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Archive for March, 2009

March 31st, 2009Categories: Georgia Mountain Home Buyer's reVIEWS, Georgia Mountain Real Estate VIEWS

With mortgage rates hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. 

The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business. 

As a result, the process of underwriting and approving new mortgage applications is taking some conforming lenders as long as 2 months to complete. 

This is double the time needed as recently as six months ago.

Because there may be 60 days between the application date and the closing date, it’s important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. 

As mortgage applicants, there are many events that are out of our control — job security and health matters, for example.  But there are also events that are within our control. 

Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely NOT do while your home loan is in process. 

It may be the difference between being approved by the bank, and being turned down.

1. Don’t buy a new car or trade-up to a bigger lease.
2. Don’t quit your job to change industries
3. Don’t switch from a salaried job to a heavily-commissioned job
4. Don’t transfer large sums of money between bank accounts
5. Don’t forget to pay your bills — even the ones in dispute
6. Don’t open new credit cards — even if you’re getting 20% off
7. Don’t accept a cash gift without filing the proper “gift” paperwork
8. Don’t make random, undocumented deposits into your bank account

Now, avoiding these items may not be practical for everyone.  For example, if your car lease is expiring and you need a larger vehicle, it doesn’t mean you can’t buy the car — just check with your loan officer first to be sure the new payments won’t “break” your approval. 

The same goes for accepting cash gifts from parents.  There’s a right way and a wrong way to accept gifts and doing it the wrong way may prevent you from using the gift as a source of downpayment.

Mortgage lending is full of “gotchas” and with underwriting times stretching to 60 days, it’s a lot more likely that a mortgage applicant will trip into one.  Following these 8 rules, though, is a good start.

Also you want to be sure to talk with your Realtor about taking the necessary precautions to protect you in your Contract. As I have stated above, lending practices have changed a lot in the past year, and especially the last six months. Your Realtor should negotiate certain contingenices to protect you throughout the duration of the transaction, even up to closing if at all possible.

If you are looking to buy a Home or Cabin For Sale in the North Georgia Mountains and you are not currently working with a Realtor, you should be. There have been a lot of changes in the Real Estate Market making it very easy to be mislead. Don’t try to do it on your own, obtain the services of a Professional Realtor. I would be grateful for that opportunity. If I can answer any questions or concerns that you may have, please Contact Me, or you can give me a call at 706.633.8186. I would really like to talk with you.

Make it a GREAT day!

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 27th, 2009Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Real Estate VIEWS

Thanks for coming back for the second reason why you should consider Blairsville in Union County as one of your Top Picks of places to consider retiring. I believe that Art has some very compelling reasons why you should do just that.

Reason 2: Why You Should Retire In The North Georgia Mountains

Tourism Assets

Union County is a scenic wonderland of mountains, forests, lakes, streams, waterfalls, and wildlife.  For those who love the outdoors and discovering natural beauty, we have a lot to offer.  The Union County Chamber of Commerce receives around 3,000 visitors each year looking to relocate, retire, or vacation. Come, relax and enjoy our Beautiful North Georgia Mountains and friendly people.

On January 9, 2008, the City of Blairsville was officially designated as a Better Hometown Community through the Georgia Department of Community Affairs.  Core areas of attention include Organization, Design, Economic Restructuring and Promotion.  The Downtown Development Authority (DDA) is continuing their efforts toward downtown revitalization by adding new and exciting downtown festivals, organizing clean-up days on the square, identifying and recruiting attractive downtown businesses, and planning appropriate streetscape.  The DDA was recently awarded a Transportation Enhancement Grant through the Georgia Department of Transportation to assist with their streetscape efforts.

Union County is known for its Blue Ridge Mountain beauty and world-famous sorghum syrup, and Union is one of the three Northeast Georgia counties situated completely within the Chattahoochee National Forest.  Union County has 204,736 acres of land, 97,843 of which is Chattahoochee National Forest.  Blairsville, the County seat, is located 112 miles north of Atlanta, and about a 2 hour drive from Chattanooga, Tennessee and Asheville, North Carolina. Union County is easily accessed by well-developed highways and an area airport.

Union County boasts several structures on the National Register of Historic Place.  The Old Historic Courthouse, located on the square in downtown Blairsville, is a Romanesque style brick and granite structure built in 1899.  Unique in its Appalachian Georgia setting, the Old Courthouse was recently restored, adding a new bell tower and clock that chimes each day, replicating the look and charm of the original building.  The courthouse now serves as a local history museum and cultural center.  On Friday nights during summer and fall the beautifully restored courtroom on the second floor serves as a concert hall, filled with the sounds of local bluegrass, country and gospel music.  Others include the Old Blairsville Jail (currently Blairsville City Hall), the Walasi-Yi on the Appalachian Trail and the Raburn Casteel House.

Butternut Creek Golf Course and Meeks Park are both part of the Union County Recreation Department.  The golf course includes a clubhouse, Pro Shop, large picnic pavilion and 18 challenging holes.  Meeks Park is a beautiful recreation complex with paved scenic walking trails bordering Butternut Creek. The park also includes picnic areas and a public pool offering senior water programs, such as water aerobics. Meeks Park is home to the Butternut Creek Festival, Blairsville Scottish Festival and Highland Games, Fourth of July fireworks, The Sorghum Festival and many other community activities.

Misty Mountain Model Railroad, America’s largest 0-gauge train display is a 3,400 square foot layout with 14 0-gauge Lionel trains traveling on a mile of track over 12 bridges and 4 trestles and through 15 tunnels.  This model railroad is a sure to delight all.

Union County is unsurpassed for natural beauty.  Brasstown Bald, the highest point in Georgia, delights with a 360 degree vista of four states atop Georgia’s highest elevation of 4,784 feet.  The Museum offers a film about the Bald and the area.  Hiking trails and picnicking areas are available.  The observation tower at the summit has panoramic daytime views and nighttime vistas that delight astronomers.

The Appalachian Trail winds through the heart of Union County.  At the top of Blood Mountain, is the Walasi-Yi Center, a historical stone structure built by the Civilian Conservation Corps.  The trail itself passes through the Walasi-Yi Center marking the only covered portion of the Appalachian Trails 2100 plus miles.

Vogel State Park, located 11 miles south of Blairsville, is Georgia’s second oldest state park.  Within the park is a beautiful lake and waterfall as well as a CCC Museum.  Hiking, fishing, paddle boats, and mini-golf are some of the activities available at the park.  Vogel is also the location of music & cultural events throughout the year.

Helton Creek Falls is just one of our local area waterfalls.  Helton Creek Falls is a beautiful double falls set in deep hardwood forest.  The total vertical drop of the falls is more than 100 feet.  A 300 yard trail leads to the falls.  Other waterfalls include DeSoto Falls, and Blood Mountain Falls.

Lake Nottely, is a 4,180 acre lake with 106 miles of shoreline.  Originally built by the Tennessee Valley Authority, for the purpose of flood control and power generation, Lake Nottely serves as recreation for boating, swimming, fishing, picnicking, and camping.  There are two marinas and several public boat ramps along the lake.

In addition to its natural beauty, the area provides plenty of recreation and entertaining events for all ages and interests including festivals, concerts, parades, and civic and cultural organizations.

The Blairsville Scottish Festival and Highlands Games was designated a Southeast Tourism Society “Top 20 Event” for spring of 2008.  The festival, which takes place the 2nd weekend in June, includes bagpipes, bands, highland dancers, genealogy information and athletic competitions along with Scottish gifts and food.  The Butternut Creek Festival, a July event, is in its 10th year.  The Festival is limited to 65 of the finest artists and hand craftsmen from throughout the mountain area of North Georgia, western North Carolina, and eastern Tennessee.

Hungry?  There a variety places to dine in Blairsville, offering a little something for everyone.  From country cooking to fine dining and everything in between Blairsville’s array of family-run restaurants are a great place to find just what you want for a country-style breakfast, a hearty lunch or a relaxing dinner.

If you missed Reason 1, be sure to catch up on it and check back real soon for #3 of 10 Reasons Why You Should Retire In The North Georgia Mountains.

Meanwhile, if you have any questions or concerns about Blairsville or Union County, please feel free to Contact Me or simply pick up the phone and give me a call at 706.633.8186, I would love to talk with you. I hope you are enjoying these series of articles, and I look forward to having you back on The Porch.

Make it a GREAT Day!

Written by Chad Lariscy//Discussion: 2 Comments »

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March 27th, 2009Categories: Georgia Mountain Real Estate VIEWS

If you’re in want of a cash out refinance, the most liberal cash-out program in town is about to make qualification more difficult. 

Effective April 1, 2009, the FHA is reducing the maximum loan-to-value on cash-out refinance by 10 percent, dropping the loan size limit from 95% of the homes value to 85%.

In its official press release, the FHA days it’s making the change to “limit its exposure to undue risk”. 

It also lists the following cash-out requirements:

• With less than 12 months since the purchase date, a homes value cannot exceed its original purchase price — even if home improvements were made.
• A homeowner must be current on his mortgage payments to qualify
• A second, verifying appraisal may be necessary, depending on loan traits
• Co-signers may not be added to the mortgage note in order to qualify

The last day to register a FHA 95% cash out refinance is Tuesday, March 31, 2009.  The loan does not need to be “locked” — only registered. 

So, if you know that a 95% cash out FHA refinance is in your future, talk to your loan officer before Wednesday morning about registration.

If you have any questions or concerns about possibly refinancing your North Georgia Mountain Home or Cabin, please give me a call at 706.633.8186 or Contact Me so that I can refer you to one of my team members and associates, a Professional Mortgage Broker.

Make it a GREAT day!

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 26th, 2009Categories: Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

The national housing market got its third piece of good news in 3 days:

• Monday: Existing Home Sales up
• Tuesday: Home values appear higher nationally
• Wednesday: New Home Sales up

And although national real estate statistics are irrelevant to the local markets in which real estate transactions happen, to a country of would-be and wanna-be home buyers, repeated positive news on housing can be a strong signal that it’s time to get off the sidelines.

At least, that’s what the data is showing us.  According to an industry trade group, first-time home buyers accounted for half of all sales of previously-owned homes. 

The stimulus package’s $8,000 tax credit likely played a role in this 50 percent figure, as well as sagging home prices in most markets and low mortgage rates nationwide.

But lest we carried away, we can’t forget that February’s New Home Sales is still the second-lowest tally on record and that two months of data doesn’t define “turnaround”.

On the other hand, if the trend continues through the Spring Buying Season, we’ll likely look back at Winter 2009 as the low point in housing.

Please check back soon for closer look at my North Georgia Mountain Real Estate Market Report. We have also been experiencing a little rise in Sales and a Decrease in Inventory that I hope continues throughout the remainder of the year. I know that most agents within my office at Blairsville Realty have been awful busy lately. This is a GOOD thing! As always thanks so much for stopping by and I hope that you come back to visit again real soon.

Make it a GREAT day!

(Image courtesy: LA Times)

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 25th, 2009Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Real Estate VIEWS

A good friend and business associate Art Miller who is also a Realtor here at Blairsville Realty, has been heavily invested in writing an article for the Blairsville Union County Chamber of Commerce about the 10 Best Reasons To Retire in the North Georgia Mountains. I asked Art if he wouldn’t mind if I posted his thoughts here on The Porch so that you will know “Why You Should Retire in the North Georgia Mountains!”

Reason 1: Why You Should Retire In The North Georgia Mountains

Our Weather, Climate and Change of Seasons!

Union County ranges in elevation from 1,600 ft. to 4,784 ft. above sea level. Because of its unique topography, Union County offers residents Four Distinct Seasons. Winters are generally mild, with an occasional dusting of snow. The average annual snowfall is 3 inches. Spring brings new life to the Mountains in the form of vibrant yellow-green leaves and many colorful wild flowers. Summers are mostly comfortable, with cool evenings. Autumns bring vibrant colorful changes in the leaves, making the North Georgia Mountains and particularly Union County one of the most popular for leaf-watching. Union County’s average rainfall is approximately 65 inches.

Thank you so much Art for allowing me to share your information here on The Porch. This will make a great series of articles that I am sure will be a great benefit to those who visit.

Thanks so much to you for stopping by and visiting me here on The Porch. If you have any questions or concerns about Blairsville Georgia, or any of the surrounding areas here in the North Georgia Mountains, I would be happy to answer them for you. Although I have been fortunate enough to have been born and raised here in these Mountains,  you can bet that it is still at the Top on My List on places I want to retire. Unfortunately it will be a few more years for me!

Come back tomorrow to find out Reason # 2 to Retire in The North Georgia Mountains.

Make it a GREAT day!

                                                   

Written by Chad Lariscy//Discussion: 1 Comment »

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March 25th, 2009Categories: Georgia Mountain Market reVIEWS

Don’t look now but oil prices are climbing.

This should worry today’s home buyers and would-be refinancers because some of the same forces that helped to push crude past $50 for the first time in 4 months also cause mortgage rates to rise.

March 18, the Federal Reserve committed an additional $1.15 trillion to support the economy. 

Since the announcement, investors have questioned whether the Fed is purposefully spurring inflation.  The Fed’s total debt purchases now total $1.75 trillion.

And to finance its purchases, the Federal Reserve is printing new money, devaluing the U.S. dollar along the way.  This then leads to inflation which, all things equal, causes oil prices to rise, gas prices to rise, and mortgage rates to go with them.

As we’ve seen the last few summers, oil prices and mortgages seem to touch their yearly high points while the weather is warmest.

(Image courtesy: The Wall Street Journal)

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 23rd, 2009Categories: Georgia Mountain Real Estate VIEWS

With the official start of Spring last week comes the official start of Spring Cleaning Season nationwide and especially here in the North Georgia Mountains.

In some second homes and cabins, Spring Cleaning is an annual ritual, tackled within one sweat-filled, rubber-gloved weekend.  In other homes, it’s a less serious endeavor. 

Either way, it helps to have a game plan.

Courtesy of Martha Stewart’s website, the Spring Cleaning Organizer is a 9-step checklist covering all of the basics. 

• Clean shades and windows
• Sort through wardrobes
• Clean and rotate mattresses and cushions

Most of the checklist items can be retired with household cleansers and vacuums.  A few, however, require heavy-duty appliances that you may not have at-home.  For example, cleaning carpets and rugs is best-handled with a steam cleaner; and, washing windows may be too dangerous, depending on your home.

If you don’t want to rent cleaning equipment from your local hardware store just for Spring Cleaning, consider hiring an Angie’s List contractor or call me for my recommendation for the right person to do the job for you.  It will cost more money than doing it yourself, but the job will get done right (and your home will be clean).

The Spring Cleaning checklist also reminds homeowners to check the batteries of in-home safety devices like smoke alarms, carbon monoxide detectors, and flashlights.

(Image courtesy: Junk Bee Gone)

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 19th, 2009Categories: Georgia Mountain Real Estate VIEWS, Real Estate Made Simple

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today, within the target range of 0.000-0.250 percent.  This doesn’t mean the Fed stood pat, however.

On plan to resurrect the economy using “all available tools”, today, the Fed announced a new, $1.5 trillion round of fiscal support for the treasury and mortgage markets.

The stimulus will likely be Thursday morning’s headline story.

In its press release, the FOMC touched upon a few of the prevailing economic issues, using these points as a legitimizing backdrop for its newest debt load:

• Job losses and wealth loss are dragging down consumer spending
• Some U.S. trading partners are falling into recession
• Businesses are cutting back on investment and inventory

Of interest is that the FOMC said today’s inflation levels may be too low to support economic growth at all.  This condition is more commonly called deflation.  The Fed’s latest actions, therefore, may be a deliberate attempt to induce inflation through unprecedented borrowing.

For home buyers and potential refinancers, this is terrific news — at least in the short-term.  By introducing new demand for mortgage bonds, the Fed will help pressure mortgage rates lower.  Already this afternoon, mortgage rates fell and they will continue to fall until the market reaches a new equlibrium.

After the Fed’s last intervention, markets reached their balance point in about a day-and-a-half.

Source
Parsing the Fed Statement
The Wall Street Journal Online
March 18, 2009
http://online.wsj.com/public/resources/documents/info-fedparse0903.html

Written by Chad Lariscy//Discussion: Please leave a comment.

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March 17th, 2009Categories: Georgia Mountain Real Estate VIEWS, Georgia Mountain Shopping reVIEWS

                             

If you’re not rotating your mattress every 3 months, you may be shortening its lifespan.  Constant nightly pressure can “wear out” the areas on which you sleep, creating in-bed divots and reducing your sleeping comfort.

The ExpertVillage.com video above — “How To Flip a Mattress” — is pretty self-explanatory.  But there’s a few other steps you can take to protect your bed and your health.

First, consider the use of a mattress cover.  A mattress cover protects against spills and stains and can stop liquids from dripping inside of the mattress itself. Mattress covers are marked down 43% at Amazon.com right now and can be purchased for cheap at Bed Bath and Beyond, too. 

Second, each time you change your sheets, remember to vacuum the mattress surface.  A thorough cleaning will reduce the number of allergens and mites living on your bed, promoting better health hygiene.

And lastly, remember to occasionally apply an upholstery-grade cleaner to your mattress for stubborn stains or soilage.  Using this particular type of cleaner is important because the product is meant to be near human skin.  This is different from, say, carpet cleaner.

A good mattress can be expensive.  Extending its usable life is not.

If you are looking to Buy one of our Homes or Cabins For Sale In Blue Ridge Georgia, I would appreciate the opportunity to offer you additional information or any Real Estate Advice that you might need. And should you end up with that New North Georgia Mountain Home or Cabin, and need a good mattress, I know just the person to go and see. I would be more than happy to set up an appointment with my Mom, Laverne Lariscy. She is one of the Top Sales Associates at Town & Country Furniture in Blue Ridge, GA. I hope to hear from you soon.

Make it a GREAT day!

Written by Chad Lariscy//Discussion: 2 Comments »

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March 4th, 2009Categories: Georgia Mountain Home Buyer's reVIEWS, Georgia Mountain Real Estate VIEWS

In recent efforts by our Congress to stimulate the economy and try to revive the housing market, a new legislation has been enacted providing a tax credit of up to $8,000 for FIRST TIME home buyers. The 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.

Here are the qualifications the Home Buyer must meet for the Tax Credit:

• The Tax Credit if for First Time Home Buyers ONLY.
• The Tax Credit does NOT have to be repaid.
• The Tax Credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
• The Credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single Tax Payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the FULL Tax Credit.

In addition to the Tax Credit, the American Recovery and Reinvestment Act of 2009 has several other provisions that will benefit home buyers and the housing market.

• Will help home buyer in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729, 750 through the end of 2009
• Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.
• Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increase the credit rate from 10% to 30%; raises the lifetime cap from $5,00 to $1,500; expands the list of eligible improvements.
• For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses.
• Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriate $2 Billion in HOME funding for affordable housing projects.
• Provides a “patch” for the Alternative Minimum Tax for tax year 2009.
• Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
• Increases New markets Tax Credit allocating authority for 2008 and 2009.
• Delays for one year – from 2011 to 2012 – the start of 3% government contractor withholding requirement.

I hope that you find this information to be helpful, especially those looking to buy their First Home. If you have any specific questions or concerns in purchasing a North Georgia Mountain Home For Sale, please call me at 706.633.8186. I would really appreciate the opportunity to talk with you and offer any advice that you might be seeking. As always, I Thank you for coming up on The Porch and visiting. Please come back and visit again real soon.

Make it a GREAT day!

Written by Chad Lariscy//Discussion: Please leave a comment.

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