Atlanta GA real estate listings and homes for sale, home buying, home selling information – Castles By Chrissy, Inc.

My New Blog

Lipstick on a Pig - 2009 4th Quarter Statistics

February 19th, 2010 9:03 AM

The more I read about the 4th Quarter statistics the more adamant I am in sharing the news. Did you know that 90% (9 out of 10) of all listings are listed too high. In the fourth quarter of this year, the median Days on Market for homes that were priced right and did not need a price reduction in order to sell was 24 days (less than a month!) in metro Atlanta. However, for those listings that had to have a price reduction before they could sell, the median Days on Market for those homes was 245 (10 times longer!).

The truth is that being overly optimistic about a listing in terms of price or condition or appeal is the equivalent of putting lipstick on a pig. We live in a smart world. Now matter how much we dress up a listing or advertise it....its still a buyer's market. A buyer’s market means that buyer’s don’t fall for marketing…or lipstick. They fall for value.... If your listing’s price exceeds the value of the listing, game over. If your value exceeds your price, game on.

As The Castles By Chrissy Team starts the 2010 year, we are mastering the art of pricing. It is the single most important reason we came out Number 1 last year. Our ability to price listings accurately enough to attract offers has never had more importance. The time and money that this can save our sellers is literally saving them.

Our gift to our sellers is to price a home right and price it right the very first time. If you are considering selling your home or know someone else considering selling their home, please have them talk to us first. We will save them thousands of dollars in a market where most sellers are losing thousands of dollars.

Talk to you soon!

Posted by Chrissy Neumann on February 19th, 2010 9:03 AMPost a Comment (0)

Thought you would find this interesting...

August 25th, 2009 7:24 PM

There are so many reasons to buy right now that I just had to share the top 3 with you. Many people actually are NOT aware of the fact that the market has SHIFTED again and its on its way back up! What does this mean exactly? Does it mean that the value of your home is going to increase 10% over night? Well....

What it means is that prices have hit bottom and stabilized, and sales are rising. In fact, sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years. The largest increase since 1999!!!

It also means that the "housing affordability" is the highest its been in 18 YEARS!!! Yes, homes haven't been this cheap in 18 years!!!

And it also means that you have a very limited opportunity to cash in on affordable housing, low interest rates and the $8000 Tax credit. In all honesty, you need to be under contract by beginning of October to allow for your loan to close in time and still receive the tax credit! So let's start looking this weekend!

Activity will continue to increase, houses will continue to sell, likely at an increasing pace, and buyers are likely going to find the bottom of the market laughing at them in their rear-view mirrors. However, housing prices are probably unlikely to begin to rise significantly any time soon, as more foreclosure and distressed seller properties will be hitting the market.

Let The Castles By Chrissy Team find you that amazing property for you at that amazing price! Email us today at homes@castlesbychrissy.com and give us your search criteria. We would love nothing better than to look back at this time and say "Wow, you were lucky you bought in Fall of 2009!"

Posted by Chrissy Neumann on August 25th, 2009 7:24 PMPost a Comment (0)

Pending Home Sales Up Again!!!

August 12th, 2009 7:42 PM

As your local economist of choice, we wanted to be the first to share some promising news with you!! More Americans signed sales contracts to buy homes in June than in May, the fifth consecutive month of increases, according to a report released Tuesday.

Our team, Castles By Chrissy, has seen a significant pick up in activity as well!

The National Association of Realtors said its Pending Home Sales Index rose 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines," said NAR chief economist Lawrence Yun.

Low-end sales have been the strongest segment of the market, an indication that the first-time homebuyers tax credit, worth up to $8,000, is contributing to the rise. The clock, however, is quickly running out on this offer -- if you want to capitalize on this offer you need to start looking TODAY!

And, perhaps the best news is that home construction may be ready to once again boost the economy again. "The construction-put-in-place numbers that come out next month will show that housing is starting to add to the GDP," said Bernard Markstein, a senior vice president and economist with the National Association of Home Builders.

I think its finally true, the bottom has hit, and you don't want to be the one to miss it! Call the Castles By Chrissy Team today and let us help you find the best deal out there!

Take care,

Chrissy Neumann

#1 Top Producing Team 2008

Keller Williams Realty First Atlanta

www.CastlesByChrissy.com

404.925.5335

Fax - 404.529.4529

Posted by Chrissy Neumann on August 12th, 2009 7:42 PMPost a Comment (0)

Do you know about the Neighborhood Stabilization Program?

June 19th, 2009 9:43 AM

So you want to buy a foreclosure and would like some extra cash to do it? The Georgia Dream NSP (Neighborhood Stabilization Program) was created to encourage the purchase of foreclosed properties. The funds are from an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.

The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are in the form of a second mortgage lien with no interest and no monthly payments, also known as a soft second. The lien is released over a period of five years and six months. That means if you stay in that house for 5 and a half years, you don't pay it back. Funds may be used for required repairs and/or down payment assistance.

This program began April 1, 2009 and all funds must be used by June 30, 2010. If you are a first time home buyer, get the most for your money and purchase before December 1, 2009 for an additional $8,000 federal tax credit. There is another tax credit for all GA Home Buyers regardless of what you buy or your income for buying a home between June 1 and November 30th, 2009.

How to Apply:

All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency. Courses are not available on-line.

Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. Yes, good credit is still important here. Call me for a recommendation on a participating lender.

Can I buy a home anywhere in Georgia?
No. You must purchase a foreclosed property in an area of greatest need which means an area that has a large inventory of foreclosures. Counties in metro Atlanta are included in this. For counties outside metro Atlanta please click here.

Are there income limits?
Yes and these limits are before taxes. For the counties of Dekalb, Cobb, Fulton and Gwinnett the income limits are as follows:

Household of 1 $59,800
Household of 2 $68,350
Household of 3 $76,900
Household of 4 $85,450
Household of 5 $92,300
Household of 6 $99,100
Household of 7 $105,950
Household of 8 $112,800

For all other counties, please check www.dcaloans.com.

Are only first time home buyers eligible for the Georgia Dream NSP program?
Applicants do not have to be first-time home buyers and can own other real estate. However, the applicant must owner occupy the NSP financed property as his or her primary residence within 60 days of closing. Any rental income generated from the ownership of other real estate would have to be counted as household income for NSP qualification purposes.

If I am a first time home buyer and I use the Georgia Dream NSP do I still qualify for the federal first time home buyer $8000 tax credit?
Yes, if you purchase a home prior to December 1, 2009.

Can I use other down payment assistance with this program?
No, unlike the traditional Georgia Dream down payment programs, the Georgia Dream NSP cannot be combined with other down payment assistance programs.

Once again, The Castles By Chrissy Team is your local expert on the best way to buy a home, get financing, and have a smooth transaction. If you have additional questions about this credit or other related home buying questions, please call us today. I look forward to helping you take advantage of these credits in 2009!

Sincerely,

Chrissy Neumann
#1 Top Producing Team KWFA 2008
404.925.5335
Fax 404.529.4529
www.CastlesByChrissy.com

Written by Jen Bowman,

May 20, 2009

Posted by Chrissy Neumann on June 19th, 2009 9:43 AMPost a Comment (0)

Just Listed! 4126 Glenlake Terrace Kennesaw, GA 30144

June 18th, 2009 9:25 AM

$225,000.00
4126 Glenlake Terrace

Kennesaw, GA 30144

Beds: 5.0	Rooms: 11
Baths: 3.00	Sq. Ft.: 0
Garage: 2.0	Built: 1995

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Chrissy Neumann
Castles By Chrissy, Inc.
4049255335
www.castlesbychrissy.net

Visit this listing at Here

Posted by Chrissy Neumann on June 18th, 2009 9:25 AMPost a Comment (0)

Remodel?? or Buy a new House???

June 17th, 2009 4:36 PM

Is it Better to Remodel Now or Buy a New House?

A lot of home owners have seen the value drop in their neighborhood and are thinking it would be much better to just renovate their bathroom/kitchen/ master suite, etc versus taking a "loss" on selling their home. Surprisingly, though, keeping up a home may cost you up to four times its purchase price. Is it smarter just to buy another home? Quite possibly, especially when real estate values are as low as they are right now. Here's how to make an informed decision.

The emotional answer could very easily be "NO" - most of my past clients said it cost more money in marital counseling than if they just bought a new home! :) All joking aside, there are the financial reasons to take into account.

At first glance, there seem to be plenty of cost advantages to staying put and renovating. You can avoid the costs of selling your home, buying a new one and moving, which can drain away 10% or more of the value of your home each time you change abodes.

However, you need to consider the costs of maintenance, repairs and updates. These are far more than most homeowners realize.

The high cost of keeping up with the Joneses

In fact, a study commissioned by the Wall Street Journal in 1998 found that the price of keeping a typical home up to current standards over a 30-year period is almost four times the home's purchase price.

If you are considering holding on to your property and you are not a committed "do-it-yourselfer", you might be no better off than had you rented all those years. The cost of repair and renovation bills can easily overwhelm your profit.

Meanwhile, if you are a move-up buyer you could be leagues ahead if you snagged a new or fully remodeled house in this down market.

What are the real costs involved?

Getting a handle on costs may be one of the toughest parts of any move vs. remodel decision, largely because renovations can be hard to predict. Once you tear into a wall or start excavating, who knows what you'll find?

An architect or contractor can help give you a ballpark on a remodel, and help point out some ways to save money.

You'll need to get detailed quotes from a few contractors or builders who do work of the same type and quality that you want. You need to talk to someone who buys materials and bids projects every day, to get an accurate price picture. And even then I recommend building in a safety net by adding 10% to 20% to whatever estimates contractors give you. Then consider:

The out-of-pocket costs of construction (any savings or other funds you plan to devote to the cause).
The cost of any financing (usually your monthly payments multiplied by the time you plan to remain in the house).
If you're adding on rather than renovating, the cost of higher utility bills, bigger homeowner's insurance premiums and greater property taxes from your additional space.

When computing the costs of moving, consider:

Real estate commissions, closing costs and moving, which typically equal 10% or more of the house you're selling.
The cost of the new, presumably bigger mortgage, multiplied by however long you plan to be in the house.
The cost of higher utility bills, bigger homeowners insurance premiums and greater property taxes over the same period.
Any new furniture, window treatments, landscaping or other the years.

Paula, this may seem like a lot of information to decipher through and in the end, each situation is different. It all depends on how much you plan to invest in your remodel versus how much equity is in your home versus what kind of bargain you can get on a new home.

As always, The Castles By Chrissy Team is going to be your best resource in answering this question specifically for you. I have told many clients this year to "stay put," but I have also told many clients "sell now while you can, and buy low!" I would love to hear about your situation and figure out what is best for you during this ever changing real estate market. Give me a call today or shoot me an email. Or if you have a friend getting married, having a baby, etc and they are needing more space forward this email to them so they can weigh their options, too.

Have a great day!

Posted by Chrissy Neumann on June 17th, 2009 4:36 PMPost a Comment (0)

$8000 Tax Credit - Questions and Answers Part 2

June 17th, 2009 4:35 PM

I had such an overwhelming response to this email - all asking the same question that I had not covered. Just in case you have the same question I wanted to share the answer with you.

Q: If I have purchased a home in the last 3 years and then got married, and my spouse has never owned a home - does he/she qualify for this credit?

A: No - The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

I hope this helps -- keep the questions coming!

Posted by Chrissy Neumann on June 17th, 2009 4:35 PMPost a Comment (0)

$8000 Tax Credit - Questions and Answers

June 17th, 2009 4:34 PM

Are you confused about all this talk on the new $8000 tax credit? Wondering if it applies to your situation? Are you married and your spouse has never owned a home? Can you use the credit towards your down payment? Just a sample of some of the questions I'm seeing -- here are the top 3 Q and A -- if you have questions please post them and we'll be sure to answer them asap.

Q: Who is Eligible for the Credit?

A: The $8,000 Tax Credit is available for First Time Home Buyers only. The law defines “First Time Home Buyer” as a person who has not owned a principal residence during the three -year period prior to the purchase.

Q: Are there payback provisions?

A: The Tax Credit is a true credit. The only repayment requirement is if the homeowner sells the home within three years after the purchase in which case the entire credit would have to be repaid.

Q: Are there income limits to qualify for the credit?

A: Home buyers who file as single or head of household qualify if their adjusted gross income is less than $75,000. For married couples filing a joint return the income limit doubles to $150,000. The tax credit begins to phase out for single filers making over $75,000 up to $95,000 and married couples earing over $150,000 to $170,000.

Posted by Chrissy Neumann on June 17th, 2009 4:34 PMPost a Comment (0)

The Media and The Market

February 2nd, 2009 11:15 AM

A lot of clients called me this week to get my view point on the article printed in the AJC this past week. I thought I would go ahead and share my thoughts with you as well.

Attached is the front-page article from this Wednesday's Atlanta Journal Constitution. (Email Chrissy@CastlesByChrissy.com for the article) If you did not see it, I'm sure your friends, family and coworkers have all been talking about it! Truly, how does the media expect us to rebound from this shifting market if all they do is interpret data negatively?

Once again, I feel compelled to be your "local economist of choice" and portray the stats accurately and unbiased!

In this article concerning the most recent real estate stats the media is misinterpreting the data. The story is focusing on the median point of sales prices for homes that sold. The median is simply the number at which half the data points in a given sample (in this case, all homes sold in the given time period) are above the median number, and half the sample points are lower than the median number.

Now, for many reasons (including foreclosures, new lending requirements, unemployment issues) homes under $200k represent a slightly larger portion of all homes sold. In fact, they now represent 52% of sales in 2008 up from 42% in 2007. So OF COURSE the median number is lower! This DOES NOT mean the price of any particular home is down by 11.2%, as indicated and easily (mis)interpreted from the AJC article.

At least the article, in it's sub-headline, notes that "Atlanta's housing bubble didn't burst as soon or as badly as elsewhere." Which interpreted accurately means that our recovery will be MUCH faster and has already started.

Homes still rose in value in this survey by 16.79% from 2000 through 2008. Your housing costs still are an investment in an appreciating asset over time, while living in a rental home or apartment are not! All the while, you are still paying down principle and therefore further increasing your equity generating a nice tax deduction every April 15th, and enjoying a much higher credit rating for making timely mortgage payments.

What the media should be portraying is a sense of urgency if you live in metro Atlanta. An urgency that you are about to miss out on one of the BEST times to buy in our history - given prices and interest rates. Don't be that person that reads the AJC a couple months from now and realizes you missed the bottom.

Let us help you decide what is best for your situation. Give me a call anytime. I live to talk about this stuff!

Have a great weekend.

Posted by Chrissy Neumann on February 2nd, 2009 11:15 AMPost a Comment (0)

Just Listed! 1390 Murrays Lock Place Kennesaw, GA 30152

January 11th, 2009 7:45 PM

$700,000.00
1390 Murrays Lock Place

Kennesaw, GA 30152

Beds: 0	Rooms: 0
Baths: 0	Sq. Ft.: 0
Garage: 0	Built: 0

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Chrissy Neumann
Castles By Chrissy, Inc.
770-974-1540
www.castlesbychrissy.net

Visit this listing at Here

Posted by Chrissy Neumann on January 11th, 2009 7:45 PMPost a Comment (0)