Intown Atlanta & Decatur Real Estate

Major Mortgage Insurer Tightens Standards

The Associated Press is reporting that, beginning in March 2008, MGIC Investment Corp., the country's biggest mortgage insurer, will require at least 5% down on homes in Atlanta (as well as a number of other "restricted markets"). Condo buyers will have to put at least 10% down. The company will also refuse to insure mortgages with little or no documentation and will not insure investment property. Also, buyers in the restricted markets who put down 10% will have to have FICO scores of at least 620 out of 850 -- buyers putting down less than 10% will need FICO scores of at least 680.

Mortgage insurance is typically required on home loans when the buyer is putting less than 20% down.

Virginia-Highland Neighborhood Preservation Meetings

As a response to Virginia-Highland residents concerned about maintaining the character of the neighborhood, the Neighborhood Preservation Committee of the Virginia-Highland Civic Association has been working to explore the issues surrounding the possibility of a Historic Designation Overlay. The Committee is in the research and data gathering stage. A number of working meetings have been scheduled that are open to neighborhood residents.

Meetings will take place at 1246 Virginia Avenue, NE (the offices of Tailfin Marketing & Commications) 404.872.9798

Meeting Schedule:

January 16 - 7:00p
January 30 - 7:00p
February 13 - 7:00p
February 27 - 7:00p

Congress Extends Mortgage Insurance Tax Deduction

In December, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, which, among other things, extended the tax deduction on private mortgage insurance (PMI) through 2010. Private mortgage protects the lender in case of borrower default and is typically required for mortgages when the borrower is putting less than 20% down. These mortgage insurance premiums are now 100% tax deductible for individuals and families with an adjusted gross income (AGI) of less than $100,000, with a partial deduction allowed with an AGI of up to $109,000. According to the Mortgage Insurance Companies of America, an industry group, the deduction will amount to approximately $350/year for the average taxpayer. Only properties purchased between January 1, 2007 and December 2010 qualify for the deduction under the Act. Contact your tax professional for more details.

Curb Appeal -- Get It or Lose Money

You may not sell your house from a potential buyer's first impression, but you can certainly lose a sale then. Curb appeal is exactly what the name implies -- the appeal (or lack of it) that your home demonstrates as someone drives or walks up to it.

Before you put your home on the market, you need to take steps to make the exterior as inviting as possible to potential buyers, and throughout the time the house is for sale, you'll need to keep on top of issues that affect curb appeal. Fortunately, if you do a good job in the first place, your house is likely to sell quickly and for top dollar -- especially if your competitors don't focus on the curb appeal of their home!
So what do you need to do?

1. Power wash the entire exterior - moldy eaves, dirty windows, and dingy siding are a big turn-off as are grungy decks, patios, and walkways

2. Paint - if power washing didn't sufficiently brighten up the exterior, or if the existing paint color is unlikely to appeal to a broad range of tastes, you should probably go ahead and paint it -- better now than after the house has been sitting on the market for months because no one will get out of their car to look at it!

3. Repair - Do you have ripped window screens? A broken walkway? A handrail that wobbles? Spongy steps off a wooden deck? You should fix all of those sorts of things before the first potential buyer comes to your house. Little things we tend to take for granted as we live in a house are likely to give a buyer the sense that the house has not been well maintained. If you give them a reason to think this before they even step through the front door, they'll be hyper-sensitive to every little thing they see inside.

4. Landscape - The amount of landscaping that you can accomplish will depend in large part on how much time you have to get your house in shape prior to putting it on the market. If your lawn is patchy or you have dead or wilted shrubs, trees, or flowers, you'll do well to take care of them in the months leading up to listing your home. However, if you are in a hurry to sell the house, here are the basics you'll need to make sure are up to snuff:
   • Spring:
     • Keep the grass cut
     • Stage lush potted plants or windowboxes at the entry
     • Sweep before showings to make sure "whirlygigs" and catkins from maple and oak trees near the house don't accumulate on walkways, decks, or patios
     • Spray down deck, patio and walkways before showings to remove pine pollen (in season)
   • Summer:
     • Keep the grass cut (bagging clippings instead of mulching will make it less likely people will track grass through the house!)
     • Keep shrubbery trimmed
     • Keep everything watered so nothing looks wilted (or dead)
     • If you have significant garden plantings, keep them weeded and looking great (remember to stow your tools afterward) -- gardens can be intimidating to buyers who don't want to get stuck with a lot of yard work
     • Stage potted plants and windowboxes at entry
   • Fall:
     • Stay ahead of leaves!! Fall is a particularly problematic time of year because dead leaves make houses look messy and kind of depressing. Remove this negative by having leaves raked and bagged (not blown into the street -- that's part of your curb appeal too) throughout the season rather than waiting for all the leaves to fall.
     • Keep fallen leaves blown off deck, porch, or walkways
     • Pay attention to your roof and gutters. Leaves and branches sitting on a roof, and overflowing gutters communicate lack of maintenance and potential repair work to buyers. Your best bet is to keep the roof blown off and the gutters cleaned out.
     • Stage potted plants or windowboxes with mums, pansies, or other cold-hardy plants
   • Winter:
     • Make sure everything is as clean and orderly as possible
     • Brighten up the entry by staging vignettes. In October you might stage whole, uncut pumpkins around the front door. In November/December tasteful holiday decorations, including white lights and an elegant wreath on the front door would be acceptable, but be careful not to go overboard or it will feel too personal and potential buyers will be uncomfortable and feel like they're intruding on your holidays

     • All Year Round:
       Remember, the impression of your house starts at the street, so you need to make sure you deal with the image your house conveys all the way down to the curb (including leaves on the street beyond your front yard). Anything that suggests work or disrepair (hoses, tools, garbage cans), and anything not likely to appeal to a broad range of buyers (kids plastic toys, distinctive outdoor artwork, "statement" flags -- sports teams, political issues, etc.) should be stored away while the house is for sale
       
     
     
   • Mail box - Mailbox old, dingy or in disrepair? Fix it, paint it, or replace it.

   • Front door - The front door sets the tone for the rest of the house. It's a chance to make a great impression or to disappoint potential buyers. If your front door is blah, or worse, consider painting or replacing it. It's your last chance to set the tone before the buyer walks inside. An elegant entry heightens the anticipation that something good must lie inside.
     

Copyright © 2006 Lisa Crowder, e-PRO

Lisa's Top 10 Easiest Staging Tips

The simple fact is that, the better your home looks, the more likely someone will want to buy it. When I accept a listing, I work closely with my client to make sure their home shows to its best advantage. This helps to ensure that their home sells quickly and for more money than competing homes.

If you are thinking of selling your home, here are my "Top 10" easiest things you can do to make your house show well to prospective buyers:

1. Lightbulbs
   Homes with lots of light are more appealing to buyers than dark homes. For the duration of the time your home is on the market, you should make certain that every light in your house has lightbulbs, and every light bulb in your house works. If you have dark rooms or dark corners in rooms, add lamps to lighten them up.
   

2. De-Clutter the Fridge and Clean Kitchen Appliances
   Almost everyone has refrigerator magnets, kids' artwork, grocery lists, etc. stuck to their refrigerator. Remove them all and clean all visible surfaces of the refrigerator. While you're there, you might want to put a fresh box of baking soda in the fridge and freezer. Then make sure the surface of all your appliances are clean (particularly the cooktop!). Even if your appliances aren't new, they'll look much better to buyers if they are spotlessly clean than if they have years of baked on grease and gunk.
   

3. Clean All Reflective Surfaces
   It is very obvious when reflective surfaces are not immaculately clean. Bathroom mirrors, glass shower enclosures, tiled shower surrounds, stone or tile countertops, etc. These need to stay completely clean throughout the time your home is on the market, as do stainless steel appliances, which tend to show fingerprints.
   

   

4. Clean All Windows
   It's amazing how grimy windows can get and how much brighter homes look once they have been cleaned (inside and out). Unless you have truly unattractive views, open window dressings as well when the house will be shown so sunlight will brighten up the space. And don't forget glass doors!
   

5. Declutter and Organize All Closets
   It seems that no matter how large or small our closets are, most people will fill them beyond capacity. Every home buyer wants to believe that they will have enough closet space to contain all their stuff, so if your closets appear insufficient for your needs, buyers will assume they are also insufficient for theirs. Remove anything you don't have to have and organize everything else so that it is exceptionally neat.
   

6. Control Odors
   Cigarette smoke, cat and dog smells, musty closets, and strong cooking odors all have a profound psychological effect on buyers. Controlling odors is absolutely essential during the time your home is on the market. This is one of the times when brutal honesty is the best policy because the chances are that you have become so accustomed to the smell of your home that you will not notice if there is an odor that potential buyers will find objectionable. Once you identify any kind of odor problem, you must mitigate it -- clean or remove carpets, clean and paint walls, etc. Remember that smell is an important memory trigger. If people think of your home and remember the smell of smoke or cat urine, that is going to color their impression of the house regardless of any other factor.
   

7. Toys, Photos, and Artwork
   Children's toys should be confined to children's rooms and neatly organized there. If you have a designated children's playroom it's okay to have toys in there as well, but it is extremely important to make sure everything is well organized. Personal photos should be removed throughout the house. Likewise, if you have artwork that would be considered controversial or distracting to anyone, you should remove it. In particular, religious-themed artwork, nudes, sexually suggestive artwork, or artwork with a strong political viewpoint should be removed.
   

8. Pre-Packing and Boxes
   Most people have more stuff in their home than they really need on a day-to-day basis. Wherever possible, it is highly preferable to prepack as much of your stuff as possible. This will declutter and depersonalize the space and make it look more spacious at the same time. Once everything is boxed, the issue of where to put the boxes comes into play. Off-site storage units are the most aesthetic choice, but they can be expensive. If you have a basement, garage or attic, then neatly stacking boxes in one part of that space is the next best choice. If the boxes must go inside the house, the best alternative is to use the smallest unoccupied bedroom. Fill the closet with boxes first then neatly stack the remaining boxes in a corner that is not visible from the doorway. If there are no other options and you must put boxes in a highly visible space within the home, just make sure they are stacked as neatly as possible and take up as little space as possible.
   

9. Clothes, Shoes, Towels and Dishes
   During the entire time your home is on the market, it is essential that you do not leave clothes or shoes scattered around the house. During the winter, jackets and coats should be organized in one spot (preferably inside a coat closet). Shoes should not be left at the door unless you have a mudporch with a shoe cupboard. Keeping laundry done is also very important. Overflowing laundry hampers not only make closets look cluttered, they are also likely to make them smell musty -- neither is a good thing when buyers open the closet door. In the kitchen, make sure there are never dirty dishes in the sink or on the counters. At worst, they should be in the dishwasher although it is highly preferable to keep dishes done every evening and put away. Fresh clean towels should be put in every bathroom. Do not drape damp towels over the shower doors or on hooks behind doors.
   

10. Paint
    Painting is the best way to update the look of a space quickly and cheaply. Choosing the correct color for your space is vitally important. You need a color that will appeal to the widest number of potential buyers. We will be happy to assist you in the selection of appropriate paint colors for your home.
    

If you successfully address each of these 10 basic issues, you can be sure that your home will show better than many other homes on the market. We will be happy to consult with you personally regarding additional steps you may want to take in preparing your home for market.

Copyright © 2006 Lisa Crowder, e-PRO

2008 Intown Event Calendar

I thought I'd get the year off to a good start by compiling a calendar of some of the major home and neighborhood-related events that will take place intown this year. NOTE: Not all event web sites have updated from 2007 as of the posting of this calendar. Make sure you're getting current info before making plans! ALSO NOTE: I didn't just make up the dates listed, but I can't guarantee they are 100% correct since events can be rescheduled (and finding dates for neighborhood events scheduled months in advance can be tricky!). Don't plan a trip to the city for any of these events without double checking the dates on their official web sites. :)

Southeastern Flower Show - January 30 - February 3, 2008 at the Georgia World Congress Center

Decatur Art Walk - February 8, 2008 in the City of Decatur

30th Annual Atlanta Home Show - March 13-16, 2008 at the Georgia World Congress Center

Dogwood Festival - April 4-6, 2008 (usually at Piedmont Park but not this year because of the drought -- still searching for venue) (note: the Midtown Tour of Homes is typically the same weekend)

Inman Park Festival & Home Tour - April 26-27, 2008

Sweet Auburn Springfest - May 9-11, 2008 in the Sweet Auburn neighborhood

Atlanta Downtown Festival and Tour - May 18-19, 2008 in the Fairlie-Poplar district of Downtown Atlanta

Decatur Arts Festival - May 24-25, 2008 on Decatur's historic courthouse square

Virginia-Highland Summerfest - June 6-8, 2008 at John Howell Park in Virginia-Highland

Decatur Beach Party - June 20, 2008 on Decatur's historic courthouse square

Decatur's 4th of July Parade, Concert & Fireworks

BBQ, Blues & Bluegrass Festival - August 16, 2008 at Harmony Park in Oakhurst Village (City of Decatur)

Decatur Book Festival - August 29-31, 2008 around Decatur's historic courthouse square

17th Street Art Fair - September at Atlantic Station

Decatur Garden Tour - September 27-28, 2008 in the City of Decatur

Taste of Atlanta - October at Atlantic Station

Oakhurst Arts & Music Festival - October 11, 2008 at Harmony Park in the City of Decatur

Great Decatur Beer Tasting Festival - October 18, 2008 on Decatur's historic courthouse square

Castleberry Hill Loft Tour - October in the Castleberry Hill neighborhood

Little 5 Points Halloween Festival - October in Little 5 Points

Decatur Wine Tasting Festival - November 1, 2008 on Decatur's historic courthouse square

Decatur Tour of Homes - December