Linda's Best Buys: He Who Hesitates has Lost a Super Deal!

Our Buyer's Market continues.......... Atlanta home prices have declined to 2002 levels. Yes, it is a challenging time for sellers, but I still believe that if you price correctly right from the start, (Chasing the market doesn’t work) and make sure your home is in tip-top condition, you can be successful.
Have you thought about “moving up”, but think you can’t sell your present home? This is really a great opportunity! Think about it. If you give up 10% on the sale of your present home valued at $300,000 and then win a 10% concession on the purchase of your $500,000 dream home, you are a winner, since 10% of 500,000 is a lot more than 10% of 300,000!

On the left, a super value at only $149,900 is this contemporary home in an ultra-convenient location. Close to Woodstock, Alpharetta and Roswell with very convenient access to major highways, this home is undergoing a kitchen remodel! If you are a first-time buyer (take advantage of the new $8,000 tax credit) or if you are an investor, no renovations needed!

The home below is a fantastic deal in Wexford. Lakefront, 4-bedroom, 2-bath, hardcoat stucco, master on main, 3-car garage, granite counter tops, ¾ acre lot in a swim/tennis neighborhood. This home has been reduced from $399,000 to $289,900!

I don’t think this one will be around long at this price.

Call me on either one of these great homes, and let’s go take a look. We just might find your dream house- at a DREAM PRICE!!

Home prices are low, Interest rates are low, and inventory is high.

If I was a betting person, I'd say those are pretty good odds!

Think about it and give me a call.

Here's to your "Sweet Home Alpharetta",

Linda

Understanding the First-Time Home Buyer Tax Credit

We've all been hearing a lot the past couple of weeks about the first-time home buyer tax credit. Here it is in a nutshell for you. Notice that even if you have owned a home previously, you still qualify for this program if you have not owned a home in the past 3 years.

The American Recovery and Reinvestment Act of 2009 contains a provision to assist / encourage first-time home buyers with a home buyer tax credit of $8,000. Below is a brief synopsis of the program.

Give me a call if you have any questions at all, OR if you would like to go House-Hunting!

Amount of the Credit	Lesser of 10% of the cost of the home or $8,000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence
Refundable	Reduces income tax liability for the year of purchase. Any unused amount of the tax credit is refunded to the purchaser
Income Restriction	Individuals with an adjusted gross income of less than $75,000 ($150,000 for a joint return) can receive the full tax credit amount. The program phases out completely above $95,000 per individual and $170,000 for a joint return.
Who is a first-time buyer?	Any purchaser who has not owned a principal residence in the past three years.
Revenue Bond Financing	Buyers can take advantage of this credit even if local or state bond financing is utilized
Repayment	This credit contains a recapture clause that will require that the entire credit is repaid if the home is sold within three years after purchase.
Effective Dates	For purchases between January 1, 2009 and September 1, 2009

A Night for Telly

My good friend and colleague, Telly Olympiadis, was seriously injured in an ATV accident last November. Telly, a self-employed contractor and handyman, was hospitalized for several weeks, and he has been wheelchair-bound in his home since then.


Telly's friends have organized a benefit concert, coming up on Saturday evening, February 28th at Trilogy in Marietta featuring live music by THREE great bands from 8:30 pm-12:30 am

http://www.trilogydining.net/ 4930 Davidson Road, Suite 200, Marietta GA 30068

8:30- Fox Trot November
9:30- Kevin Spencer
10:30- The Mixx
Doors open at 7:00 p.m. Dinner is available at Trilogy.

Admission is FREE, and donations for Telly and his family will be accepted at the door.

Mike Cohen, who is heading up the event, books bands and said that one of these three is ready to sign a recording deal!

Bring your friends and join us for music, fun and a chance to help a young family!


And Meanwhile, Happy Valentine's Day!

Linda

Calling All First-Time Buyers..... Best Home Sale Ever

If you are currently renting a house or apartment, now is an excellent time for you to look at all the options available in this buyer's market.

First of all, your present cost of living might really surprise you. If you pay $1,000/month for rented housing, you will have forfeited a whopping $36,000 over the next three years with no equity to show for it. You’re paying the mortgage for the property owner when you could be building equity for yourself.
Tax deductions for home ownership vary, but the IRS dictates that mortgage interest, pre-paid interest and interest on construction loans are all things to consider as tax benefits.

Another important thing to consider is that right now there is an excellent supply of homes for sale at bargain prices in pretty much every price range, AND interest rates are very attractive, too!

On top of all that good news, if you are a renter and don't have to sell a home before you can buy, you are in the absolute best position! Sellers and their agents will be eager to negotiate with you, because they know that you are ready to move and won't have to wait to close until your present home sells.

Whether you are looking for new construction or an older home that could use your personal TLC, let's get out there and do some serious looking! By the time Spring has sprung, you'll be ready to plant your favorite flowers in your own backyard!


Call me soon, so that I can unlock the door to your favorite house!


Linda

Tips for Sellers: How Can I Attract Buyers?

You're ready to buy your dream home, but you can't seem to attract interested buyers to your present house. (It's a familiar story these days.) Here are some great tips that I saw recently on CNNMoney.com, and I wanted to pass them along to Sweet Home Alpharetta readers!

1) Helping with the Down Payment: Financing is the biggest road block for buyers these days. Even though interest rates are good, buyers do need a down payment now. Financial incentives from the seller are very helpful- and attractive to buyers.

2) Helping with Closing Costs: Closing Costs can amount to as much as 2-3% of the loan amount, so assistance here from seller to buyer can go a long way to sealing the deal for you.

3) Paying Points: Paying the cost of a point to get the buyer's interest rate from 6.5 to 5.5%, for instance, might be just the deal-maker that brings about a win-win for everybody. (You get to move on to your new home!)

4) Home Warranty: A home warranty is like an insurance policy on your home, covering major mechanical systems. Paying for a home warranty, especially on an older home, gives your buyer piece of mind. A good plan costs in the range of $400-$500/year.

5) Gimmicks: Some sellers are resorting to big screen tvs, cars, and exotic vacations to entice buyers, but most experts recommend spending your money on doing repairs on your home, so that potential buyers aren't scared away before they even think about making an offer.

If you have any questions about getting your home ready for sale, I would love to give you a hand. Our present market is challenging for sellers, so you want to have everything covered before entering the competition! Hiring an experienced realtor doesn't cost, it pays!

Have a great week, everybody. I hope you all have a little time to watch some of the Inaugaration Events! It's so exciting, isn't it?

Help for the Organizationally Challenged!

How Ready Are We for 2009?


OK, I admit it, I am not the world's most organized person. But, the new year seems to be an opportune time to adopt some tried and true principles that should make my life less stressful. My husband is very good about keeping track of where all my "stuff" is, but that shouldn't excuse me from at least attempting some better habits, right? So, if you lean toward messy, like me, maybe one or two of these organizing tips will help you, too!



Now that the holidays are over and a new year has begun, now is the perfect time to make sure we are ready for 2009. Here are five things we all should do this month that will make our lives easier in the months ahead:

1. Clean Out the Clutter: We keep saying we'll do it...so, let's go ahead and do it. Let's spend an hour going through our old files, and shred those receipts, bills, and statements we no longer need, like old ATM receipts and utility bills, paystubs more than a year old, and receipts for things that are not deductible.

2. Get Organized: While we're at it, let's create new files for our 2009 tax-related papers and receipts. Examples of categories include medical expenses, gift and charitable donations, and home improvements.

3. Check the Gift Card Fine Print: If you received gift cards as a present over the holidays, use them soon. Some have expiration dates, or the amount on the card may get reduced over time. In addition, in the current economy, retailers that go out of business may not honor gift cards.

4. Do Some Review: Review various insurance policies - life, home, auto, etc - to make sure the coverage we have is still the best fit for our needs and situation. To save on cash out of pocket, we might even consider raising our deductible to get a lower premium.

5. Do Some Reflection: Take an honest look at our schedule and responsibilities and make sure we are taking the time you need to stay healthy and feel good. Don't feel bad about actually scheduling specific blocks of time to exercise or spend special time with family and friends, to ensure it actually happens. This will make everything else we have to do this year easier...and more enjoyable, too!

Baby steps, baby steps........
Have a great week, everyone!

Linda

New Mileage Rates for 2009

Here is some new, useful information for the new year from our friends at the IRS.(Thanks, Kathy Vitali of Country Wide!)

If you drive a car, truck or van for work, the Internal Revenue Service (IRS) has announced news that impacts you. That's because they have released the new standard mileage rates for 2009.
The rates will be used to calculate deductible costs for driving an automobile for business, charitable, medical and moving purposes. The new mileage rates for business, medical and moving purposes will be slightly lower than the rates for the second half of 2008, which were raised in the middle of last year due to spiking gas prices. The rate for charitable driving, however, is set by law and will remain unchanged from 2008.
Beginning January 1, 2009, the standard mileage rates for 2009 are as follows:
Businesses = 55 cents per mile driven
Medical or moving = 24 cents per mile driven
Charitable organizations = 14 cents per mile driven
Overall, these rates reflect the higher transportation costs compared to a year ago. However, the rates are slightly lower than the second half of 2008 to factor in the recent drop in gasoline prices. While gasoline is a significant factor in the mileage rate, other fixed and variable costs, such as depreciation, also enter the calculation.

But before you calculate your deduction, make sure you qualify. The IRS reminds taxpayers that they cannot use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Remember, you don't have to use the standard rate! Although the IRS provides the standard mileage rate for ease and convenience, you're not required to use it. If you choose, you have the option of calculating the actual costs of using your vehicle instead of using the standard mileage rates. So keep that in mind as you calculate your automobile usage for business, medical, moving, or charity driving in 2009!

Have a great first week of the new year, everyone.

Here is a quote that will get us motivated."Things may come to those who wait, but only the things left by those who hustle."Abraham Lincoln