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My "New Construction" of the week - Brookhaven Parc Townhomes

The best part of Dekalb county now has beautiful town-homes for sale!!!!

 $390,000   

Ashford Park Elementary, Chamblee Middle and Chamblee Charter High School are a sought after school district. Parks in the area. Close to shopping.  Mintues from downtown Atlanta. 

3 Bedrooms, 2 1/2 Bathrooms

The Brookhaven plan boasts an open concept main level perfect for entertaining. The gourmet kitchen featuring a center island perfect for a gathering of friends opens up to a dining room and generous family room with a cozy fireplace. Through the french doors you enter your private outdoor entertaining area and backyard. Head upstairs and you will not only find two master bedrooms, but also a huge finished third level bonus or bedroom. Furnished interior photos are of the model of the same floor plan. Ready now!

For more information or to visit the property and take a tour give me a call or send me an email.  

for more information please feel free to contact me at 678-587-7778 or carole.frazier@metrobrokers.com.

www.carolefrazier.com

THINKING OF BUYING A HOME????

The American dream of home ownership is now in a better place.  Mortgage companies have ease up on the requirements of borrowing money and interest rates are at 4%. What does this mean for you??

When a person is ready to make that dream a reality there are certain steps to buying a home that must be followed. These steps ensure that the person is prepared to actually own his or her own home, that the right location and home are selected, and that the actual purchase of the house proceeds with as few problems as possible. The process of buying a house can be complicated, even for those who have previously owned a home. The following guide will help navigate home buyers through the necessary steps.

Have A Down Payment Saved – it’s important to have money saved up. (I’ll post another blog in full detail) a rule of thumb is 10% to 20% of the home’s price.  This would be for a down payment, closing cost and inspections. 

Get Pre-Approved Or Pre-Qualified - Before a person begins the process of buying a house he or she will need to know what they can afford.  Most people are under the assumption that these two options are the same, but they’re not! In fact, one gives you a more accurate estimate of how much house you can afford.  With pre-approval letter, you will receive a conditional commitment from the lender in writing for an exact loan amount, allowing you to look for a home at or below that price level. 

Decide On A Location - Location is key!! Do you want to live closer to family or your job?  Know the area you seriously would love to live in.

Decide On A Type Of Home To Buy - The type of home that a person prefers is another factor to take into consideration when determining where to live. Things to consider include buying a new home versus a resale home. Home types include single-family detached homes, semi-detached homes, duplex homes, town houses, or even condos. When determining what type of home is the best fit, a person should take into consideration the lifestyle that he or she lives, current needs - such as rooms - and future needs of the family if it should grow.

Choose A Real Estate Agent – suggestions would be to choose a person that uses knowledge and experience to help you navigate local market conditions. That is will to act as an advocate for the buyer during the entire home buying process. Actively negotiate price and terms strictly on behalf of you. A person that is competent to prepare necessary forms and written offers. Assist in procuring property inspections, as well as provide advice regarding necessary improvements and repairs.  Be clear with your agent in what you’re looking for in a home. 

Visit Available Properties Once you select an agent the fun begins.  You need to make yourself available to visit as many homes as possible. You also have to have a realistic mind on what your money can buy.  Be open and flexible.

Lastly is making an offer the seller can't refuse.

The best part is Closing on your new home. 

for more information please feel free to contact me at 678-587-7778 or carole.frazier@metrobrokers.com.

www.carolefrazier.com

Interest Rates are extremely Low

USA TODAY
Jeff Reeves, Special for USA TODAY

The Federal Reserve has spoken, and rates aren't budging — this time. But despite Thursday's announcement, they have nowhere to go but up. It's just a question of when it'll happen.

So many consumers are asking themselves a much more fundamental question: Why do interest rates matter, and what would a rate increase mean for the typical family?

Thinkstock

Rising interest rates can have an impact on family savers and borrowers.

Even when we see higher interest rates, responsible borrowers still will probably have easy access to loans and rock-bottom rates, said Louis Navellier, chairman of money management firm Navellier & Associates in Reno. Banks will likely demand higher interest payments from less-qualified consumers, he said, but still court good customers aggressively.

USA TODAY

What higher rates mean for investors

"Technically, a rate increase will widen the wealth gap a bit," Navellier said, as lower-income families see more of their budget dedicated to interest payments for auto loans and credit card debt. This is particularly true, he adds, for variable-rate debts, such as adjustable-rate mortgages, which tend to be attractive to less-affluent borrowers because of lower initial payments.

However, given the "immense political pressure" around the issue of stagnant wages and income inequality, he adds, it's highly unlikely policymakers will allow any significant increase in rates and borrowing costs over the coming months.

Similarly, it's also worth remembering that while lower interest payments are always a plus, we shouldn't expect a big change in borrowing habits after a rate increase, said Whitney Fite, president of Atlanta-based Angel Oak Home Loans.

Even with a modest bump in the coming months, Fite said, auto and home loans will remain very accessible.

"From a consumer standpoint, even after a potential rate hike, rates will remain at historically low levels," he said. "Borrowers need to realize that mortgage rates moving from the 3s to 4s is not the end of the world, and that the affordability index remains very high."

USA TODAY

How to outsmart the Fed at its own game

As for savers, it's tempting to think that any Fed action to increase interest rates would mean a better rate of return for your nest egg at your local bank. But that may not actually come to pass, said Greg McBride, chief financial analyst at consumer finance portal Bankrate.com

"We're starting at such a low level on interest rates that they have to rise quite a ways until we get back to those days of 3% to 4% on CDs," McBride said. On top of that, most banks "are flush with deposits" and don't have to aggressively court consumers with higher rates.

Besides, he adds, banks make money off the difference between deposit rates and lending rates and are incentivized to give a smaller bump to savers even if they can charge borrowers more.

"Just because the Fed starts to raise interest rates doesn't mean those terms are going to land in savers' laps automatically," McBride said.

USA TODAY

Fed rate hike likely to modestly temper growth

So who would get some help, and who would see increased costs under higher rates? Here are some winners and losers:

Winners

Home sellers: Though it's a bit counterintuitive, higher interest rates could actually be good for home sales at the beginning of any period of rate increases. "It may cause a flurry of activity as buyers look to get in a new home before future rate hikes hit," said Whitney Fite, President of Angel Oak Home Loans in Atlanta. In other words, if the cost of borrowing will be higher tomorrow, why not take out that mortgage today and get more bang for your buck?

Home buyers: It's also worth noting that even if a small rate increase happens, mortgage rates are still near "historically low levels," Fite added — so it's not like buyers will be priced out of homeownership overnight. The rate on 30-year, fixed-rate mortgages topped 6.5% before the financial crisis and never dropped below 5.2% for all of the 2000s, for instance, so prospective home buyers shouldn't fret.

Shoppers with good credit: As long as you have a good credit history, you should still expect to see 0% APR promotional deals at your local car dealership or furniture store, said Greg McBride of Bankrate. The terms may vary slightly over time, for instance moving to 0.5% instead of 0% flat or with financing for 12 months instead of 18 months, he adds. But "those with good credit or who shop around, will always get attractive promotional offers," McBride said.

Losers

Savers: In the low interest-rate environment since the Great Recession, banks suffered low margins on loans. To prop up those interest margins, said McBride, banks will likely hike lending rates while leaving rates on CDs and other deposits pretty flat going forward. There may be a few opportunities for consumers willing to shop around, said McBride, but expecting a broad move toward better savings rates simply because of a move by the Fed is "a recipe for disappointment."

Borrowers with variable-rate debt: Naturally, the impact of any move by the Federal Reserve will be most apparent on loans that are pegged to benchmark interest rates. McBride says this is "particularly true for variable-rate debts that have large balances, such as adjustable-rate mortgages, student loans and home equity lines of credit." While you may not see the bills jump dramatically in short order, a steady rise in rates coupled with the long-term nature of these loans will "feel like death by a thousand paper cuts" over time, McBride said.

Mortgage holders who haven't refi'd: A few percentage points in interest can add up big over the long term, said Fite of Angel Oak Home Loans. Many Americans have found this out by refinancing their mortgages to cut down monthly payments. But unfortunately, if you didn't take advantage of super low rates in 2014 or early 2015, your window may have permanently closed to get those more favorable rates from several months ago.

Renting Vs. Buying

There is so much debate about whether to rent vs. buy, I guess it's just a personal preference.  Of course it's my job to show you the pros and cons of both. One thing is for certain two things are for sure, the cost to rent a place at this point is more than the average mortgage for the same size unit. 

Rent:

Pro's -

• Your able to call the leasing office for maintenance if something goes wrong in the unit (keep in mind they come when they want to and seldom fix it correctly the first time)
• Swim and or Tennis community (how often do you use those type of amenities)
• Appliances provided with the apartment

Con's -

• The price of rent goes up every year at renewal. 
• With an apartment, you generally don’t have the privacy that you do with a single-family home. I
• t’s easy to hear noises from apartments beside you, upstairs, or downstairs.
• You generally have a limited number of parking spaces, so parties and get-togethers are more difficult.
• You won’t get your own yard, although you may get a shared space where you can place things like barbecue grills, patio furniture, etc.
•  Apartments typically charge non-refundable pet deposits and there is less room for larger animals to exercise outdoors. 
• Being so close to other residents limits the things you can do.

Purchase a Home:

Pro's -

• Build equity — your wealth will increase as you gain more home equity 
• Gain tax advantages — mortgage interest is tax deductible as per IRS code. 
• Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent. 
• Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home. 
• Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime
• Maintenance choices – If you own a home, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. If you live in a rental, you are at the mercy of the landlord when repairs are made and how.
• Swim and or Tennis community. You're able to enjoy amenities with neighbors that you've build a friendship with.
• Pride of ownership – It might not make sense for everyone, but having a home you own is still the ultimate American Dream.

Con's -

• Really can't think of any.

 The moral of the story is - Stop making someone else rich with rental payments. Consider speaking with a mortgage broker to see what you may qualify for.  You will never know until you try.




The views and comments on this blog are that of the owner