As the new year begins, there are no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time. Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal.

Who’s right and who’s wrong? A quick look through the newspapers, websites and business television programs reveals “experts” with opposing, well-delivered arguments views. It’s tough to know who to believe.

For example, here are some “on-the-record” predictions for 2012 :

• Home prices will rise in 2012 (says Freddie Mac)
• Home prices will fall in 2012 (says CBS News)
• Mortgage rates will rise in 2012 (says American Banker)
• Mortgage rates will fall in 2012 (says the LA Times)

The issue for buyers, seller, and would-be refinancers in Blairsville and nationwide is that it can be a challenge to separate a “prediction” from fact at times.

When an argument is made on the pages of a respected newspaper or website, or is presented on CNBC or Bloomberg by a well-dressed, well-spoken industry insider, we’re inclined to believe what we read and hear. This is human nature.

However, we must force ourselves to remember that any analysis about the future — whether it’s housing-related, mortgage-related, or something else — are based on a combination of past events and personal opinion. Predictions are guesses about what might come next — nothing more.

For example, at the start of 2009, few people expected the 30-year fixed rate mortgage to stay below 6 percent, but it did. Then, at the start of 2010, few people expected the 30-year fixed rate mortgage to stay below 5 percent, but it did.

All we can know for certain about today’s market is that both mortgage rates and home values are low, creating favorable home-buying conditions in and around the North Georgia Mountains and nationwide.

At that start of last year, few people expected mortgage rates to even reach 4 percent. Today, rates “with points” price in the 3s. What 2012 has in store we just can’t know.

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Surrounded by U.S.F.S, Convenient to downtown Blairsville Georgia, Deep Water and Mountain Views, not only does this one have it all on the outside, just wait until you see the inside! Old World Craftsman Styled Lake Cottage with all the bells and whistles!4 Bedroom 4.5 Bath Lake House with Bonus Room above Portico easily making for a 5th Bedroom if needed. Full Finished Basement, Covered Porches and Open Decks makes this home a near Perfect Georgia Mountain Vacation Home.

This Bank Owned Lake Nottely Home For Sale will not be available in the North Georgia Mountain Real Estate Market long.

Please CONTACT ME or Call Me at 706-994-8686 if you would like to schedule an appointment to see this Lake Nottely Home For Sale today. If you would like to see a Full Length Video with as a Virtual Showing, please let me know and I will be more than happy to send that to you. If you have any specific questions or concerns about the property, feel free to contact me with those as well. I hope to hear from you soon.

VIEW ALL HOMES FOR SALE ON LAKE NOTTELY

Listing Courtesy of Better Homes and Garden Metro Brokers

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• Lake Nottely Real Estate Market Report August 2011 (thefrontporchview.com)
• New Price On Nice Lake House For Sale On Lake Nottely (thefrontporchview.com)
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54 Rocky Road Blairsville, GA. – New Foreclosure from Chad Lariscy on Vimeo.

This is a Brand New Foreclosure For Sale in Blairsville, GA. that hasn’t even hit the North Georgia Mountain Real Estate Market. This property is located conveniently between Blue Ridge and Blairsville near the Union County Saddle Club Arena. Nice 3 Bedroom 2 Full Bath Home offering Privacy and Seclusion on 1.6 +/- Acres.

If you would like additional information, or would like to see a Full Length Virtual Showing of this Bank Owned Property For Sale In North Georgia, please Contact Me and I will be more than happy to assist you with all of your Real Estate needs here in the Georgia Mountains.

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• New Foreclosure For Sale In Blairsville GA Bordering U.S.F.S. (thefrontporchview.com)
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Ronix Demo from Michael Crenshaw on Vimeo.

No better time to check it out than in person on September 3rd when they will be having their 1st Annual Best Rick BBQ. This is going to be an event that you do not want to miss.

Contact Young Harris Water Sports at 706-896-0834 for more details.

1057 Brandy Run Blairsville Georgia from Chad Lariscy on Vimeo.

1057 Brandy Run Blairsville, GA. 30512

New Foreclosure Listing with spectacular views of Lake Nottely and long range mountain views convenient to downtown Blairsville Georgia. If you would like any additional information after viewing this listing, please Contact Me or call me at 706-994-8686. I can also provide you with a Full Length Virtual Showing of this property upon request.

MLS# 212562 – $159,900

Listing Courtesy of Union Realty

See Another Property Online Of Interest? Contact Me And I Will Shoot A Virtual Showing Video Of It For You!

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A strong spring season helped home values recover, says the government.

According to the Federal Home Finance Agency’s Home Price Index, home prices rose a seasonally-adjusted 0.4 percent from April to May.

It’s the HPI’s second straight increase, and puts the monthly index at its highest point since January 2011.

As a home seller in Blarirsville and Blue Ridge, GA., you may appreciate news such as “rising home prices”, but it’s important to remember that the Home Price Index has a several built-in flaws — the biggest of which its age.

Today, the calendar nearly reads August, yet, we’re still discussing May’s housing data. A 2-month delay does little to help buyers and sellers wanting to know the “right now” of housing. Unfortunately, the Home Price Index data is even more aged than that.

Because the FHFA’s Home Price Index measures home prices as recorded at closing, the actual sales prices included in the index are from real estate contracts written 30-60 days prior.

In other words, when we look at the Home Price Index report for May, what we’re really seeing is a snapshot of the housing market as it existed in March. March’s housing market has little to do with the forces driving home prices today.

Today’s real estate market is driven by today’s economics.

The Home Price Index is a useful gauge for economists and law-makers; it shows long-term national trends in the housing market which can be used to allocate resources to a project, or to form new policy. For home buyers in the North Georgia Mountains though,  it’s less helpful.

For today’s real estate buyers and sellers, there’s no substitute for real-time data. For that, talk to a real estate professional.

Related articles

• Is Your Home For Sale Standing Out From The Crowd? (thefrontporchview.com)
• Pending Home Sales Unexpectedly Spike In May (thefrontporchview.com)

230 John Dick Overlook – Blue Ridge, GA. – Foreclosure For Sale from Chad Lariscy on Vimeo.

230 John Dick Overlook in Blue Ridge, GA.

Incredible opportunity to own a spacious cabin with spectacular mountain views in Blue Ridge, GA. This 3 Bedroom 3 Bath Cabin is on 2 acres, Full Finished Basement, and as a Bonus, there is a New Addition including a Huge Master Suite on a Full Unfinished Basement as well. Only need to finish the interior of the new addition.

MLS# 207804 – $144,900

Please call Chad Lariscy at 877-633-8186, or email Chad@BuyMountains.com for additional information or a Full 5 Minute Video of this property.

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Please Contact Me for more information or to see Full Length Video of this Property.

When a mortgage applicants chooses an adjustable-rate mortgage over a fixed-rate one, he accepts a risk that — at some point in the future — the mortgage’s interest rate will rise. Lately, though, that hasn’t been the outcome.

Since mid-2010, conforming mortgages have adjusted below their initial “teaser” rate consistently, giving homeowners in the North Georgia Mountains and nationwide reason to ride their respective adjustable-rate mortgages out.

For example, this month, conforming 7-year and 5-year ARMs are adjusting near 3.011 percent based on the most common loan terms of 2004-2006. It’s because of how adjustable-rate mortgages are structured.

Adjustable-rate mortgages follow a defined lifecycle. First, the ARM’s mortgage rate is pegged; held fixed for a set number of years. This period ranges from one year to 10 years; periods of five and seven years are most common.

When the initial fixed-rate period ends, the mortgage rate then adjusts based on a pre-set formula. The formula is established by contract in the mortgage closing paperwork, and is commonly defined as:

(Adjusted Mortgage Rate) = (2.250 percent) + (Current 1-Year LIBOR)

Next, every 12 months, based on the same formula as above, the ARM adjusts again until 30 years have passed and the loan is paid is full.

It’s important to recognize that in the above equation, LIBOR is a variable so as LIBOR goes, so goes your adjusted mortgage rate. And because LIBOR is ultra-low right now, adjusted mortgage rates are ultra-low, too. LIBOR is expected to stay this way until the global economy has recovered more fully. Analysts predict a higher LIBOR by mid-2012.

So, if you have an adjustable-rate mortgage that’s due to reset this season, don’t rush to refinance. For at least one more year, you can benefit from low rates and low payments.  As for the next adjustment, though, that’s anyone’s guess.

I Am Here To Help….A Little. I Want To Buy You A 1/4 Tank Of Gas!

Contest Rules: Be The First to comment below and correctly guess where this picture was taken, and I will mail you a $20 Gas Card! This picture can be anywhere in Fannin, Gilmer, Union or Towns Counties. That’s it, simple as that. If you don’t know for sure, keep on guessing! You can guess as many times as you like. Winner will be announced Wednesday May 11th when a New Picture is revealed for the next “Whur Am I?” Contest.

Below is the picture for the May 4th “Whur Am I?” Contest. Good Luck!