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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 Real Estate For Sale: 2015 Yancey Avenue Montgomery, Al 36107

Tuesday, October 19, 2010
by The Hat Team

Montgomery Real Estate For Sale: 2015 Yancey Avenue Montgomery, Al 36107

MLS #279105

Early century home with old world charm and new world amenities. If you love old houses, you will go gaga over this one. Foyer with grand staircase, large rooms and hardwood floors, full bath, and a great big kitchen occupy the first floor. Upstairs you three big bedrooms, full bath with dressing area, and a bonus room that could be used as a study, computer room, kids playroom, nursery, or great big walk-in closet. Big back yard is fully fenced and has a large concrete pad at the rear (was a 2 car garage at one time but has long since been taken down). There is also a basement! All this, and under $100,000, so what are you waiting for? 

Learn more about 2015 Yancey Avenue and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

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Montgomery Real Estate For Sale: 3130 Sutton Drive Montgomery, AL 36111

Monday, October 18, 2010
by The Hat Team

Montgomery Real Estate For Sale: 3130 Sutton Drive Montgomery, AL 36111

MLS #279003

Looking to downsize into maintenance free living without giving up your formal spaces? Look no further. This garden home has just had a facelift and is ready to move into. The formal dining room will meet your "special occasion" dining, while the spacious and sunny breakfast room will be enjoyed for more casual meals. Big living room with fireplace hill hold all those "heirlooms" and the 3rd bedroom was converted to a cozy den with built in entertainment center. Spacious master bedroom feels grand with soaring vaulted ceiling. Enjoy these cool nights on your covered rear patio...and never worry about getting wet from the rain, because the covered parking is connected to the house! Down payment assistance available on this one. Because Federal funds were used in the rehab, income limits apply. Call us today for more details.

Learn more about 3130 Sutton Drive and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

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Be Prepared For Last Minute Showings Of Your Montgomery Home

Friday, October 15, 2010
by The Hat Team

For Sunday’s open house, your Montgomery home was in “show-ready” condition. With curb appeal at its finest, clutter nowhere to be seen, windows and appliances sparkling, and the aroma of freshly baked cookies wafting in the air, you were certain that potential buyers couldn’t help but be positively impressed.

However, now it’s midweek, and the house has fallen back into its “lived in” state. Clutter abounds, dishes are in the sink, laundry has piled up, and toys have proliferated montgomery homeovernight. What a time for your realtor to call to tell you that she wants to show your Montgomery home to very serious buyers in two or three hours! What to do? First, don’t panic. Take deep breath, walk through the house to identify trouble spots, and make a mental plan following these handy guidelines.

  • REMOVE CLUTTER FROM ALL FLAT SURFACES. It’s amazing how quickly items accumulate on the kitchen counters, coffee and side tables, bathroom vanities, dressers, desks, and nightstands and how negatively this disarray affects a buyer’s impression of your home. Straighten papers, put books on bookshelves, stack dishes in the dishwasher, collect newspapers, magazines, and sundry items in shopping bags or pillowcases and stash them--neatly-- in your garage or storage shed--or even in the trunk of your car!  Do not try to hide gathered items in your closet or cabinets because people touring your home will definitely be opening the doors to those areas. Also, be sure that your stairs are clear and clutter-free and that piles of dirty laundry are hidden from sight in the washer and/or dryer. 
  • DUST, SWEEP, AND VACUUM.  Don’t forget mirrors, wood furniture, or television and monitor screens in your dusting efforts. Also be aware of the need to remove animal hair from sofas and chairs (and perhaps the animals could stay with a neighbor during the visitation). In the living room, arrange area rugs and fluff throw pillows.
  • MAKE YOUR KITCHEN AND BATHROOM SPARKLE. A quick once-over with Windex will polish your appliances, glass doors on the microwave and cabinets, and chrome faucets.. “Scrub” the sinks/shower/tub with a spray product especially designed to rapidly remove a grimy film and produce a shine. Replace “used” towels with clean ones.  Too much personal "stuff" on the refrigerator door?  Take it off.
  • LET THERE BE LIGHT; Turn on all your lights and open curtains, drapes, and blinds. Apply a quick cleaning spray and wipe any really dirty windows, and, weather permitting, open a window or two for some fresh air. You might also burn lightly scented candles or spray the house with Fabreeze or a similar product to remove potential odors.
  • CHECK ON CURB APPEAL: Remembering that the exterior of your Montgomery home and your yard create the first impression for home buyers, clear all walkways and porches (and sweep if necessary). Remove all toys, sports equipment, lawnmowers, rakes, etc. Pick up any litter or animal waste on the premises. If you have the time, give your plants a quick spray with the hose.

And there you have it! In a rather short amount of time and without backbreaking effort, your house has reassumed its show-worthy state of Sunday, and you can be confident that the potential home buyers won’t realize that they were “unexpected” and that they will be duly impressed with the condition of your Montgomery home.

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Montgomery Foreclosure Trends - August 2010

Thursday, October 7, 2010
by The Hat Team

There were 1,150 Montgomery foreclosure homes for sale with 109 new foreclosures in August 2010. The average selling price of a Montgomery home was $159,208 and the average foreclosure selling price was $67,718, a $91,490 savings, according to RealtyTrac.com.

Montgomery Foreclosure Activity and Home Price Index

Home price appreciation remained was 0.0% in June while the number of new Montgomery foreclosure homes increased to 109.

montgomery foreclosure

Montgomery foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.16% lower than national statistics and 0.01% higher than Alabama statistics for the month of August.

montgomery foreclosure

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties increased from 63 homes in July to 72 in August. The number of Auctions decreased from 61 to 37. The 6-month trend reflects a fall in Montgomery foreclosures.

montgomery foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

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How To Make Your Montgomery Home Inviting To Buyers

Friday, October 1, 2010
by The Hat Team

Although the interior of your home may be lovely, you can’t use that fact to your advantage if potential buyers don’t come inside to see it. The majority of house shoppers are influenced by first impressions, and, according to the National Association of Realtors, nearly 50% of them make their decision about your Montgomery home before stepping through the door. Ensuring that prospective buyers will want to see more doesn’t have to be time-consuming or cost-prohibitive; there are numerous ways to strengthen your home’s curb appeal, to capture the interest of buyers, and most likely increase the selling value.

montgomery homeWhen selling your Montgomery home, appearances are important. The exterior of the house should be attractive and in good condition, and the well-maintained grounds should be pleasing to the eye. The first thing to do is to look at the exterior objectively. Assess the color scheme (siding, trim, brick, roof) and determine if the architectural features of your house are in keeping with the rest of the neighborhood.

  • Perhaps the easiest way to boost curb appeal is to clean. Pressure wash to remove mold and mildew from siding, decks, walkways, and driveways. Make sure that your windows sparkle and remember to wash the screens. Gutters, too, may need cleaning--or replacing. Investigate snap-fit vinyl systems, decorative rain chains, or even a copper system for a high quality look.
  • Another way to generate interest in your Montgomery home is to pay attention to the grounds. Remove weeds, keep lawns mowed, and trim shrubs and trees. Add color by planting flowers and mulching (now available in a variety of colors) around plants and bushes. Prune areas which may appear overgrown or obscure architectural features which should be showcased and look at your landscaping design with a discerning eye.
  • Consider adding more trees--for three reasons. In addition to making the grounds more attractive, tree cover can also result in lower utility and water bills and increase your home’s selling value. Shop for trees which grow well in Montgomery, provide variety in color and texture (fruit trees, Japanese maple and birch trees, for example), and are water efficient. Most area nurseries will gladly offer expert advice in selecting trees to improve your landscape plan.
  • An inviting entrance will also impress buyers. Your front door may need repainting or replacing since it should be an attractive focal point of your property. Think about color and design as well as hardware when making improvements. Polish or replace knobs, knockers, doorbells, and kick plates. Purchase a distinctive welcome mat and investigate the need for outdoor lighting. Porch, garden, and walkway lights not only enhance the landscape’s appearance, they also help to provide safety and security (a good selling point!).
  • And finally, spruce up the front porch or landing. Brightly colored plant/flower containers and hanging baskets add pizazz, as do a freshly painted porch floor and outdoor furniture. An eye-catching entranceway certainly helps ensure that buyers will gladly accept your invitation to come inside your Montgomery home.

What's your Montgomery home worth?

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Montgomery Real Estate For Sale: 1742 Champion Street Montgomery, AL 36110

Monday, September 27, 2010
by The Hat Team

Montgomery Real Estate For Sale: 1742 Champion Street Montgomery, AL 36110

MLS#278505

LIKE NEW! This quaint Highland Gardens cottage has been totally renovated and is like-new. Upgrades include new carpet, fresh paint, ceramic tile floor in kitchen, upgraded bathroom, and new central heating and cooling. Large fenced back yard with workshop is perfectly pet friendly. You can't buy a new house for $50,000, but this is as close as you will come.

Learn more about 1742 Champion Street and other Montgomery Real Estate by visiting HatTeam.com.

Search all Montgomery Real Estate and homes for sale.

 

 

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Montgomery Real Estate For Sale: 2731 Garden Brook Court Montgomery, Al 36116

Friday, September 24, 2010
by The Hat Team

Montgomery Real Estate For Sale: 2731 Garden Brook Court Montgomery, Al 36116

If you are looking for a low maintenance move in ready property under $100,000, look no further. This like new garden home has been spiffed up and is ready to go. Open floor plan makes the space seem much larger than it looks! Quiet community tucked away from the rest of the world.

Learn more about 2731 Garden Brook Court and other Montgomery Real Estate by visiting HatTeam.com.

Search all Montgomery Real Estate and homes for sale.

 

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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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Changes Coming To FHA Mortgage Insurance Premiums

Thursday, September 16, 2010
by The Hat Team

Congress has authorized FHA to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance (MI) premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all FHA case numbers assigned on or after October 4th, 2010.

Here are the six things you need to know about these changes if you are buying a Montgomery home:

  1. montgomery homeThe MI premium changes apply to purchases, regular refinances and streamline refinances only (reverse mortgages have different MI premium changes).

  2. The current Up Front MI premium is 2.25% of the loan amount and the new Up Front MI premium will be 1.0% of the loan amount for all standard FHA programs.

  3. The current monthly MI premium is .55% and the new monthly MI premium will be .90% if the Loan-to-Value is GREATER than 95% on 30 year loans. Since most buyers put only the minimum 3.5% down this applies to most loans.

  4. The current monthly MI premium is now .50% for Loan-to-Values EQUAL to or LESS than 95% on 30 year loans and the new monthly MI premium will be .85%.

  5. The Annual premium is now .25% for Loan-to-Values GREATER than 90% on 15 year loans.
  6. There is no monthly MI premium Loan-to-Values EQUAL to or LESS than 90% on 15 year loans.

FHA is still a fantastic loan program and appropriate for many Montgomery home buyers to qualify as FHA is more lenient on credit scores than conventional loans. The reduction in upfront MI (which is typically financed into the loan) is terrific since this was a big chunk of the down payment. However, the hike in the monthly MI will definitely make conventional loans with Private Mortgage Insurance more attractive again for those buyers who can qualify for either loan option.

Future Increases

This new law also gives FHA the authority to raise the Annual MI premium, at will, up to 1.5% for Loan-to-Values at or below 95% and 1.55% for Loan-to-Value more than 95%. If that were to occur, FHA loans would be far less competitive than conventional PMI.

If you have questions about the changes to the Up Front and Annual MI premiums and how it will impact your Montgomery home purchase or refinance, please feel free to give me a call so we can discuss over the phone.

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