Atlanta Real Estate – First time home buyers in Atlanta

Congrats to Lisa & Sean!  We are SO thrilled that we were able to work with them to find their first home.

This charming Candler Park / Lake Claire home was the perfect candidate for an Atlanta  first time home buyer… and because it was priced correctly and the home was in one of the most popular neighborhoods in Atlanta, there were multiple offers on the home in the FIRST WEEK!

If you are thinking of selling your Atlanta or Decatur home and it is priced under $350,000, this August and September will be a fantastic time to put it on the market, as the first time home buyers are trying to find that perfect home before the November 30th deadline for the $8000 tax credit. For information on my home marketing strategy, please don’t hesitate to call me at 404.432.1844.

If you have been looking for a home in Atlanta’s Little Five Points neighborhood, don’t worry, I’m sure your dream home is just around the corner!  Click on the links below to search by Intown Atlanta neighborhoods…

>>  Find ALL the homes for sale in CANDLER PARK Atlanta

>>  Find ALL the homes for sale in LAKE CLAIRE

>>  Search for homes by Intown Atlanta NEIGHBORHOOD

More and more people are deciding to take the leap and purchase their first home this year, thanks to the $8000 first-time home buyer tax credit, the historically low interest rates and the lower home values.  If you are thinking of buying your first home, please email me at KerryLucasse@yahoo.com and I would be happy to send you a copy of the First-time Home Buyer’s Handbook.

KERRY LUCASSE ::  Keller Williams Realty Atlanta ::  404.432.1844

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For many potential first time home buyers, the 2008 and 2009 “First-time Homebuyer Tax Credit” has been a bit of a mystery. 

I’ve had many questions such as — When do you get your tax credit?  Do you have to pay it back?  What if you sell your house within 2 or 3 years?  What if I’m a first time home buyer but my husband isn’t? 

REALTOR.org created a “Cheat Sheet” that covers EVERYTHING and should answer 99% of your questions about the 2008 and 2009 First time home buyer tax credit.

>>> VIEW THE “CHEAT SHEET” 

FREQUENTLY ASKED QUESTIONS:

What is the difference between the 2008 tax credit and the 2009 tax credit (other than the amount)?

The primary difference is that the $7500 tax credit of 2008 needs to be paid back over the next 15 years (at $500 per year).  The new 2009 tax credit does not need to be paid back, as long as you stay in your home for at least three years.

When would I receive the $8,000?

There are several variables.  Assuming that you qualify for the full $8000 tax credit, you will need to file your 2009 income taxes in early 2010 and if you don’t owe any additional income tax, you should receive your check for $8,000 from the federal government within 1 to 6 weeks (it just depends on when you file and how your tax preparer submits your information.

A few other possible scenarios:

• If you owe $2,000 on your tax return, you will receive a refund of $6,000  ($8000 – $2000 = $6000)
• If you are entitled to a refund on your income taxes (let’s say $1,500), then you would receive an refund of $9,500 ($1500 + $8000 = $9500)

When is the last day I can buy a home and still get the $8,000 Tax Credit?

You must purchase BEFORE December 1, 2009.  That means that you should make an offer on a home in mid-October, as it usually takes 30 to 45 days to close on a home or condo.

I owned a home a few years ago — can I still qualify for the First-time Homebuyer Tax Credit?

Yes, if you have NOT owned a principal residence in the three (3) years prior to purchasing your new home.

My husband is not a first-time home buyer, but I am — can we still qualify for the tax credit?

You would only qualify if your husband (or spouse) has NOT owned a principal residence in the three (3) years prior to purchasing the new home.

Are there any income limitations?

Yes.  The full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). If you are an individual who makes $85,000 (for example), you will still qualify, just not for the full amount.  The tax credit phases out to those who make more than $95,000 (individuals) and $170,000 (on a joint return).

How long do I have to live in my home or condo?

If you sell your home before the 3-year limit, you will be required to pay back the $8000.

What if I want to buy a $30,000 foreclosure home?

The amount of the tax credit is the lesser of 10 percent of cost of home or $8,000.  So if you purchased a $30,000 home, you would get a $3,000 tax credit.  In order to get the full $8,000 you would need to purchase a home that is at least $80,000.

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I hope this information was helpful to you!  If you have any questions about the tax credit or need assistance with the purchase of your first home, please call anytime at (404) 432.1844.  I truly enjoy working with first-time home buyers and would be honored to help.

KERRY LUCASSE  ::   ATLANTA & DECATUR REAL ESTATE CONSULTANT  ::   KELLER WILLIAMS REALTY

Atlanta Victorian and Bungalow homes for Sale – Grant Park Atlanta Homes

Last weekend I toured some stunning new listings in Grant Park, one of the most popular “Intown” Atlanta neighborhoods.  One of my favorite things to do as a real estate professional is to tour historic homes, especially old Victorians and Craftsman bungalows.   

A few years ago, your average home buyer would not have been able to afford one of the gorgeous old homes on Cherokee that overlook Grant Park.   NOW there are several amazing deals, including this 4 bedroom / 3 full bath FULLY renovated home. 

The sellers have been transferred out of state and need to sell immediately.  The price is now just $419,900… priced $100,000 BELOW appraisal according to the listing agent.

The kitchen was beautifully remodeled by Saw Horse, one of the premiere renovation companies in Atlanta.  The master suite is spacious and the hardwoods really sparkle.  It’s hard not to fall in love with this home!

 >>> VIEW ADDITIONAL PHOTOS OF THIS BUNGALOW

>>> Search ALL the homes for sale in Grant Park Atlanta- including FORECLOSURES

Search for homes by Intown Atlanta Neighborhood

If you have any questions about this home or the Grant Park neighborhood, please don’t hesitate to call me at 404.432.1844. 

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 KERRY LUCASSE   ::  GRANT PARK ATLANTA REAL ESTATE   ::  (404) 432.1844

 **Serving Atlanta’s Intown Neighborhoods, including Decatur, Oakhurst, Grant Park,  Ormewood Park

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PLEASE NOTE: Kerry Lucasse is not the listing agent for this home, but I have received permission from the Keller Williams Exclusive Listing Agent to feature their home on my Atlanta real estate blog.

The results are in! 

2008 was a challenging year for many areas of Metro Atlanta, but Atlanta’s popular intown neighborhood, Kirkwood fared quite well overall. 

To follow is an overview of the sales activity in Kirkwood  from 2006 and 2008. 

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Information retrieved from First MLS by Kerry Lucasse on 01/04/09 and is believed to be accurate but is not guaranteed.

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SO WHAT DO THE NUMBERS ACTUALLY MEAN TO YOU?

• NUMBER OF HOMES SOLD IN KIRKWOOD — The number of homes sold year over year declined 16% from 2006 to 2008, but only 3.3% from 2007 to 2008. 
• KIRKWOOD HOME PRICES — The average home price in Kirkwood spiked in 2007, partially due to a higher number of new construction home sales, high-end bungalow renovations, and the completion of the new Kirkwood Village.  The average list price AND the average sale prices in Kirkwood were much lower in 2008 due in part to the higher number of foreclosure homes.  I will say that the high quality bungalow renovations are still demanding a price similar to 2006 and 2007.  It isn’t an exact science, but quality updated homes are almost always the first to sell in any neighborhood — and even in this market, we are still seeing multiple offers.
• HOW MUCH DID SELLERS REDUCE THEIR ASKING PRICE?  The percentage of list price to sale price ratios remained fairly constant over the last three years, which tells us that sellers and their agents are doing a good job pricing the homes correctly.  Using the average percentage from 2006, if a home was listed at $300,000 the average final sales price would be $291,000.  In 2008, the $300,000 home (on average) would sell for $288,000.
• HOW LONG DID IT TAKE HOMES IN KIRKWOOD TO SELL?  The number of days that a Kirkwood home was on the market has also remained fairly stable — approximately 6% longer from 2006 to 2008.  If you are thinking about selling your home in Kirkwood — or any neighborhood — it is so important to price you home correctly the FIRST time.  Research tells us that your home will sell faster and for a higher price. 

If you have any questions about the sales data or if you would like to understand what your home is worth in today’s market, please call anytime at (404) 432.1844 or email me.

 KERRY LUCASSE   ::   KELLER WILLIAMS REALTY   ::    404.432.1844   ::    KerryLucasse@yahoo.com

**Serving Metro Atlanta and specializing in Atlanta’s Intown Neighborhoods, including Kirkwood, Oakhurst, Grant Park, Ormewood Park, East Atlanta, and Virginia Highlands