Mortgage Rates Drop to New Lows
Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent last week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago.

The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively

For all your real estate needs in Lilburn call Porter Deal, Lilburn Realty 770-381-2489 or visit us on the web at www.Lilburnrealty.com

BOOMER SAY INTERNET, TRAVEL, PET CARE ARE BASIC NEEDS

– Do you need or just want your Internet connection and an annual family vacation? What about your pet? For many baby boomers, those are all basic needs, not luxuries, according to a new survey.

Eighty-four percent of those surveyed said having an Internet connection is a basic need, and 66% said shopping for birthdays and special occasions is. Fifty-one percent said pet care is a basic need, and 50% said taking a family vacation once a year is a need, not a luxury, according to a recent survey by MainStay Investments of 1,049 consumers aged 45 to 65. 

As baby boomers reach retirement age, they are redefining what constitutes a luxury item and what defines a basic need, but being able to afford those basic needs may affect the way some boomers prepare for retirement.

“We’ve seen that boomers really want to have it all,” said Matt Leung, director and head of practice management programs at MainStay Investments.

Traditionally, basic needs extended to three categories: food, clothing and shelter. But that’s changing. Here’s more information on the portion of boomers surveyed who find the following items to be basic needs: 

- Weekend getaways, 46%
- Professional hair color/cut, 43%
- Children, grandchildren’s education, 42%
- Dining out, 38%
- Domestic travel, 35%
- Ordering takeout, 34%
- Movies, 30%

Many boomers said they’re willing to alter the way they save for retirement — or even work a few more years - in order to maintain their pre-retirement lifestyle, the study found.

About three in four respondents said they would rather spend less now so they can invest in a more comfortable retirement. And 47% said they would downsize their home in retirement to be able to afford their lifestyle expenses.

Talk is cheap

But what survey participants say on a survey may differ from what they end up doing, said Dr. David Stewart, a financial psychologist who focuses on consumer behavior, and dean of the school of business administration at the University of California at Riverside.

“The socially desirable response, the seemingly responsible response, is ‘Yes, I do need to save for retirement more,’ but the reality is the baby boomer generation as a whole… has not adequately saved for retirement,” Stewart said.

Retired lawyer Steve Lawton, 67, said he didn’t consider planning for retirement until later in life. As an attorney in the Washington, D.C. area, he made mortgage payments and put two daughters through private schools and college, not giving much thought to his retirement fund.

“The money issue was real simple: a whole lot came in and a whole lot came out, and retirement was kind of secondary,” Lawton said. “It’s really easy when you’re raising a family, particularly in a big city — boy, it’s easy to spend a lot of money.”

Lawton said he was in his late 50s when he “finally, finally” went to a financial adviser to make plans for retirement. He now does pro bono work for the American Academy of Pediatrics and uses his retirement to travel, play tennis and go fly fishing.

Lawton said he does not consider his Internet connection or pet care to be luxuries.

“I’ve always had pets,” Lawton said. “My major luxury right now is time.”

Retirement strategies

In order to afford the lifestyle of their choosing, many baby boomers said they’ll push back retirement, according to the survey. Some boomers may work until past their 70th birthday, Stewart said.

Others may save more, adjust portfolio allocations and seek help from a financial adviser to help ensure they can maintain their previous lifestyle after they retire.

Traditionally, people approaching retirement have been net savers, as compared with younger generations, who are net consumers, Stewart said.

But as baby boomers reached middle age, there was not much of a shift in spending behavior. Rather, boomers stayed in the net consumer phase rather than moving to the saver phase, he said.

Now, as more boomers approach retirement in the midst of an economic downturn, that shift toward becoming a saver may be near, Stewart said.

Boomers nearing retirement may realize, “Maybe I can’t live in as much excess as I have been,” Leung said. “If boomers really want to live the retirement they’ve envisioned, then they need to do something about it.”

For all your real estate needs in Lilburn, call Porter Deal at Lilburn Realty, LLC 404-422-6583

or visit www.Lilburnrealty.com

For all your Real Estate needs in Lilburn Call Porter Deal, Real Estate Broker at 404-422-6583 or visit www.Lilburnrealty.com

Tennis, Anyone?

Do you have tennis balls just sitting around losing their bounce? Here are some creative ways to use them without ever setting foot on the court.

• Cut an X in a tennis ball and slip it over the end of an old broom handle. Rub the ball over scuff marks on your wood or hard surface floors, and voila…they’re gone…with no bending, stooping or scrubbing!
• Got a light bulb that broke off in the socket? Carefully clear away any remaining shards of glass, then gently push a tennis ball against the light socket and twist to remove the bulb’s embedded stem.
• Cut an X in a tennis ball and slip it over the head of a hammer. Now you’re less likely to ding up fragile or expensive wood.
• Cut a tennis ball in half and use one of the sides to open those stubborn jars.
• In the garage, hang a tennis ball on a string from the ceiling so that the ball touches the top left corner of your car’s windshield. Now you have a marker and know exactly how far to pull the car in every time!

For all your real estate needs in Lilburn call Porter Deal at 770-381-2489 or visit me on the web at Lilburnrealty.com

The Worst Is Over, Some Experts Conclude
With housing recovering slowly, most economists predicted in a recent survey that it will take at least five years for average home prices to climb back to the levels they commanded in 2006.

This year, some hard-hit areas may see another dip, but properties values will most likely rise.

“Softness in the summer months will be followed by firming conditions and momentum as the year unfolds and the economy strengthens,” says Robert Denk, an economist for the National Association of Home Builders.

Source: Reuters News (08/12/2010)

On the GOOD side, it rained to day twice. The grass here at Lilburn Realty, LLC is a little greener.

I’ve been over at my grandmother’s she found this bit and thought it was good for the blog:

Ways to Make Homes with Stairs Safer
As large numbers of people age, an increasing percentage finds stairs a challenge.

Housing safety experts say climbing stairs can be good exercise for older people, but the stairs should be safe. Among the things that need to be done to increase the safety factor are:

· Add lighting at both the top and the bottom.
· Put stair railings on both sides.
· Make sure it is easy to see individual treads by adding visual contrast.
· Consider an elevator or a lift.
· Consider remodeling in order to live on one floor only.
Thanks Grandma. I sold her, her house. Yes I did.

So let me know what I can do for you in Lilburn, visit www.Lilburnrealty.com or Call me Porter Deal at 770-381-2489. Your Rock n’ Roll Real Estate Broker

The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of REALTORS®

The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.

Total state existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.91 percent in the second quarter, down from 5.00 percent in the first quarter; it was 5.03 percent in the second quarter of 2009.

Well that’s the best I got for now. I will say if you are in the market for a new home now is the time to buy. Call me Porter Deal at Lilburn Realty 770-381-2489 or visit Lilburnrealty.com

Your Rock’n Roll Real Estate Broker.

Always keep checking Lilburnrealty.com or call Porter Deal direct at 404-422-6583

7 Tips for First-Time Home Buyers
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.

Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:

• Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
• Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
• Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
• Include a maintenance budget. Even new homes need upkeep and repairs.
• Buyers who can’t afford their dream home now should opt for a starter home where they can save money each month for what they really want.
• Consider a property that can be expanded and improved down the road when money is available.
• No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.

Remember for all your real estate needs call Porter Deal with Lilburn Realty, your real estate king in Georgia

Lilburn, small enough to care, big enough to make your dreams.

Yes, 3 days in arow, I’m blogging better and I spent the moring with my Daughter. I just thought I’d pass this on. The tax credit has really helped more house here in Lilburn and been great for Lilburn Real Estate and Lilburn Realty.

Even if you haved used the tax credit yourself it has helped you home value, please read and help if you can.

The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan.

Write Congress Now

REALTORS®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far, and press them to extend and expand it now.

McMillan added that the market has improved, but it has not yet fully corrected itself. “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now,” he said.

As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing, and go to closing by November 30. In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing.

“That means potential homebuyers who qualify must act now, and so must Congress,” McMillan said.

Source: NAR
Enjoy your weekend from allof us at Lilburn Realty and Lilburnrealty.com

Got a new property on the market, a Dulpex in Lilburn, new remodeled 2 bedroom/1 bath with
Gwinnett Schools Arcado ( where Lilburn Realty is a business partner) and Parkview High. The best schools. I’ve got a special deal for the next week $625.00 first 6 months rent, so call me to see. And for all your real estate needs and wants Call me Porter Deal your real estate king in Lilburn at Lilburn Realty 770-381-2489.

Should have fresh info from NAR tomorrow so next post should be big. Nice rainy day in Lilburn real estate, but you got to have them sometime. Sleep well Lilburn