The housing stimulus package
Wednesday, February 18, 2009
by The Applegate Team
Well by the time you read this the President would have signed the economic stimulus package. What is ths going to mean to you? Well since there are so many numbers I am sharing with you what one of my acive rain friends Dan Hartman from Providence RI.posted in his blog. He had a great post on activerain and I just did not think I could say it any better so below is a portion of his blog. If you would like to read the entire blog follow the link below.
http://activerain.com/blogsview/938562/Economic-Stimulus-Act-Signed-Into-Law-What-does-it-mean-for-homebuyers
So what does the package contain for the average homebuyer?
$8000.
Section 1006 (page 54 of the conference report) describes changes to Section 36 of the Internal Revenue Code modifying the previous homebuyer credit that had been enacted in October of 2008. Specifically, the following important changes have been made:
Credit has been increased: the original credit was limited to $7500 or 10% of the home's purchase price; this has been upped to $8000 or 10%.
Credit no longer requires repayment: a significant criticism of the original 2008 credit was its repayment requirement, as those taking the credit would be required to repay it over 15 years. That has been addressed in the new law so that repayment is now required only if the home is sold within the first 3 years.
Credit is now allowable for buyers using "revenue bond" funded mortgages: many state and local entities offer first-time homebuyer mortgage programs that sometimes offer terms more favorable than government or conventional mortgages. Previously those buyers had been prohibited from accepting the credit, however they may now claim it.
Time to purchase extended: the original credit was due to expire June 30th; the revision extends that to November 30th .
Meanwhile, many components follow the original wording instituted last fall, specifically:
Credit is refundable: this means that a homebuyer who would otherwise owe no tax may still claim this credit and receive it as part of a tax refund .
Credit is for first-time homebuyers only: sorry, move-up buyers, but you won't receive this credit; do expect many more first-time homebuyers to be looking at your house, which should help you sell more quickly, if you're priced correctly
Credit is income-limited: the legistlature didn't see fit to modify the terms of this program to allow all homebuyers to benefit, only those who haven't owned in the past 3 years
Finally, certain components are still somewhat unclear:
Credit may be retroactively claimed: the prior credit offered the option to claim as if the purchase took place 12/31/2008 even if it closed in the early parts of 2009. The final bill's language appears to replace this paragraph (page 122, Stat 2981, section 36 subsection g) with something unrelated, which may mean buyers will need to wait until 2010 to claim the credit.
Overall, this program does a lot to change current programs by making them significantly more attractive to homebuyers. The removal of repayment requirement makes the credit much more attractive than the previous offer that had been made. The other changes are more semantic than meaningful, but the most significant thing accomplished by enactment of the bill is this:
Clarity
At least now, we can stop guessing, and start working towards improving the housing market.
So now that we have a new economic stimulus I hope this answers some of your questions and that the above numbers will help you in making a decison.
Have a great weekend and enjoy this great weather.
Jacque
Monday, March 30, 2009
Doom and Gloom
Doom and Gloom
Thursday, February 12, 2009
by The Applegate Team
More gloom and doom news from everywhere Today. I wonder if the media gets as sick and tired of reporting that type of news as we do hearing it. One of the so-called analysts reported that most Americans are sitting on the sidelines because they believe that home values will continue to fall in the first half of 09. Maybe they will and then again maybe they won't.
Let's take a positive spin on this info rather than a negative one. Customers who are sitting on the sidelines waiting to strike, could be missing out on the greatest real estate purchasing opportunity of the last few decades, especially in Georgia. The average home price is $207,000.00, with the change over one year of -4.4%. However the change over a 5 year period is +16.6. That's a pretty good return if you plan on keeping your home for more than a year. When was the last time anyone has seen rates hovering at 5% and less. Also, what happens if all the stimulus packages coming down the pike, raise the rates and push home values higher. I guess my point is, who are the customers listening to, the Pundits on Wall Street or the Professionals in Real Estate.
I know that my stock broker always tells me that when the market is down is the best time to buy not when companies are going along at gang buster pace. So when I take that into the real estate field I can not think of a better time to buy then now when the market is down and there is an overage on the MLS. We are seeing increased calls and more of our listings are selling. So if you are sitting on the fence I would encourage you to jump off and jump in.
Jacque
Thursday, February 12, 2009
by The Applegate Team
More gloom and doom news from everywhere Today. I wonder if the media gets as sick and tired of reporting that type of news as we do hearing it. One of the so-called analysts reported that most Americans are sitting on the sidelines because they believe that home values will continue to fall in the first half of 09. Maybe they will and then again maybe they won't.
Let's take a positive spin on this info rather than a negative one. Customers who are sitting on the sidelines waiting to strike, could be missing out on the greatest real estate purchasing opportunity of the last few decades, especially in Georgia. The average home price is $207,000.00, with the change over one year of -4.4%. However the change over a 5 year period is +16.6. That's a pretty good return if you plan on keeping your home for more than a year. When was the last time anyone has seen rates hovering at 5% and less. Also, what happens if all the stimulus packages coming down the pike, raise the rates and push home values higher. I guess my point is, who are the customers listening to, the Pundits on Wall Street or the Professionals in Real Estate.
I know that my stock broker always tells me that when the market is down is the best time to buy not when companies are going along at gang buster pace. So when I take that into the real estate field I can not think of a better time to buy then now when the market is down and there is an overage on the MLS. We are seeing increased calls and more of our listings are selling. So if you are sitting on the fence I would encourage you to jump off and jump in.
Jacque
Interest Rates
Friday, January 30, 2009
by The Applegate Team
Got a great email from a Lender friend in Buckhead and I wanted to share some of it with you. He is very in tune with what the banks are doing and his forcast for the market at the end of this week is as follows.
The flight to quality will remain in place for quite a while. Possibly six months maybe longer. What prompted the tightening was a semi-annual report published Tuesday. This report stated that delinquency rates spiked in the previous six months, for loans with borrowers having mid FICO scores of below 620. This in turn spooked investors who hold warehouse lines of credit for other investors. They will no longer tolerate any more of these loans on their books.
Rates have moved upward again. The 30 year fixed is now at 5.5% PAR for a 30 day lock. 10 and 15 year terms have moved to 5.25%, fully amortized.
3/1 and 5/1 ARM's still remain under the 5% threshold. 3/1 money is at 4.375% with the 5/1 ARM going to 4.75%.
He goes on to state that your debt to income ratios are going to become very important. That if you have credit card debt that you will not want to have more then 50% of the limit used.
Several banks here in town have just stopped doing mortgages. I know for a fact Atlantic Southern has and today I heard Security Bank announced they are putting a hold on all home mortgages.
It is a very unusual market that we are experiencing, and I really don't see a change coming for the next six months. So my advice would be to keep your credit stellar, don't be late on payments, and try and get your debt ratios down below that 50% mark. Typically the other industries like auto and credit follow suit on credit guidelines. So we may see changes in those markets as well.
As for the good new this Friday, home sales have risen and in the Warner Robins area we actually saw an increase of a little over 2%. So maybe all the doom and gloom is not going to be around for a whole lot longer.
Have a great weekend
Jacque Applegate
Thanks to Greg for the loan information.
Greg Brown
BuckHead Home Loans
1455 Old Alabama Road Suite 195-A
Roswell, Ga. 30076
Office: 404-303-7411
Cell: 678-943-0423
gbrown@buckheadhomeloans.com
Friday, January 30, 2009
by The Applegate Team
Got a great email from a Lender friend in Buckhead and I wanted to share some of it with you. He is very in tune with what the banks are doing and his forcast for the market at the end of this week is as follows.
The flight to quality will remain in place for quite a while. Possibly six months maybe longer. What prompted the tightening was a semi-annual report published Tuesday. This report stated that delinquency rates spiked in the previous six months, for loans with borrowers having mid FICO scores of below 620. This in turn spooked investors who hold warehouse lines of credit for other investors. They will no longer tolerate any more of these loans on their books.
Rates have moved upward again. The 30 year fixed is now at 5.5% PAR for a 30 day lock. 10 and 15 year terms have moved to 5.25%, fully amortized.
3/1 and 5/1 ARM's still remain under the 5% threshold. 3/1 money is at 4.375% with the 5/1 ARM going to 4.75%.
He goes on to state that your debt to income ratios are going to become very important. That if you have credit card debt that you will not want to have more then 50% of the limit used.
Several banks here in town have just stopped doing mortgages. I know for a fact Atlantic Southern has and today I heard Security Bank announced they are putting a hold on all home mortgages.
It is a very unusual market that we are experiencing, and I really don't see a change coming for the next six months. So my advice would be to keep your credit stellar, don't be late on payments, and try and get your debt ratios down below that 50% mark. Typically the other industries like auto and credit follow suit on credit guidelines. So we may see changes in those markets as well.
As for the good new this Friday, home sales have risen and in the Warner Robins area we actually saw an increase of a little over 2%. So maybe all the doom and gloom is not going to be around for a whole lot longer.
Have a great weekend
Jacque Applegate
Thanks to Greg for the loan information.
Greg Brown
BuckHead Home Loans
1455 Old Alabama Road Suite 195-A
Roswell, Ga. 30076
Office: 404-303-7411
Cell: 678-943-0423
gbrown@buckheadhomeloans.com
Another Year gone by!
Another year gone as we greet a new one.
Thursday, January 01, 2009
by The Applegate Team
Last night we said good bye to another year yet once more. As we greet the new one have you followed your family traditions? I know today that I made my mother and father proud as we shared the Georgia game with good friends and we ate all the traditional foods meant to bring us good luck and wealth.
We had black eyed peas and rice in the south we call it Hoppin Jon. For a little trivia question do you know what Hoppin Jon is called when you have it as left overs the next day?
My daughter Jaime informed me it is referred to as Skipping Jane. That was my small fact to learn today. One I did not even have a clue of.
Along with Black eyed peas I had to make a concession on the cabbage that I grew up eating and hating I might add because I have learned in the south it is not cabbage but Collard Greens as the symbol of choice. I guess the greens symbolize money so after this year being so crappy I forced the greens down.
The rice is a food that has long been know as a lucky food so of course we had that also and we vectored away from the hog jowls, some things I just can't do so we had pulled pork another concession I have made from my Northern roots.
Food, family friends and football what more could you ask for on the first day of a New Year.
If you would like to read more about the traditions of New Years check out this link, has some fun facts to know and learn. http://wilstar.com/holidays/newyear.htm
I wish you blessing and joy in 2009! And remember as always Real Estate is still a strong investment and always a great place to invest your money. The highest complement you can ever pay my team is the referral of family and friends.
Thursday, January 01, 2009
by The Applegate Team
Last night we said good bye to another year yet once more. As we greet the new one have you followed your family traditions? I know today that I made my mother and father proud as we shared the Georgia game with good friends and we ate all the traditional foods meant to bring us good luck and wealth.
We had black eyed peas and rice in the south we call it Hoppin Jon. For a little trivia question do you know what Hoppin Jon is called when you have it as left overs the next day?
My daughter Jaime informed me it is referred to as Skipping Jane. That was my small fact to learn today. One I did not even have a clue of.
Along with Black eyed peas I had to make a concession on the cabbage that I grew up eating and hating I might add because I have learned in the south it is not cabbage but Collard Greens as the symbol of choice. I guess the greens symbolize money so after this year being so crappy I forced the greens down.
The rice is a food that has long been know as a lucky food so of course we had that also and we vectored away from the hog jowls, some things I just can't do so we had pulled pork another concession I have made from my Northern roots.
Food, family friends and football what more could you ask for on the first day of a New Year.
If you would like to read more about the traditions of New Years check out this link, has some fun facts to know and learn. http://wilstar.com/holidays/newyear.htm
I wish you blessing and joy in 2009! And remember as always Real Estate is still a strong investment and always a great place to invest your money. The highest complement you can ever pay my team is the referral of family and friends.
Warner Robins Voted New South East Little League Headquarters
Warner Robins Voted new South East Little League Headquarters
Wednesday, December 10, 2008
by The Applegate Team
Once more our little town of Warner Robins Georgia has made the front page news. Yesterday evening it was decided unanimously that Warner Robins would be the new South East regional headquarters for Little League!
This is impressive news following upon Business Week naming Warner Robins as one of the best places to raise your kids.
Below is an excerpt from the press announcement from the Warner Robins Little League website.
With back-to-back world champions and a strong passion for Little League, I cannot imagine a better place than Georgia for the Southeast Region Headquarters," Gov. Perdue said. "Little League is a great program that I was proud to be a part of during my youth, and we will be honored to host the regional playoffs each year as the Southeast representative to the Little League World Series is determined. Little League is a world-class organization and I am proud to welcome them to Georgia."
the entire article can be found at
http://tinyurl.com/5g5xwl
This is definitely something for us to be proud of since our boys showed such great sportsmanship to the young men from Japan in the final playoffs of 2007. I must say that at the end of that game I had tears in my eyes. I have known many of these young man and have watched them grow during our time here in Georgia and it was a very humbling moment when our boys went and hugged the young boys from Japan. It's what we as parents hope to install in our children and that game showed that many parents and coaches had met the mark.
So once more our small town is brought into the headlines and with this honor we will be forced to improve what many of us feel is already a great sports program. An interesting fact that the above article stated is
Little League Baseball and Softball is the world's largest organized youth sports program, with more than 2.6 million players and 1 million volunteers in every U.S. state and 75 other countries.
I must say that I had no clue that the sport was that huge. That even makes it bigger news when you recognize those facts.
So if you are ever in our area please don't hesitate to pull off I-75 and check out our little news worthy town. You know you will always be welcomed!
Have a great day!
Wednesday, December 10, 2008
by The Applegate Team
Once more our little town of Warner Robins Georgia has made the front page news. Yesterday evening it was decided unanimously that Warner Robins would be the new South East regional headquarters for Little League!
This is impressive news following upon Business Week naming Warner Robins as one of the best places to raise your kids.
Below is an excerpt from the press announcement from the Warner Robins Little League website.
With back-to-back world champions and a strong passion for Little League, I cannot imagine a better place than Georgia for the Southeast Region Headquarters," Gov. Perdue said. "Little League is a great program that I was proud to be a part of during my youth, and we will be honored to host the regional playoffs each year as the Southeast representative to the Little League World Series is determined. Little League is a world-class organization and I am proud to welcome them to Georgia."
the entire article can be found at
http://tinyurl.com/5g5xwl
This is definitely something for us to be proud of since our boys showed such great sportsmanship to the young men from Japan in the final playoffs of 2007. I must say that at the end of that game I had tears in my eyes. I have known many of these young man and have watched them grow during our time here in Georgia and it was a very humbling moment when our boys went and hugged the young boys from Japan. It's what we as parents hope to install in our children and that game showed that many parents and coaches had met the mark.
So once more our small town is brought into the headlines and with this honor we will be forced to improve what many of us feel is already a great sports program. An interesting fact that the above article stated is
Little League Baseball and Softball is the world's largest organized youth sports program, with more than 2.6 million players and 1 million volunteers in every U.S. state and 75 other countries.
I must say that I had no clue that the sport was that huge. That even makes it bigger news when you recognize those facts.
So if you are ever in our area please don't hesitate to pull off I-75 and check out our little news worthy town. You know you will always be welcomed!
Have a great day!
Front Page Twice in One Week! Way to Go WR
Front Page twice in one week! Go Warner Robins!
Friday, November 21, 2008
by The Applegate Team
Wow what a week for Warner Robins. Twice in the same week we made front page headlines! First it was for being voted on as the best town in Georgia to raise your child then following that an article about our Warner Robins Little League and how wonderful our boys were to the Japanese team.
Over the next few weeks, the powers that be will choose between us and Morganton, N.C., to replace the St. Pete, Fla., suburb that has been the home of the regional offices and qualifying tournament for the Little League World Series.
This would be a great money maker for our city and community. So keep your fingers crossed for Warner Robins and maybe the next thing we will get will be a Soccer Tournament, since we all know I am partial to soccer having invested a ton of money in the sport over the years. (And no none of my kids are still playing)
Have a great weekend!
Jacque
Friday, November 21, 2008
by The Applegate Team
Wow what a week for Warner Robins. Twice in the same week we made front page headlines! First it was for being voted on as the best town in Georgia to raise your child then following that an article about our Warner Robins Little League and how wonderful our boys were to the Japanese team.
Over the next few weeks, the powers that be will choose between us and Morganton, N.C., to replace the St. Pete, Fla., suburb that has been the home of the regional offices and qualifying tournament for the Little League World Series.
This would be a great money maker for our city and community. So keep your fingers crossed for Warner Robins and maybe the next thing we will get will be a Soccer Tournament, since we all know I am partial to soccer having invested a ton of money in the sport over the years. (And no none of my kids are still playing)
Have a great weekend!
Jacque
Warner Robins Best Place to Raise Your Kids!
Warner Robins named best place in Georgia to raise your children!
Tuesday, November 11, 2008
by The Applegate Team
Showed up to the office this morning to a buzz in the hallway. Apparently on the front page of the Macon Telegraph was an article stating that Warner Robins was selected as Georgia’s “Best Place to Raise Your Kids” by Busines Week magazine. http://images.businessweek.com/ss/08/11/1110_best_places_for_kids/11.htm
The article that was published on Monday put Warner Robins first and Marietta and Athens as Runner-ups.
They selected cities on such factors as school performance, number of schools, crime rate, job growth and family income.
Below is a portion of the article from the Telegraph.
Acting Mayor Clifford Holmes said the survey looked at many factors that he considers important.
As a retired educator, he said the school system is second to none and has worked hard at attracting the best teachers. Holmes credits the schools, along with Robins Air Force Base, for creating a city where many can make a decent living.
.
Ed Rodriguez, executive director of the Warner Robins Area Chamber of Commerce, echoed that sentiment. Business Week is a widely respected publication around the world, he said.
“A lot of people are going to hear about it and pay attention to it,” he said. “Hopefully, it will attract people to the area.”
Rodriguez said such movement could provide a much-needed boon to the real estate industry.
Holmes suggested that while the city is a great place to live and raise a family, more needs to be done. While serving as the city’s chief executive, he has seen room for improvement in the areas of parks and theaters, he said, but overall, he is pleased with the city’s ranking.
“It really is a credit to the citizens of Warner Robins,” Holmes said.
I would just like to state that when John and I moved here 13 years ago, I really had to wonder where he was moving me. But as the years have passed and our children have grown, I have come to believe that there is no better place to raise a child.
So many things make Georgia a wonderful state to live in, things like the HOPE scholarship, Schools of Excellence (yes I know on the national ranking, but please check out Houston County against the total state) http://www.schooldigger.com/go/GA/district/02880/search.aspx. Large Military presence with bases like Moody, and Robins, Fort Stewart and Fort Gordon.
We love Warner Robins and we are so happy that the rest of America can know how wonderful we are.
On any given Friday night in the fall you will find one of the 4 local High Schools playing Football at McConnell Talbert Field and the stadium will be packed, the locals show up for baseball too. Last year our American Little League won the World Championship against Japan and the compassion they showed was awe inspiring. We have generational support for our school sports and I think that makes so much difference.
Neighbors know neighbors and that always keeps kids on edge. You never know who your parents will run into at the bank, or the grocery store and those neighbors may just mention that they saw your child driving down Russell parkway at 1:00 on a Friday afternoon. (Ask my son Jonathan about that one. He was busted skipping school by a friend who was a nurse on her lunch break when he turned in front of her.) In Warner Robins they take the saying "It takes a village to raise a child" seriously.
So to end this post yes now America can know that Warner Robins really is a pretty great place to raise a family. For once I agree with the media!
Have a wonderful day.
Tuesday, November 11, 2008
by The Applegate Team
Showed up to the office this morning to a buzz in the hallway. Apparently on the front page of the Macon Telegraph was an article stating that Warner Robins was selected as Georgia’s “Best Place to Raise Your Kids” by Busines Week magazine. http://images.businessweek.com/ss/08/11/1110_best_places_for_kids/11.htm
The article that was published on Monday put Warner Robins first and Marietta and Athens as Runner-ups.
They selected cities on such factors as school performance, number of schools, crime rate, job growth and family income.
Below is a portion of the article from the Telegraph.
Acting Mayor Clifford Holmes said the survey looked at many factors that he considers important.
As a retired educator, he said the school system is second to none and has worked hard at attracting the best teachers. Holmes credits the schools, along with Robins Air Force Base, for creating a city where many can make a decent living.
.
Ed Rodriguez, executive director of the Warner Robins Area Chamber of Commerce, echoed that sentiment. Business Week is a widely respected publication around the world, he said.
“A lot of people are going to hear about it and pay attention to it,” he said. “Hopefully, it will attract people to the area.”
Rodriguez said such movement could provide a much-needed boon to the real estate industry.
Holmes suggested that while the city is a great place to live and raise a family, more needs to be done. While serving as the city’s chief executive, he has seen room for improvement in the areas of parks and theaters, he said, but overall, he is pleased with the city’s ranking.
“It really is a credit to the citizens of Warner Robins,” Holmes said.
I would just like to state that when John and I moved here 13 years ago, I really had to wonder where he was moving me. But as the years have passed and our children have grown, I have come to believe that there is no better place to raise a child.
So many things make Georgia a wonderful state to live in, things like the HOPE scholarship, Schools of Excellence (yes I know on the national ranking, but please check out Houston County against the total state) http://www.schooldigger.com/go/GA/district/02880/search.aspx. Large Military presence with bases like Moody, and Robins, Fort Stewart and Fort Gordon.
We love Warner Robins and we are so happy that the rest of America can know how wonderful we are.
On any given Friday night in the fall you will find one of the 4 local High Schools playing Football at McConnell Talbert Field and the stadium will be packed, the locals show up for baseball too. Last year our American Little League won the World Championship against Japan and the compassion they showed was awe inspiring. We have generational support for our school sports and I think that makes so much difference.
Neighbors know neighbors and that always keeps kids on edge. You never know who your parents will run into at the bank, or the grocery store and those neighbors may just mention that they saw your child driving down Russell parkway at 1:00 on a Friday afternoon. (Ask my son Jonathan about that one. He was busted skipping school by a friend who was a nurse on her lunch break when he turned in front of her.) In Warner Robins they take the saying "It takes a village to raise a child" seriously.
So to end this post yes now America can know that Warner Robins really is a pretty great place to raise a family. For once I agree with the media!
Have a wonderful day.
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