Realtor.com defines pre-approval as proving that “you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs.” The pre-approval letter will help you understand how much you can borrow (in other words, what priced house you can afford*) and how much your monthly payments will be. Not to mention we’ve dealt with plenty of seller’s agents here in Atlanta who don’t want to even start a conversation with a buyer until they have a pre-approval letter in hand. Pre-approval shows the buyer is serious and ready to purchase, and it may give you an upper hand if there are multiple offers.

 *When thinking through what price home you can afford, consider the three factors: the down payment (usually minimum 3 to 5%), ability to qualify for the mortgage and closing costs needed to finish the transaction. Many lenders will require that your mortgage’s monthly payment be about 25 to 28% of your pre-tax, or “gross monthly,” income. A mortgage payment will include principal on the loan, interest, property taxes and homeowner’s insurance. Closing costs are the fees you’ll pay for loan processing and other necessities to finalize the deal (e.g., appraisal). You must pay these fees in full at the closing table, unless you work with your lender to make them part of your mortgage/financing. On average, closing costs are around 2 to 5% of your loan amount (so, on a $250,000 mortgage, closing costs may be $5,000 to $12,500).

Give us a call  at 404-419-3619 (or e-mail wecare@thepeterscompany.com) and we can help walk you through what all these details mean for you and put you in touch with a suggested lender.

Nestled in Springdale Heights and built in 1947, this beautifully renovated home reminds us of a simpler Decatur. This charmer is equipped with the updates you would expect from a brand new home, at a fraction of the price. Within easy walking distance of downtown Decatur, all your favorite hot spots are at your back door.  Originally three bedrooms, the home’s third bedroom has been transformed into an updated and conveniently located dining room off the kitchen. The home could easily be transformed into three bedrooms by taking in the dining room or “popping” the top with the expansive walk-up attic. The possibilities are endless! With all the benefits of being so close to the city of Decatur but none of the steep city taxes to complain about, being in an unincorporated DeKalb home has never felt so good.

Clean, clean, clean! This home has been well kept through the years both inside and out. The exterior of the home benefits from new exterior doors, brand new paint and mature landscaping. A stroll through the front door and you are quickly greeted by rich, real, history-filled hardwood floors and warm, neutral colors. Natural light pours into the spacious rooms, and the fireplace is the focal point in the main living room, providing cozy comfort on those cold days. Custom touches include recently painted walls, a well updated kitchen with travertine tile floor, new cabinets, quartz countertops, and two beautifully updated bathrooms. These features represent unique upgrades over the competition in this price range. The large master bedroom features an inviting master bath with a  freshly tiled floor and a walk-in closet. You will love having the laundry room right off the master bedroom as well.  The secondary bedroom provides plenty of space.  As mentioned earlier, the walk-up attic is currently an amazing storage space rivaling any of today’s basements, but it is the long-term possibilities that could prove promising for the creative renovator. Lastly, the fenced and level backyard is incredibly private, usable, and includes a great patio and deck perfect for your grilling and entertaining enjoyment. You can’t miss the amazing living space in the backyard for enjoying the beauty, serenity, and shade.

Your home is waiting.  Time is not on your side. This beautifully updated charmer will not last long, and once you see it, you will understand why.

FMLS # 4118307 and GAMLS# 02937462

Atlanta’s McGill Place is a wonderfully convenient and desirable Midtown community with a gated entry and a park-like setting. How wonderful it is to see trees in the middle of Midtown! With easy access on and off of I-75/85 and Peachtree Street, you can get anywhere in a hurry while having the fun and excitement of restaurants, shopping, and Atlanta’s best attractions at your backdoor in Downtown, Midtown, and Buckhead. The Atlanta Civic Center, Philips Arena, CNN Center, Centennial Olympic Park, and Piedmont Park are minutes away. The active homeowners association ensures the neighborhood is quiet and well kept, and monthly HOA contributions include water, sewer, pest and termite control, exterior liability, fire insurance, and exterior maintenance.  The amenities include an inviting swimming pool. The low monthly association fee of $300 makes for an exceptional value compared to many other condominium communities in the metro Atlanta area.

Top level living at its best!  You’ll appreciate no one living above you.  This end unit is located on the top floor and includes vaulted ceilings. Convenient parking spaces right at the unit make loading and unloading a breeze.  The fireplace pulls you in as the main living room’s focal point. This space easily accommodates two large sofas and complements an already open floorplan where the kitchen, dining room and living room meet.  Just off the main living room is one of the highlights of the home, a comfortable and spacious balcony with room for lounging as well as a table and chairs. The bedroom is large and made even better by a light filled bay window. A walk-in closet provides plenty of room for any wardrobe. This home has been well cared for through the years including the addition of a new hot water heater, and it represents a wonderful value for the space and location. 

 Relax and enjoy your new Atlanta condo! 

FMLS #4094563 and GAMLS #02907510

Andy and I had the real pleasure of working with Jason and Brooke over the past few months as they began to explore the opportunity of purchasing their very first home.  Jason found us, like many Atlanta first time home buyers, on the internet.  He found us on a site called Kudzu.com, where our past clients have reviewed and rated our services.  I must say that Kudzu is a great way to find service professionals.  We use Kudzu ourselves for even the most obscure service professionals.  Most recently, I even  found a make-up artist for our Jezebel photo shoot.  So, like Jason and us, check out Kudzu.com for service providers! 

Back to Jason and Brooke:  From the minute we met them, we knew we had not only found great clients but friends!  The connection was instanaeous.  Originally, Jason stated that he wanted to buy a condo or townhome as he wasn’t sure yard work was for him in this stage of life!    Ha!  Jason told Andy over and over again how investment was his #1 priority in this purchase.  So, as Andy and Jason looked at townhomes and condos, Andy couldn’t help but introduce the 203k loan (click here for our past 203k blog post) to Jason.  Secretly, Andy was hoping Jason would focus on this down market and investment opportunity to really take advantage of the market.  No townhomes or condos seemed to be the perfect fit.  So, Andy introduced Jason to Brookhaven’s Ashford Park and Drew Valley neighborhoods.  In particular, he rode them by a home that we were selling at the time on Drew Valley Road (click here for a flyer of that home).  That particular home was purchased by one of our clients, renovated in approximately 90 days, and then sold in 7 days with multiple offers!  Amazing!  After Jason and Brooke saw that home on Drew Valley, they had decided that they were definitely up for a renovation project and making a home their very own!  We were able to secure a home for them in the popular Ashford Park neighborhood of Brookhaven.  The home was owned by one lady her entire life and she was selling for the first time.  The home needs work and Jason and Brooke are up to the challenge.  They have partnered with HAVEN REI in Brookhaven to do the renvoation work.  And, in 90 days, Jason and Brooke will be living in their “like-new” home on one of Ashford Park’s great streets within walking distance to Haven, Verde, Library Coffee, and J Christopher’s!  Did I mention that their home appraised for 10% more than they will have in it?   Sounds good, huh?  Just don’t count on Brooke and Jason selling their home any time soon…  We have a feeling they are going to love Ashford Park and Brookhaven!  I bet they’ll be here for a long time.   

If you have questions regarding the 203k rehab loan, renovating, or investing, please contact us.  It would be our pleasure to help you make an excellent investment decision in the Brookhaven market!  Brookhaven is the place to be!

Because of you… We are still the #1 Team at Keller Williams Realty Peachtree Road and now ranked in the Top 50 amongst all Keller Williams Realty agents in the Southeastern Region. Thank you for trusting us to be your real estate agents for life!

We have closed 15 transactions since July 1, 2009! 11 out of those 15 came from your referrals. What an honor!

Through September, we’ve sold over $6 million dollars in real estate. We’re busy but we are never too busy for new clients. As we begin to approach 2010, please don’t keep us a secret!

Your agents for life,
Lesley and Andy

Congrats, Heather and Tim! Heather and Tim were first-time home buyers able to take advantage of these historically low interest rates and the $8,000 first-time home buyer tax credit. What a fantastic time to buy! They got an exceptional deal on a home in Concord Hall (desirable swim/tennis community) in Alpharetta! Don’t try and time the bottom of the real estate market – because no one can time it! And, don’t keep wasting money on rent. Take advantage of low rates and the first-time home buyer tax credit like Tim and Heather! The time to buy is NOW!

As if first time homebuyers needed another reason to buy a home besides historically low interest rates, depressed home values, and escalated inventories, the federal government has sweetened the deal.  Currently under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000, or $4,000 for married individuals filing separately.  Buyers can claim the credit either on their taxes or in some cases apply it directly at closing.

Here’s how it works:

* The $8000 Tax Credit CAN be used toward additional down payment (above the 3.5% required by FHA), closing costs and prepaids in any situation.

* The $8000 Tax Credit CAN be applied by amending the 2008 tax returns for a 2009 purchase.  The refund will have to be processed and then returned to the customer to be applied for down payment.  See www.irs.gov/newsroom/article/0,,id=205416,00.html

* The $8000 Tax Credit CAN be applied to the required minimum investment of 3.5% down payment if the credit is delivered through a Government – FHA Approved Non-profit.  Since HUD is not overseeing the process of repayment, no non-profits to date have agreed to advance the money as they are unsure how they will be able to guarantee their re-payment.  A list of FHA non-profits has been attached for your review here.

NOTE: PLEASE be very cautious with the companies that are claiming to monetize the tax return as there are several companies offering this service at exorbitant rates.  Make sure you talk with your lender before you become a potential victim of fraud.

With the opportunities available to today’s first time homebuyer, it is important that you have a real estate agent who’s on your side.  You need an agent that will help you make the best investment for your future while meeting your short and long term needs and goals.  Andy and Lesley Peters with The Peters Company at Keller Williams Realty are proud to represent buyers in the metro Atlanta including Downtown Atlanta, Midtown Atlanta, Brookwood, Buckhead, Brookhaven, Decatur, Sandy Springs, Chamblee, Dunwoody, Norcross, Smyrna, Kennesaw, Marietta, Roswell, Alpharetta, Cumming, Duluth, as well as other surrounding metro Atlanta areas.  As homeowners and agents, we have lived and worked inside and outside the perimeter, and we appreciate the benefits of both locations.  For more information about The Peters Company, visit our website at www.thepeterscompany.com. You’ll also find us on Kudzu.com under “The Peters Company” where we have received well over 40 5-star reviews and are ranked as Atlanta’s highest rated real estate team. Give us a call today at 770-634-2782. Whether buying or selling, it would be our pleasure to help you maximize your opportunity and take advantage of this real estate market!

One of the joys of our job is to help our clients achieve their goals and through that process become good friends.  We have accomplished that yet again with Berkley and Lee.  Having first met with them in October of 2008, we decided in February to eventually rent their current Norcross townhome and help them find a “deal” on a larger Norcross single family home now.  While these results are not typical, we were able to secure them a deal alright at 83% sales/original list price.  Buyers are holding a lot of cards right now, but this was truly a diamond in the rough.  We closed on their new home on Thursday, and coincidentally we closed on the rental of their townhome on Friday.  We are so appreciative of the opportunity that Berkley and Lee gave us.  It was a real pleasure working with them, and best of all we made new friends in the process.

If you have been thinking about taking advantage of this market and need another opinion, we would be more than happy to invest an hour with you to determine your best move.  There are so many options out there for today’s Atlanta homeowner.  You can always reach us through the website at www.thepeterscompany.com.  We look forward to working with you!

The buyers are out in full bloom already, braving this flood weather we have experienced recently in Atlanta.  We’re working with homebuyers in Norcross, Alpharetta, Roswell, Sandy Springs, Brookhaven, Buckhead, and Decatur.  Rain can’t keep people away, and it’s just wonderful to see the pickup a little earlier than expected.  Atlanta home sales are on the move.  Our phone continues to ring daily with new homebuyers ready to take advantage of the market.  With the new buyers also come new listings.  In the past week we have added three new single family listings in Decatur, Sandy Springs, and Buckhead.  You’ll note those listings on our blog.  Week after next we will be adding a foreclosure listing in the well known Park Place condominium building of Buckhead. 

Remember that it’s only a buyer’s market if you’re buying.  If you are a seller, think like a buyer.  If you are interested in learning more about our metro Atlanta market and perhaps how you can take advantage of it, we would love to spend an hour with you over lunch, coffee, or at your home.  We have some wonderful statistics, tips, and tricks for ensuring that your next move is a great move.  If you are an intown Atlanta homebuyer, we would like to meet with you, and if you are an Atlanta first time homebuyer we definitely want to meet with you!  This is an amazing market for you first timers!  All the best. -Andy & Lesley

Courtesy of WSJ, by way of Freddie Mac

We get that question about a handful of times every week.  Just like the real estate market, the answer is rather pat.  We won’t know until things start going up when we have hit the bottom.  The bottom will be in our rear view mirror by the time we figure it out.  Back to the mortgage market.  It’s hard to imagine things dropping further as it relates to rates.  We are already in unchartered territories considering we are at all time lows.  Current 30-year averaged rates sit at 4.85%, the lowest point figure ever recorded since Freddie Mac started recording in 1971.  You can take a look at the chart above for an indication of how far we’ve come in the last year. 

Everyone is trying to “time” the market, whether its in real estate, in mortgage rates, the stock market, etc.  It’s impossible to time the market.  Like playing with fire, sooner or later you are going to get burned.  A recent Reuters report reveals some interesting insight from one of the mortgage insiders, John Koskinen, the head of Freddie Mac.  Koskinen ”said on Friday that U.S. home loan rates are near their bottom and any further decreases will be small.”

So, the moral of the story here is that you don’t want to let the bottom pass you by.  It’s a great time to buy real estate.  It’s a great time to refinance if it’s financially feasible for you to do so.  We are lower than low at this moment.  Rates are lower than they have been in over 37 years.  It’s been said that a roughly 1% rise in your interest rate is comparable to paying 10% more for your home.  It’s hard to imagine a better position to be in.  If we can help you take advantage of this market, we would love to help.  www.thepeterscompany.com