Real Estate
Two great listings - just had price reductions!
Lockridge Forest home is now $239,900!
Peachtree Dunwoody Home in Buckhead is now $485,000!
There is still time to buy home and take advantage of the tax credits for buyers!
Home Buying Tax Credits end April 2010.
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The NAR announced on 1.5.2010 that the pending home sales index fell in November 2009 from previous month but remains above last year's numbers. In October 2009 the pending sales index (forward looking indicator based on contracts signed for the month) was 114.3%. November 2009 saw the number falling 16% to 96%. Nov 2009 - 96% is still higher than Nov 2008's 83.1%.
The October 2009 surge benefited from the last push for the first time buyer tax credit. With the extension of the first time buyers tax credit and the addition of the buying tax credit for other qualifying buyers and the low interest rates - we will hopefully see a surge in 2010's number.
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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 |
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| % 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% |
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| 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% |
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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!
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.
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.
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.
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!
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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.
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