BIG CHANGES AS OF OCTOBER 3, 2015

sign contract

A FEW THINGS YOU MUST KNOW BEFORE BUYING OR SELLING A HOME!

In an effort to empower and protect consumers when purchasing a home with a mortgage, the Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Consumer Financial Protection Bureau (CFPB) to integrate mortgage loan disclosures.  What you must know is that on October 3, 2015 “TRID” was implemented.  TRID is an acronym for TILA/RESPA Integrated Disclosure.  (TILA – Truth in Lending Act, RESPA – Real Estate Settlement Procedures Act) Confused yet?  Let me explain briefly what this is, and what it means to you if you or someone you care about will be buying or selling a home in the near future.

TRID is being affectionately called “Know Before You Owe”.  The intent is have processes in place whereby lenders must disclose all fees and terms of loan within a certain time frame, and to give buyers an opportunity to shop the terms of the loan.  I recently attended a 3 hour CE class on this topic and the take away is that these new government regulations will significantly impact the way we have done business in the past.  Most notably, the typical timelines in a real estate contract, especially the closing and possession dates, will most certainly be impacted.  It would appear that the days of a 30 day closing are a thing of the past.  I have spoken with several top lenders and closing attorneys around town, and while most seem to have processes already in place to deal with these new regulations, no one really knows for certain what the impact will be.

One thing IS certain, is it absolutely imperative that if you are buying or selling a home that you partner with a real estate professional who is knowledgeable on this topic and who can refer you to the lenders, closing attorneys, and other partners in the real estate transaction who can guide you best.   The CFPB means business, and you do not want to engage in real estate contract until you have the facts on how you may be impacted, whether you are on the buying or selling side of the transaction.

For more information on TRIDhttp://www.consumerfinance.gov/know-before-you-owe

Dodd Frank

http://www.cftc.gov/idc/groups/public/@swaps/documents/file/hr4173_enrolledbill.pdf

Consumer Financial Protection Bureau

http://www.consumerfinance.gov/

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Home Values Compared to the Peak of 2006-2007

by The KCM Crew

Home Values Compared to the Peak of 2006-2007

There is no doubt that the housing market has recovered from the meltdown that occurred just a few short years ago. However, in some states home values still have not returned to the prices we saw in 2006 and 2007.

Here is a breakdown showing where current prices are in each state as compared to peak prices.

Housing-Prices

HPI Price Since Peak

HPI-Price-Since-Peak

Interest Rate and Mortgage Payment Costs Across Time

Even with residential mortgage rates projected to rise, it’s always good to take a moment, look back and see that we are in good shape historically.

Back in the 1980s, interest rates were at an average of 12.7% (OUCH!) and on a $200k mortgage, that monthly payment would be around $2,166.  Here in 2014, our average rate has been 4.10% – meaning the monthly payment on that same house is around $966.  What a different a those interest rate points make.  Check out the chart below to see the other periods of time and their related payment amounts.

This information, combined with the hot housing market in North Atlanta is more evidence that now is a great time to buy!   Please contact me as you consider any real estate transaction. 

Average Interest Rate & Mortgage Payment Across Time

Interest Rates and Mortgage Cost Across Time

The average 30-year fixed mortgage rates and the approximate payment for a $200,000 mortgage. Payments are principal and interest only based on a $200,000 fully amortizing mortgage. Source: Freddie Mac

Infographic provided by KeepingMattersCurrent.com

 

Redistricting for North Fulton schools to begin in October

Originally posted on NorthFulton.com by Candy Waylock

NORTH FULTON, Ga. – Parents would be wise to stay aware of school attendance zone changes in the coming months.

The redistricting process for all schools throughout North Fulton will begin in October, with the goal to have the changes approved by February and in place next school year, according to officials with the Fulton County School System (FCSS).

“The scope of the North Fulton redistricting will include all schools and all levels,” said Yngrid Huff, chief planner for the FCSS. “Capacity is being added at the elementary and middle school levels, which requires a holistic look at all attendance boundaries.”

A new elementary school off Highway 9 in Roswell is set to open in August 2015, along with additions at three North Fulton middle schools – Hopewell, Autrey Mill and Taylor Road. A planned addition at Crabapple Middle was shelved until after 2018 while planners consider a complete rebuild of the school.

This increased classroom space provides an opportunity for the FCSS to adjust attendance lines based on enrollment, as well as remedy some of the quirky feeder patters from elementary to middle to high school.

Click here to see the current Fulton County School System zoning.

Click here to see the current Fulton County School System zoning.

The last North Fulton rezoning was in 2011 with the opening of Cambridge High School. Huff said it is time to revisit the lines to ensure capacity is balanced across the region.

“We’ve had some changes since the last redistricting, so we want to make sure everything is aligned,” said Huff. “When you look at the entire region, you are able to jiggle all the puzzle pieces at once, and you can better align [the zones].”

Huff said the process will also focus on cleaning up feeder patterns, primarily from middle to high school. While it is impossible to have a 100 percent middle school feed into a high school because of space issues, planners will work on reducing small groups of kids who veer off from their classmates to a new school.

“The feeder pattern needs to be considered,” said Fulton Board member Linda McCain, who represents Johns Creek. “In my area, it’s the middle to high school feed my community is most concerned about. The kids are on feeder teams and other clubs, and it gets [complicated].”

Please read the remaining part of the article from its original source at NorthFulton.com.

Vendor Spotlight: Atlanta Peach Movers

Atlanta Peach Movers

As a real estate professional, I am asked almost on a daily basis to refer many different types of vendors needed by my clients throughout the course of the real estate transaction. During my nearly 20 years in the business, I have built solid partnerships with the “best of the best” in business sectors such as mortgage, appraisal, home inspection, renovations, and many others.

For many years I would hesitate giving out referrals for moving companies. It seemed despite good intentions, inevitably problems would occur resulting in a poor customer experience. I would consider that experience to be a reflection on me for making the referral. I expect my business partners to adhere to the highest standard of client care that I do. This always seemed to be a challenge with the moving industry.

Then I met Orlando Lynch, President & CEO of Atlanta Peach Movers.

You may have seen his company’s trucks around town, and noticed that they are “The Official Movers of the Atlanta Braves”. In fact, if you are a Braves fan and watched on TV, you may have even spotted the guy in the orange shirt seating in the seat directly behind home plate! Probably talking on his cell phone, taking calls from clients 24/7!

Orlando_Atlanta_Peach_Movers_Braves_game

Orlando Lynch hanging out in the Atlanta Braves’ dugout.

Orlando Lynch behind home plate at the Atlanta Braves game.

Evander Holyfield and Orlando Lynch behind home plate at the Atlanta Braves game.

bobby_cox_atlanta_peach_movers

Bobby Cox of the Atlanta Braves gives a testimony to the good work that Atlanta Peach Movers did for him during the move to a new home. Please click on the image to view the short video.

I am happy to say that I now have a moving company that I can refer without hesitation. I can always count on Orlando & his crew to deliver the high level of client care that my clients have come to expect.

One reason for their continued success is their Atlanta Peach Movers University. It helps create a quality standard and a system to ensure the safety of your belongings and efficiency in your transition.


Whether you are moving locally or out of state, Atlanta Peach Movers is the company to call.

http://www.atlpeachmovers.com/

 

 

Incredible 26 Acre Equestrian Farm in Milton

Bethany’s Rest is an extraordinary property that is prominently situated on 26 acres in the heart of Milton.

This is a home where you will create the most special family memories that will become a lasting legacy.

Please click here to see additional photos and more information online.

bethany_road_side_front

13650 Bethany Road, Milton, GA

This Bill Baker designed main residence features a wraparound porch with visually stunning views of the lawn, spring fed stocked lake, riding ring, 5 stall barn, pool and spa.

Perfectly situated on an idyllic 26 acres in Milton.

Perfectly situated on an idyllic 26 acres in Milton.

bethany_road_entrance

A handsome entrance sets the stage for a beautiful estate.

Linger on the welcoming wrap-around porch.

Linger on the inviting wrap-around porch.

Inside, the main kitchen is the heart of the home and is open to the family room and breakfast area.

Inside, the main kitchen is the heart of the home and is open to the family room and breakfast area.

The stately study awaits a new owner.

The stately study awaits a new owner.

Impeccably manicured pastures for champion horses.

Impeccably manicured pastures for champion horses.

Terrace level has in-law/au pair suite. Barn includes a care takers residence with office and separate laundry, RV storage and 6 car garage.

Barn includes a care takers residence with office and separate laundry, RV storage and 6 car garage.

Barn includes a care takers residence with office and separate laundry, RV storage and 6 car garage.

Come and experience the rest and peace that will envelope you from the moment you enter through the gates.

Offered at $3,200,000

13650 Bethany Road  –  Milton, GA  30009

Rhonda Haran

Atlanta Fine Homes Sotheby’s International Realty
404.556.5600­
770.442.7300­
Atlanta Fine Homes Sotheby’s International Realty
678.938.2946­
866.919.3607­

The Truth About NAR’s Home Sales Numbers

As I always say, there really is no such thing as a national real estate market. This article from the KCM blog helps to explain the recent report from NAR on a national level.  However, what is important to be familiar with is what is going on locally.   For current, accurate data for your own neighborhood, I am always happy to hear from you.  Send me an email at  rhonda@atlantafinehomes.com unnamedThe National Association of Realtors (NAR) released their latest Existing Homes Sales Report recently. The year-over-year comparison of overall sales did not paint a pretty picture. NAR itself called the sales numbers “subdued”. Other media sources used stronger terminology. There is no doubt that home sales were lower this February (4.60 million) than last February (4.95 million). However, a closer look at the report gives us some evidence as to why that is. Last year, of the 4.95M homes sold, 25% were distressed properties (foreclosures and short sales). This February, only 16% of sales were made up of distressed properties.

WHY IS THIS IMPORTANT?

Well, if we do the math, we can see that the annualized number of non-distressed properties sold which was revealed in the latest report (3,864,000) was actually greater than the annualized number of non-distressed properties sold that was reported last year (3,712,500).

As we sell-off the ‘shadow inventory’ of distressed properties, there will be less homes from which a potential buyer can choose. That will impact sales. As proof of this point, we can look at the months’ supply of housing inventory available for purchase.

In a normal market, a six month supply would be optimum. However, we haven’t reached a six month supply once in over 18 months. This shortage of inventory is the main reason sales are down.

THE GOOD NEWS

As prices continue to rise, more and more homeowners will be freed from the shackles of negative or limited equity. This combined with an improving economy will allow homeowners to again feel confident that they can sell their homes and move on with their future plans.

We are already starting to see increases in listings coming onto the market (unsold inventory is 5.3 percent above a year ago). Once housing inventory reaches normal levels (a 6 months’ supply) we will again see home sales begin to increase.