Real Estate Q&A

Staci Donegan, an Associate Broker and top Savannah, Georgia real estate agent at Seabolt Real Estate, is honored to share her best tips for navigating Savannah’s real estate market. Whether you’re a first-time buyer or an experienced homeowner looking to get the most out of the sale of your house, Staci has market-tested advice that can help you avoid common mistakes and enjoy seamless closings.

Q. What is the difference between a buyer’s market and a seller’s market?
A. In real estate, the difference between a buyer’s market and a seller’s market is who benefits from the current real estate economy — those who are looking to buy or sell a home. A balanced market should have 6 months of inventory.

When there is higher inventory, it’s a buyer’s market because buyers benefit when there are more homes listed for sale than consumers looking to purchase a home. A seller’s market is the exact opposite. When inventory dips below 6 months, that means there are typically more buyers than there are properties available for sale. Because the low supply cannot meet the high demand, sellers have the advantage as buyers have to make quick decisions and be willing to pay more.

The National Association of Realtors encourages prospective buyers and sellers to carefully study “the pace of sales, how many homes are available and how close the sale price of a home was to its listing price.”

Q. What can I do to increase the value of my home before putting it on the market?
A. From major renovations to minor updates, there are many ways to increase the value of your home, including:

1. Boost Curb Appeal — Curb appeal is the first thing potential buyers evaluate when they look at your home, either online or in-person. One of the keys to achieving great curb appeal is through landscaping, such as a well-maintained yard, beautiful flower beds or trees and shrubs that frame your home. Beyond landscaping, additional value-enhancing projects include pressure-washing your driveway, adding a new coat of paint to the exterior of your home and ensuring that your home looks neat, clean and sharp.
   
   
2. Renovate Kitchens and Bathrooms — The two rooms in your home with the highest return on investment are the kitchen and the bathrooms. In the kitchen, consider upgrading to stainless steel appliances and adding sleek granite or quartz countertops. Never underestimate the power of freshly painted cabinets and new hardware. For baths, it’s vital for the space to feel fresh, clean and inviting. New tile, fixtures, lighting and vanities can transform a bathroom, providing upgrades that are desirable for today’s buyers.
   
   
3. Create More Space — Everyone is looking for more space, more storage and more room. The easiest and most cost-effective way to create space is by decluttering and organizing your home. You might also consider finishing an attic, enclosing the garage or adding a screened-in porch. Homes with an open-floor plan create more space by seamlessly flowing from one room to the next. Regardless of the original floor plan of your home, you can adopt an open-floor plan by removing non-loadbearing interior walls, offering open floor plans that appeal to today’s buyers.

Q. What advice would you give first-time home buyers?
A. I always advise first-time homeowners to get pre-approved for a mortgage before they start looking at properties and to set a budget in advance that allows them to live comfortably within their means and to absorb unexpected costs, such as a new HVAC unit or a roof repair.

I encourage first-time home buyers to make a list of non-negotiable, must-have features as well as what they would like, but could live without. It’s unlikely you will find everything you are looking for in your first home, so it's important to keep an open mind to the long-term potential of a property. I love working with first-time home buyers because it’s truly an honor to be part of one of the biggest decisions of their lives.

Q. What are a few things to consider before buying a historic home?
A. Buying a historic home, such as a Georgian, Federal, Regency, Greek Revival or Victorian-style home in Savannah’s National Historic Landmark District, is quite different from buying a new home. Those who purchase historic homes are more than homeowners. They’re caretakers of a piece of history that will require ongoing maintenance to maintain its beauty and integrity over time.

It's smart to plan in advance for anticipated costs like exterior painting, roof repairs, and electrical and plumbing system updates. Historic homes are a labor of love, as the insurance and necessary expenses can be more than the typical upkeep of a home built within the last several years.

If you're buying a home in the Landmark District, any modifications you make to the exterior of your home will require Historic District Board of Review (HDBR) approval, from changing the paint color to adding privacy fencing. If you're interested in purchasing a historic home in Savannah, work with a real estate professional who is experienced in selling historic property and can help guide you through this rewarding process.