Atlanta Real Estate

Multi-level One Bedroom/One Bath LOFT- The Stacks Lofts

2011-09-19T17:44:00.000-04:00

Huge multi-level One Bedroom/One Bath historic loft located at The Stacks Lofts. This gorgeous and spacious loft home that features 20’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, quartz countertops, huge entry foyer, full size laundry room (washer/dryer included), custom iPod surround sound, custom entertainment built-in TV wall unit, upgraded lighting throughout, and a eastern view with views of the pool and courtyard.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,500.
Deposit- $1,500, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Property is located at: 170 Boulevard Ave. SE, Atlanta, GA 30312

FOR RENT- Huge CORNER unit- Two Bedroom/Two Bath- Historic Loft

2011-08-23T16:01:00.001-04:00

Incredible premium CORNER Two Bedroom/Two Bath historic loft located at The Stacks Lofts. Gorgeous and spacious loft home that features 18’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, quartz countertops, huge entry foyer, full size laundry room, and a corner northeastern view with views of the Atlanta skyline. This loft home is one of the largest floorplans The Stacks Lofts has to offer.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,900. Loft will be available for October 1st move in.
Deposit- $1,900, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Property is located at: 170 Boulevard Ave. SE, Atlanta, GA 30312

Stay tuned for a new rental listing.....a TWO BEDROOM/TWO BATH LOFT- at The Stacks Lofts. Huge corner loft with views of the Atlanta skyline.

2011-08-19T15:33:00.000-04:00

LEASED! 2bd/1bth- Midtown Condo- Charming Parisian Hideaway

2011-07-26T18:12:00.023-04:00

Unique and charming Parisian hideaway! Historic Two Bedroom/One Bath condo located at Sumner Condominiums in Midtown, Atlanta. This historic condo building was built in 1910 by the Coca-Cola Company that features 12 unique homes. Expanding a spacious 2100 sq. ft., this home showcases 12’ ceilings, original hardwood flooring, huge entry foyer, original windows, tons of natural sunlight, private/gated entrance, gas cooking, and includes a full size washer/dryer. This condo home also features European style claw-foot tub in a spacious bathroom with two windows, roomy bedrooms, eat-in kitchen, and a covered patio. This rental property comes with one assigned parking space (all other parking is street parking).

The Sumner Condominium community features gated entrance, relaxing courtyard with coy fish fountain, and secured building entrance and parking. Community located in the heart of Midtown Atlanta and within walking distance to eateries, shopping, entertainment, MARTA (public transportation), Fox Theatre, Piedmont Park, Emory/Crawford Long Hospital, major business centers, and Downtown Atlanta. Also, within seconds to I-85/75.

Monthly rental amount $1,650. Home is available for September 1st move in.
Deposit- $1,650, Pets allowed with a deposit of $350 ($175 refundable).
Application Fee- $75 (Non-Refundable)

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Address: 754 Juniper St., Atlanta, GA 30308

LEASED! 1bd/1bth- Historic Loft at The Stacks Lofts- FOR RENT (Cabbagetown/Midtown/Atlanta)

2011-06-18T16:25:00.022-04:00

Historic One Bedroom/One Bath loft located at The Stacks Lofts. Gorgeous loft home that features 18’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, and a full size laundry room. Very unique bedroom divider walls from historic Macy’s building windows.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,350. Loft is available for immediate move in.
Deposit- $1,350, Pets allowed with a deposit of $350 ($175 refundable).
Application Fee- $75 (Non-Refundable)

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Address: 170 Boulevard Ave. SE, Atlanta, GA 30312

Serious inquires only please!

LEASED! Two Bedroom/Two Bath- Newer Condo with Two Balconies (Midtown/Buckhead/Atlanta)- FOR RENT

2011-06-18T16:03:00.015-04:00

Cheshire Place- NEW Two Bedroom/Two Bath condominium home located at Cheshire Place right in the heart of Midtown/Buckhead. This gorgeous condo features 10’ ceilings, cherry hardwood floors, tons of natural light, wood blinds throughout, large soaking garden tub in master bedroom, two balconies, stainless steel Frigidaire appliances, granite countertops, window in kitchen & bath, and washer/dryer included.

Cheshire Place community features gated entrance, resort style pool, and professionally landscaped courtyards. Community located within seconds if not walking distance to eateries, shopping, entertainment, Piedmont Park, Atlanta Botanical Gardens, Lenox Square Mall and Phipps Plaza, Marta/Public transportation. Also, within seconds to I-85/75 and GA-400.

Monthly rental amount $1,250. Condo is available for immediate move in.
Deposit- $1,250, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Address: 2230 Cheshire Bridge Rd NE, #511, Atlanta, GA 30324

Serious inquires only please!

LEASED! 2bd/2bth- Gorgeous New Condo FOR RENT- Altanta/Midtown/Buckhead

2011-05-09T18:13:00.009-04:00

Cheshire Place- NEW Two Bedroom/Two Bath condominium home located at Cheshire Place right in the heart of Midtown/Buckhead. This gorgeous condo features 10’ ceilings, cherry hardwood floors, tons of natural light, wood blinds throughout, large soaking garden tub in master bedroom, two balconies, stainless steel Frigidaire appliances, granite countertops, window in kitchen & bath, and washer/dryer included.

Cheshire Place community features gated entrance, resort style pool, and professionally landscaped courtyards. Community located within seconds if not walking distance to eateries, shopping, entertainment, Piedmont Park, Atlanta Botanical Gardens, Lenox Square Mall and Phipps Plaza, Marta/Public transportation. Also, within seconds to I-85/75 and GA-400.

Monthly rental amount $1,375. Condo is available for immediate move in.
Deposit- $1,375, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

LEASED! Atlanta One Bedroom/TWO Bath Historic Multi-Level Loft- FOR RENT!

2011-05-05T16:03:00.007-04:00

Historic One Bedroom/TWO Baths multi-level loft located at The Stacks Lofts. Gorgeous loft home that features 20’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, and a full size laundry room. One of the very few one bedroom lofts with TWO FULL BATHS!

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,350. Loft is available for immediate move in.
Deposit- $1,350, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

LEASED! Atlanta Historic Loft For Rent! One Bedroom/One Bath

2011-05-05T15:57:00.006-04:00

Historic One Bedroom/One Bath loft located at The Stacks Lofts. Gorgeous loft home that features 18’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, and a full size laundry room. Very unique bedroom divider walls from historic Macy’s building windows.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,350. Loft is available for immediate move in.
Deposit- $1,350, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

LEASED! You ask for it and here it is.....finally a 2bd/2bth loft FOR RENT!

2011-04-03T10:45:00.008-04:00

HUGE Two Bedroom/Two Bath historic multi-level loft located at The Stacks Lofts. Expanding almost 1900 sq. ft. this loft home features 20’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, custom staircase from sustainable tree forest wood, and tons of storage. Loft is located on 3rd floor with a south facing view.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,800. Loft is available for May 1st move in.
Deposit- $1,800, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

LEASED! FOR RENT- 1bd/1bth multi-level historic LOFT

2011-02-20T15:34:00.007-05:00

Spacious One Bedroom/One Bath historic multi-level loft located at The Stacks Lofts. Gorgeous pool view loft home that features 20’ ceilings, huge industrial windows, concrete floors, exposed brick walls, stainless steel appliances, upgraded sound system with iPod docking station throughout, and a full size laundry room.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,350. Loft is available for immediate move in.
Deposit- $1,350, Pets allowed with a deposit of $350 ($175 refundable)- small dogs ONLY (no cats).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

LEASED! Historic STUDIO Loft- Now available FOR RENT- Cabbagetown/Atlanta/Midtown

2011-02-12T18:48:00.007-05:00

Light filled historic studio loft located at The Stacks Lofts. Top floor corner unit with private entrance and view of the city skyline/courtyard/pool! Loft features 1 bath, concrete floors, exposed brick walls, 6 huge industrial windows, 13 ft. ceilings, stainless steel appliances, upgraded lighting throughout, and a full size laundry room.

The Stacks Lofts community features gated entrance, resort style pool nestled within historic building ruins, 24 hr. roof top terrace, courtyards with grilling areas, and 24 hr. fitness center with free weights, circuit weights, cardio equipment, and tanning bed. Community located within seconds if not walking distance to eateries, shopping, entertainment, Turner Field, Zoo Atlanta, Inman Park, Grant Park, and Downtown. Also, within seconds to I-20 and I-85/75.

Monthly rental amount $1,100. Loft is available for immediate move in.
Deposit- $1,100, Pets allowed with a deposit of $350 ($175 refundable).

Please contact Realtor, Jon Chapman to schedule a private tour (404) 285-9738 or jrchapman77@gmail.com

Serious inquires only please!

For Rent- The Stacks Lofts

2010-11-02T19:13:00.003-04:00

1 bd/1bth New York Style Loft now available FOR RENT. This loft features concrete floors, 12' industrial windows, stainless steel appliances, skyline view. The Stacks Lofts community features gated/guard entrance, swimming pool, roof top terrace, covered parking, grill areas, 24 hr. gym.

Monthly rental amount is $1,275. One month security deposit, pets OK ($400 pet deposit), available immediately.

Call Jon Chapman with Coldwell Banker to view this amazing loft. (404) 285-9738.

Serious inquiries only.

Credit check, background check, and residential history will be screened prior to commencement of lease agreement.

1010 Midtown

2010-11-02T19:08:00.002-04:00

I visited 1010 Midtown today and was blown away! What an AMAZING building with great deals on 1, 2, & 3 bedroom homes starting at $185,000. This building also has some of the most stunning views that you can buy in Midtown Atlanta. Call me if you like to see any of their 14 designer models! (404) 285-9738 http://www.1010midtown.com/

FOR RENT- New York Style Loft

2010-07-08T17:16:00.004-04:00

New York style 1 bedroom/1bathroom loft located at The Stacks Lofts in Cabbagetown/Atlanta/Midtown. This amazing multi-level loft features 20' ceilings, concrete floors, double height industrial windows, exposed brick walls, stainless steel appliances, and many more upgrades. The Stacks Lofts community features gated/controlled access, 24 hour fitness center, roof top terraces, resort style pool nestled within historic ruins, picnic/grill areas, and conviently located near shopping, diningg, and entertainment. Also seconds from I-20, I85/I75, public transportation, and 12 minutes to Atlanta Hartsfield International Airport.

$1,500 per month, 1 month's deposit, small pets OK, available within 2 weeks.

To schedule a viewing of this spectacular loft please contact Jon Chapman with Coldwell Banker at (404) 285-9738.

Serious Inquiries Only!

FHA Enhances Credit Policies, Includes Appraisal Enhancements

2009-09-29T12:24:00.000-04:00

Federal Housing Administration (FHA) Commissioner David H. Stevens announced plans to implement credit policy changes that will enhance the agency's risk management functions. FHA will hire a Chief Risk Officer for the first time in the FHA's history. Commissioner Stevens said "to be clear, the fund's reserves are sufficient to cover our future losses, so the FHA will not require taxpayer assistance or new Congressional action. That said, given the size and scope of the FHA and its importance to today's market, these risk management and credit policy changes are important steps in strengthening the FHA fund, by ensuring that lenders have proper and sufficient protections."

FHA is implementing new policies in a mortgagee letter that will be effective January 1, 2010. FHA will reaffirm existing policy on appraiser independence and geographic competence. Mortgage brokers and commission based lender staff will be prohibited from ordering appraisals. FHA's appraisal validity period will be reduced from six months to four. HUD also acknowledges that FHA is considering implementing components of HVCC for FHA-insured mortgages.

Need a good Mortgage Lender- Jennifer Brown

2009-08-07T14:13:00.002-04:00

Personable, high integrity, expert, great results - these are the words used by clients and business partners to describe Jennifer Brown. A 10 year veteran in the mortgage industry, she has had the honor of helping over 600 families achieve their dream of homeownership and has assisted hundreds of other families with refinance and equity transactions. In addition she has been named the preferred lender by many of Atlanta's most respected builders and developers, serving more than 30 communities since 2002.

Before joining LoanSouth, Jennifer has was consistently a top producer with Countrywide Home Loans, SunTrust Mortgage and Wells Fargo Home Mortgage where she received many awards for her accomplishments in the industry. She credits her success to surrounding herself with the best of the best. This philosophy drove her decision to leave a well respected national lender to join LoanSouth Mortgage. "When I heard the news that Kim and Bob were founding their own company I knew I wanted to be a part of it. I can think of no better group of people to align myself with. The atmosphere here at LoanSouth is exciting. When you walk through the door you can feel it!"

A native of Alabama, Jennifer is a Magna Cum Laude graduate of Auburn University at Montgomery with a Bachelor of Business Administration in Finance. She resides in Cumming, Georgia with her husband Ryan and their two labs, B.A. and Bear.

Featured Home- Glenwood Park $699,000

2009-07-09T13:34:00.004-04:00

MAJOR PRICE REDUCTION! Gorgeous Earthcraft home in Glenwood Park- 3 lvls of lux living w/gourmet kit w/ bfst area open to fam rm w/ fp, sep DR, fab outdoor patio w/ dbl sided fp to screened porch, stunning master w/ fp, sep legal apt/in-law suite, finished terrace lvl-pool membership included!

Possible SHORT SALE!

To view this custom home, please contact me (404) 285-9738 or via email at jon.chapman@nrtdevelopmentadvisors.com

The Stacks Lofts

2009-07-09T10:45:00.000-04:00

Condo Trends: From Luxury Condo to Homeless Shelter

2009-07-09T10:13:00.001-04:00

by M. Anthony Carr
In a move to ward off foreclosure, a luxury condo developer has turned the units intended to sell for more than a quarter million dollars into a homeless shelter with the help of a New York-based nonprofit.

The Brooklyn units come complete with granite counter, terraces, marble bathrooms and walk-in closets, according to the New York Daily News, and the city is paying out hundreds of thousands of dollars per month ($90 per unit per night) to house homeless families in the city.
"City officials said the condos - which couldn't attract buyers in the fizzled housing market - are part of an effort to help an "unprecedented" number of homeless families who have ended up on the street because of the tough economy," according to the report.
It's the first time luxury condo has gone homeless shelter, according to Steven Spinola, president of the Real Estate Board of New York. Avi Shriki, the developer of the project, says leasing the building for the next 10 years to the Bushwick Economic Development Group, a non-profit homeless shelter group, was the best Plan B he could find.
He can pay the mortgage with the deal and still keep the building, instead of going into foreclosure.

FOR SALE- Foreclosure $299,000

2009-07-08T11:26:00.006-04:00

Short Sale, fantastic value. Beautifully renovated 1908, 'four square' pocket doors, 6 fireplaces, hardwood floors throughout, extra large rooms. Great master and ensuite. Exterior just needs paint.

3 bedroom/3 bath, $299,000

For a viewing of this home, please contact me. (404) 285-9738 or via email jon.chapman@nrtdevelopmentadvisors.com

PRICE REDUCTION

2009-07-08T11:18:00.004-04:00

Price reduced on A&P Loft one bedroom/one bath loft. FMLS #3881951 $149,900

Forbes: Atlanta among best places to buy a home

2009-07-08T09:44:00.001-04:00

Atlanta is the 13th-best American city to buy a house, Forbes magazine said in a new ranking of U.S. metro areas.Forbes also determined average price per square foot of housing space decreased 1.1 percent in Atlanta between February and March of this year, and that transactions declined 7.5 percent between March 2008 and March 2009.“While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now,” Forbes reported this week.The Forbes rankings seem geared more toward each market’s current and future potential as a place to buy a home, since some of the cities at or near the top of the list are among those hardest hit by the recession.The report ranked the 25 largest U.S. metro areas on the basis of change in price per square foot, frequency of real-estate transactions, and how evenly distributed home-sales activity is in a metro area.Denver is the best city to buy a home. Phoenix was ranked No. 2, followed by Boston, San Diego and Los Angeles.Forbes listed Las Vegas, Cleveland, Seattle and Detroit at the bottom of the 25 cities.“There, distressed sales have kept home values down and buyers away,” Forbes said.Forbes drew its data from March 2009 RPX Monthly Housing Market Report, distributed by Radar Logic Incorporated, a New York-based derivatives firm.Source: Forbes & Atlanta Business Chronicle

Timing The Market

2009-07-07T10:47:00.001-04:00

Pending Home Sales Up Fourth Straight Month

2009-07-06T14:03:00.001-04:00

The Basics: 2009 First-Time Home Buyer Tax Credit

2009-07-06T13:45:00.002-04:00

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

R.I.P. Michael Jackson

2009-06-26T13:08:00.004-04:00

R.I.P. Farrah Fawcett

2009-06-26T13:08:00.002-04:00

$8,000 fast cash for first-time homebuyers

2009-05-27T10:02:00.002-04:00

HUD plans to tweak $8,000 tax credit rules so first-time homebuyers can get instant down-payment assistance.

NEW YORK (CNNMoney.com) -- Home prices are cheap. Affordability is at a record high. And the market is littered with distressed properties looking for a buyer.
But there is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for down payments. The typical first-time buyer has only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time - when it's needed.
Now the U.S. Department of Housing and Urban Development is planning to change that. The agency is working on a plan that will allow Federal Housing Authority-approved lenders to provide buyers with the tax credit cash up front.
"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," said Shaun Donovan, HUD secretary, in a speech last Tuesday before the National Association of Realtors.
States first
Donovan did not reveal many details, but the plan could be modeled after programs in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee and Washington. To quickly infuse cash into their housing markets, these states created "bridge loans" that allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.
The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 - a month before Congress approved the stimulus package. Since then, Missouri has approved applications by more than 300 borrowers and closed on 128 of them.
Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City.
The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Much of that $9,000 came from the loan program, which they tapped so they wouldn't have to drain their reserves.
"We had money saved up that we were going to use for the down payment," said Cherry. "Now we can use some of that to buy some things we need for the house."
At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. The second note is good for 6% of the price of the home, up to $6,750; there is a $350 set-up fee, but no interest is charged if the debt is repaid by June 2010.
In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments. "We wanted them to have a cushion below that $8,000 in case other tax liabilities show up," said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission.
If borrowers don't pay off the note, it becomes a 10-year fixed-rate mortgage with an interest rate one-half percentage point above that of their first mortgages. For example, borrowers paying 6% on their first mortgages would be charged 6.5% on the second.
So far, Spurgeon said, a significant proportion of participating homebuyers have repaid their loans. He expects most of the others to do the same before the deadline.
Cherry has claimed the federal tax credit on his 2008 taxes, but he hasn't gotten his refund yet. He definitely intends to repay the loan before the 2010 deadline because, he said, not doing so would add about $75 a month to his house payments.

4 Home Staging Tips To Attract Buyers

2009-05-12T12:43:00.001-04:00

“What are some of the things buyers look for in a new home? Many times they look for things they don't have in their current home, like a 'showcase' bedroom. What is a showcase bedroom? It's a bedroom that looks like it came right out of a major magazine. More than that, it's a room where buyers can imagine themselves living in the home. Here are four tips for creating a showcase bedroom:
1. The furniture needs to be clean. Furniture should pass the 'white glove' test, and mirrors and windows should be spot free.
2. The bed linens should be fresh and luxurious to the eye. Maybe just a new duvet cover with matching pillow shams propped up will do the trick. You can also add some contrast with a smaller pillow in the center.
3. The color choices should be neutral and should match. Try to match the bedding colors with something else in the room like the paint trim or a small rug on the floor.
4. Remove any exercise equipment and de-clutter the closets. People often move because they want MORE space. In general, you can remove anything that does not need to be in the master bedroom. Where do you put all the items you took from the closet? Try using plastic storage containers that will slide under the bed and out of site. If there is left over space in your closets they will think that all their clothes and other items will fit!
The bedroom is a personal space for the buyer. Creating a great bedroom isn't just about the furniture, but it's about turning an ordinary bedroom into a place that will comfort a buyer to escape from the rest of the world. So spend a little time and energy to really look at the bedroom from a buyer's eye and your house will sell faster.”

Pending home sales jump 3.2%

2009-05-05T10:23:00.000-04:00

Buyers defy expectations with an increase in sales contracts signed during March.

NEW YORK (CNNMoney.com) -- Is the housing meltdown ending?
Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.
The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.
0:00 /2:45No help for homeowners
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It may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, according to Lawrence Yun, NAR's chief economist. And, the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December.
"We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around," said Yun. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment."
The index is understood to be a forward indicator of home sales trends since it measures contracts signed, not completed sales. The up-tick may indicate that home prices have fallen low enough for buyers to get off the fence.
Feeling for the bottom
Yun is not calling a bottom yet, however, because the index is still at a relatively low level. Instead, he's looking toward the summer selling season to determine what direction the market will take. Plus, he would like the number of homes on the market to drop to a more normal level of six to seven months of supply.
"If inventory goes down - it's at just under 10 months now - to below eight months, that would mean we're on the way to a sustainable recovery," Yun said.
Anecdotal evidence indicates that trend may be happening. Realtors and other industry insiders are seeing rising open house attendance and multiple bids on some particularly desirable properties. Plus, pricing has become sharper, according to Sherry Chris, the CEO of Better Homes and Gardens Real Estate.
"Overpricing seems to be ending," she said. "Properties are coming onto the market and selling quickly."
And buyers are feeling a little more urgency, she added. In many markets, buyers have not felt any pressure to make an offer. "They said to themselves, 'I don't have to act immediately. It will still be on the market two weeks from now,'" she said.
Today, buyers are more likely to bid because they perceive the market as at or near its bottom. An April Gallup Poll reported that 71% of Americans thought it was a good time to buy a house.
They don't, however, believe there will be price increases soon; three of four buyers think prices will stabilize or even decline in their areas over the next 12 months, according to Gallup.
Pat Newport, a real estate analyst for IHS Global Insight, is putting less emphasis on pending home sales than he once did for his housing market analyses. There has been a disconnect lately, he said, between the number of properties going into contract (pending home sales) and the number that actually close (existing home sales).
He speculates that this is because buyers are making offers and signing contracts but, because of financing problems, many deals are falling through.
Regional differences
The South saw the largest gain of any region, with pending home sales jumping 8.5%. Pending sales are 7.7% higher there compared with a year ago.
The Midwest gained 3.9% from February and 1.7% year-over-year. Northeast sales fell 5.7% and are off 24.1% compared with March 2008. The West dropped 1% for the month but are up 8.2% year-over-year.
Low home prices continued to help to drive sales, although NAR's affordability index actually fell 2.3% from February, when it hit a historic high. This index is based on family income, home prices and mortgage rates.
"Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," said NAR President Charles McMillan, in a prepared statement. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable.

Making an Offer on a Short Sale? What You Need to Know

2009-04-29T11:10:00.002-04:00

Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? Before you make an offer, it pays to know a little about the seller's situation.
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.
You're a good candidate for a short-sale purchase if:
You're very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.
If you're serious about purchasing a short-sale property, it's important for you to have expert assistance. Here are some people you want to work with:
Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who's knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.
A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they've represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)
Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it's much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.
Some of the other risks faced by buyers of short-sale properties include:
Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.
The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.
* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Tips for Finding the Perfect Neighborhood

2009-04-26T13:00:00.002-04:00

Your neighborhood has a big impact on your lifestyle. Follow these steps to find the perfect community to call home.

Is it close to your favorite spots? Make a list of the activities — movies, health club, church, etc. — you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.
Check out the school district. This is especially important if you have children, but it also can affect resale value. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in the neighborhoods you’re considering. Also, check out http://www.schoolmatters.com/.
Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type — such as burglaries or armed robberies — and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?
Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?
See if you’ll make money. Ask a local REALTOR® or call the local REALTOR® association to get information about price appreciation in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good of an investment your home will be. A REALTOR® or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood — like a new school or highway — that might affect value.
Make personal observations. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? How does it feel? Pick a warm day if you can and chat with people working or playing outside.

10 Questions to Ask the Condo Board

2009-04-15T12:24:00.002-04:00

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

5 Feng Shui Concepts to Help a Home Sell

2009-04-07T12:36:00.002-04:00

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Source: Sell Your Home Faster With Feng Shuiby Holly Ziegler (Dragon Chi Publications, 2001)

Flickr and Twitter

2009-04-01T15:27:00.004-04:00

I'm now on Flickr and Twitter. Check it out!

http://www.flickr.com/ (jonsatlantarealestate)
This is a great opportunity to check out my lastest pictures of any of my listings and all real estate related pictures. What a cool site!

http://www.twitter.com/ (jchapmanrealty)
Find out what I'm doing in the crazy world of Atlanta Real Estate. New listings, homes sold, and all sorts of good information. But, fun of course! ;)

Let me know if you know of anyone looking to purchase or sell real estate in the near future. I would love to help!

Jon Chapman (404) 285-9738 or jon.chapman@nrtdevelopmentadvisors.com

FEATURED LISTING- Historic East Atlanta LOFT

2009-04-01T09:51:00.009-04:00

One bedroom/One bath unique and authentic New York style loft with original oversized factory windows, concrete floors, concrete columns, and exposed brick walls. A&P Lofts building is located in an excellent East Atlanta location that is growing at a rapid rate. The loft building features roof top terrace with incredible Atlanta skyline views, clubroom/fitness center, 1 assigned parking space with plenty of guest parking on site. Convenient to I-20 and 85/75. TAX INCENTIVE until 2020 and LOW monthly HOA fees. This is home is offered and priced to sell at $157,900.

Please contact Jon Chapman to schedule a private tour. (404) 285-9738 jon.chapman@nrtdevelopmentadivors.com.

Mortgage rates drop to record low

2009-03-27T09:13:00.001-04:00

Freddie Mac survey says mortgage rates fall to lowest in 38 years after Fed aids market

WASHINGTON (AP) -- Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago.
The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.
Rates on 30-year mortgages traditionally track yields on long-term government debt.
Though the yield on the benchmark 10-year Treasury note initially plunged by about 0.5 percentage points after the Fed's move, lenders did not pass the entire drop on to borrowers. Bond yields rose after worries about what some saw as lackluster demand at a government debt auction Wednesday.
"There was a honeymoon effect initially" after the central bank's announcement, said Greg McBride, senior financial analyst with Bankrate.com. "The reality of large government deficits and the need for substantial government borrowing is setting in with investors."
Mortgage applications surged last week, mostly from borrowers looking to refinance and save money on their monthly payment. The Mortgage Bankers Association said Wednesday its weekly application index climbed more than 30 percent for the week ended March 20.
Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.
In Freddie Mac's survey, the average rate on a 15-year fixed-rate mortgage dropped to 4.58 percent this week, down from 4.61 percent last week.
Rates on five-year, adjustable-rate mortgages fell to 4.96 percent, compared with 4.98 percent last week. Rates on one-year, adjustable-rate mortgages rose fell to 4.85 percent, from 4.91 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac's survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.

Best buyers market forecast

2009-03-25T12:51:00.001-04:00

Despite the gloomy national economic outlook, the best buyers' real estate market in at least four years will develop by late summer in most housing markets, according to a new Housing Predictor forecast. Lower interest rates will draw buyers to make purchases of homes more than in years. Increased buyer activity in housing and more home sales will demonstrate the first signs of a recovery.

How long will it take before we get out of this mess? Conditions are moving in the right direction for a correction in housing markets to develop, but the unprecedented level of foreclosures will hamper the recovery for sometime. Economists just aren't sure how long that will take.

Housing prices are not yet forecast to appreciate as a result of the Fed's actions, but are efforts to stabilize markets, according to real estate analysts. As a result of the Fed's actions mortgage rates dropped the day following the Fed's move and are likely to drop further as mortgage companies react in coming weeks.

FALLING RATES! GREAT NEWS!

2009-03-19T12:33:00.002-04:00

WASHINGTON (AP) -- Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week.
That was down from 5.03 percent last week. It was the lowest since the week of Jan. 15, when it was at 4.96 percent.

The rate quotes included in Freddie Mac's survey were taken before the Fed said Wednesday it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and other and loosen credit. That is expected to drive mortgage rates down further.

Simple Tips for Better Home Showings

2009-03-18T16:50:00.002-04:00

1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.

2. Wash your windows and screens. This will help get more light into the interior of the home.

3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.

5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.

6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.

7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.

8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.

9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.

10. Buy a flowering plant and put it near a window you pass by frequently.
11. Make centerpieces for your tables. Use brightly colored fruit or flowers.

12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.

13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.

14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.

15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.

16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.

17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.

18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

Last Years Atlanta Tornado

2009-03-14T13:29:00.002-04:00

Before and after picture of The Stacks Lofts from the March 14, 2008 Atlanta Tornado.

Lofts Show Off Tornado Renovation

2009-03-14T12:26:00.002-04:00

ATLANTA -- The tornado that hit downtown Atlanta one year ago did a lot of damage to the lofts at the old Fulton Cotton Mill, but today the lofts, known as The Stacks, are back.
This weekend, the doors of The Stacks will be open for a special open house.

"It takes a lot of time to put something like that back together," said Tom Aderhold, president of Aderhold Properties and owner of The Stacks. He appeared on 11 Alive News Saturday Today.

"The damage was bad enough that everyone had to leave for quite some time," he said. "We had between 700 and 800 people, and they had to find somewhere else to live for several weeks."

One resident suffered minor injuries. A dog that was missing was discovered by firefighters days later. He was unharmed.

Everyone has since returned, and now The Stacks is ready to show off some newly-renovated lofts that are on the market.

Saturday's Open House runs from 10 a.m. to 5 p.m. On Sunday, it runs from 1 p.m. to 5 p.m. at 170 Boulevard Avenue, SE. For more information, call 404-588-2728 or log onto http://www.stackslofts.com/.

The property was originally the Fulton Bag & Cotton Mill which was built in 1881 and was one of Georgia's most successful late 19th century textile mills.
In 1999, it was the scene of a dramatic rescue of a crane operator by an Atlanta firefighter during a raging fire.

The Stacks is a Federal Housing Administration (FHA) approved property, which means homebuyers to take advantage of a 3.5% down payment.

Additionally, the First-Time Home Buyers Tax Credit included in the American Recovery and Reinvestment Act of 2009 makes an $8,000 tax credit available to first-time home buyers for the purchase of a principal residence until December 1, 2009.

2 bedroom/2 bath condo- Piedmont Crest

2009-03-12T12:25:00.003-04:00

Beautiful corner home that sits right on Piedmont Park.10' ceilings, heavy moldings, granite, stainless steel appliances, 2 master suites with large walk-ins, 2 parking spces. Walk to all that Midtown has to offer! This is your chance to get an AMAZING deal & live on the park!!

Priced at $445,000

To view this spectacular park side condo, call me today. (404) 285-9738.

Arts Festival- March 14, 2009

2009-03-11T10:56:00.002-04:00

OPEN HOUSE- THIS WEEKEND!

2009-03-10T14:00:00.004-04:00

FEATURED LISTING- The Stacks Lofts! Cabbagetown

2009-03-09T16:46:00.004-04:00

Two Bedroom/Two Bath Multi-level LOFT! $239,900

The Stacks at Fulton Cotton Mill

170 Boulevard Ave. SE, E201

Atlanta, GA 30312

Corner 2 bedroom multilevel loft with soaring 25' ceilings, concrete floors, industrial windows with skyline & green space views, spectacular finishes in kitchen & bath, & flat screen TV in master bath. Enjoy pool, fitness, controlled access property, assigned parking space included. FHA APPROVED! HOA monthly fees $258.

Call me today for a private/personalized tour! (404) 285-9738.

How Big of a Mortgage Can I Afford?

2009-03-09T16:43:00.001-04:00

Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.

The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.

Rent: _________________________Multiplier: x 1.32Mortgage payment: _________________________

Because of tax deductions, you can make a mortgage payment — including taxes and insurance — that is approximately one-third larger than your current rent payment and end up with the same amount of income.

Lender Checklist: What You Need for a Mortgage

2009-03-08T16:20:00.000-04:00

*W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for everyperson signing the loan.
*Copies of at least one pay stub for each person signing the loan.
*Account numbers of all your credit cards and the amounts for any outstanding balances.
*Copies of two to four months of bank or credit union statements for both checking and savingsaccounts.
*Lender, loan number, and amount owed on other installment loans, such as student loans andcar loans.
*Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
*Copies of brokerage account statements for two to four months, as well as a list of any other major assets ofvalue, such as a boat, RV, or stocks or bonds not held in a brokerage account.
*Copies of your most recent 401(k) or other retirement account statement.
*Documentation to verify additional income, such as child support or a pension.
*Copies of personal tax forms for the last two to three years.

Expanded Tax Break Available for 2009 First-Time Homebuyers

2009-02-28T20:00:00.001-05:00

WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

Fannie Mae to Drop Four Financed Property Rule!

2009-02-11T11:12:00.002-05:00

In August of 2008, Fannie Mae announced the implementation of a restriction on loans for rental property. Known as Fannie Mae Letter 08-22, it stated that investors would be cut off after their credit report revealed any four or more "financed properties." Lenders stopped taking applications from investors almost immediately after that announcement.
Prior to this change, Fannie had in place a "ten financed property" rule, but the lending industry often provided ways around that limit by offering portfolio loans that were underwritten to Fannie Mae standards. These portfolio loans vanished simultaneously with FNMA's announcement.
The devastating effect of this change has been to sideline almost all veteran home investors at a time when the nation's supply of bank-owned homes is strangling our real estate market. In Atlanta alone, it is estimated that there are over 8,000 bank owned homes clogging the market, making it impossible for the market to begin any type of recovery.
However, editors at the Georgia Real Estate Report have learned that internal meetings at Fannie Mae have revealed that FNMA intends to eliminate the "four financed property" restriction on lenders, and revert to the "ten property limit." According to this same source, the change will be announced "within a few weeks."
This information was revealed Thursday, February 5, but could not be confirmed by FNMA spokespersons in Atlanta.
If this change occurs, and it appears that it will, this could spell the beginning of the end for the abysmal performance of real estate during the current economic environment.
It is unknown whether or not lenders may once again offer "portfolio" loans that are underwritten to Fannie guidelines once this change occurs, but it seems logical. Remember that investor loans have always carried some premium both in rate and points, making them more attractive to lenders than traditional loans. It stands to reason that if these investor loans are "full doc" and require a reasonable down payment, they can be easily as safe as an owner-occupant loan.
© 2008 The Georgia Real Estate Report. All rights reserved.

6 Creative Ways to Afford a Home

2009-02-07T19:41:00.002-05:00

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, http://www.getdownpayment.com/, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, http://www.hud.gov/.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

It's Been Worse for the U.S. Housing Market

2009-02-05T10:08:00.001-05:00

Historically, this housing decline has been a bear, but not the worst of the bear housing markets.The Winans International Real Estate Index calculates that new home prices in the United States are down 23 percent since March 31, 2007. New homes sales have fallen 71 percent and new property listings are down 34 percent in the same time period.Sounds bad, but the worst decline of new home prices in the last 150 years was the 68 percent decline from 1929 to 1932. The longest housing bear market was from 1853 to 1858."This bear market will probably not end in 2009. Past real estate bear markets ended when the average time it took to sell a new house dropped to 3 1/2 months. Currently, it is taking over 9 months for transactions to close due to tight credit conditions," says company founder Ken Winans.Source: Winans International (02/03/2009)

HELLO OBAMA!

2009-01-19T22:44:00.002-05:00

What is Appraised Value?

2009-01-11T16:59:00.002-05:00

Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.

For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com

Mortgage rates dip to new all-time low

2009-01-10T10:42:00.002-05:00

The 30 year fixed rate fell to 5.01%, its lowest level since Freddie Mac started conducting its survey in 1971.

NEW YORK (CNNMoney.com) -- Mortgage rates fell to another all-time low, declining for the tenth consecutive week.
Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year.
The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971.
Mortgage rates continue to respond to the Federal Reserve's decision to purchase mortgage backed securities from Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and Ginnie Mae, according to Frank Nothaft, Freddie Mac vice president and chief economist.
"On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008," Nothaft said in a release Thursday.
The 15-year fixed rate mortgage this week averaged 4.62%, which is down from 4.83% last week. A year ago at this time, that rate averaged 5.43%.
The 15-year rate has not been this low since June 13, 2003, when it averaged 4.6%.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.49% this week, down from last week when they averaged 5.57%. At this time a year ago, the 5-year ARM averaged 5.63%.
And the one-year Treasury-indexed ARM averaged 4.95% this week, up from 4.85% last week. Last year, the 1-year ARM averaged 5.37%.
"Since the end of October 2008, these rates have declined by almost 1 1/2 percentage points," said Nothaft. "[That's a] payment savings of about $184 a month for a $200,000 loan - an additional $11 from last week."

Current Mortgage Rates (as of 1/9/09)

2009-01-10T10:38:00.001-05:00

Current Mortgage Rates (Provided by Jennifer Brown- Loan South Mortgage)

Conforming 30 Year Fixed
4.875% Rate
5.031% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

Conforming 5 Year ARM
4.875% Rate
5.031% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

FHA 30 Year Fixed
4.875% Rate
5.082% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 30 Year Fixed
6.500% Rate
6.629% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 5 Year ARM
5.250% Rate
5.324% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

5 Things to do Before Putting Your Home on the Market

2009-01-07T21:37:00.002-05:00

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

Does Moving Up Make Sense?

2009-01-05T11:27:00.002-05:00

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Take the Stress Out of Homebuying

2009-01-03T10:41:00.002-05:00

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Current Mortgage Rates (as of 1/2/09)

2009-01-02T18:17:00.001-05:00

Current Mortgage Rates (provided by Jennifer Brown- Loan South Mortgage)

Conforming 30 Year Fixed
4.875% Rate
5.031% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

Conforming 5 Year ARM
4.875% Rate
5.031% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

FHA 30 Year Fixed
5.000% Rate
5.208% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 30 Year Fixed
6.750% Rate
6.880% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 5 Year ARM
5.250% Rate
5.324% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Tax Benefits of Homeownership

2009-01-02T12:31:00.001-05:00

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.
Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)______$12,577 = Total deduction
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56
$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate) Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Happy New Year!

2008-12-31T18:21:00.001-05:00

Forbes Magazine Predicts Atlanta Recovery to Begin in 2009

2008-12-29T22:42:00.002-05:00

Forbes Magazine made some good predictions for Atlanta homebuilders and residents last week. While other cities, like Las Vegas and Phoenix are expected to see home prices decrease by up to 50%, Atlanta is predicted to see significant increases as early as 2009. (This reiterates that NOW is the time to buy Atlanta Real Estate. Discounts on current new home inventory are available now. They won’t last forever!) Although Forbes mentions the number of Atlanta foreclosures in early 2008, our continued steady job growth rate promises an end to our housing slump. In fact, next year home prices are expected to jump up by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by as much as 18.4% and job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number nine in the group of ten “lucky cities” that are predicted to experience long term recovery that will begin next year. Other cities where home prices are expected to rise include Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte, and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the Atlanta housing market once again.

Current Mortgage Rates (as of 12/26/08)

2008-12-26T16:09:00.001-05:00

Current Mortgage Rates (Provided by Jennifer Brown- Loan South Mortgage)

Conforming 30 Year Fixed
5.000% Rate
5.157% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

Conforming 5 Year ARM
5.125% Rate
5.284% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR

FHA 30 Year Fixed
5.000% Rate
5.208% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 30 Year Fixed
6.750% Rate
6.880% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

Non Conforming 5 Year ARM
5.250% Rate
5.324% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.

7 Reasons to Own Your Home

2008-12-26T11:47:00.002-05:00

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

HAPPY HOLIDAYS!

2008-12-24T11:01:00.003-05:00

Happy Holidays to everyone! Have fun and be safe!

Jon Chapman

Questions to Ask When Choosing a REALTOR®

2008-12-21T12:06:00.003-05:00

Hello everyone! Here some great questions you should ask your Realtor! I have already answered the questions for you!

Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job. JON: Real estate is my passion and my full time job.

2. What designations do you hold? Designations such as GRI and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners. JON: I hold the CNS designation. CNS stands for Certified Negotiation Specialist. I take continuing education courses through the year. I'm also a member of the Million Dollar Club and last year in 2007 I was Top 10 Agent-Units Sold.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has. JON: Last year I sold 27 homes and Coldwell Banker is consistently #1 brokerage nationwide.

4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison. JON: Average time frame to sell average home was anywhere from 60-120 days. The Atlanta real estate market can be challenging at times due to a great deal of inventory. However, currently we are seeing a decline in inventory.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market. JON: Very close. With my designation, CNS (Certified Negotiation Specialist), I am able to use my negotiation skills to get the best for whomever I'm representing.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive. JON: I have very extensive marketing plan that I use that sets me apart from my competitors. Depending on the home and location itself, I will customize a marketing plan that fits the buyers and/or seller.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party. JON: I do represent each and every one of my clients exclusively. Very rarely will I come upon having to represent both the buyer and the seller.

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers. JON: Of course! I have an extensive list of approved vendors that I like to use personally. I will walk you through step by step with any of your concerns or questions.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home. JON: Coldwell Banker is the top brokerage within the nation. My brokerage office provides me with a ton of support, anywhere from legal questions to marketing.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business models. JON: Being able to purchase a home is an American Dream! I love being able to help people find that perfect home and experience the emotions that come along with it! I also get great satisfaction to help sellers sell their current home to relocate to another home of their dreams. Real estate is my passion and I feel it shows through with my clients.

Why You Should Work With a REALTOR®

2008-12-19T13:23:00.002-05:00

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®.

1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: 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?

3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, 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. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.

5 Common First Time Home Buyer Mistakes

2008-12-19T13:00:00.001-05:00

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

10 Ways to Prepare for Homeownership

2008-12-18T10:55:00.002-05:00

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

Rules for Tasteful Holiday Décor

2008-12-16T14:58:00.000-05:00

Sellers don't have to forgo all holiday trimmings just because their home is on the market. But they should decorate in a way that won't turn off buyers.
By Barbara Ballinger
December 2008

There's no doubt the holidays are near: Malls filled with poinsettias, festive music filling elevators, catalogs flooding mailboxes, and home design magazines packed with ways to make the season bright.

Many sellers want to pull out the stops and decorate according to family traditions, but houses that are on the market shouldn’t be overly personalized or cluttered at any time. Your job as a real-estate practitioner is to help sellers strike a balance between enjoying their traditions yet showing restraint. Explain that too much “stuff” camouflages what’s most important when decorations come down: a home’s architectural details, its condition, location, and price.

“Your goal is to help sellers show off their houses, but not their holiday decorations,” says Julie Dana, a home staging professional and co-author of The Complete Idiot’s Guide to Staging Your Home to Sell (Alpha, 2007). If you succeed, you’ll get them to convince buyers, “I wish this were my home for the holidays,” says Bruce Johnson, president of Lee Kimball, a design/build firm in Winchester, Mass.

Amid all of the challenges of listing a home during the holidays, there is one big plus: Most buyers who are actively looking at this time of year are serious. The following tips will help sellers achieve the right decorating balance:

Add tasteful, generic decorations. “Tasteful decorations can be an asset to a sale,” says David Iannuccilli, CRS, GRI, and co-broker/owner of RE/MAX Professionals in East Greenwich, R.I. But since taste is subjective, we asked Iannuccilli and other pros to define what good holiday taste looks like—and doesn’t. Most define it as “elegant,” “simple,” and “quiet.” Iannuccilli specifies a minimalist approach--one wreath, one tree, one dining table centerpiece. Dana recommends a tall narrow tree to emphasize a room’s height and conserve floor space. In the don’t-do list, Dana cites no “cute” wreaths with gingerbread men or oversized inflatable snowmen on front yards. She also suggests steering clear of personalized objects such as monogrammed stockings. “When decorations get too personal, people have a hard time picturing themselves in the home,” she says. Pat Heydlauff, a feng shui expert in Palm Beach County, Fla., recommends no or few religious symbols, whether crèches or menorahs.

Trade nonseasonal for seasonal decorations. To avoid clutter, remove a nonholiday accessory for each seasonal accessory added, says Dana.

Don’t imitate Scrooge. Even if decorating seems a Herculean task, tell sellers not to avoid all decorations. “People expect some, and they add warmth,” says Dana.

Think green…and metallic, and white. Too much red and green can backfire. Practitioners suggest a neutral palette of fresh greens, elegant silvers and golds, and classic whites. Karen Fornash, a real estate guru in New York, favors vases of white roses, lilies, and freesia, complemented by evergreens. Christi Page, owner of Top Drawer Hardware in Santa Monica, Ca., suggests replacing a few knobs in a bathroom or kitchen with ones that add a touch of seasonal color.

Remember the joy of entertaining. Because home entertaining connotes happy homeownership, builder David Cohen of Hampden Design & Construction in Newton, Mass., suggests staging a kitchen as if the owners were going to throw a cozy holiday party. “People don’t want things to look stark at the holidays,” he says.

Be mindful of valuable gifts. Keep most holiday presents and family heirlooms out of sight to avoid distracting buyers, says Gregg Goldsholl, a practitioner with Weichert Realtors in Larchmont, N.Y. Doing so also is a smart precaution for open houses. “Not all people who tour a home are trustworthy,” Dana says.

Keep up decorations for a limited time. While most homeowners love prolonging the holiday spirit, experts suggest curtailing it when the house is on the market. Dave Sears, co-founder of OptHome, a homeownership resource Web site in Winchester, Mass., advises a maximum of two weeks before and two after Christmas.

Add warmth and energy. Nothing says holidays more than twinkling lights and crackling fires, but make smart choices. Lights, which also help illuminate a home’s exterior in the dark—particularly important in winter when many showings take place—shouldn’t be left on all the time. Advise sellers to select efficient LED bulbs and use them with motion detectors or timers, says Rozanne Weissman, senior director of consumer campaigns with the nonprofit Alliance to Save Energy in Washington, D.C. To get a fire going quickly and make clean-up easier, consider manufactured logs, says Mendy Aul, with Pine Mountain in Daleville, Ind.

Minimize smells. Holiday aromas—baked goods and live greens—enhance seasonal decor, but overly strong odors from air fresheners and candles may send buyers running, says Deanne Kory, senior vice president with The Corcoran Group in New York. Heydlauff tells sellers to leave out a plate of cookies, which buyers will associate with the spirit of giving.

Play soothing music. Most people get their fill of jingles and carols, so suggest nonseasonal favorites that appeal year-round, says Sears.

Use timely marketing materials. Everyone wants to lower expenses, but it’s critical not to cut corners when you're taking photos for listing materials. The wrong images—a living room with a tree in summer—signal that a house has been on the market too long, says Dana.

Remember winter’s threat. If sellers live in a cold climate, remind them to shovel walks rather than have snow and ice become part of the décor.

Thrifty Solutions for an Outdated Kitchen

2008-12-16T14:41:00.002-05:00

If a cramped, old kitchen is turning off buyers, follow the lead of these home owners and turn a liability into a showplace.
By Sarah Shideler

In the eight years that we’ve operated our design and building business, WMS Construction in Marin County, Calif., my husband, Bill Shideler, and I have collaborated on a number of kitchen remodels for other people. A few years ago, we moved into an outdated ranch home and decided to use that collective experience to expand and update our own kitchen.

The challenge we faced involved a key element in limited supply: money. We knew that we’d be doing a substantial amount of the work ourselves or supervising subcontractors called in for selected jobs. But our budget couldn’t exceed $40,000—a bargain here in California. Here are some of the lessons we learned that sellers can use in turning that old, tired kitchen into a showplace buyers will clamor to call their own.

1. Add space and light by removing a wall. Instead of shelling out thousands of dollars to build additional floor space for our cramped kitchen, we took a simpler, less invasive approach. We replaced the partition walls with a single supporting beam and extended the exterior wall to enclose an underused 8-by-9-foot deck. For more light we added a large skylight and enlarged the garden window.

2. Don’t move the plumbing. Although it was tempting to move the sink from the back wall to the new island, it would have cost us an additional $1,200. Relocating the stove was possible, but moving the gas and electricity would have run at least $500 plus the cost of a new stove to work with the island. We did relocate the fridge to make room for the island, which we use for both food prep and casual dining. However, keeping most of the appliances in the same place saved us an estimated $2,000.

3. Unclutter the countertops with special hardware. Limited counter space doesn’t have to mean limited workspace. Mounting a stand mixer and a food processor on heavy-duty appliance lifts from Rev-A-Shelf kept them out of the way but instantly accessible. The brackets are strong enough to support an appliance in use, so you can lift it up to create an instant workstation. The lifts average about $90 each.

4. Buy ready-to-assemble cabinets. We chose white melamine boxes for most of the kitchen and cherry for the hutch, all from CabParts. The drawer boxes were ordered from Drawer Box Specialties. Ordering parts by mail and installing them yourself requires careful planning and precise measurements, but the payoff is major savings (for us, about $15,000).

5. Consider a variety of countertop materials. We wanted granite for its look and durability, but our budget kept us from using it on the island as well as the countertop. By shopping around, we found a 3⁄4-inch-thick granite slab that cost 30 percent less than a 1 1⁄4-inch version. The granite’s true thickness is visible around the undermount sink, but a laminated edge makes it look like a thicker slab and hides the plywood backing, which adds structural support to the countertop. A maple butcher-block top on the island costs about $450.

What About That Foreclosure Moratorium?

2008-12-13T13:18:00.002-05:00

Fannie Mae and Freddie Mac as well as lenders who said they were going to put a moratorium on foreclosures through the end of the year holidays are apparently proceeding with foreclosure actions anyway.

Brad German, a spokesman for Freddie Mac, says the company is continuing to process the foreclosures so paperwork will be in place by Dec. 15—although home owners won’t receive final notices until after the first of the year.

"Foreclosure is scary as hell," wrote a Business Week reader, who is going through the process. "They send strange men to your house after dark on Saturday night to hand-deliver copies of documents from a metal lockbox. Every day brings more certified mail. The mailman has to knock and wait for us to sign things—three different certified copies of everything, one to 'occupant' and one to my wife and me.

"Source: BusinessWeek.com, Christopher Palmeri (12/04/08)

Low Prices, Low Rates Mean Opportunity

2008-12-09T12:46:00.002-05:00

Housing prices have fallen dramatically all over the country and rates on 30-year fixed-rate mortgages are already close to 5.5 percent. Experts say it's possible, with government encouragement, that rates will fall as low as 4.5 percent.Now is the time for first-time to step up.

Here are some things to consider:

Prices have always softened in the winter. As temperatures fall, bargain hunters will have bigger then usual opportunities.
New homes likely to become scarce. Ian Shepherdson, chief United States economist for the research firm High Frequency Economics, said he believes that a steep drop-off in inventory of new homes is coming soon, thanks to a rapid decrease in home builder activity.
Location. Location. Location. Buying the best-priced house in a really good neighborhood is still smart.
Will values go up? You may have to live in a house for 10 years, but over time, buyers will almost certainly make money.

Source: The New York Times, Ron Lieber (12/05/2008)

Maybe It’s Time to Buy That First House

2008-12-08T12:17:00.000-05:00

By RON LIEBER
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.
Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.
Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing prices have fallen drastically from their peak levels in many areas of the country. Rates on 30-year fixed-rate mortgages are already close to 5.5 percent, and this week there were suggestions that the federal government might try to drive them down to 4.5 percent, a truly incredible figure to be able to lock in for three decades.
Meanwhile, first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. That is an added advantage in areas where many available houses simply are not moving, because the people trying to sell them will not be bidding against you.
If you’re hoping for a recovery in the housing market, you ought to be cheering on the first-time home buyers. When they purchase homes, their sellers are free to move on or move up, stimulating further sales.
But if you are a potential first-time buyer yourself, or lending or giving the down payment to one, you are probably as frightened as you are tempted by all the “For Sale” signs that have become “On Sale” signs. So let’s quickly review some of the still-grim pricing data in certain areas — and consider the reasoning offered up by first-time buyers who have forged ahead anyhow.
As is always the case with real estate, much depends on location. One study, “The Changing Prospects for Building Home Equity,” tries to predict where today’s first-time buyers in the 100 biggest metropolitan areas may actually have less home equity by 2012 as a result of continued price declines. The verdict was that buyers in 33 of the markets could see a decline by 2012, including potential six-figure drops on an average home in the New York City, Los Angeles, San Francisco and Seattle metropolitan areas.
This is obviously scary. (I’ve linked to the study, a joint effort of the Center for Economic and Policy Research and the National Low Income Housing Coalition, from the version of this article at nytimes.com/yourmoney.) It’s worth noting, however, that these predictions came before the government made its most recent move to reduce borrowing costs.
Also, the price projections in the study are based, in part, on the fact that the ratio of purchase prices to annual rents is still higher in many areas than the historical average, which is roughly 15 times rents. While past figures may well have some predictive value, I have never been convinced that first-time buyers compare a home that they could own and one that they would rent in purely or even primarily economic terms.
When Jaime and Michael Proman moved this fall to Minneapolis, his hometown, from New York City, they craved a different sort of life after two years together in a 450-square-foot studio apartment. “We didn’t want a sterile apartment feel,” said Mr. Proman, who is 28 (his wife is 26). “We wanted something that was permanent and very much a reflection of us.”
The fact is, in many parts of the country there are few if any attractive rentals for people looking to put down roots and enjoy the sort of amenities they may spot on cable television home improvement shows. Comparing a rental with a place that you may own seems almost pointless in these situations, especially for those who are now grown up enough to want to make their own decisions about décor without consulting the landlord.
Still, for anyone feeling the urge to buy, a number of practical considerations have changed in the last year or two. The basics are back, like spending no more than 28 percent of your pretax income on mortgage payments, taxes and insurance. Even if a lender does not hold you to this when you go in for preapproval, you should hold yourself to it.
You will also want to start now on any project to improve your credit score because it may take several months to get it above the 720 level that qualifies you for many of the best mortgage rates.
John Ulzheimer, president of consumer education for credit.com, a consumer credit information and application site, suggests starting to pay down and put away credit cards months before you apply for a loan. That is because the credit scoring system could penalize you if you use a lot of credit each month, even if you always pay in full. Also, check your three credit reports (it’s free) at annualcreditreport.com and dispute errors.
While no one can easily predict the likelihood of losing a job, Friday’s startling unemployment figures suggest the need for caution if you think you might be vulnerable. A. C. Panella, who teaches communications at Pasadena City College in California, waited until she had a tenure-track job before buying a home in the Highland Park section of Los Angeles with her partner, Amy Goldman, a lawyer for a nonprofit organization. “We could afford the mortgage payment on one salary, were something to come up,” Ms. Panella, 31, said. “It’s really about being able to stay within our means.”
For many first-time home buyers, that philosophy stretches to the down payment, too. Ms. Panella and her partner put down 20 percent when they bought their home in September, as did the Promans when they bought their home in the Lowry Hill neighborhood of Minneapolis.
Alison Nowak, 29, put just 3 percent down on a Federal Housing Administration-backed loan last month when she and her partner, Lacey Mamak, bought a $149,900, 800-square-foot home several miles south of where the Promans live. “Anything that is an opportunity also has a bit of risk,” she said. Her house was in foreclosure before a plumber bought it and fixed it up. “One way we mitigated it was that we bought a really tiny house in a very good neighborhood.”
One other strategy might be to buy new instead of used. Ian Shepherdson, chief United States economist for the research firm High Frequency Economics, says he believes that a steep drop-off in inventory of new homes is coming soon, thanks to a rapid decrease in home builder activity.
Since prices generally soften in the winter, it may make sense to start looking seriously once the mercury bottoms out. “If you look at new developments next spring, you may not have the choice you thought you would have or be in the bargaining position you thought you would be,” Mr. Shepherdson said. Also, if you wait after June 30, you will miss out on a $7,500 federal tax credit for income-eligible first-time home buyers that works like an interest-free loan.
Finally, allow yourself to consider how it would feel if you bought and then prices dropped another 10 or 15 percent. It might not bother you if you plan to stick around. Plenty of people seem to be making a longer commitment to their homes. According to a survey that the National Association of Realtors released last month, typical first-time buyers plan to stay in their home 10 years, up from 7 last year.
Perhaps people are more aware that they will not be able to build equity as rapidly as others did in the real estate boom. Or they simply have more confidence in hard, hometown assets now than in other markets.
“We wouldn’t let another decline bother us,” said Michael Proman. “You can never time a bottom. This is a long-term investment for us, and it truly is the best investment we have in our portfolio right now.”

Mortgage Rates Take a Big Dip This Week

2008-12-06T22:27:00.002-05:00

For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January.

The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period.

Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago.

Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year.

Source: Realty Times (12/05/08)

Atlanta Real Estate Positive Angles

2008-11-29T12:00:00.000-05:00

What are real estate professionals saying to homebuyers and sellers about current market conditions? The successful brokers and sales associates are talking about the strengths that exist in the market — not the negative media hype. Below are positive angles that appeared recently in the media and underscore why it is a good time to buy real estate.

Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:

Industry Leaders See Opportunity for Homebuyers
“What we’ve seen is that people still have jobs even though it’s pushed up to 6.5% unemployment. Most people are going to see some increase in income, and we still have mid-range, single-digit interest rates. We have a lot of inventory to choose from, so there’s some opportunity, and I think confidence is the issue that we need to focus on.”

-- Tom Kunz, president and CEO, Century 21 Real Estate, “Century 21 CEO on Housing,” CNBC Power Lunch (video), Nov. 18, 2008.

“You are buying a home for your family to live in and to enjoy. You get tax write-offs that the government gives us, so timing the market is not a smart thing. You should buy for lifestyle. Right now, in my 34 years in real estate, is the best time I’ve ever seen to buy real estate.”
-- Jim Gillespie, president and CEO, Coldwell Banker Real Estate, “Keeping Homeowners in Their Homes,” Fox Business News (video), Nov. 18, 2008.

Dear Jon

2008-11-28T13:42:00.004-05:00

Jon, I am thinking about purchasing my first home, what is the very first thing I should do to start the process? Mary Ann, Roswell, GA

Mary Ann, the first thing you should is hire a real estate agent to guide you through the home buying process. It can be very intimidating. Other than that, the very first thing you should do is contact a lender and get pre-approved not pre-qualified. There is a major difference. Pre-qualification is a process in which you disclose your financial information verbally to a lender and they will give you a preliminary approval or non-approval. Pre-approval is a process where the lender physically reviews your financial information in length to determine your approval. Pre-approval is more of a solid answer to obtaining a mortgage.

Mortgage guidelines have changed dramatically within the past year. It's very important to know your financial status and know what you can comfortably afford on a monthly bases. The last thing you want is to be is "mortgage broke"!

I have several lenders that I can refer to you in order to start your process. Stay tuned to my blog on a daily basis. Soon, I will be featuring different lenders and more home buying questions.

Good Luck

Jon

Got a real estate questions? Just ask! jon.chapman@condostore.com

Q & A

2008-11-28T13:37:00.003-05:00

Got a question about real estate or the Atlanta real estate market? Just ask and I will post your question and answer. Email questions to jon.chapman@condostore.com

Happy Thanksgiving!

2008-11-27T11:12:00.002-05:00

Mercedes C320- FOR SALE

2008-11-26T19:11:00.001-05:00

Hello Everyone

My good friend Brian is selling his Mercedes Benz C320 at a really great price. Here are the specifics:

Mercedes Benz C320- Black 4 Door Sedan
Gray leather interior with wood trim
Sunroof, CD Player
Excellent condition
59,531 Miles

PRICED at $13,000

Attached are pictures and if you are interested contact Brian directly at bet1974@comcast.net or (404) 932-9197.

The Stacks are back!

2008-11-26T11:14:00.001-05:00

Everyone needs a little laugh!

2008-11-25T18:03:00.002-05:00

You're invited to attend a Loft Tour!

2008-11-25T12:16:00.004-05:00

This is The Stacks 2nd Annual Holiday Loft and Artist Tour located at The Stacks at the Fulton Cotton Mill Lofts. Last year this was such a fun and unique event.

Admission is Free
Friday, December 5th, 6-10 PM
Saturday, December 6th, 2-8 PM

Call me if you have any questions or directions.

Housing Showing Signs of Recovery

2008-11-25T11:56:00.000-05:00

“With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what's really going on in the real estate sector.

* Well, remember that there is a huge pent-up demand simmering away out there for housing – especially from first-time buyers who want to scoop up low-priced deals.
* Fixed 30 year rates fell from 6.5% to 6.24% during the week. Fifteen year rates broke below 6% to 5.9%, down from 6.14%.
* Pending home sales were higher than year-earlier levels for the second straight month – 1.6% higher than September 2007.
* Although pending sales contracts were down slightly for the month, in the Western states they were up by 3.7%, and now stand at an extraordinary 39.7% higher than they were at the same time in 2007.
* Already sales are up significantly in major markets in many parts of the U.S. NAR Chief Economist Lawrence Yun specifically mentioned the west coast of Florida, the Phoenix area, Virginia, Long Island, N.Y., Kansas City, Minnesota and Idaho.

So here's the key point to keep in mind as you try to make sense of the headlines: The stock market is NOT the housing market. It's on a whole different set of tracks. And it's been in a highly volatile state for more than a month. Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowly moving toward its cyclical recovery.”

-- “Real Estate Outlook: Housing in Recovery,” by Kenneth R. Harney, Realty Times, Nov. 18, 2008.

A bit about my profile!

2008-11-24T18:51:00.000-05:00

Atlanta's Real Estate EXPERT

Buying or selling your home in today's economic and cultural climate is a daunting task. That is why you need a solid, reputable realtor to meet your needs. As a seven- year veteran of the Atlanta real estate market, Jon Chapman can successfully manage your move into the community and into the home of your dreams.

Looking for the right place to call home? Jon's planning, marketing, and talent for matching the right homes with the right people will assure that your buying and selling process will be painless. Through constant research and advice, Jon will match your needs to be best suitable home. Jon is well versed in Atlanta’s corporate culture, nightlife, art and music scenes, as well as the myriad of communities metro Atlanta offers. This will assure you of finding the ideal space where you can create your home.

As a multi-million dollar producer, Jon tracks up and coming communities, identifies changing housing trends in metro-Atlanta, and specializes in the Atlanta condominium and single family homes. This experience coupled with his winning personality makes him the perfect fit for your needs.

Call today for an appointment customized around your individual needs! (404) 285-9738

Top Real Estate Company Nationwide!

2008-11-24T18:46:00.001-05:00

Looking to buy or sell real estate? Look no further! Contact me today for an appointment customized around your individual needs. Feel free to check out my profile at http://www.condostore.com/ and http://www.coldwellbankeratlanta.com/.

Hello Atlanta!

2008-11-24T17:37:00.000-05:00

Hey Everyone and welcome to my new blog containing anything and everything about Atlanta Real Estate! I know, I know, it may sound like a total bored to some, but I think this is going to be a great outlet to share my thoughts, information, current news, and even guide anyone wanting to buy or sell real estate.

With the current media ripping apart the mindset of all of us regarding the real estate market, our Country's economic crisis, and so much more, we all seemed to be a bit confused on what's real and what's said to crush our consumer confidence. I know we can all benefit from a little positive energy!

Thank you for your support and for checking out my new blog! If you know of anyone looking to purchase or sell real estate, please feel free to contact me.

Talk to you soon!

Jon Chapman, Realtor, CNS

Coldwell Banker The Condo Store

Atlanta Real Estate

jon.chapman@condostore.com