TheCallRachelmooney.com team

How many hats do you wear?

2010-06-02T20:26:00.000-07:00

Wow, time flies when you are having fun. I can't believe that we are 3 months old. I am still getting the daily phone calls from past associates asking me the questions....Why did you do it? Why did you decide to go out on your own? To answer the question for all... It was always a dream of mine to start my very own real estate firm. It only took me 12 years to do it, and I've enjoyed every crazy minute of it.
I was thinking of all my job duties......
1. Realtor
2 receptionist
3.Consultant
4. Mom
5. Maid
6. Wife
7. cook
8, taxi driver
9. cheer leader
10. president elect
11. negotiator
The list goes on..... I think I might need some help:)

This Month in Real Estate

2010-02-14T18:00:00.000-08:00

This Post is Complimentary of Keller Williams Realty.

This Month in Real Estate

February 2010

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Commentary

January began the new decade with indications that the economy is beginning to gain traction. Real GDP grew by 2.2 percent in the third quarter of 2009 and preliminary signals point to a continued positive trend for the following quarter. GDP is a measure of total products and services produced by a country and indicates the health of the country's economy.

A dip in home sales in December was due in large part to timing. First time buyers that would have liked to close in December but qualified for the tax credit bumped their timeline up in order to cash in. News of the credit’s extension reached many of them after their plans to close in December were set.

Interest rates are back below 5% and home prices are up compared to last year. The government continues to attempt to minimize the impact of troubled homeowners by continuing to improve its foreclosure prevention program and has also taken steps to help foreclosures buyers purchase faster.

Although the unemployment rate is expected to stay high as jobs increase modestly, experts expect the economy to continue to grow in 2010.

The Housing Market

Existing Home Sales

After a rising surge for three straight months, existing home sales slowed in December after first-time buyers rushed to meet the original November tax credit deadline and evidenced by first timers accounting for 51% of sales in November compared to 43% in December. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” said Lawrence Yun, NAR chief economist. December sales of 5.45 million remain 15 percent above the 4.74 million-unit level last year.

Median Home Price

Existing-home price was $178,300 in December, 1.5 percent higher than December 2008 and 8.2 percent above its low in January 2009. It was the first year-over-year gain in median price since August 2007, attributable to an increase in the number of mid- to upper-priced homes in the sales.

Inventory

The supply of homes continued to shrink, falling 6.6 percent to 3.29 million, representing a 7.2-month supply at the current sales pace. Compared to a year ago, there are now 11 percent fewer homes on the market. This is the lowest level of competing homes on the market since March 2006.

Mortgage Rates

Mortgage rates have moved back to less than 5 percent, which have been categorized by industry experts like Freddie Mac chief economist Frank Nothaft as “near a record low.” This move that may help boost home loan demand and lend support to the housing market recovery. On January 28, the average 30-year fixed-rate mortgage was 4.98 percent.

Affordability

Affordability remains at record levels, supported by the lowest mortgage rates in decades, low home prices, as well as the first-time buyer tax credit. So far this year, the home price-to-income ratio has fallen well below the historical average of 25 percent. The ratio now stands at 15 percent.

Sources: National Association of Realtors, Freddie Mac

Government Action

FHA Tightens Lending Requirements

The Federal Housing Administration (FHA) insured almost 30 percent of all purchase loans and 20 percent of refinances from September 2008 to September 2009, up from about only 2 percent of all loans three years earlier. The influx of loans combined with falling capital reserves, which cushion against rising defaults, has led the FHA to announce several measures to strengthen its economic vitality.

On January 20, the FHA announced it will do the following:

1. Raise Insurance Fees - In exchange for FHA backing, borrowers pay an up-front premium. Previously it was 1.75% of their loan. It’s now risen to 2.25%.

2. Cap Seller Contribution to Buyer’s Closing Costs - Sellers can contribute a maximum of 3%, down from 6%, of the sales price to the buyer’s closing costs. The higher cap created risk by incentivizing homes to sell at a substantially marked-up price to compensate for contribution. 3% is still a significant proportion to closing costs.

3. Require Higher Down Payments for Poor Credit - Beginning this summer, borrowers with a credit score below 580 will need to make a down payment of at least 10%. The FHA will still provide a viable alternative to the 1% of FHA borrowers who fall in this category, whereas most lenders’ credit score cutoff is 620.

The good news is the FHA, an integral player in the market, has stepped up to protect itself so it can continue helping first-time buyers, those with less cash for a down payment, and those with less-than-perfect credit obtain home loans. Additionally, these proactive measures aim to protect the agency from needing taxpayer funds from the government.

Source: The Wall Street Journal

FHA to Help New Foreclosures Sell Fast

FHA has announced it will lift the 90-day seasoning requirement for one year. The FHA ‘s 90-day “seasoning” provision requires that a home sold to an FHA buyer must be owned for at least 90 days by the seller before closing. This is intended to prevent buyers from purchasing property from “flippers” at an overly inflated value.

In the current climate, quickly selling foreclosures has risen in importance while the prominence of “flippers” has dramatically decreased. Acquiring, rehabbing, and reselling a foreclosure often takes fewer than 90 days. Banks have been reluctant to sell foreclosures to FHA buyers if they would need to push closing back to meet the FHA requirement.

There are additional stipulations; for more, please visit the press release.

Quickly moving foreclosures out of the bank’s hands and into those of home buyers is an important step in stabilizing home prices, neighborhoods, and communities leading toward a healthy housing market.

Source: U.S. Department of Housing and Urban Development

Topics For Buyers & Sellers

Price it Right

Sellers who listed their home at the price originally recommended by their agent sold it:

38 days faster

For 2.25% higher

With 1 less price reduction

Compared to sellers who did not take their agent's recommendation.

Staging Stats

Compared to homes that were not staged, staged homes had:

more showings

a higher list-to-sell percentage

Other notable stats found include:

Only 1 in 3 sellers staged their home, even with all the commonly accepted advantages of staging.

Staging typically took between 2 - 6 hours to complete.

Including the cost of a staging professional and items purchased or rented, staging cost an average of $523.

Although it has advantages at all price points, staging was also found to be particularly important for homes priced over $600,000.

Source: Keller Williams Realty Research Study

Contact me,

your local real estate expert,

for information about what's going on in our area.

The Callrachelmooney.com Team Newsletter February 2010

2010-02-03T11:01:00.001-08:00

FHA Guildlines are changing

2010-01-27T17:56:00.000-08:00

FHA guidelines have changed;
There are some changes coming to FHA loans. I am sure some of you have heard or are starting to see contracts with the changes. Some of these changes are going to impact how we structure our loans and contracts. Below are the changes that we are expected to see!

1. Increase in up-front MIP. FHA will collect an upfront premium of 2.25%. Annual premiums will not change at this time. Effective 4/5/2010, Mortgagee Letter 2010-02

2. Minimum credit score increases.
3. Seller concessions will decrease from 6% to 3%. Effective date TBD. No mortgagee letter has been issued.
4. Suspension of flipping rule. There is nolong the 90 day wait period before an investor can sell.

The question is: Should we wait for prices to go down or rates to go up?

2010-01-07T08:41:00.000-08:00

Should we wait for prices to go down or rates to go up???

Loan Amount   4.50%       5.00%         5.50%        6.00%       6.50%      7.00%
100,000     $506.69     $536.82      $567.79      $599.55      $632.07     $665.30

150,000     $760.03    $805.23      $851.68      $899.33       $948.10       $997.95

200,000     $1,013.37   $1,073.64 $1,135.58   $1,199.10     $1,264.14    $1,330.60

250,000     $1,266.71    $1,342.05   $1,419.47 $1,498.88     $1,580.17    $1,663.26

300,000     $1,520.06    $1,610.46    $1,703.37    $1,798.65   $1,896.20   $1,995.91

350,000     $1,773.40    $1,878.88    $1,987.26    $2,098.43   $2,212.24   $2,328.56

400,000     $2,026.74    $2,147.29    $2,271.16   $2,398.20  $2,528.27    $2,661.21

If I wait for that $400,000 house to come down to $350,000, could I be risking higher payments? Why yes, you could.....and why?

- $400,000 mortgage @ 4.5% = $2026.24

- $350,000 mortgage @ 6.0% = $2098.43

Does this ever happen? It's what we are watching buyers do right now!!

Don’t be a buyer that waits. Call me to help you find your dream home!

New listing just hit the market in Tucker Georgia...$170,000

2010-01-03T20:20:00.001-08:00

Alpharetta Home for Rent!...Furnished for only $2450.00

2010-01-02T19:38:00.001-08:00

2009-12-29T19:44:00.000-08:00

The Changing Face of RESPA

2009-12-27T19:06:00.000-08:00

The Changing Face of RESPA

2010 may set new mark for bank busts - Atlanta Business Chronicle:

2009-12-23T17:54:00.000-08:00

2010 may set new mark for bank busts - Atlanta Business Chronicle:

Local Realtor as Entrepreneur of the year 2009

2009-12-18T07:07:00.000-08:00

Canton GA, December 17,2009 Rachel Mooney, Cherokee County Realtor, has been awarded the 2009 Entrepreneur of the Year Award by Cherokee Chapter of the Women's Council of Realtors( WCR). This annual award recognizes a Realtor member who fully exercises their potential as and entrepreneur and real estate industry leader; who shares their time, talent and expertise with others in the profession and in the community.
About WCR
Women's council of Realtors is a nationwide community of 14,000 real estate professionals in 300 chapters who include many of the best and brightest in the business. The Cherokee Chapter was established in 2006 to be the local source of education and business tools focused on the needs of women Realtor entrepreneurs at all stages of development. WCR is an affiliated of the National Association of Realtors and is headquartered in Chicago, IL. For more information on WCR, please visit WCR.org.
Mission
We are a network of successful Realtors empowering women to exercise their potential as entrepreneurs and industry leaders.
Vision
Through our influence as successful business professionals, women will effect a positive change in the profession and in the broader community.

Animoto.com

2009-12-14T09:31:00.001-08:00

The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

2009-12-08T19:21:00.000-08:00

The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

2009-12-08T19:20:00.000-08:00

The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

Improving your FICO score

2009-12-02T16:28:00.000-08:00

It’s important to note that raising your FICO credit score is a bit like losing weight: It takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over time. See how much money you can save by just following these tips and raising your credit score.
Payment History Tips
Pay your bills on time.
Delinquent payments and collections can have a major negative impact on your FICO score.
If you have missed payments, get current and stay current.
The longer you pay your bills on time, the better your credit score.
Be aware that paying off a collection account will not remove it from your credit report.
It will stay on your report for seven years.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
This won't improve your credit score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.
Amounts Owed Tips
Keep balances low on credit cards and other “revolving credit”.
High outstanding debt can affect a credit score.
Pay off debt rather than moving it around.
The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
Don't close unused credit cards as a short-term strategy to raise your score.
Don't open a number of new credit cards that you don't need, just to increase your available credit.
This approach could backfire and actually lower your credit score.
Length of Credit History Tips
If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.
New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.
New Credit Tips
Do your rate shopping for a given loan within a focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
Re-establish your credit history if you have had problems.
Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.
Note that it's OK to request and check your own credit report.
This won't affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.
Types of Credit Use Tips
Apply for and open new credit accounts only as needed.
Don't open accounts just to have a better credit mix - it probably won't raise your credit score.
Have credit cards - but manage them responsibly.
In general, having credit cards and installment loans (and paying timely payments) will raise your credit score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
Note that closing an account doesn't make it go away.
A closed account will still show up on your credit report, and may be considered by the score.

Alpharetta Home on Acreage

2009-11-18T20:02:00.000-08:00

This home is the perfect home for someone who's looking for a place for their horses and a great place to live. This home sits in a great part of Cherokee County.

Two homes for the Price of One!

2009-11-16T20:16:00.000-08:00

The Manor at Mill Creek

2009-11-12T18:38:00.000-08:00

This beautiful home needs a new owner. View my video. If you would like to see this home or other like it you may visit my website at www.callrachelmooney.com

Come home!

2009-11-12T07:30:00.000-08:00

This beautiful home is perfect and ready to move in. Located in Cumming GA. Priced to sell for only $220,000

2009-11-11T17:25:00.000-08:00

Passive Income!

2009-07-31T06:51:00.000-07:00

Have you ever received a check in the mail that was unexpected? How did it make you feel? It is always a welcome experience for me! Passive income is money that shows up regularly, without any action being taken on an ongoing basis to create it. I say sign me up for passive income! Each day, my job is to secure your financial future by getting into relationship with agents that you recommend. It could be an agent that you had a transaction with and thought they were very sharp, an agent you met at your child’s school party or an agent that you have heard great things about and would like to get to know better; all of these are opportunities to create passive income for you and improve the life and career of a fellow REALTOR®. This is what we call a WIN-WIN!

Who do you know that would benefit from the models and systems that KW offers? I’ll be building someone’s down line today, it might as well be yours!!!!

Let's get ready to run!

2009-07-01T08:05:00.000-07:00

These are exciting times!! It is so critical to be engaged in your business right now-if not you will miss HUGE opportunities. This is the time when great wealth changes hands!

Call your past clients and sphere of influence ask them who they know that is a first time home buyer that can benefit from the $8,000.00 tax credit and the additional $1800.00 from the State of GA. Don’t forget to call friends and family out of state and capitalize on referring them and their friends to other agents for a referral fee! They will be excited to help you and so grateful that you educated them.

Stock up on well priced listings using the Trend Talk data and the 10K program. Tweak your listing presentation to be a 10+. Seller’s are frustrated that they aren’t getting their homes sold-you are the best of the best and can provide a tremendous service. Think OUTSIDE the box. There are many ways to get something done-be a solution finder!

I saw this quote on a coach’s notes to his team and copied it because I thought it was powerful. “Remember when you are not practicing hard, somewhere someone is and when you meet him he will win.”

The market is turning, get ready to run!!!

Family Reunion Convention Highlights

2009-02-27T06:42:00.000-08:00

This years convention had to be the BEST in Years! With over 6800 Attendees, KW announced that we took the 3rd spot in the largest Real estate company in the US. They also announced many great tools available to Keller Williams Associates. ( I'm going to tell you now, before I tell anyone in the office)
Available now:
1: Online contract system, Agents no longer have to turn in contract paper work to the office. They can now submit everything online from their home office.
2: Keller Williams Distresses Properties Initiative. This is a Foreclosure/REO database. This Database is were other KW associates can mastermind with each other. They can blog or ask questions to each other about this part of the industry.REO/Foreclosures forms are also available on this sight.
I saved the BEST FOR LAST!
3: Health Care program. This program provides Major Full Health care or a limited plan to all associates. There is also a catastrophic plan and a Cancer plan available as well. All the associates have to do is call a 1-800# and someone will evaluate their needs and put them on the plan.
Coming in the future: A Wellness website. The sight will have exercise, eating programs, stress management.
If you would like to see more on what KW offers, please feel free to contact me for your private interview!

Keep Money in your Pocket!

2009-02-17T13:39:00.000-08:00

Keep Money in your pocket!

Each month at Keller Williams Select Partners,Associates get all this for only $81.00per month!

Gamls Access

Realtor.com Showcased Properties with Free virtual tours

Ajchomefinder.com Showcased properties

Agents Own personal Website

KWLS. Listing service to Trulia.com, Frontdoor.com and many others

wireless internet office

24 hr personal voice mail

ProManage system to design flyers, just sold/ just listed postcards, drip campaigns and Client touch programs

True 100% Real estate commission Plan

To find out why more agents are moving to Keller Williams Select Partners. Please contact me at 678-493-2100.

Keller Williams Awards Banquet

2009-02-17T12:43:00.000-08:00

On Monday February 9,2009 we had our second Annual Awards Banquet at Woodmont Golf and Country Club. The excitement was in the air as the associates received awards. The office closed over 400 transactions last year with a profit of over $100,000.00
Thank you Keller Williams for a successful 2008!