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May 2023 | What's in this issue? >> 6 TOPICS SELLERS MUST DISCLOSE TO BUYERS >> HOW ARE RISING INTEREST RATES AFFECTING BUYERS & SELLERS? >> 5 TOP KITCHEN TRENDS FOR 2023
6 Topics Sellers Must Disclose to Buyers If you’re putting your home or property on the market, you might be aware of certain details that could slow or stop a potential sale. You may be hesitant to bring up such issues with buyers, but failing to disclose key info in accordance with legal requirements could leave you open to fines or lawsuits. As such, sellers should check with their local and state planning departments (and/or real estate attorneys) for clarity on how transparent they must be. A short list of issues to vet: History of contamination. That may include hazardous or toxic waste; asbestos; urea-formaldehyde insulation; radon gas; lead-based paint and meth production plus nature-centered issues like termite infestation. Record of problems and repairs. Consider plumbing and HVAC issues; leaks; water damage; mold; roof defects; foundation cracks; structural issues and septic or sewer issues. Area nuisances. This may include annoyances such as noises, odors or smoke as well as commercial, industrial, agricultural or military operations (airports, shooting ranges, landfills, hog farms, etc.) that could affect quality of life. Risk of natural disasters. Some states vet for risk of earthquake, landslide, land settlement, floods, etc. Death(s) in the home. Some states require disclosure of onsite deaths if they’re linked with violence or onsite safety — or, if the property has been stigmatized accordingly. Items you plan to take. You likely need to stipulate if you’re removing items that may seem permanent such as appliances, blinds or lighting fixtures.
**Georgia is a Buyer Beware state. So some of these items are listed on the Seller's Property Disclosure Statement, but not all. For more information on this, you can email me at spatrick@youneedresults.com.
How are Rising Interest Rates Affecting Buyers and Sellers?
Economists generally agree that interest rates are likely to continue to increase over 2023, with some predicting averages as high as 8.25% and 8.75% for 15- and 30-year mortgages, respectively. Some predict drops to as low as 5% again by year’s end depending on inflation, threat of recession, geopolitical concerns, etc.
Either way, mortgage applications are already down and home sales are likely to drop at least temporarily this year.
Home buyers — even those with ideal borrowing profiles — may find the added fees are making once-affordable homes unaffordable. They may need to redefine their maximum down payments and monthly payments and avoid fixed mortgages until rates lower.
Even with the current low inventory, many sellers can expect demand to drop as buyers shy away from the boosted rates. Some sellers will be slow to adapt and negotiate lower prices, causing homes to stay on the market longer than in the recent past. Prices aren’t expected to significantly rise in 2023, according to a recent Forbes report.
The same report predicts consumers will become more confident about buying in 2024, pending improvements to inflation and the overall economy.
5 Top Kitchen Trends for 2023
Minimized (or no) upper cabinetry
Two islands for added gathering/entertainment space
Hand-painted patterned floors
Stone or marble wrapped around countertops and backsplashes
Designated bar areas
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