Real Estate Information

The zac team is proud to be the presenting sponsor for the first ever Inman Middle School 5K race! On Saturday, November 7th, 2009, we helped race organizers and volunteers set up at the break of dawn to register runners and to hand out race t-shirts in our "Go green with the zac team" recyclable shopping bags. We were excited to see the sea of green out there as runners warmed up and prepared for the race! We had a great turnout from our team, with Catherine, Zac, Jamie, Reca, Necie, and Jenny coming out to hand out bags (which you can see in the picture here of the registration table).

The race had a great turn-out from both the neighborhood and the school and we were excited to cheer on our participants in the 5K race. Tre Harden (who married into the zac team through his wife Necie) and our marketing manager Jenny Pittam the 3.1 miles through the hills of Virginia Highland and the adorable Harden boys ran the Tot Trot across the lawn later.

Hello Neighbors,

With home prices decreasing, it seems as if the housing market may be following suite of the current economy. According to recent numbers from the National Association of Realtors, metro Atlanta's medium home prices fell 14.5 percent during the third quarter.

Last year, third quarter prices for a single family home were at $151,300 for the metro Atlanta area and this year prices are at $129,400 for the third quarter. On a national level, the median price for a single family home is $177,500 which is actually 11.2 percent lower than last year at this time.

Some factors that contributed to the decrease in home sales included distressed sales, foreclosures, and short sales which counted for at least 30% percent of transactions during third quarter.

With the decrease in prices, the obvious has taken place and that's an increase in sales. In the south alone, home sales rose 11.3 percent and prices continue to rise in most states.

Are you or someone you know in the market for buying a home? Search all local Atlana homes for sale at www.BestMetroAtlantaHomeSearch.com

Greetings Neighbors,

Everyone is fully aware of the tough economic times right now whether you're affected tremendously or barely affected at all. Along with financial troubles sometimes troubles can arise within your relationship or marriage. One major question today is have the current recession impacted the percentages of divorce?

According to the Atlanta Business Chronicle, married couples are actually sticking together during the recession. They also revealed that 57% of lawyers surveyed from the American Academy of Matrimonial Lawyers reported a decrease in the amount of divorce filings since the end of last year (2008).

Could it be that married couples are realizing it may not be a bad idea to work things out and stick together through the tough economic times, instead of putting an even larger strain on finances by going through divorce?

Hello Neighbors,

Now that the fall season is well underway, the fall festivals are cranking up as well. Atlanta can be a beautiful city for the Fall, Winter, and holiday seasons. Here's a list of upcoming festivals in the area.

Atlanta Queer Literary Festival - Friday November 13th - 7:30PM - 9PM

Held at the First Existentialist Congregation, this festival focuses on Anthony Garcia's "The Book of Revolutions" directed by Hollis Smith, the winner of the 2009 Larry Corse Prize for playwriting. Poetry Readings will begin at 7:30 PM and the play will start at 8:00 PM. Tickets available at Outwrite, Charis, or at the door.

Tibetan Festival - Saturday November 14th - 9AM - 4PM

This annual festival at Drepung Loseling Monastery will allow you to experience true Tibetan culture. Explore traditional Tibetan food, dance, music, and etc. Two main features of the Tibetan Festival include children's arts and crafts and Tibetan Bizaar.

Metro Market Atlanta Holiday Art and Gift Show - Saturday November 14th - 9:30AM - 8PM

Come escape to New Orleans/French Quarter's at this European style Artist Market, Cafe, Coffee, and shopping festival. Not only will you find great food and spirits, you will also find a variety of Jewelry, Pottery, clothing, as well as homemade gifts.

Just Cuz You A Gurl Accessory Trunk Show - Sunday November 15th-12PM -3 PM

Being held at the TuCiCi International Boutique, this trunk show is for the ladies of fashion displaying some of the hottest fashions and jewelry in Atlanta. This month's special includes up to 50% off on jewelry as well as a Handbag Raffle. You can also enjoy wine, finger foods, and jazz.

Greetings Neighbors,

As you all may have heard, the Obama administration signed the $8,000 tax credit extension for first time homebuyers on Friday. However, there is a perk this time around for the tax credit extension. The extension is not just for first time homebuyers but now offers a tax credit to those who are purchasing a new home but not for the first time.

Wondering how the tax credit extension will work? Those who are purchasing homes for the first time will still be eligible for the maximum of an $8,000 credit. Now those who are not purchasing for the first time will be eligible for a credit of up to  $6,500.

The new extension is set to last until April 30, 2010. Those homeowners who are under contract by the new end date will still be eligible under the condition of completing the sale within 60 days.

As for whether the extension will increase home sales, it seems as if there are split reviews. With the extension being offered to those who are not first time buyers, some feel the extension will have little impact in the supply of housing on the market.

Are you or someone you know looking to invest in a home for the first time? Contact the zac team @ Re/Max Greater Atlanta www.GotZac.com.

Greetings Neighbors,

As discussed in yesterday's post, 'Homeowners in Foreclosure Do Have Options', we revealed five options for those who may be facing the situation of their home's possibly going into foreclosure. Well here are the other five options that owners may have.

Bankruptcy: Bankruptcy is often times seen as a quick fix to foreclosure which can be, depending on the situation. If a homeowner have debts that are not related to their mortgage but is causing them to be late with their mortgage payments and filing bankruptcy will alleviate these debts then bankruptcy may be a solution.

Refinance: This option is available if the homeowner's credit is still in good standing and if there is a sufficient amount of equity on in the property.

Servicemembers Civil Relief Act (Military Personnel Only): If the homeowner is an active member of the military and experience financial difficulty due to being deployed and can prove that is the reason for the debt he or she may qualify under the Servicemembers Civil Relief Act.

Sell The Property: If there's an adequate amount of equity in a property, a homeowner can list their property with an agent that comprehends the foreclosure process and sell the property.

Short Sale: This option is available when an homeowner owes more on a mortgage than what it's worth. When this is the case, he or she may hire a qualified real estate agent to sale the property through a short sale negotiation. To qualify, the homeowner must have some type of financial hardship and able to provide proof. Some hardships that will qualify include but are not limited to: Job loss, divorce, or excessive debt.

Hello Neighbors,

Depending on what part of the country you live in, the recession may have affected some a little more than others. For us who live in the metro Atlanta area, we know the recession has made a pretty major impact including forcing some families to face foreclosure on their homes. However, there are others options available for those who may be facing foreclosure but not wanting to take that route such as:

Reinstatement: Although this option is considered the simplest solution it is also the most difficult. A reinstatement consists of a homeowner requesting the total mortgage amount owed to their mortgage company and then paying it. Reinstatements do not have to be approved by the lender. This option can reinstate a mortgage up to the day before the final foreclosure.

Forbearance or Repayment Plan: This particular option consists of the homeowner/s coming to an agreement with the mortgage company to repay back payments over a certain period of time. The homeowner/s will make the current mortgage payment as well as a partial payment on the back payments owed.

Mortgage Modification: This option reduces one of the following: the loan's interest rate, principal balance, term of the loan, or all of the above. These reductions typically produce lower payments for the homeowner/s and affordable mortgage.

Rent the Property: If a homeowner's mortgage payment is low enough that market rent will permit it to be paid, the owner can switch to a rental property and use the monthly rental payments towards the mortgage.

Deed In Lieu Of Foreclosure AKA 'Friendly foreclosure: For this option, homeowners are required to move out of the home and they are allowed to return the property back to the lender opposed to going through the process of foreclosure.

STAY TUNED FOR THE OTHER 5 OPTIONS/SOLUTIONS FOR HOMEOWNERS IN FORECLOSURE.

Hello Neighbors,

Have you or someone you know made the major decision to put a home up for sale? Well, here are a few tips we feel may be beneficial to those that are putting their property on the market.

Tip Number 1: Know Why You're Selling. When you make the decision to sell it's essential to know your reasoning in selling. Your motivation to sell your home has the ability to affect the entire selling process. Are you interested more in the money you receive after selling or how long your home stays on the market? Your motivation will determine the approach you take when selling.

Tip Number 2: Do Your Homework Before Setting A Price. You want to set a price that will give you what your home is worth and close to the offering price. You want to avoid pricing your home too high or either too low. You would need to look at the most recent home sells in your neighborhood to come up with a ball park figure. However, due to many home owners' renovating or adding-on, your home may not be of comparison to other homes in your neighborhood. If this is the case you would need to set a value for your home by looking at homes that have sold within the past six to twelve months in your neighborhood. Remember, you can always hire a realtor to do this work if you don't have the time to do the research.

Tip Number 3: Know When To Get An Appraisal. Getting a good appraisal for your home can be a great benefit for you. By getting a VA or FHA appraisal this will show buyers that your home can be financed. All buyers need to be ware, if you do get an appraisal you may not necessarily like the figure you get.

Tip Number 4: Give Yourself Room To Negotiate. It is not guaranteed that the potential buyers will go for your asking price and vice versa. You may not go for their offering price. In case this happens, you need to have an alternate price in mind. Determine the lowest price you will actually be willing to go and then determine the highest price you want for your home. This will give you range.

Tip Number 5: Find Out What The Buyer Can Pay. Remember your objective as the seller is to control the pace and set the duration. By getting to know the buyer of your home you can more easily achieve this objective. By knowing just the smallest things that motivate the buyer you can negotiate even more effectively.

Tip Number 6: Don't Move Out Before You Sell. Past studies have revealed it is more difficult for a seller to sell an empty home. Vacancy gives the home a sense of being forgotten which is definitely not appealing to buyers.

Tip Number 7:  Find A Good Realtor. According to the National Association of Realtors, approximately two-thirds of the people who sold their homes without the help of a realtor said they wouldn't attempt to do so again. They experienced difficulties with finding a price, marketing, liability concerns, and etc. In addition, selling a home can be very time consuming especially for sellers who already have a full time job. That's why it's almost essential to find a professional, seasoned realtor that you can trust when selling your home.

Selling your home? Let us help, the zac team @ RE/MAX Greater Atlanta www.GotZac.com.

Greetings Neighbors,

Virginia Highland, Midtown, Poncey Highlands, and Druid Hills/Atlanta's newest elementary school will open its doors to the neighborhood.

If you or someone you know have elementary school aged kids come out and enjoy Springfield Park's open house this Friday November 6, 2009 from 8:30 am to 10:00 am.

With tours running from the Rutland House Building between 8:30am to 9:10am, you will be able to meet Springfield Park's principal Mr. Brown, tour the facility, observe students and teachers interact, and really capture the essence of the new school.

Principal Brown will also give a presentation at 9:15 am in the school's cafeteria.

Please Note: Park on side streets St. Augustine Place, St. Charles Avenue and St. Louis Place or park on streets south of Ponce de Leon Avenue. There is no parking on Springdale Road or at Druid Hills United Methodist Church.

Hope to see you there.