3 Common First Time Home Buyer Mistakes Can Cost Thousands

Buying real estate for the first time is a very exciting step in life.

It is likely to be one of the biggest financial commitments that you make, so it's very important to navigate the purchasing process wisely.

Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration.

Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

1. Buying More Than What You Can Truly Afford

Just because the bank says that you qualify a certain amount for a mortgage doesn't mean that you have to choose a house at the very top of this price range.

Many people get carried away and buy the most expensive house that they qualify for.

If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

2. Failing To Get A Home Inspection

Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.

You don't want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

Hiring a professional to assess the home's condition is absolutely essential before making your final decision.

3. Disregarding Your Future

When you are buying Alpharetta real estate, don't just think about how the home will work for you in the immediate future.

Also consider what your needs will be five, ten or even 20 years from now.

Find out the development plans for the neighborhood.

Look for reputable schools if you intend to start a family.

And consider whether the street's home values are likely to increase or decline in the future.

Your Next Steps

Don't let the home-buying process overwhelm you!

Learn from these common first-time home buyers' mistakes, so you can avoid them.

A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.

7 Quick And Inexpensive Ways You Can Improve Your Home's Curb Appeal

Have you ever heard the saying, "You never get a second chance for a first impression?"

If you have a Alpharetta home for sale, it is important to appreciate the significance a first impression has on your potential buyer.

When buyers drive up to your property and take their first look at your home, they will instantly be forming ideas about your house and how it might fit for their family.

When you are trying to entice a buyer to make an offer on your house, you must consider the curb appeal - how your house looks from the outside, or while standing on the curb - of your home for sale.

In fact, some surveys show that curb appeal can affect a buyer's decision even more than price or square footage.

Below are seven simple and inexpensive things you can do to improve your home's curb appeal.

1. Plant a few shrubs or decorative flowers in the front yard to bring color to your lawn.
2. Is your front door looking a little worse for wear? Give it a fresh coat of paint or replace it with a new one.
3. Keep your grass well watered so it appears green and lush.
4. Remove anything your pet leaves lying around, such as bones, chew toys or droppings.
5. Take a look at your gutters. If they look damaged or are hanging loose from the roof, be sure to have them repaired before showing the house.
6. Clean up your flowerbeds by removing weeds and trimming overgrown plants.
7. Add a bench, a garden ornament or a couple of beautiful pots to make your front yard more attractive. 

These are just a few ways you can improve the curb appeal of your home for sale and make a great first impression on buyers.

A good next step for preparing your home for sale is inviting a trusted, licensed real estate professional to your home for a preview.

An agent's experience in the real estate market can help you plan your strategy to get top-dollar for your home and help you improve the curb appeal at the same time.

Rising Sales Prices Are Excellent News For Homeowners Across America

The National Association of REALTORS® released its monthly Existing Home Sales report on March 21 and gave investors and home sellers something to cheer about. 

While February sales of existing homes didn't meet investor forecasts of 5.00 million homes sold on a seasonally adjusted annual basis, the actual number of existing (previously owned) homes came close at 4.98 million homes sold.

This number surpassed January's revised reading of 4.94 million homes sold by 0.8 percent.

Sales of existing homes comprise approximately 85 to 90 percent of homes sold in the U.S.

Investors watch existing home sales for evaluating housing markets and short-term economic trends related to home purchases such as goods and services associated with home ownership.

Existing Home Sales Up For 20 Consecutive Months

Existing home sales have increased by 10.2 percent as compared to 4.52 million existing home sales for February 2012, and have increased for 20 consecutive months.

A short supply of homes available for sale and better job prospects are creating more demand for homes.

In February, available homes increased to a 4.7 month supply of homes, which is up from January's 4.3 month supply of available homes, the lowest number since May of 2005.

With that said, current listed inventory of homes is 19.2 percent below last year's 6.4 month supply of available homes.

Increasing demand for existing homes also suggests growing competition between buyers for available homes.

Mortgage Rates Remain Near Historic Lows Increasing Affordability For Home Buyers

Getting pre-approved for a mortgage before making an offer on a Alpharetta home can help buyers, as sellers know that pre-approved buyers won't have potential delays related to the mortgage approval process.

The National Association of REALTORS® reports that the national median selling price for existing homes of all types was $173,600, which is up 11.6 percent year-over-year.

This suggests that potential homebuyers may want to act now as mortgage rates typically increase along with home prices.

Regional Average Selling Prices Show Positive Results For February

• Northeast: The median selling price was $238,800, 7.6 percent higher than for February 2012.
• Midwest: The median selling price was $129,900, which is 7.7 percent above the median selling price in February 2012.
• South: The median selling price was $150,500. This represents a 9.3 percent increase since February 2012.
• West: The median selling price was $237,700, a substantial increase of 22.7 percent over February 2012.

Multiple buyer bidding and limited inventory choices are fueling higher prices for existing homes, particularly in the West.

This is the strongest year-to-year rate of growth since November 2005, when existing home prices had increased by 12.9 percent as compared to the previous 12 months.

7 Great Tips To Help Your Kids Adjust to Their New Home

You've finally made the decision and are moving to a new city.

And while a move can be an exciting new adventure - new work, new friends, new life experiences - moving to a new home is a big deal, especially for a young child.

They might not understand what is happening, and even feel apprehensive, overwhelmed or stressed during a move.

However, there are ways that you can help your children adjust and make the transition of moving to a new house easier.

Here are a few tips to help you, and your little ones, beat the moving blues.

• Talk to your children before the move and explain what is happening — why you are moving and where you will be going. Be straightforward and answer all their questions.

• From sadness to excitement, your children will have emotions associated with the move. These feelings are normal; so let your children know that it's okay to express them.

• If possible, visit your new Marietta home well in advance of the move. It helps a child feel much less apprehensive if they have a picture in their mind of where they are moving. Be sure to highlight some of the nice things about the area you are moving to, such as a great playground or beautiful lake.

• Make sure that you recognize their need to say goodbye to friends. Let them have a party and invite people over. Gather email addresses, Skype usernames and phone numbers in case your child wants to keep in touch with friends.

• When you arrive at your new home, give your children plenty of say in how they decorate their new rooms. This will help them to feel like they have control over their environment and they won't feel so lost.

• Support your children in making friends at their new location. Sign them up for a club, introduce them to neighborhood children or invite another family over for dinner. The sooner they make a positive connection, the more settled they will feel.

• As a final tip, working with a trusted real estate professional can also make your move much easier. Licensed real estate agents have a lot of experience recommending the best options and opportunities to their clients during and after a move.

Adjusting to a new home can be difficult for a child, but with plenty of love and support the transition can be much easier.

 

7 Great Tips To Help Your Kids Adjust to Their New Home

You've finally made the decision and are moving to a new city.

And while a move can be an exciting new adventure - new work, new friends, new life experiences - moving to a new home is a big deal, especially for a young child.

They might not understand what is happening, and even feel apprehensive, overwhelmed or stressed during a move.

However, there are ways that you can help your children adjust and make the transition of moving to a new house easier.

Here are a few tips to help you, and your little ones, beat the moving blues.

• Talk to your children before the move and explain what is happening — why you are moving and where you will be going. Be straightforward and answer all their questions.

• From sadness to excitement, your children will have emotions associated with the move. These feelings are normal; so let your children know that it's okay to express them.

• If possible, visit your new Atlanta home well in advance of the move. It helps a child feel much less apprehensive if they have a picture in their mind of where they are moving. Be sure to highlight some of the nice things about the area you are moving to, such as a great playground or beautiful lake.

• Make sure that you recognize their need to say goodbye to friends. Let them have a party and invite people over. Gather email addresses, Skype usernames and phone numbers in case your child wants to keep in touch with friends.

• When you arrive at your new home, give your children plenty of say in how they decorate their new rooms. This will help them to feel like they have control over their environment and they won't feel so lost.

• Support your children in making friends at their new location. Sign them up for a club, introduce them to neighborhood children or invite another family over for dinner. The sooner they make a positive connection, the more settled they will feel.

• As a final tip, working with a trusted real estate professional can also make your move much easier. Licensed real estate agents have a lot of experience recommending the best options and opportunities to their clients during and after a move.

Adjusting to a new home can be difficult for a child, but with plenty of love and support the transition can be much easier.

 

What's Ahead For Mortgage Rates This Week - March 25th, 2013

Last week's economic news was dominated by events in Cyprus and the Federal Open Market Committee (FOMC) meeting on Wednesday.

Mortgage rates fell last Monday as investors became concerned over news that a Cyprus bank bailout was in the works.

Federal Reserve Holding Course With Mortgage Backed Security Purchases

The FOMC met on Wednesday and in a press release after the meeting, noted that no immediate changes to the present economic easing program would be made.

The Fed officers will continue to monitor the nation's economy, and are eventually expected to implement a gradual reduction of their monthly bond and mortgage backed security (MBS) purchases when the nation's economy has recovered sufficiently.

The Fed currently purchases $85 billion in bonds and MBS in an effort to keep long term interest rates low.

If the Fed should reduce its purchases, mortgage rates would be likely to rise. 

Investors viewed the Fed's announcement as positive news and bond prices fell, which caused mortgage rates to rise, but mortgage rates finished the week slightly lower than last week.

Continuing Economic Turmoil In Europe May Encourage Lower US Mortgage Rates

In global news, the European Union (EU) threatened to withdraw its promise of aid to Cyprus banks if they cannot raise funds required as a condition of the bailout.

A one-time tax on bank deposits was suggested, but ultimately rejected as Cypriots nixed the idea of taxing their savings, even on a one-time basis.

Cyprus banks provide a tax shelter for foreign citizens, and the banking system in Cyprus is disproportionately large compared to its size.

Failure of this banking system could create serious repercussions for global financial markets.

The EU has set today, March 25 as a deadline for Cyprus to find the funding required for the bailout to be given.

Investors could seek safe haven in bonds if the EU withdraws its offer of a bailout to Cyprus banks, which usually creates downward pressure on mortgage rates.

If the EU offers Cyprus banks a bailout, then investors may respond positively and buy more stocks which would likely cause mortgage rates to rise.

Upcoming Economic Reports Could Affect Mortgage Rates

Other economic news scheduled for next week includes Treasury Auctions on Tuesday, Wednesday and Thursday.

The Department of Commerce issues its monthly New Home Sales report on Tuesday.

This report measures sales of new privately owned single family homes, and indicates buyer interest in new homes and also future demand for goods and services used by homeowners.

 

What's Ahead For Mortgage Rates This Week - March 25th, 2013

Last week's economic news was dominated by events in Cyprus and the Federal Open Market Committee (FOMC) meeting on Wednesday.

Mortgage rates fell last Monday as investors became concerned over news that a Cyprus bank bailout was in the works.

Federal Reserve Holding Course With Mortgage Backed Security Purchases

The FOMC met on Wednesday and in a press release after the meeting, noted that no immediate changes to the present economic easing program would be made.

The Fed officers will continue to monitor the nation's economy, and are eventually expected to implement a gradual reduction of their monthly bond and mortgage backed security (MBS) purchases when the nation's economy has recovered sufficiently.

The Fed currently purchases $85 billion in bonds and MBS in an effort to keep long term interest rates low.

If the Fed should reduce its purchases, mortgage rates would be likely to rise. 

Investors viewed the Fed's announcement as positive news and bond prices fell, which caused mortgage rates to rise, but mortgage rates finished the week slightly lower than last week.

Continuing Economic Turmoil In Europe May Encourage Lower US Mortgage Rates

In global news, the European Union (EU) threatened to withdraw its promise of aid to Cyprus banks if they cannot raise funds required as a condition of the bailout.

A one-time tax on bank deposits was suggested, but ultimately rejected as Cypriots nixed the idea of taxing their savings, even on a one-time basis.

Cyprus banks provide a tax shelter for foreign citizens, and the banking system in Cyprus is disproportionately large compared to its size.

Failure of this banking system could create serious repercussions for global financial markets.

The EU has set today, March 25 as a deadline for Cyprus to find the funding required for the bailout to be given.

Investors could seek safe haven in bonds if the EU withdraws its offer of a bailout to Cyprus banks, which usually creates downward pressure on mortgage rates.

If the EU offers Cyprus banks a bailout, then investors may respond positively and buy more stocks which would likely cause mortgage rates to rise.

Upcoming Economic Reports Could Affect Mortgage Rates

Other economic news scheduled for next week includes Treasury Auctions on Tuesday, Wednesday and Thursday.

The Department of Commerce issues its monthly New Home Sales report on Tuesday.

This report measures sales of new privately owned single family homes, and indicates buyer interest in new homes and also future demand for goods and services used by homeowners.

 

What's Ahead For Mortgage Rates This Week - March 25th, 2013

Last week's economic news was dominated by events in Cyprus and the Federal Open Market Committee (FOMC) meeting on Wednesday.

Mortgage rates fell last Monday as investors became concerned over news that a Cyprus bank bailout was in the works.

Federal Reserve Holding Course With Mortgage Backed Security Purchases

The FOMC met on Wednesday and in a press release after the meeting, noted that no immediate changes to the present economic easing program would be made.

The Fed officers will continue to monitor the nation's economy, and are eventually expected to implement a gradual reduction of their monthly bond and mortgage backed security (MBS) purchases when the nation's economy has recovered sufficiently.

The Fed currently purchases $85 billion in bonds and MBS in an effort to keep long term interest rates low.

If the Fed should reduce its purchases, mortgage rates would be likely to rise. 

Investors viewed the Fed's announcement as positive news and bond prices fell, which caused mortgage rates to rise, but mortgage rates finished the week slightly lower than last week.

Continuing Economic Turmoil In Europe May Encourage Lower US Mortgage Rates

In global news, the European Union (EU) threatened to withdraw its promise of aid to Cyprus banks if they cannot raise funds required as a condition of the bailout.

A one-time tax on bank deposits was suggested, but ultimately rejected as Cypriots nixed the idea of taxing their savings, even on a one-time basis.

Cyprus banks provide a tax shelter for foreign citizens, and the banking system in Cyprus is disproportionately large compared to its size.

Failure of this banking system could create serious repercussions for global financial markets.

The EU has set today, March 25 as a deadline for Cyprus to find the funding required for the bailout to be given.

Investors could seek safe haven in bonds if the EU withdraws its offer of a bailout to Cyprus banks, which usually creates downward pressure on mortgage rates.

If the EU offers Cyprus banks a bailout, then investors may respond positively and buy more stocks which would likely cause mortgage rates to rise.

Upcoming Economic Reports Could Affect Mortgage Rates

Other economic news scheduled for next week includes Treasury Auctions on Tuesday, Wednesday and Thursday.

The Department of Commerce issues its monthly New Home Sales report on Tuesday.

This report measures sales of new privately owned single family homes, and indicates buyer interest in new homes and also future demand for goods and services used by homeowners.

 

How To Spot And Treat Mold In Your Home

The first sign of mold you notice may be a musty smell in your home.

After looking around, you spot what looks like mold -- don't panic!

You can remove unhealthy mold from your house without it costing a small fortune.

Check To Be Sure It's Really Mold

Mold can look many different ways, which depends on the type.

Some are grayish-white or black and can look like a dirty smudge.

If you're in doubt that a spot is mold, you can do a test with chlorine bleach.

Simply put a drop on the spot. If the color immediately fades away, you have mold.

Mold Infestation Ususally Means Leaks Too

Mold needs moisture to grow.

If you find mold, you know that you probably also have a water problem in your Atlanta home.

So first, you'll need to find the source of the leak and repair it.

After that, you can begin getting rid of the mold.

How To Kill Mold

A lot of people think mold clean up has to be expensive.

The truth is that most mold problems can be eliminated with chlorine bleach.

Bleach is a strong chemical, so for safety you'll need to wear gloves, an air filter and goggles while you clean.

Remember, when cleaning with bleach you need to work in a well-ventilated area, and never mix bleach with anything that contains ammonia.

The CDC (Centers for Disease Control and Prevention) recommends using bleach to kill mold on hard, non-porous surfaces.

Killing mold with bleach is a simple process:

• Thoroughly soak the area in full strength bleach.
• Let it soak for fifteen minutes.
• Scrub the area with a mixture of one-part chlorine bleach, three-parts water and one teaspoon of dishwashing soap.

Finishing The Clean-up

Once everything has been washed, you'll need to do another inspection of your home.

Look for moldy papers, clothes or anything porous that could be a good home for mold.

These things will need to be bagged and thrown away.

Allow two to three days for the surfaces to dry.

Then, continue to inspect the areas for mold re-growth, and pay attention for any moldy odors.

Congratulations, you have eliminated the mold problem in your home and saved a lot of money by doing it yourself.

If you'd like additional maintenance tips or are looking to buy a new house, contact a licensed real estate professional right away!

Fed Meeting Statement Reveals Good News For Real Estate

The Federal Reserve's statement after yesterday's Federal Open Market Committee (FOMC) meeting left no doubt as to the Fed's dual commitment to keeping long term interest rates down and encouraging economic growth.

No changes to the Fed's current bond-buying program were made during today's FOMC meeting.

The Fed's monthly purchase of $85 billion in bonds and MBS works by boosting bond prices, which typically helps with keeping mortgage rates lower.

The Fed reaffirmed its position that it will not withdraw or reduce monetary easing until the unemployment rate is substantially lower.

Unemployment Rate Improving Nationally

Fed predictions for the national unemployment rate improved; December's outlook for 2013 estimated the unemployment rate at between 7.4 to 7.7 percent; the Fed now expects unemployment rates of 7.3 to 7.5 percent by the end of this year.

February's jobs report likely influenced this revision as the unemployment rate fell from 7.8 to 7.7 percent.

The Fed notes that while employment rates are improving, they remain elevated which supports the Fed's decision not to modify its bond purchase program in the near term.

Lower unemployment rates suggest that more people will be financially prepared for buying homes or refinancing their existing mortgage loans, and the unemployment rate is also expected to fall due to growing numbers of baby boomers leaving the workforce.

Lower Inflation Rates Boost Consumer Purchasing Power

The Fed slightly revised its December forecast for 2013 economic growth of between 2.3 to 3.0 percent.

Now the Fed predicts economic growth to range between 2.3 and 2.8 percent in 2013, but negative influences including a higher payroll tax and government spending cuts are expected to slow the rate of economic growth.

Concerning inflation, the Fed expects an inflation rate of between 1.3 and 1.7 percent this year and for inflation to remain below 2 percent through 2015.

Lower inflation rates allow consumers more discretionary spending power, which can further boost the economy and improve consumer confidence in making big ticket purchases including homes and related items and services in Georgia and around the country.

Fed Keeping Tabs On European Economic Issues

Fed officers are continuing to monitor economic developments in Europe, and expressed concerns that the situation remains fragile.

Commenting in a press conference held after the FOMC meeting, Fed Chair Ben Bernanke characterized economic issues in Cyprus as “difficult”, but said that the Fed doesn't expect these developments to have major impact on U.S. financial markets.

Its plan to keep short term interest rates near zero until unemployment rates reach 6.5 percent or the inflation rate exceeds 2.5 percent further support the Fed's plan to keep its monetary easing policy intact for the near term.

Unless unexpected or catastrophic events occur which would cause sudden or rapid economic changes, the Fed appears unlikely to announce major changes in its policy.

NAHB Housing Market Index Shows Builder Confidence Slip In March

The National Association of Home Builders (NAHB) released its NAHB/Wells Fargo Housing Market Index for March on Monday.

The HMI measures builder confidence in the market for newly constructed single family homes.

A reading of 50 for the NAHB Housing Market Index (HMI) indicates that more builders are confident of housing market conditions for new single family homes than those who are not confident.

Home builder confidence fell for the third consecutive month with a two-point drop to a reading of 44 in March.

Several Factors Create New Home Bottleneck

An NAHB leader noted that several situations are causing a “bottleneck” in the supply of new homes as compared to those wanting to buy them:

• Low supply of developed lots available for new construction

• Rising costs for labor and materials

• Stricter mortgage credit requirements for homebuyers and lowball home appraisals. (These circumstances are typically caused by some mortgage lenders taking a conservative attitude toward risk management by tightening credit requirements and appraisers erring on the side of caution when valuing single family homes.)

Would-be buyers may find themselves stuck between a lack of buildable lots and ready building supply chains and lenders reluctant to risk mortgage defaults caused by lenient loan approvals.

Keep in mind that this only one perspective; if you're looking for a new home, don't give up.

Future Sales Confidence Creates Bright Spot

The HMI also measures builder confidence in three categories including current sales conditions, sales conditions within the next six months and the amount of foot traffic in new housing developments.

Confidence in current sales conditions dropped from 51 points in February to 47 points in March, but the news is not all bad.

Confidence in sale conditions for the next six months rose by one point from 50 to 51, and builder confidence in buyer foot traffic rose by three points to 35.

Foot traffic will likely increase as warmer weather arrives and the peak home buying season gains momentum.

Housing Market Conditions Vary By Region And Community

The three-month rolling average of builder confidence in four geographic regions of the U.S. showed mixed results for March.

The index reading for the Northeast had no change and remained at 39.

Index readings for the Midwest and Southeast declined by one point each to 47 and 46 respectively.

The March index reading for the West came in gaining four points to 58.

If you're ready to buy a home, check with a licensed real estate professional specializing in the area where you want to buy.

This is the best way to gain specific information on the Alpharetta area's market conditions and home prices.

Great Staging Tips To Set A Buyer's Mood At Your Home For Sale

Staging is the art of preparing your Marietta home for sale before showing it to prospective buyers.

The point of staging is to highlight the house's strengths, downplay its weaknesses and make it more appealing.

With the right decorating techniques, you can win buyers over the moment they step through the door.

Below are a few staging tips to help make your house irresistible to potential buyers.

Put Everything Away

The first step is to put away anything that is not essential. This will open up the house so that it appears more spacious.

Even if you have to rent a storage unit, finding a new home for all of your family's projects and collections should clear some space and help buyers imagine their own belongings in your home for sale.

Pay special attention to entryways and narrow hallways to improve your prospective buyer's sense of spaciousness.

Get Rid Of Clutter

Be sure to clear off the things that gather on kitchen counters and surfaces, such as old magazines and stacks of mail.

Also, emptying out your closets of half of the things inside them will make them look much roomier.

Use this time as an opportunity to thin the number of largely unused items that your family has collected over the years.

And look on the bright side; moving into a new house will be much easier after you have donated your unneeded items to a charity.

Fresh Scents Make Sense

You would be surprised by how much the sense of smell comes into play when buyers are viewing a house.

To avoid turning buyers off with pet or smoke odors, make sure you give each room a deep clean, including the air vents and carpeting.

Just covering up stale odors with air fresheners won't do the job.

Let In The Light

Buyers are looking for spacious rooms with a lot of natural light, so make sure you open the blinds and turn on all the lights.

If you have rooms that are a bit dark, you can add floor lamps to make them brighter or flowers to suggest sunlight.

Home staging can make a big difference in how potential buyers see your home for sale, so make sure you set the mood to make it as attractive as possible.

What's Ahead For Mortgage Rates This Week: March 18th, 2013

Last week's positive employment reports were good news for the economy, which typically causes mortgage rates to rise, but mortgage rates ended the week lower.

As of Thursday, Freddie Mac reports that the average mortgage rate for a 30-year fixed rate mortgage was 3.63 percent with borrowers paying their closing costs and 0.8 percent in discount points.

The average mortgage rate for a 15 year loan was 2.79 percent with borrowers paying their own closing costs and 0.8 percent in discount points.

Strong Retail Sales Show Consumer Confidence Improving

In other economic news, retail sales for February surpassed Wall Street expectations and grew by 1.1 percent against predictions of 0.5 percent and January's reading of 0.1 percent.

Retail sales account for 70 percent of the U.S. economy and growing retail sales are a strong indicator of economic recovery, which generally causes mortgage rates to rise as bond prices including Mortgage Backed Securities fall.

With this strength in the retail sector, it may be a good time to consider locking interest rates for purchase and refinance transactions.

Results of Treasury auctions held Tuesday, Wednesday and Thursday were mixed.

Tuesday's auction of 3-year notes saw average demand, Wednesday's auction of 10-year notes was strong, and Thursday's auction of 30-year bonds drew a weak response.

Financial Reporting Strong Across Multiple Indices

The Producer's Price Index (PPI) for February met expectations at 0.7 percent and exceeded January's level of 0.2 percent.

The Consumer Price Index (CPI) for February came in at 0.7 percent and exceeded expectations of 0.5 percent and January's reading of 0.0 percent.

The Core CPI, which excludes food and energy sectors, demonstrates the impact of high fuel prices on the CPI with its lower numbers.

The Core CPI for February is 2.0 percent higher than for February 2012.

Upcoming Federal Reserve Meeting May Bring Interest Rate Changes

The Federal Reserve is not likely to modify its bond purchase program until the inflation rate reaches 2.5 percent.

Next week, the Federal Reserve will meet on Wednesday; investors will be waiting to see how the Fed responds to recent positive economic news in terms of potential changes to its bond purchase program, which is helping to keep mortgage rates lower.

As the deadline of March 27 for funding the Federal government approaches, investors will be following legislative talks to see how or if funding will be approved by the deadline.

5 Quick Tips To Get A Better Price On Your Home Purchase

When you are looking to buy a home, it is important to keep in mind that no real estate price is set in stone.

There is always room for negotiation, and with the right techniques you may end up saving thousands of dollars on your dream house.

However, it can be tricky to get the right reaction when you are negotiating.

Here are a few tips that will help you to haggle your way to the best deal.

Find Out The Seller's Motivation

If they really need to move and sell the property, it will be easier to convince them to negotiate on price or other deal points.

For example, they might be relocating for a job or the house might be close to foreclosure, which would give them the motivation to sell quickly at the price you offer.

Investigate How Long The Property Has Been On The Market

If the seller has been trying to sell the home for several months or longer, they will be much more receptive to competitive offers than a seller who just put their house up for sale last week.

Research Comparable Properties

Find out the price of recently sold properties in the same area that are comparable to your prospect.

This will give you an idea of how much you should bid on the house.

Knowledge is power in any type of negotiation, so arm yourself with as much information as possible.

Keep Your Cool

Even if you are absolutely head-over-heels in love with a property, refrain from showing your excitement to the seller.

You could lose any advantage you might have in negotiation if you let the seller and their agent know how much you really want the property.

Don't Offend

Be careful not to bid too low. Sometimes sellers are offended by low ball offers and will refuse to work with you afterward.

Even when you are just attempting to get the home for a great price, the seller may become offended, which will leave you disappointed and empty-handed.

These are just a few tips to keep in mind for getting a great deal on your dream house.

If you'd like more help negotiating the price of a Atlanta home, please contact a licensed real estate professional for more information.

4 Critical Tips When Purchasing Foreclosure Real Estate

Buying a foreclosed property in Alpharetta and the surrounding area can be different than buying other types of real estate.

In many cases you will be able to get a fantastic deal on a home, but you will need to go through quite a bit of work and negotiation.

Here are four tips to help you navigate the foreclosure buying process:

Find the right real estate agent

The first thing to keep in mind is that your real estate broker will deal directly with the bank that owns the foreclosed property.

The bank has the final say in whether they'll accept your bid - so you want an agent who has developed a good relationship with them.

Know that cheap doesn't mean good value

Sometimes the tiny price tag on a foreclosed property can be very tempting, but make sure you are asking questions about the value and the potential expenses of the house.

Will it require extensive repairs?

Will you be able to find a tenant?

Does the property have potential for appreciation over time?

Perform a house inspection

If the previous owners were foreclosed on because they couldn't make their mortgage payments, it's possible they didn't have enough money to give the home the proper maintenance it needed.

Make sure you have the property inspected by a professional to spot any problems.

Take extra care if the house has been empty for a while, as there could be problems with plumbing, insects or mold.

Look for intentional damage

Keep in mind that many owners were forced out of their property by the bank, so they might have removed as many appliances, light fixtures and other items as they could which usually means the house is stripped bare.

The previous owners might have been angry and felt justified in damaging the property.

Make sure to do a thorough inspection to find out what appliances you'll need to buy and messes you'll need to clean up.

If you are considering buying a home in foreclosure, you could possibly get a great deal on a house with a lot of potential.

Make sure you follow these tips and contact your licensed and trusted real estate professional for more information about buying a foreclosed property.

Surprisingly Strong Jobs Report May Affect Mortgage Rates

Last week's jobs report -- a combination of the Department of Labor's Non-farm Payrolls Report and Unemployment Rate -- provided investors and job seekers with unexpected good news.

Job growth for February handily exceeded most economists expectations of 160,000 by adding 236,000 new jobs.

According to the Bureau of Labor Statistics, employment increased in business and professional services, construction and healthcare:

• Business and professional services added 73,000 jobs
• Construction added 48,000 jobs. Of these, 17,000 jobs were for residential construction.
• Healthcare added 32,000 jobs

Since September, construction employment has risen by 151,000. This increase in construction jobs may point to a strengthening in the home building sector.

Stronger home building numbers may lead to increasing home prices for sellers and property appreciation for home owners.

Strong Jobs Numbers Help Stock Market Rally, May Spur Higher Mortgage Rates

Retail has added 252,000 jobs over the past year. Hiring in retail suggests that consumers are spending more, which is a strong indicator of economic growth.

These figures demonstrate a trend toward economic recovery and added a last-minute boost to last week's stock market rally.

Rising stocks generally cause bond prices including MBS to fall and mortgage rates to rise.

The seasonally adjusted employee participation rate declined by 0.40 percent year over year; in February 2012, the seasonally adjusted was participation rate was 63.9 percent; in February 2012, the participation rate was 63.5 percent.

The Unemployment Rate for February came in at 7.7 percent; this was lower than Investor expectations of 7.8 percent and January's unemployment rate of 7.9 percent.

The seasonally adjusted unemployment rate has decreased by.60 percent from 8.3 percent in February 2012.

Unemployment Rate Lowest Since December 2008

Long-term unemployment of 27 weeks or more accounted for 40.2 percent of February's unemployed.

8 million workers are employed part time due to scheduling cutbacks or because they could not find full time work.

The Fed has bench-marked an unemployment rate of 6.5 percent as a sign of sufficient economic recovery that could allow the Fed to curtail its monetary easing program.

Given this perspective, the Unemployment Rate remains high, but appears to be declining gradually.

Economic indicators and recently climbing interest rates suggest that mortgage borrowers may want to lock in their best mortgage rates now.

3 Top Tips To Selecting The Right Home For Your Family

Whether you are moving to a new house with children or you are buying your first Marietta home with the intention of raising future little ones there, many factors will come into play when making your decision.

You will want to find a house with the right size and layout, that has a suitable number of bedrooms and bathrooms, is in an excellent neighborhood and has all of the local amenities your family will need.

Here are three important factors to consider during your new home search:

Location

Take a look at the area where the property is located.

Is it close to a school that your kids can attend when they are old enough?

Is there a playground where they can play with their friends?

Are you near any convenient shopping areas or stores for picking up groceries?

Location is one of the most important factors to consider when choosing a place to raise your family.

Neighbors

Take a look at the demographics of the neighborhood.  You may want to spend some time walking the neighborhood and learning about the surrounding area.  

Taking evening walks in the neighborhood might allow you the opportunity to meet other people who are living there and learn what they think is important about the area.

If it has mostly young families around the same age as you, your children will likely have plenty of neighbors to play with as they grow up.

Affordability

You may think that spending as much as you can possibly afford on an expensive home is the best thing for your kids, but you might be wrong.

In fact, you could end up stressed out from working too hard to make your mortgage payments and feel like you never get enough time to spend with your family.

Another option would be to buy a more modest house that you can reasonably afford and have more time with your children.

Choosing the right place to live is difficult. It might take a while to find the right house, but when you do, it will be worth it.

When you do, you will have a wonderful place to fill with love and memories, where your children can grow up in peace and happiness.

If you've been seriously contemplating purchasing your first home, or possibly the next home, the best thing you can do is contact a licensed real estate professional to determine what is available in the market that would fit your needs.

What’s Ahead For Mortgage Rates This Week: March 11th, 2013

Mortgage rates and the major stock market indices rose last week in response to a strong jobs report and lower national unemployment rate.

The Department of Labor's Non-farm Payrolls report for February surpassed expectations with 236,000 new jobs reported against expectations of 170,000 new jobs expected by Wall Street.

This stronger than expected showing in jobs numbers points to a stronger economy and may lead to less pressure to hold mortgage interest rates lower.

The Dow Jones Index also reached record levels last week. This strong stock market performance is to be expected with better than expected employment reports.

February's numbers also exceeded January's reading of 157,000 new jobs added to the economy.

Lower Unemployment Rates Help Economy, May Push Interest Rates Higher

The Unemployment Report for February also provided good news as February's reading dropped to 7.7 percent from January's unemployment rate of 7.9 percent.

While good news, it's important to bear in mind that the Fed has established and unemployment rate of 6.5 percent as a benchmark for ceasing its monetary stimulus program.

The Federal Reserve released its Beige Book Report for March on Wednesday, and summarized reports from its 12 districts by noting modest to moderate economic improvement in 10 districts and slower economic growth in 2 districts.

Residential real estate markets are improving in most districts with home prices rising and inventories of available homes shrinking.

This news, coupled with last week's rising mortgage rates is further emphasizes the upward trend in home prices in many areas and the rising cost of financing or refinancing a home.

While rising home prices are good for the economy, they impact affordability of homes, particularly for first-time home buyers.

Busy Upcoming Week In Financial News

Next week has a busy calendar of scheduled economic news; here are a few highlights:

• Tuesday, Wednesday and Thursday: Treasury Auctions
• Wednesday: Retail Sales, and Retail Sales without Auto Sales
• Thursday: Producers Price Index (PPI) and Core PPI (PPI without volatile food and energy sectors)
• Thursday: Weekly Jobless Claims, Consumer Price Index (CPI) and Core CPI (without food and energy sectors)
• Friday: Consumer Sentiment

It will be interesting to see how or if Consumer Sentiment reacts to recent signs supporting progress toward economic recovery.

If you've been watching interest rates to see when the best time is to lock in, this may be a good opportunity.  

As the economy continues to improve, mortgage interest rates will continue an upward climb.

3 Tips To Get The Best Results On Your Mortgage Application

Although the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference.

Not all loans are approved. And even when they aren't approved immediately, it doesn't have to be the end of your real estate dreams.

There are many reasons why a mortgage loan for the purchase of your real estate could be declined.

Here are a few things to understand and prepare for when applying for a mortgage:

Loan-to-Value Ratio

The loan-to-value ratio (LTV) is the percentage of the appraised value of the real estate that you are trying to finance.

For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is 75%.

Lenders generally don't like a high LTV ratio. The higher the ratio, the harder it normally is to qualify for a mortgage.

You can positively affect the LTV by saving for a larger down payment.

Credit-to-Debt Ratio

Your credit score can be affected negatively, which in turn affects your mortgage loan if you have a high credit-to-debt ratio.

The ratio is figured by dividing the amount of credit available to you on a credit card or auto loan, and dividing it by how much you are currently owe.

High debt loads make a borrower less attractive to many lenders.

Try to keep your debt to under 50% of what is available to you. Lenders will appreciate it, and you will be more likely to get approved for a mortgage.

No Credit or Bad Credit

Few things can derail your mortgage loan approval like negative credit issues.

Having no credit record can sometimes present as much difficulty with your loan approval as having negative credit.

With no record of timely loan payments in your credit history, a lender is unable to determine your likelihood to repay the new mortgage.

Some lenders and loan programs may consider other records of payment, like utility bills and rent reports from your landlord.

Talk to your loan officer to determine which of these issues might apply to you, and take the steps to correct them.

Then, you can finance the home of your dreams.

Look For Improvements In The Real Estate Market In 2013

The previous couple years' doom and gloom outlook is looking like it is turning more upbeat and robust for the rest of 2013.

Home Prices Climb Nearly 10% Over Past Year

In fact, a recently released report by CoreLogic stated that home prices were up 9.7 percent from one year previously.

That kind of increase is a very good sign that the momentum may be building for a strong real estate market this year.

Many other economic experts are predicting that things might be improving this year, including increases in both home prices and sales.

Here are some of the ways that these positive changes may impact home buyers and sellers this year.

For Buyers:

Attractive Financing Options

Interest rates could remain at the lowest levels they have been in years, which can make purchasing a home more affordable.

Stiffer Competition

More buyers will be competing for the homes that are available which could mean bidding wars on homes with more than one interested party.

Be sure to take this into consideration before making your offer, and have a licensed real estate professional representing you in your purchase negotiations.

Great Home Prices

Housing remains affordable in many areas of the country. Although home prices are rising, the cost of real estate is well below what it was ten years ago.

And For Sellers:

Marketing Is Vital

Working with a skilled property professional is imperative to ensure the best advertising and marketing for your listing.

Real estate agents have access to the Multiple Listing Service (MLS), which is where other agents and buyers look for properties that are listed and available for purchase.

Contract Negotiations Prevalent

Multiple offers will become more commonplace. Do your research on how to best handle contract negotiations.

Maximize Your Selling Price

Make sure you get the most for your home. Know what other properties are selling for in your neighborhood, and consider hiring a designer to stage your home for showing.

With the Atlanta real estate market shifting, both buyers and sellers need to be aware of how the changes could affect them.

Whether you're looking for your dream house or wanting to get the highest return on your home for sale, a great next step would be speaking with a qualified real estate professional.

Metro Area Home Values Continue To Shine

The Standard and Poor’s Case-Shiller Home Price Indices released February 26 show strong growth in the majority of 20 cities and corresponding metro areas tracked during 2012.

The S&P Case-Shiller Home Price Indices measure home prices nationally and locally by compiling data from individual indexes including a 10-City Composite Index,  a 20-City Composite Index, and a 20-Metro Area Index that includes metro areas for each of the 20 cities used in the 20-City Composite.

Metro Areas Show Nearly Universal Growth

19 of 20 metro areas showed higher home prices in Q 4 2012 with the New York metro area showing a decrease in home prices; this could be due in part to the impact of Hurricane Sandy.

Highlights include:

The Atlanta and Detroit metro areas saw Q4 2012 Atlanta home prices increase by 9.9 percent year-over year, while Detroit home prices rose by 13.6 percent as compared to Q4 2011.

Home prices in the Phoenix Metro area improved by 23 percent compared to Q4 2011 for the highest year-to-year increase of all metro areas in 2012.

The 10 and 20 city indices and national home price composite improved as well.

The 10 and 20-city composites have gained approximately 8 to 9 percent since reaching their most recent lows in March of 2012; current readings indicate that home values have returned to autumn 2003 levels, but remain about 30 percent lower than they were at their peaks in June and July 2006.

On a month-to-month basis, both the 10-and 20- city composite Indices returned to positive readings with each rising by 0.2 percent, which recovered last month's losses of 0.2 and 0.1 percent respectively.

The national home price composite is determined from information taken from the 9 geographic divisions established by the U.S. Census Bureau.

It rose by 7.3 percent year-to-year, but fell short of the Q3 2012 reading by 0.3 percent.

While some areas are still facing challenges, some cities and metro areas where home values declined the most are rebounding nicely.

All in all, it is quite apparent that the broad U.S. housing markets are recovering. 

5 Simple Indoor Do-It-Yourself Projects for Your Home

With spring right around the corner, you might be thinking about sprucing up your Marietta home.

However, it may not yet be time to work in the garden or on other outside endeavors.

If cabin fever has been setting in, this is a great time for indoor improvements to brighten your living space and get you warmed up to work outside when the seasons change.

Whether it's over-stuffed closets or cluttered garages, everyone has a problem area or two on their property that has not been touched in a while.

Below are a 5 simple ideas to get you started. Maybe you can even get the kids to lend a hand!

Organize That Closet

Clear out the things you don't need and make it easier to find the things you do.

You can build a closet system in just a couple hours for ranging from $100 - $500 to put everything at your fingertips.

Create An Indoor Garden

Check out these fun indoor gardening ideas, using recycled materials from around your home.

Get the kids involved and spend an afternoon creating a work of art - and memories!

Paint An Accent Wall

Or, you could choose to do an entire room! The room you spend the most time in should probably be your starting point.

Choose a color that will set the mood you want to foster, such as an energizing red or soothing blue.

Add Shelves Or A Bookcase To A Room

If your house has papers and books stacked up on counters or in cabinets, you may need some additional shelving.

Built-in bookcases or shelves can help a cluttered area feel more spacious.

Paint Your Kitchen Cabinets

A bright coat of paint can do wonders for your kitchen and is an inexpensive option that may increase the value of your home.

Obviously this is more than a one-afternoon project, but it is definitely a low-cost way to give your kitchen a new, fresh look.

Whatever your vision, now is a fantastic time to tackle an indoor project which can keep the whole family busy and ward off the winter doldrums at the same time.

What's Ahead For Mortgage Rates This Week: March 4th, 2013

U.S. Budget Stalemate, Italian Elections Stir Concerns

Mortgage rates were lower last week as investors sought safety in bonds in the wake of US legislators' failure to agree on budget cutbacks, and after Italy’s elections failed to reveal a leader committed to continuing economic reform.

When bond prices including Mortgage Backed Securities rise, mortgage rates typically fall.

While the March 1st deadline for passing budget cutbacks for the U.S. government passed without a resolution, emergency legislation passed last year will keep the government running until March 27.

If a budget is not passed by then, the federal government could face shutdown.

As it stands, $85 billion in cuts are scheduled over the next seven months, but this represents only about 2 percent of the federal budget.

Investor concerns are likely to rise if the March 27 deadline approaches without a resolution.

Italian Elections Influence Investor Sentiment

On Monday, Italian elections were held, but the results did not reveal a leader dedicated to continuing economic reforms necessary for stabilizing Italy's economy.

Another round of elections may be required to determine Italy's new leader.

There is deep conflict in Italy as citizens do not agree with the need for economic austerity measures.

As the Eurozone's third largest economy, Italy's division on future economic reforms raises two concerns for investors.

First, without a clear reform leader established in last week’s elections, Investors fear that austerity measures may be relaxed and increase Italy’s debt risk.

A less likely risk is that Italy may leave the EU if it cannot resolve its need for economic reforms with its citizens' wishes.

Upcoming Economic Releases

The coming week's scheduled economic releases include:

• Ongoing developments regarding the U.S. budget and aftermath of the Italian elections are expected to continue influencing U.S. financial markets.

• On Tuesday ISM Services Index for February will be released. Wednesday's news includes the Fed's Beige Book Report for March and Factory Orders for January.

• Thursday's scheduled economic news releases include Productivity and Trade Balance reports. Friday finishes the week's economic news with the Employment report, which includes job and unemployment data for February.

As spring approaches, demand for homes typically increases, which in turn may drive up home prices and mortgage rates.

Consider getting pre-approved for a mortgage and looking for your new home sooner than later.

5 Important Tips To Save Money On Your Tax Bill

April 15th seems a long way off, but it will be here before you know it.

Now is the perfect time to start getting your paperwork in order.

Owning real estate can make a big difference on your tax return, so make sure that you're taking advantage of all the deductions you're entitled to.

We've outlined a few below:

Mortgage Interest

Unless you paid cash for your purchase, you probably took out a loan to buy your Marietta home.

Mortgage interest is one of the best tax deductions available, so be sure to hang on to that 1098 Mortgage Interest Statement from your lender.

You can almost always deduct the entire amount of interest paid per calendar year.

Real Estate Taxes

Depending on where your property is located, you are likely paying real estate tax, either to the state or to a local governing authority.

Taxes based on property value are generally deductible as well. You may have an escrow account to hold these funds during the year, so be sure that you only deduct the amount of taxes you actually paid.

Home Equity Line of Credit

You may deduct home equity line of credit (HELOC) debt interest as long as you are legally liable to pay the interest, the interest is paid in the tax year, and the debt is secured by your home.

The home equity debt has a limit of up to $100,000 ($50,000 if married filing separately).

Mortgage Insurance Premiums

Depending on how your loan is structured, you may have mortgage insurance. With the recently passed American Tax Relief Act of 2012, all mortgage insurance premiums are tax deductible for the 2012 and 2013 tax year. There are some qualifications, so check with your tax advisor.

Mortgage Interest on Land

If you purchased land with the intent to build, the interest you have paid may qualify as deductible mortgage interest as long as the structure becomes your qualified residence within a 24-month period.

This deductibility of bare land mortgage interest is a tricky one. You can see the IRS explanation here.

Your home could be one of your greatest resources for reducing your tax liability. Most times these deductions are itemized on a Schedule A (Form 1040) when you prepare your taxes.

A great next step is to call a qualified tax planning professional.  Please feel free to contact us if you would like a referral.