Woodstock GA and Surrounding Areas Homes for Sale – Update by Red Hot Atlanta Homes

January 5, 2011

*Georgia Property Tax Changes for 2011

Congratulations if you purchased a home in 2010.  You may have gotten a decrease in your Georgia property taxes.  The Georgia legislature in 2010 passed a tax reform bill requiring every Georgia county to review 2010 property sales.  If you purchased a home for less money Gerogia Property Tax Changesthan the stated assessed value, your tax bill will based on the 2010 sale price.  If you purchased a home for more money than the stated assessed value, your tax bill will be based on the assessed value.

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January 1, 2011

~ Happy New Year

Filed under: Rambling Thoughts — Kathy and Ben @ 12:22 pm

We would like to wish you a Happy New Year…May 2011 be all you want.

Ben and Kathy

November 11, 2010

Thank you, Veterans.

Filed under: Milton, Rambling Thoughts — Kathy and Ben @ 12:29 pm

Thank you to all the service men and women —

those on active duty and veterans —

that have served to make our country free.

December 18, 2009

It’s a GREAT time to buy a new home!

Okay- stop – just listen – then you make the decision.   

1.  First Time Home Buyer Tax Credits have been extended…that’s $8000 for first time buyer to make house payments with, furnish their new home, replace the carpet or other updates, etc.

2. Existing homeowner receive a $6500 Tax Credit when purchasing a new home if they have resided 5 consecutive years within the last 8 years in that property as their primary residence.  That’s $6500 to put back into the mortgage to reduce the principle. 

3.  If you receive a Tax Credit, file an amended tax return for the immediate Tax Credit money.  You do not have to wait until 2011 for the money.

4.  Prices on homes are lower than they have been in years, you get more house for your money.  More could be something newer, smaller, different location, or just bigger.

5.  There is an large inventory pool to choose your new home from.  Choose from resales, new construction, foreclosures, or short sales.

6.  Interest rates are around 5%.  If you presently have a 7% rate a higher price home could be the same payment.  You may reduce your house payment.

7.  The Tax Credit for existing homeowners is for any purchase including downsizing.  Here is you chance to make the move you have been putting off.

8.  Money is available for mortgages, new guidelines coming will make if harder for some people in the future to qualify for loans. 

9.  Tax Credits have a time limit…you must have a written binding contract to purchase in effect by April 30, 2010 and until July 1, 2010 to close the sale.   

So does getting the type of home  you want – moving up, change in area, downsizing; at a lower interest rate; plus possibly receiving a tax credit…make you understand why we think it’s a great time to buy a new home?

December 7, 2009

$6500 Tax Credit for Existing Homeowners Purchasing A Home

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

  • Who qualifies – current home owners purchasing a home between November 7, 2009, and April 30, 2010, who used the home being sold or vacated as a principle residence for five consecutive years within the last eight qualify.
  • Time Limits – as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
  • Income Limits – single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.  The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and betweeen $225,000 and $245,000 for home buyers filing jointly.  The amount of the tax credit decreases as his/her income approaches the maximum limits.  Homebuyers earning more than the maximum qualifying income – over $145,000 for singles and $245,000 for couples are not eligible for the credit.
  • Price Limits – credit may only be awarded on homes purchased for $800,000 or less.
  • Repayment of  Tax Credit – there is no repayment of the tax credit if the purchased property is occupied for three years or more.  However, if the property is sold during this three-year period, the full amount of the credit wil be recouped on the sale.

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

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

So remember…

  • The present low prices and mortgage rates will not last forever!
  • Here is the opportunity to “move” to your dream home!

December 2, 2009

*Arbor Oaks Neighborhood – Active Adult Community

Looking to downsize in Marietta/East Cobb?  Need a one level home with wonderful appointments?  Arbor Oaks is a small enclave neighborhood for active adults.  There are about 50 single level, brick residences in this hidden jewel community.  Located near the corner of Sandy Plains Road and East Piedmont Road it is convenient to shopping, dining, recreation, and health care.  The neighborhood is quite and friendly.  Homes for sale in Arbor Oaks are priced from $265,000 to $320,000.

Continue reading here…

November 30, 2009

Another New Homeowner – 1st Time Home Buyer Receives $8000 Tax Credit

Filed under: Rambling Thoughts — Tags: , — Kathy and Ben @ 8:05 am

It’s been a long road…finding the right property and then working through the closing process nevertheless another first time home buyer has a new home.  We started looking at houses in August knowing we had plenty of time find the right home and close by the November 30 deadline for the $8000 First Time Buyer Tax Credit

Well here it is Thanksgiving week and we got it done.  We found a great townhouse in Ridenour at Highway 41 and Barrett  Parkway  There are wood floors and stainless steel kitchen appliances.  The Great Room opens onto a deck looking at the old growth forest.  This falls the colors have been okay however spring with the dogwood trees will be spectacular. 

This new homeowner qualifies for the $8000 Tax Credit as a first time home buyer and chose a 30 year fixed rate FHA loan at 5% interest.  Because the purchaser purchased a foreclosure property he also qualified for the Georgia Down Payment Assistance Program receiving $14,0000 towards his down payment. 

Remember the $8000 First Time Home Buyer Tax Credit has been extended!  If you are thinking about purchasing a home there are sellers wanting to sell and very reasonable interest rates. 

 

November 17, 2009

* Can’t Find Homes for Sale in Milton? Here’s why…

Filed under: Milton, Rambling Thoughts — Tags: , — Kathy and Ben @ 9:09 pm

OK, you’ve read and heard about Milton GA before and thought, “sounds like a great place- maybe I should live there”.  Then you tried to find homes for sale in Milton online with no luck.  Milton Logo

Here’s why- Milton was incorporated as a city in 2006 from previously unincorporated areas of North Fulton county on the west side of Hwy 400.  Because it’s a new city, there is no “official” Milton post office yet serving the city limits.  And in metro Atlanta, your address (and how your home is listed for sale online) is based on what post office delivers mail to your home.

Read more….

November 16, 2009

Tax Credit Expanded and Extended 2009/2010

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

  • Who qualifies – current homeowners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years with the last eight years qualify. 
  • Time Limits – as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 201o to close. 
  • Income Limits – single buyers with income up to $125,000 and married couples with income up to $225,000 may receive the maximum tax credit.  The credit decreases for buyers who earn between $125,000 and $145,000 for a single buyer and between $225,000 and $245,000 for home buyers filing jointly. 
  • Price Limits – credit may only be awarded to homes purchased for $800,000 or less.
  • Repayment of Tax Credit – there is no repayment of the tax credit if the purchased property is occupied for three years or more.  However, if the property is sold during this three-year period, the full amount will be recouped on the sale.

Now you know the facts.  What does in mean…

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

Important to remember…

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

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

  • Time Limit – as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until June 30, 2010 to close.
  • Income Limits – single buyers with income up to $125,000 and married couples with income up to $225,000 receive the maximum tax credit.  The credit decreases for buyers who earn between $125,000 to $145,000 for single buyers and between $225,000 to $245,000 for home buyers filing jointly
  • Repayment of  Tax Credit – if the purchaser resides in the home for 3 years or more there in no repayment penalty.  If the purchaser sales the property before 3 years, the tax credit will be recouped at that time

November 14, 2009

Homebuyer Down Payment Assistance Options Available in GA

Filed under: Rambling Thoughts — Tags: , — Kathy and Ben @ 9:02 pm

Many prospective homebuyers looking to purchase a home in metro Atlanta believe that there are no longer any down payment asssistance programs available to them.  Or, they’ve been told that the guidelines are so restrictive as to make it impossible to qualify for the available funds.

Both asssumptions are wrong.  Thru the GA Department of Consumer Affairs, $14,000 is available to any homebuyer looking to purchase a bank foreclosure in GA.  The program is called GA Dream and while the guidelines may seem difficult to navigate, Georgia homebuyers have taken advantage of millions of dollars available thru this program since it’s inception earlier this year.GA Dream logo

Sensing a great opportunity for homebuyers with this program, we attended DCA training to become familiar with the ins and outs of the GA Dream program.  Since then, we’ve worked successfully with homebuyers throughout metro Atlanta to find their “dream” homes.  The guidelines are too complex to completely cover here, but there are income limits and education requirements, both reasonable, that the homebuyer(s) must meet in order to be eligible.  These are government backed loans, either FHA or VA.  If you meet these requirements and have saved $500 for your down payment   (yes, $500!), you will receive a $14,000 mortgage from DCA, which has zero interest and zero monthly payments.  That mortgage lien is released (written off) on a prorated basis over 5 years and 6 months from your closing.

Here’s a list of GA counties where you can purchase homes (townhomes and condos too!) that are eligible for GA Dream downpayment assistance.

While this is a great program for homebuyers, funding is limited and once the available funds are gone, the program is suspended unless and until new funding is approved.  So, look into the GA Dream Homeownership program if you are considering buying a home in GA soon!

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