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A much-needed overhaul of Georgia's property tax system might be on the horizon. On Monday, Senate  Majority Leader Chip Rogers (R-Woodstock) introduced a 47-page bill that features more than 40 changes in the current property tax system and would, according to Rogers, grant homeowners more power.
"The collection of taxes should be fair, transparent and easy to understand. Sadly, the property tax system in Georgia accomplishes none of these things," Rogers said. "This legislation attempts to bring fairness to an unfair system." He said that while home values have dipped across the state, property tax assessments have remained artificially high. His bill, for example, proposes that homeowners can be taxed only for the price of their home.
If you buy a home this year and you don't do anything to it, whatever you paid for it should be your assessment for that year," Rogers said. The AJC found during an eight-month review of sales values and tax appraisals in Cobb, Clayton, DeKalb, Fulton and Gwinnett counties that assessors routinely ignore sales when they fall below tax appraisals. The study found ZIP codes all over metro Atlanta where median sales fell more than 30 percent but median tax appraisals dipped between 5 percent and 10 percent.
The proposed bill, SB 346, includes:
- Year-round property appeals.
- Making sure that every property receives an annual notice of assessment.
- Statewide uniformity of assessment notices and appeal forms.
- Allowing counties to accept payment plans for property taxes and discounts for early payments.
- Establishing time limits for assessor action in response to appeals.
- Requiring a unanimous vote by Board of Equalization members to increase assessed value.
I'm not holding my breath for this bill to pass soon, but it's good that our legislators are addressing the issue. Hopefully a resolution will pass for a better way to assess property values in the future.
*** Many thanks to Damian Cook, Brayden Capital Home Mortgage for providing this article.
If you need assistance with mortgage financing, please call Damian at 770-512-3420.
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Thank you for visiting our Atlanta Real Estate Blog
Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta and Decatur Real Estate, Foreclosures and Bungalows & Historic Homes
CALL US ANYTIME AT 404.432.1844
SEE MY CLIENT FEEDBACK AT: http://www.KUDZU.com/merchant/1106107.html
Atlanta Real Estate Agents - Selling your Atlanta home for top dollar
If you are thinking of selling your Atlanta or Decatur home this Spring, it is more important that ever to do your homework PRIOR to pricing and listing your home.
Pricing your home correctly the FIRST time can not only get your home sold faster, it can save you thousands. As of 3Q09, homes that price their home correctly (and didn't have to reduce), sold their home in 27 days.
Yes, Ladies and Gentlemen, even in this crazy real estate market, you can sell your home in 30 days or less!
As you'll see in the first chart below, those Atlanta home sellers that had to reduce the price one or more times, they were on the market for 256 days... that's almost 10 times longer.
If you think you have the patience to wait 256 days to sell your home, consider your pocketbook.
The sellers that priced the home correctly the first time, sold their home for 96.8% of the their listing price.
For those sellers that wanted to "test the market" and start with a higher listing price, they ended up selling their home for 75.7% of the original list price.
On a $300,000 home, that is a difference of more than $60,000.
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So how do you make sure that you price it correctly the FIRST time? I would recommend the following:
1) Interview three local real estate agents
2) Ask them to walk you through the neighborhood sales from the last 3 MONTHS. The market is constantly changing, so a home that sold a year ago in your neighborhood is no longer a true comparable
3) Understand your current competition -- ask the agent(s) to show you the other homes that are for sale in your neighborhood so you have a clear understanding of how your home stacks up
4) Get the agents honest feedback on your home's value. If you receive three separate opinions, you should be able to determine the fair market value for your home... and GET IT SOLD!
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Thank you for visiting our Atlanta Real Estate Blog
Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta and Decatur Real Estate, Foreclosures and Bungalows & Historic Homes
CALL US ANYTIME AT 404.432.1844
SEE MY CLIENT FEEDBACK AT: http://www.KUDZU.com/merchant/1106107.html
Atlanta Real Estate - Selling your home
If you're thinking of selling your Atlanta or Decatur home this Spring, we highly recommend that you do so sooner rather than later to ensure you have the largest pool of potential buyers. Here's why...
1) Reduced Inventory = Less Competition
With fewer homes on the market, your home is going to stand out from the older listings
2) Interest Rates Forecasted to Increase in late March
Mortgage rates are near historic lows, BUT the Federal Reserve Board's mortgage backed securities purchase program is set to expire. Once the Feds stop the purchases entirely at the end of March, rates are expected to rise.
3) Changes to FHA Financing ***
Most of the first-time buyers use FHA financing and as of April 5, 2010, there are some big
changes that will reduce the number of buyers that can qualify (or afford) to purchase
YOUR home. Minimum credit scores are increasing, the mortgage insurance premium will
increase 0.5% and buyers will only be able to build 3% of the closing costs into their
mortgage (previously it was 6%).
4) First-time Buyer AND Repeat Buyer Incentive
To qualify for the tax credits, buyers must have a valid contract on a home by April 30th
and complete the purchase by June 30th. Let's face it, probably 20% of the homes that go
under contract on April 30th will fall through because the buyers have problems with their
financing. To ensure that you, the seller, can benefit from the stampede of home buyers,
it would be to your benefit to get an offer in March and SELL your home in April.
5) The weather is warming up!
Nice weather brings the home buyers out of the woodwork. [Thanks, Mother Nature!]
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Thank you for visiting our Atlanta Real Estate Blog
Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta and Decatur Real Estate, Foreclosures and Bungalows & Historic Homes
CALL US ANYTIME AT 404.432.1844
SEE MY CLIENT FEEDBACK AT: http://www.KUDZU.com/merchant/1106107.html
Home for Sale at 2457 Brookdale Drive - Atlanta 30345
If you are looking for a fantastic deal on a move-in ready home in the highly acclaimed Lakeside High School district, THIS IS IT!
Yesterday, we reduced the price of this 4 bedroom / 2.5 bath beauty by $25,000 -- it is now just $275,000.
Located just around the corner from Oak Grove, Sagamore Hills and Briarlake, this 2-story home in Brookdale Park offers easy access to shopping, the interstate (I-85 and 285), and a friendly, quiet neighborhood.
Here are just a few of the MANY highlights...
- 4 bedrooms on 2nd floor (one bedroom is perfect for a nursery!)
- 2.5 bathrooms (two upstairs, half bath on main)
- Separate office on main level
- Formal living opens to formal dining - perfect for entertaining!
- Spacious family room includes fireplace and French doors overlooking the backyard
- Light & bright kitchen with easy access to family room, breakfast nook and formal dining rooms - the kitchen also overlooks the backyard, so it's a great way to keep an eye on the kids or the family dog
- Hardwood floors throughout the home (except for bathrooms and kitchen)
- Spacious, fenced backyard
- Wonderful curb appeal on a quiet street in Brookdale Park
- Storage galore with walk-in closets in two of the four bedrooms Optional pool membership at Briarmoor Manor Pool (starting at $275 per year)
- Great school district - Hawthorne Elementary and Lakeside High School
 
I've toured almost every home in the neighborhood and with the new price of $275,000, this home will certainly outshine ANY other homes in the area. If you would like to schedule an appointment to view the home, please call Kerry Lucasse at (404) 432.1844.
View more photos and tour this home online at:
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Thank you for visiting our Atlanta Georgia Real Estate Blog
Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Atlanta and Decatur Real Estate, Foreclosures and Bungalows & Historic Homes
CALL US ANYTIME AT 404.432.1844
EVENTS IN & AROUND ATLANTA - February 2010 
Feb 6 - SNUGGIE Pub Crawl in Virginia Highlands - This one is a 'must add' to your social calendar! Pull out your best Snuggie and travel from pub to pub between 1 - 8 pm. Get the full snugg...
Feb 4 - Farewell to Mei Lan - Zoo Atlanta's Panda is departing for China on Feb 4th, so there are only a few more days left to see her! Zoo hours of operation
Feb 12 - Castleberry Hill Art Stroll - Tour some of the hippest neighborhood art galleries and shops from 7-10 pm. Get the scoop
Feb 13 - OysterFest @ Park Tavern - Spend the day overlooking Piedmont Park with local bands, DJs, fresh oysters. Get more info and buy tickets
Feb 14 - Valentines in the Garden - Take a romantic stroll through the Atlanta Botanical Gardens from 7pm to 11 pm. Get more information
Feb 27 - Oakhurst Wine Crawl - You and 749 of your new friends can sample wines from around the world on Feb 27th from 4 - 6 pm. Only 750 tickets are sold and they sell out fast! Find out more & buy tickets.
NEIGHBORHOOD & REAL ESTATE NEWS
Georgia's new Super Speeder Law - Can you say OUCH?
Are your property taxes too high? With declining home values, many homes in Atlanta are not assessed correctly by the county tax commissioner. Find out how you can reduce your assessed value and appeal your 2010 property taxes.
$$$$ Tax credit for first-time home buyers AND repeat home buyers ends on April 30th. If you would like more information, please give me a call or read more here.
See you around town...
Kerry Lucasse | Keller Williams Realty | 404.432.1844 | kerrylucasse@yahoo.com
     
Thanks to the recent first-time home buyer tax credits, about 70%of the buyers that I work with are "property virgins". For them, the thought of finding an affordable home near Downtown Atlanta (aka Intown Atlanta) is often daunting. To help get the home search ball rolling, I've highlighted a few neighborhoods that are perfect places to purchase a first home:
GRANT PARK atlanta homes (Zip code 30312)
If you have about $275,000 to spend, you can get a 2 or 3 bedroom home in Grant Park that is in pretty good condition. There are some foreclosures available for about $225,000, but you really have to jump when you find a good deal. Grant Park also has some charming townhomes that are just a block or two from the park and they start at about $150,000.
>> Grant Park Atlanta - View all available homes for sale
OAKHURST decatur homes (zip code 30030)
This quaint little neighborhood located just outside Downtown Decatur is packed with personality. Thanks to the fantastic Decatur school system, strong neighborhood association and neighborhood events, the home values in Oakhurst remain strong. If you have about $275K to $325K to spend, you can usually get a 2 bedroom / 2 bath home or a 3 bedroom / 1 bath home that is in move-in condition. There are still some deals to be had, but just like Grant Park, you have to act quickly when you find one!
>> Oakhurst - View all available homes for sale
KIRKWOOD atlanta real estate (zip code 30317)
This up and coming neighborhood is definitely a GREAT INVESTMENT for your first home. Many new businesses have been coming to Kirkwood over the past few years and home prices continue to rise. For about $235K you can find a 2 bedroom home and for $275 - $325K you can find a nice 3 bed / 2 bath. Please note that the Kirkwood homes that are closer to Oakhurst tend to sell for a bit more than the homes that are closer to Memorial Drive.
>> Kirkwood Atlanta homes for sale
EAST ATLANTA real estate (Zip code 30316)
Hip, cool and down-to-earth, East Atlanta attracts many first time home buyers. Like Kirkwood, new restaurants and shops are moving to East Atlanta, especially since the addition of the new Edgewood Shopping Center. East Atlanta Village now has some fantastic restaurants and a great nightlife. You can easily find a 2 bedroom for $225,000 and a 3 bedroom for $275,000. Please note that Bungbalows tend to sell for more than the ranch style homes.
>> Find ALL the East Atlanta homes for sale
I would also highly recommend Cabbagetown, East Lake, Medlock Park (Decatur) and Ormewood Park.
To search for homes by neighborhood, visit:
If you have ANY questions or need assistance with QUESTIONS? Call us anytime.
Kerry Lucasse | Keller Williams Realty - Peachtree Road | 404.432.1844
 Atlanta Real Estate - Kirkwood Atlanta homes for sale
The 2009 Kirkwood real estate sales results are in!
As many homeowners across the Metro Atlanta area know, the last few years have been quite challenging for our local real estate market. Thankfully, the popular intown Atlanta neighborhoods haven't been hit quite as hard.
THE NUMBERS AT A GLANCE...
| |
2006 |
2007 |
2008 |
2009 |
| # Homes Sold |
176 |
152 |
147 |
129 |
| Average List Price |
$260,722 |
$279,130 |
$248,029 |
$233,780 |
| Average Sale Price |
$252,931 |
$271,446 |
$238,098 |
$222,198 |
| % of List to Sale price |
97.00% |
97.20% |
96.00% |
95.40% |
| # Days on Market |
62 |
61 |
66 |
63 |
Information retrieved from First MLS (FMLS) on 01/04/2010 and is believed to be accurate but is not guaranteed.
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SO WHAT DO THE NUMBERS ACTUALLY MEAN TO YOU?
DISTRESSED HOME SALES -- 20% of the homes sold in Kirkwood were foreclosures, which was actually a 35% decline from 2008. The number of short sales increased by almost 30% year over year. This tells us that many homeowners who are in financial distress have a better understanding of the options available to them and are contacting a real estate consultant to do a short sale INSTEAD of just letting their homes go into foreclosure.
KIRKWOOD HOME PRICES - The average home price in Kirkwood spiked in 2007, partially due to a higher number of new construction home sales, high-end bungalow renovations, and the completion of the new Kirkwood Village. The average list price AND the average sale prices in Kirkwood were much lower in 2008 due in part to the higher number of foreclosure homes. In 2009, the average home price was only $222K -- $16K less than 2008 -- due in part to the short sales and foreclosures in the neighborhood.
** In my personal experience, homes that were priced correctly (under $275,000), still had first time home buyers competing for the home. Many homes had muliple offers in the Fall of 2009.
LIST TO SALE PRICE RATIO (i.e.How much did the seller's reduce their sales price?) -- Kirkwood homes sold at 95.3% of the list price in 2009. The list to sale price ratios have been steadily declining over the last few years as sellers try to adjust their mindset that the home values we declining.
HOW LONG DID IT TAKE HOMES IN KIRKWOOD TO SELL? The number of days that a Kirkwood home was on the market has also remained fairly stable over the last four years, which is a good sign for the upcoming year. If you are thinking about selling your home in Kirkwood - or any neighborhood - it is so important to price you home correctly the FIRST time. In Metro Atlanta, homes that were priced correctly the first time sold in less than 30 days - those homes that had to reduce their price took more than 250 days to sell.
If you have any questions about the sales data or if you would like to understand what your Kirkwood Atlanta home is worth in today's market, please call anytime at (404) 432.1844 or email me.
 Atlanta Real Estate - Condos, Lofts and Townhomes for Sale in Atlanta
If you are a first-time home buyer, taking the time to ask the right questions when you are in the process of shopping around for an Atlanta condo, loft or townhome can help you to make an informed decision:
How much are the monthly Condominiun HOA fees... and what is included? The HOA (Home owners Association) fee can vary from complex to complex, as well as the coverage. For example, one complex may pay for your water bill, while another may not. Those complexes with pools or other amenities often have a higher HOA fee.
How many renters reside in the complex in comparison to owners? Try to avoid complexes where there are more than 25% of residents comprised of renters. Some lenders do require that the ratio is 25% or less in order to secure financing. PLUS, as a homeowner, you want to ensure that other condo / townhome owners are interested in maintaining their property so that your investment is protected.
How many of the units have been sold? If you are considering a newly constructed condo or townhome, this is a critical question for two reasons: One, your lender may require that at least 25 - 50% have sold (or are "under contract") to ensure that the value of the property is stable and two, you don't want your property value to go down if the builder deeply discounts the remaining 20% of the units just to get them sold.
How is the condo association managed? A professionally managed association should have a third-party property manager unless it is a small condo building or complex. Don't be afraid to ask the seller or the neighbors how they feel about the association/management company.
 Are there any current or pending Special Assessments? The Seller will have to disclose to both you and your lender if there is a current special assessment and/or if they know if one is coming up. Special Assessments are used to make significant repairs or enhancements to a building -- when the Homeowner's Association Reserve Fund does not have enough to pay for it. Special Assessments can cost hundreds if not thousands of dollars, so it is critical that you do your research. As a Buyer's Agent, I always do a lot of research to ensure that my clients are protected, including asking for a copy of the HOA Budget and also requesting the last 12 months of HOA meeting minutes. Why? Sometimes the sellers do not regularly attend the monthly HOA meetings, so they are not even aware that a special assessment is being considered by the Homeowners Association.
How much money is in the HOA Reserve Fund? When you make your monthly HOA payment, a portion of it goes to a Reserve Fund that is later used for periodic maintenance (painting, pool, upgrades, etc). It can also be used for damage to the condo buildings (i.e. a tree falls on a roof). You and your real estate agent need to ensure that there is enough money in the fund to cover damages and future maintenance issues or upgrades.
Is the Condo Development FHA Approved? Beginning February 1, 2010, FHA "Spot Approvals" will not be allowed. What does this mean to you? It could prohibit or significantly delay the purchase of your new condo or loft (if you are getting FHA financing). New Condominium Guidelines from FHA - Part One
In today's real estate market, there are some fantastic deals on Atlanta lofts and condos, but you need to do your due dilligence to make sure that your investment is protected and you are truly ENJOY your new home!
If you are thinking of buying a townhome, loft of condo in Atlanta, visit
http://www.ATLhomesearch.com/LOFTSandCONDOS.html
to view ALL of the lofts, condos and townhomes for sale in Metro Atlanta.
>>> FIRST TIME BUYERS - What Expenses to Expect when Buying Your First Home or Condo
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Thank you for visiting our Atlanta Georgia Real Estate Blog!
Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Foreclosures and Bungalows & Historic Homes
CALL US ANYTIME AT 404.432.1844
SEE MY CLIENT FEEDBACK AT: http://www.KUDZU.com/merchant/1106107.html
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KERRY LUCASSE - Your Intown Atlanta Real Estate Consultant
Atlanta,
GA
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