Wednesday, December 31, 2008
Monday, December 29, 2008
Forbes Magazine Predicts Atlanta Recovery to Begin in 2009
Friday, December 26, 2008
Current Mortgage Rates (as of 12/26/08)
Conforming 30 Year Fixed
5.000% Rate
5.157% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR
Conforming 5 Year ARM
5.125% Rate
5.284% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only. When Mortgage Insurance is applicable, it is not calculated in the APR
FHA 30 Year Fixed
5.000% Rate
5.208% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $250000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.
Non Conforming 30 Year Fixed
6.750% Rate
6.880% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.
Non Conforming 5 Year ARM
5.250% Rate
5.324% APR
Pricing based on 720 credit score, 30% Debt to Income Ratio, 80% Loan to Value Ratio, $600000 Loan Amount, 30 Lock Days, Qualified Borrowers Only.
7 Reasons to Own Your Home
Wednesday, December 24, 2008
Sunday, December 21, 2008
Questions to Ask When Choosing a REALTOR®
Friday, December 19, 2008
Why You Should Work With a REALTOR®
5 Common First Time Home Buyer Mistakes
Thursday, December 18, 2008
10 Ways to Prepare for Homeownership
Tuesday, December 16, 2008
Rules for Tasteful Holiday Décor
By Barbara Ballinger
December 2008
There's no doubt the holidays are near: Malls filled with poinsettias, festive music filling elevators, catalogs flooding mailboxes, and home design magazines packed with ways to make the season bright.
Many sellers want to pull out the stops and decorate according to family traditions, but houses that are on the market shouldn’t be overly personalized or cluttered at any time. Your job as a real-estate practitioner is to help sellers strike a balance between enjoying their traditions yet showing restraint. Explain that too much “stuff” camouflages what’s most important when decorations come down: a home’s architectural details, its condition, location, and price.
“Your goal is to help sellers show off their houses, but not their holiday decorations,” says Julie Dana, a home staging professional and co-author of The Complete Idiot’s Guide to Staging Your Home to Sell (Alpha, 2007). If you succeed, you’ll get them to convince buyers, “I wish this were my home for the holidays,” says Bruce Johnson, president of Lee Kimball, a design/build firm in Winchester, Mass.
Amid all of the challenges of listing a home during the holidays, there is one big plus: Most buyers who are actively looking at this time of year are serious. The following tips will help sellers achieve the right decorating balance:
Add tasteful, generic decorations. “Tasteful decorations can be an asset to a sale,” says David Iannuccilli, CRS, GRI, and co-broker/owner of RE/MAX Professionals in East Greenwich, R.I. But since taste is subjective, we asked Iannuccilli and other pros to define what good holiday taste looks like—and doesn’t. Most define it as “elegant,” “simple,” and “quiet.” Iannuccilli specifies a minimalist approach--one wreath, one tree, one dining table centerpiece. Dana recommends a tall narrow tree to emphasize a room’s height and conserve floor space. In the don’t-do list, Dana cites no “cute” wreaths with gingerbread men or oversized inflatable snowmen on front yards. She also suggests steering clear of personalized objects such as monogrammed stockings. “When decorations get too personal, people have a hard time picturing themselves in the home,” she says. Pat Heydlauff, a feng shui expert in Palm Beach County, Fla., recommends no or few religious symbols, whether crèches or menorahs.
Trade nonseasonal for seasonal decorations. To avoid clutter, remove a nonholiday accessory for each seasonal accessory added, says Dana.
Don’t imitate Scrooge. Even if decorating seems a Herculean task, tell sellers not to avoid all decorations. “People expect some, and they add warmth,” says Dana.
Think green…and metallic, and white. Too much red and green can backfire. Practitioners suggest a neutral palette of fresh greens, elegant silvers and golds, and classic whites. Karen Fornash, a real estate guru in New York, favors vases of white roses, lilies, and freesia, complemented by evergreens. Christi Page, owner of Top Drawer Hardware in Santa Monica, Ca., suggests replacing a few knobs in a bathroom or kitchen with ones that add a touch of seasonal color.
Remember the joy of entertaining. Because home entertaining connotes happy homeownership, builder David Cohen of Hampden Design & Construction in Newton, Mass., suggests staging a kitchen as if the owners were going to throw a cozy holiday party. “People don’t want things to look stark at the holidays,” he says.
Be mindful of valuable gifts. Keep most holiday presents and family heirlooms out of sight to avoid distracting buyers, says Gregg Goldsholl, a practitioner with Weichert Realtors in Larchmont, N.Y. Doing so also is a smart precaution for open houses. “Not all people who tour a home are trustworthy,” Dana says.
Keep up decorations for a limited time. While most homeowners love prolonging the holiday spirit, experts suggest curtailing it when the house is on the market. Dave Sears, co-founder of OptHome, a homeownership resource Web site in Winchester, Mass., advises a maximum of two weeks before and two after Christmas.
Add warmth and energy. Nothing says holidays more than twinkling lights and crackling fires, but make smart choices. Lights, which also help illuminate a home’s exterior in the dark—particularly important in winter when many showings take place—shouldn’t be left on all the time. Advise sellers to select efficient LED bulbs and use them with motion detectors or timers, says Rozanne Weissman, senior director of consumer campaigns with the nonprofit Alliance to Save Energy in Washington, D.C. To get a fire going quickly and make clean-up easier, consider manufactured logs, says Mendy Aul, with Pine Mountain in Daleville, Ind.
Minimize smells. Holiday aromas—baked goods and live greens—enhance seasonal decor, but overly strong odors from air fresheners and candles may send buyers running, says Deanne Kory, senior vice president with The Corcoran Group in New York. Heydlauff tells sellers to leave out a plate of cookies, which buyers will associate with the spirit of giving.
Play soothing music. Most people get their fill of jingles and carols, so suggest nonseasonal favorites that appeal year-round, says Sears.
Use timely marketing materials. Everyone wants to lower expenses, but it’s critical not to cut corners when you're taking photos for listing materials. The wrong images—a living room with a tree in summer—signal that a house has been on the market too long, says Dana.
Remember winter’s threat. If sellers live in a cold climate, remind them to shovel walks rather than have snow and ice become part of the décor.
Thrifty Solutions for an Outdated Kitchen
By Sarah Shideler
In the eight years that we’ve operated our design and building business, WMS Construction in Marin County, Calif., my husband, Bill Shideler, and I have collaborated on a number of kitchen remodels for other people. A few years ago, we moved into an outdated ranch home and decided to use that collective experience to expand and update our own kitchen.
The challenge we faced involved a key element in limited supply: money. We knew that we’d be doing a substantial amount of the work ourselves or supervising subcontractors called in for selected jobs. But our budget couldn’t exceed $40,000—a bargain here in California. Here are some of the lessons we learned that sellers can use in turning that old, tired kitchen into a showplace buyers will clamor to call their own.
1. Add space and light by removing a wall. Instead of shelling out thousands of dollars to build additional floor space for our cramped kitchen, we took a simpler, less invasive approach. We replaced the partition walls with a single supporting beam and extended the exterior wall to enclose an underused 8-by-9-foot deck. For more light we added a large skylight and enlarged the garden window.
2. Don’t move the plumbing. Although it was tempting to move the sink from the back wall to the new island, it would have cost us an additional $1,200. Relocating the stove was possible, but moving the gas and electricity would have run at least $500 plus the cost of a new stove to work with the island. We did relocate the fridge to make room for the island, which we use for both food prep and casual dining. However, keeping most of the appliances in the same place saved us an estimated $2,000.
3. Unclutter the countertops with special hardware. Limited counter space doesn’t have to mean limited workspace. Mounting a stand mixer and a food processor on heavy-duty appliance lifts from Rev-A-Shelf kept them out of the way but instantly accessible. The brackets are strong enough to support an appliance in use, so you can lift it up to create an instant workstation. The lifts average about $90 each.
4. Buy ready-to-assemble cabinets. We chose white melamine boxes for most of the kitchen and cherry for the hutch, all from CabParts. The drawer boxes were ordered from Drawer Box Specialties. Ordering parts by mail and installing them yourself requires careful planning and precise measurements, but the payoff is major savings (for us, about $15,000).
5. Consider a variety of countertop materials. We wanted granite for its look and durability, but our budget kept us from using it on the island as well as the countertop. By shopping around, we found a 3⁄4-inch-thick granite slab that cost 30 percent less than a 1 1⁄4-inch version. The granite’s true thickness is visible around the undermount sink, but a laminated edge makes it look like a thicker slab and hides the plywood backing, which adds structural support to the countertop. A maple butcher-block top on the island costs about $450.
Saturday, December 13, 2008
What About That Foreclosure Moratorium?
Tuesday, December 9, 2008
Low Prices, Low Rates Mean Opportunity
Prices have always softened in the winter. As temperatures fall, bargain hunters will have bigger then usual opportunities.
New homes likely to become scarce. Ian Shepherdson, chief United States economist for the research firm High Frequency Economics, said he believes that a steep drop-off in inventory of new homes is coming soon, thanks to a rapid decrease in home builder activity.
Location. Location. Location. Buying the best-priced house in a really good neighborhood is still smart.
Will values go up? You may have to live in a house for 10 years, but over time, buyers will almost certainly make money.
Monday, December 8, 2008
Maybe It’s Time to Buy That First House
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.
Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.
Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing prices have fallen drastically from their peak levels in many areas of the country. Rates on 30-year fixed-rate mortgages are already close to 5.5 percent, and this week there were suggestions that the federal government might try to drive them down to 4.5 percent, a truly incredible figure to be able to lock in for three decades.
Meanwhile, first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. That is an added advantage in areas where many available houses simply are not moving, because the people trying to sell them will not be bidding against you.
If you’re hoping for a recovery in the housing market, you ought to be cheering on the first-time home buyers. When they purchase homes, their sellers are free to move on or move up, stimulating further sales.
But if you are a potential first-time buyer yourself, or lending or giving the down payment to one, you are probably as frightened as you are tempted by all the “For Sale” signs that have become “On Sale” signs. So let’s quickly review some of the still-grim pricing data in certain areas — and consider the reasoning offered up by first-time buyers who have forged ahead anyhow.
As is always the case with real estate, much depends on location. One study, “The Changing Prospects for Building Home Equity,” tries to predict where today’s first-time buyers in the 100 biggest metropolitan areas may actually have less home equity by 2012 as a result of continued price declines. The verdict was that buyers in 33 of the markets could see a decline by 2012, including potential six-figure drops on an average home in the New York City, Los Angeles, San Francisco and Seattle metropolitan areas.
This is obviously scary. (I’ve linked to the study, a joint effort of the Center for Economic and Policy Research and the National Low Income Housing Coalition, from the version of this article at nytimes.com/yourmoney.) It’s worth noting, however, that these predictions came before the government made its most recent move to reduce borrowing costs.
Also, the price projections in the study are based, in part, on the fact that the ratio of purchase prices to annual rents is still higher in many areas than the historical average, which is roughly 15 times rents. While past figures may well have some predictive value, I have never been convinced that first-time buyers compare a home that they could own and one that they would rent in purely or even primarily economic terms.
When Jaime and Michael Proman moved this fall to Minneapolis, his hometown, from New York City, they craved a different sort of life after two years together in a 450-square-foot studio apartment. “We didn’t want a sterile apartment feel,” said Mr. Proman, who is 28 (his wife is 26). “We wanted something that was permanent and very much a reflection of us.”
The fact is, in many parts of the country there are few if any attractive rentals for people looking to put down roots and enjoy the sort of amenities they may spot on cable television home improvement shows. Comparing a rental with a place that you may own seems almost pointless in these situations, especially for those who are now grown up enough to want to make their own decisions about décor without consulting the landlord.
Still, for anyone feeling the urge to buy, a number of practical considerations have changed in the last year or two. The basics are back, like spending no more than 28 percent of your pretax income on mortgage payments, taxes and insurance. Even if a lender does not hold you to this when you go in for preapproval, you should hold yourself to it.
You will also want to start now on any project to improve your credit score because it may take several months to get it above the 720 level that qualifies you for many of the best mortgage rates.
John Ulzheimer, president of consumer education for credit.com, a consumer credit information and application site, suggests starting to pay down and put away credit cards months before you apply for a loan. That is because the credit scoring system could penalize you if you use a lot of credit each month, even if you always pay in full. Also, check your three credit reports (it’s free) at annualcreditreport.com and dispute errors.
While no one can easily predict the likelihood of losing a job, Friday’s startling unemployment figures suggest the need for caution if you think you might be vulnerable. A. C. Panella, who teaches communications at Pasadena City College in California, waited until she had a tenure-track job before buying a home in the Highland Park section of Los Angeles with her partner, Amy Goldman, a lawyer for a nonprofit organization. “We could afford the mortgage payment on one salary, were something to come up,” Ms. Panella, 31, said. “It’s really about being able to stay within our means.”
For many first-time home buyers, that philosophy stretches to the down payment, too. Ms. Panella and her partner put down 20 percent when they bought their home in September, as did the Promans when they bought their home in the Lowry Hill neighborhood of Minneapolis.
Alison Nowak, 29, put just 3 percent down on a Federal Housing Administration-backed loan last month when she and her partner, Lacey Mamak, bought a $149,900, 800-square-foot home several miles south of where the Promans live. “Anything that is an opportunity also has a bit of risk,” she said. Her house was in foreclosure before a plumber bought it and fixed it up. “One way we mitigated it was that we bought a really tiny house in a very good neighborhood.”
One other strategy might be to buy new instead of used. Ian Shepherdson, chief United States economist for the research firm High Frequency Economics, says he believes that a steep drop-off in inventory of new homes is coming soon, thanks to a rapid decrease in home builder activity.
Since prices generally soften in the winter, it may make sense to start looking seriously once the mercury bottoms out. “If you look at new developments next spring, you may not have the choice you thought you would have or be in the bargaining position you thought you would be,” Mr. Shepherdson said. Also, if you wait after June 30, you will miss out on a $7,500 federal tax credit for income-eligible first-time home buyers that works like an interest-free loan.
Finally, allow yourself to consider how it would feel if you bought and then prices dropped another 10 or 15 percent. It might not bother you if you plan to stick around. Plenty of people seem to be making a longer commitment to their homes. According to a survey that the National Association of Realtors released last month, typical first-time buyers plan to stay in their home 10 years, up from 7 last year.
Perhaps people are more aware that they will not be able to build equity as rapidly as others did in the real estate boom. Or they simply have more confidence in hard, hometown assets now than in other markets.
“We wouldn’t let another decline bother us,” said Michael Proman. “You can never time a bottom. This is a long-term investment for us, and it truly is the best investment we have in our portfolio right now.”
Saturday, December 6, 2008
Mortgage Rates Take a Big Dip This Week
Saturday, November 29, 2008
Atlanta Real Estate Positive Angles
Recent Quotes & Excerpts about the Positive Signs in the Real Estate Market:
Industry Leaders See Opportunity for Homebuyers
“What we’ve seen is that people still have jobs even though it’s pushed up to 6.5% unemployment. Most people are going to see some increase in income, and we still have mid-range, single-digit interest rates. We have a lot of inventory to choose from, so there’s some opportunity, and I think confidence is the issue that we need to focus on.”
-- Tom Kunz, president and CEO, Century 21 Real Estate, “Century 21 CEO on Housing,” CNBC Power Lunch (video), Nov. 18, 2008.
“You are buying a home for your family to live in and to enjoy. You get tax write-offs that the government gives us, so timing the market is not a smart thing. You should buy for lifestyle. Right now, in my 34 years in real estate, is the best time I’ve ever seen to buy real estate.”
-- Jim Gillespie, president and CEO, Coldwell Banker Real Estate, “Keeping Homeowners in Their Homes,” Fox Business News (video), Nov. 18, 2008.
Friday, November 28, 2008
Dear Jon
Q & A
Thursday, November 27, 2008
Wednesday, November 26, 2008
Mercedes C320- FOR SALE
My good friend Brian is selling his Mercedes Benz C320 at a really great price. Here are the specifics:
Mercedes Benz C320- Black 4 Door Sedan
Gray leather interior with wood trim
Sunroof, CD Player
Excellent condition
59,531 Miles
PRICED at $13,000
Attached are pictures and if you are interested contact Brian directly at bet1974@comcast.net or (404) 932-9197.
Tuesday, November 25, 2008
You're invited to attend a Loft Tour!
Housing Showing Signs of Recovery
“With all the turbulence and losses in stocks and bad economic news in the headlines lately, you can easily lose perspective on what's really going on in the real estate sector.
* Well, remember that there is a huge pent-up demand simmering away out there for housing – especially from first-time buyers who want to scoop up low-priced deals.
* Fixed 30 year rates fell from 6.5% to 6.24% during the week. Fifteen year rates broke below 6% to 5.9%, down from 6.14%.
* Pending home sales were higher than year-earlier levels for the second straight month – 1.6% higher than September 2007.
* Although pending sales contracts were down slightly for the month, in the Western states they were up by 3.7%, and now stand at an extraordinary 39.7% higher than they were at the same time in 2007.
* Already sales are up significantly in major markets in many parts of the U.S. NAR Chief Economist Lawrence Yun specifically mentioned the west coast of Florida, the Phoenix area, Virginia, Long Island, N.Y., Kansas City, Minnesota and Idaho.
So here's the key point to keep in mind as you try to make sense of the headlines: The stock market is NOT the housing market. It's on a whole different set of tracks. And it's been in a highly volatile state for more than a month. Housing, on the other hand, has already endured its painful correction for two and a half years … is now pretty much stabilized … and is slowly moving toward its cyclical recovery.”
-- “Real Estate Outlook: Housing in Recovery,” by Kenneth R. Harney, Realty Times, Nov. 18, 2008.
Monday, November 24, 2008
A bit about my profile!
Buying or selling your home in today's economic and cultural climate is a daunting task. That is why you need a solid, reputable realtor to meet your needs. As a seven- year veteran of the Atlanta real estate market, Jon Chapman can successfully manage your move into the community and into the home of your dreams.
Looking for the right place to call home? Jon's planning, marketing, and talent for matching the right homes with the right people will assure that your buying and selling process will be painless. Through constant research and advice, Jon will match your needs to be best suitable home. Jon is well versed in Atlanta’s corporate culture, nightlife, art and music scenes, as well as the myriad of communities metro Atlanta offers. This will assure you of finding the ideal space where you can create your home.
As a multi-million dollar producer, Jon tracks up and coming communities, identifies changing housing trends in metro-Atlanta, and specializes in the Atlanta condominium and single family homes. This experience coupled with his winning personality makes him the perfect fit for your needs.
Call today for an appointment customized around your individual needs! (404) 285-9738
Top Real Estate Company Nationwide!
Hello Atlanta!
Jon Chapman, Realtor, CNS