Local Real Estate Comments and Ramblings

Part 4 - Searching for a home and using a buyers agent

Recently, I had the pleasure of doing an adult ed.  home buyers class for the Marietta Community School.  I have decided to take some of my outline notes and form the into a blog series for home buyers.  

The content is geared a little more toward first time buyers but will still be very relevant for move up buyers as well.  Also, this is based on my own knowledge and experience in our local market.  All real estate is local, so if you are reading this in another part of the country then some of the ideas may not apply or at least they may apply differently.

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Part 4 - Searching for a home and using a buyers agent

Searching for a home

Over 80 percent of all buyers begin their search on the internet. With the advent of the internet buyers can now see virtually every home for sale from the comfort of their own home.

Here are a few tips to help with your internet search.

• Put in good information.  Your search results will only be as good as the search criteria that you input.  For example, on the  Seach for Homes function on my website there is also an advanced search option that I recomend. This allows you to add chools, subdivision, or other importan information that will help narrow down your home search.  When the search results are returned you will be more likely to see only homes that might interest you.
• Consider signing up for an automated listing search. With the automated search the new or changed listings that match your search will be automatically emailed to you.  You won't  have to search all over the internet anymore since the newest listings are coming in to your email box everyday.
• Make sure that you see all of the homes! Here in metro Atlanta, and in many other cities, there is more than one mls service.  Make sure that the search you are using searches all of the mls services for your area.  
• Should I sign in?  Many websites will require you to sign in at some point.  The settings on my search will allow you to see the basic home information but require a sign in to see additional photos or virtual tours.  If you are hestitant to share your information here are a few tips for you. 

1.  
   1.  Many (most) agents will never call you.  I can't explain it they just don't.  If they do call it usually is just an offer to assit with your search and there is nothing to heavy handed and there is no obligation.  
   2. Many of the web sign ins do not screen the information.  While I don't encourage this, I have had a few folks sign in as mickeymouse@disney.com :-).

Using a buyers agent

If you find a home that is for sale by owner you are not required to use an agent but you may want to consult with an agent or a real estate attorney to help you through the transaction. Some agents will offer transaction assistance for a small fee.  This can be helpful in understanding the contacts and the homebuying process.

Most homes that you will be looking at are listed by agents. About 90% of all homes sold are sold by agents.  So, should you use a buyers agent?

• Understand that the listing agent , the agent with the sign in yard, represents the seller and their job is to sell the home on the best terms for the seller.
• The listing agent shares their commission with your agent.  That is how the agent that represents you gets paid.  You get full representation but there is almost never any cost to you. Personally, I have never charged a seperate fee to a buyers agent, regardless of the commssion amount offered by the listing agent.
• Can I buy the house cheaper if there is no buyers agent? Usually not.  The seller has a contract with the listing agent that they will pay x% commission when the house sells.  That amount is the same whether there is a buyers agent or not.  Plus, the buyer cannot negotiate the commission as part of the contract.  That would be interfering with the already existing contract between the seller and their agent.  When most agents see an unrepresented buyer they simply look at it as a larger commission check.
• A buyers agent represents you adn our best interest and will help keep you focused on the homes that best match your needs
• Buyers agents are obligated to keep your information confidential.  if you deal with the listing agent directly, they can tell the seller anything that you share with them and in turn use that information to negotiate against you.
• Buyers agents have no responsibility to sell a particular home.  They can point out the good and bad features of any home that you are looking at.  The listing agent only has to disclose information that is required by law.
• Buyers agents will help coordinate all aspects of your home purchase form the beginning of the search, to apprisal, home inpsection, loan apllication, to closing. 

Remember that commisions are negotiable. This is great to remember if you have a home to sell. Many agents have different policies on this.  Personally I always offer a "volume" discount for representing clients on a listing and also a purchase.  


Would you invest $150,000 or more in the stock market without the advice of a financial advisor?  Would you go to court without your own attorney?  Your home search will go smoother and your best interests will be represented if you have your own agent.

Next time - Making the offer.

 

Read Part 1, Here - Is it a good time to buy and should I buy?

Read Part 2, Here -  Should you buy a home if you currently have a home to sell?

Read part 3, Here  - Getting Credit Ready/ How much house can I afford?

Read Part 4 , Here - Searching for a home and using a buyers agent

Read Part 5, Here - Making the offer

Read Part 6, Here - Appraisal, Inspection, and Due Diligence

Read Part 7, Here - To the closing and beyond

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

Follow Bob on Twitter , FaceBook, and LinkedIn

The social committee Country Walk Subdivison in Powder Springs will be organizing our 2nd annual "Trick or Treat For Canned Goods" this Halloween. 

We are working with the Cub Scouts from Pack 760 to help pick up the cans which will be donated to MUST Ministries food pantry.

Thank you in advance to our Country Walk neighbors for their generosity in this effort.  Remember, this Friday you might here "Trick or Treat for Canned Goods". Have your cans ready for a good cause.

If you are not going to be home this Friday please give me a call or email and I'll be glad to make arrangements to collect your donation!

  

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Click Here - To see current homes for sale in Country Walk

To see other Homes For Sale in Powder Springs please visit:

www.PowderSpringsHomes.info

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

At age 74 my dad has gone back and gotten his securities license. That it in itself is a whole topic for another post.

His area of expertise has always been in technical market analysis.  In other words, predicting the future trends in the market.

 

 

"....7200-7500 ON THE DOW THEN EVENTUALLY 5365-5400.... 

 

.....THIS PLUNGE PHASE DOES NOT TAKE VERY LONG.  THEN BASES WILL HAVE TO BE BUILT BEFORE THE NEXT GREAT BULL MARKET BEGINS....."

Personally, I dont understand a lot of it and I wont pretend to.  Do with the information what you will.

I think its safe to say that many folks hope he is wrong. Just remember you heard it here first :-)

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

 I subscribe to RealTown but I rarely if ever post anything there. Today one of the readers asked about something he had heard from former Minnesota Governor, Jesse, Ventura, about eliminating the IRS and establishing a national sales tax.  Very clearly, a few of the people who responded had no idea of how the "Fair Tax would work.  I am no expert but here is my response.

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Bruce,

I mostly lurk, and rarely comment here on Real Town, but you have brought me out of the woodwork!

I believe that you and Jesse are talking about what is most often called "The Fair Tax".

I am no expert on the fair tax but I think that I have a decent understanding of it. It appears that some of the people commenting do not have a clue so I wanted to clarify as best as I can.

Before I even go into answering questions I want to make a point.  Businesses don't pay taxes. Oh sure they write checks to the IRS but it is a cost of business, jut like labor, rent, or utilities.  The cost of that expense comes from one of two places. The business can cut overhead or pass it on in the price of the product or service.  Imagine how many new businesses (and jobs) we would attract to this country if the business itself paid no taxes and could pass the lower cost product on to consumers? Ireland has proven this by lowereing their corporate tax rate to 12.5% and they have attracted a ton of new businesses and jobs.

Under the Fair Tax all embedded taxes will be removed from the cost of goods and services.  Think about it.  A farmer grows a tomato and sells it.  He pays taxes on his profit.  A truck driver carries it to market. He pays taxes on his profit.  The grocer sells the tomato and pays taxes on his profit.  So along the whole path there are embedded (hidden) taxes. These are all removed.

When all of those embedded taxes are removed the price of the item will be reduced.  The proposed tax as it is most often dicussed is 23%.  Every American family will recieve a "prebate' check each month to offset the cost of the tax on baseline necessity items.  Therefore it is not regressive as mentioned in one of the other comments.

Illegal immigrants, drug dealers, cash and tip incomes, and others who are currently flying under the radar of the current tax system will now be tax payers instead of tax avoiders. That is a lot of tax revenue that can be made up from current non payers and the end result should be that people who are currently paying taxes will pay less in the long run.

I do have an unanswered question as to how the Fair tax would affect the housing market.  The last major tax reform that we saw was TEFRA in 1986. The result was a devaluation in institutional type investments such as shopping centers, apartment complexes, etc.  since the tax component was part of the investment strategy. I'm sure the answer is out there but I dont know it.

How about our commissions? I might be wrong here and if I am I apologize in advance.  From what I understand there would be no tax on resale homes.  The taxes have already been paid under our current tax system.  On new homes there would be no embedded tax, so the fair tax would be added. The final cost of the new home shold remain the same. So we can do one of two things. Take a 23% cut on the commission or get paid on the total selling price (which should be a comparable price to current values).  Remember that commissions are negotiable so charge whatever you want and whatever the market will bear.   

Another point- for the last several years Americans have been saving at a negative rate.  Individuals have been putting little or nothing aside for our future.  The fair tax encourages savings. For every dollar we save we automatically do not pay the the 23% tax.

So who does not benefit from the Fair Tax?  Tax preparers and IRS employess.  Oh yeah, and politicians who wont be able to use the tax system to buy votes.

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

 

Recently, I had the pleasure of doing an adult ed.  home buyers class for the Marietta Community School.  I have decided to take some of my outline notes and form the into a blog series for home buyers.  

The content is geared a little more toward first time buyers but will still be very relevant for move up buyers as well.  Also, this is based on my own knowledge and experience in our local market.  All real estate is local, so if you are reading this in another part of the country then some of the ideas may not apply or at least they may apply differently.

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Part 3: Getting Credit Ready / How much house can I afford?

Originally I had planned on doing these as two separate posts, but I think they will go well together as one.

Get Approved: It is important to go ahead and get pre approved prior to shopping for a home.  For an approval the lender will look much deeper at your credit and income.  Essentially you will be approved for the loan and all you will need to do is pick the home to add to the loan package. 

So what are some things that you will need for loan approval?

• 3 months most recent pay check stubs 
• 3 months most recent bank statements. All pages front and back
• Monthly or quarterly statements form any stock, saving, or retirement accounts.
• 2 years worth of w-2 income verification (or 2 years tax returns for self employed)
• Name, address, phone number for all employers from last 5 years.

Once you get in to the loan process the lender may require other items but this will certainly be enough to get the process started.

Credit:   DO NOT APPLY FOR ANY NEW CREDIT!! You do not need to finance a car, get a credit card, or obtain other forms of credit to build credit for a home purchase! Do not let some salesman tell you to finance a new flat screen TV, just to build credit!

• If you do not have a credit score or if you have very limited credit you can establish alternate credit by proving that you pay your regular bills on time. Your payment history on your rent, utilities, cell phone, gym membership and other monthly bills can all be used.  
• Have cash reserves and assets available.  Even if you are buying with a low down payment, you need to have extra money set aside for emergencies and cash reserves. It is good planning on your part and the lenders really like it.  Savings accounts, 401k, and cash on hand all are good. Dave Ramsey recommends that you have at least 3 months and preferably 6 months of living expenses set aside before buying a home.
• Have at least 12 months of on time payment history.

How Much can I afford? : Here are the basic guidelines.

• Most lender guidelines allow a maximum 28% of your gross income (income before taxes) to go to mortgage debt.  So, if you make $4000 per month your total allowable payment would be $1120 per month including taxes insurance and any HOA dues.   Dave Ramsey recommends that you keep this to 25% of your take home pay and base that on obtaining a 15 year mortgage.  
• For total allowable debt most lender guidelines are around 36% of your gross income for total debt.  That would be your house payment + car payment + credit payments of any kind cannot total more than 36% of your gross income.  If you are following Dave's advice you will be debt free and this figure wont matter :-) 
• When you become a home owner your mortgage interest is tax deductible.  Be sure to adjust the amount that is withheld from your paycheck so that your monthly take home pay goes up.  This is a good thing that the government allows to make owning a home more affordable.

Next time - Searching for a home and using a buyers agent.

 

Read Part 1, Here - Is it a good time to buy and should I buy?

Read Part 2, Here -  Should you buy a home if you currently have a home to sell?

Read part 3, Here  - Getting Credit Ready/ How much house can I afford?

Read Part 4 , Here - Searching for a home and using a buyers agent

Read Part 5, Here - Making the offer

Read Part 6, Here - Appraisal, Inspection, and Due Diligence

Read Part 7, Here - To the closing and beyond

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

A 56 Ft Tall Chicken?

Marietta Georgia is the County seat for Cobb County. It is an area rich in civil war history, there are many museums, theaters, and ante bellum homes.  Marietta is home to an Air Reserve Base and many businesses.

However, without a doubt our most famous landmark is a 56 ft tall chicken with a moving beak and rolling eyes!


Located at a major intersection in Marietta, the locals would be lost without the Big Chicken.  Directions to or from anywhere almost always include ... Go to the Big Chicken and turn... or, Starting at The Big Chicken head down Roswell Street toward Marietta ....
You get the idea.

Several years ago the owners were going to dismantle it.  Maybe it was a publicity stunt, I don't know.  The public outcry was unbelievable and the Big Chicken was saved for future generations. :-)

Yesterday, the Cobb County McCain campaign folks held a "Joe The Plumber" small business rally on the Marietta Square.  As I mentioned in my post yesterday, I had been invited to speak at the event.

Supposedly, public speaking is the number 1 fear for most people.  Not me.  I love it! Some folks jump out of perfectly good airplanes and think that is fun, which makes absolutely no sense to me. However, this was a little different setting for me so I would be lying if I didn't admit to a case of nerves.

The event was originally scheduled for Friday, but we had some pretty hard rain so they moved it to Sunday. When I received the email promoting the event for Sunday they also mentioned they were looking for folks willing to speak, so I volunteered. Honestly, I wasn't expecting a response.  For some reason I got up during a commercial on Saturday live and went and checked my email. They wanted me to speak for 5 minutes and be there at 1:45!  So I had about 13 hours to prepare a speech and try to get some sleep.

I actually covered 3 different subjects during the speech.

1. I gave my perspective on Senatoar Obama's connections to the key players and positions in Fannie Mae/FreddieMac and reiterated John McCains message from the Congressional record urging reforms for the GSE's.

"....If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation."

                                                               Senator John McCain speaking on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005

 

 

2. Of course I spoke about the issue at hand, Joe the Plumber and wealth redistribution.

Here is some of the text. This was not verbatim.  I did ad lib a little bit.

"Taxes ,redistribution of wealth, and class wafare!

One of the simplest and most profound quotes on this is from President Kennedy

"A rising tide lifts all boats"

I want the rising tide, I want some folks to have really big boats.  People with big boats buy big houses! I don't care if their boat is bigger than mine. I do not envy them _ I admire them and try to learn from them. 

That is all I ask is that we have a tax system that encourages and rewards investment and growth.

There is a saying that I have heard that plumbers use....

 

Hot on the left, Cold on the right, Sewage only flows downhill. (Except they usually dont say sewage.  Its usually a little more colorful than that :-) )

Sen Obama told Joe the plumber wants to spread the wealth to help the person coming up behind him.

In my world -It is not right to take commission from a top performing agent, then give it to Senator Obama and the Govt , so he can in turn give it to some non performing agent who isn't making as much! 

By Obama's reasoning that is what that agent needs to get ahead. 

I want a level playing field. 

Sen Obama is proposing a tilted playing field. (at this point I was holding my tilted arm out in front of me)

Remember Hot on the left,

Cold on the right,

Obamas tax plan flows down hill!"

3. And of course I had to briefly make my 3rd point ....If you know anybody that would like to buy or sell a house - call me!

****

The event itself was interesting.  I would say it was as much or more for the media than the folks in attendance. After I spoke I was interviewed by Channel 46, our local CBS affiliate.

He asked me about some of the ideas that I expressed in the speech and then he asked me if endorsements matter to me.

A: No, issues matter to me.

Then he asked specifically about Colin Powells endorsement of Senator Obama and if that made a difference to me since Colin Powell is a Republican and former member of the Bush administration.

A: Colin Powell is an American and he is free to endorse whoever he chooses.

I missed the early evening news and fell asleep before that late news so I didn't get to see myself on TV.  If any of you saw it let me know.

My good friend Scot was there along with his wife Rene. My sister and niece also made it out to the event. We had 2 video cameras there and both batteries went dead! So there are no youtube videos for posterity.

All in all, this was an interesting and unexpected way for me to get involved in the political process. 

So what can you do? 

Go to John McCain's website and sign up for phone banks. You can call people in your state or a swing state to go and vote for McCain/Palin.  It only takes a minute or two for each call and you can make a difference.

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

The Cobb County McCain campaign is hosting a small business owners "Joe the Plumber" rally today on the Marietta square at 2:30.

I will be there and there is a chance that I will be speaking. So if you are in the area, stop by and say hi!

I would love to see some of my friends from AR there!  I"ll post later and let everybody know how the event goes.

Todays trivia question:

I should have done this a few days ago. But then again, better late than never right?

In tribute to the late, great, Paul Newman ... "How many eggs did Cool Hand Luke Eat?"

Please answer the question before you watch the video :-).

Added bonuses "What was Luke in prison for?"

Paul Newman spent more of his later years racing than acting. When he was racing he used somewhat of a "stage name" because he didn't want to attract attention. What was his "racing name"?

******

Remember, no using the internet. This totally useless information has to be stuck somewhere back in the dark crowded spaces of your own cranium.

Good luck!

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy or a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga Visit my website www.AgentBobSells.com Search Powder Springs Homes For Sale Search All Metro Atlanta MLS Home Listings Call me for all of your Real Estate needs 770-656-9134 Copyright © 2008 By Bob Southard, All Rights Reserved

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Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs. Visit my website Call me for all of your Real Estate needs 770-656-9134 Copyright © 2008 By Bob Southard, All Rights Reserved   Follow Bob on Twitter , FaceBook, and LinkedIn

Buying a home in today's market, part 2
Should you buy a home if you currently have a home to sell?

Recently, I had the pleasure of doing an adult ed.  home buyers class for the Marietta Community School.  I have decided to take some of my outline notes and form the into a blog series for home buyers.  

The content is geared a little more toward first time buyers but will still be very relevant for move up buyers as well.  Also, this is based on my own knowledge and experience in our local market.  All real estate is local, so if you are reading this in another part of the country then some of the ideas may not apply or at least they may apply differently.
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Should I buy a home if I currently have a home to sell?

This is a real challenge in any market.  Not only are you faced with the pricing realities of the current market, you are potentially going to end up making 2 mortgage payments.

1. Since there is a chance that you may end up making 2 mortgage payments, then make sure that you are financially able to do so.  There are some scenarios where this won't happen.  I'll discuss those shortly.
2. Accept the reality that your current home is going to sell for less money than it would have 1-2 years ago. 
3. The upside is that the home you are buying should also be price reduced!

So let's look at a some sample numbers.  

Let's say that 2 years ago your current home would sell for $175,000  and your next home would have been $300,000.  This would be a pretty common scenario for homes in this area.  You pay a difference of $125,000.

In todays market you may have to be willing to sell for a lower price. To keep the math simple lets say that your home would sell for 10% less than 2 years ago. That gives us a discount of $17,500 and a selling price today of $157,500. ( In most areas I honestly believe that you won't have to discount that much but I am trying to be reasonable.)
If the next home has to discount by the same 10% then you are looking at a purchase price of $270,000.

Your difference in the purchase price is now $112,500 and you just saved $12,500! That would translate to monthly mortgage savings of about  $75-85.

What are some things to do to minimize the risk?

1. Maximize your efforts to sell your current home.  Make sure that it is in top condition, marketed effectively, and priced fairly.
2. If you are financially able, then I think youll make your very best deal on the second home by making that purchase first, with no contingency to sell the current home.  This should put you in a negotiating position to see the most savings on the higher priced house.  You will also be in a better position to pick and choose your next home. It also poses more risk since you will end up with 2  mortgage payments (unless the current home is paid for).
3. The other scenario is to get a contract on your current home and then shop like crazy for the next one.  Make the offer on house #2 contingent on the sale of the first home.  This lowers your risk but gives you fewer choices for your next home.

So the basic answer is it might work for you to sell and buy in todays market.  I will be glad to meet with you to give you a realistic idea of how much your home might sell for.  We can also go look at a few replacement homes so you can see what is out there and ultimately make the decision that is best for you and your family.

 

coming up: part 3 will be "Getting credit ready".  part 4 will be "How much house can I afford?"

Stay Tuned!

 

Read Part 1, Here - Is it a good time to buy and should I buy?

Read Part 2, Here -  Should you buy a home if you currently have a home to sell?

Read part 3, Here  - Getting Credit Ready/ How much house can I afford?

Read Part 4 , Here - Searching for a home and using a buyers agent

Read Part 5, Here - Making the offer

Read Part 6, Here - Appraisal, Inspection, and Due Diligence

Read Part 7, Here - To the closing and beyond

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

Today's Trivia

 

Today's trivia is a sports question. Auto racing in particular.

This guy could make anything on wheels go fast! Who is the only driver to win the 24hrs of LeMans, the Indy 500, and the Daytona 500?

******

Remember, no using the internet.  This totally useless information has to be stuck somewhere back in the dark crowded spaces of your own cranium.

Good luck!

******

Bob Southard, e-Pro, Realtor ®, Solid Source Realty, Inc. Buy or a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

Call me for all of your Real Estate needs

770-656-9134

Copyright © 2008 By Bob Southard, All Rights Reserved

Buying a home in today's market, part 1

Recently, I had the pleasure of doing an adult ed.  home buyers class for the Marietta Community School.  I have decided to take some of my outline notes and form the into a blog series for home buyers.  

The content is geared a little more toward first time buyers but will still be very relevant for move up buyers as well.  Also, this is based on my own knowledge and experience in our local market.  All real estate is local, so if you are reading this in another part of the country then some of the ideas may not apply or at least they may apply differently.

1. Is it a good time to buy?
   1. The news, credit crunch, mortgage meltdown or whatever else they are calling it..

The general discussion here is should I buy a home today or wait until the market calms down.  In order to answer the question you first need to look at the long term benefits of home ownership.

Here are a few:

Financial
    1.Fixed payments - no more rent increases
    2. tax deductible interest  
    3. Build equity through long term payments. Your house can be sort of a forced savings account.
    4. Build equity through appreciation.  For any 10 year period including the years of the great depression real estate has gone up in value.  We have seen that homes can go down in value but I also believe that they will go back up.
    5. Control a large, valuable asset for the cost of a down payment.  $200,000 dollars of stock costs $200,000 to buy.  A $200,000 house will have a down payment ranging from a few thousand dollars to maybe $40,000.  But you control the entire house and are entitled to 100% of the benefits.

Personal Reasons

1. Establish family and community roots.
2. Privacy -Play the stereo without somebody banging on your walls :-) 
3. Freedom - In my house we have 3 dogs, 1 cat, a lime green painted bedroom, and a bright pink bedroom.  It our house we can paint the rooms with whatever we want.

So the long term investment potential is just 1 reason to buy a home.

If you are are financially stable and willing to get in to home ownership for the long haul,  then I say don't try to time the market.  Real estate is on sale right now. It might go lower or it might not. If you are in it for the long haul it shouldn't matter.

On the other hand, if your job, or even the industry you are in are uncertain then you might want to wait for things to stabilize.  Also, if you think there is a likelihood that you will want to sell the house in the short term (5 years or less) then you might want to consider waiting.

I mentioned earlier that it is important to be financially stable. According to financial adviser Dave Ramsey you should have 3-6 months of living expenses set aside in savings and save up enough to pay at least a 10% down payment.  You certainly need to have cash reserves and be prepared for any unseen bumps in the road. 

A look ahead:  I am anticipating there will be about 8-10 parts to this series.

Part 2 will be "Should you buy if you have a home to sell?" and part 3 will be "Getting credit ready".  

Stay Tuned!

 

 

Read Part 1, Here - Is it a good time to buy and should I buy?

Read Part 2, Here -  Should you buy a home if you currently have a home to sell?

Read part 3, Here  - Getting Credit Ready/ How much house can I afford?

Read Part 4 , Here - Searching for a home and using a buyers agent

Read Part 5, Here - Making the offer

Read Part 6, Here - Appraisal, Inspection, and Due Diligence

Read Part 7, Here - To the closing and beyond

 

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

 

 

I know, I know, I have been on a trivia blog kick lately.  So what, I'm having fun with it!

 

 

Today's question is about the TV show "Happy Days"

Happy Days had several successful shows spun off from it.  Mork and Mindy, Joanie Loves Chachi, Laverne and Shirley were all Happy Days spinoffs.

Did you know that Happy Days itself was a spin off?

Ok, I'll help a little.  What is now generally considered the "pilot" episode aired as a segment on another show.

What show was Happy Days spun off from?

Remember, no using the internet.  This totally useless information has to be stuck somewhere back in the dark crowded spaces of your own cranium.

Good luck!

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

 

 

For Sale by owner class next Tuesday Oct 14, 2008 at Marietta High School.

Whether you are considering selling by owner or listing with an agent this class will you give home sellers a good view into the ins and outs of getting a home sold in today's market.

For Sale by Owner
Need to sell you home? This class will cover all aspects of marketing, contracts, dealing with showing, and home inspectors. Learn how to create your own virtual tours and a stand alone website for your home. You will also receive a list of free websites to advertise your home on, the necessary contracts for selling and a free market analysis.
	COURSE #: F08352	FEE: $ 29
	Instructor: Bob Southard	Location: Marietta High School
	7:00-9:00 p.m. (Oct 14) (1 Tue.) 18+

Register Here

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

 

Did you know that the "Skipper" and "Professor" characters had names?

As I noted in an earlier blog, I love trivia.

So here is another one of my favorite questions.  Actually there are a couple of parts to this one.

On the TV show  Gilligan's Island, What were the character names for "The Skipper" and The Professor"?

Yes, the characters actually had names.

By the way, it was never stated in the show whether or not Gilligan was a first or last name.  The shows creator, Sherwood Schwartz, said he thought it should have been Willie Gilligan but that was never part of the show.

Remember, no using the internet.  This totally useless information has to be stuck somewhere back in the dark crowded spaces of your own cranium.

Good luck!

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

 

 

My wife emailed this to me today.  She saw it on Dave Ramsey's website.  www.DaveRamsey.com

I hope all of you enjoy it as much as I did.

The Heaviest Element Known to Science

Lawrence Livermore Laboratories has discovered the heaviest element yet known to science.

The new element, Governmentium (Gv), has one neutron, 25 assistant neutrons, 88 deputy neutrons, and 198 assistant deputy neutrons, giving it an atomic mass of 312.

These 312 particles are held together by forces called morons, .......

Read the entire article on Daves website. 

It's hilarious!

If you like Dave Ramsey, check out the new "Dave Ramsey Fans" group on Active Rain  

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

Dave Ramsey - The 7 Baby Steps

Since we are starting a Dave Ramsey Fan group here on AR I thought it might be nice to list his 7 baby steps to financial freedom.  Hopefully as this group grows there will be folks stopping by who are not so familiar with Dave's strategies.  This will be a good quick outline for visitors to refer to.

1. $1,000 in an emergency fund.  This is stashed away for true emergencies.  The latest hot concert tickets going on sale is not an emergency. The water heater going out in your home is an emergency.

2. Pay off all debt except for your home utilizing the "debt snowball".  What's the debt snowball?  Look at all of your debts.  Pay the minimum payments on all of them but the smallest debt.  Put everything extra on the smallest. When it is paid off  then take the same dollar amount you were paying on the smallest + the minimum on the next one and continue paying until that one is done.  Continue working your way up the ladder making larger and larger payments on the larger debts.  As the "snowball" gets larger the debts will go away faster.

3. 3-6 months of  living expenses in savings. This is your security blanket against unexpected hard times (and slow real estate markets LOL)

4. Invest 15% of your household income into Roth IRAs and pretax retirement accounts.

5. Save for your kids college funds. 

6.  Pay off your home early.

7. Build wealth and give! 

 

For more about Dave Ramsey visit his website www.DaveRamsey.com

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

 

Can Washington fix things and what are our own attitudes?  

As some of you may know, I am a fan of financial advisor Dave Ramsey.

Sometimes I don't agree with him 100% but I certainly can't argue with his success or common sense approaches to financial matters.  Last week I posted Dave's plan for the financial crisis. Dave Ramsey's Common Sense for Economy - act now 

Now that current plan is signed what does Dave think?

YOU fix you!

Monday, Oct 06 

Question: Dave talks about something that he finds very disturbing. It has to do with people's attitudes toward Washington, and what they think will come out of there.

Dave Ramsey's advice: By and large, 70% to 90% of you wanted something to be done to calm the economy, but you didn't want $700 billion in new debt to bail out Wall Street. The stock market has had record declines since then. What's going on

Read Dave's entire article here

 

Anybody interested in a Dave Ramsey group here on AR?

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved

As I noted in an earlier blog, I love trivia.

So here is another one of my favorite questions.  Actually there are a couple of parts to this one.

Mt McKinley, Alaska is the highest high point in the U.S. 

High point of elevation

Part one is pretty easy I think. 

"What U.S. state has the lowest high point of elevation?

Since part one is kind of easy .. Which State is has the second lowest high point of elevation?

Remember, no using using the internet.  Post your best guesses here. Be sure to state if your guess is for #1 or #2.

 

Clarification:

When you get to the highest point in the state which state has the lowest high point?

There are a handful of states whos highest  point of elevation is still under 1000 ft above sea level. Of those high points which state is the lowest?

For example here in Georgia the lowest point is at the Atlantic Ocean.  The high point is Brasstown Bald at 4,784 ft above sea level.  4,784 is no where near the lowest high point of any state.  Like I said there are several with high points still below 1000 feet above sea level.

******

Bob Southard, e-ProRealtor®, Solid Source Realty, Inc. Buy or sell a home in Powder Springs, Marietta, Kennesaw, Acworth, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga

Visit my website www.AgentBobSells.com

Search Powder Springs Homes For Sale

Search All Metro Atlanta MLS Home Listings

  

Copyright © 2008 By Bob Southard, All Rights Reserved