-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/94SAA
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer in Atlanta in this first segment, we've got the Metro Atlanta. Residential real estate update for the last seven days in our, something you should know about Atlanta Segment. We're gonna talk about the Metro Atlanta Parade of Homes.
I didn't even realize we still had a parade of homes. And you're self-employed and trying to buy a house. How in the world do you get it financed? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners. Our mission is to help. Go from real estate novices to experts.
So home selling and buying can be done with total confidence and without all the worry that's typical with life's biggest investments. We don't want you to learn anything at closing or after that you should have learned before. Don't forget, we want to connect. It's easy. Go to go GA us radio.com, G O G A D D I S radio.com.
You can ask. That we answer off air or on air. You can make comments, you can push back or challenge any of the things we say on the show. You can share your ideas with us. You can request your neighborhood be featured in our neighborhood spotlight, and we have a very special neighborhood spotlight in the fourth segment of this show.
Not even a neighborhood, but all of the properties that have sold on Lake Lanier are being featured in our neighborhood. Snap spotlight and you can also subscribe to our podcast. We're available on every major podcasting platform. Just go to whatever your favorite, you can go to. Go get us radio.com, click on podcast, and it'll take you to whatever your favorite podcasting platform is.
We would love for you to be a podcast subscriber. Without further ado, let's walk into or move into the metro Atlanta residential real estate update for the last seven days. There have been 1,386 new listings while about 24 less homes went under contract at 1,362 homes, so 1386 flowing into the market.
1,362 being put under contract by a buyer here in metro Atlanta. In the last seven days, there were 100, excuse me, 1,157 closings for the week. And there were 813 homes with a price decrease. I know some of you are out looking for homes every weekend or maybe even several times during the week, and you're starting to make offers and you're realizing that multiple offers are back again, which is true.
Um, and you might be feeling left out, might be feeling, there's not really an opportunity for you as a buyer to be able to negotiate in good faith with a seller or have a seller who's. Willing to have a discussion with you about coming to terms that work for you and for them. Well, there is 813 people 18.
813 homeowners in metro Atlanta who raised their hand over the last week and said, Hey, I am more motivated. I am more eager to sell my home this week than I was last week. And it could be that you need to have your real estate agent if you're out there searching, looked by geographic areas, but also give you a list of all homes.
Number one, have a price decrease because certainly that's an indication of seller motivation. Number two, homes, maybe they've been on the market longer than average, and I would say that number I would use today would be 30 days. So homes that were listed for 45 days, the seller might be more motivated and I would also look for homes that went off the market and then the contract fell through and they came back on the market.
Cuz typically those sellers are fairly motivated as well. Certainly can't promise you. That if you make an offer on a home that fits one of those categories, that the seller is gonna be willing to negotiate with you or take a steep discount, but they might be, it's certainly a better place to focus than just focusing in the general pond of listings.
If you have just joined us, you're listening to Go Gaddis Real Estate Radio right here on AM nine 20. The answer, I'm Cleve Gads. In addition to being the host of this show, and we've been on the air in Metro Atlanta for, uh, 10 years now, uh, on two or three different stations. This is our 500th and something show.
Uh, so we've been on air a long time. But in addition to being the host of this show, I'm also a full-time real estate agent and broker with a team full of agents helping buyers, sellers, investors, and landlords make the best decisions when buying, selling, or investing in real estate anywhere in metro Atlanta.
I've been in business for 22 years myself. My family's been in business about 37 years. We live, eat, breathe, and sleep real estate. If you wanna reach me, it is easy. Call 7 7 0 4 9 7. 0, 0, 0 0 or go to go gadi radio.com. G O G A D D I S radio.com and are something you should know about Metro Atlanta. The Metro Atlanta Parade of Homes.
Let's tell you a little bit about it. This is the largest spring showcase of homes in Metro Atlantis, the parade of homes, and it returns to. The delight and enthusiasm of Atlanta real estate agents and home buyers. It takes place over the course of three weekends. Those three weekends are April the 22nd and 23rd, April the 29th, and the 30th and May 6th.
And May 7th. The times are Saturdays 11:00 AM to 5:00 PM and Sundays 1:00 PM to 5:00 PM It's a free self-guided tour. Now, I looked for a list of the homes that are available on the tour, and I don't believe that that list has been published yet. If you want more information, you can just look up Atlanta Parade of Homes on Google, or you can just go to atl homes parade.com.
Again, that's a TL. Homes parade.com. That is the official, uh, tour of Homes website. And my guess is what's gonna happen is as the self-guided tour, and I assume self-guided, you get your list and you go to the first one, the second one, third one, you drive your car, you go take a tour. My guess is they're dispersed throughout Atlanta.
I remember we used to do a parade of homes and you'd have four or five or six on the same street. I don't think it's happening that way this year. And you can go on your. Time and tour those homes, and it's probably a really good investment of time. Every home in the parade is constructed by either a member, a builder member of the Greater Atlanta Home Builders Association, or another charter association under the National Association of Home Builders.
Some of the builders that are participating in Atlanta this year. David Weekly Home Smith, Douglas Meritage, Adams Homes, and the JW Collection. Uh, I think it's something that I might try to figure out how to get out and take a look at a few homes. Uh, the sponsor of this, the title sponsor. Is it says, excuse me, Palo Window and Door has already secured the role of Title sponsor.
So thanks to them and two 10 Home Buyers Warranty is serving as a silver sponsor. Again, you want more information? Go to atl homes parade.com. ATL homes parade.com. Are you self-employed? Are you hoping to buy your first home or maybe hoping to buy your next home? And you're wondering if you can even get financing Are.
Having anxiety that you may or may not be approved over whether or not you may or may not be approved. Well, Harold and Sherry and Peachtree Corners submitted a question. They said, we've been self-employed for several years and we've been saving for our first home. What steps should we take to get approved?
And I think what's important is for you to understand the difference in getting a. As a self-employed borrower and a borrower that actually has a job where you get paid by someone else, and I'm not saying by the way that you self-employed people don't have a job. What I'm saying is that if you're self-employed, you work for yourself.
You make your own rules, you make your own decisions. Others that have a J o B, they tend to. Follow others' instructions. So if you're self-employed, um, does that mean that you can't qualify for a mortgage? The difference really is, is the mortgage process for someone who's self-employed and someone who is employed, uh, is really in the documentation.
Uh, so even though you're buying a home as a self-employed person, it will be the same. The mortgage process will be the same. You'll get a rate quote, you'll apply for the loan, you'll work out the best terms for you and your lender, and then like any other borrower, In the United States, you'll have to prove that you can pay for the home.
And so the key difference is in the documentation you provide to establish your employment and your debt to income ratio. People who work for employees submit a copy of their w2, typically the last two pay stubs in the last two years worth of W two s. And for a self-employed borrower, you will give a copy of your last two years tax returns.
They will also more than likely ask for. Profit and loss on your business for the last two years, and depending upon how far you are into the year, they might ask for another copy. For this year to date, they are asking you to verify your income. The credit standards are the same. Debt to income ratios can be a little bit different.
Uh, in it from an underwriting standpoint, when you are trying to qualify to buy a home, most lenders, uh, again, as I mentioned just a minute ago, will ask you to provide a year-to-date, profit and loss statement, maybe even one for the last couple of years. They're also gonna wanna source your funds, so they're gonna wanna see bank statements for the last couple of months.
If you're self-employed, in many cases, you leave a lot of your money over in your business, and that money needs to be in your personal account and seasoned. And when I say seasoned, Meaning it needs to be in your account for 60 days. If it's in the account for less than 60 days, the lender is gonna want to dig into where it came from.
I think that all stems from money, anti anti-money laundering laws, uh, in the us. But you can't just put money in an account one day and buy home two or three days later for self-employed borrowers who are worried as to whether or not. Might be able to qualify. Number one, make sure you're building up your credit score.
What does it need to be? A lender would have to tell you that exact number, but I would say you need to be at six 40, uh, six 20, certainly six 80 or seven 20 for the best rates. If your debt to income. Ratio is off, then you need to think about reducing your debt. Hopefully you have the ability to do that.
Also, if you're having trouble qualifying, in many cases, self-employed people is not the cash down payment. That's a problem. And sometimes if you paid twice as much down as you plan to, so you paid 60,000 instead of 30,000. That might a dif might make a difference in whether or not you actually qualify for the home.
If you have any questions about buying as a self-employed borrower, 7 7 0 4 9 7 0 0 0 0. This segment of the show is brought to you by John Birchfield and Capital City Home Loans. John makes it his mission to guide each home buyer step by step through the entire loan process so they are educated and can be confident in the mortgage options available.
He can rere by calling six seven. 2, 2, 6, 7, 8, 8, 7. One more time. 6, 7, 8. 2 2, 6, 7, 8, 8 7. If you're looking to sell your home anytime in the next six months, believe it or not, we believe we can sell your home for $28,000 more than your neighbor. If you are listening to this and you know that you're thinking about selling your home, I would encourage you.
To go to go gaddis radio.com. That's G O G A D D I S radio.com. Click on sale for $28,000 more. It'll take you less than 30 seconds. Put in a little information and sort of gimme the challenge. You say, Cleve, you say You can sell my home for $28,000 more. Prove it, and I'll come out, no cost, no obligation, and have a conversation with you about selling your home for $28,000 more than your neighbor.
We're gonna take a quick. When we come back, floods and fires and snowstorms and tornadoes and home insurance claims. Stick with us. We'll be back.