Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
justin.landis@kw.com
http://www.justinatlantahomes.com/
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Wednesday, December 30, 2009
Grant Park Bungalow Renovation - Week 3
This week was Christmas, so nothing substantial was completed on the renovation. I thought I would throw in a few pics of the fireplaces in the house. They look great!
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
justin.landis@kw.com
http://www.justinatlantahomes.com/
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
justin.landis@kw.com
http://www.justinatlantahomes.com/
Tuesday, December 29, 2009
House prices stall, consumer confidence up
From Yahoo! Finance
By Burton Frierson
NEW YORK (Reuters) - U.S. consumer confidence rose to a three-month high in December, while prices in the hard-hit housing sector stalled in October, breaking a five-month string of gains.
The consumer confidence reading released on Tuesday reinforced views that the economy is gradually recovering, and the October housing data from the widely watched Standard & Poor's/Case-Shiller indexes was seen as indicating the market is stabilizing.
The Conference Board, an industry group, said its index of consumer attitudes rose to a reading of 52.9 in December from a revised 50.6 in November as job market pessimism eased and consumers' expectations reached a two-year high.
"There were some small signs of weakness, but all in all, it's a better number. It continues the trend of the U.S. economy improving," said Camilla Sutton, senior currency strategist, Scotia Capital in Toronto
Despite some signs of optimism, consumers in December rated their present situation the worst since February 1983, according to the Conference Board. The U.S. economy has been struggling to rebound from the worst recession in decades.
On Wall Street, the Dow Jones (DJI:^DJI - News) and broad Standard & Poor's 500 index (^SPX - News) edged higher. Government bonds, which usually perform better in weak economic times, were slightly higher on the day ahead of another auction of government debt.
CONFIDENCE GAME
The consumer confidence index beat analysts' forecast of 52.5, which was based on a Reuters poll that ranged from 46.0 to 57.0. Last month's reading was also revised higher from an originally reported 49.5.
The expectations index rose to 75.6 -- the highest since December 2007 -- from 70.3 in November.
Consumers' labor market assessment also showed some signs of improvement, with the "jobs hard to get" index decreasing to 48.6 from 49.2.
Consumers rated their present situation the worst since February 1983, with that index falling to 18.8 from 21.2.
The "jobs plentiful" index also fell, dropping to 2.9 -- also its lowest since February 1983 -- from 3.1.
In housing, the S&P composite index of home prices in 20 metropolitan areas was flat in October, falling short of expectations for a rise of 0.2 percent according to a Reuters survey. September's index was revised upward to a gain of 0.4 percent, from a previously reported 0.3 percent.
Only seven of the 20 cities in the composite index had month-over-month gains in prices in October, S&P said.
A sustained upturn in home prices is seen vital in the fledgling rebound in the hardest hit housing market since the Great Depression. There has been growing concern that record-high levels of foreclosures will mount even further and depress prices anew.
"The report signals that we have a growing stabilization in house prices. Obviously it's at a very slow pace and that is because the market is still saddled with a significant amount of inventory," said Anna Piretti, senior U.S. economist at BNP Paribas.
"We're likely to see some negative cross currents come into home prices in November, but that doesn't really change the trend -- the trend should be toward stabilization."
S&P said the annual rate of price declines improved, with the 20-city index dropping 7.3 percent from a downwardly revised 9.3 percent in September. A 7.2 percent downturn was forecast in the Reuters survey.
All 20 metropolitan areas and both the 20-city and 10-city indexes showed smaller rates of decline in October compared with September.
(Additional reporting by Lynn Adler, Emily Flitter and Steven C. Johnson; Editing by Leslie Adler)
By Burton Frierson
NEW YORK (Reuters) - U.S. consumer confidence rose to a three-month high in December, while prices in the hard-hit housing sector stalled in October, breaking a five-month string of gains.
The consumer confidence reading released on Tuesday reinforced views that the economy is gradually recovering, and the October housing data from the widely watched Standard & Poor's/Case-Shiller indexes was seen as indicating the market is stabilizing.
The Conference Board, an industry group, said its index of consumer attitudes rose to a reading of 52.9 in December from a revised 50.6 in November as job market pessimism eased and consumers' expectations reached a two-year high.
"There were some small signs of weakness, but all in all, it's a better number. It continues the trend of the U.S. economy improving," said Camilla Sutton, senior currency strategist, Scotia Capital in Toronto
Despite some signs of optimism, consumers in December rated their present situation the worst since February 1983, according to the Conference Board. The U.S. economy has been struggling to rebound from the worst recession in decades.
On Wall Street, the Dow Jones (DJI:^DJI - News) and broad Standard & Poor's 500 index (^SPX - News) edged higher. Government bonds, which usually perform better in weak economic times, were slightly higher on the day ahead of another auction of government debt.
CONFIDENCE GAME
The consumer confidence index beat analysts' forecast of 52.5, which was based on a Reuters poll that ranged from 46.0 to 57.0. Last month's reading was also revised higher from an originally reported 49.5.
The expectations index rose to 75.6 -- the highest since December 2007 -- from 70.3 in November.
Consumers' labor market assessment also showed some signs of improvement, with the "jobs hard to get" index decreasing to 48.6 from 49.2.
Consumers rated their present situation the worst since February 1983, with that index falling to 18.8 from 21.2.
The "jobs plentiful" index also fell, dropping to 2.9 -- also its lowest since February 1983 -- from 3.1.
In housing, the S&P composite index of home prices in 20 metropolitan areas was flat in October, falling short of expectations for a rise of 0.2 percent according to a Reuters survey. September's index was revised upward to a gain of 0.4 percent, from a previously reported 0.3 percent.
Only seven of the 20 cities in the composite index had month-over-month gains in prices in October, S&P said.
A sustained upturn in home prices is seen vital in the fledgling rebound in the hardest hit housing market since the Great Depression. There has been growing concern that record-high levels of foreclosures will mount even further and depress prices anew.
"The report signals that we have a growing stabilization in house prices. Obviously it's at a very slow pace and that is because the market is still saddled with a significant amount of inventory," said Anna Piretti, senior U.S. economist at BNP Paribas.
"We're likely to see some negative cross currents come into home prices in November, but that doesn't really change the trend -- the trend should be toward stabilization."
S&P said the annual rate of price declines improved, with the 20-city index dropping 7.3 percent from a downwardly revised 9.3 percent in September. A 7.2 percent downturn was forecast in the Reuters survey.
All 20 metropolitan areas and both the 20-city and 10-city indexes showed smaller rates of decline in October compared with September.
(Additional reporting by Lynn Adler, Emily Flitter and Steven C. Johnson; Editing by Leslie Adler)
Tuesday, December 22, 2009
November home sales soar 7.4 percent
By Alan Zibel, AP Real Estate Writer , On Tuesday December 22, 2009, 10:28 am
Home sales up 7.4 percent in November as federal aid spurs sales
WASHINGTON (AP) -- Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
The Realtors estimated that about 2 million homebuyers have taken advantage of the credit so far and forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year's levels, a record jump.
Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago.
The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
November sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October.
Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That's a healthy 6.5 month supply at the current sales pace, the lowest level in three years.
Besides the existing tax credit of up to $8,000 for first-time buyers, homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must sign a purchase agreement by April 30.
Postponing the deadline could mean sales will drop during the winter months and recover in the spring.
"Buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc. in Seattle.
Home sales up 7.4 percent in November as federal aid spurs sales
WASHINGTON (AP) -- Home resales surged last month to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Buyers were racing to complete their sales before the original expiration date of a tax credit for first-time buyers that was scheduled to expire Nov. 30. Last month, Congress decided to extend and expand the credit to ensure the housing market could sustain its recovery.
The Realtors estimated that about 2 million homebuyers have taken advantage of the credit so far and forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44 percent above last year's levels, a record jump.
Sales are now up 46 percent from the bottom in January, but down 10 percent from the peak more than four years ago.
The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
November sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million, from a downwardly revised pace of 6.09 million in October.
Sales had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
The inventory of unsold homes on the market fell about 1 percent to 3.5 million. That's a healthy 6.5 month supply at the current sales pace, the lowest level in three years.
Besides the existing tax credit of up to $8,000 for first-time buyers, homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must sign a purchase agreement by April 30.
Postponing the deadline could mean sales will drop during the winter months and recover in the spring.
"Buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc. in Seattle.
Sunday, December 20, 2009
Grant Park Bungalow Renovation - Week 2
This week was clean out week! The house has finally been cleaned out, and it took seven dumpsters. Check out the picture below of ONLY two of those dumpsters.
Now that the house is empty, you can finally see the house and not what was in it. Good news - the original moldings are in great shape! Bad news - the floors in a few rooms will not be able to be saved. That's the risk of buying a house that is full of junk!
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
http://www.justinatlantahomes.com/
Now that the house is empty, you can finally see the house and not what was in it. Good news - the original moldings are in great shape! Bad news - the floors in a few rooms will not be able to be saved. That's the risk of buying a house that is full of junk!
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
http://www.justinatlantahomes.com/
Saturday, December 12, 2009
Grant Park Bungalow Renovation - Week 1
This week, work is going to begin on a pre-1920 bungalow in Grant Park that needs a major overhaul. Over the next few months, we will follow this process.
I've been in hundreds of "ugly houses", but I've never seen one with more "stuff" in it. We literally had to walk on trash to move from one room to another. However, the home has lots of original features, and I know it can be restored.
Exterior of the Home:
A glimpse of how much clean out work has to be done!
Justin Landis
Keller Williams Realty Peachtree Road
404-803-0471 cell
Thursday, December 3, 2009
FHA Condo Changes
For buyers looking to purchase a condo with an FHA loan, things are about to change. Condo buildings must be approved by FHA in order to use an FHA loan on a condo in that building. In the past, it was possible to get a spot approval on the unit in a pretty timely fashion. That's no longer the case.
Condo projects that are not already FHA approved will need full approval for buyers to use a FHA loan to purchase the unit. The approval process is very lengthy and time consuming. Be prepared!
I have a list of approved projects in Georgia, so feel free to check with me if you are interested in a certain building.
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
www.justinatlantahomes.com
justin.landis@kw.com
Condo projects that are not already FHA approved will need full approval for buyers to use a FHA loan to purchase the unit. The approval process is very lengthy and time consuming. Be prepared!
I have a list of approved projects in Georgia, so feel free to check with me if you are interested in a certain building.
Justin Landis
Keller Williams Peachtree Road
404-803-0471 cell
www.justinatlantahomes.com
justin.landis@kw.com
Monday, November 30, 2009
Thankful for a Renovated House!
Most people who are looking for a home don't consider renovating an ugly house. However, a niche of investors buy these houses, renovate them, and sell them to home owners. I'm lucky enough to know a few of these investors who do an outstanding job bringing homes back to life!
This can also be a great opportunity for buyers looking for a personal home. Recently, I had a client looking for a house in Kirkwood. I had just helped an investor buy a house in the area, and I knew that the finished product is exactly what my other client wanted. However, it needed a complete renovation!
It took some imagination to see the potential in the house, but the buyer was able to do so. We worked out a deal before the renovation was even completed. This gives the buyer the opportunity to pick out custom finishes once the home is under contract. The buyer moved in over Thanksgiving, and all parties are thrilled with how it turned out. Below are some before and after pictures of the home.
Before After
Justin Landis
Keller Williams Realty Peachtree Road
office 404.419.3660
cell 404.803.0471
fax 404.704.0686
justin.landis@kw.com
www.justinatlantahomes.com
This can also be a great opportunity for buyers looking for a personal home. Recently, I had a client looking for a house in Kirkwood. I had just helped an investor buy a house in the area, and I knew that the finished product is exactly what my other client wanted. However, it needed a complete renovation!
It took some imagination to see the potential in the house, but the buyer was able to do so. We worked out a deal before the renovation was even completed. This gives the buyer the opportunity to pick out custom finishes once the home is under contract. The buyer moved in over Thanksgiving, and all parties are thrilled with how it turned out. Below are some before and after pictures of the home.
Before After
Justin Landis
Keller Williams Realty Peachtree Road
office 404.419.3660
cell 404.803.0471
fax 404.704.0686
justin.landis@kw.com
www.justinatlantahomes.com
Wednesday, November 18, 2009
10 Offers on 1 Foreclosure
Being a Realtor, the thing I hear constantly from prospective buyers is "I want to look at foreclosures." Everybody seems to be looking for that foreclosed home that is at the perfect price and needs next to no updates to be a great, move-in ready home. Buying this home is easier said than done. People sometimes fail to realize that: 1) This home isn't always easy to find and 2) buying a foreclosure is more involved than buying a move-in ready home, even with no renovations. Recently I was able to help a client find and buy such a house, but not without a few small hurdles of course.
I had been looking for a home with this particular client for several weeks. We had been in a lot of homes, narrowed down an area, and knew what we were looking for, we were just waiting for the house. One Thursday morning a great house came on the market in one of my favorite neighborhoods: Jefferson Park. The best part - it was priced approximately 40% below market value. The worst part - it was a foreclosure and we knew we had to act fast. My client was able to go by the house during lunch, and we submitted a full price offer that afternoon.
The next day we got a call from the listing agent, and there were 10 offers on the table! We discussed what we thought the house was worth and put together our highest and best offer. Sure enough, 48 hours later, we were under contract!
With foreclosures, the inspection is what can make or break the purchasing decision. Fortunately, this inspection came back great, except for one thing. We were unable to inspect the plumbing because the water had been turned off. After meeting the water company there not once but twice, (and getting water all over the kitchen floor both times due to a refrigerator valve that would not shut off) we got the plumbing inspected and everything came out great.
And because this client chose to use our recommended vendors for the inspection, mortgage, and closing- the rest of the process was smooth sailing. Today, they call that move-in ready foreclosure that they bought at a great price their home.
Buying a foreclosure isn't nearly as easy as those infomercials make it sound, but with a little patience and guidance it is possible to navigate the process!
I had been looking for a home with this particular client for several weeks. We had been in a lot of homes, narrowed down an area, and knew what we were looking for, we were just waiting for the house. One Thursday morning a great house came on the market in one of my favorite neighborhoods: Jefferson Park. The best part - it was priced approximately 40% below market value. The worst part - it was a foreclosure and we knew we had to act fast. My client was able to go by the house during lunch, and we submitted a full price offer that afternoon.
The next day we got a call from the listing agent, and there were 10 offers on the table! We discussed what we thought the house was worth and put together our highest and best offer. Sure enough, 48 hours later, we were under contract!
With foreclosures, the inspection is what can make or break the purchasing decision. Fortunately, this inspection came back great, except for one thing. We were unable to inspect the plumbing because the water had been turned off. After meeting the water company there not once but twice, (and getting water all over the kitchen floor both times due to a refrigerator valve that would not shut off) we got the plumbing inspected and everything came out great.
And because this client chose to use our recommended vendors for the inspection, mortgage, and closing- the rest of the process was smooth sailing. Today, they call that move-in ready foreclosure that they bought at a great price their home.
Buying a foreclosure isn't nearly as easy as those infomercials make it sound, but with a little patience and guidance it is possible to navigate the process!
Monday, November 9, 2009
Homebuyer Tax Credit Has Been Extended!
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for some current homeowners as well.
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Deadline: In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Income Caps: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Max Purchase Price: $800,000
What is a Tax Credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
To learn more about the tax credit or to start looking for your first home, contact Justin Landis today.
Justin Landis
Keller Williams Realty Peachtree Road
office 404.419.3660
cell 404.803.0471
fax 404.704.0686
justin.landis@kw.com
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Deadline: In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Income Caps: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Max Purchase Price: $800,000
What is a Tax Credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
To learn more about the tax credit or to start looking for your first home, contact Justin Landis today.
Justin Landis
Keller Williams Realty Peachtree Road
office 404.419.3660
cell 404.803.0471
fax 404.704.0686
justin.landis@kw.com
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