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Archive for October, 2011
Price Has Not Been Determined
Please contact Chad Lariscy at 706-994-8686 / [email protected] with any questions or concerns about this property or if you would like to schedule a Private Showing of this or any other property of interest here in the North Georgia Mountains.
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Home Builder confidence is rebounding sharply.
Just one month after falling to a multi-month low, the Housing Market Index rebounded four points to 18 for October. It’s the highest reading for the HMI since May 2010 — the month after last year’s home buyer tax credit expiration.
The Housing Market Index is published monthly by the National Association of Home Builders and is scored on a scale of 1-100. Readings above 50 indicate favorable conditions for home builders. Readings below 50 indicate unfavorable conditions.
The index has been below 50 since May 2006 — a 66-month streak.
The Housing Market Index is a composite reading; the result of three separate surveys sent to home builders each month. Builders are asked about current single-family home sales volume; projected single-family home sales volume over the next 6 months; and current “foot traffic”.
In October, builder responses were stronger in all 3 categories :
- Current single-family sales : 18 (+4 from September)
- Projected single-family sales : 24 (+7 from September)
- Buyer foot traffic : 14 (+3 from September)
Meanwhile, of particular interest to today’s Blue Ridge GA Home Buyers is that builders expect volume to surge over the next two seasons. And, with current sales volume rising and foot traffic strengthening, the fall and winter months could be strong ones in the new homes market.
In addition, the builder trade group press release states that rising costs for materials are squeezing building profit margins.
For buyers, it all adds up higher home prices ahead. As builders grow more confident about the housing market, they’re less likely to make concessions on pricing or upgrades. Rising building costs fortify that argument. The “great deal” will be tougher to negotiate. At least mortgage rates are low.
Low mortgage rates are keeping homes affordable in the North Georgia Mountains and nationwide. If you’re looking for the right time to buy new construction, therefore, this month may be it.
Related articles
- Homebuilders Expect A Soft Winter Housing Market (thefrontporchview.com)
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This is a Brand New Foreclosure For Sale located in a Gated Cabin Community not too far from Blairsville, GA. Incredible North Georgia Mountain Views from this 3 Bedroom, 3 Full Bath Cabin featuring a Detached 2 Car + Garage, Covered Front Porch, which has been very well maintained. Cathedral Ceilings, Rock Fireplace, Open Loft Area, and a Full Finished Basement.
The Price Has NOT Been Determined On This Property.
Please call me, Chad Lariscy at 706-994-8686 or email me at [email protected] for more detailed information or to be placed on a list to be notified as soon as this property hits the MLS and a price has been determined.
Related articles
- 54 Rocky Road – New Foreclosure For Sale In Blairsville, GA. (thefrontporchview.com)
- Recent Price Reduction On This Blairsville Foreclosure For Sale (thefrontporchview.com)
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Foreclosure activity continues to slow throughout the United States, as well as here in the North Georgia Mountains as well.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
September marks the 12th straight month in which foreclosure filings fell year-over-year.
There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.
Some states work quicker than others, however, because of a combination of state law and personnel.
Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.
As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:
- California : 16.6 percent
- Georgia : 8.5 percent
- Florida : 8.3 percent
- Texas : 6.2 percent
- Michigan : 6.1 percent
- Illinois : 5.2 percent
Collectively, these 6 states represent just 36 percent of the nation’s population.
By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.
For Home Buyers in Blairsville GA, shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.
Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.
Related articles
- Annual Foreclosure Filings Down For 11th Straight Month (thefrontporchview.com)
- Foreclosures Sink To 4-Year Low (thefrontporchview.com)
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How much energy is your home wasting on water?
According to the U.S. Department of Energy, water heating can account for 25% of a home’s energy use. This is a substantial percentage, representing thousands of dollars per year in energy costs.
The good news is there are multiple ways to increase your home’s energy-efficiency with respect to heated water.
The Department of Energy provides a list.
- Reduce hot water usage : Fix leaks, install low-flow fixtures, and use high-efficiency clothes washers and dishwashers.
- Lower the hot water temperature : 120ºF is ideal. Each 10ºF drop in temperature saves up to 5% and slows corrosion.
- Insulate your water heater : A simple blanket wrap costs $25 and will save you up to 9% in costs
- Insulate your water pipes : Water will be delivered 4ºF hotter which means lower energy use.
- Install a timer : If your heater is electric, turn it off during non-peak hours such as overnight
- Use greywater heat recovery systems : 90% of water’s energy is typically lost down the drain.
Some of the above items are costly to implement, and others are inexpensive. Most can be handled without hiring a plumber, especially those items at the top of the list.
As a homeowner in the North Georgia Mountains, take control. Apply these energy-saving, water-heating strategies and you’ll not only save money each month, but you’ll lengthen the useful life of your home’s appliances and plumbing.
If you’re in need a plumber referral, please ask.
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Wednesday, the Federal Reserve released the minutes from its 2-day meeting September 20-21, 2011.
The release shows a divided Fed in disagreement about the current U.S. monetary policy. The group reached compromise for new economic stimulus, however, and maintained its commitment to accommodating interest rates.
Wall Street reacted tepidly to the minutes. Mortgage rates in Blue Ridge, Blairsville and Hiawassee worsened slightly post-release.
The Fed Minutes gets less press than the FOMC’s post-meeting press release, but it’s every bit as important. Because it details the conversations that take place among voting and non-voting Fed members at FOMC meetings, the Fed Minutes is an inside-look at the debates and discussion that lead to new monetary policy.
As examples, here are some of the topics covered at the September FOMC meeting :
- On growth : Economic growth was slow, but “did not suggest a contraction”
- On housing : The market continues to be “depressed by weak demand”
- On rates : The Fed Funds Rate will remain low until mid-2013
Then, with Fed members divided on whether the central bank should add new stimulus, it reached a compromise instead, launching the $400 billion “Operation Twist” program. Operation Twist is meant to lower longer-term interest rates, including mortgage rates.
Since Operation Twist began, mortgage rates are higher by nearly 0.375%.
Also noteworthy within the Fed Minutes was concern for an economic slowdown and how the Federal Reserve may react. According to the record, a slowdown may prompt the Fed to introduce its third round of qualitative easing, or QE3. An out-sized stimulus plan would likely lead rates higher.
Nothing will happen until the Fed’s next meeting, however. Chairman Ben Bernanke & Co meet next November 1-2 for a 2-day meeting..
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The American Consumer is alive and well, it seems.
Friday morning, the Census Bureau will release its Retail Sales figures for September. The report is expected to show an increase in gross receipts for the 15th straight month with analysts predicting a 0.6 percent increase from August.
The projected increase represents the largest jump in Retail Sales in six months and would likely lead mortgage rates higher for buyers in the North Georgia Mountains and nationwide.
The connection between Retail Sales and mortgage rates is fairly straight-forward. Retail Sales are the majority component of “consumer spending” and consumer spending represents the majority of the U.S. economy — up to 70 percent, by some estimates.
And, as the economy goes, so go mortgage rates.
10 months ago, mortgage rates shot forward to start the year. This is because expectations were high for a strong economic rebound. Conforming and FHA rates crossed 5 percent at the time and were headed toward six.
By mid-April, though, it was clear that economic data was falling short of predictions. As a result, mortgage rates declined, kicking off the 2011 Refi Boom. Then, by August, on ongoing economic softness, mortgage rates in Georgia fell further, making new all-time lows.
Expectations for a recovery have returned. Rates are now rising.
Last week’s strong jobs report sparked hope for the U.S. economy and investors have been voting with their dollars. Mortgage rates are now up 7 consecutive days and Friday’s Retail Sales report could cement the trend.
If you’re shopping mortgage rates today, there’s risk in “floating”. You may want to lock your rate before Friday’s Retail Sales report drives rates even higher.
The Retail Sales report will be released at 8:30 AM ET.
Related articles
- Jobs Report Could Cause Mortgage Rates To Rise (thefrontporchview.com)
- A Mortgage Rate Strategy Ahead Of Friday’s Jobs Report (thefrontporchview.com)
- Freddie Mac’s Mortgage Rates Drop Below 4% (thefrontporchview.com)
- Mortgage Rates Don’t Move! (thefrontporchview.com)
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Did you remember to handle the most basic safety precaution for your new home?
When people buy homes — in Blairsville, Blue Ridge or wherever — , there’s a tendency to think “Big Picture” on home improvements. Flooring, painting and furniture are common “just-moved-in” purchases, as are cable television and utilities packages.
The most important move-in purchase, though, may also be the least expensive — deadbolts for your doors.
Every home has at least one — and sometimes up to dozen — keyed points of entry. And until you change those locks, there’s no telling just how many people may have access to your home.
For example, your home’s prior owners may have shared house keys with any/all of the following people :
- Real estate agents
- Neighbors and friends
- Parents, brothers and sisters
- Home cleaning service
- Dog walkers and pet sitters
Those keys will still gain entry into your home until you change the locks. This is why your first act homeowner should be to replace all your home’s keyed entries with new locks and/or deadbolts.
Locks and deadbolts come in a variety of designs and finises, with varying price points. A basic single-cylinder, keyed deadbolt costs less than $15, and a powerful digital-entry, keyless system sells for $200-plus. There are a bevy of models at prices in between, too.
Regardless of which lock system you choose, don’t procrastinate on installation. Ideally, your locks should be changed on the same day of purchase, as close to closing’s completion as possible.
Hardware stores carry most deadbolt varieties and many can be installed with just a screwdriver. For complicated installations, talk to a locksmith.
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With mortgage rates at all-time lows, you may be asking “Is now a good time to refinance?”. This short interview from NBC’s The Today Show offers good insight.
Refinancing a mortgage is about more than just “low rates”. For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits — both in the short- and long-term.
The video originally ran in September when mortgage rates averaged 4.09%. Rates are different today, but the offered advice remains relevant.
Some of the key points raised include :
- The lowest rates come with the highest costs. Consider a slightly higher-rate option from your bank.
- Falling home values may make it harder to qualify for a refinance in the future. Your best time to act may be now.
- If you’re many years into a 30-year loan, you can consider switching to a 15-year mortgage to avoid “resetting” your term.
And, lastly, the interviewee makes a strong point that your refinance should save you enough money to make paying the closing costs “worth it”. Make sure the break-even point on your closing costs versus your monthly savings occurs within a reasonable time frame.
At 4 minutes, the The Today Show video is short, but dense with quality information. For follow-up on whether a refinance makes sense for your situation, be sure to talk with your loan officer.
Related articles
- Choosing A 15-Year Fixed Rate Mortgage Over A 30-Year Fixed Rate Mortgage (thefrontporchview.com)
- Have Mortgage Rates Hit The Bottom? (thefrontporchview.com)
- A Mortgage Rate Strategy Ahead Of Friday’s Jobs Report (thefrontporchview.com)
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Mortgage rates have dropped past 4 percent.
For the first time in more than 40 years, data from Freddie Mac’s weekly Primary Mortgage Market Survey shows the average 30-year fixed rate mortgage falling below 4 percent, dropping to 3.94 percent nationwide. It’s the lowest average 30-year fixed reading in the survey’s history.
In addition, Freddie Mac shows the 15-year fixed and 5-year ARM making new all-time lows, too, falling to 3.26% and 2.96%, respectively.
It’s a great time to be shopping for a mortgage or buying a home in Hiawassee or Blairsville Georgia. Because mortgage rates are dropping, housing payments are dropping, too. As compared to 8 months ago, for every $100,000 borrowed, homeowners now pay $66 less principal + interest each month.
On a $300,000 mortgage, that’s $71,280 saved in 30 years.
Mortgage rates have been lower for several reasons, some of which include :
- U.S. economic growth has been slower-than-expected
- Uncertainty surrounds Greece and the Eurozone
- The Federal Reserve’s “Operation Twist“
In general, demand for mortgage bonds has been high and that’s caused mortgage rates to fall. It should be noted, however, that although the 30-year fixed rate mortgage fell below 4 percent this week, the amount of discount points required to lock that rate rose by 10 basis points, or $100 per $100,000 borrowed.
Homeowners in the North Georgia Mountains are paying bigger fees for these lower rates. If you plan to move within a few years, these fees may wipe out your low-rate savings.
As you shop for a mortgage, pay attention to more than just rates. Low rates are great, but not when they come with high costs. Talk to your loan officer for help with making a plan than works for you.
Related articles
- Choosing A 15-Year Fixed Rate Mortgage Over A 30-Year Fixed Rate Mortgage (thefrontporchview.com)
- Have Mortgage Rates Hit The Bottom? (thefrontporchview.com)
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