Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided to cut the federal funds rate “in view of a weakening of the economic outlook and increasing downside risks to growth.” In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.

Who benefits from this cut?
If you have a loan that is directly tied to the Prime Rate, you will see an immediate benefit. Home equity lines of credit (HELOCs) and variable rate charge cards are the types of loans that will have an interest rate reduction on their next statement.

What does this mean for long-term rates?
Long-term mortgage rates, the lowest we’ve experienced in years, could actually increase after today’s cut, based on historical performance and recent trends. So if you’re waiting for long-term rates to fall further, don’t count on it. Your best chance to lock in the lowest rates since 2005 is now. Getting your application in process now will allow you to capture a great rate before it’s too late.

What REALLY moves mortgage rates?
Fixed-rate mortgage rates aren’t directly tied to Fed interest rate moves. Instead, they tend to follow in the direction of other long-term government bond yields, such as the 10-year Treasury, which historically moves in accordance with the economic outlook and in advance of Fed actions. The performance of Mortgage Backed Securities, issued by Fannie Mae and Freddie Mac, is what really determines long-term mortgage rates.

How does the economic stimulus package fit into the picture?
The economic stimulus package from Congress and the White House could be a double-edged sword for borrowers. Combined with recent Fed actions, the package could create inflation and bring about higher long-term interest rates. On the positive side, conforming loan limits are likely to be raised from the current $417,000 to upwards of $625,000. This means great potential savings for purchase and refinance candidates who live in 20 high-cost areas across the country.

What should you do next?                                    
If you’re unsure how the rate-cut or the proposed legislation affects your mortgage, don’t worry, you’re not alone. There’s no one-size-fits-all answer. Give us a call right away. We’ll review your mortgage and see what, if anything, can or should be done to make the most of your individual financial goals and needs.

Dan Dadoun

Emcore Mortgage, LLC

The family decided to check out J. Christopher’s in Ivy Walk which opened at the end of 2007.  Since we never had a J. Christopher’s locally in Smyrna Vinings, I have visited it for lunch before, but never felt it worthwile to trek off to one of the other metro Atlanta locations for breakfast.

But now that we have one conveniently located here in Smyrna in the Ivy Walk development at the corner of Atlanta Road and Cumberland Parkway, who can resist hopping out of bed in the morning and checking it out for breakfast.

J. Christopher’s is open from 7am -2pm daily, so this is more of a breakfast/brunch kind of place with some sandwiches, soups and salad thrown in for the more traditional lunch crowd (but who doesn’t want to eat pancakes for lunch).

J. Christopher’s has a lot to offer from pancakes, french toast, waffles, eggs every way imaginable, and skillets. All of these items come in a variety of flavors, styles, etc. I’m sure you could eat here everyday for a month and not repeat yourself. And to make it even harder, they throw in a lot of seasonal specials as well.

My kids decided to try out the children’s menu.  My son went for the more sensible breakfast with scrambled eggs, a blueberry pancake, bacon and fruit. My daughter decided to get her chocolate fix out of the way first thing in the morning and went for the chocolate chip pancakes with hot chocolate to drink. Their breakfast selections were great and between the two of them, I think there was enough food to feed the whole family. Definitely not your typical kid’s meal. And two thumbs up on the hot chocolate.

I decided to try a skillet with corned beef, hash browns, two sunny side eggs. Add a dash or two of hot sauce and I was all set. Accompanied with a glass of fresh-squeezed orange juice (can’t go wrong with fresh-squeezed OJ).

My wife opted for the Pantry Feast, which I believe means anything and everything that they’ve got back there in the kitchen is coming out on your plate.  It included two blueberry crunchcakes (panckakes with some granola baked in for a nice twist), two eggs, bacon, oven-roasted potatoes and fresh fruit.

If you’re thinking that this sounds like a lot of food, you must be clairvoyant, observant or maybe you’ve already eaten there. Bring your appetites because they’re not shy about portion size and the food is so good it’s hard to not try and eat it all. Perhaps this explains why they won My Fox Atlanta’s Best Breakfast for 2007.

Location:One Ivy Walk
1675 Cumberland Parkway
678-213-0312

OPEN 7:00 AM - 2:00 PM DAILY

Technorati Tags: J Christophers, Smyrna Restaurant Review, Vinings Restaurant Review, Ivy Walk

Don’t miss this great opportunity. This John Willis resale in the Vinings Ridge townhome community is drop dead gorgeous. You can’t go wrong with this 3BR/3.5BA three story townhome offered at $385,900.

From the minute you drive into this gated Smyrna townhome community, you’ll see the quality built into these John Willis townhomes. Stroll around the tree-lined streets and meet the neighbors. But the pièce de résistance is when you step in the door.

The homes features are rich and elegant and you’ll love living here. Features include:

• Hardwood floors
• Cast-iron balusters
• Stained cabinetry
• Granite countertops
• Stainless steel appliances
• Custom inlaid tile in all bathrooms
• Judges paneling
• Two fireplaces
• Upgraded lighting

To learn more about this Smyrna townhome, check out the property flyer or contact us directly. You can also view the virtual tour, but be warned, you’ll fall in love with it. Click here to schedule a showing.

This Smyrna townhome is exclusively marketed by:

Aaron Hofmann & Greg Godding

Keller Williams Realty Cityside

770-874-6383

Technorati Tags: 4433 Wilkerson Manor, Vinings Ridge, John Willis Homes, Smyrna Townhomes, Smyrna Real Estate

Gorgeous 3BR/2.5BA townhome for lease at $1,300/month in the heart of Smyrna Vinings.

This townhome is conveniently located in The Palms and is close to parks, the Smyrna Market Village and I-285. The townhome has extensive upgrades throughout including hardwood floors, granite countertops in kitchen, dining room and bathrooms, stained cabinetry, custom butler’s pantry in dining room and stainless steel appliances.

To learn more about this Smyrna townhome, contact us directly.

This Smyrna townhome is exclusively marketed by:

Aaron Hofmann

Keller Williams Realty Cityside

770-874-6383

Technorati Tags: 110 Rondak Circle, The Palms, Smyrna Townhomes, Smyrna Real Estate, Smyrna Townhome for Lease

Gorgeous 3BR/2.5BA townhome for just $195,000 in the heart of Smyrna Vinings.

This townhome is conveniently located in The Palms and is close to parks, the Smyrna Market Village and I-285. The townhome has extensive upgrades throughout including hardwood floors, granite countertops in kitchen, dining room and bathrooms, stained cabinetry, custom butler’s pantry in dining room and stainless steel appliances.

To learn more about this Smyrna townhome, check out the property flyer or contact us directly. Click here to schedule a showing.

This Smyrna townhome is exclusively marketed by:

Aaron Hofmann

Keller Williams Realty Cityside

770-874-6383

Technorati Tags: 108 Rondak Circle, The Palms, Smyrna Townhomes, Smyrna Real Estate, Keller Williams Realty

You won’t want to miss out on this home just listed. Priced for a quick sale at $195,000, 1178 Reed Road is located in King Springs Heights and features:

• A one-acre corner lot
• Three bedrooms
• Two bathrooms
• Hardwood floors throughout
• Stainless Steel appliances
• A separate studio/outbuilding
• Walking distance to Rhyne Park
• Close to King Springs Elementary & Griffin Middle School

You can get more information on this Smyrna home by viewing the property flyer or contacting us directly.

This home is marketed by:

Aaron Hofmann

Keller Williams Realty Cityside

770-874-6383

Technorati Tags: Smyrna Homes, Smyrna Real Estate, 1178 Reed Road, King Springs Heights

Well after last week’s “Bad MLS Photo - Week 1“, I was surprised to hear from the homeowner who actually recognized their home.

Perhaps, in this week’s installment, the owner will let me know that they recognize their home as well. Because, in this week’s photo, it is, IMHO, equally difficult to see the value of the picture. The photo below is the primary picture for the listing and I’m not really sure if they’re trying to sell the house or the car.

I know what you’re thinking, that I cropped the picture to cut out the house. But I can honestly say that there were no modifications to the picture.

Let me know what you think?

Technorati Tags: Smyrna Real Estate, Vinings Real Estate, Bad MLS Photo of the Week

If you purchased a home last year in Cobb County, including Smyrna, Vinings, Marietta, Mableton, Austell, Kennesaw and Acworth, you may want to hurry up and file for your Homestead Exemption. While you can file at any time during the year, you must file by March 1st to claim the Homestead Exemption for this year.

The Homestead Exemption reduces homeowners’ property taxes. To qualify, the homeowner must apply for this exemption on or before the filing period ends.  Once granted, this exemption is automatically renewed each year as long as you continually occupy the home under the same ownership.

The home must be your primary residence. You cannot file for homestead exemption on rental property, vacant land or on more than one property. In addition to basic homestead exemption there are additional exemptions for residents age 62 and older and/or disabled and disabled veterans. You must apply for these exemptions in person in most cases.

Homeowners who meet the regular Homestead Exemption requirements are entitled to a $10,000 exemption in the county general and school general tax categories. The regular Homestead Exemption was worth $257.70 in 2007.

As a result of the Homeowner’s Tax Relief Grant Program enacted by the Governor and the General Assembly of the State of Georgia, homestead property receives a tax credit each year which is reflected on the property tax bill.

The Cobb County Taxpayer Reassessment Relief Act, which affects homestead property that is reassessed, automatically increases the Homestead Exemption amount in the county general tax category by the same amount that the value increases. So while the initial Homestead Exemption results in a $10,000 credit against your assessed value, in subsequent years this credit will increase with any increase in assessed value.

If you have any other Cobb County real estate questions, don’t hesitate to contact us.

Technorati Tags: Cobb County, Homestead Exemption, Smyrna Real Estate, Cobb County Real Estate

In a surprising move this morning – The Fed cut the Feds Funds by.75%, lowering it to 3.5%. The Fed decided to hold a special meeting last night as US Stocks futures were trading significantly lower and Stocks around the world sold off sharply yesterday and this morning as foreign countries fear a US recession. This morning’s Fed cut was the first intermeeting Fed action since September, 2001, and the deepest one day Fed Cut since 1984.

Analysts said the Fed will likely delay cutting rates further at its Jan. 29-30 meeting but will probably keep moving rates down aggressively as the economy continues to weaken.

“This move is not an instant fix,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics. “The economy is still staring recession in the face, but at least the Fed now gets it.”

In addition to cutting the funds rate, the Fed said it was reducing its discount rate, the interest it charges to make direct loans to banks, by a similar three-quarters of a percentage point, pushing this rate down to 4 percent.

Commercial banks responded to the Fed’s action on the funds rate by announcing similar cuts of three-quarter of a percent on its prime lending rate, the benchmark for millions of business and consumer loans. The action will mean the prime lending rate will drop from 7.25 percent down to 6.50 percent.

The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States.

The Fed decision was taken during an emergency telephone conference with Fed officials on Monday night. Those discussions occurred after global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the world’s largest economy, could be headed into a recession.

In a brief statement, the Fed said it had decided to cut the federal funds rate “in view of a weakening of the economic outlook and increasing downside risks to growth.”

The central bank said that the strains in short-term funding markets have eased a bit, but “broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.”

The move caught financial markets by surprise. Many had expected the central bank would wait until its meeting next week to make any move in interest rates. The Fed made the move before markets had opened in the United States, hoping that the bold move would limit the decline in U.S. stocks.

Before Tuesday’s move, the Fed had cut interest rates three times, beginning in September, the month after a severe credit crunch had roiled Wall Street and global financial markets. The Fed cut the funds rate by a half-point in September and then by smaller quarter-point moves in October and December.

In its statement, the Fed said, that “appreciable downside risks to growth remain” and held out the prospect of further rate cuts.

“The committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risk,” the Fed statement said.

The Fed’s action was approved on an 8-1 vote with William Poole, president the Fed’s regional bank, dissenting. The statement said that Poole objected because he did not believe current conditions justified a rate move before the Fed’s meeting next week.

I thought about starting a new weekly segment, entitle Bad MLS Photo of the Week. This is purely for entertainment purposes and also to understand how frustrating it can be sometimes being a Realtor in the Smyrna Vinings area.

Our team works with a lot of buyers and sellers and when we’re out finding homes for our buyers, we come across some really bad pictures, commentary, etc. Sometimes they make you laugh, sometimes they just befuddle you, but it’s time to start sharing these.

So, without further adieu, here is our Bad MLS Picture for Week 1.

Now you may be thinking, well that’s not such a bad picture. You may even be thinking, now that’s exactly the house I was looking for. But this is where it gets more interesting. Following is the description written by the agent under the picture.

“View from cul-de-sac behind the house! This house is not the one you see the most of, straight ahead … it’s just to the left of there (the middle house of the three houses to the left side of the photo).”
When you combine the above agent comments with the picture, it all becomes crystal clear, I think. Or maybe not. Let me know what you think?

Technorati Tags: Smyrna Real Estate, Vinings Real Estate, Bad MLS Photo of the Week