Buyers

137 Lockwood Terrace – $339,000 – City of Decatur Listing

The home at 137 Lockwood Terrace feeds into acclaimed Winnona Park Elementary. http://winnonapark.csdecatur.net/. The City of Decatur has an independent school system in GA that is comprised entirely of GA Schools of Excellence.

This home is a 3 bedroom/ 2 bath Southern gem with the ice tea front porch to prove it.  You can walk to Downtown Decatur & the Avondale MARTA. It’s also a 5 min drive to Emory, CDC, the VA Hospital & Agnes Scott College.  In 10 minutes you can be in Midtown and Downtown Atlanta, while in 20 mins. you can be shopping in Buckhead or taking off at Hartsfield-Jackson Airport.

Enjoy the Virtual Tour: http://www.propertypanorama.com/slideshow/?id=143342

If you or someone you know is looking for a home of this quality, in a neighborhood as inviting as Decatur Heights, please give me a call at 404-431-2117.

Buyers

Could the Tax Credit Be Extended Again?

The pressure is increasing on Congress to renew the homebuyer tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn’t have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension. Some experts, including Mark Zandi, chief economist at Moody’s Economy.com, who supported the earlier credits, think the time has come to let it go.

“It’s worn out its benefit,” he says. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”

Source: The Wall Street Journal, Nick Timiraos (02/22/2010)

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

Important Homebuyer Tax Credit Q&As

Important Homebuyer Tax Credit Q&A as provided by http://homebuyertaxcredit.com

First-Time Home Buyer Tax Credit Eligibility
Q. What are the basic eligibility requirements for a first-time home buyer?
To qualify for the first-time home buyer tax credit, you cannot have owned a home as your principal residence in the three years prior to closing.

Q. How much is the first-time home buyer tax credit?
The first-time home buyer tax credit is 10% of your purchase price up to $8,000.

Q. I bought a home once before, but sold it years ago. Do I still qualify as a first-time home buyer?
For the first-time home buyer tax credit, you qualify as a first-time home buyer so long as you have not owned a primary residence in the past three years prior to closing on your new property. So if you owned a home in the past, but sold it more than three years ago, you would qualify as a first-time home buyer.

Q. Can I qualify as a first-time home buyer if I rent my primary residence, but own an investment property or vacation home?
Yes, you could still qualify as a first-time home buyer. Even if you own property, you are still eligible if you have not used that property as your primary residence within the prior three years.

“Step-Up” or Long-Time Homeowner Tax Credit Eligibility
Q. Can I get a credit if I currently own a home?
To qualify as a long-time homeowner, you must have owned a home that you lived in as your personal residence for five consecutive years out of the previous eight years prior to closing.

Q. Can I get the tax credit if I lived in one home for four years, sold it, and then immediately bought and lived in another home for the last two years?
You would not qualify. In order to be eligible for the long-time homeowner tax credit, you must live in the same home for five consecutive years out of the last eight.

Q. Can I get the long-time homeowner credit if I otherwise qualify, even if I don’t sell my previous home?
Yes, the law does not require that you sell the home that you lived in for five consecutive years out of the last eight years. You can keep title to it. However, you have to make the qualifying home your principal residence, so you can’t live in the prior home.

Q. Can I get the credit if I owned one home for ten years, and my current home for three?
No, to get the long-time homeowner home buyer tax credit, you must have lived in your current residence for at least five consecutive years out of the last eight.

Q. Can I sell my current home, and buy a less expensive home, and qualify for the “step-up” tax credit?
Yes. The term “step up” is misleading, because nothing in the law requires that you have to “step up” in value. You do not have to buy a more expensive home. We try to use the term “long-time homeowner tax credit” to make it clear how the credit works.

Income Qualifications
Q. How much can I make and still qualify for the tax credit?
The tax credit is only available at certain income levels: up to $125,000 for single filers and $225,000 for joint filers. The income limits are the same for both first-time home buyers and long-time homeowners. If you make within $20,000 of those limits, you can still qualify for a partial tax credit. But if you make over $145,000 for single filers or $245,000 for joint filers, you are not eligible.

Q. How do I figure out my “modified adjusted gross income” or “MAGI”?
You really should talk to your accountant about it, but generally speaking, your MAGI is what we all colloquially think of as our “income” – wages, salaries, interest income, dividends, and capital gains. Your MAGI also includes certain foreign income, but very few people have that. Note that your MAGI will be reduced by certain deductions such as alimony, but not the ‘below the line” itemized deductions that are on Schedule A of your tax return. Since your MAGI is very close to the “adjusted gross income,” or “AGI,” you can check your last tax return to see what you make: the AGI is the last number on Form 1040or 1040A.

Q. How is the partial credit figured?
The partial tax credit is available for taxpayers whose income is within $20,000 of the income limits: so up to $145,000 for single filers and $245,000 for joint filers. If your income is within that “phase out range,” you get a partial credit based on how much of your income is within that range. For example, if your MAGI is $130,000 as a single filer, that means you’re $5,000 into that $20,000 range. That’s 25% of the range, leaving 75% still in the range. So you would get 75% of the tax credit you’re entitled to: $6,000 if you’re a first-time home buyer (75% of $8,000) or $4,875 if you’re a long-time homeowner (75% of $6,500).

Deadline Issues
Q. When do I have to be in contract?
In order to claim either first-time home buyer tax credit, or the long-time homeowner tax credit, you have to be in contract by April 30, 2010. This is a hard deadline, with no extensions.

Q. When do I have to be in closed?
In order to claim either first-time home buyer tax credit, or the long-time homeowner tax credit, you have to be closed by June 30, 2010. This is a hard deadline, with no extensions.

Q. What if my closing is delayed because of problems with appraisals, attorney delays, etc.?
It doesn’t matter. The IRS has been very exacting with the deadlines. If you don’t close by midnight June 30, 2010, you will not be able to claim the tax credit.

Q. What if I was already in contract at the time the law was passed in November?
It doesn’t matter when you went into contract, so long as you are in contract by April 30, 2010. So long as you otherwise qualify, and close by June 30, 2010, you will get the tax credit. Obviously, a number of people who got into contract without realizing they were going to be eligible for the tax credit are going to get a windfall.

Q. What if I was not eligible for a tax credit on the law prior to November 2009, and closed before the new law? Can I get a tax credit?
No, the law only applies to closings after November 6, 2009, and before June 30, 2010. If you closed on November 6, 2009 or earlier, and did not qualify for the tax credit at the time of your closing, you cannot get the new tax credit.

Buying with Someone Else
Q. If I am buying with someone else, and we both qualify, do we get two tax credits?
No, the tax credit is allocated according to the purchase, not the number of purchasers. So if two people who both qualify purchase a house together, they would split the applicable tax credit.

Q. What if I qualify for the credit, but my spouse does not?
In order to claim either the first-time home buyer tax credit, or the step-up home buyer tax credit, both spouses must be eligible. So if you are eligible, but your spouse is not eligible for whatever reason, neither of you can claim the tax credit.

Q. What if my income is within the limitations, but my spouse’s income is above the limitations?
In that case, unfortunately, neither of you qualify for the tax credit. Both of you must qualify.

Q. What if I previously owned a home in the past three years, but my spouse never owned a home?
In that case, unfortunately, neither of you qualify for either tax credit. You are ineligible for the first-time home buyer tax credit because you owned a home in the past three years, and she is ineligible for the long-time homeowner tax credit because she never owned a home before.

Q. What if my wife and I just got married after living in separate homes, and both qualify for the long-time homeowner tax credit for our prior homes?
Unfortunately, you don’t qualify. In order for a married couple to qualify for the “step-up” home buyer tax credit, both spouses must qualify by owning the SAME principal residence. You each owned separate principal residences, so even though you both might qualify separately, you don’t qualify togethe

For answers to more of your tax credit questions, please visit this excellent website: http://homebuyertaxcredit.com/faq.aspx

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

Homebuyer Tax Credit Deadline Looming

The Homebuyer Tax Credit is set to expire this summer.  The tax credit is available to both First-Time Homebuyers and Step-Up Homebuyers. The provision to make the tax credit eligible for Step-Up Homebuyers was added when the law was extended.

Buyers

Existing-Home Sales Down, but Prices Rise

Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®.

Existing-home sales—including single-family, townhomes, condominiums and co-ops—fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15 percent above the 4.74 million-unit level in December 2008.

There were approximately 5,156,000 existing-home sales in 2009, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008. It was the first annual sales gain since 2005.

Tax Credit Creates Swing in Market

Lawrence Yun, NAR chief economist, says there were no surprises in the data.

“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010.”

However, Yun says, the job market remains a concern and could dampen the housing recovery. “Job creation is key to a continued recovery in the second half of the year,” he says.

An NAR practitioner survey shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.

The national median existing-home price for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008.

“The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun says. It was the first year-over-year gain in median price since August 2007.

Falling Inventories

NAR President Vicki Cox Golder said market conditions are challenging in some areas.

“There’s a shortage of lower-priced homes for sale in much of the country, resulting in multiple bids in some areas,” she says. “Raw unsold inventory has been trending down. As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home.”

Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply at the current sales pace. That is an increase from a 6.5-month supply in November.

Raw unsold inventory is 11.1 percent below a year ago, is at the lowest level since March 2006, and is 28.2 percent below the record of 4.58 million in July 2008.

Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008. Distressed homes accounted for 36 percent of total sales last year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.93 percent in December from 4.88 percent in November; the rate was 5.29 percent in December 2008.

Single-Family Home, Condo Sales Dip

Single-family home sales fell 16.8 percent to a seasonally adjusted annual rate of 4.79 million in December from a pace of 5.76 million in November. Sales are 12.7 percent above the 4.25 million level in December 2008. For all of 2009, single-family sales rose 5 percent to 4,566,000.

The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago. For all last year, the median price for a single-family home was $173,200, down 11.9 percent from 2008.

Meanwhile, existing condominium and co-op sales fell 15.4 percent to a seasonally adjusted annual rate of 660,000 in December from 780,000 in November. Sales are 34.7 percent higher than the 490,000-unit pace a year ago. For all of 2009, condo sales rose 4.8 percent to 590,000 units.

The median existing condo price was $183,700 in December, up 1 percent from December 2008. For all of last year, the median condo price was $176,100, which is 16.1 percent below 2008.

Regional Breakdown

Here are existing-home sales figures by region:

Northeast: sales dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. Median price: $241,700, up 3.2 percent from December 2008.

Midwest: sales fell 25.8 percent in December to a level of 1.15 million but are 8.5 percent higher than December 2008. Median price: $143,200, which is 1.8 percent above a year ago.

South: sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. Median price: $152,000, down 1 percent from a year ago.

West: sales declined 4.8 percent to an annual rate of 1.38 million in December but are 15 percent higher than a year ago. Median price: $236,000, up 2.7 percent from December 2008.

— NAR
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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

Housing Components Don’t Last Forever

Many aspects of a home last little more than a decade. Home buyers should be especially vigilant about inspecting these household components because they have a relatively short lifespan, says the National Association of Home Builders.
•    Aluminum roof coating: 3-7 years
•    Enameled steel sinks: 5-7 years
•    Security systems: 5-10 years
•    Carpet: 8-10 years
•    Smoke detectors: fewer than 10 years
•    Faucets: 10-15 years
•    Garage door openers:10-15 years
•    Air conditioners: 10-15 years
•    Asphalt: 12-15 years
•    Termite-proofing during construction: 12 years
Source: Bankrate.com, Marcie Geffner (01/22/2010)

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

Tax Credit Encourages Buyers to Shop Early

The homebuying season is starting early this year, thanks to the expanded first-time and move-up homebuyer tax credit.

Typically, the busiest time for home shopping starts in March and continues through May, but this year buyers who want to take advantage of the tax credits have to have a signed contract by April 30 and close the deal by June 30.

That is getting people off the couch.

“The tax credit will absolutely have an effect,” says Pete Flint, CEO of residential real estate search engine Trulia.com. “It is going to shift demand from the later part of the year to the first part. January and February will be very strong. The next three months, there will be a surge in demand.”

Source: USA Today, Stephanie Armour (01/20/2010)

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

Older Buyers Look for Easy-Care Homes

A survey showed three key differences between the concerns of 55- to 64-year-old homeowners compared to those of homeowners 65 and older:

•    Younger homeowners were more interested in technology
•    Older homeowners had a strong preference for a single-story floor plan or at least one with a first-floor master
•    Younger homeowners were more eager for home maintenance and repair services, vs. older homeowners, who were more focused on healthcare and transportation

The survey conducted by the National Association of Home Builders and the MetLife Mature Market Institute showed that both age groups want easy access to services that free up their time and help them live in a secure environment.

Growth in housing for older people has slowed as a result of the overall slowdown in new home construction. This is likely to cause a shortage just as this housing is most in demand, points out Paul Emrath, vice president for housing policy research for the home builders.

Source: National Association of Home Builders and the MetLife Mature Market Institute (01/19/2010)

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

208 Ridley Howard House – 2 Bed/ 2 Bath Condo – $172,000

Large 2 Bed/ 2 Bath Condo in the City of Decatur. Spacious Living Room features: Gas Fireplace w/ beautiful Mantle for your artwork, Views to your own Wooded Outdoor Retreat and a Covered Balcony for morning coffee or tea. Guests can sit at the Breakfast Bar while you whip up meals in the Galley-Style Kitchen. The Dining Area with Upgraded Lighting can easily accommodate a seating of 10.

The large Master Bedroom Suite easily fits a writing desk and has plenty of storage in its 3 Closets. The Master Bath provides ample space with its Dressing Area and Vanity.

This home comes with an Assigned, Parking Space and Storage Room in the Secure Underground Parking Deck. The CLIFF line stops a short walk away, while CDC, Emory and Downtown Decatur are less than 5 min. drives.

City of Decatur School System: Clairemont Elementary, Renfroe Middle, Decatur HS

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

Buyers

The Homebuyer Tax Credit is Extended and Expanded

The bill signed into law today by President Obama, extends an $8,000 first-time home buyers’ tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30.  The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Purchases Covered

The $8,000 credit for first-time homebuyers has been retained.  The law also creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time.  The plan allows homebuyers who have lived in their residence at least five of the last eight years to receive a $6,500 credit.  The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.

Income Limits

Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. That is up from the current $75,000 limit for individuals and $150,000 for couples. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Goldman Sachs Group Inc. said in a research note yesterday that the credit probably spurred 200,000 home sales that otherwise wouldn’t have occurred.

“This is probably the last extension,” said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

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Elliott Robinson, JD – Associate Broker
Keller Williams Realty Metro Atlanta
315 West Ponce de Leon Ave., Ste. 100
Decatur, GA 30030
(404) 431-2117
Web: www.elliottyouragent.com
Blog – www.elliottonrealestate.com
Twitter – http://twitter.com/elliottrob

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