Brad's Blog

Georgia's Lake & Golf Country - Lake Sinclair

Brad Warnock (RE/MAX Lake Country) — Wed, 08 Jul 2009 10:08:13 -0500

Here is a beautiful 4 bedroom 3 bath in a wonderful location on Lake Sinclair. This home has a boat ramp, level lot with a single stall boat shelter complete with a party deck and 8ft. of water off the dock. The back yard is fully fenced and landscaped. The main level has a master bedroom, 2 fireplaces, tile floors in the bathrooms, and great views of Lake Sinclair. Contact me if you would like to know more about this great home 404-272-8037, bradwarnock@remax.net or visit www.BeAtTheLake.com.

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Mon, 15 Jun 2009 10:33:11 -0500

Just a quick update of some of the recent changes in Mortgage Rates, Appraisals, and Tax Credit guidelines. If you have any questions please contact me at 404-272-8037, bradwarnock@remax.net or visit www.BeAtTheLake.com

Mortgage Rates Surge to Highest Point of the Year

Mortgage rates shot up significantly for the second straight week. Rates have now risen nearly 1% in a 15 day span. This has brought an abrupt end to the refinance boom and has been devastating information to pass on to many potential home buyers. Here is a brief overview of the main reasons rates pushed higher last week.

1. An improving economy. The economic outlook continues to improve sooner than expected. Last week, report on Pending Home Sales, Personal Income, Outlays, and Construction Spending all came in stronger than expected. Then, Friday's Employment report was the exclamation point on two weeks of improving data. Although the unemployment rate actually increased, the number of jobs lost (345k) was far less than anticipated (525k). The labor market is typically one of the last areas to show improvement during an economic rebound, so any positive signs are particularly significant. Further strength in economic data will do little to help mortgage rates improve.

2. Bernanke comments. The Fed Chief chimed in with comments supporting the notion that the recession would end this year. In testimony before Congress, he stated that he expects the economy to move higher later this year (although he said it may take a while for the economy to return to even average levels). These cheery comments certainly didn't help with rates.

3. Inflation concerns. In his talk to Congress, Bernanke tried to calm the markets by claiming that inflation remains tame, but investors weren't buying it. Investors are very concerned about the supply of new debt that will be needed to pay for all of the government stimulus programs. Any way you slice it, big government spending leads to higher rates.

4. Surging oil prices. Oil prices continued to rise and are now up to over $70 per barrel. If you look back, there is an amazing correlation between oil prices and long-term mortgage rates.

5. An unresponsive Fed. The Fed's program to buy Mortgage-Backed Securities has been the catalyst of rates dropping so low. However, at this point, most investors believe that the Fed is not inclined to expand its Mortgage-Backed Security purchase program beyond its current level of $1.25 trillion. Unless the Fed announces something different, the party with low, low rates may indeed be over.

How are the Appraisal Changes Affecting You?

The 'Home Valuation Code of Conduct' (HVCC) has been in place for only five weeks, but there are already realtors, loan officers, sellers, and buyers all over the country pulling their hair out as a result of the significant changes in how appraisals are now done. As a quick reminder, HVCC limits who can order an appraisal for Conventional loans (HVCC does not apply to FHA loans). No one whose pay is tied to volume in any way (such as commission or bonus) can order an appraisal and this includes loan officers, processors, support staff, and even underwriters (this essentially rules out most everyone in my office). Not only can all of these parties not order an appraisal, they also can't even know who the appraiser is or ever talk to them about value. Instead, the appraisal has to be ordered through "an independent and impartial process."

I certainly understand the intention of this new act. There has been a lot of fraud in the industry and a lot of collusion between mortgage loan officers and appraisers. Unfortunately, a few bad apples have ruined the whole process for everyone in the industry. The end result is a new system that is going to adversely affect all of us at some point in the future. In fact, many real estate deals have already fallen apart over the last month. With this in mind, I give you five killer B's to help you stay out of trouble when it comes to the appraisal process.

1. Be aware. Don't live with your head in the sand. The system has changed. You are going to be affected.

2. Be knowledgeable. Don't just know who the loan officer and lender are doing the loan, also know who they use for their appraisals. Most big banks and mortgage brokers are now going to national appraisal firms. Talk about a disaster waiting to happen! If a national appraisal firm is involved on one of your transactions, then expect low quality, poor service, delays, higher costs, and appraisers who have a limited knowledge of the area.

3. Be patient. Plan on the process taking longer. Expect delays and problems, and be aware that Conventional appraisal rushes are a thing of the past.

4. Be smart. Leave plenty of time in the sales contract for the appraisal contingency to be worked out. I suggest at least 20 days.

5. Be careful. Be very cautious of where you send your clients to get their mortgages. Its really not all about rate. In fact, the rate doesn't matter much of all if the transaction gets killed over a bad appraisal!

Our solution to HVCC has been to create a new appraisal ordering system which has enabled us to retain all of our existing appraisers. A computer assigns each appraisal on an unbiased rotating basis. Our system turns around appraisals in a timely manner, assigns only appraisers who are knowledgeable of the area, and has not increased the cost of appraisals by even $1. We only work with appraisers who look for ways to make transactions work. Although we can't talk to the appraisers directly, they know to contact the realtors involved if any value issues arise. The bottom line is that our system is reliable and it is working!

Tax Credit

Last week, I sent out an overview of the new State of GA Tax Credit, however, I left out one very important detail. The subject property must either be a foreclosure or the property had to be listed on the market as of May 11th. If someone buys a home listed after May 11th, they are not eligible for the tax credit unless it is a foreclosure. Here is a great website with all of the tax credit details: http://www.hbag.org/page.asp?pg=Georgia+Homebuyer+Tax+Credit

Rate Update

Mortgage bond yields are now at the highest point since Nov 25, 2008:

	Conforming	Non-Conforming	FHA	VA
Loan Amount	< $417,000	> $417,000	< $346,250	< $1,000,000
30 Year Fixed	5.500%	6.500%	5.500%	5.500%
15 Year Fixed	5.125%	6.375%	5.500%	5.500%

Georgia's Lake & Golf Country - 1081 Wharfside Ct.

Brad Warnock (RE/MAX Lake Country) — Fri, 17 Apr 2009 09:18:35 -0500

Good Morning. It is a beautiful day here at Georgia's Lake Country. There is no better time to golf than on a day like today. One of those golf communities here is Harbor Club. The 18 hole golf course and people in this community are great. This community offers a wide variety of waterfront, golf, and interior lots. Harbor Club is one of the prettiest areas on the lake. Here is a view from 1081 Wharfside Ct. in the Lake Villa section of Harbor Club. If you would like to know more about this or other golf communities in the area just let me know, 404-272-8037 or www.BeAtTheLake.com

For More infomation on this listing Click Here

Georgia's Lake & Golf Country - 276 S. Steel Bridge Rd.

Brad Warnock (RE/MAX Lake Country) — Wed, 15 Apr 2009 16:15:45 -0500

Great afternoon to be here at the Lakes, Oconee & Sinclair. You should pick some other nice day and come join me. Here's a place that you might enjoy.

Want to know more 276 S. Steel Bridge? Click Here

Georgia's Lake & Golf Country- Docks & Seawalls on Lake Sinclair

Brad Warnock (RE/MAX Lake Country) — Sat, 04 Apr 2009 11:46:59 -0500

Good Afternoon. This blog is a follow up piece, to Lake Oconee, about docks and seawalls on Lake Sinclair. This is only general information. I will be happy to expand on this information should anyone want to inquire further but for the time being here are the general guidelines:

L a k e S i n c l a i r

Seawalls

• Seawall construction will require proper erosion and sedimentation controls. After completion of seawall and until the vegetative buffer is restored, a silt fence must be installed and maintained just behind the new seawall at ground level and a row 26' inland from wall. All disturbed ground within the 25' vegative buffer will be covered with straw or sod.

• Plans should show the following:

1. the length of shoreline to be fronted by the seawall.

2. the type of foundation to be installed and depth below ground line.

3. the type of materials to be used for construction of the seawall.

4. the height of the seawall should be no higher than necessary to stabilize shoreline.

5. a re-vegetation plan.

• The distance between the proposed seawall and the existing shoreline shall not exceed 2'. The location of the proposed seawall must be staked at 25' intervals in order for inspectors to assure the original contour is adhered to as close as possible. For very irregular shoreline, stakes shall be no more than 10' apart.

• Creosote timbers are prohibited for new seawall construction.

• New seawalls constructed with concrete block will require the blocks to be filled solid with concrete and stucco must be applied to the lakeside of the wall.

• GP requires placing rip-rap along the base of all seawalls. This application helps reduce undermining and restores shoreline habitat. Recommended amount from normal (full pool) water level: slope ratio of 1' of width per every 1' of depth.

Docks

• Regarding newly established lots or developments platted after 2000: A minimum lot width of 100' is required for all shoreline structures. Seawalls are the exception.

• There is a minimum 15' setback from side lot line or any such extended imaginary lot line as determined by extending line lakeward.

• Only one dock is allowed per lot.

• Docks may be floating or stationary or a combination of both. Only approved encapsulated or Dow Polystyrene flotation will be permitted for use with floating docks. Metal drums, plastic barrels, modified pontoon boats and other such items or materials are prohibited.

• Dock color may be brown, beige, gray or natural.

• Docks cannot extend beyond other shoreline improvements, and should not exceed 50' in length from the shoreline.

• Maximum dimensions on any portion of a dock are 16' x 20' with no single dimension exceeding 20', with 16' side parallel to shoreline.

• The minimum width of walkway is 4'. Maximum width, 6'.

• Plumbing, other than water spigots and pumps, is prohibited.

• Replacement of unapproved flotation may be required at the time of any dock renovation or replacement. Replacement of unapproved flotation will be required at time of lease/license renewal or transfer.

Due to the many and varying types of docks on Lake Sinclair it is best to check with your real estate agent or Georgia Power to find out what you may or may not be able to construct or modify. I have additional information on dock and seawall types. If you would like this additional information just let me know at 404-272-8037, bradwarnock@remax.net, or www.BeAtTheLake.com.

Take Care

Brad

Georgia's Lake & Golf Country- Lake Oconee's 2009 Dock & Seawall Guidelines

Brad Warnock (RE/MAX Lake Country) — Thu, 02 Apr 2009 11:11:03 -0500

Good Thursday Morning. With Lake Season right around the corner I wanted to give a quick update on Lake Oconee's guidelines for seawall and dock permits. I'll be doing a follow up piece on Lake Sinclair and it's 2009 guidelines in the next couple of days if you would like to check back for that as well. The 2009 guidelines are as follows:

L a k e O c o n e e

Seawalls

• Due to changing environmental requirements, this document is to be used only as a guideline. Consult your local GP Land Management Office for current seawall regulations and requirements.

• Plans should show the following:

1. the length of shoreline to be fronted by the seawall.

2. the type of foundation to be installed and depth below ground line.

3. the type of materials to be used for construction of the seawall.

4. the height of the seawall should be no higher than necessary to stabilize shoreline.

5. a re-vegetation plan.

Docks

• Regarding newly established lots or developments: A minimum lot width of 100' at the shoreline and GP property line is required in order to have any shoreline structures. Seawalls are the exception.

• There is a minimum 15' setback from side lot line or any such extended imaginary lot line as determined by extending line lakeward.

• Only one dock is allowed per lot.

• Docks may be floating or stationary. Only approved encapsulated or Dow Polystyrene flotation will be permitted for use with floating docks.

Metal drums, plastic barrels, modified pontoon boats and other such items or materials are prohibited.

• No portion of a dock may be covered.

• The total length of any dock shall not exceed 50'.

• Maximum dimensions on any portion of a dock are 16' x 20' with the 16' being parallel to the shoreline.

• The minimum width of walkway is 4'. Maximum width, 6'.

• "T" or "I" shape docks are prohibited.

• Plumbing is prohibited.

• Color of docks must be brown, beige, gray or natural color.

* These rules are subject to change at Georgia Power's discretion.

Oconee is a great fishing, golf, and recreational lake. As always is you have any questions about the article or real estate in the area please let me know. 404-272-8037, bradwarnock@remax.net or www.BeAtTheLake.com

Take Care

Brad

Georgia's Lake & Golf Country- Harbor Club

Brad Warnock (RE/MAX Lake Country) — Wed, 01 Apr 2009 09:46:23 -0500

Good Morning. Its finally April and we are appropriately kicking it off with showers all day. Once again activity is beginning to pickup again here in Georgia's Lake & Golf Country. I again have updates to one of the gated golf communities in the area, Harbor Club. The, Tom Weiskopf/Jay Morrish, golf course is easy one of the best values on the lake for the golf you get at the price you get it for. Below is a quick run down of the 2009 Memberships.

This is a great course. I encourage anyone who is looking to get great golf at a reason rate, on Lake Oconee, to come out and give this course a try. Who knows maybe we'll bump into each other. As always if you have any questions about this community or others in the Lake Oconee or Lake Sinclair areas I'll be happy to help. Just let me know 404-272-8037, bradwarnock@remax.net, or www.BeAtTheLake.com

Take Care

Brad

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Thu, 26 Mar 2009 09:33:48 -0500

Good Morning Again

Here is a little follow up from the Reynold's Plantation incentives blog with the new Cuscowilla's incentives.

As you can see some of America's best course are right in your back yard and for a limited time these Clubs have great incentives. If you would like to know more or have any questions please feel free to contact me at 404-272-8037, bradwarnock@remax.net or www.BeAtTheLake.com

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Thu, 26 Mar 2009 09:07:54 -0500

Good Morning

It is a bit of a rainy day here is Georgia Lake Country but overall spring is in the air. Prices have come down over the winter and buyers are again beginning to think about lake property. There are some great deals to be found on both Lake Oconee & Lake Sinclair. Today, however, I am going to point out some of the incentives for the Lake & Golf communities, Reynolds Plantation.

For Reynolds company homesite purchases:

One can purchase a homesite & membership for 5% down and no payments for 24 months.

Reynolds will pay the interest for the homesite purchase for the first 24 months based on 35 month interest only, 95% LTV @ 6.5%.
The company will do the same as above for the membership.
A club credit will be issued when purchased for:
- Lake - $15,000
- Access - $12,000
- Golf - $12,500
- Plantation - $5,000
The company will pay any POA or LCA fees for the first 24 months after purchase.
Reynolds will pay 2009 & 2010's property tax bills.

As you can see now is a good time to get out to the area and take advantage of some of these nice incentives. If you have any questions please feel free to contact me at 404-272-8037, bradwarnock@remax.net or www.BeAtTheLake.com

Housing Market Update

Brad Warnock (RE/MAX Lake Country) — Tue, 24 Mar 2009 11:36:10 -0500

Just a quick update on the housing market. As always let me know if you have any questions. 404-272-8037, bradwarnock@remax.net or www.BeAtTheLake.com.

Monthly Home Sales Rise 230,000 In February 2009

Each month, the National Association of REALTORS^® releases a study called the Existing Home Sales report. It's a detailed look at "used" home sale data from all four regions of the country.

Among the key findings of each Existing Home Sales report is something called the "median sales price", the statistical price point at which half of the homes in the U.S. sold for more, and half sold for less.

Last month, the median sales price in the United States fell to $165,400, down 15.5 percent from a year ago.

Nevertheless, just because the median sales price is lower from last year doesn't mean that the housing market is losing steam. The median sales price is just the middle point of all home sales in all U.S. markets. By definition, it groups New York City and Danville , Illinois ; Los Angeles and Cheyenne -- markets that have little do with one another.

When median sales prices are falling, it doesn't point to housing weakness, per se -- just that more homes are selling at the lower end of the pricing spectrum than at the higher end.

Going forward, it's believed that a reduction in home supplies is the key to a complete, national housing recovery. It's encouraging, therefore, in a month known for a high volume of new listings, that the number of homes sold kept pace with the number of new homes available for sale.

The current housing inventory stands at 9.7 months, flat from January. (Image courtesy: The Wall Street Journal)

Mortgage News 3/12/09

Brad Warnock (RE/MAX Lake Country) — Thu, 12 Mar 2009 09:43:10 -0500

Good Morning

Here is a mortgage update from Jeff Hancock, Senior Loan Officer, Lake Oconee Community Bank.

5 Nuggets of Good News

The stock market staged its biggest rally of the year yesterday with the DOW up over 370 points! Normally, a rally like this pulls investors out of the bond market and pushes mortgage rates higher. But this did not happen yesterday as mortgage rates stayed flat. This is an indication that new money came into the market, which is good news!

More good news to report as the Fed continues to purchase huge chunks of Mortgage-Backed Securities, which is keeping conforming mortgage rates under 5%!

Also, consumer credit rose in January, to the surprise of economists who had predicted a decline of $6.6 billion. Although Americans increased their borrowing activity only by a modest $1.76 billion, bringing the month's volume to $2.564 trillion, the figure reversed a downward pattern that has dogged consumer credit for four out of the previous five months.

In addition, the retail industry reported its first monthly gain in February since sales began declining last September. Discount chains like Wal-Mart were the biggest beneficiaries. Wal-Mart recorded its best sales performance in nine months. Falling gas prices have moderately contributed to increased consumer spending as consumers had $14 billion more to spend elsewhere in 2009 than in 2008.

And, finally, first-time home buyers all over the country are calling in to mortgage companies to find out more details about the $8000 tax incentive plan (see attachment for more info) and to find out for how much they qualify. There is no doubt this will lead to some solid real estate sales in the Spring and Summer.

Maybe we our slowly turning the corner....

The Year of Appraisal Changes

There are a lot of changes going on in the residential real estate industry right now, but when we look back on 2009, we will probably remember this as the year of the appraisal changes. As a reaction to a growing problem with fraudulent appraisal practices, the NY Attorney General threatened to sue Fannie Mae and Freddie Mac. After literally over a year of negotiations, a new policy that we all must adhere to has been released called the 'Home Valuation Code of Conduct'. This policy becomes effective on May 1st and its main objective is to "enhance the independence of appraisers in order to protect the integrity of the appraisal process." It requires lenders to engage in selecting appraisal professionals via independent and impartial processes. The code covers a lot of ground but the major stipulation that you need to be aware of is that a lender's loan production staff will be forbidden from selecting, retaining, or recommending particular appraisers. Lenders will no longer be able to use appraisals that have been selected by loan officers, real estate agents, or other third parties. As a solution, many of the big banks are moving to national appraiser firms. Talk about a disaster waiting to happen! The service levels of these firms is not high to say the least, and they also drive up the appraisal cost. Mortgage brokers are also going to be extremely affected as well as they will have to rely on the lender to who they are brokering to order the appraisal. Again, mortgage brokers will not be able to order appraisals on the front end of a transaction! Talk about a loss of control and a delay in their turn-around times! Smaller mortgage companies are busy trying to find creative ways to comply. At Fairfield Mortgage, our plan is to keep our existing list of appraisers intact and to allow a computer to assign the appraisers on a rotating basis. We are confident that we will not miss a beat in our level of service through our plan!

Financial Stability Plan

More details of the Financial Stability Plan were released last week. The program is designed to assist home owners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, whose payments are current, and who have loan amounts no more than 105% of the value of the home. Lenders are still trying to figure out how the program will work and how best to implement the new plan. This should help a lot of people and lenders should be in a position to begin implementing this plan as early as next week. A website (www.financialstability.gov) has been established to help home owners determine if their loan is owned or guaranteed by Fannie or Freddie and whether they will qualify under this program.

Win $1000!
This year, in conjunction with our parent company, Shelter Mortgage, we are once again celebrating the "madness" of college basketball's NCAA tournament with our "Slammin Challenge." You should have already received one e-mail already and you will continue to get a few more prompting you to go online and pick the winners of this year's tournament games. The tournament bracket will be released this Sunday afternoon and you will have between Mar 15th and Mar 19th to make your picks. There is no entry fee and the winner takes home $1000 cash! Also, we will be giving away $500 for 2nd place, $250 for 3rd place, and an iPod Shuffle for last place! How can you afford not to play?

Rate Update

Conforming mortgage rates are holding steady under 5%:

	Conforming	Non-Conforming	FHA	VA
Loan Amount	< $417,000	> $417,000	< $320,850	< $1,000,000
30 Year Fixed	4.999%	7.500%	5.500%	5.500%
15 Year Fixed	4.625%	7.250%	5.000%	5.000%
7 Year ARM		6.250%
5 Year ARM		6.750%
3 Year ARM		7.000%

The above rates are for purchase loans and are intended to give you an overall idea of how rates are changing from week to week. Other factors such as credit score, down payment, and number of days the rate is locked all contribute to the exact rate, which is subject to change at any time and without notification. The Conforming rates above apply to purchase loan sizes $150,000 - $417,000 and carry zero discount points. Rates for lower loan amounts are slightly higher. Lower rates are also available for all programs with discount points. Qualification is subject to credit and property approval and other restrictions may apply.

Looking Ahead

The Economic Calendar has a light schedule this week. Thursday's Retail Sales report will be the primary economic data. Retail Sales account for about 70% of economic activity. Import Prices, Consumer Sentiment, and the Trade Balance will also be released on Friday. Treasury auctions and new information on government programs will also have an ongoing impact this week.

As Alway if I can help with any real estate needs in the Lake Oconee or Lake Sinclair areas please let me know or visit my website at www.BeAtTheLake.com.

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Tue, 10 Feb 2009 07:52:49 -0600

It is a great day here in Georgia's Lake Country. The temperatures for the last few days has been in the upper 60's and low 70's and I have spent the last couple of days in shorts. Great golf weather considering this is the beginning of February.

Many of my clients have been asking what is going on with mortgage rates and when might be the best time to purchase or refinance a home? For more on this I will turn to mortgage expert Jeff Hancock, Senior Loan Officer for Lake Oconee Community Bank.

Good News and Help May Be on the Way

Finally, some good housing news to pass along. In case you missed it last week, December Pending Home Sales rose 6% from November! Pending Home Sales are a leading indicator for the housing market so this is a big deal and will, hopefully, translate into a little positive momentum in the months ahead. The housing market may soon receive another boost as well. On Thursday, the Senate unanimously approved up to a $15,000 tax credit for the purchase of a home in 2009! This also has the potential to be a huge deal as this would apply to all home buyers and not just first-timers and double the amount of the existing $7500 tax break! It is important to understand that this is a tax credit and not a deduction, meaning that it allows one to subtract the entire $15,000 (or 10% of the home's purchase price, whichever is less) from one's tax bill. Surely, this would get some people moving with their home purchase plans! In fact, I was speaking to a first-time buyer just this morning who was willing to buy if this goes through. I imagine that there are many out there just like him. We have hope!

Mortgage Rates Flat Despite Job Losses

Normally, weaker than expected employment data and a significant increase in the Fed purchase of mortgage backed securities (MBS) leads to lower rates. But not last week. Mortgage rates stayed above 5% mostly due to concerns about the potential increase in government spending and the supply of debt. The House passed one fiscal stimulus plan last week, and the Senate is expected to vote on its version any day now. The combined government spending for this new package, along with the TARP program and a proposed bank cleanup plan, will total trillions of dollars. An enormous amount of new debt will be issued to pay for all the government programs and this may have the effect of pushing rates higher. There is continued talk of some sort of government-sponsored 4-4.5% mortgage rate though. It will be very interesting to see how this plays out in the days ahead.

It's a widely held view that the economy is very weak right now, and Friday's downbeat Employment report came with little surprise. The US economy lost about 600K jobs in January, following a decline of 3 million jobs in 2008. The Unemployment Rate jumped to 7.6% from 7.2%. This weak report will provide lawmakers another reason to pass the stimulus package.

GE Announces Debt Ratio Limit of 41%

I remember when I got into the mortgage industry back in the 90's. At that time, mortgage guidelines were very strict, especially for loans with less than 20% down that required mortgage insurance. One of the strictest guidelines was the debt ratio, which was limited to 36% on a Conventional loan and 41% on an FHA loan. Well, we are gradually returning back to that era. Last week, one of the leading PMI companies, GE, announced that their maximum debt-to-income ratio (dti) will be limited to 41% with no exceptions. Currently, the other PMI companies have a limit of 45%, but it seems like just a matter of time until they match this limit. Unfortunately, this limitation will squeeze some out of the home they want to buy and into a lower price range.

Refinancing a Home Recently on the Market
Some more good news to report. Home owners that put their homes on the market have had to wait at least six months before they could refi their home. Fannie Mae changed their stance on this last week and will now allow a home to be refinanced if it has been off of the market for at least 30 days.

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Thu, 06 Nov 2008 09:46:40 -0600

Good Thursday morning. It is a beautiful day in Georgia's Lake & Golf Country. It looks to be a great weekend here at the Lakes. The leaves are right in the peak of changing colors and all around the lakes are beautiful picturesque landscapes. A breathtaking sight, especially first thing in the morning or at sunset.

To abrutly change the topic. Many of my clients have been asking about the mortgage industry and the changes that have been implemented. For more on this I will turn to the senior loan officer at Lake Oconee Community Bank, Jeff Hancock.

Fed Cuts to Stimulate Economy

Happy November to you and let's all be thankful that the month of October is finally behind us! As we roll into November, the economic data points to an economy that is slowing sharply. To try to jump start things a bit, the Fed cut the target Fed Funds rate on Wednesday by one half point to 1.00%. The vote on this was unanimous and followed a coordinated half point rate cut on October 8th. Investors also believe the Fed's statement following the meeting last week left the door open for further rate cuts and, as a result, they have priced in another half point rate cut before the end of the year. Clearly, the Fed is preoccupied with boosting near-term economic growth. While their aggressive short-term stimulus is good for the stock market, mortgage investors are worried about its impact on long-term inflation, and those concerns helped pushed mortgage rates higher last week.

Typically, falling oil prices, subsiding inflation, and poor economic news lead to lower mortgage rates. However, recently, the opposite has been the case as mortgage rates have pushed higher. One of the major reasons for this is that investors, particularly important foreign investors, have been reluctant to invest in Fannie Mae and Freddie Mac mortgage backed securities. As of late, government officials have been sending mixed messages and raising some concern as to whether Fannie / Freddie will actually have the long-term backing of the government. Moving forward, if the government can unambiguously convince investors that it will stand behind the Fannie / Freddie guarantees, then mortgage rates surely will move lower.

To end on a positive note, the LIBOR rate index has been falling and is now at the lowest level since mid-September. A fall in the LIBOR indicates that banks are more willing to lend to one another, which is what the Bailout Plan was designed to do. As crazy as the month of October was, let's not lose sight that the stock market did actually finish the month on a positive note last week as the DOW surged 889 points on Tuesday. Some analysts believe the market is showing signs of bottoming out. Let's hope they are right!

In other news last week:

September New Home Sales increased 3% from August and inventories declined
3-month LIBOR rates fell to 3.0% from a recent peak of 5.0%
Major US stock indexes rose about 10% last week
Average gas prices fell to $2.50 per gallon, even lower than the $2.90 seen one year ago

Time Is Running Out on the $7500 Tax Credit

Created as part of the Housing and Economic Recovery Act of 2008, the tax credit was enacted in July of this year to encourage home buying and help you generate some sells. It is only temporary and you should market it for all it's worth over the months ahead. Retroactive to homes bought on or after April 9, 2008, the tax credit will expire in July, 2009. Here are the nuts and bolts you need to know about the credit:

How does it work?

The tax credit is actually a 15 year interest-free loan where the buyer will repay 1/15th of the loan each year via a tax credit against any Federal income taxes owed. Thus, with a $7500 limit, the maximum payment each year would be $500. The repayment begins two years after the credit is taken. Furthermore, if the homeowner sells the home during the 15 year period, he/she has to repay the balance of the loan from the profit of the home sale (if there is insufficient profit, then the remaining payback would be forgiven).

What's so great about a tax credit?

A tax credit is more valuable than a tax deduction, but most people don't know there's even a difference. A tax credit reduces the actual amount of tax due. A tax deduction only reduces the amount of taxable income. For example, if your client owed $3,000 in taxes for 2008, but qualified for the full $7,500 tax credit, it would cancel the entire amount he owes and still leave $4,500 which he would receive as a tax refund!

Who qualifies for the tax credit?

The credit is for first-time home buyers as well as anyone who hasn't owned a home in the past three years that can meet the income requirements. Single taxpayers can claim the full credit with incomes up to $75,000 and married couples up to $150,000. This credit is available for owner-occupied U.S. properties.

How much is the tax credit?

The tax credit goes up to 10% of the purchase price of a new or existing home up to a limit of $7,500.

As always I will I encourage all inquiries and may be contacted at 404-272-8037, bradwarnock@remax.net or through my website www.BeAtTheLake.com. Warmest Regards- Brad

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Mon, 27 Oct 2008 09:16:30 -0500

Good Morning

The weather is finally cooling down and the leaves beginning to change here in Georgia's Lake Country. The bad news is this spells the end this year for water activities such as tubing and skiing. The good news is it provides excellent weather for Golf and Fishing. Both bass and crappie are abundant and this is a great time of year to catch them.

This might also be a great time of the year to catch a good deal on a lake property. Most of the Seller's are anxious like in most parts of the country. The difference here is that many sellers are fearful that it will be at least next summer before there will be a decent market for their home. So, many sellers are more willing to negotiate in this non peak season. In addition to this being a great time to get a good deal on a home it also allows the buyer some time to put their touches on the home so that it is completely ready for use in the spring and summer.

Greene County continues to be the only county in the state in which one can get a conventional loan up to $662,500. So, if you are thinking of looking at the Lake take advantage of this opportunity and save yourselves jumbo amounts of money on that jumbo loan.

As always I am happy to answer any questions concerning Lake Oconee or Lake Sinclair as well as provide a 35% referral fee to any Realtor who has a client interested in the Lakes.

Warmest Regards

Brad Warnock

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Mon, 19 May 2008 12:17:58 -0500

Good Afternoon,

Georgia's Lake & Golf Country is once again beginning to shift into full swing with summer vacations beginning and Memorial Day approaching. The Lake's (Oconee & Sinclair) themselves are beginning to warm up with temperatures in the low to mid 70's. The golf courses are in great condition. Most greens have healed from being punched (except The Oconee course) and are rolling smoothly.

The past few months I have seen a lot of internet traffic for the Lake areas. This month the internet traffic is beginning to level off and many of my inquiries are coming from local publications as people begin to get out and take a look at the Lakes area and its surroundings.

Homes here continue to fair much better than in many other parts of the state and nation. Average home prices are up from 2007, most homeowners are still getting 90+% of asking price. The homes average only a couple months longer on the market. There has been no major erosion of home sales prices and I doubt highly that such a trend will occur.

Also, I would like to add that Greene County (the only county in the state) now has conventional loans up to $662,500. So, now is a great time to get that perfect lakehouse and kiss those normal jumbo loans and associated rates good-bye.

As always I am available and happy to answer any questions or inquiries about the area at warnockbrad@yahoo.com or on my cell (404) 272-8037. Or if you would like to get general information about the area you can visit my website at www.BeAtTheLake.com

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Thu, 27 Mar 2008 10:40:18 -0500

Lake Oconee & Lake Sinclair are holding their values despite the current market in the rest of the country. The lastest statistics showed a 2% increase in average home sales price, approximately 95% list to sold price at a cost of 2 months longer on the market. Of course their are a few exceptions and we run accross a destressed seller from time-to-time. However, these are few and far between.

On a brighter note spring is here and with it the demand for lake properties. My website stats are double and in some cases triple the number of views per listing per month than they were in the last 6 months. Phones are ringing more and all of my weekends in March have been spent with buyers. Also the newest forcast is that Atlanta is the second fastest growing city in the nation. This is additional good news as the more people in the area the more competition for lake properties will increase. As well as to help alleviate the surplus housing in and around the city.

Don't forget about the golf as well. I have had the opportunity to get out and play the last couple of weeks and look foward to a great year on the courses. Reynolds has completed aeration of most of their greens a couple of weeks ago. So, given another two weeks and their greens should be back to rolling wonderfully. In addition we look forward to The Master's as the influx of visitors and golf enthusiasts to lake area allows us to showcase what a wonderful area this is becoming.

If you have any questions or would like to know more about Georgia's Lake & Golf Country please feel free to contact me at (404) 272-8037 or at warnockbrad@yahoo.com or www.BeAtTheLake.com

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Tue, 29 Jan 2008 09:53:43 -0600

Property values here on Lake Oconee & Lake Sinclair continue to hold despite the market in general. Price reductions have leveled off and the real estate community in general is beginning to become active again w Spring on the horizon. This is due, I believe, to the resiliency of both lakes in regards to drought levels (both are completely full), the world renouned luxury golf communities, and the convenience from Atlanta, Athens, Augusta, and Macon. For more information on Georgia's Lake Country feel free to contact me.

Warmest Regards

Brad Warnock

bradwanock@remax.net

www.BeAtTheLake.com

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Wed, 23 Jan 2008 11:23:30 -0600

I am happy to report that both Lake Oconee & Lake Sinclair are both completely full. We have seen an increase in the amount of inquiries in the past month and my collegues and I fully expect this area to recover well ahead of the curve. Last fall we went through our market corrections and listing prices across the board on both lakes dropped to market value. Since the area continues to grow with the addition of new golf courses, Dell Webb, the commercial sector we expect that lake residents will begin to re-list at elevated price points. With the recent interest rate cuts NOW is a excellent and unique opportunity for buyers because the market will become strong here before many other areas & sectors of the state and national markets. If you have any questions please give me a call (404) 272-8037 or you can email me at bradwarnock@remax.net or visit www.BeAtTheLake.com

Warmest Regards

Brad Warnock

Georgia's Top Lakes & Golf

Brad Warnock (RE/MAX Lake Country) — Wed, 12 Dec 2007 09:36:38 -0600

Georgia's Lake Country (Lake Oconee & Lake Sinclair) is a wonderful way for you and your family to enjoy the spring, summer, and yes even fall. In addition the Lake Oconee area is become renowned the world over for it wonderful golf and amenities. There are 8 golf courses already within 15 minutes of Oconee and there are at least two more scheduled to be completed in the near future. Reynolds Plantation, Reynolds Landing, Harbor Club, and Cuscowilla provide some of the best courses in the country and the amenities are second to none. All offer full service clubhouses with swim and tennis in addition to the golf. Or venture outside and relax in the Ritz Carlton's Spa or dine at one of it's exquisite restaurants.

In addition, and a huge bonus, these lakes are both holding their own, literally, when it comes to water. Oconee is currently down about 5ft. and Lake Sinclair is completely full. Now I know some folks are waiting and watching the market waiting for the bottom to buy. I am here to tell y'all that the time is now on these lakes. The market has gone through its correction and prices have leveled off but there will be no market erosion here like in other parts of the state. In addition interest rates are quite low and the inventory is still rather large making this the perfect time to start searching for your new lake home.

Lake Oconee is located about 1 1/2 hrs. from Atlanta (depending on where one is coming from) and Lake Sinclair is about 2 hrs. (again depending on location) making these lakes convenient enough to enjoy every weekend without having to take extra days off.

If you have additional questions I will be more than happy to answer any and all of them. I can be reached at (404) 272-8037 (cell) or bradwarnock@remax.net or visit my website http://www.BeAtTheLake.com/

35% Referral for Lake Oconee & Lake Sinclair

Brad Warnock (RE/MAX Lake Country) — Tue, 04 Dec 2007 13:19:00 -0600

Good Afternoon,

Lake Oconee & Lake Sinclair are quickly becoming Georgia's top lakes due to their resilience to drought, wonderful fishing, world class golf, and their ability to maintain the 'getaway feel' while still in close proximity to major cities. I invite you and your clients to come take a look and I am happy to offer a 35% referral fee to any realtor who has clients that desire a getaway! If you have questions I can always be reached on my cell (404) 272-8037 or on the web at www.BeAtTheLake.com or bradwarnock@remax.net. Happy Holidays- Brad

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Tue, 27 Nov 2007 10:02:26 -0600

Georgia's Lake Country (Lake Oconee & Lake Sinclair) is a wonderful way for you and your family to enjoy the summer. In addition the Lake Oconee area is become renowned the world over for it wonderful golf and amenities. There are 8 golf courses already within 15 minutes of Oconee and there are at least two more scheduled to be completed in the near future. Reynolds Plantation, Reynolds Landing, Harbor Club, and Cuscowilla provide some of the best courses in the country and the amenities are second to none. All offer full service clubhouses with swim and tennis in addition to the golf. Or venture outside and relax in the Ritz Carlton's Spa or dine at one of it's exquisite restaurants.

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Tue, 27 Nov 2007 09:59:18 -0600

Georgia's Lake & Golf Country

Brad Warnock (RE/MAX Lake Country) — Mon, 26 Nov 2007 14:48:41 -0600

Georgia's Lake Country

Brad Warnock (RE/MAX Lake Country) — Mon, 26 Nov 2007 14:44:21 -0600

Georgia's Lake Country

Brad Warnock (RE/MAX Lake Country) — Mon, 26 Nov 2007 14:40:29 -0600

Georgia's Lake Country (Lake Oconee & Lake Sinclair) is a wonderful way for you and your family to enjoy the spring, summer and fall. In addition the Lake Oconee area has become renowned the world over for it wonderful golf and amenities. There are 8 golf courses already within 15 minutes of Oconee and there are at least two more scheduled to be completed in the near future. Reynolds Plantation, Reynolds Landing, Harbor Club, and Cuscowilla provide some of the best courses in the country and the amenities are second to none. All offer full service clubhouses with swim and tennis in addition to the golf. Or venture outside and relax in the Ritz Carlton's Spa and dine at one of its exquisite restaurants.

If you have additional questions I will be more than happy to answer any and all of them. I can be reached at (404) 272-8037 (cell) or bradwarnock@remax.net or visit my website www.BeAtTheLake.com