Hi All!

Mortgage Rates are slightly up .125% for Conventional Loans & .125% for FHA Loan Products! This means homes are basically going to “cost more” (when your rate goes up, so does your payment)!!!

Also, not only will homes begin to “cost more” when the tax credit expires and the mortgage rates creep up, but FHA Policy changes may also take a little out of your pocket at closing…(see FHA Policy Change info below).

Oh, and I’m sure you haven’t, but don’t forget that there are only 10 days left for a homebuyer to get Under Contract to meet the April 30th Deadline for the Tax Credit!!!

FHA Seller Sales Concession Policy Changes

FHA has sent the Notice soliciting public comments on lower allowable seller sales concessions (i.e. to pay for Buyer Closing Costs) from 6% of the home’s purchase price down to 3% to OMB for review. This means the Notice will probably be published for comment in 30-60 days. Accordingly, implementation will likely occur in late Summer (August or September).

TODAY’S MORTGAGE RATES:

30 Year FNMA: 4.875% with a .625% Origination Fee

15 Year FNMA: 4.250% with a .250% Origination Fee

30 Year Jumbo: 5.500% with a.875% Origination Fee

30 Year FHA: 4.750% with a .750% Origination Fee

7 Year FHA Arm: 3.750% with a .625% Origination Fee

Disclaimer: Rates are subject to change and are also based on the strength of the borrowers pre-qualification. ~source: Bank of America Home Loans

IMPORTANT DATES:

April 30, 2010: Cut-off date to be UNDER CONTRACT to qualify for the $8,000/$6,500.00 Tax Credit.

June 30th, 2010: Cut-off date to be for CLOSINGS to qualify for the $8,000/$6,500 Tax Credit.

The KellySellsAtlanta.com Team
Your 1 Stop Real Estate Shop

Market Summary: Even though rates have been super low in recent past, based on Lender calculations a 1% increase in mortgage rates could cost the consumer approx 17% more in monthly payment. In addition, there are only 2 weeks left to be under contract to take advantage of the $8000 and $6500 tax credits. If your friends, family or associates are even considering buying or selling, time is running short. We’re ready when they are, so have them call The KellySellsAtlanta.com Team asap (Aaron: 404-863-8680).

Good news is that Rates are staying somewhat flat at the start of the week, but they were trending upward last week…and the upward trend is expected to come again & continue. Who knows? It’s a moving target, but here’s what we’re seeing currently (sourced from Bank of America email):

30 Year FNMA: 4.875% with a .750% Origination Fee

15 Year FNMA: 4.250% with a .250% Origination Fee

30 Year Jumbo: 5.500% with a.875% Origination Fee

30 Year FHA: 4.750% with a .500% Origination Fee

7 Year FHA Arm: 3.750% with a .875% Origination Fee or 3.875% with a .375% Origination Fee

Disclaimer: Rates are subject to change and are also based on the strength of the borrowers pre-qualification. Please contact us at 404-863-8680 or email us and we can refer you to a lender & get you started.

…your next move is our business.
The KellySellsAtlanta.com Team of Keller Williams Realty

Morningside Elementary is one of the best Elementary Schools in the State of Georgia (ranking 56th on the Georgia Public Policy Foundation website). It is absolutely one of the best schools in Atlanta – no doubt. Some classic, cool & very desireable neighborhoods feed into Morningside Elementary…like Virginia Highland, Morningside, Ansley Park, Sherwood Forest, Johnson Estates, some of “Midtown,” etc…

Currently there are just over 200 homes for sale in the Morningside District with an average list price of $703,889. There are 35 homes under contract (this is a HOT area) and in the last 3 months, 42 homes have sold for an average sales price of $581,184.

I’ve set up this hot sheet link for you (see below) to view all homes for sale in the Morningside Elementary School District. The list of homes is always up to date, so you can put it in your favorites & feel free to revisit anytime.

Once you’re ready, you can call or email us for a FREE home valuation on your home, to set up a listing appointment or to view some of these listed homes and we can tailor a search that fits your specific criteria.

Our Team would love to help…and until then, Happy Hunting!! Oh, and the tax credits expire in 3 weeks & mortgage rates have gone slightly this week…still really good rates, but seems like they may not stay in the 4’s too much longer.

Click here for a list of homes for sale in the Morningside Elementary School District!

Click here for the Morningside Elementary School Website…

HomeTeam@KellySellsAtlanta.com | www.KellySellsAtlanta.com | 404-863-8680 cell | 404-969-1600 office

Since lending restrictions have tightened, FHA has BY FAR been the most popular loan program out there.  They have competitive rates (practically as low as you’ll find on a 30 year mortgage), the LOWEST downpayment option at 3.5% and they will loan up to $346,250 for your home purchase, so a home slightly over $350k would still qualify for an FHA loan with the 3.5% downpayment on top of the loan amount.  This loan program has had a LOT to do with the metro Atlanta Real Estate Market’s stabilization.

Coming in early April, FHA’s upfront mortgage insurance should increase from 1.75% to 2.25% of the purchase price.  This fee is paid at closing as part of your Closing Costs or “rolled” into/added to your loan amount & you basically pay it with each mortgage payment.  This will increase a payment approximately $5/month on a $150,000 loan.  Nothing drastic…

Spot approvals (for condos) will be going away, possibly by end of February, but this has been rumored for a few months so we’re not sure when they’ll finally make this official.  Spot approvals are used for Condo units when the Building, as a whole, hasn’t been fully approved by FHA.  That doesn’t mean something’s wrong w/ the building…it may only mean that the building HOA or Management hasn’t taken the time to go through the FHA approval process.

Lenders will still be able to do FHA Spot Approvals, but it will just be a little more difficult for them & it will take a little longer to close a loan.  It would probably be smart to add 15 days to the Contract to Close timeline to give the Lender a little more time.  Some lenders, like the one we use, will still get the job done in 30 days if needed…give me a call & I can put you in touch with him.  Many others you talk to will ask you to schedule a 45 day closing to make sure they can get the job done in time, but our guy is no feet dragger…his team will make sure you’re not inconvenienced by this change.

Whether you’re thinking of Buying or Selling, this is a great market to reach those goals.  Buyers want that $8000 1st Time Homebuyer Tax Credit or the $6500 Move-up Buyer Tax Credit.  And since Buyers have been so active, the home inventory has drastically reduced, making it a very opportunistic market for Seller’s with a well priced home in good condition!!

Please feel free to call/text/email us with any questions or if we can help you in any way.

The KellySellsAtlanta.com Team
#1 Team in Keller Williams Premier Atlanta/Buckhead
404-863-8680 | aaron@kellysellsatlanta.com
www.KellySellsAtlanta.com
>> click here to see what homes in your n’hood are selling for…>>

1% off on your list price could be the difference between a quick sale (25 days on the market) and hybernating on the market for over 200 days!  1st quarter was 29 days on mkt for well the well priced homes – so the pace is picking up!

Statistics show that if you’re priced correctly the 1st time, you’ll sell in 25 days for 96.9% of list price – crazy, right?  I bet your neighbor didn’t tell you that the last time you talked Real Estate, and I know the news didn’t leak it…

However, if you miss on your pricing, even by a little, you could end up selling for 75% of original list price and torture yourself for months & months & months cleaning & praying, wondering what the problem is & why your home won’t sell. (more…)

In this market, you need the absolute assurance that we’re on YOUR team.  Our team is committed to providing the absolute best service possible, no matter what the curcumstances are or become.  We want you to know that we care about our clients as much as we care about our reputation – after all, each go hand-in-hand and the most POWERFUL advertising one can receive is “word of mouth.”

This is how the Kelly Sells Atlanta Team’s “No Brainer” Variable Commission Structure works for you:

We will ALWAYS provide you with a tailored marketing plan for YOUR home as well as a comparative market analysis (CMA) which will show you what your competition is and what you need to do to stay “ahead ”of or “in” the market and not “on” the market.  (click for a FREE market valuation on your home) 

As 4th quarter 2008 statistics have shown us, a well priced home will sell for an average of 96% of list price and in 31 days, we can get you the best possible price for your home while mimizing the carrying costs of sitting on the market for months.  Stats also show us that if you require a price reduction, it will take you 2-3 times longer to sell your home than if you get it right the 1st time.  Powerful stuff.

We’ll always work to provide you with the highest level of service possible, but just know that if you’re not satisfied, you can cancel your listing at any time with no hassle from our team.

Here’s how our “No Brainer” Variable Commission Structure works for you & how you benefit from our system:

6%: this is what we charge if another agent is representing the Buyer for your home.  Our marketing fee is a flat 3% and the Buyer’s Agent will receive the other 3%.

4.5%: This is where it gets interesting…if we find your Buyer and there’s no other agent involved, we’re not going to charge you the full 6%.  We’ll cut that to 4.5%, but still remain your Full Service Realtor.  We’ll write the purchase agreement and handle the inspection negotiations, etc, all the way to closing.  However, you receive the benefit of saving that 1.5%.  Not bad…right?

3%: If you happen to find a Buyer while out cutting the lawn or maybe at a neighborhood hang-out, chatting it up about how your house is on the market and you’ve got your eye on that bigger, better, newer dream house in the best school district around…then we’ll write the purchase and sale agreement, coordinate inspections and carry the contract all the way to the closing table – just as we would in the other 2 scenarios above…

If you have any questions, please feel free to contact us anytime to see how The Kelly Sells Atlanta Team can help YOU sell your home.

>The KellySellsAtlanta.com Team
>Your Neighbors.  Your Real Estate Experts.

The rate of decline in # of homes sold had begun to slow during the 2nd and 3rd quarters of 2008 (vs. the same quarters of 2007), then sales slowed again in the 4th quarter of 2008…which is normal, but with the Real Estate market under a magnifying glass of late, don’t read too much into that particular stat because this happens every year. 

What you should come away knowing is that 2nd and 3rd quarters were showing an increase in sales #s and this is an indication that we’re bouncing around at the bottom of the market.  So if you’re looking to “time the bottom” be watching the clock closely.

 Basically…if you’re waiting for a deal…I think there’s one out there for you

Let us know how we can help - or visit us at KellySellsAtlanta.com…we’re ready when you are.

You’ve asked for it, so here it is…

Click here for all of the area’s FORECLOSURE LISTINGS – UPDATED DAILY! 

Areas include Atlanta, Sandy Springs, Dunwoody, Vinings and Decatur! Bookmark it and come back whenever, it’ll be there & it’ll be current.

More specific (or broad) area searches can be set up for you upon request…just email Aaron with what you’re looking for or if you’d like to schedule a showing…

>> enjoy!

“You want to be greedy when others are fearful.  You want to be fearful when others are greedy.”  Warren Buffet
Aaron & Kelly Allen

The Kelly Sells Atlanta Team
Real Estate Consultants
Keller Williams Realty Premier Atlanta
3365 Piedmont Rd, Suite 1050
Atlanta, GA 30305
C 404-863-8680 | F 866-298-8584
Aaron@KellySellsAtlanta.com
www.KellySellsAtlanta.com
www.KellySellsAtlanta.com/blog
www.KellySellsAtlanta.com/blog/email-newsletter-subscribe/

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.

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 “Valued”.

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

Aaron and I are especially excited about this month’s newsletter.  In it you’ll learn 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, hit shoot us an email & tell us about them.

Have a great week & hope you enjoy this portion of our newsletter.  More to come later this week…