November 2009

Georgia Ranked in Top 10 of Best Business States

Forbes rated the top States for Business and Georgia ranked #6.  Despite the economic woes we are feeling – this is great news and will hopefully lead to more businesses finding their way to our state.  And certainly some positive news for Georgia.

Forbes used several different sources and based their rankings on 6 different categories.  The Forbes article is here and has the details on the category rankings and the sources used to gather the information.

Federal Housing Tax Credit – 2009/2010

Great news for buyers and sellers!  The Federal Housing Tax Credit has been amended and extended.   In addition to credits for first time buyers, there is also now a credit for move-up buyers.

FIRST TIME HOME BUYER CREDIT:

• $8,000 tax credit for first time buyers – which is defined by IRS as someone who hasn’t owned a principal residence during the three years prior to this purchse.
• Tax credit is up to 10% of the home’s purchase price – maximum of $8,000.
• Home price must be less than $800,000 sales price.
• Applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However – if binding agreement is reached on April 30, 2010 – you just have to close by June 30, 2010 to be eligible.
• For homes purchased after November 6, 2009 and by April 30, 2010 – the income has been increased to single filers at $125,000 and married couples filing jointly at $225,000 to qualify for the full tax credit.

MOVE-UP BUYERS:

• To be eligible to claim the tax credit – buyers must have owned and lived in previous home for 5 consecutive years out of the last 8 years.
• Tax credit doesn’t have to be repaid
• Tax credit is equal to 10% of the sales purchase price up to $6,500
• Tax credit applies to homes with purchase prices of $800,000 or less
• Applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However – if binding agreement is reached on April 30, 2010 – you just have to close by June 30, 2010 to be eligible.
• For homes purchased after November 6, 2009 and by April 30, 2010 – the income has been increased to single filers at $125,000 and married couples filing jointly at $225,000 to qualify for the full tax credit

This should help continue to move inventory along with the great low interest rates.  And if you are selling your home – this will also help open doors to buyers who might need just a bit more incentive to buy!  As always – contact me if you have any questions or are interested in buying or selling!

You can visit the Federal Housing Tax Credit site here.

3859 Peachtree Dunwoody Rd – NEW LISTING

NEW Listing – 3859 Peachtree Dunwoody – in Buckhead.  Renovated and ready for move-in!  Home is listed for $499,000  $485,000 and is an amazing value.  Open floor plan with 4 beds, 3.5 baths – plus office/sundroom or 5th bedroom & basement den.  Home has new baths & new kitchen – including stained wood cabinets, granite counter tops, tile back splash& stainless steel appliances.  Large master bedroom with sitting room.  Home sits on a wooded lot and has a huge rear deck.     Click here for Virtual Tour.