Real Estate Market

We've heard much about investors playing a role in the housing recovery, but they aren't the only major players. According to results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey for March, first-time homebuyers and current homeowners are also building a strong presence as they dominate the non-distressed market. Investors accounted for 13.3 percent of the market share for non-distressed properties, while current homeowners represented 50 percent of the market. First-time homebuyers also made up a significant portion at 36.8 percent. Read the entire article here.

Increased home sales result in higher prices. Are you an investor or a current home owner thinking about buying this spring? Now couldn't be a better time to buy...before prices increase and interest rates remain low. Contact me and together we can get the ball rolling.

Take a look at sales figures in our local real estate market for April 2013.

Midtown Montgomery real estate sales statistics for April 2013 show the number of homes sold increased by 3% when compared to April 2012. The average sales price decreased by 31% to $101,239 for the month. The median sales prices decreased by 11%, and market times increased by 15 days.  The highest selling home price decreased by 63%, and the lowest selling home price increased by 37% from April 2012.

As is often the case in an area like Midtown where prices vary widely, a single $600,000 sale skewed the April 2012 average selling price to an unrealistic high.  Last month's average is far more representative of reality.

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.

(BPT) - With many states facing drought this summer, homeowners across the country will be looking for ways to save their landscaping while conserving water at the same time. Even if you're not in a drought-affected area, it pays to keep conservation in mind when it comes to watering outdoors. Using less water is good for the environment and your wallet.

Fortunately, maximizing the efficiency of your watering efforts and taking steps to conserve water outdoors can help trim your water bill this summer, even if you live in a severe drought area, such as in the western regions of the country. Here are simple ways to conserve water, save money and preserve your garden, lawn and landscaping this season:

Efficient, effective irrigation

Traditional watering methods for lawns, gardens and flower beds waste a lot of water through run-off, over-saturation and evaporation. Rather than spraying water over plants, use a method that delivers the right amount of water where it will do the most good - the roots of plants.

Drip irrigation systems, like those offered by Mister Landscaper, can help you water more effectively. These systems deliver water as close as possible to plant roots, allowing you to achieve better results with less water used. You'll also lose less water to run-off and evaporation. Place the system on a timer, and you can also ensure you're watering at optimum times of the day to reduce evaporation and waste. A starter kit with 50 linear feet of tubing - ample enough to handle most gardens and planting beds - costs less than $1 per foot. Visit www.misterlandscaper.com to learn more.

Water lawns, gardens and flower beds either early in the morning or as evening approaches to ensure you don't lose moisture to the hot sun. And if a day is windy, hold off watering lawns altogether as the breeze could leave you watering the sidewalk or driveway, rather than your grass.

Reuse, recycle and preserve

Even during a drought, some rain and condensation will occur. Take steps to capture natural moisture. A rain barrel situated beneath a downspout ensures you can catch run-off from your home's roof. While using barrel water may not be practical with most irrigation systems, it's a great option for watering container gardens or even indoor plants. You can also use household water, such as water left over from boiling vegetables or pasta, to water potted plants. Just be sure to let the water cool completely before using it.

You can help plants retain more moisture by placing organic mulch around the roots. The mulch will also help keep down weeds that would compete with plants for much-needed moisture. Depending on where you live and the type of mulch you choose, you can buy a bag of mulch for just a few dollars.

Finally, adjusting the type and location of plants is a great way to grow a drought-resistant garden or landscaping bed. Check with your local agricultural extension or search online for naturally drought-resistant species that do well in your area. By planting these hardier varieties, you can help keep your environment green and growing through a long, dry summer - and avoid the money drain of high water bills.

(BPT) - For years, the real estate market has been a buyer's world, with ample inventory, fewer qualified buyers, and highly motivated (read: desperate) sellers. This spring, some signs are pointing to a shift back toward a seller's market. If you're shopping for a home this spring and summer, chances are you'll face increased competition from other buyers.

So how do you ensure you not only land the home of your dreams, but get the best possible price from the seller and the best possible mortgage deal from your lender? By becoming the buyer every homeowner wants to sell to - a financially stable, credit-worthy, pre-approved purchaser.

"Just as lenders consider many factors beyond your credit score, when deciding whether to finance your home loan, sellers consider more than just the offering price when evaluating potential buyers," says Barrett Burns, president and CEO of credit score model developer VantageScore Solutions. "Buyers who can move quickly and decisively, who walk through the door with their financing lined up and their credit in good shape, are best positioned to stand above the competition this year."

Steps toward being a better buyer

You can be a better buyer - one that will appear attractive to both lenders and sellers - with some simple steps.

First, understand your credit score and the role it plays in the home buying process. While a good credit score can ease the borrowing process for home buyers, it's not the only factor lenders will use to gauge whether to approve you for a loan, Burns says.

"A credit score predicts the likelihood of whether a borrower might default in the first 24 months of a loan," he notes. "But lenders will also consider how much of a down payment you bring to the table as a percentage of the purchase price, your income and your debt-to-income ratio when considering a mortgage application."

Remember that lenders will pull your score from all three major credit bureaus, so it pays to check your credit report and score with all three. Reviewing your report and score allows you to catch and correct errors, and have a better idea of how potential lenders might view your credit worthiness, and rest assured that obtaining this information does not impact your credit score.

Understanding your credit score is a more complex process than you might expect. You can test your knowledge about credit scores at www.CreditScoreQuiz.org, a website created by VantageScore Solutions and its partner, Consumer Federation of America.

When you have a handle on your credit, consider other factors that can make you a better buyer, including how much you have to put down on a house.

The days of no-money down mortgages are virtually over, industry experts say. Today, even FHA borrowers will likely need to make a down payment. How much you need will depend on many factors, including the loan program you apply for and the price of the house you're buying. Generally, it's a good rule of thumb to save 20 percent of the purchase cost for a down payment.

Keep in mind, the more you put down, the more instant equity you'll have, the lower your monthly payment, and the better your chances of not needing private mortgage insurance (PMI), which can add hundreds of dollars to your monthly payment. If you're able to put down more than a lender requires, a mortgage company may be willing to give you a pass on other issues on your application, such as a less-than-stellar credit score.

"Lenders and sellers are all looking for buyers who are 'the complete package,'" Burns says. "While you should take care of your credit score, you shouldn't obsess over it. Instead, look at it as an important part of the overall package of assets that can make you the kind of buyer everyone wants to work with."

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