The famous groundhog General Beauregard Lee did not see his shadow and predicted an early spring for Metro Atlanta. And Prudential Georgia Realty is seeing an early spring market for real estate. Buyers are out and pending sales are increasing. But many markets in our area are seeing very low levels of inventory for sale. The latest numbers in many of our markets show inventory levels down 25% – 30% from this time last year. The mix of properties in some areas is also changing. For the 20-county metro area, short sales & foreclosures were 60% of total transactions last year. But a significant portion of those were in the low end of the market. So looking at national numbers or even Metro Atlanta numbers can be misleading. Remember that real estate is local and many markets are different. We are now seeing lots of markets and price points where short sales & foreclosures are a small portion of the available inventory. That means that market conditions are improving for sellers and resales are going to be more popular in 2012!
If you want to attain the highest market value for your property, you must have exceptional marketing. Our Advanced Property Marketing System was designed for the current market conditions and is the most effective approach available. The results prove the case. Since introducing this advanced system, our company is #1 for listings sold in 2009, 2010, 2011 and 2012.
If you are interested in selling your property, contact Dan Petersen today to get started. 678-439-6699.
Don’t forget to file for your Homeowner’s Exemption by April 1st! Go to www.cobbtax.org or call 770-528-8600 to find out more on how to file.
You must own or occupy your property on January 1st of this year and your name must appear on the deed to qualify. Per Cobb County, you do not need to reapply if your home was refinanced. Visit www.cobbtax.org for all the details.
January home supply in Lassiter school district is down over 23% while homes sold is up over 9%. The spring selling market has begun and with low interest rates and expected increase in buyer demand, homes in good school districts are hoping to have a good year.
See the full home supply and demand chart below. Looking for more specific home information or how to sell your home in this market; contact your real estate professionals Dan Petersen at 678-439-6699 firstname.lastname@example.org (Petersen Partners/Prudential Georgia Realty).
The average rate on a 30-year fixed-rate mortgage hit a new low of 3.88 percent.
if you are interested in finding out what you can afford or in refinancing your current loan, please contact :
Julie Devine with SunTrust at Julie.Devine@SunTrust.com
or Michelle Byers with Suntrust at Michelle.Byers@SunTrust.com
if you are looking for a home, you can search like an agent at the following website:
www.johnmorris.listingbook.com and set up your free account.
As tax season begins, here are seven deductions rental property owners can look forward to:
1) Travel Expenses
Keep tabs on any time you travel to the property to make improvements or collect rent, as that can be deducted. On your taxes, you can either take a standard mileage rate (55 cents per mile in 2012) outlined here, or deduct actual expenses including gas, upkeep and repairs.
2) Mortgage Expenses
Similar to homeowner mortgages, rental property owners can write off the interest paid on their mortgage. The mortgage company will send you a Form 1098 that tells how much interest you paid the previous year.
Unfortunately, one-time expenses at closing — such as commission and appraisal — aren’t fully deductible in the year that you pay them. Instead, you can amortize them over the life of the loan, still leaving you with a hefty deduction.
3) Lawn Care or Association Fees
If you own a home and have a lawn service cut the grass or manicure gardens, those expenses can be written off as well. Association fees that condo associations often use to cover lawn care, exterior maintenance and the upkeep and maintenance of other common areas are also deductible.
Property owners know the drill — when something breaks, you have to fix it. From furnaces to dishwashers, the landlord foots the bill. The good news is that repair and maintenance costs are tax deductible.
The distinction is a repair that keeps your property in good working order. If something breaks or could potentially break and you spend the money to replace or update it, the cost is considered tax deductible.
However, it does mean that you write off strictly cosmetic updates, like adding granite countertops to a kitchen, unless the previous counters were faulty. For cosmetic improvements, you have to depreciate the expense over the life expectancy of the property.
5) Taxes and Preparation Fees
The funny thing about taxes in investment properties is that you are allowed to deduct them. If you have someone else prepare your taxes, like attorneys or accountants, those expenses can also be written off.
6) Insurance and Losses
The cost of insuring the property can be written off along with any losses from casualties, like burglaries or natural disasters such as tornados, hurricanes or floods.
The IRS allows rental property owners to deduct depreciation of the value of a rental property. The assumption is that since property is useful for a long time, over that time, it wears out and is worth less money. Thus, you shouldn’t be taxed on the same value as when the property was purchased.
You calculate depreciation by adding up the total costs of the property and dividing it by the useful life of the property Anchor. For residential rental real estate, the useful life expectancy is 27.5 years. So, you would take the total value and divide it by the useful life to discover the depreciation.
For example, if you purchased a rental property for $150,000, you would divide that number by 27.5 for a depreciation of $5,455 per year.
A Word of Warning
As with all tax-related details, it is vital to keep excellent records to back up all your newfound tax deductions. If you are audited, the last thing you want to do is get penalized and pay more tax than you really should just because you don’t have the proper documentation. For further peace of mind, consult a tax professional to help you get the most tax deductions you deserve and organize your documentation.
The Investing Answer: Rental property can be a great investment and the tax deductions you can receive can make it even more appealing. Do a little research and hire a professional to ensure that you get the most deductions possible on your rental property.
Dan Forsman, President & CEO gives an update on the Atlanta Real Estate Market and Home prices. Why has the recent news shown that home values have declined in Atlanta. Where are the opportunities!
To find out more about your local market, contact:
Prudential Georgia Realty
If your home is dated, replacing light fixtures can be an easy low cost project. Kitchens and master baths are the first place to start for major overhauls. Click on the link below to read the full article.
Smyrna/Mableton – If you have been sitting on the sidelines to sell your home waiting for the market to turn, now is the time you need to at least revisit putting your home on the market. Inventory levels for the last quarter vs last quarter prior year are down over 29.8% while pending sales are up almost 5.6%. Supply is down, while demand is up!! Great news for home sellers. Its also a signal for buyers to make a decision while interest rates are still low and before demand increases even more taking away the limited supply of homes. Check out the live chart below to see the supply and demand in the Smyrna/Mableton area.
Contact Dan Petersen at Petersen Partners/Prudential Georgia Realty to discuss a sales and marketing strategy to sell your home and get you into your next home!
The Smyrna Academy of Excellence (SAE) is a new charter school currently under development in our community. Its mission is to be the most exceptionally safe, innovative and rigorous school in Georgia. The school is scheduled to open in July 2013 for K-6th grade. Over the following 6 years, the school will expand to K-12 until it reaches capacity at 2,000 students.
What makes this school different?
· It will be created, managed, governed and led by Smyrna educators, parents and residents.
· It will be a tuition-free charter school that works independently of the Cobb County Board of Education, but with its approval and cooperation.
· It will be a STEM school, meaning it will be driven by a Science, Technology, Engineering and Math curriculum with social studies and language art integrated in to provide a fully rounded educational experience.
· It has established partnerships with Georgia State University, Southern Polytechnic, Georgia Tech, Chattahoochee Tech
On May 1, SAE will be submitting their petition to the Cobb County Board of Education. If you would like to voice your support for the new school, please visit www.saesupport.org. Here you can sign the SAE online petition and pre-register your children (no obligation).
Additionally, SAE has offered to make an informational presentation to Williams Park residents. If you are interested, contact Candace McCreight at email@example.com.