Gorgeous one of a kind home in Ormewood Park! House is modern with great bright light and top-of-the-line interiors.  3 bedrooms & 2 baths. Want to know more?  Contact us for more details!

Atlanta Sellers – Buy Owner - the do it yourself listing company is looking for a buyer.  They have recently filed for bankruptcy and looking to sell their assets.   It is not surprising in the recent housing market that Buy Owner would not be able to survive.  You need more than just a yard sign, lockbox and presence in the FMLS to sell your house.   You need hands on contact with an agent who can market and promote your house along with keeping you informed of the current market conditions and how they impact your home sale.  Many homeowners are now facing the reality of needing to sell and dealing with their home value being less than what they owe.  Ouch.  Find an agent who can SELL your house – not just list it.  It could be that you need to do a short sale and more than anything – you want someone to handle the transaction for you.  It’s called a Buyers Market for a reason!

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.

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.

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.

The NAR – National Association of Realtors – announced the pending home sales show an uptrend for the past four consecutive months.  They attribute favorable housing affordability and 1st time buyer tax credits as boosting the latest survey.  The June Pending Homes Sales Index increased 0.1% to 90.7%.   The last time there were four consecutive monthly gains was in October 2004.    Closed existing-home sales are improving but they are coming in lower than expected because of delayed closings or falling through due to financing qualifications or road blocks with the new appraisal rules in place.   According to Lawrence Yun, NAR chief economist, “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards.  Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy”.

Today’s post comes from my friends at Eric & Adam at  KronbergWall .  They are architects and fellow eco enthusiasts.  They can help you with your home designs and renovations. 

The recently signed American Recovery and Reinvestment Act of 2009 makes federal energy efficiency tax credits available for your home renovations if you make them in 2009 and 2010.

Specific types of high efficiency furnaces, air conditioners, and tankless gas water heaters qualify. Certain energy efficient doors, windows, roofing, and insulation also qualify. You are eligible to receive a credit for these upgrades if they are installed in existing homes that are primary residences. The tax credit has been raised to 30% of cost up to a total credit of $1500.

There are even greater tax credit opportunities for solar water heaters, geothermal systems, and photovoltaic systems. You can receive a tax credit of up to 30% of the total cost of these systems, and it is not limited to the $1500 cap. In addition to existing primary residences, the credit is also available for vacation homes, rentals, and new construction.

Eric Kronberg, AIA, LEED AP
Adam Wall, AIA, LEED AP

FMLS Area Codes for Intown

If you don’t see your neighborhood ~ let me know.  Some neighborhoods may appear in 2 different areas.

Top Economists Say Recovery Has Begun
Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com.

Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.

“We’re starting to see some pent-up demand for goods,” he says.

But Zandi warns that the situation is still fragile. “Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly.”

Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. “You’ve lost 5 million jobs. It shouldn’t be hard to put 2.5 million jobs back on rather quickly after you hit bottom,” he said.

Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama’s stimulus package takes effect, the economy will be ready, he says.

“The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline,” he said.

Source: CNNMoney, Chris Isidore (04/06/2009)