Real Estate

3928 Locklear Way, Atlanta, GA - Open House

Open house today - from 2pm to 4pm.  3928 Locklear Way in the Lockridge Forest subdivision off of Winter’s Chapel.  Great neighborhood with great swim and tennis.   Home has been well maintained and has an amazing sun room and yard.  Virtual Tour for home - 3928 Locklear Way.

Existing Sales - November 2009

South is definitely seeing some improvement and movement in the market.  While we will have to wait a few more weeks for the December 2009 numbers - what will be more important is the cumulative numbers for the year 2009.The following information is provided by NAR in their November 2009 update.  Data was released at the end of December.   The data is for resales. Regional Sales by Price
Existing Single Family Homes
November 2009
% Change in Sales from 1 Year Ago
Region	$0-100K	$100-250K	$250-500K	$500-750K	$750K-1M	$1M+
Northeast	29.1%	75.3%	50.5%	31.7%	9.4%	30.2%
Midwest	44.0%	70.0%	47.6%	29.9%	10.7%	-13.1%
South	24.5%	53.6%	37.9%	55.2%	60.6%	28.4%
West	28.9%	46.8%	24.3%	35.9%	58.2%	64.2%
U.S.	32.4%	60.0%	38.8%	38.2%	40.7%	39.0%
Sales Distribution
Region	$0-100K	$100-250K	$250-500K	$500-750K	$750-1M	$1M+
U.S.	20.8%	49.8%	22.1%	5.0%	1.2%	1.1%

Cash Buyers Creating Bidding Wars

We saw this quite a bit in 2009 here in Atlanta - foreclosed properties receiving multiple bids.  The winners of the bids are often cash offers from investors leaving would be homeowners scratching their heads wondering how to win the bid.   Here is a great article from the Washington Post about Cash Buyers Triggering Bidding Wars.   

There are some great options for folks looking to buy and live in the home - such as the HUD programs which allow for owner occupied bids over investor bids for the first 2 weeks of property being listed.  The catch on some of these homes is the bidder needs cash to cover any overages and/or closing costs. 

I had a client this past fall who successful outbid the other offers on the table with a financing contingency.  We went over on the asking price but he has moved in and has a great house in a great area.  And though he paid over the asking price, the house was still below what has sold in the area and needed minimal repairs.

Remember the tax buyer credit is still out there!

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.

Economists Predict Atlanta as Place for Home Prices to Increase!

Moody’s economists report to Forbes.com the recovery of the real estate market.   Some analysts are predicting the National market to hit bottom by mid 2010.   Predictions indicate that from 2009 to 2014 - an 11.35% increase in prices.  Good news indeed!   It is a great time to buy with LOW interest rates and LOW prices.

Here is the full Forbes.com article.

Check House After Rain

It is a good idea to walk your property after heavy rains especially if you just moved in and are getting to know your house.  If you have lived in your house for years ~ it is still a good practice to get into.  Most leaks can be quickly and afford-ably repaired; it’s those that you don’t know about that can cause a problem over time.

ATTIC - Take a few minutes and look around in the attic to see if you see any water stains.  Pay attention to areas where vents cut through the roof and around the chimney. 

HOUSE - look in rooms/closets and places you might not always go into.    Windows and doorways are another place to check.

CRAWL SPACES & BASEMENTS  - Look in your crawl space & basements to see if you have any areas that have water in them.  If you have water in your crawl space/basements - you will want to get it out as soon as you can.  Sump pumps are affordable and easy to use solution. 

EXTERIOR PERIMETER - Walk around your house after a rain.  If you have had problems or suspect there might be a problem with water entering the crawl space/basement - you might be able to identify the problem.    Water often shows up one place but enters from another spot.   If you are having drainage problems or water pooling in your yard - you can often see the path the water is traveling right a rain - or if you are brave enough - walk the yard while it is raining and watch where the water is flowing.

4.75% - 30yr Fixed Interest Rates!

Interest rates popped down to 4.75% yesterday for 30 year fixed conforming loans!   WOW!  Great time to buy - lower purchase prices - low interest rates!  AND if you are a first time buyer or haven’t owned primary house in past 3 years - you may be eligible for $8,000 tax credit if you close by 11.30.09!

Email me with questions and for more information!

July Homes Sales Rise 7.2%

The National Association of Realtors said today that home sales rose 7.2% to a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June.   It was the 4th straight monthly increase and the highest level of sales since August 2007.   Sales had been expected to rise to annual pace of 5 million, according to surveyed economists.  July’s increase to 5.24 million was higher than anticipated. ”The housing market, with today’s strong rise in sales, has decisively turned for the better,” said Lawrence Yun, the chief economist for the National Association of Realtors.

National the median sales price is down by 15 percent to $178,400.   Sales of foreclosures & distressed properties make up about a third of all transactions in July which is down from half of all transactions from earlier this year.   In several markets across the US - buyers are purchasing foreclosed properties at deep discounts.   

The tax credit for first time buyers - also seems to have helped sales.   In order to qualify for the First-time buyer tax credit - homes must be CLOSED by November 30, 2009.    The tax credit is for 10% of the purchase price upt to a maximum of $8,000.   And while it is billed for the first time buyers - you may qualify if you haven’t owned a primary property for the past 3 years.   

The 9.4-month supply of current inventory at the current sales pace is unchanged from June.

Bernanke says US Economy on the Verge of Recovery

At the annual Federal Reserve conference in Jackson Hole, Wyoming, Federal Reserve Chairman Ben Bernanke says the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession.  Bernanke said that   economic activity in both the U.S. and around the world appears to be “leveling out,” and “the prospects for a return to growth in the near term appear good.”   

~sourced AJC.com

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