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Archive for April, 2010

April 30th, 2010Categories: Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

Earlier this week, Standard & Poors released its February Case-Shiller Index, a home price tracker for select metropolitan areas.

Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase.  The other 19 markets averaged a 1.23 percent decline between January and February.

However, that’s not the story you read in the most papers. Instead, headlines read that home values were up in the United States, citing annualized data.

Unfortunately for active home buyers and sellers, year-over-year data isn’t all that helpful when making a real estate decisions. It’s the month-to-month data that matters. Month-to-month changes in home prices are what defines a housing market. Month-to-month is what sets the tone for contracts and negotiations on a purchase.

The rosier, annualized data published this past week just doesn’t capture the reality of what was the February 2010 market.  And even then, the data is somewhat useless because it’s from February and May will be upon us next week.

Case-Shiller is on a 2-month lag — hardly reflective of the “right now” of real estate in Blue Ridge.

When you’re looking for real estate data that actionable, consider using sources that are more “real-time”. A real estate agent may be the right place to start.  Because for all the data that Case-Shiller and the other housing indices collect, it can never be as relevant to your individual needs as a well-executed, timely market analysis.

Tags: Case-Shiller Index, Real Estate, Standard & Poor, U.S. Housing Market

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

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April 28th, 2010Categories: Mortgage & Finance reVIEWS

The Federal Reserve adjourns from a scheduled, 2-day meeting today.  It’s one of 8 scheduled Fed meetings for 2010.

Upon adjournment, Fed Chairman Ben Bernanke & Co. will release a formal statement to the market. In it, the Fed is expected to announce “no change” in the Fed Funds Rate.

The Fed Funds Rate is currently in a target range of 0.000-0.250 percent.

The Fed Funds Rate is an inter-bank lending rate. It’s also the basis for Prime Rate, a consumer interest rate on which credit card payments are based, among other consumer loans.  Prime Rate is equal to the Fed Funds Rate + 3 percent.  Credit card rates, therefore, will likely stay flat today, too.

Mortgage rates, however, should change.  Possibly by a lot.  The 30-year fixed mortgage does not correlate with the Fed Funds Rate (as shown in the chart at right).

The reason mortgage rates will change today is because, in its statement, the Federal Reserve will highlight various parts of the economy, identifying strengths, weaknesses and probable threats to growth.

These observations influence investors with a stake in bond markets and future returns and, with Wall Street on edge right now — unsure of whether recent economic growth is a longer-term trend or a short-lived blip –  mortgage rates could shoot higher or they could drop, depending on how traders interpret the Fed.

It’s a difficult time to be shopping mortgages in North Georgia.

Further complicating matters is Greece’s recent debt downgrade to junk status. A small contagion fear is budding worldwide and, as a result, the flight-to-quality has picked up steam. Mortgage rates are down because of it but could reverse higher at any moment.

Therefore, if you’re actively shopping for a mortgage today, it may be prudent to lock your rate ahead of the Fed’s announcement and any major market reversal. Mortgage rates may fall today, but there’s very little room for them to fall.  This is, however, a lot of room for them to rise.

The Fed adjourns at 2:15 PM ET.  Call your loan officer to lock your rate.

Tags: Business, Fed Funds Rate, Federal Reserve System, FOMC, Mortgage, Mortgage Rates

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

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April 28th, 2010Categories: Mortgage & Finance reVIEWS

Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its current target range of 0.000-0.250 percent.

In its press release, the FOMC noted that, since March, the U.S. economy “has continued to strengthen” and that the jobs markets “is beginning to improve”.  This is a step up from the last meeting after which the Fed said jobs were “stabilizing”.

It also reiterated that business spending “has risen significantly”.

Today’s statement marks the 7th straight press release in which the Fed shows optimism for the U.S. economy. Furthermore, the Fed has now closed all but one of the programs it created to support markets during last year’s financial crisis.

Threats remain to growth, however. The Fed fingered a few:

1. Employers are reluctant to hire new workers
2. High unemployment threatens consumer spending
3. Consumer credit (still) remains tight

Also in its statement, the Fed re-acknowledged its plan to hold the Fed Funds Rate near zero percent “for an extended period”.  This was expected.

Overall, the statement’s tone was positive and the Fed noted that inflation is within tolerance.

Mortgage market reaction has been muted thus far. Mortgage rates in Ellijay, Blue Ridge, and Blairsville are unchanged post-FOMC.

The FOMC’s next scheduled meeting is a 2-day affair, June 22-23, 2010.  The 55-day span between meetings will be the FOMC’s longest of 2010.

Tags: Economy of the United States, Fed Funds Rate, Federal Open Market Committee, Federal Reserve System, FOMC, Mortgage

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

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April 27th, 2010Categories: Georgia Mountain Real Estate VIEWS

The sales of newly-built homes soared in March. Even more than what was expected. But the news may not be as glowing as what the media is telling us.

Take a look at the headlines from last Friday:

• Sales of new homes rocketed up 27 percent in March (WaPo)
• New-home sales rise fastest in 47 years (CNNMoney)
• Sales of New Homes Climb by Most Since 1963 (Business Week)

None of these statements is false, per se, but each is somewhat misleading.  The biggest reason why March’s New Home Sales was even able to rise 27 percent is because data from the month before it — February — was the worst in New Home Sales history.

In February, new homes sold posted its lowest level in recorded history.

A better comparison would be against March a year earlier; or October 2009, the month before the home buyer tax credit’s initial expiration date.

Against both of those time periods, March 2010 fared well.

Home buyers – first-timers and repeats alike — went under contract last month, taking advantage of the soon-to-expire federal home buyer tax credit program.  The credit gives up to $8,000 for first-time buyers and up to $6,500 for repeat ones.

Buyers must be in mutual contract on or before April 30, 2010 to be eligible for the credit, and must closed on or before June 30, 2010.

The New Home Sales data included other strong housing data, too. The current supply of new homes nationwide is at a multi-year low.  Along with stronger home demand, this should push Ellijay, Blue Ridge and Blairsville home prices higher throughout the coming months.

It’s no wonder builders are bullish on the economy.

Tags: Blairsville, Blue Ridge, Business and Economy, Ellijay, New Home Sales, New Home Supply, Real Estate, Tax Credit

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

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April 26th, 2010Categories: Georgia Mountain Home Tips

A well-maintained grill is the key to great tasting food, season after season — chicken, meats, fish or other.  And keeping your grill clean is simple.

In this 4-minute from Lowe’s, you’ll learn basic, pre-grilling cleaning tricks, plus how to breakdown your gas grill completely and clean its parts.

Some of the pointers from the video:

• Clean your grill before every use using the grill’s own heat and a wire brush
• Don’t try to clean rusted and/or broken grill grates — replace them
• After long periods of non-use, check your burners for insects and pests

The video is geared at beginners and includes a step-by-step tutorial. Even the most seasoned griller could probably pick up a tip or two.

Tags: Cleaning, Grill, Home Tips

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

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April 24th, 2010Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Community reVIEWS

Fox Lake is an absolute Beautiful North Georgia Mountain Community with incredible mountain vistas, rolling hills and pastures, gentle wooded terrains, and it’s very own private lake…Fox Lake.

Fox Lake is located just north of Blairsville in the North Georgia Mountains. Blairsville is the county seat of  Union County. Enjoy a lifestyle unique to the Mountains where everyone knows you by name!  Mountain Festivals and  Community Events will keep you on your toes throughout the year. Play Golf at Old Union just across the street, or take a very short drive to Butternut Creek in downtown Blairsville. Do you like to Fish? Lake Nottely is only minutes away and is known for great Fishing and all sorts of Boating Recreation.

Fox Lake is an upscale Mountain Home Community with Protective Covenants and Restrictions. An Architectural Review Committee will approve any plans before construction can begin to uphold the integrity of the development. All utilities are underground, and there is paved access throughout the community. Enjoy a Pavilion and Clubhouse on the common grounds alongside beautiful Fox Lake.

Currently there are 2 Homes For Sale and approximately 37 Vacant Lots For Sale within Fox Lake. Should you have any questions or if you would like any additional information that I have not provided here, please Contact Me, or give me a call at 706.994.8686. I would appreciate the opportunity to earn your business and assist you with all of your North Georgia Mountain Real Estate needs.

Tags: Blairsville Ga, Butternut Creek, Chad Lariscy, Fox Lake, Golf, Lake Nottely, North Georgia Mountains, Old Union, Real Estate, Union County

Written by Chad Lariscy//Discussion: 1 Comment »

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April 23rd, 2010Categories: Professional Associate reVIEWS

United Community Banks Inc. was the highest ranked Southeastern bank in terms of customer satisfaction, according to the J.D. Power and Associates 2010 U.S. Retail Banking Satisfaction Study published Thursday.

Blairsville, Ga.-based United Community Banks (NASDAQ: UCBI) scored an 815 and “among the best” ranking in the annual study. The Southeast average score was 768.

The scores are based on an 1,000-point scale. The study analyzes customer satisfaction with the retail banking experience based on account activities, account information, facility, fees, problem resolution and product offerings.

Congratulations UCB!

Tags: Banking Services, Banks and Institutions, Blairsville Ga, Financial Services, J. D. Power and Associates, NASDAQ, United Community Bank

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

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April 23rd, 2010Categories: Georgia Mountain Real Estate VIEWS

Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.

Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.

“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person.  It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.

Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:

1. Year-over-year sales are higher for the 9th straight month
2. Real estate investors represented 19 percent of all homes purchased
3. First-time home buyers account for 44 percent of all buyers

Also worth noting is that the supply of available homes is down on a broader basis.  At the current rate of sales, the existing home inventory will be exhausted in 8 months.

Despite banks releasing foreclosures and REO into the North Georgia Mountain market, that’s still one half-month less from February.

North Georgia Foreclosure Sales Percentages % YTD

• Fannin County – Blue Ridge, GA. 28.70% Homes SOLD 108 / Foreclosures 31
• Gilmer County – Ellijay, GA. 41.03% Homes SOLD  78 / Foreclosures 32
• Union County - Blairsville, GA. 37.04% Homes SOLD  81 / Foreclosures 30
• Towns County – Hiawassee, GA. 46.43% Homes SOLD  28 / Foreclosures 13

When supplies drops, home prices tend to rise. It suggests an underlying strength in housing that should support home prices through the next few months — especially as the home buyer tax credit finishes working its way through the system.

That said, real estate markets are local. You shouldn’t assume that what’s happening on the national level is also happening here at home.  Be sure to check with your real estate agent about local market conditions before making a decision to buy or sell.

Tags: Blairsville Georgia, Blue Ridge Georgia, Ellijay Georgia, Existing Home Sales, Foreclosures, Hiawassee Georgia, Home Supplies, North Georgia, REO, Tax Credit

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

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April 22nd, 2010Categories: Georgia Mountain Real Estate VIEWS

More than 60 percent of U.S. homes are “over-assessed”, says an industry trade group. Homeowners in Blue Ridge, Blairsville, Ellijay and Hiawassee pay more in property taxes than they otherwise should have to.  You might be one of them.

Have you considered fighting your real estate tax bill?

In this 4-minute piece from The Today Show, you’ll learn:

• When to file your tax bill dispute for the best chances of winning
• How to pull your “property card” and check for tax bill-raising errors
• What to do if the taxing authority turns down your request

Most importantly, you’ll learn that don’t need to hire an attorney to fight your tax bill.  You just need to be prepared.  Do your research and make your case. It’s estimated that nearly half of all contesting homeowners are successful.

Tags: attorney, Blairsville Ga, Blue Ridge Ga, Ellijay, Hiawassee, lawyer, Property, Real Estate Taxes, The Today Show

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

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April 21st, 2010Categories: Georgia Mountain Got-To-Do reVIEWS

Towns County Community Night

When: Thursday April 22, 2010 starting at 4:30 p.m.

Where: Brother’s at Willow Ranch Restaurant

It’s Community night at Brothers Restaurant at Willow Ranch. The event will help raise funds for the Towns County Family Connection. Come show your support for your community.

For More Information, please visit The Macaroni Kid of Towns and Union County here in the North Georgia Mountains.

Macaroni Kid and its family of Publisher Moms are dedicated to delivering the scoop on all the family-friendly events and activities happening in their communities each week. Check out Macaroni Kid’s list of communities and sign up to receive your free weekly newsletter.

It all started with two old friends sharing a good meal and a great bottle of wine. From that conversation, Macaroni Kid was born and Joyce and Nicki started publishing a weekly newsletter giving moms and dads the scoop on all the weekly events in their community. From there it’s grown to dozens of other communities across the Country.

We hope you enjoy it.

Tags: Community, Events, Family, Mothers, Parenting, Towns, Union

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

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