First-Time Home Buyer Tax Credit at a Glance

• The tax credit is available for first-time home buyers only.
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

I have just listed a great new listing on Lake Oconee, in Eatonton, GA with Double Master Suites on Main floor, Full finished basement, updated Kitchen with granite and island, Double dock with two lifts and two jet ski lifts.  This home will sleep 20 people comfortably and has oversized, large bedrooms.  This home also offers a private fenced backyard with lake view, and dock view, and furnishings are negotiable with the purchase of this home at $850,000.

WASHINGTON, D.C.- Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, announced that the Senate passed the Housing and Economic Recovery Act by a vote of 72-13. 

This legislation is expected to help hundreds of thousands of Americans who are struggling to keep their homes, as well as countless homeowners and communities who are already experiencing the devastating effects of foreclosure.  The legislation also contains comprehensive reforms to our nation’s housing sector, including the creation of a strong, new regulator for the government-sponsored enterprises.  In response to recent turmoil in our financial markets, the bill also includes provisions requested by the Treasury Department to restore confidence in Fannie Mae and Freddie Mac.

The Housing and Economic Recovery Act – the most comprehensive housing legislation in over a generation – is the product of months of bipartisan, bicameral collaboration. The bill will now be sent to the President, who has said he will sign it. 

 Sounds great, right? Well, not so fast… Here is the bottom line; per the new law, Down Payment Assistance (nonprofits DPA as we knew it) is out, gone.  Meaning that thousands of families that otherwise qualify for a mortgage can not purchase a home now due to lack of down payment.

This is now officially law which will go into effect October 1, 2008. To be honest with you, I have not read the 600+ pages of law. 

If you want to read the FHA section of the bill, click on the link below.  FHA starts on page 477 and the down payment assistance info is on page 481. http://www.rules.house.gov/110/text/110_atostohto3221.pdf

If this law is not modified the consequences will be devastating!By FHA’s own estimates, DPA comprises nearly 40% of FHA’s volume. This means more than 300,000 working class families will be locked out of homeownership in the next year alone. Communities across America will take the brunt of the $50 billion in lost real estate sales, not to mention the indirect impact on the real estate, mortgage and building sectors that will be forced to shed tens of thousands of jobs due to this dangerous legislation. It would ravage your local economy by bringing the housing sector to a screeching halt.

Act now! Please click this link to sign the petition: http://www.rallyforhomeownership.org/.  The only way to get this overturned/modified is by our voices!

Gasbuddy.com
If you have never logged on to www.gasbuddy.com, you should make it a point to do so. Operating since June of 2000, Gasbuddy.com is a network of 181 local gas price websites. Its unique value is that it allows consumers to share information regarding the prices at gas stations throughout the United States and Canada.

Consumers throughout North America can log on to the site on a daily basis to report prices at their local gas stations. The website then sorts through the information and lists the stations that sell the cheapest, as well as the most expensive gas.

As you can imagine, the information provided by Gasbuddy.com is not only helpful on an everyday basis, but it can also be used to help plan out driving trips. The website will even text or email price updates to your phone, allowing you to keep current with the best deals.

So, now that we know where to purchase gas at the lowest prices, let’s take a look at how we can use less of it.

The Real Estate Disposition Corp., REDC is holding one of the largest foreclosure home auction anywhere in the US, and it is right here in Georgia.  There are hundreds of homes in the Atlanta Metropolitan Area that are included in the foreclosure auction.  Condos, Townhomes, Single Family Homes, and more will all be part of the Auction starting on May 3rd to run through May 10th.  If you have interest in being part of this great buying opportunity, please contact me ASAP.

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you’re still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

The Spring market is off to a great start, with interest rates being very good, and plenty of deals on real estate, builders and sellers are offering record low prices on homes, and new construction like never seen before.  Now is the time to be a buyer for investment, or just a first time home buyer.  In many cases buyers are walking in to instant equity on a home, by being at the right place at the right time.  I personally have helped many with escaping a steep house payment, by getting them in to a home that they can afford, and be more comfortable.  Please call me today to get on the email list for my great investment deals of the week in real estate.

WASHINGTON, March 12, 2008 - 

Commercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors®.

NAR Chief Economist Lawrence Yun said the commercial real estate market is holding essentially even.  “We’re seeing no significant changes in vacancy rates or rent growth, so the fundamentals in commercial real estate still seem to be respectable,” he said.  “Under normal circumstances, near-full occupancy coupled with positive rent growth would be of strong interest to investors, but we’re not seeing that.  The credit crunch has filtered into the commercial real estate market.”

Patricia Nooney of St. Louis, chair of the Realtors® Commercial Alliance Committee, said the investment cycle appears to be turning.  “It looks like investors are taking a wait-and-see attitude,” she said.  “Even with fairly stable fundamentals and capital available from institutional investors, it appears investor confidence has declined, and some private investors have had problems obtaining financing.  Commercial real estate investment set a new record in 2007, but now that we’re in a period of economic uncertainty, transaction volume is likely to decline.” 

Investment in commercial real estate in 2007 was $427.2 billion, up 39.2 percent from the previous record of $306.8 billion in 2006; that total does not include transactions valued at less than $5 million or investments in the hospitality sector, based on analysis of data from Real Capital Analytics.  NAR projects the investment dollar volume this year could drop by 30 to 40 percent, comparable to 2006 levels.

The NAR forecast in four major commercial sectors analyzes quarterly data for various tracked metro areas.  The sectors are the office, industrial, retail and multifamily markets.  Historic metro data were provided by Torto Wheaton Research and Real Capital Analytics.

The biggest water user in the home is the toilet. Up to 45% of the water used indoors is flushed down the drain everyday. Cobb County Water System is introducing a toilet rebate program approved by the Board of Commissioners on October 29, 2007. The goal of the program is to provide an incentive for customers in homes built prior to 1993, to retrofit older high flow toilets with new low flow technology. Cobb County Water System also offers customers low flow retrofit kits to help them achieve greater water savings. Please contact the water efficiency program for a retrofit kit. Customers will be eligible to receive rebates for up to 3 toilets per home. If the same brand and model toilets are chosen please fill out one application if different models are chosen fill out one application for each model. This program is available for approved toilets purchased on, or after the Drought level 4 declaration on September 20, 2007.

The program has two rebate options. The first is a $50.00 rebate for the purchase of any approved 1.6 gallon per flush toilet on the approved toilet list. The $50.00 list will be updated every year, coinciding with the annual Maximum Performance Testing.

The second program option is a $100.00 rebate for high efficiency toilets, toilets using 1.28 gallons per flush, which have received the WaterSense Labeling Certification. WaterSense is the Environmental Protection Agency’s labeling program for water efficiency. WaterSense toilets will have the logo on the product. That list will be updated quarterly as WaterSense adds newly qualified products.

For additional questions or information on the toilets please view our Frequently asked questions.

Please submit the original purchase receipt and the application to:

Water Efficiency Program
660 South Cobb Dr.
Marietta, GA 30060

I have found that one of the best tools for helping Buyers with their home search, and it also provides neighborhood information, income information, and school reports is:

http://homes.point2.com/US/Georgia-Real-Estate.aspx