Archive for February, 2009
Do it yourself or Hire a Pro: Fixer-Uppers offer Opportunity
Posted By Rick Frissell on February 22nd, 2009
The oft heard phrase “Buyer Beware” is never more appropriate than when considering the purchase of a fixer-upper.You really need to know exactly what you’re getting into before buying.
It’s commonly believed that fixer-upper properties represent easy money that is ripe for the taking – that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn’t the case. Although, with proper planning and foresight, good profits can be made by buying “distressed” properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It’s less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits.
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Survey of Gwinnett County Real Estate Listings, III
Posted By Lane Bailey on February 21st, 2009
If you want to follow along, here are parts I and II.
Once again, I took a meandering walk through the new listings in Lilburn for the last 30days. As I wandered through, I was particularly looking for quantity of pictures and virtual tours. The reason I was concentrating on those items was all about research that EVERY real estate agent should be familiar with regarding buyer behavior.
Buyers largely SKIP listings without adequate pictures.
Let’s mention a few basic items. Last year, FMLS changed the maximum number of pictures allowed from 8 to 12. They also allow an unbranded virtual tour to be attached. The pictures can all be captioned…
Many MLSs across the country allow more than 12 pictures… some as many as 50. But many local agents are used to only putting 8 pictures on a listing, despite being able to upload more than that for quite a while, now.
Here are the numbers for the last 97 listings:
- 14 had 0 pictures, 14.4%
- 11 had 1 picture, 11.3%
- 21 has 2-8 pictures , 21.6%
- 12 had 9-11 pictures, 12.4%
- 44 had 12 pictures , 45.4%
- 9 had virtual tours, 9.3%
The good news is that the number of listings with 12 pictures is up sharply. That bad news is that 53 properties from the last 30 days didn’t have 12 pictures. That isn’t that many. If an agent just shoots front, back, 3 bedrooms, living room, kitchen, 2 bathrooms, garage, dining room and something like a close up of the front door… that is 12 shots for a modest home. And most homes really need to have a couple pictures of several of the rooms.
The bad news is that the group that lost membership was the 9-11 pictures. As a percentage, the growth was t the bottom end of the spectrum. WAY too many agents aren’t publishing more than a picture or two.
What can you do?
If your home is currently listed, get a look at the listing in the MLS. If it doesn’t have enough pictures, talk with your agent to find out why.
If your home isn’t currently listed, make sure that you have an agent that is going to leverage available technologies to get your home sold faster.
Survey of Listings, III
Posted By Lane Bailey on February 21st, 2009
If you want to follow along, here are parts I and II.
Once again, I took a meandering walk through the new listings in Lilburn for the last 30days. As I wandered through, I was particularly looking for quantity of pictures and virtual tours. The reason I was concentrating on those items was all about research that EVERY real estate agent should be familiar with regarding buyer behavior.
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Economic Stimulus Plan has Benefit if you’re Buying a Home
Posted By Rick Frissell on February 19th, 2009
Expansion of First-time Home Buyer Tax Credit
The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as you live in the home without selling it for at least 3 years. The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame.
The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill. In fact, the credit can be claimed on your 2008 tax returns that you file by April 15, 2009, even if you buy the home in 2009.
There is one catch, though, if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
Rick Frissell, Agent- Diamond Dwellings Realty- Florida
P.S. This is great news, you may want to forward it to family or friends…..
Atlanta, 3rd most vacant city?
Posted By Lane Bailey on February 17th, 2009
I just ran across a story from Forbes and Yahoo about America’s Most Vacant Cities. The list is this…
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