About Cherokee County, GA

With the signing of the Extended Home Buyer Tax Credit existing homeowners may now qualify for a $6500 Tax Credit. This new legislation is time sensitive and unfortunately does not apply to all existing homeowners. Here are the important points to know.

• Who qualifies - current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify.
• Time Limits - as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
• Income Limits - single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly.
• Price Limits - credit may only be awarded on homes purchased for $800,000 or less.
• Repayment of Tax Credit - there is no repayment of the tax credit if the purchased property is occupied for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Now you know the facts. What does it mean...

• You receive the Tax Credit by purchasing a home. You are not required to sell your current home - just make the new home your principle residence for 3 years.
• You can purchase a property for a higher value or lower value than your present home.
• You must act now...April 30 is the deadline.
• Upon closing the new home purchase you can file an amended tax return for an immediate $6500 Tax Credit.

Important to remember...

• The present low prices and mortgage rates will not last forever!
• Here is the opportunity to "move" to your dream home...something smaller, something larger, something one level, whatever is your dream

Signing of the legislation also extended the 1st First Time Buyer Tax Credit. The credit continues to be up to $8000 with a few changes.

• Time Limit - as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
• Income Limits - single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly
• Repayment of Tax Credit - there is no repayment of the tax credit if the purchased property is occupied for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Meadow Brook is a beautiful Woodstock neighborhood in southeast Cherokee County located at the corner of East Cherokee Drive and Waters Road. The community consists of 105 custom homes, each with a unique façade, so that no two homes are alike. The homes were built between 2002 and 2005, with most homes having basements and three car garages.

Showing great wisdom, the homes at Meadow Brook were built around a lovely and heavily wooded nature trail that leads to a scenic pond. The neighborhood also features a pool, tennis courts and a playground area. There are currently 4 homes for sale in Meadow Brook.

Cherokee County takes pride in excellent schools- Meadow Brook is served by Arnold Mill Elementary, Rusk Middle and Sequoyah High. This is a fast growing area of the county, with convenient shopping and restaurants nearby. The location also provides commuters with easy access I-575 and GA Hwy 400.

We’re long-time fans of Meadow Brook and are happy to have sold in the neighborhood!

As most of you have heard by now, last Friday President Obama signed The Worker, Homeownership and Business Asssistance Act of 2009 (Tax Act). We recently blogged in support of legislation to extend and expand the homebuyer's tax credit. Thankfully, both branches of Congress and The President recognized the importance of assisting the housing industry and passed the Tax Act.

Like most legislation, the devil is in the details- and we're not sure all the details have yet surfaced. However, the National Association of REALTORS® has posted a comparison chart that shows the major differences compared to the 2008 First Time Homebuyers Credit. There's also a FAQ sheet provided by NAR.

Other provisions of the Tax Act assist the unemployed and also businesses with tax cuts on business losses. Both provisions should also indirectly benefit the overall housing market - the extension of unemployment benefits help families pay mortgage bills or rent, plus hopefully helps with other debt to buffet credit scores; business tax cuts should help with job recovery.

We'll be talking more about the Tax Act and the "devil" of the details in the coming days and weeks. For now though, Thank You to ALL legislators and our President for getting this bill passed!

United Security Bank, Sparta, GA failed this weekend. United Security Bank had $157 million in assets and $150 million in deposits and two branches, one branch operatedas the including the branch in Woodstock, GA that operated as Bank of Woodstock. The bank, of Moultrie, Ga., assumed the assets and deposits of the failed bank. United Security Bank failure is expected to cost the FDIC fund an estimated $58 million. The failure of United Security Bank makes the 21st Georgia bank failure this year>Gerogia has had more bank failures than in any other state.


The FDIC press release:

"On Friday, November 6, 2009, United Security Bank, Sparta, GA (including the branch that operated as the Bank of Woodstock) was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver "

It's always exciting to help someone find their first home - a place they can call their own. Congratulations to Mavis, a first time homebuyer, on her new home. This family will be moving in over the weekend and look forward to showing off their new home.

The new home is located in Lawrenceville off I-85 and Old Peachtree Rd. It's a wonderful 3 bedroom townhouse with a fireside Great Room and eat-in Kitchen. A large storage closet off the Great Room will be the perfect place for toy storage and cozy place to play. Upstairs the bedrooms are nice-sized with lots of windows.

This homeowner qualifies for the $8000 Tax Credit as a first time homebuyer and chose a 30 year fixed rate FHA loan at 5% interest with 3.5% down payment. All it took was approximately $4000 for the down payment to get into this wonderful home.

This transaction is an example of the impact of the $8000 Tax Credit working to help the housing industry. When Mavis purchased this home, the Seller was able to move to their second home at a higher price range - that ripple effect is good for everyone.

If you are thinking about purchasing a home remember there are sellers wanting to sell and very reasonable interest rates. Check out homes for sale to see if you can find something that interests you.