Georgia Homebuyer Tax Credit

Welcome back!

It’s still preliminary, but the state of Georgia is working on a homebuyer tax credit in addition to the $8,000 tax credit passed by the federal government last month.

Georgia residents who buy a home would get a three-year tax credit under legislation that easily passed the House today.

Under the bill, home purchasers would receive income tax credits of up to $3,600, up to $1,200 for each of three years. In order to qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.

The measure now moves on to the Senate. The goal is to help revitalize Georgia’s residential real estate market.

Georgia’s housing issues are not nearly as bad as many parts of the country, but it’s great to the Georgia leaders understand the importance of kick-starting home sales as this will have a direct impact on a multitude of industries and the overall economy.

The legislation would apply to new and previously occupied homes as well as residences that have been foreclosed.

The credit could be used either for houses and condominiums and either on primary or second residences.

We’ll keep you posted on as this bill moves forward. For some homebuyers, this could mean a total of $11,600 in tax credits for the purchase of their new home and for others who didn’t qualify for the federal $8,000 credit, it would mean a $3,600 tax credit. Either way, it’s a great incentive to take advantage of this great buying opportunity in the Atlanta real estate market.

Smyrna Vinings Home Market Update – January

Smyrna Vinings Home Market Update

Once again it’s time for our update on the latest in the Smyrna Vinings home market. In the table above, we have shown by zip code for both single family homes and condos the amount of homes currently active and resulting months of inventory.

Now that we’ve hit the Winter real estate market in Smyrna Vinings, we should start to see inventories continue to reduce in the Smyrna Vinings market in homes, condos and townhomes. This is not always a result of improved sales, but rather the fact that fewer sellers want their homes on the market over the holiday season and the additional fact that fewer buyers are usually looking at this time of the year.

This past month in the Smyrna Vinings home market we had a decrease in the number of active listings compared to last month, but we had a small increase in months of inventory to 12.45 months. We have 633 active homes in Smyrna Vinings compared to 652 in December.

Inventory is heavily weighted by new construction as well as the steady flow of foreclosures and short sales hitting the market. We’re continuing to see prices come down as a result.

New construction in this price point include Cottage Garden, Walker Street Manor, Morris Commons, Sherwood Park, Brookside Park, The Cottages at Market Village, West Haven, Cottages at Lois Pointe, Woodbridge Crossing, Medlin Place, Vinings Estates, Stonehaven at Vinings, Stonecrest Manor, The Estates at Ellis Wade, Kensington Green, West Village, Spring Street Village, Rileys Walk, Walker Street Cottages, Collier Place, Concord Lake Village, Cottages at Parkview Village, Barnes Mill, Collins Lake Estate and Wakefield Estates.

After a 1% decrease in condo listings last month, there was a 7% decrease this month. The Smyrna Vinings condo and townhome market, decreased by 27 units over last month, with a total of 377 units now on the market compared to 404 in December. Months of inventory have decreased slightly to 16.69 months, which still has a way to go to get back to a healthy market.

Economic news has improved interest rates dramatically. Downward movement of rates signal a great buying opportunity.

If you’ve thought about selling your home, be sure to contact us. While the statistics aren’t great, homes are still getting sold. However, now more than ever, it’s imperative that your home is positioned properly in the marketplace. If you have any questions on how best to do that, don’t hesitate to contact us.

Click here if you’re ready to begin your Atlanta home search.

The H2 Realty Group is exclusively partnered with Keller Williams Realty, the third largest real estate company in North America (according to REAL Trends). The H2 Realty Group provides services to home buyers and home sellers in the north metro Atlanta area including Smyrna, Vinings, Buckhead, Midtown, Brookhaven, Marietta, Mableton, Kennesaw, Sandy Springs, Roswell, Alpharetta, Duluth and Norcross.

All tools and resources can be accessed at www.H2realty.com.

Smyrna Vinings Community Site turns Two

We’d just like to congratulate SmyrnaVinings.com, who celebrated their 2nd birthday this year. It’s hard to believe that SmyrnaVinings.com burst onto the Atlanta real estate scene just two years ago, but have certainly made an impact in a very short time.

The site not only quickly established themselves as the community site for the Smyrna Vinings area, which includes Smyrna, Vinings, Mableton, and the Cumberland and Wildwood areas, but have really set themselves apart as the leader in the Smyrna Vinings real estate market.

Congratulations and we can’t wait to see what you accomplish before you turn 3 years old!!!

Atlanta Real Estate on the Verge of Rising?

Atlanta continues to be one of the top cities for growth in the United States.  While the nation’s economy is in a slump, the Atlanta job and housing market have been able to weather the storm as a result of this continued growth.

Atlanta was recently voted the Best City for Singles and was ranked in the top 10 cities for retirees by Forbes magazine.

As a buyer, this could be the right time to make your move.  The new homebuyer tax credit provides first time homebuyers in Atlanta and throughout the US a great incentive to purchase their first home…$8,000.  Unlike the previous $7,500 tax credit the new $8,000 tax credit is free money whereas the $7,500 credit was a free tax credit that acted as an interest free loan requiring repayment over a 15 year period.

While it is true that the Atlanta real estate market has suffered there are many indications which point to signs of it rising again.  Don’t be fooled by the media.  Real estate is a local subject, what happens in Vegas stays in Vegas…just because the market in Vegas is horrible doesn’t mean that it is in Atlanta.

We might not have seen the bottom yet, but Atlanta does show positive signs that the bottom may not be too far away.

Get started.  Find your next home now.

Atlanta is Top 10 for Retirement

Retirees can get more bang for their retirement buck in Atlanta according to Forbes magazine, which ranks Atlanta 9th among top U.S. cities where affordable housing, low cost of living and decent job prospects are available for retirees.

The ranking took into consideration the following: the number of people over age 65 who are employed, net migration for people over 65 and the number of people living in poverty over age 65. The number of doctors per person and the number of citizens using Medicare benefits were also included.

Metro Atlanta’s senior population grew by more than 30 percent from 2000 to 2005 and is expected to grow by 127 percent by 2030 according to the Atlanta Regional Commission. The area’s cost of living, climate and opportunities for things to do (shopping, dining, entertainment, sports, etc.) are all huge draws for seniors.

So if you’re considering making Atlanta your retirement home, then start here for your Atlanta home search.

And in case you were curious, Columbus, Ohio came in at number one.

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