Real Estate Market

Midtown Montgomery Market Trends

Don't Be Afraid to Pursue the Dream of Home Ownership!

The idea of purchasing your first home is exciting, but can also feel overwhelming.  Before starting your home search, you need to figure out how much you can afford.  If you’ve been hesitant to move forward because you’re afraid you won’t have enough cash for a down payment or that you won’t qualify for a loan, you shouldn’t despair.  There are programs available that can help you!  So, stop padding your landlord’s pockets and take advantage of programs that will assist you in making a sound financial investment in a home of your own.

The Alabama Housing Finance Authority has two programs designed to assist people with purchasing homes:

1.Step Up - Step Up is a homeownership program designed specifically for moderate-income home buyers who can afford a mortgage, but need help with the down payment.  With this program, the money for the down payment is secured by a 10-year second mortgage and is combined with a 30-year, fixed-rate first mortgage.  Since the loans are serviced by ServiSolutions, a division of AHFA, homeowners have only one check to write each month.  Program participants must complete a homebuyer education course to qualify…a small price to pay to become a homeowner!  People who earn less than $97,300 are eligible for the Step Up program, regardless of household size or location.

Step Up+ is a new, temporary program that was just announced by the AHFA in June, 2017.  This mortgage enhancement will pay the upfront split private mortgage insurance premium (up to $1,500) for homebuyers who earn less than 80% of the area median income.  This way, homebuyers will pay a lower monthly premium as part of their mortgage payment. Information and qualifications:

  • HFA Preferred conventional loans only
  • 3% down payment assistance available through Step Up
  • For new or existing homes in Alabama
  • Homebuyers must have a credit score of 620 or higher
  • Must complete homeownership education course
  • Must apply for loan through a participating lender
  • Private mortgage insurance will be underwritten by Genworth or ARCH (no delegated options)

All Step Up+ loans must close by September 30, 2017.

The Step Up program’s standard $97,300 household income limits will NOT apply for Step Up+.

For more information, contact a participating lender.

2.Mortgage Credit Certificates - The Mortgage Credit Certificate (MCC) program gives homebuyers another savings option.  MCCs are available with conventional fixed-rate, FHA, VA, Rural Development and privately insured mortgages.  Applications are accepted on a first-come, first-served basis by a statewide network of participating lenders.  Participants must meet federally established income and sales price limits.

MCCs provide a tax credit to reduce the amount of federal taxes owed by a percentage               of the annual mortgage interest paid each year.  The remaining annual interest may be claimed as a mortgage interest deduction on the homebuyer’s federal tax return.

Qualified homebuyers pay lower federal income taxes or benefit from immediate savings by updating the withholdings on their W-4 form.  MCCs may be paired with AHFA’s Step Up program or any other 30-year, fixed rate, amortizing mortgage offered by a participating lender.

Mortgage credit rates are based on the loan amount:

  • 20% MCC for loans of $150,001 or greater; no cap
  • 30% MCC for loans of $100,001 to $150,000; $2,000 per year cap
  • 50% MCC for loans of $100,000 or less; $2,000 per year cap

The real estate professionals at Homes for Sale in Montgomery Alabama can explain these programs to you and answer any questions that you have.  Contact them and start your home search today!

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Autumn Home Maintenance

Autumn is a season of change.  Leaves change color and fall from the trees, days get shorter and temperatures get cooler.  Yes, it’s really coming—we promise!  It’s also a good time to take care of home maintenance projects to prepare your home for colder weather.  Follow these autumn home maintenance tips and your house will be nice and cozy this winter:

  • Clean gutters and downspouts. This should be done regularly to keep them clear of debris. You won’t have to do it as often if you install gutter guards.
  • Check the wood trim around windows, doors, railings and decks for any holes or rotting.  Fill holes using caulk or replace wood if necessary.
  • Give your roof a thorough inspection.  Look for shingles that are curling, buckling or cracking and replace them.  If there appears to be a great amount of damage or if your roof is just worn out from age, it’s time to replace the whole thing.  Hire a licensed professional if you’re not sure.  Make sure to also check for leaks around skylights, pipes and chimneys. 
  • Hire a service to inspect and clean your wood burning fireplace and chimney and to make any necessary repairs to prevent chimney fires and carbon monoxide poisoning.
  • Cooler temperatures and lower humidity make autumn a good time to paint the exterior of your home.
  • Filters for your furnace and heating system should be cleaned and replaced.  Have a licensed heating contractor come out to inspect and service your gas heater or furnace.  Regular maintenance will keep it running proficiently and save you money on your heating bills.
  • Check doors and windows for leaks and drafts both inside and out.  Fill in cracks with caulking or install weather stripping.
  • Test your carbon monoxide and smoke detectors and put fresh batteries in them.  These are potentially life-saving devices and it is vital to take good care of them.

Check these tasks off your list now and you will be able to enjoy a warm and comfy winter!

Don’t know reliable people to contact?  Just give us a call because we do!

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Information provided by KCM For Sellers

Midtown Montgomery Market Update

Midtown Montgomery real estate sales statistics for September 2017 show the number of homes sold fell by 46.2% when compared to September 2016. The average sales price decreased by 5.7%, and the median sales price increased by 30.7%. Market times increased by 9 days.

Midtown Montgomery September 2017    September 2016
Homes Sold 21 39
Average Selling Price $125,224 $132,801
Median Selling Price $142,500 $109,000
Days On The Market 99 90
Highest Selling Price $251,500 $415,000
Lowest Selling Price $11,500 $9,500


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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