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Tips For Improving Your Score

Friday, August 19, 2011
by The Hat Team

Your credit score is a number that helps lenders predict how likely you are to make your payments on time. This score affects your ability to obtain credit and helps determine what you pay for credit cards, auto loans, and mortgages on Montgomery AL homes. Even your insurance rate is related to your score. The higher your score, often referred to as a FICO score, the more apt you are to be approved for and pay a lower interest rate on new loans. Scores ranging from 650 and below are considered bad and indicate to the lender that you are a very high risk. Chances are you will be unable to secure a loan, or if you are, it will be at a much higher interest rate and/or require a cosigner.

What If there Are Errorsup

What to do if you have a low score and do not qualify for a mortgage on a Montgomery AL home? Your first action should be to check your credit report for errors. If you find erroneous information, you need to act immediately by contacting both the credit bureau (the three major ones are Equifax, Experian, and Transunion) and the organization that provided that information.

  • The credit bureau/agency: Send a certified, return receipt requested letter to the bureau pointing out each inaccuracy and enclose copies of documents which support your claim as well as the report itself (with the misinformation highlighted). Factually explain why you dispute each item and request a deletion or correction for each one.
  • The creditor or information provider: Send the same type of letter and enclose the same documents. Request that the provider notify you of action taken (generally within 90 days) so that you can verify the amended information.

If there are no errors on your report, then you should take immediate steps to improve your credit. Ways to do this include the following:

  • Stop using your credit cards. Do not continue to accumulate debt.
  • Get current on delinquent accounts. Since payment history makes up 35% of your score, this action will have a great impact on your score.
  • Keep accounts with balances open, but don’t apply for more credit.
  • Call your creditors. Explain your financial situation and ask about possible hardship programs which will temporarily reduce your monthly payments.
  • Begin paying off your existing debts, even if you have to sell some belongings to do so. Come up with a get-out-of-debt plan and stick to it.
  • Get professional help. There are resources available to help you reestablish a good credit rating. Contact the National Foundation for Credit Counseling for assistance.

7. Be patient. Realize that improving your credit score takes time and that there is no quick-fix --and keep in mind your goal of owning a Montgomery AL home.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

You can reach Sandra by filling out the online contact form below or give her a call anytime.

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Survival Guide For Montgomery AL Homeowners: Coping With Summer Heat

Friday, August 12, 2011
by The Hat Team

The temperatures have been extremely high this summer, often resulting in physical discomfort, limited activity, and even medical distress.  Although most of us think we know how to cope with high heat in order to remain cool and safe, it sometimes helps to see reminders in black and white.  Read on…

thermometerTIME AND PLACE:

  • Schedule physical activities for cooler times of day, early morning or the evening.  Even when you are just walking around outside your Montgomery AL home, the heat and humidity will make all parts of your body sweat and can result in heat stress.
  • Take breaks in a cool, shady spot regularly and often.  Better still, get into some air conditioning.  No AC?  Visit libraries, shopping malls, movie theatres, museums, and the like.
  • Use your shower or bathtub frequently and let the cool water lower your body temperature.

ATTIRE:

  • Wear lightweight, light-colored, “breathable,” loose clothing.
  • Wear a hat—and perhaps a headband to keep perspiration out of your eyes.
  • Use sunglasses.
  • Wear socks (not 100% cotton) to keep your feet dry and prevent blisters.

PROTECTION DO’S:

  • Apply sunscreen (SPF 15+) all over—even on lips and ears.
  • Stay inside your Montgomery AL home as much as possible.
  • Check with your doctor to see if your medication or medical condition requires special precautions to avoid sun-related side effects.
  • Stay hydrated! Drink cool, plain water regularly—up to 4 quarts a day if you are exercising.  Did you know that very cold drinks can cause stomach cramps?  It’s also best to avoid alcohol or drinks containing caffeine, lots o sugar, or too much salt.
  • Monitor your physical state often.
  • For temporary but quick relief from heat, set a bowl of ice cubes in front of a fan and let the air blow directly on you.

PROTECTION DON’TS:

  • Don’t use salt tablets unless instructed to do so by a doctor.
  • Don’t ignore signs of heat stress such as nausea, dizziness, and fatigue. 

SPECIAL NEEDS:

  • Understand that babies, young children, and older adults are at a much greater risk for heat-related illnesses since their body temperature can rise 3-5 times faster than that of others.
  • If you have a senior friend, especially one without air conditioning, check on them regularly and often.
  • Provide pets with plenty of fresh water in a non-tip bowl, easily accessible shelter, and shade.  Remember that dogs can get sunburned and burn the bottom of their paws.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

You can reach Sandra by filling out the online contact form below or give her a call anytime.

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Montgomery AL Real Estate: 737 Park Ave

Thursday, June 23, 2011
by The Hat Team

Montgomery AL Real Estate:

737 Park Ave, Montgomery AL 36106
MLS# 285283m

Stress will fade away when you relax on the expansive screened front porch of this wonderful Old Cloverdale home. Calming park-like setting feels like you are in a different place...when actually you are within walking distance of all the Cloverdale action! Big rooms, open feel, and great flow make for great entertaining, and the cook in your family will love the updated kitchen. Shady back yard is as tranquil as the front, and don't miss the heated and cooled workshop/exercise room and 1 car garage with quaint side porch. Classic craftsman features with modern updates...who wouldn't want to live on Park Avenue! 

Learn more about 737 Park Ave and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

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Dealing With a Low Appraisal On Your Montgomery AL Real Estate

Sunday, May 15, 2011
by The Hat Team

So it has happened. You’ve spent recent months preparing your house for sale, negotiating a fair price, and anxiously awaiting the closing date. And now the appraisal on your Montgomery AL real estate has come in below the offered price. What to do? First, remain calm. This is not an unusual problem in today’s market. Understanding the reason(s) for the disappointing appraisal and exploring your options in saving the transaction may well be helpful at this point.

REASONS FOR A LOW APPRAISAL:

  • Overpricing by you, the seller
  • Declining market values
  • An abundance of foreclosures or short sales in your neighborhood
  • Inflated price resulting from multiple offers
  • Incorrect evaluation by the underwriter
  • Cash back to the buyer from the seller
  • Error on the part of the appraiser

STEPS YOU CAN TAKE:

  • Lower the price on your Montgomery AL real estate. Research the latest comps for your area, think realistically about your asking price, and decide if you are willing to begin the whole process again.
  • Ask the buyer to make up the difference in cash.
  • Offer to carry a second mortgage for the buyer if the above option is not possible.
  • Check the appraisal for errors in information about your Montgomery AL real estateappraisal.  Is the square footage correct? What about the number of bedrooms or bathrooms? Have any recent improvements you’ve made to the property been included? If not, appeal the appraisal.
  • Supply to the underwriter a list of recent comparable sales that justify the selling price and ask for a review of the appraisal.
  • Order a new appraisal. Although you or your buyer will have to pay for it out of pocket, it could certainly be money well spent if it results in a higher appraisal. If your loan is an FHA loan, ask your lender for a list of approved appraisers. If it is a conventional loan, it is subject to the rules of the Home Valuation Code of Conduct (HVCC).
  • Cancel the transaction. The last resort after trying to resolve the situation. Most purchase contracts contain a loan contingency dealing with low appraisals.
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Montgomery AL Real Estate: Understanding Shadow Inventory

Thursday, April 28, 2011
by The Hat Team

Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale. 

Many analysts use the “tip of the iceberg” analogy to describe the 'shadow inventory' situation, feeling that a massive number of distressed properties and underwater loans sits just below the surface. Some believe that the number of potential homes for sale greatly exceeds the number currently on the market. No significant appreciation of Alabama real estate and home prices will take place until the shadow inventory that exists works its way through the real estate market.

The map below shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. As you can see, Alabama has 8 months of shadow inventory to contend with.

 

Now take a look at how the Midtown Montgomery real estate market performed in March.

Midtown Montgomery real estate sales statistics for March show the average sales price decreased by 2% to $135,457 when compared to March 2010.  The number of homes sold decreased by 47% in March.  The median sales prices decreased by 8%, while market times decreased 34% or 65 days.  The highest selling home price decreased by 26%, and the lowest selling home price decreased by 50%.

Midtown Montgomery March 2011 March 2010
Homes Sold 20 38
Average Selling Price $ 135,457 $ 138,275
Median Selling Price $ 120,500 $ 130,500
Days On The Market 129 194
Highest Selling Price $ 350,000 $ 470,000
Lowest Selling Price $ 4,500 $ 9,000

For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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How Montgomery AL Real Estate Buyers Can Be Credit Savvy

Thursday, April 21, 2011
by The Hat Team

Your credit score is a number that helps lenders predict how likely you are to make your payments on time. This score affects your ability to obtain credit and helps determine what you pay for credit cards, auto loans, and mortgages on Montgomery AL real estate. Even your insurance rate is related to your score. The higher your score, often referred to as a FICO score, the more apt you are to be approved for and pay a lower interest rate on new loans.

credit reportWhat do the numbers mean?

FICO scores range from 300 to 850, with most people scoring in the 600s and 700s, and are generally rated from excellent to very bad.

  • Above 800 is considered excellent. This rating reflects that fact that you pay bills on time, have a strong credit history, and have not filed for bankruptcy. You use your credit responsibly.
  • Between 750 and 800 falls into the very good category. You are considered a very low risk because of your history of paying bills on time and acting responsibly.
  • Between 700 and 750 puts you in the low risk range. You my have missed some payments in the past, but you current record is good. You do not have an excessive amount of credit card debt.
  • Between 650 and 700, or fair, means you are a moderate risk. Your credit history may include older negative items, too many recent applications for new credit, or a higher than normal credit card debt.
  • Between 600 and 650 is a bad score, and you are deemed a high risk for purchasing Montgomery AL real estate. Your score most likely reflects high credit card debt, late payments, collections, or bankruptcy, and you may well be turned down for new credit.
  • Below 600 is considered very bad, and you are viewed as a very high credit risk. If you are approved at all, it will be at a much high interest rate--or you may even need a cosigner or a very large down payment in order to secure a loan.

If you have not yet established a credit history due to lack of credit cards and/or loans, you may have no credit score. Opening a new credit card account and using it responsibly for a few months should alleviate this problem.

What makes up the credit score?

Your payment history comprises 35% of the score, with the amount of debt you have affects about 30%. 15% of the score is derived from the length of your credit history, with 10% resulting from recent new credit applications. Other factors such a s a variety of credit types make up the final 10%.

How can you improve your score?

  • Use you credit cards to establish a positive and consistent pattern of payment.
  • Check your credit report for inaccuracies. This is a common problem, so look for and report misinformation.
  • Have a variety of debt. In addition to a mortgage on your Montgomery AL real estate, add auto loans and credit cards to the mix. It is important to demonstrate good money management in more than one area.

The three major credit reporting agencies are Equifax, Experian, and Transunion. You are entitled to one free credit report a year from each of the three.

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How To Choose An Agent for Your Montgomery AL Real Estate

Friday, March 25, 2011
by The Hat Team

One of the most complex and significant events in people’s lives is the purchase or sale of their real estate--and most people turn to an agent to assist them in these transactions. Before you select a professional real estate agentmontgomery al real estate, however, you should determine if he/she is qualified to handle your Montgomery AL real estate business, what he actually does, and how he is paid.

REQUIREMENTS: All real estate brokers and sales agents must be licensed by their state. Although the rules and regulations of individual states vary, most require educational courses, a written examination, and license renewal every 1 or 2 years. Usually between 30 and 90 hours of formal coursework are required in topics such as real estate principles, contracts, and ethics to ensure that the agent has a thorough knowledge of the fundamentals and legal aspects of the field. Many states also have a continuing education requirement. In addition, many agents are members of the National Association of Realtors, an organization designed to provide an exchange of ideas to improve the industry as needed in order to protect the consumer and provide quality service.

SERVICES PROVIDED: A good agent wears many hats and is knowledgeable about many aspects of real estate. An agent handling your Montgomery AL real estate business should:

  • be familiar with your target area
  • represent a buyer or seller in the purchase or sale of real estate
  • search for suitable buyers and/or properties
  • assist in procuring financing for your Montgomery AL real estate
  • examine comparable sales to determine fair market value
  • ensure that all terms of the contract are met

QUALITIES TO LOOK FOR: You will want someone who:

  • is organized
  • is knowledgeable about the business
  • is confident in his abilities
  • is skilled in negotiations, contracts, and financing
  • acts in your best interest
  • is ethical and trustworthy
  • maintains confidentiality
  • is open in disclosing pertinent facts

HOW THE AGENT IS PAID: Since all agents work with a broker, they are paid a portion of the sales commission (commonly paid by the seller). Percentage divisions of the commission vary, but often office costs, such as advertising, are deducted from the agreed upon amount. Neither the buyer nor the seller pays the agent directly.

It is important that you choose a real estate agent wisely and that you establish and maintain a good working relationship with him/her. Carefully check credentials, ask about services provided, and determine his familiarity and success in the area before signing any agreement.

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Montgomery AL Real Estate Sales Statistics - September 2010

Friday, October 22, 2010
by The Hat Team

Despite economic uncertainty, 68 percent of those surveyed in the 2010 National Housing Pulse Survey, conducted by the National Association of Realtors, still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates are attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.

Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year. 

While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.

Take a look at how the Montgomery AL real estate market fared in September.

Montgomery AL real estate sales statistics for September show pending sales have increased by 3% in 2010 compared to September 2009. The average sales price increased by 44% to $154,568 while sold listings were down by 42% from 2009.  Market times increased in 2010 by 68 days.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Sept 2010

36

19

147

$154,568

Sept 2009

35

33

79

$86,117

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Montgomery AL Real Estate Sales Statistics - August 2010

Thursday, September 23, 2010
by The Hat Team

Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery, according to the National Association of Realtors. The recovery looks to be a long process with job numbers being lower than expected in the last couple of months. However, affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.

Take a look at how the Montgomery AL real estate market fared in August.

Montgomery AL real estate sales statistics for August show pending sales have decreased by 48% in 2010 compared to August 2009. The average sales price decreased by 2% to $134,119 while sold listings were down by 36% from 2009.  Market times decreased in 2010 by 4 days.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Aug 2010

33

27

104

$134,119

Aug 2009

64

42

108

$136,850

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Montgomery AL Real Estate Sales Statistics - July 2010

Friday, August 27, 2010
by The Hat Team

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”

Let’s take a look at the Montgomery AL real estate market for July.

Montgomery AL real estate sales statistics for July show pending sales have decreased by 5% in 2010 compared to July 2009. The average sales price increased by 3% to $134,969 while sold listings were down by 18% from 2009.  Market times increased in 2010 by 39 days.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

July 2010

38

23

128

$134,969

July 2009

40

28

89

$131,554

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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