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Georgia Peach of a Deal

July 21st, 2009 · Uncategorized

georgia-peach1Many of you may know about the $8,000 tax credit offered by the federal government to first time home buyers, but there are other programs that also assist first timers in buying a home.

The state of Georgia is currently offering an $1,800 tax credit to first time home buyers that a lot of people aren’t aware of.  This tax credit can be used in conjunction with the federal tax credit.

Georgia also has the Georgia Dream Homeownership Program.  This program assists first time home buyers in getting a first mortgage for their home as well as down payment assistance.  The down payment assistance loan, which can go as high as $20,000, is a “No Payment” loan.  You don’t have to make payments on the loan and only have to pay it back when you refinance or sell the home.

These are only a couple of the many opportunities available to first time home buyers this year.  If you are interested in one of the homes we have for sale or would like to work with us in locating your new home, we will help you take advantage of these programs or any others that may fit your needs here in Georgia.

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First-Time Home Buyer Tax Credit

April 28th, 2009 · Uncategorized

first-time-home-buyer-tax-credit-logoThe American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

You may be saying to yourself “well great but who is considered a first-time home buyer?” A first-time home buyer is a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. So if you have not owned a home in the past 3 years then you would be considered a first-time home buyer.

The maximum amount of the tax credit is $8,000. The actual amount of the tax credit you receive is primarily determined by the price of the house and the income of the buyers.

In general the tax credit is equal to 10% of the purchase price of the home up to a maximum of $8,000.

The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a Modified Adjusted Gross Income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

The phaseout range for the tax credit program is equal to $20,000. This means the tax credit amount is equal to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

Now there are more details to the program that you should research before moving forward with a purchase, but this program provides a wonderful opportunity for anyone looking to buy a house in today’s market.

We are not attorneys or accountants and the information provided is not meant to represent legal or tax advice. This information is being provided as general guidance only. Please consult qualified professional advisers before taking any action on the information provided.

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NEW HOME SALES FALL IN DECEMBER

February 19th, 2009 · Uncategorized

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Sales of new homes fell in December to the lowest number since the U.S. Census Bureau started keeping records in 1963.
From November, sales dropped 14.7 percent to a seasonally-adjusted annual rate of 331,000. That’s 44.8 percent below December 2007’s numbers.
In the South, sales fell 12.1 percent from last month, and were 46.0 percent below last year.
As new home sales fell, overall inventory increased. The number of new homes for sale gained 3.2 percent in December, with 31.6 percent more homes on the market from last year.

Harlan and Associates performs real estate closings in Georgia. Want to know more? Contact us and we’ll be happy to discuss how we can be of service to you!

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ATLANTIC STATION CONDOS TO BE AUCTIONED

February 19th, 2009 · Uncategorized


On the heels of the news that sales of new condos in Atlanta have taken a real nosedive (with only 66 being sold in the last half of 2008), comes an announcement that 40 condominiums in Element at Atlantic Station are to be auctioned off at the end of this month.
Minimum bids will be as much as 56 percent below listed prices.

Harlan and Associates performs real estate closings in Georgia. Want to know more? Contact us and we’ll be happy to discuss how we can be of service to you!

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