The Value in Home Maintenance!

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  Appliance Maintenance: Water Heaters

  Keep your water heater running efficiently and reliably with this simple maintenance routine. Read
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  The Value of Home Maintenance

  Regular home maintenance is key to preserving the value of your house and property. Read
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  Chimney Maintenance for Warmth and Safety

  Chimney maintenance and a fireplace inspection can make the difference between warm safety and drafty danger. Read

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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Did You Appeal Your Property Taxes?

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  Appeal Your Property Tax Bill

  To successfully appeal your property tax bill, you first need to do a bit of sleuthing into your real estate assessment. Read

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  A Financial Plan for Your Home

  Your home is probably your biggest investment. To manage it, create a financial plan that takes into account repairs, upgrades, mortgages, insurance, and taxes. Read

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  Homeowners Insurance: Time for an Annual Check-Up

  An annual check-up on your homeowners insurance can result in a healthier policy and a healthier pocketbook. Read

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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Understanding the $8,000 Tax Credit, Housing Tax Credit

If you were a first-time buyer who purchased a home after April 8, 2008 through the end of the year, you might have realized that you could get a $7,500 tax credit on your 2008 tax return. This is a nonrefundable tax credit, which means that even if you don’t pay $7,500 in taxes you’ll still get that much in the way of a refund.

However, the 2008 $7,500 tax credit must be paid back in $500 equal installments over 15 years, which means that this tax credit effectively functions as a zero-interest loan.

If you chose to close on Dec. 31, 2008, rather than Jan. 2, 2009 (perhaps to be able to itemize the interest and points on your 2008 tax return), you may be kicking yourself. The recently signed stimulus bill took the $7,500 tax credit and turned it into an $8,000 tax credit — one that doesn’t need to be repaid.

But there are some wrinkles that require you to pay attention. To qualify for the $8,000 tax credit, you must earn less than $150,000 in adjusted gross income for couples filing jointly. Also, you must stay in the house (assuming it’s your primary residence) for three years or there may be some payback requirement.

The $8,000 first-time-buyer credit is good only for homes purchased by first-time buyers (or anyone who hasn’t owned a home in the last three years) from Jan. 1, 2009 through Nov. 30, 2009 — so don’t wait to close in December or you’ll miss out.

If you have specific questions be sure to check with your accountant.

Atlanta Market Update, Housing Market in Atlanta

In 2000 Standard & Poor’s created an S&P Home Price Indice Report for the Top Twenty Cities in the United States. The report measures the Residential Housing Market and tracks the changes in overall values from Month to Month.

To begin, S&P assigned a baseline value of 100 in January of 2000 and followed the market each month reporting either an overall gain or loss from the baseline 100. In January of 2001 the Indice report reflected a value of 106.63. This means that if you bought your home in January 2000 and Sold one year later you could have seen on average a 6.63% appreciation in the overall Value of your home! The market continued to track steady growth month after month and year after year. Atlanta would continue to see an average Annual Appreciation of 6% until 2007.

In July 2007 Atlanta would reach its peak of 136.47, or a 36.47% Appreciation from January of 2000! By January of 2008 the Atlanta market would reflect a value of 127.76 and by December of 2008, heading into 2009, the Atlanta market would reflect a value of 113.87, or 22.6% depreciation from Home Values at their peak in July of 2007.

This number is in line with my FMLS statistical reports that show the value of homes are down 12-15% over the same time period in 2008 and tracking at 3% depreciation per month. Bottom line is that with Home Values at 2002 Prices and Interest Rates remaining Historically Low, this is a great time to BUY!

Posted by Scott Hamilton of RE/MAX Greater Atlanta – Atlantas Elite Team – Email: Scott@AtlantasEliteTeam.com, www.AtlantasEliteTeam.com

Short Sales, Short Sales in Johns Creek, What is a Short Sale, Pre-Foreclosure in Johns Creek

If there has ever been a “BUZZ” word flying around in the Real Estate circles, it would hands down be the term “Short Sale.”  Everywhere I go I am asked about the state of our local housing market to which the conversation quickly turns to the topic of Foreclosures and Short Sales.  I am finding that most people do not understand the meaning of a Short Sale, how it could benefit them, or whether or not they could be a candidate for “shorting” their home.  Atlantas Elite Team of RE/MAX Greater Atlanta is dedicated to providing our clients in north Metro Atlanta, Johns Creek, Alpharetta, Cumming, Duluth, Norcross, Roswell, Suwanee and many other North Metro Atlanta Areas with professional Short Sale or Pre-Foreclosure representation.  We know how to qualify you as a Short Sale Candidate, have you approved into your Banks Short Sale Program, and successfully complete your Short Sale transaction. 

So what is a Short Sale?  A short sale occurs when a homeowner owes more on their property than the property is actually worth, however their bank agrees to accept less than what is owed as “payment in full” in an effort to avoid the foreclosure process.  In other words, if the Seller meets the lenders criteria, the lender agrees to “write off” the portion of a mortgage that is higher than the value of the home. 

Did you know?  In 2008, of all of the Foreclosures that happened, 50% of them could have been avoided through the process of a Short Sale!  That number is staggering.  Between 85 and 90% of Homeowners that were were Foreclosed on in 2008 never contacted their Lender or a Real Estate Professional.

Who Qualifies For a Short Sale?  Every case is different.  Generally though the homeowner is in default with their mortgage lender, the homeowner has little to no equity in the property, and the homeowner has a legitimate hardship situation as defined by their bank.  Please contact me today to determine if you qualify for a Short Sale

The Three Stages of Pre-Foreclosure.  It is important to understand your legal rights as a homeowner as it relates to the pre-foreclosure process.  I spoke recently to a couple that was behind on their mortgage payments and were worried that a sheriff would show up the next day on their doorstep to kick them out of their home.  Can you imagine the amount of stress these homeowners were under, and the lack of sleep they were getting because  they did not understand the process!  There are three stages that must occur in Georgia before you will kicked out of your home, and those stages are;

 

1) Default Stage   1  -  ? Months

2) Notice of Default   30 Days

3) Foreclosure   37 +/- Days

  

It is important to know which stage you are currently in.  Most loans are due on the 1st of the month and considered late after the “grace period” by the 15th of the month.  Most banks consider you to be in “default” 30 days following this “grace period” or 45 days from the 1st of the month.  As you can see you must still proceed through stage 2 and then through stage 3.  During stage 3 your property will be advertised in the paper and then sold on the courthouse steps the 1st Tuesday of the month. 

If you are unsure where you are in this process or what to do next please contact me directly at 678-523-3112 or by email at scott@atlantaseliteteam.com.  I look forward to seeing how I can help you avoid foreclosure.

The Falls of Autry Mill, Homes for Sale in The Falls of Autry Mill, Johns Creek Real Estate, Market Report 02/2009

The Falls Of Autry Mill is a prestigious community in North Fulton County, Johns Creek, located across from Country Club of the South.  The neighborhood is made up of over 470 homes.  The ammenties included in the neighborhood are swim & tennis, workout facility and more.  The neighborhood currently in December 08 has 20 homes actively listed on the market.  Prices range from $649,000 on the low end to $2,595,000 on the high end.  There are a few short sale and foreclosure opportunities in the Falls.  The Falls of Autry Mill is currently zoned for top rated public shool Chattahoochee High School but will be rezoned in the fall of 09 to the new Johns Creek High School on State Bridge Road and 141.

Below are the current statistics for The Falls of Autry Mill as gathered from FMLS as of 2/24/09.

There is currently one home pending under contract that is a 5 Bedroom 5.5 Bath Short Sale.  The home originally listed for $700,000 before reducing to the current list price of $639,900 and is scheduled to close the end of February.

There has been one recent Sale in the neighborhood on 2/20/09.  The home is a 6 Bedroom 6 Bath home on a Finished basement that sold for $680,000 after originally listing for $775,000. 

Click Here to see our Current Listings in The Falls of Autry Mill or to see another home in the area.

Posted by Scott Hamilton of RE/MAX Greater Atlanta – Johns Creek – AtlantasEliteTeam.com, Scott@AtlantasEliteTeam.com, Cell: 678-523-3112

Country Club of the South, Homes for Sale in Country Club of the South, Johns Creek Real Estate, Market Report 02/09

Country Club of the South offers its property owners a truly extraordinary environment in which to live and play.  At the heart of the community is the outstanding private membership country club, world class tennis courts where members test their skills in organized competition, enjoy friendly sports, and learn their game at the hands of experienced pros. An expansive pool pavilion provides healthy exercising, family fun, and relaxation.  While under the clubhouse roof, over 40,000 award winning square feet offer members a variety of facilities ideal for social activities and special events such as bridal banquets or corporate functions.  Savor gourmet delights in our first class dining room; browse thru the pro shop; or find a place to unwind away from it all.

The Country Club of the South golf course recently underwent a multi-million dollar renovation and has always been considered by Nicholas as one of his best.  “When you’re living in a home you feel like you have a peaceful atmosphere of a golf course out in front of you in an open area which is a nice place to live and a nice feeling to have.” 

 

Here, residents find not only their perfect home, but the perfect family environment highlighted by the fun and activity of the community recreation center, with its shimmering swimming pool, tennis courts, meeting center, tot lot, basketball courts, and one acre community park suitable for soccer, picnics, or just sunning.  One of Atlanta’s finest private country clubs, magnificent estate homes, gracious manor enclaves, consummate family recreation, spectacular vistas, round the clock and privacy safeguards – Country Club of the South is a magnificent tapestry of beauty and life style. 

 

There are currently 65 Homes Active on the Market ranging from a 5 Bedroom 4.5 Bath finished basement Short Sale at $559,000 on the low end to a 7 Bedroom, 7 and 2 Half Bath Mansion with an asking price of $5,600,000.  Below are the current statistics per FMLS as of 2/24/09.

There are currently 3 homes pending under contract and scheduled to close.  The first home is a 6 Bedroom 5.5 Bath Foreclosure home on a basement originally listed for $603,300 before reducing to $579,900.  

The second home under contract is a 5 Bedroom 3.5 Bath home on a Finished basement that listed for $669,000 and is scheduled to close 3/15/09.The third home under contract is a 6 Bedroom 6 and 2 Half Bath Foreclosure with a finished basement originally listed for $750,000.  This home is scheduled to close on 7/28/09. 

Please click here to see our current listings in Country Club of the South or to veiw another home in the area.

Posted by Scott Hamilton of RE/MAX Greater Atlanta – Johns Creek – AtlantasEliteTeam.com, Scott@AtlantasEliteTeam.com, Cell 678-523-3112