Harry Norman, Sr. was a leader in the Atlanta real estate industry for many many years. When I first joined Harry Norman, Realtors, all I heard about was what he stood for, and how he made HNR into the company is is today. I am proud to be associated with the Harry Norman name and congratulate the entire Harry Norman family for this honor.

Cary Daniel Blumenfeld
Consultant
Harry Norman, Realtors

Brookhaven Renovation

We began renovations again on our Brookhaven home the 2nd week of February. So far, the workmanship has been excellent and the only delays to report are due to the persistent on again, off again rain showers typical this time of the year. We started by crating a “craftsman style” porch on the front of our 1940s bungalow.

You can see on the far right of the picture that we began closing in our carport, enabling us to use it as a den, and free up space in our formal living room for entertaining. Additionally, our laundry room is connected to the carport on the outside of the home, therefore doing laundry is a tedious task, and not the most comfortable in extreme heat or cold. These small homes do not afford you the luxury of space, so taking advantage of what you have is key with any small home. We decided to sacrifice our carport for the additional 300+ square feet and indoor laundry, and I truly believe we are making the best decision.

Is It Time for Young Families to Buy a Home?

We have reported that almost six million adults between the ages of 25 to 34 are currently living with their parents. That number reflects an almost 50% increase since 2003. These young adults are now being advised to jump into homeownership.

Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage. Middle age parents who have owned a home understand its true value. A home has always been a good long term financial investment. However, homeownership also has many other benefits.

In Fannie Mae’s most recent National Housing Survey, they asked the question directly: Is this a major reason to buy a home?

The study broke up the answers into financial and non-financial reasons. The top four reasons and six of thetop ten reasons were NON-FINANCIAL. The top four are below:

  1. It means having a good place to raise children and provide a good education.
  2. You have a physical structure where you and your family feel safe.
  3. It allows you to have more space for your family.
  4. It gives you control over what you do with your living space (renovations & updates).

Should this surprise us? Aren’t these the same reasons our parents bought their home? Aren’t these the same reasons we purchased our home? These are the same reasons parents have suggested their children buy a home. They want the same things for their grandchildren that they believed to be important for their children.

And today, the cost of homeownership is at all time lows:

J.P. Morgan

“The numbers on housing have an important message for American families today, and particularly younger families setting out on life’s great adventure: Five years ago, at the peak of the home-buying euphoria, it was emphatically a time to rent. Today, when home ownership is depreciated more than ever before, the numbers tell us it is a time to buy.”

MSNBC.com

“[S]omeone who plans on staying put for seven years would come out ahead by about $9,000 if they bought a median-priced home rather than being a tenant in a median-priced rental.”

HUD

“Homes today are more affordable for average families than they have been since 1971. Median-income families today have nearly double the funds needed to purchase the average home.”

Bottom Line

Now that the economy is beginning to show signs of stabilizing, people are getting back to the core values that families have always embraced. Homeownership is definitely high on that list. And today, from a financial standpoint, it may be the opportunity of a lifetime.

 This Article Was Provided by The KCM Blog www.kcmblog.com

What Does Warren Buffet Think About Buying A Home?

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Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how he privatelyadvises those closest to him.

Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home in Surprise, Arizona.

In an article in the Omaha World Herald, Mrs. Bosanek discussed her reasons for purchasing a second home and the personal advice she received from Mr. Buffet.

“I just thought it was time to buy a home. Warren tells me that it will be the best opportunity in my lifetime. Mortgage rates are low and prices have dropped dramatically…I share Warren’s view about the future of America, and we believe that our country will do just fine. I’m happy to make this investment.”

The greatest investor of the last century privately has told the people closest to him that buying a home right now will be the best opportunity in [their] lifetime”.

That’s good enough for us. How about you?

Article Provided by The KCM Blog http://www.kcmblog.com