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There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This series of posts will contain some general suggestions on how buyers can do this.
The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.
1. Read And Keep A Copy Of Any Signed Contract.
A Purchase and Sale Agreement is a legally Binding Contract. It should be read in its entirety by the Buyer before it is signed to ensure that it reflects the business agreement of the parties. Verbal promises not included in the contract are generally unenforceable. Buyers should comply with all time deadlines in a contract since missing a deadline can leave the Buyer in breach of contract. Getting an early start on arranging such things as inspections and financing is the best way for Buyers to avoid missing deadlines. The Buyer should also keep a complete copy of any contract that he or she has signed in the event a dispute arises regarding the authenticity of the contract.
Please check back soon for the second way to protect yourself when buying a home. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.
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Another week, another new low for conforming mortgage rates. In fact, this week marks the 9th time in a row it’s happened.
Mortgage rates are (again) at their lowest levels in history.
The data comes from the Freddie Mac, a government group and major loan securitizer for the U.S. mortgage market. Freddie Mac’s weekly survey is among the most widely-cited reports on mortgage rates and is the data used in home affordability models, among other statistics.
The 30-year fixed rate is averaging 4.42% nationally with an accompanying cost of 0.7 points. 1 point is equal to 1 percent of the loan size. This week’s reported rate is lower by 0.02 percent from last week, and lower by 0.70 percent from one year ago.
On a region-by-region basis, though, “average” 30-year fixed mortgage rates are different.
- Northeast : 4.44 with 0.6 points
- Southeast : 4.44 with 0.8 points
- N. Central : 4.42 with 0.4 points
- Southeast : 4.46 with 0.5 points
- West : 4.35 with 0.8 points
But this isn’t to say that mortgage pricing is better in, say, California as compared to Florida. Note that the West Region — with the lowest average rate — has the highest required points. This is because mortgage rates and mortgage fees move in opposite directions. The type of low-rate/high fee structure common in the West may be right for some home buyers and would-be refinancers, but may not be right for others.
What’s important to remember is that, as a rate-shopper in Georgia , it’s always your choice on how your loan is structured. Banks offer multiple set-ups — with or without points — to meet every applicant’s budget.
As mortgage rates continue to slide and touch new lows, it’s an excellent opportunity to see what your lender can do for you. Low rates won’t last forever.
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How much does a mortgage cost? The answer depends on where you live. But no matter which your locale, chances are strong that you’ll pay more for a mortgage in 2010 as compared to 2009.
According to Bankrate.com and its annual Closing Cost Survey, a typical $200,000, purchase mortgage now carries an average $3,741 in closing costs — up nearly 37 percent from last year.
As defined by Bankrate.com, “closing costs” is defined as the sum of two numbers. The first group is labeled “origination charges”, a category that includes such items as underwriting fees, application fees and processing fees. These fees are paid directly to the loan originator’s company at the time of closing.
The second grouping of costs is labeled “third-party fees”. Third-party fees include appraisals, credit reports, settlement fees and title searches — items paid in connection with the loan, but not paid to the lending bank or broker.
It’s unclear why closing costs appear to have escalated into 2010, but Bankrate.com suggest that recently-enacted federal lending laws are a culprit:
- The new law requires loan officers to be accountable to a Good Faith Estimate’s accuracy. Bankrate.com’s prior-year surveys may have been “understated”, therefore, because of a lack of accountability.
- The cost of federal compliance is high, and banks may be passing on compliance costs to consumers
To see the complete list of closing costs by state, including where Georgia ranks, visit the Bankrate.com website.
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Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000.
A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.
As with most months, just a handful of states dominated foreclosure activity nationwide.
- California : 14.9 percent of all activity
- Florida : 11.6 percent of all activity
- Arizona : 6.4 percent of all activity
- Michigan : 6.2 percent of all activity
- Georgia : 6.1 percent of all activity
- Texas : 4.9 percent of all activity
Together, these 6 states represent just 30 percent of the overall U.S. population.
The other 44 states (and Washington D.C.) were home to the remaining 49.0%.
Despite this imbalance, though, in all markets, foreclosures and REO are making a profound impact on pricing and product. “Distressed” homes now represent 32 percent of the overall resale market nationwide, according to the National Association of Realtors®.
Buying a foreclosed home can make for a terrific “deal”, but buying in the REO market is decidedly different from buying a non-foreclosed property.
As 3 examples:
- Buying bank-owned homes can take 120 days to close.
- Foreclosures aren’t always listed for sale publicly. Some inventory is privately-held.
- Bank-owned homes are often sold “as is”. There may be defects that render the homes mortgage-ineligible.
If you have an interest in buying REO, consider talking with a real estate agent first. Even the negotiation process is different as compared to a non-distressed sale. It helps to have an experienced professional representing your interests.
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Today, in its first meeting in 6 weeks, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged.
The Fed Fund Rate remains at a historical low, within a prescribed target range of 0.000-0.250 percent.
In its press release, the FOMC said that, since June, the pace of economic recovery “has slowed”. Household spending is increasing but remains restrained because of high levels of unemployment, falling home values, and restrictive credit.
Today’s statement shows less economic optimism as compared to the prior year’s worth of FOMC statements dating back to June 2009. The Fed is looking for growth to be “more modest in the near-term” than its previous expectations.
Weaknesses aside, the Fed highlighted strengths in the economy, too:
- Growth is ongoing on a national level
- Inflation levels remain exceedingly low
- Business spending is rising
As expected, the Fed re-affirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period”.
There were no surprises in the Fed’s statement so, as a result, the mortgage market’s reaction to the release has been neutral. Mortgage rates in Georgia are unchanged this afternoon.
The FOMC’s next meeting is scheduled for September 21, 2010.
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Mortgage rates have been falling since April but that momentum could reverse tomorrow.
The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in North Georgia. Jobs are a keystone in economic growth and growth is tied to rates.
Earlier this year, job growth went positive and reached as far north as 431,000 jobs created in May. That figure slipped negative last month, however, as the temporary, decennial census workers left the workforce.
Jobs matter to the U.S. economy. Among other concerns, unemployed Americans spend less on everyday goods and services, and are more likely to stop payments on a mortgage. These effects retard the economy, spur foreclosures, and harm home values.
The reverse is also true. More workers means more disposable dollars and, in theory, a stronger economy.
Analysts expect that a net 65,000 jobs were lost in July. Wall Street — and Main Street — have a big interest in those results.
Poor jobs data would likely result in a stock market sell-off which would, in turn, boost the value of government-backed mortgage bonds. This is because bonds tend to perform well when the economy is sagging and higher bond prices mean lower mortgage rates.
Strong jobs data, however, would likely push stock markets up and bond markets down. This would cause mortgage rates to rise. The stronger the employment figures, the higher mortgage rates should go.
So, if you’re happy with where mortgage rates are today and you’re concerned about what the jobs report may do to them tomorrow, consider talking to your loan officer about locking your rate as soon as possible.
Once the jobs report is released, it may be too late.
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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.
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There is nothing like feeling you are out in the “Boonies,” but you can walk to “Civilization!” You can get the Full Experience of Mountain Living just a few short blocks away from Downtown Blue Ridge Georgia in the Mineral Springs Ridge Community.
Mineral Springs Ridge is located near Great Food, Shopping, City Parks and even one of 4 Drive-In Theaters still operating in Georgia. Enjoy Long Range Mountain Views across Country and Town. There are many Great Outdoor Adventures here in the North Georgia Mountains, and the Aska Adventure Area in just down the road from Mineral Springs Ridge. From there you can do any number of activities, such as Biking, Mountain Biking, Hiking, Fishing, Hunting, Kayaking, and so much more! You can also Catch A Show or Hop On The Train, and take a ride along the Toccoa River and view the Indian Fish Traps along the way. There is always something going on in Blue Ridge, GA.
Mineral Springs Ridge is currently offering some really Good Deals! For a limited time, ALL Remaining Lots For Sale in Mineral Springs Ridge are priced at ONLY $25,000. That is right, Fantastic Mountain View Lots For Sale for ONLY $25,000. There is currently One Home For Sale in Mineral Springs Ridge. There are 2 New Homes that have recently began construction, and should be completed by the end of Summer 2010. There were also 2 Homes that SOLD in the community last year.
The Community is protected by Covenants and Restrictions, and there is a Home Owner’s Association. The property is served by Blue Ridge City Water, Sewer is provided by Private Septic Systems on each individual lot that the new owner(s) will be responsible for, and all Utilities are underground.
If you are looking for a place “Close To Town,” look no further than Mineral Springs Ridge. I can get you in touch with a Reputable Local Builder that will help you build the Home of Your Dreams. If you have any further questions or concerns, I would be grateful for the opportunity to answer those for you. If you would like any additional information, you can Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I look forward to hearing from you soon.
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Relocate America recently released its 2010 list of Top 100 Places To Live In America. The rankings are topped by some cities you may expect, and some you may not.
According to Relocate America, the rankings highlight communities “moving in the right direction”, defined as having a combination of strong leadership, job opportunities, improving real estate markets, recreational options and a good quality of life.
It’s not a bad formula and topping the list of Top 100 Places To Live In America is Huntsville, Alabama. Huntsville was chosen for its low levels of unemployment, stable housing stock, and low cost of living. Last year, Huntsville placed fifth on the Relocate America list.
The Top 10 cities in which to live, as selected by Relocate America are:
- Huntsville, AL
- Washington, DC
- Austin, TX
- San Diego, CA
- San Antonio, TX
- Tulsa, OK
- Charlotte, NC
- Raleigh, NC
- Boulder, CO
- Minneapolis, MN
View the complete Top 100 Places To Live In America 2010 list at the Relocate America website.
Now I may be a little biased, well actually I am very much biased, but these beautiful North Georgia Mountains are an absolute GREAT place to live! I feel that we should be at the top of the list. Here is a great article in the AJC about a Road Trip to Blairsville, GA. Keep in mind that Union County has the 3rd lowest taxes in the State of Georgia.
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Shopping multiple lenders for a “good mortgage rate” can sometimes save you 1/8 percent on your rate and/or a few hundred dollars in fees. However, when it comes to getting the best mortgage rate, you’re going to more than good research skills.
You’re going to need some luck.
Mortgage rates for people in the North Georgia Mountains or anywhere else, for that matter, are unpredictable, ever-changing, and rarely change as expected.
For example, when the Federal Reserve left the mortgage market March 31, 2010, analysts said that mortgage rates would rise by a half-percent or more. It was practically stated as fact on TV. When April 1 came around, though, rates didn’t rise.
Instead, a volcano erupted and mortgage rates dropped on safe haven buying.
Then, a week later, as the volcano ash cleared, mortgage rates were supposed to resume their rise. Only they didn’t. Instead, a debt crisis emerged in the Eurozone and mortgage rates dropped.
Since March 31, conforming mortgage rates are lower by roughly 0.125 percent, according to Freddie Mac’s weekly mortgage rate survey. At today’s rates, the savings are roughly $20 per month per $200,000 borrowed — or $100 per month based on their original, post-March 31 forecast.
It brings us to one of the most important axioms in rate shopping: You can’t shop for good luck.
- On some days, rates go higher
- On some days, rates go lower
- On some days, rates stay the same
Occasionally, there are days when rates do all three.
As a home buyer or would-be refinancer, what rate you get depends on at what time of day you do your shopping.
You can’t predict what will happen next in mortgage markets — even just an hour from now. Therefore, the smartest move, sometimes, is just lock your rate now. At least that way, you’ve got a guarantee.
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