A little tip on how you can KEEP some of YOUR MONEY!!!  It IS your money in the 1st place.

You can and MUST appeal your Property Taxes in 2009.  It’s pretty safe to say that the value of all homes has dropped during 2008.  The “Fair Market Value” (FMV) is the beginning point for determining property taxes.  The Fair Market Value is “required” to be the real Fair Market Value as of January 1st of the year in which the property tax bill is due.  In many cases, especailly in 2009, the FMV registered with the county will be more than the true FMV.  In order to determine if one should appeal, one needs to know how similar properties were “Valuedâ€�.

A CHECK LIST FOR PROPERTY OWNERS FILING AN APPEAL

1. Once you receive your Assessment Notice check the value proposed versus the FMV and the Value proposed for similar houses in your neighborhood.
2. If you still wish to appeal, you must do so in writing within 45 days of the date of your assessment, which will usually come around March.
3. When your appeal is received, the Board of Assessors (BOA) makes its review and either agrees with your value or establishes a new one.
4. If you are not satisfied with the BOA’s decision, you may choose Arbitration or a Board of Equalization (BOE) hearing. The BOE is a panel of three county taxpayers appointed by your county’s Grand Jury to resolve disputes over property valuation. There is no cost if the BOE is chosen.
5. Your final option is to appeal the case to the County Superior Court.

HOW TO MAKE YOUR APPEAL MORE EFFECTIVE

To make your appeal before the Board of Assessors, the Board of Equalization or through arbitration more effective, you can improve your case with documentation. Here’s how to do it.
• Request a copy of your Property Record Review Document and Comparable Market Worksheet by calling your county’s Assessor’s office and requesting the information via fax; you may also go to the Assessor’s office in person (address provided on your tax assessment) or send a self-addressed, stamped envelope to your county’s Board of Assessors’ office with a letter of request. This free, one page document will describe the essential features of your residential property along with the features of the comparable properties the Assessors office used to determine your FMV. Review it for accuracy. You may request any other residential property record for fifty cents.
• Obtain your own market analysis of comparable properties recently sold in your neighborhood - you can obtain this data via county tax records online.
• Establish property value by providing a recent property appraisal - this is optional and could cost a few hundred dollars, but will certainly add leverage to your case.
• Review the Street Index and Sales Books or your county’s online Tax Records for comparable properties. You should look for properties in your neighborhood with the same quality or construction; similar land size and square feet of living area; number of Bedrooms, basement size, etc. The Street index and Sales Book are generally located in the downtown Government Center.

The data is public knowledge and is there for you to obtain.  This is not a quick process and may drag on for more than a year.  It’s not a continual pain, but you’re dealing with a government-run agency, so just be patient.  Also, remember that if you end up in front of the Assessor and the panel of 3 taxpayers…go prepared.  They’re definitely going to have their argument ready.  Past this point, you may actually need to appear in the County Superior Court (which will cost you a court fee - probably less than $100), but you’ll most likely be contacted by their Attorney and this possibly can be settled out of court (you’re still out the court fee, though - go figure).

Hope this was helpful.  As always, we want to be your trusted resource for everything Atlanta Real Estate, so please let us know if we can help in any way and we wish you the best in your 2009 Property Tax Appeal. 

click here to Sign up for our Monthly E-Newsletter and more topics like this…

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Kelly@KellySellsAtlanta.com
Aaron@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog

Good question. 

Well, 1 VERY important reason is that as the Buyer, our representation and professional services are FREE to you!

A Buyer’s Agent commission is already negotiated and contractually agreed upon in the listing agreement, so the Listing Agent and Buyer’s Agent commission is PAID BY THE SELLER at closing!  The only caveat to this is on the very rare occasion (i.e. a home that is For Sale By Owner), the seller is not bound by a GAR (Georgia Association of Realtors) Listing Agreement and has not contractually agreed to pay the Buyer’s Agent commission.  At that point, it would be our job, as your agent, to negotiate for the seller to pay our commission (by having Mr/Mrs Seller sign Authorization to Show Unlisted Property GAR form), which they typically will do, especially in this market.  If at that point the seller still declined to pay our commission, ONLY in this situation would you be responsible for paying the Buyer’s Agent commission.  Again, in this market, it is highly unlikely this situation would arise.  This is absolutely something we would be aware ahead of time.  We would discuss the options and you would ultimately be the one to decide if you’d like to actually pursue, and possibly purchase, that particular home.

Another reason to use a Buyer’s Agent:  a good Buyer’s Agent can save you THOUSANDS of $$$. 

Keep in mind: if you decide you want to get out on a Saturday afternoon to look at some homes and decide to visit a New Home Subdivision or an Open House…please know that the onsite agent DOES NOT work for you and DOES NOT have your best interests at heart.  Their client is the seller & their job is to get the best terms and the most money for the client.

A good Buyer’s Agent will do the research, know the market, know the inventory & competition and ultimately know your advantages in the transaction.  A Buyer’s Agent’s knowledge will also help you start off on the right foot with an educated and strategic offer and keep the leverage while navigating the negotiation process.  The knowledge and expertise an educated Buyer’s Agent brings to the equation is priceless, yet FREE!

So, what this means for you is that you take advantage of our knowledge and expertise in the metro Atlanta Real Estate market and never have to worry about paying for the advice.  I hope this is ok with you!

Many home shoppers may not understand this and decide to try their hand at buying without using a Buyer’s Agent.  This certainly is an option, but now that you understand how you’re able to take advantage of FREE services and hire a Buyer’s Agent to represent you, why would you want to go it alone?

I hope you can see by now the benefit and ‘no-brainer’ advantages of hiring a Buyer’s Agent.  If  you have ANY questions on the fiduciary duties of a Buyer’s Agent or the GAR Buyer Brokerage Agreement, please don’t hesitate to contact the Kelly Sells Atlanta Team.

What we do for you as your Buyer’s Agent…

• Consult with you & evaluate your needs & wants - then research & find properties that meet those specifications.
• Schedule and accompany you on showings OR preview the properties on your behalf to qualify each listing.
• Research the properties to identify any unforseen problems or issues to help you make an informed decision on how you would like to proceed.
• Advise and assist you in properly structuring an offer to purchase your next home! 
• Present the offer to the Seller & Listing Agent on your behalf.
• With your blessing, negotiate the offer on your behalf, always keeping your wishes & best interests at the forefront. 
• We’re here to get you the BEST PRICE & TERMS possible & fully represent YOU in the Real Estate transaction.

Have more Real Estate questions?  Contact us today!

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
Aaron 404-863-8680 | Kelly 404-606-2219

F 866-298-8584
Aaron@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help.  Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

If you didn’t happen to notice…

…the Economy SLAMMED on it’s brakes in October and just sat there for a bit.  ~~ sorry to be dwelling on the past, but MLS (Multiple Listing Service) Monthly Statistics for October just came out and they’ll just about make you cringe.  Gah, I’m glad it’s behind us.

With unemployment rising, potential future taxation plans, ridiculously high gas prices & and an unstable international financial environment - weren’t we all a little freaked out?  Our business was certainly a bit slower through October - so we definitely took notice. 

There was a 28.8% decline in home sales vs. Oct 2007.  Of the 3,387 October home sales 2,901 were residential detached homes (a decline of 26.9% vs. Oct 2007) and 486 were condos & townhomes (a 38.4% decline vs. Oct 2007).

The Avg Sales Price for all residential did actually increase from September 2008, coming in at $216,085 for October vs $202,935 for Sept.  That said, this is still a bit lower than October 2007 #s at $237,419, showing a 9% decline vs. Oct 2007 - mainly due to the increased # of foreclosure sales under $200k as touched on in our last newsletter.

We DO, however, have a POSITIVE TREND to report - the # of Expired Listings (those that failed to sell or relist and hence came off the market) declined for all residential housing in October 2008 vs Oct 2007 and is the 2nd consecutive positive decline for this area statistic.  This basically means we’re seeing a reduction in inventory in what has honestly been a saturated market..  Whether it’s due to fewer homes coming on the market or because homes are actually selling faster (more on that in a moment), this is definitely good news.  This will allow some of these foreclosures to be absorbed by buyers looking for a steal of a deal - and there’s NO DOUBT that this is the ONLY way we’ll start seeing home values once again rise to more “normal” levels.

And another positive trend…yep, there’s another one…is that Days on Market, or DOM, (how long it takes a home to sell) was only 88.4 days - a decline of 3.1 days from Oct 2007.  This is the 1st year-to-year monthly decline of DOM for all residential since Aug 2006.  Woohoo!  What’s underlying that you might not recognize is that FMLS (one of the 2 major listing services in the metro Atlanta area) requires at least a 90 day initial listing period…which means if you’re going to put your home on the market with a Real Estate Broker, you’re signing a contract for at least 90 days.  The fact that the DOM has reduced now to 88.4 keeps homes selling during their initial listing period, therefore reducing the # of expireds & offering an optimistic perception to many who feel like all they notice is that same home in the neighborhood that has just sits, and sits…and sits on the market.  There is hope, and it’s just around the corner.  And if a home is priced right (i.e. not needing a price reduction), statistics still show that it WILL SELL in approx 37 DAYS!

With all that has gone on in recent months (increased negative consumer confidence, a declining stock market, etc), it will be a while before we see any significant upswing in housing…however, experts believe (ref: Steve Palm of SmartNumbers - Real Estate market stats guru) that we will see major incentives starting January that will result in year-to-year % increases (though not very large) for sales #s starting around July 2009.

In the meantime - BUYERS HAVE THE BUYING OPPORTUNITY OF A LIFETIME!! (Rates were predicted to go below 5% today).  Check www.KellySellsAtlanta.com daily for updated mortgage rates through these volatile times.

Click here to search metro Atlanta Real Estate listings.

Aaron & Kelly Allen | Real Estate Consultants | www.KellySellsAtlanta.com | 404-606-2219

Email us to receive on our Monthly e-Newsletter for more articles like this; just say “please add me to your e-newsletter” and voila!

Mortgage Rates have dropped back down into the LOW 5% range (nearing 2008 lows as seen back in February)!  As of today, they’re at 5.0% for a 30 year fixed mortgage.  We all know prices are low…and NOTHING compliments low home prices like a super low mortgage rate.

What does this mean to you?  Well, to put it into perspective (5.0% Loan vs. 6.25%):

A $300,000 home loan at 5.0% (today’s market rate) would SAVE you $285/month on your Mortgage Payment, as compared to a $300k loan at the 6.25% market rate a couple of weeks ago!! This is enough to cover your electricity bill!  

You’ll save almost $3,429 a year and $102,866 over the life of the 30 year loan.  You could own the exact same home for MUCH less when you break it down like that.

WOW!  …just WOW!

So…if you’ve been ‘on the fence’ and have been waiting for the right time – well, the right time might just be NOW.

If you’re thinking of buying, give us a call.  We’re here to help.

Oh, I almost forgot:

FREE HOME INSPECTION for the 1st person to contact us back!!  (which could save you up to $400 out of pocket).  Click here to email Kelly directly!

Our gift to you.  All you have to do is take that next step & call us!  If you have a referral for us, they’ll receive the same Free Offer & you may just get a little something too…

For all your Metro Atlanta Real Estate needs, visit our website (also listed below).  To search Atlanta Real Estate for Sale, click here.  Happy Hunting!

Now, go have a very happy and safe Holiday Season and let’s get moving!

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
C 404-863-8680 | Aaron
C 404-606-2219 | Kelly
Aaron@KellySellsAtlanta.com
Kelly@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog

If you happen to know of someone that’s thinking of Buying or Selling, we’re here to help.  Just email or call us w/ their contact info and we’d be honored to take absolute care of them.

Aaron and I are especially excited about this month’s newsletter.   Below you’ll find part 2 of this edition.  In it you’ll learn more about how we know the Atlanta real estate market HAS HIT BOTTOM!  We’ve also included Metro Atlanta’s 3rd Quarter Market Stats (exclusive ONLY to Keller Williams agents, provided by Chuck Carr with Chartmasters Inc).  We’re not trying to paint an unrealistic picture either.  You will see factual graphs and stats that prove Atlanta is at the bottom.

One more thing.  This newsletter is brimming with the most current Atlanta real estate data.  You will not find these numbers anywhere else.  If you know someone who is struggling with a real estate decision or needs honest real estate advice please forward this email to them and encourage them to call us.  Then, shoot us an email & tell us about them.

Have a great week & hope you enjoy this 2nd portion of our newsletter.  More to come later this week…(we add sections at a time)…

Kelly & Aaron Allen | The Kelly Sells Atlanta Team
#1 Sales Team of Keller Williams Premier Atlanta
www.KellySellsAtlanta.com

The MOST Current Metro Atlanta Statistics You Can Find Are Right Here

Here is what we’re seeing.  If you’d like to skip the hard data scroll to the bottom of this article where I’ve outlined what this means if you are a Buyer or Seller right now……

•  Sales are still down -23.5% compared to 2007, however, 9/08 sales were = to 9/07 sales.  (3,774 homes closed last month) This is the 1st time we’ve seen this in months.
•  The rate of decline in number of homes sold vs. the same quarter one year earlier began decling in the 3Q of 2006.  It continued to decline until 4Q of 2007.  4Q of 2007 and 1Q of 2008 this number leveled off and then began to go back up the 2Q of this year.  3Q we’ve seen that number continue to get better.  We’ve hit the bottom and now are going back up.
•  The under $200,000 market continues to get better which will eventually allow move-up buyers to sell their properties more easily, causing a ripple-effect through the market.
•  The % of sales that were foreclosures was double the # in 3Q 2007.  (the largest # of foreclosures are still in the under $200K market where 35.4% of sales were foreclosures)
•  The average sales price is down 13.8% (this is probably due to foreclosure sales in the lower price ranges)  
•  Sellers are getting, on average, 93% of their original list price (3.5% less than what they were getting this time last year)
•  It’s taking, on average, 85 days to sell a home right now compared to 69 days this time last year.
•  51% of Sellers have to reduce their price in order to get an offer.
•  If you get your price right the 1st time and don’t have to reduce you’ll net, on average, 96.6% of your asking price.  If you have to reduce your price you’ll get, on average, 87.9% of your original asking price.  How can you prevent this when the “right price” is a constantly moving target?  Price 3-5% BELOW market value in the beginning.
•  Sellers needing a price reduction need 2-3 times longer to sell their properties.
• 66.9% of listings in the 3Q failed to sell, likely due to Buyer price resistance since listings usually fail due to overpricing.
• Since July of this year we have seen a reduction in inventory, now at 12.3 months metro Atlanta wide.

If you are a BUYER-
1.  Consider looking at new homes.  Builders are offering more attractive pricing and Buyer incentives to work off their new home inventory.  Be careful though- Builders are also still going out of business.  We can help you determine which Builders have the least inventory and fewer lots that could potentially sit vacant.
2.  With that being said, resales are still a better value.  New home prices have fallen less than resales.  (3% versus 11.2%) 
3.  Ask Sellers to pay some or all of your closing costs.
4.  DON’T WAIT TO BUY.  It’s natural to fear making a mistake but you have to have faith that you’ll make a good decision.  Get off the bench thinking “maybe someday” and get in the game thinking “right now, today!”  Don’t back off and try to wait out the market.  It’s funny, a few years ago buyers should have been worried about paying too much but didn’t.  Now, it’s impossible to pay too much for a home but some Buyers are still worried that it will happen.  We, as your Realtors, will not let that happen.  Appraisers won’t allow that to happen either.

If you are a SELLER-
1.  The mix of sales in 2008 has shifted more toward lower-priced homes, which could be an indication that entry-level Buyer credit problems are declining.  If so, that could set the stage for recovery in the broader market   as move-up Buyers become more able to sell their homes
2.  The biggest concern for Sellers in 2008 has to be the still-high inventory of homes for sale at all price levels, including Foreclosures, causing pressure on Sellers to price properties more attractively in order to attract buyers.
3.  Market slowing will continue until the inventory returns to more normal rates- until then, greater care must be taken in pricing at, or below, the CURRENT competition.  You should pay special attention to comparing your list price and property condition to currently active listings, rather than the traditional focus on listings that sold several months ago.  Attractive pricing and above-average condition are essential to selling in this market.
4.  Consider selling now to move up into your dream home.  Sure, if you waited another year to sell you might get more but by selling now you’ll be able to take advantage of the amazing deals that are being offered NOW.  (ex- I just showed a house in Suwanee that’s a foreclosure.  It was listed for $100,000 less than what it sold for 3 years ago.  Those are the kinds of deals we can find for you.  You can more than make up for whatever loss you incur on the selling side.

Conclusion from 2 Atlanta real estate trends experts-
“The Atlanta real estate market is still in a strong Buyer’s market, but is starting to show some encouraging signs of moderation.  The selloff of foreclosed properties will likely need to be completed before sales and prices can increase again.  Those Sellers who priced their properties in line with the current market reality found success in selling their properties in a median of 96.7% of their original listing price, in a median of 38 days on market.  As more Sellers realize the necessity of pricing with or just below the current market, a return to steady growth in the Atlanta homes sales market will occur.”
- Chuck Carr, Chartmaster Services, LLC

“After reviewing all trends, the Atlanta market is indeed at a technical bottom. Also, oil has dropped significantly, the credit markets are improving and homes are more affordable than they have been in years. I would say, without a doubt, we will start to see an upswing in housing. However, rising unemployment, potential negative future taxation plans and an unstable international market may keep us down for a bit longer.”
- Steve Palm, Smart Numbers

Hope you’ve found this all informative & insightful.  We’re here to help if you or anyone you know is looking to Buy or Sell a home.  We want to be your trusted resource for Atlanta Real Estate, so visit our website to view ALL metro Atlanta Homes for Sale or email us and let us know how we can help you!

Warmly,

The Kelly Sells Atlanta Team