Welcome back!

The Week in Review:

The big news last week was the Fed’s decision on how they will continue to help keep interest rates low. They decided to fulfill their commitment to buy $1.25T in Mortgage-Backed Securities. However, instead of buying all by the end of the year as originally planned, they will spread the remaining purchases out through the first quarter 2010.

On the week, home loan rate improved about .125%

What to Expect:

What does the Fed announcement mean? The announcement indicates that they will wean themselves off of the program and let the market correct slowly vs. an immediate termination of the program at year end. If you have read my rate updates for any length of time, you know I have been talking about this event. Home loan rates are slated to rise as the Fed’s presence in the market diminishes.

As they say, the writing is on the wall. If you are in the market to buy or refinance, it’s time to take advantage of the rate environment.

Over the next week, we’ll receive plenty of information about the state of the economy. On tap this week are the Consumer Confidence Report, the Core Personal Consumption Expenditure Index and Friday’s Jobs Report.

Breg-ometer:

Next 7 days: Rates could increase just a bit depending on the news of the week

Next 30 days: Still expect to be in the same range

Next 90+ days: Rates Up

Upward Basketball and Cheerleading: First Baptist Church of Smyrna offers an exciting basketball and cheerleading league for children and youth where Every Child is a Winner.

Registration is open for the 2009-2010 Upward Basketball league. Evaluations are Saturday, November 14 and November 21 from 9 a.m. to 3 p.m. at the Griffin Middle School gym on King Springs Road off South Cobb Drive.

Practices start in December, league play on Saturday, January 9th, 2010. Early registration is $95.

Click here to register Upward Basketball and Cheerleading. For more information visit the church office at 1275 Church Street, Smyrna, GA or call (770) 435-3231.

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The week in review:

Home loan rates were on a rollercoaster again last week. Interest rates dropped during the week but by Friday rose higher than where they started out. Home loan rates ended the week about .125% higher.

What to expect:

This week is chock full of economic news for the market to digest. The biggest of which is the Fed’s policy statement and interest rate decision due out Wednesday at 2:15. While the Fed will not make changes to rates, the market will be listening to comments related to the state of the economy and the continuance of government programs.

Breg-ometer:

Next 7 days: May see rates increase a bit on the week

Next 30 days: Rates should be in the same basic range

Next 90 days: Rates increasing

Courtesy of:

Bob Bregitzer

Southeast Mortgage

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Are you thinking about becoming a first-time home buyer? Maybe you’re tired of paying rent and enticed by the $8,000 first-time home buyer tax credit. The tax credit ends November 30th, so even if you’ve procrastinated a bit, it’s still not too late.

Timing is important for most first-time buyers today. For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren’t eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000.

“We’ve definitely seen an increase in buyers wanting to purchase prior to the November 30th deadline and receive the $8,000. It’s definitely motivation,” said local Smyrna Vinings Realtor, Aaron Hofmann.

Ensuring that you are able to close on your new home by November 30th, it’s imperative that you work with a local market expert who understands where the best deals can be found and which homes best meet your needs. The other critical aspect is to make sure you’re working with a lender and closing attorney that can properly handle your needs and prepare all the financing and closing documents in time.

Keller Williams Realty Cityside, Smyrna Vinings #1 real estate office, understands how critical this is. They expect a large surge in first-time home buyers leading up to the deadline and have ensured that additional resources are available to meet the consumer demand.

Thanksgiving may also throw a crimper into the schedule as well. So the earlier that you can close in November, the better off you will be. So be sure to plan accordingly. One of the best things you can do to prepare, is to meet one-on-one with a local Smyrna Vinings Realtor for a first-time homebuyer seminar and work with a local lender to get fully pre-approved. Both of these steps will save hours and hours from the process and ensure a successful transaction.

Most first-time homebuyers tend to purchase in the $300s or below. To simplify things a bit, we’ve provided Smyrna Vinings homes for sale right now so you can see what is available.

• Smyrna Vinings homes for sale from $300,000
• Smyrna Vinings homes for sale from $200,000
  
• Smyrna Vinings homes for sale from $100,000
• Smyrna Vinings condos and townhomes for sale from $300,000
• Smyrna Vinings condos and townhomes for sale from $200,000
• Smyrna Vinings condos and townhomes for sale from $100,000

Of course, buying a home has to be the right decision. The purpose of the Keller Williams first-time home buyer seminar is to help you understand the process, the costs, which will allow you to make an informed decision. It’s important to understand how much down payment you will need, closing costs and other ancillary expenses.

But without a doubt, it’s a great time to be a first-time home buyer. Home prices are down, interest rates are phenomenal and throw in the $8,000 tax credit. In fact, the biggest concern lurking for home buyers is positive economic news. What’s good for the economy is not good for mortgage interest rates, which are expecting to increase over the next 12 months. A 1% increase rates will have a big impact on affordability.

The National Association of Realtors estimates that about 1.8 million to 2 million first-time buyers will take advantage of the tax credit this year.

If you’re thinking about buying a home, take the first step and contact us for a complimentary first-time home buyer seminar.

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St. Benedict’s Episcopal Church and Day School invite the community out on Saturday, October 3, 2009 for our 2nd Annual St. Francis’ Day Festival.

Celebrating the role of animals in our lives, the festival will be held from 11 AM to 2 PM at St. Benedict’s Episcopal Church and Day School, 2160 Cooper Lake Rd., Smyrna, GA 30080, near the corner of Atlanta Road and Cumberland Blvd (Just across the street from Ivy Walk).

There will be pet blessings, a pet parade, face painting for the kids, and lunch served by our youth group. So bring your dogs, cats, gerbils, and other four legged friends; don’t forget your lizards, hermit crabs, fish, and any other pet that slithers, creeps or swims!

The Rev. Lang Lowrey, Vicar of St. Benedict’s, states, “I expect that this will be a great time for families, both with two-legged and four-legged children to come out, have fun and grow as a community. I hope we will have a lot of new faces and wagging tails join us for a wonderful day.”

Technorati Tags: Smyrna Events, St Francis Day Festival, St. Benedict’s Episcopal Church and School

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