If Want a Low Interest Rate on Your Home Purchase, the Time to Act is Now!

NEW YORK (CNNMoney) —The Federal Reserve announced the end its bond-buying program Wednesday, marking the close of a six-year effort to stimulate the economy.

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The decision reflects how much the economy has improved since the recession. It's akin to taking the training wheels off of a child's bike.

The 12 members of the central bank's committee also voted to keep its key interest rate near zero. This means people with savings in the bank get little to no interest, but the low interest rates spur people and businesses to spend and invest.

The Fed has given indications that it will likely raise the interest rate in 2015. In its statement today, the Fed kept in the closely watched statement that it will maintain interest rates at the current low rates "for a considerable time."

Many economists and traders expect the Fed to begin raising rates in the summer of 2015.

The bank started its bond program, known as quantitative easing or "QE", in November 2008 to aid the economy and the crippled housing market. It became the flagship program of former Fed Chairman Ben Bernanke's term in office.

Improving economy: The economy has come a long way in six years. The unemployment rate is now 5.9%, its lowest mark since QE began. There are over 8.5 million more people employed now than in November 2008, according to the Bureau of Labor Statistics.

In the announcement Wednesday, the Fed said the job market is improving.

"On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing," the statement read.

Current Fed Chairwoman Janet Yellen has often cited her concerns this year about the sluggish job market, but it appears the Fed's views have shifted somewhat.

The Fed also wants inflation to stay consistently above 2%, which it has not since the Fed lowered interest rates.

The total number of housing starts, an important measure of the health of the real estate market, has almost doubled since its low point shortly after QE began, according to the Census Bureau.

The Dow Jones Industrial Average was down around 20 points just before the Fed's announcement. The Dow continued to drop after the statement came out.

Read more: http://www.wyff4.com/money/fed-ends-6year-effort-to-stimulate-economy/29410602#ixzz3HYyiLbzR

Historical Grand Rapids

The Hawkins Building

1 Ionia Avenue

The Hawkins Building (and entire block technically) gets it's name from a wholesale grocery operation that occupied the building in the early 20th century.

Rexall Drug Store

South east corner of Monroe and Michigan

In the 1940's, Dr. Robert W. Clayton had his offices on the second floor of the building occupied by the Burkehead and Collins Rexall Drug Store. 

Alabastine Mine

1200 Judd St.

In the early 1890's , the Alabastine Mining Co. began open quarry mining . This business provided raw gypsum that was refined and used for numerous consumer products such as, plaster, toothpaste, casts and fertilizers. Bert Kragt bough this mine in 1943 and his family still owns it today. 

Campau Square

Street cars shared the streets of old Grand Rapids with horse drawn carriages. 

The Doll House

Lagrave Avenue

Selling antiques and gifts, The Doll House was owned by Helen Nichols. The Cottage Bar, which is still operating today, is seen on Lagrave Ave. just south of The Doll House. 

Rathbun House

Monroe and Waterloo ( Market St.)

This photo was taken in the late 1870's. The Rathbun House was located on the north west corner of Monroe and Waterloo- Waterloo was later named Market Street. The Rathbun House was the city's leading hotel in the 1870's

The Trolley System

Grand Rapids

Grand Rapids had an extensive trolley system up until 1935. GM, and other big automotive companies, owned Michigan at the time. GM suggested that the city convert to buses (which were built by GM) and Grand Rapids was the first U.S. City to convert to buses.

Incredible Invisible Architecture

Architecture the James Turrell way states: “The qualities of the space must be seen, and the architecture of the form must not be dominant.” That’s the approach one firm is taking with the Tower Infinity in South Korea. It’s being marketed as the first “invisible skyscraper.” The building will be wrapped in a “reflective skin” that reveals the surrounding environment. Camouflaged buildings are nothing new, but architects and designers are still learning how to refine and conceptualize these structures to help people experience form and space in unique ways. Here are a few example of my favorite invisible buildings.

The Cairns Botanic Gardens in Australia, designed by Charles Wright Architects, minimizes intrusion upon the landscape. “We proposed a design which literally reflects the gardens as camouflage for the building,” designers stated. The surrounding tropical plants mirrored along the visitor’s center transformed the entryway into an inviting, nature-filled space.

The eco-friendly Pinnacle at Symphony Place in Nashville proves that skyscrapers can be unassuming.

In the same space previously occupied by the house of Rachel Raymond, an iconic work of architecture built by her sister, the famous American architect Eleanor Raymond in 1931, Pedro Joel Costa, a Portuguese architect built an 'invisible' house. The bucolic landscape of Belmont, Massachusetts, where it is located, contrasts with the challenge of its futuristic lines. Large glass panels create a harmonic rupture with the context as they blend into nature. Spacious areas designed with innovative whim reflect the needs of contemporary housing and living space. 

Seoul, South Korea, is the seat of the Infinity Tower, designed by GDS Architects, which will open its doors in the summer of 2014. The skyscraper will be equipped with the most sophisticated optical camouflage technology and promises to practically "disappear" from the view. The stylized crystal needle, more than 1,476 feet tall, will feature an advanced system of computers, cameras and LED lights that will create a reflective cover on the outside of the massive structure, which will be translucent by day and bright at night. Eighteen optical cameras located at different points will capture real-time images of the surroundings and project them on the building. According to the position from where you observe it, you will see through the building, or the building could be partially visible. One purpose of utmost importance in this project is not to blur or interrupt the landscape of the rest of the city, but rather integrate it creating a harmonious fusion with the new Tower -

Le Project Triangle is one of those buildings that make us think that we may actually drive flying cars one day. To be completed by 2014 in the Porte de Versailles area in Paris, its most impressive feature is that, according to the architects, it won’t cast shadows on adjacent buildings. The trick is the orientation and its shape: While it looks like a massive pyramid from one side, the other side shows that it really is an ultra-thin triangle resembling a shark’s fin.

Sources; TheStranger.com, Flavorwire.com, and Allison Natasi

First Time Home Buyer Tips

First time home buyer tips are something everyone who is going to purchase real estate for the first time should seek out and use to their advantage. Buying your first home is a big deal! If you are like most it will be the biggest purchase you have ever made. This naturally leads to mix of emotions including, excitement, anticipation and anxiety. While it may be impossible to eliminate the stress that comes from your first home purchase. you can certainly minimize it by coming into the situation prepared.

The first tip is not to rely on family to know everything about purchasing real estate. Keep in mind that some of the people giving your first time home buying advice have only purchased a home one or two times in their lives. This does not make them experts.

When it comes to the hard decisions always rely on the Pro's who will be involved in the transaction including your real estate agent, mortgage broker, attorney, and insurance agent. While family and friends have great intentions, there are times where some of the worst advice you can imagine has been given to first time home buyers.

Be Specific About What You Want

Make sure you have a general idea about the property you would like to buy. This is your biggest expenditure thus far and it's important to get what you want out of it.

 Decide on the basics like neighborhood, size, number of bedrooms and bathrooms. It's perfectly fine to be more detailed that this, though. You can consider what you really care about- a garage for working on your car, a play room for your children, a basement for you wine collection. Personal choices are important.

It is unlikely that you will get everything you dream of but you will happier with your purchase if it fits your wants and needs. When meeting with a real estate agent for the first time they will most certainly be asking you what you top considerations are will be in in buying your first home. Giving the agent an accurate picture of what you hope to achieve will make the process of finding a home for you much easier.

Get Pre-Approved for a Loan

You can't really start shopping until you know how much money you have to spend. Your idea of what you qualify for may be accurate, but it may not be. Find out what you maximum loan amount will be and consider how you want to use that money. One of the first things you should do what setting out to buy your first home is to get pre-approved for a mortgage. Keep in mind that there is a distinct difference between getting pre-approved vs e-qualified over the phone.

While a pre-qualification letter may help you understand how much you can afford to pay each month towards a mortgage payment, it does very little to solidify your position as a legitimate home buyer. When the time comes for you to sumbit an offer on a specific property, the owner and the sellers realtor are more that likely going to want you to be pre-approved.

A savvy realtor is not going to accept the a pre-qualification letter as it is not worth the paper it's printed on. The only way a seller is going to have some reasonable assurances you will get the loan is by providing them with a pre-approval letter. Providing the seller security, especially if you are competing with other buyers, is one of the best tips for buying your first home.


Get a Good Real Estate Agent

One of the best first time home buyer tips I can give you is to hire an outstanding real estate agent. You do not have to go through the home buying process alone. In fact, you probably shouldn't. There are numerous reasons to hire an exceptional realtor including, having access to the best available homes, having someone working regularly to find the house you really want and having an agent on your side in negotiations.

Hiring a real estate agent is important. You want someone on your team who will be fighting for you every step of the way.

Make the Right Offer

Make sure you understand local home values! Negotiation is a fine art, not something learned in a day. This is part of why you search for agents that set reasonable goals for their clients and tend to obtain these goals. You want someone who understands what a home is worth and that can argue the points reliably. There are a number of things that can give you and edge in negotiations, from pet damage to kitchen appliances.

A top notch buyer's agent is going to be looking out for you interests. The best of the best will try to make sure you are paying fair market value or below for the home you are interested in. If you feel you are working with an agent who is concerned about their own pocket book and not yours, dump them fast. This is not the type of agent you want in your corner when it comes time to negotiate.




Original article by Brian Gassett