Cozy Cove Real Estate News

Karyn Smith & Lisa Skomp obtain Short Sales & Foreclosure Resource Certification

2010-04-13T09:19:00.000-07:00

Lisa Skomp and I have added another specialty to our real estate business. In light of what is going on in our ecomony and in the local housing market and with so many people facing foreclosure or finding themselves upside down in their mortgages we have taken special training on helping homeowners in distress.

According to statistics, one of the biggest problems is that most people do not know of their options if they are facing a financial difficulty. One of the issues we have been trained in is explaining those strategies to the homeowners so they can make the best decision for their future.

If you know of anyone who may need some help, please give us a call. We assure you that we will give them the finest professional service available.

Karyn Smith
706-897-0956 direct
karynsmith@windstream.net
866-275-2468 office
www.CozyCoveRealty.com

Lisa Skomp
706-897-2763 direct
lskomp@windstream.net

Time is Running Out for the Homebuyer Tax Credit

2010-04-02T06:11:00.001-07:00

Time is Running Out on the federal homebuyer tax credit, but you still have time to buy a home and meet the deadline if you act soon.

The homebuyer tax credit is worth 10% of the home's sale price, up to $8,000 for buyers who haven't owned a home in the previous 3 years and up to $6,500 for buyers who have owned an occunpied a principal residence for at least 5 consecutive years during the past 8 years that ends on the day the new home is purchased.

As a buyer, you must enter into a binding contract to purchase a home on or before April 30, 2010. The purchase must close within 60 days, by June 30, 2010. Certain military, foreign service and intelligence service personnal may have an extra year to claim the credit.

There are some fantastic deals in the Blairsville, GA and surrounding areas. Act now to take advantage of these deals plus the added bonus of the homebuyer tax credit!

For more information, please feel free to give us a call at 866-275-2468 or email karynsmith@windstream.net

January 2010 Market Report

2010-02-19T13:29:00.000-08:00

Here's a look at the Market Activity for Home Sales (vacant land is not included)in the North Georgia and Western North Carolina Real Estate Market for January 2010

Blairsville, GA Homes
602 Active Listings as of 2/19/10, 40 of these are foreclosures.
52 Under Contract as of 2/19/10, 14 of these are foreclosures.
19 Sold 1/1/10 - 1/31/10, 6 of these were foreclosures.
In January 2009, there were 13 homes sold, 4 were foreclosures

Blue Ridge, GA Homes
695 Active Listings as of 2/19/10, 44 of these are foreclosures
59 Under Contract as of 2/19/10, 12 are foreclosures.
29 Sold 1/1/10 - 1/31/10, 12 are foreclosures
In January 2009, there were 20 homes sold, 7 were foreclosures

Hiawassee and Young Harris, GA
425 Active Listings as of 2/19/10, 35 are foreclosures
18 Under Contract as of 2/19/10, 8 are foreclosures
4 Sold 1/1/10 - 1/31/10, 0 were foreclosures
In January 2009, there were 8 homes sold, 4 were foreclosures

Hayesville, NC
318 Active Listings as of 2/19/10, 10 are foreclosures
15 Under Contract as of 2/19/10, 0 are foreclosures
5 Sold 1/1/10 - 1/31/10, 1 was a foreclosure
In January 2009, there were 2 homes sold, 0 were foreclosures

Murphy, NC
662 Active Listings as of 2/19/10, 15 are foreclosures
64 Under Contract as of 2/19/10, 7 are foreclosures
10 Sold 1/1/10 - 1/31/10, 2 were foreclosures
In January 2009, there were 20 homes sold, 4 were foreclosures

"Short Sales" and "Deed in Lieu of Foreclosure"

2010-01-05T12:01:00.000-08:00

In economic times like these, we often see creative financing and creative contracts. Due to the recent decline in property values, many sellers are finding themselves “upside down” in their properties. In order to sell the property, the seller may have to come to the closing table with money in hand.

Often, if the sales price is only a few thousand dollars short of the outstanding balance on the loan on the property, the seller will try for a “short sale” - giving the Lender all the proceeds of the sale but less than the actual amount owed on the loan. This is often a good deal for both parties; the seller gets to sell the property while paying off his mortgage and the Lender avoids the costs of foreclosure and the unknown holding time and expense until a new buyer for the property is found.

With a “Deed in Lieu of Foreclosure,” the seller has decided not to carry the property and loan any longer and returns the property to the Lender. In this case, the Lender gets the property back without all the costs and time associated with a foreclosure.

Both of these options involve “good” and “bad” parts to the transactions, and there are some things to consider before making either of these choices:

1. Both of these actions require Lender approval, which means time. A Lender has to review each situation to determine if a short sale or Deed in Lieu of Foreclosure is in their (the Lender’s) best interest. Lenders require getting the right information to the right people, who can then make this type of decision for the Lender. That takes time.

2. Once approved, the seller needs to have the Lender provide a written statement of the agreement for the Short Sale or the Deed in Lieu. This is especially important if foreclosure proceedings have already been initiated and the transaction may not close before the scheduled foreclosure sale date.

3. Both of these actions can have negative results for the seller if the transactions are not handled carefully. Even though the Lender gets the property back (in the Deed in Lieu) or the Lender gets paid most of what is owed (in the “short sale”), the Lender may still report the loan as not being paid.

It is important to the seller’s credit history that the Lender report the loan as “Paid in Full and Satisfied” when the account is closed, rather than reporting that some portion of the loan balance was written off. A written statement should be obtained from the Lender that the Lender will not report any negative activity to the credit bureaus. Also, be aware that the Lender may continue to report a delinquent payment history that already existed before the seller and Lender agreed to the short sale or to accept a Deed in Lieu of Foreclosure.

Finally, even though both the short sale and Deed in Lieu options may appear to be more beneficial to the Lender than foreclosure, the Lender is still not obligated to say “yes” to a seller’s request. Different Lenders have different criteria for assessing requests for short sales and Deeds in Lieu. Don’t rely on a colleague, friend or neighbor’s experience to assume how your own seller’s request will be viewed by his Lender – contact the Lender early, provide all requested information as quickly as possible, and be prepared to follow up regularly to determine where the Lender is in the review and decision making process.

This information was provided by J. Byron Wyndham, Attorney at Law, Blue Ridge GA 706-258-6222 www.relawyer.com

Fishing Lake Blue Ridge

2009-12-30T13:44:00.000-08:00

Fishing Lake Blue Ridge

The Tennessee Valley Authority (TVA) operates this 3,290 acre reservoir on the Toccoa River in Fannin County near Blue Ridge, Georgia. Walleye, small mouth bass, white bass, and bluegill are the most sought after species.

Walleye numbers have remained steady and fishing should be similar to that experienced in the last few years. Walleye fishing is the best in the Spring and Fall. Concentrate your fishing efforts at night and along rocky points and shorelines. Surface plugs fished close to shore, crankbaits, vertical jigging with spoons, and using nightcrawlers under lanterns are successful methods for catching walleye.

Each Spring, starting in February, white bass provide fast action. Most anglers fish in the shoal area of the Toccoa River at the head of the reservoir. Rocky points in the upper reaches of the reservoir are also popular. Doll flies or plastic grubs are popular lures for catching white bass , which can weigh up to 3 LBS. The number of white bass has increased compared to previous years. The use of a heavy anchor or a strong trolling motor is recommended to more efficiently fish the shoals. White bass are often caught by anglers fishing for walleye.

Small mouth bass in Blue Ridge offer a challenge for fly and ultralight enthusiasts. Plugs and spinners are most commonly used to catch small mouth bass. Catch rates of small mouth will probably be down from previous years as the number of fish from the strong 1989 year class continue to decrease, however average size should increase slightly. Fish for small mouth in areas similar to walleye.

Although their numbers are down from previous years, bluegill continue to be the most plentiful species. Anglers should concentrate on fishing worms and crickets in 15 to 20 feet of water in and around fish attractors placed by the TVA. Maps showing the locations of these fish attractors are available from Blue Ridge Marina, U.S. Forest Service and the WRD-Fisheries office in Calhoun.

Yellow perch, channel catfish and flathead catfish provide additional fishing opportunities on Blue Ridge. Channel catfish are usually caught along the rip-rap of the dam. Flathead catfish can be caught along channel drop offs adjacent to shallow flats or coves.

In the winter (November-February), water level draw downs occur. During this period, ramps at the U.S. Forest Service's Morganton Point Recreation Area and the Blue Ridge Marina are usable.

For more information on lake levels and releases, please see www.tva.gov

North Georgia Canopy Tours

2009-12-18T15:36:00.000-08:00

North Georgia Canopy Tours

North Georgia Canopy Tours will offer two zipline courses starting in April 2010. There will be a 2 hour tour that will feature seven ziplines, two sky bridges, nature hikes and a final dual zip of 700 feet over a pond.

In May there will be a 3 hour Tour with eleven ziplines and it will end with two zips over the North Oconee River, the longest zip on the property.

If you ever have the opportunity to do a zipline tour it is wonderful. Our Cozy Cove Family had that opportunity. Leaving Blairsville GA and traveling to Costa Rica we ziplined through the rainforest. It was an exciting adventure.

Now you don't have to travel so far it is right here in the beautiful North Georgia Mountains.

Hiking in Blairsville-Union County, GA

2009-11-03T10:32:00.000-08:00

Appalachian Trail / Hiking
With so many trails, each season you’ll discover something new as you hike throughout Blairsville and Union County. The famous Appalachian Trail meanders 80 miles through some of the most rugged areas of the Chattahoochee National Forest and is accessible at several points within Blairsville-Union County. Vogel State Park also features 17 miles of hiking trails. Other area trails to explore are:

Arkaquah Trail
Jacks Knob Trail
Bear Hair Trail
Coosa Backcountry Trail
Yellow Mountain Trail
Cooper Creek Trail
Byron Herbert Reece Trail
Freeman Trail
Dockery Lake Trail
Jarrard Gap Trail
Slaughter Creek Trail Miller Trek
Rocky Mountain Trail
Duncan Ridge National Recreation Trail
Brasstown Bald Summit Trail
Helton Creek Falls Trail
DeSoto Falls Trail
High Shoals Trail

Horseback Riding Stables in North Georgia

2009-10-28T13:52:00.000-07:00

Adventure Trail Rides: Adventure Trail Rides of Blue Ridge, Georgia is your place for a horseback trail riding in North Georgia. Close to Ellijay, Ocoee River and Copperhill. www.adventuretrailrides.com

Blanche Manor - Horseback Riding: Blue Ridge Georgia Horseback Riding North Georgia Mountains Horseback Riding Stables, Horse Rentals at Blanche Manor. Located 15 minutes north of Blue Ridge, Georgia, convenient to the towns of Blue Ridge and Copperhill, and the rivers of the Ocoee and Hiawassee. Close to white water rafting, fishing, antiques, scenic railways and state parks.www.blanchemanor.com

Big Bear Ranch and Trail Rides: A cowboy themed trial ride adventure awaits you in Blue Ridge, Georgia. Jason and Kelly White proudly offer a maze of trail riding adventures that will help you experience nature as it was meant to be on back of a horse. So give them a call to lock down your reservation for a fully equipped and guided trail ride for anyone 7 years of age or above.“It’s not just a trail ride. It’s an Adventure! www.bigbearranchandtrailrides.com

Trackrock Stables Trail Rides:Trackrock Stables has over 250 acres bordering the Chattahoochee National Forest in Blairsville, Georgia just 20 minutes from Blue Ridge, Georgia. Trackrock Stables offers year around adventures that you and your family will fondly remember long after your stay with us. During your trail rides you’ll cross crystal clear mountain streams, canter across green valley meadows, and experience the abundant North Georgia Mountain wildlife like wild turkey, deer, and lush foliage. Don’t forget the great Horse Camp of Kids for ages 7 and up this summer!www.trackrock.com

Why Own Real Estate in Blairsville, Union County, Georgia

2009-10-19T14:04:00.000-07:00

Here is Why...

Highest Elevation in Georgia

4,180 acre Lake Nottely

Over 40% of Union County is allocated to National Forest land

Second Lowest Property Tax in Georgia

Superior Area Airport

Two Superb Colleges

Award Winning Public Schools

Two Public Golf Courses

Waterfalls, Hiking, Biking and Scenic Drives

Appalachian Trail

Vogel State Park

Only 2 Hours from Atlanta and Hartsfield Airport

Established Infrastructure (Roads, power, high speed internet)

Affordable Home Prices!!!

Why Use a REALTOR?

2009-10-14T10:42:00.000-07:00

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

This list was obtained from www.Realtor.org

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Present a Successful Image Gallery for Your Home

2009-10-13T13:27:00.000-07:00

Take more than one!

Your listing should contain more than one photograph. Ideally, there should be several photographs, all of superior color and in the correct format. Posting only one image, or only outdoor/only indoor images can easily come across as if you are hiding something distasteful. Prospective buyers want to have a clear visual picture of your property and are more likely to book a viewing if they've seen a good visual representation of your entire home through an internet listing. Make sure to include whatever rooms inside the home offer distinctive features or appeal. There will probably be a limit on how many photos you can submit, so maximize potential by using your full limit and include only the best photos of the best rooms, views, and outdoor spaces as well. Take note that you'll want a great photo of the front exterior of your home, as this may be the image that is used repeatedly as a sort of cover shot. This will be the image that initially draws people to look further into your listing.

Set them up!
You will need to do a little home staging to prep your rooms before taking the photos. Remove everything from the room that distracts from your purpose of making the home look attractive. Avoid including things like door frames and chair backs in images. Remove extra furniture and add only striking decorative items that accentuate the selling features of your home. Keep an eye out for things that can be removed to improve the photo. Clean lines and an uncluttered room will make for appealing photos. A strong photograph will focus on the building's/room's architecture, design and space.

Don't Aim too High!
Don't aim your camera too high when taking photos. Viewers are not going to be interested in shots of the ceiling. If you have a ceiling/wall feature that you want to capture such as a high, coved or vaulted feature, you may need to use a camera with a wide lens. Aim to include a suggestion or taste of that feature, while still including the scope of the room at roughly eye level. Remember, it's important to capture the entire room. Viewers want to be able to perceive rooms as if they were just walking through your house. Clear, accurate visual information is what you want to offer in your photographs.

Color your world!
Once you've taken a a large number of photos, you can then look at them on your computer and use a photo editing software package to adjust the color on your images. Play around, with different levels of color and contrast. Light and bright, is what you're aiming for.

Make them fit!
Keep in mind that most websites are designed to work best with horizontal (landscape mode) images. A mixture of horizontal and vertical formatted images can be distracting and confusing.

Cozy Cove Realty at Sorghum Festival

2009-10-03T11:36:00.001-07:00

Come and Visit Cozy Cove Realty at the Annual Sorghum Festival at Meeks Park in Blairsville, GA. We will be there on Saturday, October 17th from 2 to 5PM and Sunday, October 18th from 11:30AM-2PM. For more information, call 706-745-2468
FREE ADMISSION & FREE PARKING Sponsored by the Blairsville Jaycees

Homebuyer Tax Credit

2009-09-30T11:31:00.000-07:00

Will the End of the Homebuyer Tax Credit End the Recovery?

With three months until the $8,000 first-time homebuyer tax credit is set to expire, many real estate markets are starting to heat up again as buyers rush to close their deals before the deadline. The credit, created earlier this year as part of the economic recovery stimulus package, has had a visible impact on the housing markets, and many are wondering what will happen when the credit disappears on December 1.

By the time the program ends, according to estimates from the National Association of Realtors, roughly 1.8 million homebuyers will apply for the tax credit, and 350,000 of those would not have been able to afford to buy without the help. The pressure to file before the deadline has also likely helped boost recent sales increases of new and existing homes, an important economic indicator of the market bottom and revival.

How Does It Work?
Anyone who has not owned a primary home in the past three years can qualify for this credit, as long as they fit within the income requirements. For single taxpayers, the income limit is $75,000 and married couples can earn up to $150,000 together. For homes purchased between the set period of January 1, 2009 and December 1, 2009, this tax credit is the greater of 10 percent of the home’s price or $8,000, and unlike previous credit it does not need to be repaid.

What Will Happen When It Expires?
Congressman Johnny Isakson, R-Ga., has been working to extend the tax credit into next year as well as make it more accessible by allowing all homebuyers to participate, regardless of income or current ownership, and by increasing the credit amount to $15,000.
His plan is certainly very popular with many inside the housing sector. In a recent interview with U.S. News & World Report, Jerry Howard, president and CEO of the National Association of Home Builders, said he was worried about digression in the markets when the credit ends.
"It is the first-time homebuyer market that represents any positive signs in the industry, and if this credit expires at the end of November," Howard said, "we're really concerned about what that will mean to the market going forward."
He believes Isakson’s extension plan would finally allow the market to bottom out, creating price stability and decreasing the number of foreclosures. He also thinks an expanded tax credit would help move inventory at the middle and top levels of the market, not just the starter and fixer-upper homes, leading to a need for more home building.
Yet if the credit is not extended, many say the housing markets’ signs of improvement will quickly dissipate, just as the auto industry has seen a dramatic drop in car sales after the end of the "Cash for Clunkers" program.
That begs the question, "If the housing market cannot continue its current path of revival without the tax credit, is the improvement really only temporary or artificial anyway?"
While the answer is unclear, one thing is certain – the tax credit is currently on track to vanish in three months, about the amount of time needed to find funding and close on a home sale. For those hoping to cash in on the benefits of this program, it may be now or never.

This article was featured on http://www.realestateabc.com/insights/will-end-of-homebuyer-tax-credit-end-recovery.htm