Brian Vanderhoff's North Fulton Real Estate Blog

The real estate market has all but bottomed out. Interest rates can’t go any lower. As the saying goes: ‘buy low, sell high’! For investors and buyers, now is a golden time to buy.

What if you need to sell before you can buy?

You can sell your home in today’s market, but only if you do three things correctly: price right, stage right and be in the right location. If you don’t properly price your home, it won’t sell. It’s that simple. There is too much inventory on the market. If you don’t stage your home properly, you may be delaying the sale of your property (some agents won’t even show it). And if you aren’t located in a fantastic area, you need to price even more aggressively.

Whether you are an investor looking to diversify your portfolio, or a buyer that wants to get in at the bottom of the market, consider these recent facts:
Interest rate projection by NAR:


In short, it’s never been cheaper to finance buying a home. And compare the prices for gold, which are at an all time high, to the prices of homes, which are at an all time low. You don’t have to be a rocket scientist to figure out where to put your money. Need more proof that we are at the bottom of the market? America’s leading economist, Mark Zandi, gave his thoughts at a recent NAR convention:

“The housing crash is over—nearly. We are now near the bottom,” Zandi said. “There will be no real price growth in 2010 or 2011. Whether home prices weaken is unclear, but it will take two more years to work off excess housing inventory at the current sales pace. Of course, if demand picks up, it would take less time for prices to rise.”
To get some perspective from the inside, we talked to Andy Skillen with Atlanta Intown Real Estate Services, on what he is seeing:

“Every buyer has different goals, some of which are competing”, said Skillen. We have a buyer who wants a great deal on a high rise condo, with the best resale value, and that can be easily rented out. The challenge is that it’s easier to get financing on a unit with rental restrictions, so the resale value is higher, but you can’t just turn around and rent it. The good news is that he can get a 2 bedroom, 2 bath off Peachtree with amazing Big City views for what used to be the price of a one bedroom. For those lucky enough to be buying, there are amazing deals, but it’s still a lot of work to find the best deal.”

An option that some home owners, who aren’t desperate to sell, are considering is to rent out the place they own, and buy another property at 30-40% off the market high. That helps owners offset the losses on the first home, and puts you in a position to make money off today’s low real estate prices.

Labels: first time home buyer tax credit, First Time Home Buyers, Forclosures, Foreclosed, foreclosed homes, foreclosed homes for sale, foreclosed land, foreclosed properties, foreclosure, Foreclosures, foreclosures for sale, Home Buyers, home buying, homes sellers, Real Estate, reasons to buy a home, sell my house, sell your home in a slumping market

• New inventory is still available, but starting to dwindle.
• Interest rates continue to remain low.
• There are many motivated sellers offering incentives to home buyers.

--- Brian and Jennifer Vanderhoff North Fulton County REALTORS Vanderhoff Real Estate (770) 331-1206 --- Milton, GA Real Estate, Condos, Homes for Sale North Fulton County, GA Real Estate, Condos, Homes for Sale Forsyth, GA Real Estate, Condos, Homes for Sale ---

Labels: First Time Home Buyers, foreclosed homes for sale, foreclosures for sale

After getting the keys to their new homes, many first-time home buyers are excited about finally having the opportunity to personalize and furnish their new house. From coffee tables to lamps to lawnmowers, many previous renters leap into homeownership quickly realizing they need to do a lot of shopping to truly make their house a home.

“Whether you’ve been living in an apartment with roommates or at your parents’ house, many first-time home buyers do not think about all the items they need – and want – when moving into a house,” said Janice Jones, national vice president of merchandising for Centex. “With a little advance planning and budgeting, you won’t break the bank to make your new home a reflection of your personal style and showcase your pride of homeownership.”

A typical home buyer spends $7,400 on average on their home, with more than half of that spent in the first year after purchase, according to the National Association of Home Builders.

While many first-time home buyers may not have accounted for this level of spending, Jones offers advice on what types of items to purchase to not only properly maintain and live in the home, but also more importantly, items that help new homeowners feel like their house is a place to call home.

Furnishings
Many first-time home buyers no longer want their parents’ hand-me downs or their childhood bedroom set. From sofas to dining room sets to mattresses, many first-time home buyers take the opportunity to upgrade their furniture when moving into their new home. According to an NAHB study, furnishings take the biggest chunk of the budget, with home buyers spending about $5,300 on furnishings during the first year after buying a home. The biggest ticket item for all households is bedroom furnishings, including mattresses, followed by sofas.

Window coverings and linens
The median square footage of homes bought by first-time buyers is 1,500. So, you can only imagine the number of windows that need to be covered to ensure privacy and security in a home. According to Jones, many home buyers don’t account for this in their budget. Additionally, with the ability to now paint and decorate each room, new homeowners find that they want to purchase new bedroom and bathroom linens.

Garden tools
Since a first-time home buyer is likely to move into their home from an apartment, unless you plan on hiring a gardener, you’ll need to purchase a few basic gardening tools, including a lawnmower, garden hose, sprinkler and a shovel (for winter weather).

Flat screen TV
Let’s face it: many home buyers shop for their new home while taking into a consideration how a new, large, flat-screen television set will be situated in their new living space. So, it’s not a surprise that a hot item on the list is purchasing an entertainment system.

However, you’ll also need the basic appliances in your new home: a refrigerator, stove, and a washer/dryer. While many existing homes usually come with appliances, a home buyer needs to take inventory as to whether or not they will need to purchase these big ticket items before they purchase their new bedroom set.

Basic tool kit
Every home needs a well-stocked tool box. Many home improvement stores have sets you can purchase, but make sure it includes a hammer, screw drivers, pliers, wrenches, a tape measure and a staple gun.

“My biggest piece of advice for new home buyers is to be creative and tackle this room by room,” said Jones. “For example, after outfitting your home with the necessary items—like appliances and window coverings—move on to the kitchen and family room spaces. This area is the heart of your home where everyone gathers.

“Look for great values on the items you need that will be utilized most. Take your time and get the feel of how you want to use each space for both function and enjoyment. This strategy allows homeowners to stage their purchases and add new furnishings as the budget allows. Decorating your new home should be fun and a reflection of your personal style.”



--- Brian and Jennifer Vanderhoff North Fulton County REALTORS Vanderhoff Real Estate (770) 331-1206 --- Milton, GA Real Estate, Condos, Homes for Sale North Fulton County, GA Real Estate, Condos, Homes for Sale Forsyth, GA Real Estate, Condos, Homes for Sale ---

Labels: First Time Home Buyers, Foreclosures, foreclosures for sale, Home Buyers

Georgia Homebuyer Tax Credit?
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 Metro Atlanta Real Estate market.

Labels: First Time Home Buyers, georgia homebuyer tax credit

There's a nice windfall for some homebuyers in the economic stimulus bill signed into law this week by President Obama. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:

"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
The short answer? Yes, Billings would get back the $8,000 plus what he'd overpaid. The long answer? It depends. Here are three scenarios:
Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.
Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.
Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

We are your Georgia real estate experts for buying or selling real estate in any of the following cities. Acworth, Atlanta, Alpharetta, Buckhead, Canton, Cumming,Dallas, Douglasville, Duluth, Dunwoody, Johns Creek, Kennesaw, Lawrenceville, Lilburn, Loganville, Mableton, Marietta, Milton, Norcross, Roswell, Sandy Springs, Smyrna,Snellville, Suwanee, Woodstock, and Vinings. I can also help you find real estate for sale in other cities in Cherokee County, Cobb County, DeKalb County, Douglas County, Forsyth County,Fulton County, North Fulton County, and Gwinnett County.

Labels: $8000 tax incentive, first time home buyer tax credit, First Time Home Buyers

"When homeowners are ready to sell a piece of real estate, they generally turn to a realtor first to help them advertise and sell the property. When homebuyers are purchasing a home, though, few think about hiring a realtor or buyer's agent to help them through the process. A realtor, though, can help homebuyers in several ways:

1) Networking. Realtors often know about properties before they are widely advertised. This means that when you work with a buyer's agent, you may be able to start the buying process before many other buyers know about the property.

2) Real estate and neighborhood knowledge. Realtors know a great deal about neighborhoods in their area and about homes. A buyer's agent can help you steer clear of homes and areas of the city that would not match your needs or lifestyle. This can help you avoid a costly mistake.

3) Legal, financial, and paperwork help. Buying a home requires a lot of work - such as arranging the legal transfer of the property. An agent can take care of all the paperwork for you. A buyer's agent can also help you figure out which homes you can afford. All this can save you time and money.

4) Pre-screening. If you are house hunting on your own, you are responsible for sifting through the thousands of available properties in your area to look for the few homes that actually meet your needs and requirements. This can be very time-consuming and stressful. A realtor, on the other hand, has the resources and experience to do this part of the work for you. A buyer's agent will track down the properties that have your requirements, so that you can work on honing in on possibilities rather than feeling overwhelmed by choice.

5) A buffer between a homeowner and homebuyer. A buyer's agent is an impartial third party and this can be a big help. As a homebuyer you want the best price and the best value, while the homebuyer wants to get the best price for their home. A realtor can communicate with both parties so that everyone wins. If there are any disagreements, the realtor can work to resolve them.

6) Savings. An agent can help you negotiate for a better price. Since a realtor you hire is on your side, you can rest assured that the professional you have chosen will work with you to get you a fair price on the property you want.

7) It doesn't cost you - A Buyers agent is paid by the Seller, so why not take advantage of their experience and representation!

A good realtor can help make the home buying process simpler, more time-effective and even less expensive. Just as most people wouldn't sell a home without the professional help of a realtor, you may want to consider a real estate professional the next time you want to buy a property. "

Labels: Alpharetta, Cumming, First Time Home Buyers, Georgia, Roswell, should i use a realtor when buying a home, Woodstock

We are working with more First Time Home Buyers than ever before! Call us - we can help!!! As a potential first time home buyer, you may feel a little overwhelmed with the entire process of buying your first home. Our goal is to empower you with the information and resources necessary to give you the confidence and financial help needed to make the dream of buying your first home become a reality. The more you know about the home buying process, the more likely you will be able to purchase the home of your dreams.

If you do not yet own a house of your own and are currently renting, here are 6 very, very compelling reasons why you should buy your first home.

1. Enjoyment. The primary reason you should purchase a home is for the enjoyment it will bring you and your family. You should buy a home that you will love living in! Undoubtedly, the first house you buy will not be the home you live in the rest of your life. As you mature your income will likely improve and your housing needs and desires will expand. You will likely sell your first home and trade up to a larger, nicer one. However, your primary focus when choosing your first home is to buy a house that will bring you enjoyment each and every day that you live there. If you do that, the improvements in your quality of life will be literally priceless.

2. It is an investment. My parents bought their first home in 1965 for $12,000. It was a modest home, just under 1,000 square feet, in a relatively nice neighborhood of similar homes on the outskirts of town. Today, that same home would sell for $175,000. Granted, much of that increase in value is due to inflation, but with government spending and deficits at record levels, inflation will continue and likely accelerate in coming years. By buying a home now, you will own an asset that will go up in value as inflation causes the general price level of everything to rise.

3. Tax Savings. The tax savings from mortgage interest can be huge. If you are currently paying $1,000 per month to rent your apartment, that same amount applied to a mortgage loan payment would result in a nearly $12,000 tax deduction (in the first few years of a conventional mortgage, nearly all of the payment goes towards interest, and very, very little goes toward paying off the loan. The interest is tax deductible). If you are in the 28% tax bracket, this one deduction would be an annual savings of over $3,300 on your income taxes.

4. Financial Benefits. Whatever you are currently paying for rent, it is money that is simply spent, never to return to you again. Contrast that to buying a home using a mortgage loan; instead of spending money on monthly rent, you are paying off a loan used to purchase the property. With each monthly payment, the loan balance goes down, and the equity in your property goes up. The monthly payment goes toward buying an asset that will go up in value. Besides the shelter that is provided, you get to keep an appreciating asset.

5. Privacy. As a renter, you are not entitled to the same level of privacy that a home owner is entitled to. It is common for landlords to retain the right to inspect the interior of their property upon giving the tenant proper notice 24 hours prior to the inspection. When you own your home, nobody is entitled to enter without your permission. It is your personal space on the planet that you have final say over. Your home is your private sanctuary for you and your family.

6. Freedom. Do you want to build a tree house in the backyard for your children? Would you like a volleyball net to use for weekend games with friends? Want to have a large 4th of July celebration for 100 of your closest friends? Being a homeowner provides the freedom to do these things and virtually anything else that is legal to do. You do not have a landlord telling you what you cannot do. The freedom is priceless.

Labels: Alpharetta, Canton, Cumming, First Time Home Buyers, Georgia, Johns Creek, milton, reasons to buy a home, Roswell, sandy springs, suwanee, Woodstock

When they first begin looking for a home, many buyers ask "can't we do this on our own? Do we really need to use a Real Estate Agent?" The answer is yes, you can do it on your own. There is no law that prevents you, as an individual, from buying property without professional Real Estate assistance. You can search for homes, arrange showings, and even negotiate on your own (although, in some localities, the actual contract for purchase will need to be drawn up by an Attorney). The real question may be "do we want to do it on our own?"

There is a misconception among many first time home buyers that by using a Real Estate Agent, they will be subject to paying a commission. In virtually all situations, this is not the case. The commission for the sale of a home is paid for by the seller, not the buyer. If you went to your local appliance store and bought a new refrigerator, you wouldn't expect to pay a commission to the salesperson. The same applies when you buy a house--it is the seller of the item (in this case a house) that is responsible for paying to have it sold.

If you do decide to "go it on your own," your choices will obviously be very limited. The only homes that you can buy without any Agent assistance are those that are "For Sale By Owner" (FSBO)--generally a small percentage of the market. These are home owners who, for whatever reason, have decided not to use an Agent in the sale of their house. It may be because they think they can get more return by not paying a commission, or it may be because there was no Agent who would take their house listing at the price they demanded. Many Real Estate analysts have found that the selling prices of FSBO homes are equal to--or higher--than those listed by Agents. A problem arises when, as a "do-it-yourself" house buyer and without the benefit of a Comparative Market Analysis, you need to make a determination whether or not the house is worth the asking price. How do you decide? There is too much money potentially involved to make a "seat of the pants" decision. In this case, you will need to either secure an independent appraisal to determine a realistic price range for the property or develop your own determination of value.

The next mistake that many buyers make, when they find that their choices are so limited by only dealing with homes for sale by owners, is to jump into the "listed" market by checking advertisements and calling Listing Agents directly or visiting Open Houses. There is not a dime to be saved with this strategy (the seller is still going to pay a commission) and you run the risk of ending up with no representation, since the Listing Agent is duty bound to represent the seller.

Labels: Alpharetta, buying a home without a agent, Canton, Cumming, do we need a agent, First Time Home Buyers, Fulton County, Johns Creek, milton, Roswell, Woodstock

Vanderhoff Real Estate specializes in First Time Home Buyers. They take the time to work with you and have no time frames and no pressure tactics.

Also 100% Financing is now available.

So if you are tired of renting and would like to own your own home, please email or call us anytime.

Brian Vanderhoff
Associate Broker
Vanderhoff Real Estate
t. 770-331-1206
f. 770-783-6812
homes@400n.com
www.400N.com

Labels: First Time Home Buyers, homes, New Homes, Real Estate, Rental, renting

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.40 percent with an average 0.4 point for the week ending October 11, 2007, up from last week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.

The 15-year FRM this week averaged 6.06 percent with an average 0.5 point, up from last week when it averaged 6.03 percent. A year ago, the 15-year FRM averaged 6.06 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.12 percent this week, with an average 0.5 point, up slightly from last week when it averaged 6.11 percent. A year ago, the 5-year ARM averaged 6.10 percent.

One-year Treasury-indexed ARMs averaged 5.73 percent this week with an average 0.6 point, down from last week when it averaged 5.58 percent. At this time last year, the 1-year ARM averaged 5.56 percent.

"Mortgage rates edged up this week following the release of the September employment figures," said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy added 110,000 new jobs last month while July and August were revised upwards by a total of 188,000 jobs, reflecting greater strength in the economy during that time than initially indicated."

"Meanwhile, following the release of the September 18th minutes of the Fed’s Open Market Committee (FOMC) meeting, financial markets reassessed the likelihood of another rate cut at the upcoming October 31st meeting. The market currently is looking for about a 30 percent chance of a 25 basis point rate cut rather than the 50 percent chance that they had previously expected."

Labels: First Time Home Buyers, Home Buyers, Loans, Mortgage, Real Estate

The Vanderhoff's are Specialized in Forclosure, Relocation, First Time Buyers, Investment Property, and High Dollar Listings.

Contact us Today!!!!!

Labels: Alpharetta, Cumming, First Time Home Buyers, Forclosures, homes sellers, Investment, Johns Creek, milton, Real Estate, Relocation, Roswell