Getting settled with the new broker…

Happy New Year!!

The past month was very busy and a huge emotional roller coaster. Having received the news of Sanctuary closing, I was forced to NOT vacation and scramble around to interview new brokerages.   -Totally knocked off my game because there was too much to think of. Culture, vision, mission and overall “what does the company stand for? ”  and “what do people think when they see their name….”

I think I found a good one, to hold my license but this time I decided to just go and get my brokerage license and really brand my own company.  Too bad my marketing team is still on vacation -lol.. I’m anxiously awaiting their return because I have 101  ideas and my excitement is bubbling over.

So what’s new on the Real Estate front?  I have many great listings becoming available.  1560 S. Gordon, 1530 S. Gordon …and if you haven’t seen my Beltline Bungalow with a Carriage house by now, you’re missing it!!  Stick around, now that I have gotten MY blog back from being under the last company- I can get back to me- writing and informing you of my community!

868 Rose Circle SW Atlanta GA 30310

 

New home….great location… BUT…

There is so much work to do to make my new home meet my vision. It’s sometimes hard coming from a fully renovated home to a “fixer upper” . Dont get me wrong- the house has the potential to be perfect:  the Beltline is my neighbor! Great schools (KIPP Strive), MARTA at my door, an active Westview Community association, spacious inside and out! But…. why is the street a dumping target? It’s just unbelievable EVERYDAY either someone dumps trash on my property (not just 1 bag or a little bit of litter-I’m talking several contractor bags) and if not the trash- I wake up to a stolen vehicle parked at my front or back door.  I would like to think the construction of the Beltline path would give indication that Muse St is not an abandoned street but I guess criminals dont think– then again, if they did, they wouldn’t be criminals.. lol  My husband is on a wireless surveillance camera mission to add to the trees-lol which is a good and bad thing. I dont want to be a prisoner in my home nor watch footage all day to see who tossed what. I’ll start with putting out some “No Dumping” signs  and making the outside of my house look more homey and occupied. Which reminds me, if anyone has extra Hasta plants or Mondo(Monkey Grass) I can use some.

That’s the outside. Where to begin on the inside? LOL… let me just say that the people who bought the home (some really good friends willing to part with this gem so that I can have a better quality of life- my last home mortgage was killing us) the previous owner are visionaries, brave and do not let anything deter them from their renovation/restoration goals and had a plan for this home.  I, on the other hand- have the vision but am a PUNK when it comes to work!! I try though. I really do try …..before I resort to hiring a contractor.    I did say the house is a “fixer” right? ……….well, I now know the true meaning. LOL.. The house was one caught in the mortgage fraud scheme and was flipped at ridiculous prices. Get this:  Dec 2005 sold for $206K, Sept 2006 $326K then it went to the bank in 2008… I’m sure in between there were private hard money sales to investors who caused the mess inside.  It’s as if they had blind contractors working without braille rulers … walls are crocked, archways are a tad shorter on one side, and my ceilings appear smooth ode to sloping dry wall. They were going for more of a “modern” open floor plan feeling so they knocked out walls and made huge opening between the kitchen and diningroom/great room… Apparently they didn’t think plaster would fit into their plan so they added drywall over the plaster walls. It was crazy to me to be laying in bed, look up and notice that the window molding are even with the wall.  Usually the molding would be sticking out,  right?  I jumped up to figure it out- are the windows sinking in? I see little round circles around the walls edge and started to pick the paint off…to discover nails-nails holding down drywall. *hilarious*

We have a huge renovation project for the many years we plan to live here. I’m finding the house to be a good conversation piece and think in the midst of some renovations I may just leave a crocked arch as a reminder of what happened to our homes during the dreadful years of mortgage fraud in the West End.

Here are few pics of views I enjoy. I’ll have some inside pics soon- right now you wouldn’t see anything  except boxes.

“Keep the Momentum Going”

NAR President Charles McMillan said Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he said.

“To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sectors of the economy,” McMillan said.

NAR’s Housing Affordability Index stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates, and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later?’ to ‘I don’t want to miss out on a recovery.’”

Pending Home Sales on a Record Roll
Contract activity for
pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007, when it was 100.7.

Affordability at Record High
Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

“Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.

First-Time Buyers
NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

By Region

  • Northeast: The Pending Home Sales Index declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008.
  • Midwest: The index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago.
  • South: Pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008.
  • West: The index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

Source: NAR

Failed Projects Turned Into Affordable Housing

Expensive cities like New York and Seattle are trying to find ways to change failed luxury projects into affordable housing for families with moderate incomes.

Seattle has a measure on the ballot in the next election that would create a fund to buy market-rate real estate developments. New York is studying a plan to subsidize unsold or half-built apartments to make them affordable for families earning between $55,000 and $158,000,

Cities need affordable housing for teachers, police, and firefighters, says Alan Berube, research director of the Brookings Institution’s metropolitan policy program.

Source: USA Today, Martha T. Moore (07/01/2009)