3.5% Buyer Closing Assistance From Freddie Mac

Homesteps.Com, a unit of Freddie Mac is offerring up to 3.5% closing assistance program to buyers of Homestep listed homes. This program is available for contracts received by Jan. 31, 2009 with an escrow close on or before Mar. 14, 2009.

Homesteps will pay up to 3.5% or actual closing costs, whichever is lower for owner occupied, financed homes and up to 1% for owner occupied cash sale homes. Investors are not eligible for this discount.

This looks like a helpful program to assist both buyers getting into homes and to help Freddie Mac sell off some of it's owned property. For complete details clink on the program link.

Madison County, GA Home Sales Holding Steady

Madison County is showing some resilience in todays housing market.

For August and September the sliding average of annual home sales in Madison County has remainded virtually unchanged. However, sales are still down almost 28% from the start of the year. The D.O.M. (Days on Market) decreased slightly but is still up almost 9% since January.

While down from last month, the average home sales price in Madison County is still slightly higher than at the start of the year while the median price is down from last month and just over 1% lower since January.

The following chart shows the sliding 12 month figures for Madison County:

Date	D.O.M	# Sold	Average Price	Median Price
1/1/2008	194	244	$148,726.00	$143,500.00
2/1/2008	198	239	$148,541.00	$144,500.00
3/1/2008	199	235	$149,963.00	$143,200.00
4/1/2008	199	231	$150,099.00	$143,750.00
5/1/2008	201	223	$151,100.00	$144,500.00
6/1/2008	195	213	$147,999.00	$144,500.00
7/1/2008	199	198	$150,638.00	$142,200.00
8/1/2008	212	181	$147,995.00	$141,000.00
9/1/2008	214	174	$152,894.00	$145,000.00
10/1/2008	211	176	$149,273.00	$141,500.00

For more information on buying or selling in Madison County please contact me by phone or email.

Oglethorpe County, GA Home Sales Volume Still Dropping

But the median and average prices are virtually unchanged.

The month of September saw another decrese in the average annual residential sales in Oglethorpe County dropping the volume to almost 50% of a year ago. The average Days on the Market (D.O.M.), however, is still bucking the trend of other nearby areas and showing a decrease.

The following chart shows the sliding 12 month figures:

Date	D.O.M	# Sold	Average Price	Median Price
1/1/2008	187	185	$149,394.00	$146,900.00
2/1/2008	182	171	$153,5090.00	$147,900.00
3/1/2008	180	171	$157,918.00	$147,900.00
4/1/2008	174	168	$156,909.00	$147,100.00
5/1/2008	179	146	$157,427.00	$146,625.00
6/1/2008	176	130	$149,611.00	$143,900.00
7/1/2008	163	113	$148,092.00	$143,900.00
8/1/2008	164	110	$148,076.00	$141,950.00
9/1/2008	173	104	$143,643.00	$141,900.00
10/1/2008	160	95	$143,068.00	$141,900.00

For more information on buying or selling in Oglethorpe County please contact me by phone or email.

Another Mexican Treat - Queso Fundido

Queso Fundido

I may have mentioned that my wife and I really enjoy Mexican food. Here is another recipe that, if you like Mexican cheese dip, you might like to try. It is a variation on a dish called Queso Fundido. We have not been able to find it anywhere in the area so we are sharing the recipe with you.

Ingredients:

16 oz. Mexican melting cheese

8 oz. Chorizo

¼ cup chopped red or green onions

¼ cup chopped cilantro

¼ cup chopped pickled jalapeno peppers (more or less, according to how “hot” you like it).

Directions:

Crumble the chorizo into a frying pan. If the chorizo is in sausage form, remove it from the casing and discard the casing. Fry the chorizo completely and then drain and squeeze as much of the grease from it as possible.

Preheat your oven to 300°. Put the Mexican melting cheese in a baking dish along with the cooked and drained chorizo and the jalapenos. Stir the ingredients together. Bake this mixture in the oven for about 20 minutes or until the cheese is completely melted.

Remove the casserole from the oven and place the dish on the table using a trivet or hot pad. Serve it with corn chips or on small tortillas, as an appetizer or, if you like, as your main course.

We like to serve this dish alongside build-your-own tacos, our fresh guacamole, and, of course, margaritas or a cold Negro Modelo. Very tasty, we hope you enjoy.

Athens-Clarke County Home Sales Bottomming?

While still a decline from last month, the number of homes sold in Athens-Clarke County is almost flat. The sliding 12 month sales figures indicate a decrease in sales volume of just over 1/2%. The average number of days the sold home is on the market is still increasing but overall it is only a 6-1/2% increase since the beginning of the year.

The median sales price has continued to rise, up just over 7% since Jan. 1. The average sales price is still trending up although just below the high of August this year.

The following chart shows the sliding 12 month figures:

Date	D.O.M	# Sold	Median Price	Average Price
1/1/2008	167	1664	$139,900.00	$164,445.00
2/1/2008	167	1632	$139,900.00	$164,857.00
3/1/2008	171	1579	$140,000.00	$166,204.00
4/1/2008	172	1516	$141,000.00	$165,930.00
5/1/2008	173	1484	$140,000.00	$166,500.00
6/1/2008	174	1382	$142,400.00	$168,257.00
7/1/2008	173	1321	$145,000.00	$171,767.00
8/1/2008	173	1229	$149,625.00	$175,821.00
9/1/2008	176	1190	$149,625.00	$173,195.00
10/1/2008	178	1182	$149,900.00	$174,139.00

For more information on buying or selling in Athens-Clarke County please contact me by phone or email.

September 2008 Oconee Home Sales Information

September shows that in Oconee County home sales volume is basically flat, a net increase of 2 over the last month, for the last two months. The number of days on the market average (D.O.M.) is still showing a slight rise.

At the same time the sliding 12 month median price went is down slightly while the average price, during the same period, went from went slightly down again to $308,707.00.

The following chart shows the sliding 12 month figures:

Date	D.O.M	# Sold	Median Price	Average Price
1/1/2008	180	496	$273,500.00	$315,785.00
2/1/2008	186	487	$275,000.00	$314,269.00
3/1/2008	191	487	$275,000.00	$313,979.00
4/1/2008	195	490	$272,000.00	$310,178.00
5/1/2008	199	491	$269,000.00	$306,516.00
6/1/2008	201	472	$272,000.00	$307,398.00
7/1/2008	206	465	$275,000.00	$309,223.00
8/1/2008	211	429	$275,000.00	$309,415.00
9/1/2008	216	396	$275,000.00	$310,441.00
10/1/2008	217	398	$273,250.00	$308,707.00

For more information on buying or selling in Oconee County please contact me by phone or email.

Can You Use a $7500 Interest Free Loan - Something Good From the new Housing Act and Economic Recovery Act

Can you use a $7500 interest-free loan?

Are you a first time home buyer? Or even a second or third or more times home buyer?

If your answer is yes to both of these, then you may want to consider taking advantage of a provision found in the new Housing and Economic Recovery Act of 2008 and purchase a new home in the next 10 months.

What is it? First time homebuyers are eligible for a “credit” of 10% of the purchase price of a new home, up to a maximum of $7500 on homes purchased between April 9 of this year and July 1, 2009.

What is a first-time home buyer? A first-time home buyer, for the purpose of receiving this credit, is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For a married couple, both husband and wife have to meet the three-year requirement.

Although this is labeled as a credit, it is really an interest-free loan. It does have to be repaid in equal amounts over 15 years. That means, the person(s) receiving the credit must repay $500 a year for 15 years. However, if you apply that $7500 to the principal of a 7% loan, over $4200 in interest would be saved. Or, you could invest in a long-term CD and gain income on the $7500 for 15 years (less the $500 a year you are repaying). You can do what you like with the credit, including pay any taxes owed.

To find out more information on this credit go to the site http://www.federalhousingtaxcredit.com. It will provide you with all of the information you will need to qualify for this credit. It also will direct you to additional resources that will be helpful in buying your home.

Call me at 706-207-5290, or email me with any questions on buying or selling your home in and around Athens or any of the surrounding counties and towns.

Note: This is not legal of financial advice. For legal advice consult an attorney. For financial advice consult a financial advisor.