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Monthly Archives: March 2012

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Beware of 9 Costly Mistakes When Buying a Home

Your Guy for That Friday, March 30th, 2012 No Comments

Buying a home is a major investment no matter which way you look at it. But for many homebuyers, it’s an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either paying too much for the home they want, or losing their dream home to another buyer or, worse, buying the wrong home for their needs.
A systematic approach to the homebuying process can help you steer clear of these common traps, allowing you to not only cut costs, but also buy the home that’s best for you.
An industry report has just been released entitled “Nine Buyer Traps and How to Avoid Them”. This important report discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avo… Continue Reading Beware of 9 Costly Mistakes When Buying a Home

Posted in Buyer Tools, Feed, First Time Homebuyers, News & Reports, Real Estate

East Point Strategic Economic Development Planning Meeting Highlights

Your Guy for That Wednesday, March 28th, 2012 No Comments

Last evening East Point hosted a Community Meeting at Jefferson Park Recreation Center gathering feedback for the City’s Strategic Economic Development Plan. There were about a dozen people who came out to provide feedback to the consultants.
So, what is a Strategic Economic Development Plan? The Strategic Economic Development Plan will give City leaders an objective assessment of East Point’s competitive position in attracting business to our city. It will identify opportunities East Point may have in specific industries and locations within the city limits. The plan ultimately will provide a road map for the City to succeed in attracting private investment within an extremely vibrant and competitive regional market.
A big portion of last night’s meeting was to provide context as t… Continue Reading East Point Strategic Economic Development Planning Meeting Highlights

Posted in East Point, Feed, Real Estate, Schools, Small Business

Expect Volatility in Mortgage Rates

Your Guy for That Tuesday, March 27th, 2012 No Comments

Mortgage rates remained volatile over the last week, mostly due to shifting expectations about future Fed action. While the Fed does not control mortgage rates directly, it’s important to remember that the Fed maintains an enormous influence. Mortgage rates are largely determined by mortgage-backed securities (MBS) prices. To boost the economy after the financial crisis, the Fed has taken extreme actions, including the purchase of enormous quantities of MBS, called quantitative easing (QE). This extra demand from the Fed has helped push mortgage rates down to record lows. The Fed has said from the start that these are temporary measures, though, and recent economic conditions have caused reduced expectations for another round of QE. The result is that investors are less inclined to hold po… Continue Reading Expect Volatility in Mortgage Rates

Posted in Buyer Tools, Feed, First Time Homebuyers, Interest Rates, Mortgage News, News & Reports, Real Estate

Pending Home Sales Ease in February but Solidly Higher Than a Year Ago

Your Guy for That Monday, March 26th, 2012 No Comments

Pending home sales were down slightly in February but remain notably above the pattern in the first half of last year, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factor… Continue Reading Pending Home Sales Ease in February but Solidly Higher Than a Year Ago

Posted in Feed, News & Reports, Real Estate

HARP 2.0 Now Available

Your Guy for That Friday, March 23rd, 2012 No Comments

A reminder that the government-sponsored HARP 2.0 program is now available. This will enable current home owners with loans owned by Fannie Mae or Freddie Mac who purchased prior to May 31, 2009 to refinance despite the current value of their home. If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage.
The two big changes moving forward are that the program allows for an unlimited loan-to-value and allows for the current level of PMI to be maintained if PMI currently required. Second mortgages can’t, however, be rolled into the new loan. … Continue Reading HARP 2.0 Now Available

Posted in Fannie Mae, Feed, Freddie Mac, Interest Rates, Mortgage News, News & Reports, Real Estate

This Month in Real Estate: March 2012

Your Guy for That Wednesday, March 21st, 2012 No Comments

March 2012  Market Update
Opportunities in the housing market continue to grow for buyers and sellers. Home affordability, driven mostly by record low interest rates, is among the lowest it has ever been. According to the National Association of Realtors, and based on national averages, the payments on a home today represent 12.8% of the median household income. This is both a good sign for those looking to purchase a home, and for the economy overall as consumers are keeping more money in their pockets.
If you’re seller, the housing market shows signs of transitioning from a buyers’ market more of a balanced one. This means that home owners should start to see prices stabilize and begin to grow, presenting more favorable opportunities for those looking to sell their homes. In re… Continue Reading This Month in Real Estate: March 2012

Posted in Buyer Tools, Feed, First Time Homebuyers, Interest Rates, Mortgage News, News & Reports, Real Estate, Sellers

Utility Rate Remains the Same…. Win or Lose?

Your Guy for That Tuesday, March 20th, 2012 No Comments

Last night the East Point City Council voted to keep the current utility rate in place indefinitely. The utility base rate is currently $47.80 and until last night was scheduled to increase to $66.85 on July 1, 2012. The City has been using a subsidy to keep the rate down to $47.80 since the middle of last year. This subsidy was intended to help ease the needed rate of $66.85 through a 2-year phased increase. The subsidy will expire on July 1, 2012 in which the utility will need to make up $2M.
This vote goes against the recommendations from the Staff in the Utility Department, the Interim City Manager and countless outside recommendations. Council voted to stop the planned increase without the endorsement of any industry professional. According to current proposals, removing the planned … Continue Reading Utility Rate Remains the Same…. Win or Lose?

Posted in East Point, Feed, News & Reports, No New Taxes, Real Estate, Taxes

March Home Sales Report

Your Guy for That Thursday, March 15th, 2012 No Comments

Home sales were up 4.3% in January from December 2011 to 4.57 million (seasonally adjusted), and this is up from 0.7% from the year before.  The steady increase in home sales over the last few months is positive encouragement for a continued housing recovery. Lawrence Yun said, “The uptrend in home sales is in line with all of the underlying fundamentals– pent-up household formation , record-low mortgage interest rates, bargain home prices, sustained job creation, and rising rents.”
… Continue Reading March Home Sales Report

Posted in Feed, Interest Rates, News & Reports, Real Estate

East Point Launches New Customer Care Phone Services

Your Guy for That Wednesday, March 14th, 2012 No Comments

The City of East Point’s Customer Care Department is pleased to announce the launching of its new Interactive Voice Response (IVR) System. The new system will allow residents to pay their utility bills and to obtain general account information over the phone. The automated system will be accessible by calling the Customer Care Department at (404) 270-7010 and selecting option 1.
The IVR gives customers the option of checking their account balance and billing history, making payments or requesting a fax summary of the account information. The system will accept credit or debit cards bearing a MasterCard, Visa, Discover or American Express logos. A $2.50 convenience fee will be applied to each payment.
The IVR system will allow customers access to their accounts after hours and on weekends… Continue Reading East Point Launches New Customer Care Phone Services

Posted in East Point, Feed, Homepage

FHA Incentives to Refinance or BUY NOW!

Your Guy for That Wednesday, March 14th, 2012 No Comments

FHA Incentives to Refinance
President Obama announced a new major FHA change last week that generated a lot of press and has a lot of substance. Home owners who purchased prior to May 31, 2009 using FHA financing will be allowed to refinance at an up-front mortgage insurance (MIP) factor of only .01% and an annual MIP factor of only .55%. Note in segment below that these factors are increasing by significant amounts in just a few weeks so this will equate to HUGE savings for any eligible home owner. This is a big deal equating to a savings of $100 a month on a $150k loan!

FHA Incentive to Finalize Contracts By April 6th
As announced last week, effective with all case numbers assigned on or after Monday, April 9th (originally reported as Apr 1st), FHA up-front mortgage insurance (MIP… Continue Reading FHA Incentives to Refinance or BUY NOW!

Posted in Feed, FHA, Mortgage Insurance, Mortgage News, News & Reports, Real Estate
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