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Archive for May, 2010

May 28th, 2010Categories: Georgia Mountain Real Estate VIEWS

The supply of newly-built homes for sales plummeted in April, a positive indicator for the North Georgia Mountain housing market as we head into the summer months.

It’s no wonder that home builders are breaking new ground at the fastest clip in 2 years.

At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time.  That’s more than double the pace of a year ago.

Also, as more good news, in terms of total housing units, the government reports that New Home Sales topped one half-million homes sold for the first time since May 2008.

It’s a similar spike as within the Existing Home Sales data released earlier this week.

But before we declare the housing market “repaired in full”, we have to consider a few of the reasons why home sales are charting so strongly.

The first reason is the federal Home Buyer tax credit’s April 30 expiration. In order to claim up to $8,000 in tax credits, home buyers must have been in mutual contract for a property before May 1. There is no doubt this contributed to a run-up in sales, especially among first-time home buyers.

The second reason is that mortgage rates have remained exceptionally low, defying expert predictions.  Low rates don’t sell homes, but they do make monthly payments easier to manage for households torn between renting or buying.

And, lastly, March and April’s new home sales may have been buoyed by aggressive discounting on behalf of home builders.  As compared to February 2010, April’s average new home sale price was lower by 13 percent.  That’s a sharp drop in a short period of time.

For now, though, homes are selling, supplies are dropping, and buyer interest is high. It’s no wonder builder confidence is soaring.

Tags: Existing Home Sales, NAHB, New Home Sales, North Georgia Mountain Real Estate, Tax Credit, U.S. Housing Market

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

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May 27th, 2010Categories: Mortgage & Finance reVIEWS

Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years.  For homeowners that missed the Refi Boom of November 2009, it’s a second chance.

In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates and choosing the best time to lock in.

Some of the topics covered include:

• Why were the experts wrong about rates moving higher this summer?
• How much money can you save with a 1 point drop in your interest rate?
• Should you buy a bigger home now that rates have fallen?

The advice in the piece is matter-of-fact and centered.  There is no cheerleading and the message is honest. Mortgage rates are low and they likely won’t stay that way.  If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.

Tags: Interest rate, Loan, Mortgage, Mortgage Rates, Refinancing, The Today Show

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

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

Home values rose in March, according to the Federal Home Finance Agency’s most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.

We use the phrase “on average” because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets such as The North Georgia Mountains as well as citywide markets like Ellijay, Blue Ridge, and Blairsville too.

Instead, the Home Price Index focuses on state and regional statistics.

For example, in March 2010 as compared to February:

• Values in the East South Central region rose 2.5%
• Values in the Mountain states rose 1.1%
• Values in the Middle Atlantic states fell 1.0%

Of course, none of this data is especially helpful for today’s home buyers and sellers.

Real estate is a local phenomenon that can’t be summarized by state or region. What matters most to buyers and sellers is the economics of a neighborhood and that level of granularity can’t be served up by a national housing report like the Home Price Index.

The Home Price Index data is additionally unhelpful to buyers and sellers in that it reports on a 2-month delay.

In other words, Home Price Index is not even a fair reflection of today’s market — it highlights the real estate market as it existed 60 days ago.

So why is the Home Price Index even published? Because government, business and banks rely on the reports.  As a national indicator, the Home Price Index helps governments make policy, businesses make decisions, and banks make guidelines. This, in turn, trickles down to Main Street where it impacts every one of us — and eventually influences real estate.

Since peaking in April 2007, the Home Price Index is off 13.44 percent.

Tags: Blairsville, Blue Ridge, Ellijay, GA, Home Price Index, HPI, North Georgia Mountains, Real Estate, Real Estate Is Local

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

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May 25th, 2010Categories: Georgia Mountain Sightseeing

Misty Mountain Model Railroad

4381 Misty Mountain Lane on Town Creek Road
Blairsville, GA 30512
706-745-9819

America’s largest O-gauge train display, this 3,400 square foot layout features 14 O-gauge Lionel trains traveling on a mile of track over 12 bridges and four trestles and through 15 tunnels. Approximately 300 pieces from Department 56 are sprinkled throughout the display that represent North Georgia and Atlanta.

The display is open May through December and a one hour tour begins promptly at 2:00 p.m. every Wednesday, Friday, and Saturday.

View Larger Map

Tags: Blairsville, Misty Mountain Railroad, Model, North Georgia, O Gauge, Recreation, Train

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

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May 25th, 2010Categories: Georgia Mountain Got-To-Do reVIEWS

Horsin Around BBQ Showdown

When: May 29th – May 30th, 2010

Where: The Brasstown Valley Resort Stables

Join us at The Brasstown Valley Resort Stables on Saturday May the 29th and Sunday May the 30th from 11:00am until 5:00pm for our 3rd Annual Horsin Around BBQ Showdown. Our contestants come from across the state of Georgia and beyond to compete for Cash, Prizes, Trophies and Ribbons in this KCBS Sanctioned Event. The KCBS, Kansas City Barbeque Society is the largest international organization of barbeque and grilling enthusiasts around.

Featured at The Showdown this year will also be: The Blairsville Cruisers Car Show, The All American Arts and Crafts Festival with crafter’s demonstrating their work throughout the day. Come out and see crafters working such as a Blacksmith, a Soap Maker, Wood Carver, Weaver, Potter and more.

CLICK HERE for more Information.

Tags: Arts and crafts, Barbecue, BBQ, Brasstown Valley, Car Show, Contest, Festival, Georgia, North Georgia, Young Harris

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

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May 25th, 2010Categories: Georgia Mountain Got-To-Do reVIEWS

Memorial Day Parade

When: Saturday May 29th, 2010 at 10:00 A.M.

Where: Downtown Blairsville on the Square

The Memorial Day Parade starts at 10:00am and will follow the usual parade route winding around the old courthouse and ending at the Union County War Memorial where ceremonies will begin at 11:15am.

Theme for parade is “Remembrance of American War Dead”

Tags: Blairsville, Ceremony, Honor, Memorial Day, Parade, Union County, Veterans

Written by Chad Lariscy//Discussion: 5 Comments »

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

Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.

As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).

It’s a solid report for housing overall, with rising sales suggesting that the real estate market’s recovery is ongoing. However, the data presented a mixed message.

According to the National Association of Realtors®, although the number of homes sold ticked higher in April,  so did the supply of existing homes for sale, too.

Sellers are now listing homes faster than buyers can buy them.

After adding another 0.3 months of supply in April, resale home supply is nearly two full months larger than at November 2009’s low-point. This put downward pressure on home prices.

Furthermore, because 49% of April’s buyers were first-time buyers and the tax credit has since ended, we can expect that sellers will continue to outweigh buyers in the months ahead.

It presents an interesting opportunity for June’s home buyers. Mortgage rates are still at their lowest levels of the year — despite expert predictions to the contrary — and homes remain affordable. Plus, in a lot of markets, home values have started to creep higher.

There’s good values and good rates but neither should last long. For the next few weeks, real estate may be in its 2010 sweet spot.

If you were thinking of moving in September of this year or later, consider moving up your time frame.

Tags: Chad Lariscy, Existing Home Sales, Home Buyer, Home Supply, NAR, National Association of Realtors, Real Estate, Sweet Spot

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

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May 24th, 2010Categories: Georgia Mountain Home Tips

From one pot to a lush garden, we all have plants for which to care in our lives. But are they getting the right amount of water?  Too little water and the plant dies. Too much water and root rot sets in.

In general, plants want 1 inch of water per week but Mother Nature doesn’t always provide. It’s up to us to make up the difference.

In this short video from ExpertVillage, Doug Smiddy shows us how to make sure our plants get the right amount of water they need to survive. He answers questions including:

• How do you know if your plants need water right now?
• What is best time of day to water outdoor plants?
• What is the proper way to water a plant?

The video runs a little bit over 2 minutes and is stocked with helpful tips. If you care for any plants in your life, it’s a must-watch video.

Tags: Environment, ExpertVillage, Gardening, Mother Nature, Water Plants

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

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May 21st, 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 #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

Please Contact Me, or call me NOW  at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any assistance that I can.

Just in case you missed Short Sale Myths 1 through 6 they are provided below.

Myth #1 – The 7 Most Dangerous Short Sale Myths

Myth #2 – The 7 Most Dangerous Short Sale Myths

Myth #3 – The 7 Most Dangerous Short Sale Myths

Myth #4 – The 7 Most Dangerous Short Sale Myths

Myth #5 – The 7 Most Dangerous Short Sale Myths

Myth #6 – The 7 Most Dangerous Short Sale Myths

Tags: CDPE, Chad Lariscy, Foreclosure, Mortgage, Myth, Real Estate, Short Sale

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

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May 21st, 2010Categories: Georgia Mountain Real Estate VIEWS

With home prices still relatively low and mortgage rates trolling near their all-time best levels, it’s no surprise that home affordability is extraordinarily high in The North Georgia Mountains and most U.S. markets.

According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between January-March 2010 were affordable to families earning the national median income.

It’s the second highest reading in the survey’s history.

Of course, on a city-by-city basis, home affordability varies.

In the first quarter of 2010, for example, 98.7% of homes sold in Bay City, Michigan were affordable for families earning the area’s median income and in Indianapolis, the percentage was almost 95 percent.

Indianapolis has held the top quarterly ranking for close to 5 years now.

On the opposite end of the spectrum, the New York-White Plains, NY-Wayne, NJ region earned the “least affordable” metropolitan area for the 8th consecutive quarter.  Just 20.9% of homes are affordable to families earning the local median income.

The rankings for all 225 metro areas are available on the NAHB website but regardless of where your town ranks, home affordability remains high as compared to historical values but it likely won’t last long.  Home values are recovering in many markets and mortgage rates won’t stay this low forever.

All things equal, buying a Home For Sale in Blairsville, or a Cabin For Sale in Blue Ridge may never come this cheap again. If you were planning to buy later this year, consider moving up your time frame.

Please Contact Me or give me a call at 706.994.8686, and I will share with you some Affordable Vacation Homes For Sale in the Beautiful North Georgia Mountains.

Tags: Affordable, Blairsville, Blue Ridge Ga, Cabins For Sale, Home Opportunity Index, Homes For Sale, mountains, NAHB, National Association of Home Builders, North Georgia, Real Estate, Vacation Homes For Sale

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

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