Renovated Inman Park Bungalow :: 1069 Colquitt Ave :: Intown Atlanta LIving
Porch LIfe :: 1069 Colquitt Avenue :: Inman Park Bungalow
1069 Colquitt :: Living Room :: Intown Atlanta Living
Renovated Kitchen :: 1069 Colquitt Avenue :: Intown Atlanta Living
Den open to Kitchen :: 1069 Colquitt Avenue :: Intown Atlanta Living
Inman Park Bungalow Home for Sale | 1069 Colquitt Avenue | Atlanta, GA 30307.
This 1920's bungalow has all of the period charm combined with updated kitchen and bathrooms. A beautiful front yard with professional landscaping welcomes you to the large front porch which is the perfect spot to sit and visit with the neighbors. Home features an entry way into a large living room with one of three decorative fireplaces in the home. Floors on the main level are heart of pine hardwoods and the ceiling height is 9'+. There is a front living space - perfect library or music room or office! The room has amazing light and a beautiful bay window and a fireplace. The dining room is large and opens to the living room and the library. There is a beautiful butler's pantry opening to an amazing renovated kitchen. There is a large laundry room with storage. The kitchen has been renovated and has amazing light with great design for multiple cooks. The countertop is marble and the backsplash is a stainless steel. Jen Air gas range is not only beautiful but great to cook on! The kitchen has a built in wine rack and a huge bar that seats 3-4 people. The den is the perfect spot to watch football. The home opens to a large rear deck and access to the back yard and parking. There are 2 bedrooms including the master on the main floor. The master suite is large and has a charming bathroom with great light - skylight - and separate shower and claw foot tub. Walk in closet has great built-in's for maiming the space. The second bedroom also features walk in closet with built-in organization. Upstairs there is a 3rd bedroom. There is great storage and space for a bathroom. Presently upstairs uses a window unit but the room could easily have a unit of it's own. Parking for the home is off of an alley way (on Sinclair Avenue) and features an automatic gate. There is parking for 2 cars and a car port.
Looking for more pictures of this Inman Park Bungalow? 1069 Colquitt Avenue, Atlanta, GA 30307 You Tube Video1069 Colquitt Avenue, Atlanta, GA 30307 Virtual TourMary Lin Elementary | Inman Middle School | Grady High School | Inman Park Neighborhood Association | Inman Park PoolSearch for Homes For Sale In Inman ParkWhat's my Home Worth?Market Stats for 30307
Mortgage interest rates are on the rise. In the past few weeks, interest rates have ticked upwards. The raise in the interet rates hurt for sure: it reduces the amount of house many buyers can afford. My buyers and have sellers have felt the sting. Reality is that we had historically LOW interest interest rates and they couldn't last forever below 4%.
So where are they going? And how is the real estate market going to be impacted?
Lawrence Yun, the chief economist of the National Associaton of Realtors, had the following points:
Anticipates hitting 5% by mid year 2014 & may climb higher in 2015
improvements in underwriting loans as they return to less restrictive requirements
Yun estimates that 15-20% MORE households are qualifying for safe, affordable mortgages with conventional financing (Loans up to $417,000) with credit scores of 720 or above. (In recent years the credit score needed to be 760-770)
FHA Loans - credit scores of 660 (prevously was 680-700)
Freddie Mac & Fannie Mae have greatly improved their performance & are starting to turn profits. Hopefully once they have repaid tax payer funds they will reduce some of these fees
It's important to remember as mortgage interest rates rise, they are still low and it is a great time to buy a home.
The year to date numbers for sales are out for June 2013 from the First Multiple Listing Service (FMLS). There has been a continued increase in the average sales prices while the active inventory & sales have continued decline. The average sales price for single family homes has increased 29% comparing YTD June 2013 to YTD June 2012. For the same time period - attached homes have increased 30%. Year to date sales for June 2013 vs same time period in 2012 - single family homes have decreased 4% an attached homes have decreased by 1%. Active inventory has decreased 34% for attached homes and 17% for single family homes.
I am not surprised one bit at the increase in average sales prices. Limited availabilty of homes for sale coupled with a high demand of buyers has brought us multiple offers. We have been seeing multiple offers since Late 2012 many of them going over the asking price to win the home. Multiple offers are great for sellers because they can choose their highest and best offer. Multiple Offers can be frustrating for the buyers because a great bid - even one over asking price doesn't always yield the win and that is always frustrating.
One HUGE point needs to be said about the above numbers. The stats above all include homes listed and sold through the FMLS. In the past 8 to 9 months - many homes have never made it to the FMLS which would be an argument for higher sales than reported above. It is common in new construction for homes to not be reported to FMLS.
The Metro Atlanta real estate market continues to be on fire. Inventory remains low and buyers are buying. We've been experiencing multiple offers and properties in these cases, often sell OVER asking price.
Comparison of Average Sales Price:
Single Family Homes - $201,653 Feb 2013 vs. $152,317 Feb 2012
Condos/Townhomes - $164,647 Feb 2013 vs $120,977 Feb 2012
Inventory Levels for ALL property types:
Feb 2013 - 24,026 vs. Feb 2012 - 35,773
It is a GREAT time to sell. Inventory levels are LOW and buyers are BUYING. Even if you have tried to sell in the past 12 months, the market has changed and properties are selling. If you are interested in selling - call 404-604-3170 and let's talk. And even if you are just curious about the market - let's talk!
ZIP CODES - Curious as to what is happening in your zip code? Stats for select zip codes:
30305 3030630307303083030930312 3003030032Want to Sell Your Home? Want to Buy A home?Intown Atlanta Living | Leigh Hays, Realtor - Experienced in Intown Atlanta Sales Since 1996
The Atlanta Business Chronical recently published the 2012 top 130 ZIP codes by average sales price. The data is for single family homes only and generated by RealValuator/Bridge Interactive Group, LLC. According to ChartMaster Services which pulls data from the First Multiple listing in Metro Atlanta the median sales price for the end of 2012 was $179,900.
Is a distressed property the right deal for you?
If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:
Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.
Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.
As of today June 2, 2010 - 30 year fixed interest rates are 4.625% (conforming loans), 4.5% for FHA and 5.625% for jumbo loans. Interest Rates are courtesy of SunTrust, Laura Joines.
You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.
Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.
Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property, email me!
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.
