Mortgage rates hit new lows for 2011

Think mortgage rates couldn't go down any more? You wouldn't be alone, but they just hit the lowest point of 2011 according to HousingWire.com.

The 30-year, fixed-rate mortgage rate fell to 4.6% in the most recent Freddie Mac Primary Mortgage Market Survey, reaching a new low for 2011.

That compares to a rate of 4.61% a week earlier and 4.84% last year. The 15-year, FRM followed suit, averaging 3.78%, down from 3.8% a week earlier and 4.21% last year.

“Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity," concluded Frank Nothaft, vice president and chief economist, Freddie Mac.

Justin Landis
Keller Williams Realty
justin.landis@kw.com
404-803-0471

Fortune Magazine - It's Time to Buy Again

That's right. In a recent article in Fortune Magazine, the author says:

"Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing."

You can read the article for yourself to decide if you agree with his fundamentals. One thing that I am seeing a lot of in Atlanta is multiple buyers bidding on the same house. In the last three months, I've had 10 situations where my clients have been bidding against other buyers. These situations aren't for $40,000 foreclosures. They have been in all price ranges and in various parts of the city. My main takeaway - there are buyers in the market who are ready to buy when the deal is right.

Read the full article at: http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/

Justin Landis
Keller Williams Realty Peachtree Road
404-803-0471
justin.landis@kw.com

First Time Homebuyer Series - Part 3: House Hunting - Where to Start

In the first two parts of this series, Personal Budget and Loan Prequalification, we examined your finances to help you determine if you can afford to purchase a home and if so, how much home you can afford.

Now the fun begins! For most home buyers, looking for the right house is the best part of the process. You get to go into a variety of properties and try to envision yourself walking through the front door every day. It's a really exciting time for buyers and sharing in that process is one of the best parts of my job.

You may have seen the billboard along I-85 in Atlanta that shows how many houses are currently for sale. Over the last 5 years, I can remember it ranging from 50,000 to 125,000. With that many homes to pick from, where do you start?

What's important to you in a home?

Many buyers like to list out the possible criteria and decide if certain features are "must haves", "must not haves", or "like to have". Below is a basic list with which to start:

Location, Location, Location
How Many Bedrooms
How Many Bathrooms
How Many Square Feet
Which School District
Is a Basement Required
Is a Garage Required
Need an Updated Kitchen or willing to do some work
Single Family Home or Condo / Townhouse
Need a Fenced in Yard

One could obviously make a much longer list, but when first starting out, I like to keep the list relatively short. I find that most first time buyers are not 100% sure of what they "must have" or "must not have" until they actually start seeing houses. The internet has made online home searching super easy. We can see pictures, tours, overhead views, and street views. However, there is no substitute for going into houses. Nonetheless, online is the place to start.

Where do I search online?

There are hundred's of online real estate search engines. In general, they all pull from the same database, so the homes you see on one site, you should see on all of the others. The three biggest differences between sites are the user interface, how often the listings are updated, and how much information is provided. Let's examine each of these.

1. User Interface - this is simply how you can search and how the data is displayed. Is there a map, what search options exist, how many listings pull up at a time, etc. This is really all about personal preference.

2. Up to Date Listings - most sites do not pull the data in real time. They take a snapshot of the data at a certain point and that is what the user sees. Some websites still show listings that are under contract. When real estate people use the term, "under contract" they mean that a buyer and seller entered into a a contractual agreement on the home, and it is now off the market for other buyers. This can be really frustrating to online home shoppers.

How can you know for sure if you are seeing up to date information? Luckily a new service called Listingbook was just launched to help Buyers search the same information as agents. You can click on this Listingbook link and create your own account. It allows you to see the exact data that agents see - what is available, what is under contract, and even what sold!

3. Information on each listing - Some search sites make agents pay to show extra pictures or have a custom description. That allows some agents to make their properties stand out, but it doesn't give the buyer full information. Our search engine on RichHomesAtlanta and on Listingbook allow you to see the full listing.

How do I keep track of my favorite listings?

Once you start searching, some properties will jump out at you. You want to keep track of those properties so that you can share them with your agent. You could always just keep a spreadsheet of the address, and that will work just fine. However, some websites, including RichHomesAtlanta and Listingbook, allow you to create an account and save your favorites to your profile.

Can we go see some houses, please!?!

Definitely! Like I said earlier, online is just a place to start. I will usually send my clients some houses, they will send me some, and we will share our initial thoughts. At that point, I'll put together a list, and we will hit the road.

Next time, we will talk about what to expect as we go look at houses. And in case you missed the 5 other links, you can now search just like an agent by signing up for a Listingbook account!

Justin Landis
Keller Williams Realty Peachtree Road
404-803-0471
justin.landis@kw.com

First Time Homebuyer Series

The beginning of the year is the time when many potential home buyers start thinking about whether this year will be the year that they buy their first home. I've been fortunate enough to talk through this decision many times over the years, and through those conversations, I realized that most first time buyers have the same questions and concerns.

Over the next few weeks, I'll try to address some of those questions in a First Time Homebuyer Blog Series.

For those who love foreshadowing, the topics I'll cover are:

1. Personal Financial Budget
2. Loan Prequalification
3. House Hunting - Where to Start
4. House Hunting - What to Expect
5. Foreclosures and Short Sales
6. Making and Negotiating an Offer
7. Inspection Period
8. Closing Day
9. Enjoying your New Home

If you have any specific questions, send them my way and I will try to address them. Also, if you are looking for your first home, being a part of that process is one of my favorite parts of being a Realtor. Give me a call!

Justin Landis
Keller Williams Realty
404-803-0471
justin.landis@kw.com

Property Tax Savings - Homestead Exemption Info

Welcome to 2011! With the start of the New Year, it’s never too early to begin thinking about taxes. As you know, buying a home can be a tax advantage for several reasons. One of those is a property tax discount known as the Homestead Exemption.

Georgia allows homeowners to claim a Homestead Exemption as a tax benefit that could amount to considerable annual savings. This exemption reduces the assessment from which the country calculates your property tax bill; therefore, reducing your property tax burden. To qualify for the property tax exemption the Homeowner must occupy the home on or before January 1 and file for Homestead Exemption with the tax office of the county where you reside. Filing deadlines and requirements vary by county. We've included links to the appropriate web sites for each county below. As always, contact us with any questions. Hope everyone has a Happy 2011!

Cobb

Dekalb

Forsyth

Fulton

Know Anyone Looking for a Deal??

If you've ever asked me, "Do you know of any good deals out there?" then I want you to see my newest listing in Grant Park - a townhome short sale that is listed at $45,000!

If you know someone that wants to be intown, in a newer construction home, that's easy walking distance to Grant Park, and likes to keep living expenses WAY down, then check out more details below.

1066 Park Row - Pics and More Info

Two Under Contract in Less Than 1 Week!

Two of our recent listings were listed, negotiated, and under contract in less than 1 week! The first is my personal house in Grant Park, and the second is a charming cottage in Kirkwood.


It was tough to take my own advice on pricing my house aggressively on the front end -and even tougher to convince my wife! But the results on both of these homes speak for themselves. The best part of these two contracts : they both sold right at or just under list price! This goes to show that if you have a good house that is well staged and priced correctly, it will sell!

These two examples coupled with the recent polls and news mark a case for cautious optimism about the housing market!


As always, feel free to contact me with any questions whatsoever, I love talking real estate!

Amazing Inman Park Townhome

Our newest listing is an unbelievable townhome in Inman Park. I say unbelievable because everything about it - from the finishes inside to the views of the skyline from the rooftop deck - is top notch. While every aspect is great, the top floor really sets this home apart. It has a media room, wet bar, and a rooftop deck which is a great place to relax and watch the city, the stars, or the flat panel tv!

More pics...

New Listing in the Heart of Buckhead

This condo is in the Heart of Buckhead - Right on Peachtree Road! It's an easy walk (by easy, I mean 2 blocks) to Phipps Plaza, Lenox Mall, and all of the shopping, dining, and entertainment options that come with them. Not only that, but Publix, Target, Borders bookstore, and more are also within short reach.

This 1 bedroom home has been updated with new floors, walls, and ceilings. It features a large kitchen, great living and dining space, and has many nice touches that make it feel warm and inviting. I could go on, but this video tour will put pictures to my words.

All this for only $100,000!

Property Owners Overcharged

A report to be released today commissioned by the Atlanta Neighborhood Development Partnership will release information that supports the findings of an AJC investigation that was published in a series of articles in December. The findings confirm the report that tens of thousands of homes were overvalued last year by county tax assessors. This report aims to take an educated guess as to by how much homeowners overpaid in the 5 major metro counties. The report goes on to say that areas hit hardest by foreclosures overpaid the most on average, and it identifies those zip codes hardest hit.

A zip code where I know many of you own homes was listed as one of the 15 hardest hit in the metro area: 30315.

There is more information in the article linked below.

As I've mentioned before, if you are appealing your assessment and would like some help putting together comparable properties for your case, don't hesitate to contact me. It's something I can help you put together.

AJC Article: Property Owners Were Overcharged

Charming East Atlanta Newer Construction

Here is another listing of mine, it's a newer construction craftsmen bungalow on a quiet street in East Atlanta. This house has tons of space and finishes for the price. A newer construction home but with plenty of character. The location, lot, and quiet street really set this home apart in my mind.
Check out the virtual tour here.

Let me know if you know someone that is interested.

2nd Best Office in Metro Atlanta!

Our office just had its annual awards ceremony for all of the business done in 2009. Here are some of the highlights:

- Our office, the Keller Williams Realty Peachtree Road office, had the 2nd highest sales total of any real estate office in the Metro Atlanta area.

- Our team, Team Rich Richardson, finished 3rd in our office in closed sales for the year.

- I finished in the Top 6 in the office for individual agents.

2009 was a great year because I had the opportunity to work with so many fantastic clients, and I hope to make 2010 even better!

Some Positive Signs in the Atlanta Housing Market

Real estate stats for the 4th quarter of 2009 are in, and there are some positive signs for the first time in what seems like quite a while! The year finished on a strong note as the number of homes that sold in the 4th quarter of 2009 were up 14% from the 4th quarter of 2008. While all but the two highest price ranges experienced improvement from 4th quarter 2008, the biggest improvements were seen under $299 - with an increase in solds of 22%.

A positive outcome that is the result of increased sales is the decrease in standing inventory. Inventory is still around 10 months, which means that it is still a buyer's market. However, inventory is come down drastically from the high point of 18 months in October of 2008.

The last thing to point out is that the median price in the last quarter of 2009 was higher than the median price for the last quarter of 2008. However, the median sales price for the full year of 2009 was down 12.5% than the previous year.

It seems that there have been some positive developments in the Atlanta real estate market over the past few months. I will continue to monitor the local markets and will keep you up to date on all the pertinent information. Please feel free to contact me if you want some more detailed statistics.

Justin Landis
Keller Williams Realty Peachtree Road
cell 404.803.0471 fax 404.704.0686
justin.landis@kw.com
www.justinatlantahomes.com
justinatlantahomes.blogspot.com