashford Park is HOT.  The elementary school is awesome and there’s lots of new construction.  While several years ago one could get a pretty decent home for $300,000 here, I just sold a teardown LOT for $500,000 with multiple offers in one day.

HOT VALUE near there is CHAMBLEE.  While Montgomery Elementary is not yet par with Ashford Park, it’s getting there, and the City of Chamblee is making great strides in developing retail areas.  THE ASSEMBLY huge mixed use development is going in where the old GM Plant used to be and that’s exciting.  Because it’s up and coming, there are still values to be had.

NOW, let’s go to the Beltline, which is of course driving values everywhere it touches.  We’ll start with Old Fourth Ward, O4W in local parlance, and its neighbors, Inman Park and Poncey Highland.  HOT because of the Beltline (and that’s a continuing theme – the Beltline has made many Atlanta neighborhoods “HOT” so it is important to know where the Beltline IS, where it will be, and where it’s going…. ).  Quick aside = the Beltline is a 22 mile bike/walk/run path being built in a huge Atlanta circle.  Only parts of it are complete, other parts are underway, and some sections may be years in the making. But the O4W portion is complete and with it O4W Park, Ponce City Market, Krog Street Market – the list of “cool” things that have come with it are legion.

HOT VALUE is south of there, in Reynoldstown, Edgewood, and East Atlanta.  There’s also Ormewood Park, nestled between Grant Park and E Atlanta on the Southside (Grant Park has been and continues to be a “hot” area).  The beltline goes right through this great neighborhood of old bungalows and great diversity.  There is section 8 housing a block from $700,000 homes.  There are still a lot of values to be had – I just sold a $250,000 adorable house one block from the Beltline.  The Beltline here is not yet finished, so prices haven’t risen SO high SO fast.

For more hot values, seek out Capitol View Manor, Mechanicsville, and Adair Park – neighborhoods to the west of the afore-mentioned neighborhoods.  These are nestled in west of I-75/85 and south of I-20, and the Beltline goes right beside and through them.

Let’s leave the Beltline for a minute and head down towards to the Airport to stop at The Manchester Arms in College Park for a meal.  Marvel at what College Park is becoming.  Because Woodward Academy is down there, some northern suburb dwellers have built weekday homes for one spouse and the kids to live in before they go back to the northern burbs for the weekend.  PORSCHE moving into the airport has meant even more wealth moving into the area.  College Park is hot; East Point just to the north of it is still a hot value neighborhood.

Back on the Beltline and moving North; HOT is BRANDON SCHOOL DISTRICT = you’ll pay a premium for great public schools in Atlanta, and Brandon is a good indicator of that.  One of my favorite neighborhoods is CHANNING VALLEY, where prices have risen 22% over PRE recession prices; it’s a small friendly diverse neighborhood in a great convenient spot.

HOT VALUE is West Midtown = Howell Station is an example.  It’s near BELLWOOD QUARRY, which saw thousands of zombies in the season premiere of Walking Dead.  Now that the zombies are gone, that park will be the crown jewel of the Beltline.  Because that area is still very industrial and the Atlanta Jail is nearby, prices are still low, but demand is rising.

And finally, up North to just outside the Perimeter.  Smyrna west of 285, just outside Vinings, the area nicknamed “Smynings” is hot but there are also still a lot of value priced properties.  With the new Braves Stadium going in, it’s becoming even more desirable as a place that will be close to the action and the new development; and yet far enough west that residents can still get places without running too much into Braves traffic.

Again, these are just a FEW of the “hot” areas that I am seeing.  Please email me YOUR favorites so that I can feature them in a future blogpost!

Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com.

No Need to Cork the Bubbly - Let's Celebrate the Recovery

After the dismal housing recession in Atlanta (and everywhere) that hit in 2008 and sent housing prices on a sharp decline,  prices finally started to stabilize in late 2014 and have risen ever since.  Having just emerged from the doldrums to a rapid rise in pricing, some experts are declaring a new “housing bubble”; but reports of the imminent death of the rising residential market are greatly exaggerated.

In Atlanta, we took longer to sink during the recession and have been slower to rise in the recovery.  Right now we have a shortage of inventory but our prices still are not rising as quickly as they are in many cities.  This measured response to the national trends bodes well for us; as does the fact that so many companies are bringing headquarters and employees to Atlanta.  We have more buyers moving here, which will naturally put upward pressure on pricing, but which will serve to continue to support that pricing in the coming years as they continue to live and work in Atlanta.

In addition, as more sellers receive the news that housing prices are rising and that they ARE able to sell and make a profit, more are putting their homes on the market.  This additional inventory is helping to reduce the number of competitive bid situations and to stabilize the rapid rise in pricing.

Further, it was a very loose mortgage lending environment that contributed to the original housing bubble.  It was far too easy to get a mortgage at that time.   That loose mortgage environment ground to a screeching halt in 2009 and it is still difficult today to secure a mortgage.  The strict underwriting guidelines that were implemented following the “mortgage meltdown” are still in place, meaning that the torrent of unqualified buyers that precipitated the initial crisis are nowhere to be found and are, hopefully, never to return.  Banks are lending only to qualified buyers with good credit scores who are less likely to default on their mortgage loans.  Interest rates are still low right now, but are likely to rise, which will create yet another governor on the ability of buyers to purchase and the ability of sellers to ask ever increasing prices.

After fifteen years in the business, I have seen a lot of ups and downs in the housing market.  This particular recovery, while fast, has not spun out of control and is unlikely to do so.   While it’s always prudent for a buyer to carefully review the sales of comparable properties and to research the  neighborhood and factors contributing to that neighborhood’s potential before agreeing on price, and although that price is going to be higher than it was three to five years ago, there’s no need to panic or to cork the bubbly over a housing “bubble”.  Rather, we should continue to celebrate the housing recovery.

Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com.

Chicken Little Goes to Closing

The sky is falling!  To hear lenders and closing attorneys tell it, the world as we know it comes to an end on October 3^rd.  That’s the day new regulations come into effect that govern the mortgage lending and closing process.  Whether or not there’s mass bedlam, there are certainly changes that buyers and sellers of property should be aware of and prepared for, so this article will summarize them.

To understand how things are changing, it is important to know how the world works now.  Today, sometimes the loan and closing statement will change the day of closing or even while parties are sitting at the closing table.  Starting in October, that cannot and will not be possible anymore, at least as to every mortgage application received October 3, 2015 or later.  The new rules require that a new document, the Loan Estimate, must be provided to the borrower within three days after loan application, and another new document, the Closing Disclosure, must be provided to the borrower at least three business days prior to closing.  These apply to any mortgage loans with no exceptions.  If there are changes to the deal, a new disclosure must be provided and the three-day waiting period starts all over.  While previously the settlement statement was provided by the closing attorney and often at the last minute, with the new regulations the lenders themselves will likely be providing the statement directly to the borrower and they must confirm and document receipt by the consumer.

You can see how this can potentially cause big problems.  “Stacked closings” are common now, in which the seller of one property uses those proceeds to purchase a new property in the next hour from a seller who may the following hour be buying a new property of their own.  These back-to-back closings dependent upon one another for consummation are already tenuous at times.  Imagine what the new three-day waiting requirement may do!  So in practical effect and application, we Realtors must advise our clients of the following:

•   Delays are much more likely, particularly in the early days of implementation of the new regulations.
• A seller will want to negotiate possession some number of days AFTER closing.  While this has always been the case for a seller still living in the property they are selling, now it becomes even more crucial.
• A buyer will want to commit to a lender as soon as possible in order to attempt to limit any delays.  A buyer will want to be sure they choose a lender fully conversant with the new regulations and a lender who has a system in place to comply. 
• While some lenders can get a loan through underwriting and closed quickly, every loan is going to take longer with these new requirements, particularly at first.  A cushion of 45 days between contract and close is advisable.
• From a Realtor’s standpoint, any and all provisions of the contract should be tied up as early as possible.  In particular, if there are monetary concessions during the due diligence period, those should be provided to the lender as soon and as early as possible.  Even changes in the Realtor’s commission are part of the disclosure process and should be wrapped up as early in the process as possible.
• While lenders are the primary front line, closing attorneys must also be in line with the new regulations.  It is advisable to look for a closing attorney who does residential real estate closings regularly, has systems in place, and preferably is ALTA (American Land Title Association) best practices certified.

The new disclosures are designed to help consumers better understand the terms and costs of their mortgage loan; however, in one aspect the new disclosures are more confusing.  The new rule prohibits lenders from disclosing a reduction that is commonly offered by the title insurance companies when a lender’s title policy and the borrower’s title policy are issued at the same time.  Instead, there’s one lump sum disclosed; at closing the cost will actually be *less*.  While that might result in a pleasant surprise for some at closing, those borrowers who are watching closely will likely be more confused about what, exactly, the title insurance is actually going to cost them at closing.

The home sale and purchase process can be confusing enough.  If you are planning to make a move this year, be sure you plan for these new regulations and have trusted advisors guiding you through the process.

Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com.

Buyer's Remorse

We don’t talk about it a lot, but it is real: buyer’s remorse.  That sinking feeling that you rushed too quickly into your home purchase and that it is all a big mistake.  If remorse comes during the due diligence period (during which the buyer can terminate for any reason or no reason at all), you can still terminate your contract; if it comes after that period, you cannot terminate without facing potential legal penalty.

Buyer’s remorse is not just a problem for buyers – it’s a HUGE problem for a seller.  If a home is on the market, goes under contract, and then comes BACK on the market, there is a stigma attached to the property, whether or not the contract termination was called for by any logical reason.  This stigmatizing effect is why sellers want to be as certain as possible that the buyer is NOT likely to back out.  For instance, many sellers would never accept an offer from a buyer who has not yet seen the property.  Why, you ask, would any buyer MAKE an offer without seeing the house?  Well, in these days of low inventory and few houses to choose from, buyers sometimes HAVE to make an offer without seeing it.  I recently helped buyers moving back to Atlanta from Sweden; with their three children, they didn’t want to move into a rental only to then move again when they purchased a home.  They had lived in Atlanta previously, and knew the area in which they wanted to live – so they trusted me, working with their parents, to decide on a home and get it under contract for them.  Whether or not they’ll have remorse is yet to be determined.

But buyer’s remorse may be more rampant in these times of buyers rushing into purchases because there is such low inventory.  The first advice I give is to remember that almost EVERY buyer has remorse at some stage of the process.  Despite my vast experience with the phenomenon, I myself had buyer’s remorse with the purchase of my current home.  I went through with the sale – at the urging of my husband – and it’s the absolute best home for us that I could ever find or ever imagine.  So working THROUGH the buyer’s remorse and soldiering onward to closing is sometimes the answer.

And I also suggest to buyers feeling a bit of remorse that we examine if the remorse is illusory and fleeting or based on fact and true potential pitfalls.  For that, we take the buyer’s initial wants and needs list.  Does the home they chose fit what they said they were looking for?  Is there likely to be another home in their price range that would fit those needs and wants better?  Looking at the inspection – are there problems with the home that are not fixable, or has the buyer just been spooked by routine home repair items that aren’t a big deal? 

There are several scenarios where buyer’s remorse seems to fester that usually IS fleeting and should be worked through: when the negotiations with the seller have been contentious and the buyer is left not having good feelings about the seller; when the buyer keeps looking at homes online and considering other homes; and when family and co-workers plant doubt.  Remember that the seller is LEAVING the home and it will be yours; remember from our search that homes can be and usually are much different in person than they are online; and remember that the family and co-workers did not engage in the search with you and don’t know all that went into the decision (it’s typically more realistic to consult with friends who have been with you through the process).

With a careful selection process, a great inspector and a great real estate agent guiding your way, any buyer’s remorse may be a typical and passing phenomenon.  Sometimes knowing that it’s common is all a buyer needs to know to get through it.  For the seller faced with a terminating buyer, it is a good practice to let future purchasers know if the termination was based on “cold feet” rather than a true problem with the house.  Always let us know your current thoughts and concerns – armed with all information, buyers can avoid remorse, and sellers avoid a lost buyer.

Mary Anne Walser is a licensed attorney and full-time REALTOR, serving buyers and sellers in all areas of Metro Atlanta. Her knowledge of residential real estate and her legal expertise allow her to offer great value to her clients. Mary Anne serves on the Committee that drafts and reviews the contracts utilized by all REALTORS in the State of Georgia. In addition, she is a member of the Atlanta Board of Realtors, the Georgia Association of Realtors, the State Bar of Georgia and the Georgia Association of Women Lawyers. Contact Mary Anne at 404-277-3527, or via email: maryannesellshomes@gmail.com.