Red Hot Atlanta Homes - Kathy Seger & Ben Staten

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.

Recently we posted a blog showing before and after photos of the area around a fireplace in a townhome we had for sale. Around that same time, we had a vacant condo that we staged for a client as well and decided we'd put together a virtual tour showing the process.

In this example, we used our home staging inventory gathered thru the years. We "loan" home staging items to most of our clients that are selling and blend our accessories in with their furnishings to create vignettes to entice homebuyers. These items have two purposes: to give our photos going out to potential homebuyers (our consumer) more "pop" and warmth; secondly, we want to create that same warmth and pop when those same homebuyers are touring our listings in person.

While you'll see the entire staging process in the virtual tour, here's the SunRoom before and after:

After all, if a potential homebuyer is seeing 8+ homes in a day, you want your home to stand out from the crowd. And nothing is more sterile and uninviting than walking into an empty home or condo, turning on the lights and seeing nothing but white walls and white carpet. We consider home staging to be a critical part of our marketing plan when selling any home.

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!

Most of us know a veteran whether friend or family. Both of my grandfathers, Chris A. Lay, Sr. and John S. Kirby, Sr. served in World War I, the one they called the "Big One". I never heard my grandfathers talk about it. As many of their generation, they did not share their experiences of the war. I do not know where they served or how long they served. I never asked the questions.

What I remember about my Grandfather Kirby being a veteran is every morning he got up and put on his hearing aid. He had lost his hearing while in the service. First he would put on the shoulder holder over his t-shirt, then he would put the ear piece in his ear, and last he would connect the wire in the ear piece to the silver box ( the thing that made him hear) that went into the pocket of the shoulder holder. Only rarely did seem to effect his day to day life...when the battery went out or when my cousins and I played "dress up with high heel shoes". You know that sound...rat a tat, rat a tat. My grandmother, Dora Ellis Kirby, explained the sound reminded him of gunfire and the war. We quickly took off the shoes.

As a yound adult, my grandmother told me she thought my grandfather was dead for some of the war. He had been declared Miising in Action. One day she was sitting on the front porch and looked up...there he was coming up the sidewalk. He did not know anything about being declared Missing In Action. That is all the of the story I know. They had many wonderful years together and lived a simple life.

So on this Veteran's Day, stop by or call a veteran you know, ask them about their time in the service and thank them for serving our country.

Thanks for all our veterans...young and old, past and current...and their families.

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!