I was thrilled to get the email yesterday from our in house lender that the First Time Home Buyer credit extension has officially passed.  It has been tied up in the Senate for weeks leaving us to wonder if the extension would pass before the month end deadline .   It was well worth the wait as now we have a new added $6500 bonus for move up buyer.  See below article.

Please contact Anna and Claire at bargainsinbuckhead@gmail.com for all of your real estate needs.

Mortgage Bankers Association of Georgia

IT HAS PASSED!   by Corey Boyles

Congress has approved an extension today of the home buyers tax credit, sending the bill to the White House for President Barack Obama’s signature. The House voted 403-12 to pass the bill after the Senate unanimously approved the measure Wednesday night. The legislation continues a home buyers’ tax credit and a measure allowing businesses to write off some of their losses incurred over the past two years. House lawmakers voted to approve the measure more than a month after initially agreeing to a more modest extension of unemployment benefits. The home buyers’ tax credit and business-tax measure were added in the Senate.

The bill  extends an $8,000 first-time home buyers’ tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30. It creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time. Both credits have income restrictions limiting their availability.

The Taco Stand is now tempting us with a new Tuesday promotion BOGO FREE Tacos every Tuesday after 4 PM.  This is the perfect place to sip on a cold beer on their patio and enjoy a cheap dinner out.                                                                                                Conveniently located in the heart of Buckhead! 3279 Roswell Road  404.995.0307

Brought to you by your Buckhead Realtors and Bargainers.  Contact us at bargainsinbuckhead@gmail.com

People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.

Ask for price reductions, improvements, closing costs — whatever — and the seller, desperately trying to get a contract, is very likely to work with you, said Jay Papasan, one of the authors of the book “Your First Home.” When the market starts improving, your negotiating power starts to diminish, he added.

“People can get a lot of what they need and almost all of what they want today,” Papasan said. “Once a few people get off the fence, there’s safety in numbers and you lose your leverage.”

If you’re qualified to buy a home now, the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal:

1. AFFORDABILITY IS BETTER THAN EVER

According to the National Association of Realtors’ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

2. INVENTORY IS HIGH

A large selection gives buyers more choices and drives down prices. And home sellers have gotten the picture.It’s fair to say that home sellers have become “increasingly desperate,” Papasan said. “People who have had for-sale signs in the yard for six months are starting to become in tune with the reality of the situation,” he said. Buyers can take advantage.

But if you put off a purchase until inventory shrinks substantially, you might not get as good a price, said Eddie Fadel, author of the book “Don’t Rent, Buy!” And be forewarned: It’s nearly impossible to time the exact bottom of the housing market and even if you do there’s no guarantee you’ll make a killing. 

3. BUILDERS OFFERING BIG DISCOUNTS

Home builders are getting even more aggressive with their pricing.In fact, Fadel recommends looking at completed new homes first because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said.

4. MORTGAGE RATES ARE LOW

It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans, those that can be purchased by mortgage agencies Fannie Mae and Freddie Mac. Earlier this year, rates on the popular 30-year fixed-rate mortgage hit a level not seen in decades, and rates have stayed relatively near that low for weeks. .

But low rates don’t mean lenders are handing out mortgages easily. You’ll need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates, if you can qualify at all.

5. FEDERAL TAX CREDITS ARE AVAILABLE

There’s currently a federal credit of up to $8,000 for home buyers who haven’t owned a home in at least three years. That extra cash will come in handy: The average first-time home buyer spends about $6,000 in the first six months of owning a home, said Flint-Budde.

Claire Costanzo and Anna Stephens of Dorsey Alston Realtors want to help further educate you in the home buying process.  Please contact us at bargainsinbuckhead@gmail.com and check out our Meet Anna and Claire page to read more about our background in real estate.

Above Articl Written By.

  (END) Dow Jones Newswires

  02-06-091059ET

  Copyright (c) 2009 Dow Jones & Company, Inc.

Bargains in Buckhead wants to put you on the inside track of Buckhead Real Estate.  Check out our new Real Estate Page for sneak previews of listings not yet on the market, and for the best valued homes in the Buckhead area.  Each week we will be featuring a different home.  To start us out with a bang we are featuring 2 sneak previews of homes that you won’t find anywhere else because they are not yet For Sale.

The first is a 3 Bedroom 2 Bath bungalow in popular Peachtree Hills, and the other is a 5 Bedroom home in Morris Brandon. Check out our new page for more info and pictures of these 2 sneak previews.

There is no better time than right now to be a buyer in the Atlanta real estate market!