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Archive for March, 2010

March 31st, 2010Categories: Georgia Mountain Real Estate VIEWS

Standard & Poors released its Case-Shiller Index Wednesday. The report shows that, on a seasonally-adjusted basis, between December and January, home prices rose in more than half of the index’s tracked markets.

The strength of this month’s Case-Shiller report, however, should be put in context.

For one, the report is on a 2-month delay; it’s showing data from January, before the start of the Spring Buying Season and before the rush to beat the tax credit. Anecdotally, buyer interest has been strong since, leading to the types of multiple offer situations that drive home prices northward.

In other words, home values may be even higher than what’s reflected in the January Case-Shiller data above.

Furthermore, the Case-Shiller Index measures home values in just 20 cities nationwide and they’re not even the 20 biggest cities. Houston, Philadelphia, San Antonio and San Jose are specifically excluded from the report and each ranks among the country’s 10 most populous areas.

Despite its flaws, though, the Case-Shiller Index remains important. Much like the government’s Home Price Index, the private-sector report helps to finger broad housing trends and housing is still considered a keystone in the U.S. economic recovery.

Even if it’s two months slow.

Tags: Case-Shiller Index, Case–Shiller index, Home Price Index, Price index, Standard & Poor

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

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March 30th, 2010Categories: Mortgage & Finance reVIEWS

Starting Monday, April 5, 2010, getting an FHA mortgage in Blue Ridge, Blairsville, Ellijay and all throughout the North Georgia Mountains will be more expensive for borrowers.

In new guidelines set forth earlier this year, the FHA announced plans to raise additional revenue and reduce the overall risk of its mortgage portfolio.

The changes include the following:

1. Increase Upfront Mortgage Insurance Premiums from 1.75% to 2.25% for everyone
2. A plan to reduce seller concessions from 6 percent to 3 percent
3. An increase in minimum downpayment for FICOs 580 or lower

For your own loan, to avoid being subject to higher loan costs, make sure to have your FHA Case Number assigned prior to Monday, April 5, 2010.  That means you’ll want to give a full mortgage application before the weekend so your lender can register your loan in time for the deadline.

But don’t leave your application to the last minute.

Friday is Good Friday so most banks will be closed. Your true FHA deadline, therefore, is Thursday April 1.

Also worth noting is that the FHA isn’t done with its changes.

In its policy statement, the group also announced its plans to petition Congress to raise monthly mortgage insurance premiums.  The FHA’s formal request, in summary:

1. Raise monthly premiums by roughly 0.30%, or $25 per $100,000 borrowed per month
2. Lower upfront mortgage insurance premiums by 1.25%, or $1,250 per $100,000 borrowed at closing

For now, the request is neither approved nor acknowledged by Congress. It’s merely a request. And in the event that Congress does approves it, the FHA reserves the right to change its projections.  Either way, it means higher costs for consumers.

The best plan, therefore, is to get your FHA mortgage into underwriting ahead of the switches because borrowing money will be harder, and more costly.

Tags: Federal Housing Administration, FHA, Mortgage, Mortgage Insurance, UFMIP

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

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March 29th, 2010Categories: Georgia Mountain Home Tips

For fans of “edge” pieces, this brownie pan from Baker’s Edge is a cookware best-seller and for good reason. It’s built strong and bakes double-edged, extra chewy brownies to perfection inside and out.

Made from heavy-gauge cast aluminum, the Brownie Edge Pan is a continuous baking chamber that channels heat to all pan parts equally.  The result is a more evenly-cooked, better tasting batch of brownies. And with a 9 by 12 by 2 inches capacity, the pan is large enough to handle most homemade and box mixes.

Like cookware, you often get what you pay for with respect to baking products and, at $35 from Amazon.com, the Baker’s Edge Nonstick Brownie Edge Pan may be worth every penny.

Buy one for yourself, or as a housewarming gift for a friend. It’s perfect brownies every time.

Tags: Baking Gear, Brownies, Cookware, Cookware and bakeware, Food, Kitchen and Dining

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

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March 28th, 2010Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Community reVIEWS

A great overlooked community near Blairsville in the North Georgia Mountains is Arden Acres.  Arden Acres is located conveniently between Blairsville and Blue Ridge, GA. less than a mile off of 515 the Appalachian Highway. Once an old Union County family farm, Arden Acres enjoys beautiful Mountain and Pasture Views surrounded by aged old Hardwood Trees, painting an absolute gorgeous Mountain Portrait.

Currently there are many Vacant Lots For Sale within Arden Acres.  At this time, there are not any Residential Listings within the development. There are a few Vacant Lots that are being offered as a re-sale. One of the most important restrictions that I should point out to you is that the minimum square footage for a home within Arden Acres is 1900 sq.ft. total heated space less patios, carport, basement, and garage.  In addition to that, 1700 sq.ft. has to be above ground. Other covenants and restrictions are some what common for our area, items such as no mobile homes, no businesses, no commercial styled signage, and many other items that need to be closely looked at.

If you have any questions or concerns about Arden Acres in Blairsville Georgia, please Contact Me, or give me a call at 706-994-8686. I would be grateful for the opportunity to answer any questions or concerns that you may have, as well as offer any additional information that might be made available to me.

Make it a GREAT day!

Tags: Arden Acres, Blairsville Georgia, Blue Ridge Georgia, North Georgia Mountains, Real Estate, Vacant Lots For Sale

Written by Chad Lariscy//Discussion: 1 Comment »

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March 26th, 2010Categories: Georgia Mountain Real Estate VIEWS

Home values fell again in January, according to the Federal Home Finance Agency’s Home Price Index. Values were reported down 0.6 percent, on average.

We say “on average” because the Home Price Index is a national report. It doesn’t capture the essence of a local market like North Georgia Mountains , or even a city market like Blue Ridge.

The most granular that the monthly Home Price Index gets is regional and January’s report shows that:

• Values in the Mountain states rose 2.0%

• Values in the Pacific states were flat

• Values in the East North Central states fell 1.8%

It’s hardly helpful for home buyers entering the market, or home sellers trying to properly price a home.  Furthermore, because the Home Price Index reports on a 2-month delay, its data fails to reflect the current market conditions.

Versus January — the period from which HPI data is collected — mortgage rates are lower, buyer activity is up, and the federal home buyer tax credit is closer to expiring.  These each can have an impact on housing.

Ultimately, national real estate data like the Home Price Index is best suited for lenders and policy-makers.  National data helps to identify trends that shape formal policy, but it doesn’t help you, specifically.

Since peaking in April 2007, the Home Price Index is off 13.2 percent.

Tags: Home Price Index, HPI

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

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March 25th, 2010Categories: Georgia Mountain Real Estate VIEWS

A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose Than Bother With A Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the Foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a Short Sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a Foreclosure.

The qualifications for a Short Sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall - “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency -  The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

If you or someone you may know is struggling with their mortgage in the North Georgia Mountains, please  Contact Me or forward this article to them. I am a Certified Distressed Property Expert in Blairsville, Blue Ridge, Ellijay and Hiawassee Georgia. I specialize in Short Sales and I really do want to help people in these situations during these difficult times.

Check Back Soon For Myth # 2

Related Articles:

7 Legal Pit Falls Of A Short Sale

Simple Real Estate Definitions: Short Sale

Tags: Chad Lariscy, Foreclosure, Mortgage, North Georgia Mountains, Real Estate, Short Sale

Written by Chad Lariscy//Discussion: 1 Comment »

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March 25th, 2010Categories: Mortgage & Finance reVIEWS

April 15 is Tax Day and the IRS estimates that the average U.S. household will receive a $2,800 tax refund this year.  If you’re among the Americans expecting a refund, this 4-minute piece from NBC’s The Today Show may be helpful. It’s a talk about how to receive a refund and what to do with it.

Some of the key points discussed include:

1. Why state-issued tax refunds may be delayed this year

2. How wage-earning people can claim their “Making Work Pay” tax credit of up to $800

3. How to direct a tax refund to a 529 college savings plan for an even bigger tax refund

There’s also some sensible pointers on using tax refunds to pay down credit card debt, and to fund retirement plans, among other purposes.

If you haven’t started your tax planning yet, try to avoid leaving it for the last weekend.  Not only will your tax preparer have more time for you now, but you’ll leave yourself more time to track down important statements and receipts that can boost your federal and state tax deductions.

Taxes are due in 21 days!

Tags: Internal Revenue Service, IRS, NBC The Today Show, Tax Day, Tax refund, United States

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

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March 24th, 2010Categories: Georgia Mountain Real Estate VIEWS

As expected, Existing Home Sales fell in February, slipping 30,000 units versus January’s numbers. It’s the 4th straight month in which Existing Home Sales were lower, month-over-month.

An “existing” home is one that is previously owned and lived-in (i.e. not new construction).

Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.

Comparatively, February’s dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend.  The real estate market is rediscovering its normal.

But “normal” may not last for long.

When the federal home buyer’s tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money.  That deadline is approaching and many markets — Blue Ridge and Blairsville which are of course included — are experiencing a surge in buyer traffic as April 30 nears.

The Existing Home Sales data doesn’t reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down.

For today’s buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check.

Existing Home Sales should gain through March and April, pressuring home prices higher. And, by the time the press reports the gains, the best deals in the city may already be gone.  Consider acting sooner rather than later.

Tags: Existing Home Sales, National Association of Realtors, Real Estate, Tax Credit

Written by Chad Lariscy//Discussion: 2 Comments »

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March 23rd, 2010Categories: Georgia Mountain Home Seller's reVIEWS, Georgia Mountain Home Tips

I am very glad to bring back friend and colleague Tonia Mosteller with Redesign + More.   Tonia is going to tell us a little about getting your home ready this Spring to sell. Now more than ever it is imperative that if your home is on the market, especially here in the North Georgia Mountains, that it be ready to show at ALL times. Let’s face it, if your home is not in a Pricing War, then chances are it is most definitely in a Beauty Pageant.  So sick back right there in your rocking chair and welcome Tonia to “The Porch” for some great Springtime Home Staging Advice to help your home looks it’s Best!

Springtime brings lots of sunshine, warmer weather, May showers and plenty of opportunities for home staging. Make the most of this season and prepare you home for sale. Use these fresh updates that are sure to attract potential buyers to your home.

Create Curb Appeal

You have an open window when you’re selling in the spring; you need to get your yard in shape as quickly as possible to take advantage of the fresh and sunny spring days. Clear winter yard debris, and get frost-resistant plants that won’t be affected if a late cold spells and make sure they work in your planting zone. Harmonize with your home’s surroundings such as your landscape and other homes in your neighborhood. Coordinate your exterior paint colors with your home’s existing features-roof shingles, stone or brick. Remember your home’s appeal starts at the curb! Create an unforgettable first impression.

Bring The Outdoors In

Spring is a beautiful and colorful season but it is also a fragrant one too. Bring the amazing aroma indoors and add them to your rooms. Scents have a profound effect on mood, so infusing scent into your decor with diffusers, candles, fresh cut plants/flowers, or incense can change the overall feeling of a space and not to mention the natural beauty you have added to your space. Plus, most of the time it doesn’t cost you a thing, unless you make a trip to your nursery or local Farmer’s Market.

Read the rest of this entry »

Tags: advice, Curb Appeal, Home staging, Real Estate, Redesign Plus More, Spring, Tonia Mosteller

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

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March 23rd, 2010Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Market reVIEWS

If there is any good news at all concerning the Union County Lots and Acreage Real Estate Market, it is that inventory is down. The number of new properties listed by month is down a staggering 90%, a change of 192 fewer listings from this time last year.  The total number of Properties For Sale in Blairsville is down 12%, a change of 219.

If that wasn’t enough good news, then how about the fact that the Median Sold Price by month was up as well, 16% with an average increase of $4,500. Not much, not near enough, but none the less a positive increase. The number of units sold however was down 38%, a decrease of 5 from February of last year. Also, the number of units that went under contract was down 29%, but only a decrease of 2 properties.

The average Days On Market (DOM) continues to increase, up 17% to 240 days. That also causes the Absorption Rate to increase as well. The average Month Supply of Inventory is up 21% to an incredible 299 months supply of Vacant Lots For Sale in Blairsville, GA. Let me do the math for you. That means that at current market conditions, and taking into consideration that we do not have any additional lots enter the Union County Real Estate Market, it would take almost 25 years to deplete our inventory. Wow! I have a funny feeling that these Bank Closures might cause this time frame to speed up just a little. What do you think?

Other Related Articles You May Find Of Interest:

March 2010 Union County Residential Real Estate Market Report

Tags: Acreage, Blairsville, Market Report, North Georgia, Real Estate, Union County, Vacant Lots

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

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