14
Mar
12

Property Management: The solution for a home that is having trouble selling

As we slowly begin to transition from winter to spring, we wanted to re-visit the topic of “property management.” a topic that is particular important to many metro Atlantans that are having trouble selling their home. 

Life can be complicated. Throw into the mix a sluggish economy and a struggling housing market when you need to sell your home and it can seem almost impossible. If this sounds like your life, you’re not alone. As our country desperately tries to recover from the recession and the aftermath of the spiraling housing market, millions of Americans are faced with the stark reality that it is going to take careful planning and thoughtful strategy to find the perfect solution for their real estate and financial needs.

That’s where Paige Slyman can step in. For over 15 years, Paige has been a trendsetter inAtlantareal estate strategy and solutions. As more of his loyal clients are faced with the reality that while they need to sell their home for various reasons, whether it be to downsize, move for career opportunities or the addition of new family members, they might not be able to sell their property for what they originally paid for it in the real estate glory days.

Disgruntled but still hopeful by their situation, many people have turned to Paige to help them solve their real estate dilemma and seek advice that will facilitate both their real estate and financial long term goals. In a majority of the cases, the solution is quite simple actually…Property Management.

Short Term Solution While the Market Recovers

As the real estate industry continues to stabilize itself, thus, leaving thousands of home owners with the option of selling their home at drastically reduce prices or risk leaving the home on the market for extended periods of time, they are turning to property management as a short term solution. This option allows the home owner to keep the home while the market recovers and prices begin to rise again. Allowing someone else to move in and rent your property can provide you with the peace of mind that you are not forfeiting a great deal of money to sell your home in an obvious buyer’s market. It also allows you to have almost if not all of the mortgage paid for each month by the renter. It is a win/win situation for all parties involved.

More Renters…Higher Demand…More Money for You.

While unfortunate, the truth remains that our country is in midst of a housing crisis. Millions of home owners are losing their homes and are now in the flooded rental market. As a result, there is an intense increase in demand for rental property that is causing rental rates to increase, especially in theAtlantaarea. This means that if you opt to utilize a property management strategy rather than selling your home, you stand to bring in more cash each month that you can put towards your mortgage or into savings.

Property Management for Investment Purposes

Because the housing market inAtlantahas an unparalleled amount of foreclosure and short sale homes on the market, it is forcing other home owners wishing to sell their home to lower their prices just to compete. This has sparked a huge trend in investors looking to capitalize on the amazing deals in the metroAtlantaarea. Many investors are buying properties for the sole reason of putting them on the rental market and allowing a renter to pay for the mortgage until the market fully recovers and they can sale the property or properties for a profit.

In closing, it is imperative that you seek counsel with a reputable and knowledgeable real estate professional that is familiar with the trends in the area you are looking to buy, sell or invest in. Paige Slyman is an expert in the metro Atlanta real estate market and able to provide you with solid advice that is backed by industry trends, and years of experience.  

Give us a call at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

24
Feb
12

Re-visiting Past Blogs: Metro Atlanta Real Estate Market: Owning vs. Renting

As we steadfastly approach the end of Q1 for 2012, we wanted to revisit a blog we wrote last year that generated a lot of comments and questions from our clients and supporters. For those of you who missed our blog entitled, “Metro Atlanta Real Estate Market: Owning vs. Renting” back in August of last year, never fear, we are putting the contents from that blog in today’s post.

The topic of owning versus renting is so relevant and important to so many metro Atlantans that we  felt compelled to re-share our thoughts on the matter.

In the height of the Metro Atlanta real estate boom, individuals selling their homes commanded prices that yielded large return on investments and buyers were more than willing to pay these inflated prices. Fast forward a few years later and the real estate market is a completely different place. Gone are the days when home owners could walk away from a real estate transaction with the upper hand in price negations and enormous profits. We are currently experiencing what real estate experts call a “buyer’s market.”

The real estate market is similar to the stock market in that it is normal for the market to shift gears and switch from a seller’s market to a buyer’s market and vice versa. In other words, the current buyer’s market conditions will not last forever. If you ever wanted to purchase a home for any reason, now is the time. The present real estate circumstances, such as historically low interest rates and low home prices have fostered an environment that have set up both current and potential real estate buyers for success.

Below is an in depth look at why NOW is the time to buy rather than rent your home in metroAtlanta:

Owning is less expensive than Renting in Metro Atlanta

The combination of all time low interest rates and unprecedented low home selling prices have made it possible for buyers to become a home owner for much cheaper than then current Metro Atlanta rental rates.  In fact, Trulia recently came out with its rent vs. owning index, which shows it is currently more expensive to rent than own a two bedroom, two bath home in 72% ofAmerica’s 50 largest cities.

Another explanation of the current rise in rental rates and decrease in home prices is supply and demand. Due to the massive foreclosure crisis, thousands of Atlantan home owners were forced to sell their homes at drastically reduced prices. These former home owners have now become renters. This increase of renters has lead to an increase in rental prices. Conversely, the increase in foreclosures has lead to a dramatic decrease in home prices. Thus, the timing is now PERFECT for home buyers to take advantage of the current prime real estate environment.

Going, going, GONE. Low interest rates won’t last forever

Most experts do not expect the current low interest rates to last forever. Currently, potential home buyers can take advantage of historically low interest rates. However, factors such as impending mortgage reform and the fact that interest rates will increase as the economy improves come together to suggest that interest rates will eventually rise. Because the combination of both price and interest rates determine the overall cost of home ownership, it is imperative that anyone looking to buy real estate take advantage of the low interest rates while they are still available.  

Mortgage Rate Reform: 30 year mortgage a thing of the past?

Over recent years, there has been a great deal of debate over the government’s role in assisting homeowners with home ownership.  Many industry experts predict that if Fannie Mae and Freddie Mac’s roles in mortgage support are limited, it could be the end of the 30 year mortgage. The Obama administration wants to eliminate federal guarantees for home loans for all but credit worthy buyers. If a change such as this were to be implemented, it could make buying a mortgage more expensive. Thus, the 30 year, fixed-rate mortgage would not be as widely used as other mortgage types. Prospective home buyers should take advantage of the ability to lock in the incredibly low interest rates over the next 30 years.

In closing, renting a home is the equivalent of having an adjustable rate loan with no cap that will readjust with higher rental rates each year. By locking in the current low interest rates, potential home owners can guarantee that the price of their living expenses stays the same, year after year. With that being said, low interest rates and dramatically low home prices have set the stage for Metro Atlanta home buyers to enjoy the benefits of home ownership.

Give us a call at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

29
Jan
12

Real Estate Sense: When to Stay in an Underwater Home

Before the real estate market crash of 2008, millions of Americans invested with the expectation that their property would escalate in market value and could eventually be sold for a profit. Reality Check. Four years later, while significant progress has been made in turning the seemingly fragile real estate industry around, we still have a long way to go.

If you are currently upside down in your mortgage or other real estate investments, you are not alone. Thousands of metro Atlanta real estate owners are currently under water with their real estate and owe more than their home is actually worth. From a national perspective, more than 25% of home mortgages are going for less than what they were originally paid for. While this is great news for the buyers in this market, it makes for a really difficult situation for sellers. Coming out on top in this market as a seller requires even more strategy and thoughtful decision making than ever before.

Waiting for the market to fully rebound sounds like a great idea in theory, but for some, life circumstances simply will not allow for that. Whether it is an expansion in the family, the need to move for a job or a change in your financial situation, the time to make a sound and solid decision about their current financial and real estate situation must come sooner rather than later.

Paige Slyman has been guiding metro Atlantans with real estate questions and decisions for the better part of 20 years and is regularly sough after to help develop a plan to help his clients with their current real estate situation.

There are two common scenarios in this seemingly common situation for metro Atlantan home owners

You love your home and neighborhood

If your home fits your family’s life, is affordable and you believe will continue to be a great place for you and your family, in general, and depending on circumstances, I would advise home owners that fall into the category to avoid making market-based decisions, regardless if the home is upside down or not. In plain English, we are saying stay put and enjoy the home you love and hope that the market continues to make strides in terms of guide and stability.

Your home is no longer a fit for you and your family

On the other hand, thousands of families across the nation simply cannot stay in their current home, for a multitude of reasons. In these instances, it might make sense to divest and consider options of exiting the home, regardless of the market. Paige Slyman is an expert in guiding real estate owners in these situations and he can advise on current market trends, various financial options and comprehensive exiting strategies that will allow you and your family to leave the current situation financially sound.

Property Management Option

One option for those feeling “stuck” in their current home is property management, which Paige Slyman offers to his clients. Basically this option would allow you to exit your home, all while you still on the property and rent it out. This allows for the renter to help subsidize or even some instances fully cover your mortgage. With rental prices soaring in metro Atlanta this has become a very sought after and often times lucrative option for real estate owners. Contact Paige Slyman today to see if property management is a solution that you should further consider.

In closing, while the market fights to leave its limbo phase and reach a greater level of stability, take an honest look at your current situation and determine if your home is a place that will continue to be a good fit for your family. If this is a home that you and your family can grow in and you feel comfortable with, consider avoiding market based decisions. However, if you need an exit strategy and want to minimize the risk of financial loss, contact Paige Slyman to get started with your customized real estate plan.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

27
Jan
12

Incentives for Buyers

When companies have excess inventory they usually market attractive incentives to allure prospective buyers to take the extra stock off of their hands. From time to time, Fannie Mae, Freddie Mac, HUD, and many other Banks use similar incentives to help push the inventory that has not moved off of their books. (In case you are unsure what Fannie Mae or Freddie Mac actually is, the elevator pitch version of what they do is as follows: they are government formed organizations that seek to help stabilize the real estate market and enable families across America buy a home, re-finance and avoid foreclosure.) If you want more information about these organizations you can find it at: http://www.freddiemac.com/  and http://www.fanniemae.com/.

Currently, both Fannie Mae and Freddie Mac are utilizing some very enticing incentives to help boost the real estate market and get excess inventory off of their books. In this week’s blog we want to go over a few notable opportunities you should know about.  

Homes for a Dollar?

HUD offers a “dollar homes” initiative that is designed to help local governments foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Think this sounds too good to be true? It’s not. This program encompasses single-family homes that are acquired by the Federal Housing Administration, which is a division of HUD as a result of foreclosure. Single-family properties are made available through the program whenever FHA is unable to sell the homes for six months. The program enables communities to fix up the homes and put them to good use while allowing for unbelievable price cuts. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area. The program is a win/win situation for all involved.

To find out if properties are available for sale in your community, call Paige Slyman today.

No Down Payment

In addition to the great incentives from HUD that buyers all over metro Atlanta can take advantage of, there are still ways to purchase a home with little money for a down payment. Paige Slyman is an expert in advising his clients on all of the great incentives that are currently being offered in the market. He has successfully guided many happy home owners in metro Atlanta in buying their dream home with little to no money down, and he can do the same for you.

In closing, there are a multitude of great opportunities for potential home owners or investors and they just need to know where to go to find them. As these lending programs constantly change, call Paige Slyman to guide you on the opportunities that best fit your needs. Constantly striving to be knowledgeable of the latest ways to purchase a home, Paige has become one of the most trusted metro Atlanta real estate resources over the last two decades.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

10
Jan
12

History of interest rates: Why Now is the Time to Buy

In an effort to boost the economy and help the struggling real estate market, mortgage rates have been slashed to an unprecedented 4% range. Seasoned real estate investors might re-call a time when rates this low were unfathomable while newer investors to the market might be taking this all-time low rate opportunity for granted.

In fact, mortgage rates had never gone below the 6% range until 2003 and as we approached the end of the last decade we experienced rates fall below 4% which was previously unthinkable in the real estate community.

Prior to the early 2000s, higher mortgage interest rates were a standard part of participating in the real estate market. Dating back to the 1970s, investors experienced rates in the 7% range and by the end of that decade rates averaged around 9%. The 1980s experienced interest rates as high as 19% during some parts of the decade. Comparing these figures to the 4% range today’s market is currently experiencing, it is hard to deny the facts, now is the perfect time to buy real estate.  

The 1990s brought more stability to the real estate market and interest rates leveled out and returned to a much lower 7% to 9% throughout the decade. As we entered the middle of the first decade in the millennium the market took a dramatic shift and saw interest rates plummet to below 5%.

In closing, with mortgage rates being at an all time low, it could be very beneficial to jump on the real estate investment bandwagon and take advantage of the historically low rates while you can. As history has shown us, we have not seen the last of high interest rates and it is only a matter of time before this golden opportunity will be gone. Contact Paige Slyman today to learn more about metro Atlanta real estate and how he can guide you into your dream home or the perfect investment property.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

05
Jan
12

Metro Atlanta Demand for Home Rentals Skyrocket, Leads to Increased Opportunities for Real Estate Investors

As the real estate market in Metro Atlanta finds its new identity from the aftermath of the market crash during the first decade of this century, one thing is for certain, anyone having a tough time selling their home or looking to re-build their wealth and profit in an unstable economy should consider investing in real estate for the purpose of property management. In fact, with it becoming increasingly harder for home buyers to get approved on mortgage loans, more and more metro Atlanta families are being force to rent rather than purchase. The result is an increased rental market rate, which in turn, means more money and less competition for property owners with real estate on the rental market.

Property management has become a viable and often times very lucrative option to spending an extensive amount of time attempting to sell with no success.

Paige Slyman has been counseling real estate investors with the purpose of property management for the better part of 20 years. Once he helps his clients find the perfect rental property, Paige also offers his clients first class property management services. Blending his extensive knowledge and expertise of rental rates in and around all of metro Atlanta, costs associated with property management and what his client’s actual mortgage will be each month, Paige has helped hundreds of clients find a home that will not only allow them to profit each month, but eventually profit when ready to sell.

In closing, as the metro Atlanta real estate market works to re-build its housing market, property management is the answer for many investors and home owners struggling to sell their home. Paige Slyman is in expert in advising his clients in the property management process as well as investing in real estate for the same reason. Call him today to determine if property management is the right solution for you and your family.

Contact Paige Slyman for all of your real estate needs at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

29
Dec
11

New Year and New Paige Slyman Website

As we bring an official close to 2011, Slyman Real Estate is looking forward to starting 2012 with a new website which can be found at http://paigeslyman.com/. Our goal was to create a site that truly reflected the Slyman Real Estate brand and could be used as a valuable resource for metro Atlantans in their quest to buy or sell real estate.

As millions of Americans vow to make New Year resolutions, Paige Slyman wanted to take the start of 2012 as a way to enhance his already legendary client service that the metro Atlanta real estate community has grown to know and love. The first step in that enhancement process was to re-haul the Paige Slyman website. Our second goal is to create even more innovative and informative blogs. If you have questions or topics that you would like for us to write about, please email them to us and we will be happy to address it in future blog posts.

Slyman Real Estate is built on a foundation of trust and loyalty. We strive to create an environment and relationship with our clients that are not only transparent, but also consultative and educational in nature. We want our clients to feel fully informed about their real estate buying or selling process… and we believe the first step in fostering that type of relationship is a website that easy, functional and informative.

In closing, we would like to personally thank our supporters and past, present and future clients. It is our clients that have made us the company that we are today and we are truly grateful for that. 2011 was an amazing year for us and we look forward to an even more successful and happy year in 2012 and we wish you the same sucess.

 

Give us a call at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.