Quiet and convenience abound in this four bedroom open planned Norcross home with enough room for now and later. With easy access to Peachtree Industrial Blvd, I-285, and the rest of the metro Atlanta area, you can get anywhere quickly. Other nearby attractions include the Forum, the YMCA, your choice of grocery stores, a great library, and the Gwinnett Aquatic Center. In addition, the Gwinnett County Public School System is award winning. The home is nestled between great neighbors in the middle of a bustling Norcross swim/tennis neighborhood.   

A stroll through the front door is quickly greeted by a two story foyer, hardwood floors, and an elegant staircase. Natural light pours into the spacious rooms, and the nice and bright kitchen is coupled with the warm main living room for an open floor plan you have been dreaming about. The brick fireplace is enhanced with gas for cozy comfort. Custom touches on the main level include recently painted walls and ceilings, a mirrored back splash in the kitchen, crown molding, and two bay windows located in the kitchen’s eat-in breakfast area and the expansive dining room, where everyone can sit and enjoy a big meal. In addition, all windows and doors on the main level are equipped and protected with an installed alarm system.

 Everyone is together as the upstairs is home to all four bedrooms, including the master bedroom with vaulted trey ceilings. The master bath has all the luxury you need including a Jacuzzi tub, separate shower, water closet, double vanities, and a large walk-in closet. No need to stress over laundry days because the spacious laundry room is conveniently located on the same floor as all the bedrooms. For extra storage, the attic has been additionally floored.

 Lastly, the backyard is fenced and professionally landscaped with a charming brick patio perfect for your grill. The beautiful pink dogwood in the backyard makes the springtime even more enjoyable.

If you are an Atlanta first time home buyer or in the midst of an Atlanta relocation, look no further.  This Norcross home in the Wyntree Subdivision is value priced and waiting for you! 

Click on the flyer below for a full PDF flyer of this fantastic piece of Norcross Real Estate:

Red Alert!

After months of speculation, Congress has extended and expanded the home buyer tax credit. On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

While there’s no denying the impact the past credit has had on the ailing real estate market, it was obvious from our perspective that the move up market was not impacted as much as originally thought. We constantly met with Sellers that had little to no motivation to move up from their existing home because they were underwater so much. While the new expanded tax credit isn’t going to make millionaires out of move up Sellers, it definitely incents homeowners to consider moving up and taking advantage of a historical market marked by higher inventories, depressed values and amazing interest rates. 

Here are some important details on the new credit:

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

 What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

 What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

• Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
• Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

• This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
• As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500. 

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,

2. Right to obtain legal title upon full payment of the purchase price,

3. Right to construct improvements,

4. Obligation to pay property taxes,

5. Risk of loss,

6. Responsibility to insure the property, and

7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

• They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
• They do not use the home as your principal residence.
• They sell their home before the end of the year.
• They are a nonresident alien.
• They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

 Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

 If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit. 

The Peters Company is well versed in today’s real estate market whether you are buying or selling. With over 30 homes sold in 2009 to date, we are helping our clients take advantage of the market. Now’s a perfect time to consider your alternatives, and rest assured that we will give you good honest counsel without any strings attached. If you are an Atlanta first time homebuyer, your clock is still ticking! Before you continue to rent, let’s talk about your options. Give us a call or send us an email. We’d love to help you in any way.

Don’t let this opportunity pass you by first timers! We are telling everyone considering buying a first house over the next year to seriously consider the consequences of higher interest rates, a changing market, and the loss of $8,000 in federal tax credit by waiting. The deadline is November 30, 2009, and at this point despite rumors of a supposed extension, we have no assurances of anything.

For a free e-book courtesy of The Peters Company and Keller Williams Realty outlining the benefits of the tax credit, click HERE. We have helped dozens of Atlanta first time homebuyers this year, and we can help you or someone you know too. It’s not to late!! Give us a call or shoot us an email today, and let’s get started!

You won’t believe your eyes. This 8th floor unit is in impeccable condition and literally looks new. Click HERE for the full page flyer.

Amazing Short Sale Opportunity in Prime Buckhead Spot! Paces 325 is the ultimate luxury destination located in the heart of Buckhead Village. Within walking distance to the grocery stores, restaurants and hot spots including ESPN Zone, Chops, Fado, Whole Foods, and Trader Joe’s. Let the reverse commute work for you! You’ll have easy access to the highways and byways to get anywhere quick from this intown locale whether you are travelling to Midtown, Emory, Perimeter, or the Cobb area. Your own personal concierge is on duty 24 hours per day. Other amenities include private, lighted tennis courts, a beautiful 4th floor veranda featuring a rooftop swimming pool with views of the city, grilling area, and entertaining space, a spacious media center with a bar and plasma television, a cutting edge fitness center with changing rooms and showers, a business center, and your very own assigned covered parking space (Space 041). For extra security, the elevators provide controlled access to each floor. You’ll feel like you’re living in a first class posh hotel all the time!

Better than new! This larger one bedroom floor plan features a luxurious kitchen with granite countertops and updated stainless steel appliances. The main living area and kitchen are highlighted by rich hardwood floors along with crown molding and trey ceilings in the living room. The master bathroom features a separate garden tub. Wake up to a beautiful view of Kennesaw Mountain! That’s the view from the master bedroom. The covered balcony has plenty of room for a table and chairs as you enjoy the city sights. Upgrades include remote controlled ceiling fans, a living room wired for surround sound, an arched doorway between the kitchen and the separate office area, and your own 6x4x10 climate controlled storage unit complete with custom shelves (Unit 103 in Storage Area 3 on the 3rd Floor). The laundry room includes a washer and dryer that are included in the sale of the property along with custom shelving. The condominium is wired for cable, phone and CAT5, and the condominium association dues cover internet, garbage, exterior maintenance, exterior liability, fire insurance, security, and portions of the dues go towards a healthy reserve fund.

Location. Location. Location. Being two short blocks away from Peachtree gives you a world of entertainment and restaurants, and the new “Streets of Buckhead” development is sure to reward the area with unparalleled shopping and fame. You’re going to love living in the middle of it all!

Andy and Lesley Peters with The Peters Company at Keller Williams Realty Peachtree Road are well versed in Buckhead Atlanta real estate. We represent both buyers and sellers, and we are intimately familiar with the Buckhead Atlanta foreclosure and short sale market. For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com where we have received well over 40 5-star reviews and are ranked as one of Atlanta’s highest rated real estate teams. We look forward to working with you and helping you take advantage of today’s market!

Congrats, Heather and Tim! Heather and Tim were first-time home buyers able to take advantage of these historically low interest rates and the $8,000 first-time home buyer tax credit. What a fantastic time to buy! They got an exceptional deal on a home in Concord Hall (desirable swim/tennis community) in Alpharetta! Don’t try and time the bottom of the real estate market – because no one can time it! And, don’t keep wasting money on rent. Take advantage of low rates and the first-time home buyer tax credit like Tim and Heather! The time to buy is NOW!

As if first time homebuyers needed another reason to buy a home besides historically low interest rates, depressed home values, and escalated inventories, the federal government has sweetened the deal.  Currently under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000, or $4,000 for married individuals filing separately.  Buyers can claim the credit either on their taxes or in some cases apply it directly at closing.

Here’s how it works:

* The $8000 Tax Credit CAN be used toward additional down payment (above the 3.5% required by FHA), closing costs and prepaids in any situation.

* The $8000 Tax Credit CAN be applied by amending the 2008 tax returns for a 2009 purchase.  The refund will have to be processed and then returned to the customer to be applied for down payment.  See www.irs.gov/newsroom/article/0,,id=205416,00.html

* The $8000 Tax Credit CAN be applied to the required minimum investment of 3.5% down payment if the credit is delivered through a Government – FHA Approved Non-profit.  Since HUD is not overseeing the process of repayment, no non-profits to date have agreed to advance the money as they are unsure how they will be able to guarantee their re-payment.  A list of FHA non-profits has been attached for your review here.

NOTE: PLEASE be very cautious with the companies that are claiming to monetize the tax return as there are several companies offering this service at exorbitant rates.  Make sure you talk with your lender before you become a potential victim of fraud.

With the opportunities available to today’s first time homebuyer, it is important that you have a real estate agent who’s on your side.  You need an agent that will help you make the best investment for your future while meeting your short and long term needs and goals.  Andy and Lesley Peters with The Peters Company at Keller Williams Realty are proud to represent buyers in the metro Atlanta including Downtown Atlanta, Midtown Atlanta, Brookwood, Buckhead, Brookhaven, Decatur, Sandy Springs, Chamblee, Dunwoody, Norcross, Smyrna, Kennesaw, Marietta, Roswell, Alpharetta, Cumming, Duluth, as well as other surrounding metro Atlanta areas.  As homeowners and agents, we have lived and worked inside and outside the perimeter, and we appreciate the benefits of both locations.  For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com under “The Peters Company” where we have received well over 40 5-star reviews and are ranked as Atlanta’s highest rated real estate team. Give us a call today at 770-634-2782. Whether buying or selling, it would be our pleasure to help you maximize your opportunity and take advantage of this real estate market!

Courtesy of WSJ, by way of Freddie Mac

We get that question about a handful of times every week.  Just like the real estate market, the answer is rather pat.  We won’t know until things start going up when we have hit the bottom.  The bottom will be in our rear view mirror by the time we figure it out.  Back to the mortgage market.  It’s hard to imagine things dropping further as it relates to rates.  We are already in unchartered territories considering we are at all time lows.  Current 30-year averaged rates sit at 4.85%, the lowest point figure ever recorded since Freddie Mac started recording in 1971.  You can take a look at the chart above for an indication of how far we’ve come in the last year. 

Everyone is trying to “time” the market, whether its in real estate, in mortgage rates, the stock market, etc.  It’s impossible to time the market.  Like playing with fire, sooner or later you are going to get burned.  A recent Reuters report reveals some interesting insight from one of the mortgage insiders, John Koskinen, the head of Freddie Mac.  Koskinen ”said on Friday that U.S. home loan rates are near their bottom and any further decreases will be small.”

So, the moral of the story here is that you don’t want to let the bottom pass you by.  It’s a great time to buy real estate.  It’s a great time to refinance if it’s financially feasible for you to do so.  We are lower than low at this moment.  Rates are lower than they have been in over 37 years.  It’s been said that a roughly 1% rise in your interest rate is comparable to paying 10% more for your home.  It’s hard to imagine a better position to be in.  If we can help you take advantage of this market, we would love to help.  www.thepeterscompany.com

We are blessed to intimately know many diverse areas of Atlanta, including inside the perimeter from Downtown north and the outer arc of DeKalb, North Fulton, and Gwinnett Counties. There is perhaps no market we know better than the Buckhead/Brookhaven market. Lesley and I have been fortunate to help buyers and sellers here for years. We have fortunately seen the rise, and unfortunately we have seen the fall. Isn’t that the case everywhere, and won’t it always be the case? The answer is certainly yes, and while the popularity of intown Atlanta’s Brookhaven sustained and sheltered property values for an extended amount of time, it has, like all the other areas, given way to the market. Having shown property in Brookhaven quite a bit recently, there are areas which were historically high flyers that are now prime for the picking for the first time homebuyer again. Ashford Park, the babydoll on the eastside of Brookhaven, has some unbelievable deals right now. As of today, there are 100 active listings in Ashford Park, and I don’t think I’m going out on a limb here by saying that you can get what you want for the price you want. New construction infill became “the way” of the neighborhood several years ago, and now that the market has softened there are some amazing new homes available at a mere fraction of their original list prices. Drew Valley, which is the across the street neighbor to Ashford Park, has even better values. For years Brookhaven home values grew in double digits to the point that prices really grew out of the first time homebuyer’s wheelhouse price range. With values being down 10% or more over last year, the first time homebuyer is coming back to the area! Personally, I think that’s a great thing. The first time homebuyer brings a lot of energy into the community. They renovate houses. They spend money. They make the area better. What goes up must come down, and that has been the case with the real estate market time and time again, but buying real estate in desirable areas like Brookhaven never goes out of style.

First time homebuyers, you already know this, but I would be remiss if I didn’t mention it time and time again. The goverment is giving away $8,000 in tax credit through December 1st of this year. There are special stipulations so contact us for details. In addition, these are the lowest interst rates on record in over 30 years, and a glut of inventory gives you the pick of the litter. Smart buying decisions right now will translate into money in your pocket in the future. For more information on the Buckhead/Brookhaven area or if we can help you in any of the other areas of Atlanta, please contact us via email at andy@thepeterscompany.com or via the “contact us” page on our website. We would love to help you maximize your opportunity in this market.