Montgomery Real Estate Podcast - April 2010
Friday, April 9, 2010
Sandra Nickel of The Hat Team presents:
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Tips For First-time Montgomery Home Buyers
Thursday, April 1, 2010
Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Montgomery home.
1. Become familiar with the new first-time homebuyer federal tax credit.
People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before May 1, 2010 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years.
2. Determine what is reasonably affordable.
Prior to beginning the hunt for the perfect home, it is important to find an affordable price range. Many factors such as money available for a down payment, eligibility for a loan, and monthly mortgage payments, all play a role in determining what the buyer can comfortably afford. Total monthly mortgage payments should be, on average, approximately 30 percent of one’s gross monthly income. Affordability or loan calculators found on the internet can give a good idea of what is affordable. Before seriously inquiring the purchase of your first Montgomery home it is important to have a consultation with a knowledgeable financial advisor.
3. Deciding where and what
Once an affordable price range is determined, it is time to decide where you want to live and what you are looking for in a home. Whether staying with in the same general area, or looking for a new location, it is crucial to do a fair amount of research on the area and its demographics. For example crime rates, school districts, shopping, medical facilities, and travel, are all important factors have to be considered since they could affect your everyday life. It is also essential to know what you are looking for in a home. Separate lists of essential needs and wants should be carefully thought out towards the beginning of the home search. The list of basic needs should include things such as minimum square footage, number of bedrooms and bathrooms, location, and price. The want list should be compiled of things that would be nice to have, such as pools, big yards, and gated communities.
4. Find a knowledgeable Real Estate professional
Finding and purchasing a home is a complicated, overwhelming experience, which should be nothing but exciting. Working with an experienced real estate agent can make the process run smoothly and be more successful. The chances of finding the perfect Montgomery home are significantly increased when put in to the hands of the right real estate professional.
Learn more about how we can help you purchase a home by visiting HatTeam.com or give us a call for more personal service.
Montgomery AL Real Estate Market Trends - Feb 2010
Thursday, March 25, 2010
Owning a home is its own reward, but home ownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.
Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.
Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you bought a home in the past year, be sure to provide a copy of your HUD-1 statement to your tax preparer. The interest you paid at closing is not reflected in your year-end mortgage statement. Points and other closing costs may also be tax deductible.
Many housing markets were affected by an extremely harsh weather in February. Take a look at what February looked like in our Montgomery AL real estate market:
Montgomery AL real estate sales statistics for February show pending sales have remained consistent in 2010 compared to February 2009. The average sales price decreased by 38% to $118,700 while sold listings were up by 32% from 2009. Market times were 17 days less than 2009.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
Feb 2010 |
34 |
31 |
93 |
$118,700 |
|
Feb 2009 |
34 |
21 |
110 |
$190,729 |
To take advantage of these tax benefits and 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.
Montgomery Foreclosure Statistics - February 2010
Friday, March 19, 2010
There are 1,397 Montgomery foreclosure homes for sale with 175 new foreclosures in February 2010. The average selling price of a Montgomery home is $171,767 and the average foreclosure selling price is $124,967, a $46,799 savings, according to RealtyTrac.com.
Montgomery Foreclosure Activity and Home Price Index
Home price appreciation remained the steady in February while the number of new Montgomery foreclosure homes dropped to 175.
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 is 0.07% lower than national statistics and 0.06% higher than Alabama statistics.
Montgomery Foreclosure Activity by Month
The number of Bank-Owned properties dropped from 123 homes in January to 73 in February. The number of Auctions rose from 39 to 102. The 6-month trend reflects a rise in Montgomery foreclosures.
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.
Will You Owe Capital Gains When Selling Your Montgomery Home
Friday, March 12, 2010
Something to consider when selling your home is the Capital Gains ramifications. Will you owe Uncle Sam money after the sale of your Montgomery home? Capital Gains are calculated as the difference between what you paid for your property and what you sell it for. Here is how you calculate your Capital Gains.
Calculating Capital Gains
(+) PURCHASE PRICE - Price paid for property
(+) COST OF PURCHASE - Transfer fees, attorney fees, inspections
(+) COST OF SALE - Repairs, commissions, attorney fees, inspections
(+) COST OF IMPROVEMENT - Room additions, deck, for example, though not replacing existing
(=) ADJUSTED COST BASIS OF YOUR HOME
(-) AMOUNT YOU SELL YOUR HOME
(=) CAPITAL GAIN
A Special Real Estate Exemption for Capital Gains
Even though the above calculation may indicate you owe Capital Gains, there is a special real estate exemption. Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a Montgomery home is exempt from taxation if you meet the following criteria:
- You have lived in the home as your principal residence for two out of the last five years.
- You have not sold or exchanged another home during the two years preceding the sale.
NOTE: As of 2003, you may also qualify for this exemption if you meet what the IRS calls "unforeseen circumstances" such as job loss, divorce, or family medical emergency.
Learn more about selling your Montgomery home by visiting HatTeam.com.
What's your Montgomery home worth?
Always consult a tax attorney regarding current tax laws.
Montgomery Real Estate For Sale: 5910 Carmel Drive Montgomery, AL 36117
Friday, March 12, 2010
Montgomery Real Estate For Sale: 5910 Carmel Drive Montgomery, AL 36117
MLS# 272597
Hang onto your heart! From the moment you step into the entry of this handsome patio home, you'll sense it's been loved and cared for. The gleaming hardwood floors and tall ceilings will please your eye. And once you discover all the storage, you'll know it's perfect as your next home! Double closets in one bedroom, two walk-in closets and a kitchen chock-full of cabinetry, too. Plus there's a nifty covered patio out back relaxing. Wish we could include interior photos, but it is tenant occupied. So just call your agent and see for yourself!
Learn more about 5910 Carmel Drive and other Montgomery Real Estate by visiting HatTeam.com.
Credit Score Myths & How To Avoid Them When Buying A Montgomery Home
Thursday, March 4, 2010
The most important piece of a person’s financial life is their credit score. Whether buying a new Montgomery home, applying for a job, refinancing your Montgomery home, paying off debt, or getting utility service, your credit score will drive the outcome. One would think that Americans are all aware of what the scores are measuring and what factors play a part. But, most Americans do not know enough about the three digit rating or what is involved. Avoid these credit score myths when preparing for the purchase of your next Montgomery home.
Myth: Checking a credit report can either damage or lower your score.
A credit report can be conducted by you or someone like an employer as many times as desired with out having any impact on your credit score. Reviewing your credit report will never change your credit score. Just make sure that reports are retrieved through the bureaus or a legitimate score seller.
Myth: Age, sex, and income are factors that affect your score.
None of this information plays a role in determining your score. A higher income may make it easier to pay off debts, but income and net worth have no impact of credit scores.
Myth: A credit score can be destroyed by shopping for a loan.
When seeking to extend credit, too many inquiries can have a negative impact your credit score. However, when several inquiries are made by the same type of lender with in a 14 day period they only count as one inquiry against your credit.
Myth: Your score can be hurt by credit card offers.
When companies offer you their credit cards it does not have any affect on your score. Unless, your take advantage of all the offers and carelessly use all of the credit available. The number of credit cards a person manages does not matter. The important thing is maintain a low ratio of used to available credit.
Myth: Credit scores of married couples are shared.
A credit score can only belong to one person, just as one person can only have one score. A married could does not share a credit score, but their scores could have an affect each others. When opening a joint account, the information accumulated from that account’s activity will be reflected on both people’s credit report. If all of the couple’s accounts are joint, then their scores will be somewhat similar.
Myth: Closing unused accounts improves credit scores.
Unused accounts most likely contain available credit, which is an important part of a credit score. Closing unused accounts removes available balances from the equation. This causes your ratio of used to available credit to increase, ultimately affecting your credit score.
Myth: Paying off bills is a quick way to boost credit.
Over time, a good record of properly paying bills will improve credit. Credit reports reflect your long term history, scores do not change overnight.
Montgomery Foreclosure Statistics
Thursday, February 25, 2010
There are 1,336 Montgomery foreclosure homes for sale with 162 new foreclosures in January 2010. The average selling price of a Montgomery home is $177,628 and the average foreclosure selling price is $145,404, a $32,224 savings, according to RealtyTrac.com.
Montgomery Foreclosure Activity and Home Price Index
Home price appreciation remained the same in January while the number of new Montgomery foreclosure homes dropped to 162.
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 is 0.09% lower than national statistics and 0.08% higher than Alabama statistics.
Montgomery Foreclosure Activity by Month
The number of Bank-Owned properties increased from 86 in December to 123 in January. The number of Auctions decreased from 106 to 39. The 6-month trend reflects an increase in Montgomery foreclosures.
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.
Midtown Montgomery Real Estate Sales Statistics - January 2010
Friday, February 19, 2010
Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.
Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”
Let's look at January real estate sales to see how the housing recovery is progressing in Midtown Montgomery.
Midtown Montgomery Real Estate Sales Statistics - January 2010
Midtown Montgomery real estate sales statistics for January show pending sales have increased by 21% in 2010 compared to January 2009. The average sales price increased by 25% to $104,275 while sold listings were up by 23% from 2009. Market times were 9 days less than 2009.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
Jan 2010 |
43 |
31 |
85 |
$104,275 |
|
Jan 2009 |
34 |
24 |
94 |
$78,109 |
For the latest Midtown Montggomery 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.
Selling Your Montgomery Home In Todays Economy
Friday, February 12, 2010
In today’s rapidly changing economy, many Montgomery home owners
wonder or worry about selling their home for the best price, and terms in the shortest period of time.
Here are 9 helpful hints if you are considering selling your Montgomery home:
- Be realistic, and price your home right by using market comparisons.
- Know your true bottom line for both price and time.
- As the market shifts, be prepared to evaluate your price.
- Advertise your property with yard signs, local MLS and newspapers.
- Get rid of the clutter! It makes your house appear smaller.
- Clean your walls, floors, baseboards, stove and refrigerator. Buyers will know your house is well cared for.
- Clean up outdoors! Remove tools, toys and be sure lawn and shrubs are neatly trimmed.
- Have the carpets cleaned to eliminate odors, smoke, and pet smells.
- Make minor repairs such as leaky faucets, sticky doors, etc.
- Be sure to ask for a Market Analysis before listing your property.
Learn more about selling your Montgomery home by visiting HatTeam.com.
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