May 2009

Governor Perdue Signs Additional $1,800 Tax Credit for Georgia Buyers

Wednesday, May 27th, 2009 at 1:04am. 384 Views, 0 Comments.

Just when it seemed like the flow of government incentives for home buyers was starting to slow down, Governor Sonny Perdue signed into law a new bill authorizing an additional $1,800 tax credit for Georgia home buyers.

By now we’ve all heard about President Obama’s $8,000 Federal Tax Credit for first time home buyers, but the Governor’s latest action applies to anyone purchasing a distressed home in the state of Georgia. This could be a single family home, condominium or townhouse so long as the property was in default or foreclosure prior to March 1, 2009. If the purchase price is under $150,000 then up to 1.2% of sales price will be credited instead of the full $1,800.

The incentives won’t last long though as a time frame of June 1st to November 30th…

Ansley Park Cottage is Home of the Day

Tuesday, May 19th, 2009 at 10:07pm. 339 Views, 0 Comments.

Carefully tucked among the trees of Ansley Park is today’s featured home of the day. With Japanese Maples adorning the front yard, wide Doric columns accenting the front entrance and a private waterfall running along your custom flagstone walkway, this 1920’s Cottage style home redefines the term “curb appeal”.

As you enter through one of 3 sets of French doors, the interior architecture has clearly been well considered. Sun filled bay windows and pendent lights accent the refinished ginger color hardwoods and tastefully customized gourmet kitchen.

The master suite includes a cathedral ceiling, 2 tree filled dormer windows and custom cabinetry while the master bath is complete with marble tiles, frameless shower and separate whirlpool tub.

Behind the…

Buyer Question: What exactly is a short sale?

Thursday, May 14th, 2009 at 1:35am. 364 Views, 0 Comments.

At a time when the dynamics of real estate seem to change almost weekly a question I often get from clients is “What exactly is a short sale”. While many in the real estate community are familiar with the term, the general public is often unaware of how a short sale works and both its potential pitfalls and benefits for those involved.

The quick definition of a short sale is “a sale of a debt, short of the full debt owed”. Often this comes into play when the mortgage holder on a home allows the owner to sell the home for less than what is owed in order to avoid foreclosure.

For instance, a bank might allow the owner of a $300,000 home to sell it for $250,000 and walk away free and clear of the $50,000 loss. The catch for the seller is that all…

West End Foreclosures Draw Smart Buyers

Thursday, May 7th, 2009 at 3:12pm. 412 Views, 0 Comments.

At about 6pm on Monday evening I received a phone call from an overseas buyer who had spotted a home in West End he just had to have. By 10am the following morning, this 6 bedroom, 2 bathroom house had already received 11 offers and a contract was signed for well above the listed price after only 4 days on the market.

Though heavy competition drove the price above where it started, the listed price was a staggering $240,000 under what it had sold for two years ago.

Historic West End is located just southwest of downtown Atlanta and has seen its share of struggles with mortgage fraud and foreclosures in recent years. However, as investors and first time home buyers alike move into this historic area, neighborhoods are being revitalized and home values…

49 Percent Discount on Atlanta Homes

Monday, May 4th, 2009 at 2:47pm. 355 Views, 0 Comments.

So we’ve all heard it’s a buyer’s market right now. But what does that mean and why do we care? The short answer is it means houses are selling at significant discounts and the reason you and I should care is that it might be decades before we see these kinds of prices and interest rates again.

Don’t just take my word for it though. Take a look at the numbers and let them speak for themselves. According to US Government statistics, the state of Georgia saw an average annual appreciation of 8.7% for single family homes from 1980-2006. In other words, you could buy an average $100,000 home one year and sell it the next for $108,700 (statistically speaking).

Sounds like a pretty good deal to be a seller. Well the last three years have told a different…