Water Conservation Tips

From the EPA’s website, I wanted to provide you with the following water conservation tips and techniques.

• -  Don’t let water continue to run while shaving or your brushing teeth.
• -  Take short showers instead of tub baths.
• -  Keep drinking water in the refrigerator instead of letting the faucet run until the water is cold.
• -  Scrape, rather than rinse, dishes before loading them into the dishwasher. Also, only wash full loads.
• -  Only wash full loads of laundry or use the appropriate water level setting.
• -  Replace plumbing fixtures and appliances with high-efficiency units.
• -  Repair all leaks, regardless of size. A leaky toilet can waste 200 gallons of water per day. If you put food coloring in the toilet tank and it appears in the bowl, then your toilet tank is leaking.
• -  Water your lawn or garden during the early morning, assuming its allowed.
• -  Only water plants according to what they need.
• -  Adjust lawn sprinkler heads to ensure they only water the lawn or garden and not the street or sidewalk.
• -  Use soaker hoses or trickle irrigation systems for trees and shrubs.
• -  Keep your yard healthy by de-thatching and using mulch.
• -  Sweep sidewalks and driveways instead of using a water hose.
• -  Landscape using “rain garden” techniques to save water and reduce stormwater runoff.

Lowest 30 YR Mortgage Rates since 1971

                                                                                                                                             Still waiting for the interest rates to get lower? Well you might be too late if you don’t jump on the bandwagon NOW.  We have officially seen the lowest rate in 30 years last week and now the rates are starting to tick up.    Check out the ABC article below. 

Email me at annastephens@dorseyalston.com to get your home search started today!

Atlanta Business Chronicle May 7, 2009

Mortgage rates remain near historic lows, but rates ticked up a bit this week, a move Freddie Mac links to the improving outlook for the U.S. economy. The average rate on a 30-year fixed-rate mortgage rose to 4.84 percent this week, up from last week’s 4.78 percent, which tied the lowest rate for a 30 year mortgage since Freddie Mac started keeping track in 1971. A year ago, 30 year fixed-rate mortgages averaged 6.05 percent. A one year adjustable rate mortgage rose a fraction to an average 4.78 percent. “Mortgage rates rose slightly this week amid positive economic news that the economy may be approaching the bottom of the recession, said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. “In terms of the household sector, the final April estimate of consumer sentiment, as measured by the University of Michigan, was revised above the market consensus.” Federal Reserve Board chairman Ben Bernanke testified on Capitol Hill this week that the Fed believes economic activity will begin to recover later this year. Benanke also said the Fed sees signs the housing market is stablizing. Those signs include a report this week from the National Association of Realtors that pending sales of existing homes rose in March after rising in February, the first back-to-back increase in pending home sales in a year.

Rock Bottom Interest Rates

Buyers if you are waiting for rates to hit rock bottom then now is your chance to capitalize.  You snooze your lose don’t miss your opportunity.

Atlanta Business Chronicle

Published: April 30, 2009

Long-term mortgage rates this week reached the lowest level since at least 1970, falling for the third consecutive week.

Freddie Mac’s weekly rate report says the average 30 year fixed-rate mortgage fell to 4.78 percent, matching a low set April 7 and the lowest 30 year mortgage rates have been since Freddie Mac started keeping track in 1970.

Adjustable rate mortgages also eased, but one year adjustable-rate mortgages are averaging rates nearly the same as 30 year fixed rates, at 4.77 percent.

“Mortgage rates for 30 year fixed-rate mortgages, the most popular loan among homebuyers are families seeking to refinance, are more than 1.6 percentage points below the recent peak set at the end of October 2008,” said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. “For a $200,000 loan, this means a monthly savings of almost $212 in mortgage payments or over $2,500 a year.”

Freddie Mac says borrowers who refinanced their mortgages in the first quarter reduced their mortgage payments by about $2.5 billion over the coming year.

There are growing signs the housing market may be on the mend. Existing home sales stayed near their four month average in March, while sales of new homes were stronger than expected last month. The inventory of unsold new homes fell to the lowest level since January 2002.

Walk, Run or Bike to this Earth Day Deal!

One of Atlanta’s most green restaurants is none other than Pizza Fusion, located in the Aramore building in Buckhead. The unique pizzeria is entirely green, from the biodegradable food containers to the countertops made out of recycled glass soda bottles and everything in between. Of course, their food is also green – fresh and organic. So, it makes perfect sense that the restaurant would host a special Earth Day promotion.

The first 50 people to walk, run, bike, take MARTA or drive by hybrid car will get a free personal organic pizza and Honest Tea. Earth Day is Wednesday, April 22, and the restaurant opens at 11:00 a.m. In addition, the first 50 children that use those same methods of transportation listed above get a free personal organic cheese pizza and Honest Kids beverage. The first 50 patrons to order a specialty pizza get a free reusable tote. From 5 to 9, Captain Planet will be at Pizza Fusion, signing autographs and posing for pictures. The event encourages eco friendly behavior – Pizza Fusion has mastered the art of hosting Earth Day Celebrations!

Lawn Tips for the Spring Market

I thought June had some tips worth sharing for all potential and existing sellers in this market.   Bottom line is don’t do all the work on the inside and neglect the outside as you have got to get your buyer in the door.  Landscaping can make such a huge impact on your curb appeal.

The WallStreet Journal By JUNE FLETCHER

The cherry blossoms are in full bloom in my hometown of Washington, D.C., marking the beginning of the spring home selling season.

If you, like me, are preparing to put your home on the market, that means that you not only have to stage your home’s interior to impress potential buyers, but you have to spruce up your yard, too.

Although many sellers in my market hope that a drift of daffodils will clinch a deal, in truth, plants can hurt a home’s curb appeal as much as they can help it. For instance, a drift of wild, weedy onions hidden in the grass can make a newly mowed lawn smell like a gas station restroom; trees planted too close to a house mask its best features and conjure alarming visions of weekends on a rickety ladder, cleaning gutters.

That’s not the impression you want to make on buyers who fantasize about lounging on the patio, not messing with pole pruners. So here are some tips for staging your yard for sale:

• Baby the lawn. Find a high-quality weed killer with lots of micronutrients as well as nitrogen, phosphorus and potassium with pre-emergent herbicides (organic ones use corn gluten) to kill growth before it starts. Send your soil to your county or state’s extension service, an agricultural resource center that you can find through the USDA’s Web site, to have its pH levels tested; spread lime on your lawn if the pH level is below 6.0, or an acidifying agent like gardener’s sulfur if it is above 7.0. And set your mower high (about three inches) to reduce the grasses’ stress and cut down on the need for water.
• Trim the overgrowth. Prune any branches that touch the house, cover a window or block a path. To reduce mold growth, keep plant material at least a foot away from siding.

Keep Reading

Some Postive News for a Change

With all the negativity in the press on the housing and stock market I wanted to be sure to share a positive message that things are looking up according to a very reputable source the Wall Street Journal.  And I am experiencing a positive upswing in the market first hand with the last 4 offers I have written being in a multiple bid situation.  The reality is get off the fence before it is too late…

New-Home Sales Rise 4.7 Percent

Wall Street Journal, By Kelly Evans

March 26, 2009

Sales of new homes rose in February for the first time in seven months, the Commerce Department reported Wednesday, another sign that the housing market is thawing.

The increase was fueled by higher activity in the South and West, where deals on foreclosures and other “distressed” properties, particularly in California, are helping to drive interest. Sales of new and existing homes are picking up month over month, and prices may soon follow. But the crosscurrent is whether unemployment will continue to rise, says USC real-estate economist Delores Conway. Stacey Delo reports.

The data “have allayed some fears that the housing market would continue to freefall,” said Omair Sharif, an economist with RBS Greenwich Capital, “but it’s way too early to say if we’ve hit bottom.”

Wednesday marked the third consecutive day of positive news in the housing market, a contrast to the drumbeat of bad news in recent months. On Tuesday, a government gauge of home prices posted its first gain in almost a year, while Monday brought news that sales of previously owned homes, the biggest share of the market, also increased last month.

Also Wednesday, the California Association of Realtors said existing-home sales in the state were up 83% in February from the previous year, as the median home price was down some 40%, helping to shrink inventories to about a six months’ supply from 15 months last year…..

Carbon Monoxide could be the “silent” killer in your home

New Georgia State Law Requires Carbon Monoxide Detectors

Effective 1/1/09, a new Georgia law requires carbon monoxide (CO) detectors in all new one and two family homes and townhomes of three stories or less.

Often called the “silent killer,” carbon monoxide is an invisible, odorless, colorless gas created when fossil fuels don’t burn completely. In homes, heating and cooking equipment that burn fuel are potential sources of CO. Cars or generators that run in an attached garage can also produce dangerous levels of CO.

 

The new law affects only new home construction although all residents are encouraged to install CO detectors. With this change, Georgia becomes the 16th state with a CO detector-related law on the books.

For existing homes without them, CO detectors are widely available at numerous retail outlets including Home Depot and Lowes. Battery operated and electrical units are available. Most detectors are priced between $20-$50. Additional information about CO detectors is available from the U.S. Consumer Product Safety Commission (www.cpsc.gov).

Update on the Stimulus Bill

My lender Randy Garrett emailed me this and thought it was a good overview of the Stimulus Bill

Both the House and Senate have passed the Stimulus bill last week and the President is expected to sign the bill early this week (likely today).  In addition, the President is scheduled to announce the Administration’s comprehensive housing recovery program Wednesday.  We will be in touch with more details about this announcement when it occurs.  We believe it will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).  We have also included Ken Harney’s column this past week-end on impending GSE (i.e. Fannie & Freddie) fee increases.    

Stimulus Bill

The final provisions of the bill include:

·        Tax Credit

·        Restoration of 2008 Mortgage Limits

·        Increase of Reverse Mortgage Limit to $625,500

·        Rural Housing Service Funding 

Tax Credit

Below is the link to the tax credit provision. (page 24)

http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf  

The 2008 tax credit provision has been amended as follows:

a.      Tax credit is increased to $8,000

b.      The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).

c.      First-time homebuyers and principal residences only.

d.      Tax credit is available until December 1st (previously it expired on July 1st).

e.      Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1^st

·        The provision is retroactive to purchases made on or after January 1, 2009.

·        Recapture section does apply to properties sold in first three years.

f.       Waiver of prohibition on financing by mortgage revenue bonds is included 

5 REasons Buying A House Now is A Wise Move

UPDATE: Five Reasons Buying A House Now Is A Wise Move 2-6-09 
CHICAGO (Dow Jones) — People are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.

Ask for price reductions, improvements, closing costs — whatever — and the seller, desperately trying to get a contract, is very likely to work with you, said Jay Papasan, one of the authors of the book “Your First Home.” When the market starts improving, your negotiating power starts to diminish, he added.

“People can get a lot of what they need and almost all of what they want today,” Papasan said. “Once a few people get off the fence, there’s safety in numbers and you lose your leverage.”

If you’re qualified to buy a home now, the purchase makes sense for your situation and you’re prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal:

1. AFFORDABILITY IS BETTER THAN EVER

According to the National Association of Realtors’ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

John and Julie Chilman, for example, recently have been able to stretch their dollars in the Las Vegas area. The listing price for the five-bedroom home they’re buying was $265,000; they offered $250,000.

“Our Realtor was like ‘Yeah, pipe dream. Like they’re going to take that,’” John Chilman said. “And all they did was counter $255,000… and they’re paying all closing costs.” The home had lingered on the market, and was listed for $ 310,000 just six months ago, he said.

A report from Moody’s Economy.com, released this week, predicted that house prices will stabilize by the end of this year, even though the Case-Shiller house price index will fall another 11% from the fourth quarter of 2008. By the end of the real-estate downturn, prices will have fallen by double digits, from peak to trough, in almost 62% of the nation’s 381 metro areas, according to the report. In 10% of the areas, declines will be more than 30%.

Not all markets have experienced huge drops, however, so it’s wise to take a look at how far prices have fallen in your area. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help.

The Government takeover of Fannie Mae and Freddie Mac

OPERATION TIP-OFF

 

What the Government Takeover of Fannie Mae and Freddie Mac Means to Housing Industry

 

In short-term, home sales should improve as mortgage rates fall

 

 

Washington, D.C. (September 8, 2008)—The federal government’s takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.

 

The federal government had no choice. The capital situation of the two companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.

 

In a statement, NAR commended the Treasury’s action, announced yesterday, to bring stability and continued liquidity to the mortgage market. “The plan will help restore confidence in the secondary mortgage market,” said NAR President Richard F. Gaylord. “We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market.”

 

Summary of what the Treasury actually did and what it means

·        In the takeover, Treasury placed the GSEs into a conservatorship—similar to a Chapter 11 bankruptcy— which fully protects taxpayers from conflicts of interest between taxpayers and shareholders or current management.

·        The federal government is authorized to take up to an 80 percent stake in the companies, will review their financial condition quarterly, and inject money into the operations as needed.  That means the market for GSE securities will be treated more like Treasury obligations, which should push mortgage interest rates down. That in turn, is expected to speed up home sales and help stabilize home prices.

·        The GSEs will be allowed to increase their mortgage funding over the next year and a half to help stabilize markets. Starting in 2010, the plan calls for them to reduce their portfolios.

·        The heads of Fannie Mae and Freddie Mac have been relieved of their duties. Treasury selected Herbert Allison, former Merrill Lynch vice chairman, to lead Fannie Mae, and David Moffett, former U.S. Bancorp CFO, to guide Freddie Mac.