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Buyer’s Remorse: A Common Feeling When Purchasing Montgomery Real Estate

Wednesday, October 7, 2009
by The Hat Team

According to Realestate.com, buyer's remorse is one of the top ten mistakes made when purchasing a home. Finding the perfect home and making the decision to buy a home are not easy tasks. First, you spend hours on the computer researching Montgomery real estate and neighborhoods, perfecting your search criteria on MLS websites, and viewing many virtual tours.  Then, you begin making appointments to go take a look at the ones you think stand a good chance at being the future home of your family. As you walk through the house you envision the happy life you and your family would live and the future décor for this room and that room. You see houses that "require too much work," "don't have enough storage," ones that are "too small" or maybe even one that is "do-able but not perfect." Finally after weeks or even months of searching, you find "THE house." Now you send in a promising offer and anxiously wait for feedback. You and seller come to an agreement and the offer is accepted. Once the papers are signed you can relax and enjoy the excitement, right?montgomery real estate

Wrong! Shortly after signing the agreement many people experience buyer's remorse. When a person begins to have feelings of doubt about their decision it is known as buyer's remorse. The feelings of doubt are also accompanied by stress and anxiety. What if this is not the right decision? Am I getting a fair deal? Is this the right house for me and my family? What if there is something better out there? Questions start invading the committed buyer's mind causing them to become hesitant and loose confidence in their decision. This worrisome state of mind, known as buyer's remorse, is becoming more common in purchasing Montgomery real estate.           

There are several ways to avoid buyer's remorse when purchasing Montgomery real estate. The biggest worry people have when experiencing buyer's remorse is finances. Buyer's often worry about whether they will be able to comfortably afford their soon to be home. In order to prevent this from being a problem make sure that you have chosen a good price range that takes all of your other expenses into consideration. The appropriate price range may not include the maximum amount you are approved for; however it is very important not to exceed your set amount. The second biggest part of buyer's remorse is being satisfied with the house. People experiencing buyer's remorse second guess their choice in a home. They begin to believe that the chosen home may not be the best one that is out there. Before you started looking for a home you probably made a list of things you were looking for. Take this list of things you were looking for in a home and see how many of the things match up with the characteristics of the house that was purchased. If most of the things match up, especially the most important ones, then there shouldn't be any second guessing. If they aren't comparable, then try to figure out why the compromises were made and if they still make sense. 

For more ways to manage buyer's remorse and tips for home buying visit HatTeam.com.

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Montgomery Homes For Sale: 1277 S Lawrence Street

Monday, October 5, 2009
by The Hat Team

Montgomery Homes For Sale:

1277 S Lawrence Street, Montgomery AL 36104

MLS# 268390

Completely renovated Garden District bungalow! As you walk up to this lovely home you are greeted by a huge front porch. The living room has wonderful built-ins on either side of the fireplace and French doors that lead into the pretty dining room.  Spend evenings relaxing in the cozy den which has a built-in entertainment center.  Through the dining room you will find a lovely updated eat-in kitchen with tile counter tops, tile floor and a butler's pantry. The laundry room is conveniently located right off the kitchen.  There is storage everywhere in this home.

Learn more about 1277 S Lawrence Street and other Montgomery homes for sale by visiting HatTeam.com.

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Montgomery Real Estate For Sale: 437 S Highland Court

Sunday, October 4, 2009
by The Hat Team

  Montgomery Real Estate For Sale:

  437 S Highland Court, Montgomery AL 36104

  MLS# 268398

This house is bound to be Montgomery's best bungalow! This home boast incredible detailing throughout like lovely heart pine floors, doorways with transoms and four decorative fireplaces...all the stuff that you as an old house lover appreciate.  There is a wonderfully cozy inglenook in the living room and a huge formal dining room with a butler's pantry.  The kitchen has been updated and comes fully equipped, there is also a built-in. The homes original bath room is home to your very own claw foot tub.  And all of these great little details come at a price well within your budget. This great bungalow sits on a quiet dead-end street!

Learn more about 437 S Highland Court and other Montgomery Real Estate by visiting TheHatTeam.com

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Solutions For Small Living Spaces In Your Montgomery Home

Friday, October 2, 2009
by The Hat Team

Finding ways to deal with small spaces in your Montgomery home can be tricky. Everyone likes the place they call home to be somewhere they can kick back and relax. However, it is hard to relax in areas that are cluttered and uncomfortable. Strategic interior design can make a big difference when dealing with small living spaces. Colors, lighting, organization, and décor can make spaces appear smaller or larger. Here are some solutions to make your Montgomery home look and feemontgomery homel cozier. 

Organization is the first thing to be conquered when transforming a small living space. Getting rid of clutter and maximizing the use of storage space are the keys to success. Clutter will make any space appear smaller than it really is. Eliminating excessive knick-knacks is one way to reduce clutter. Multiple pieces of small, scattered furniture can also make a room look jumbled. Using a couple pieces of slightly larger furniture leads to a less cluttered look. Every inch of storage space should be taken advantage of in small living areas. Planning out storage space will allow for more walking room, functional closets, and more productive space. Use multipurpose furniture like ottomans, which can be used for storage and seating. Try installing an organizational system in the closets. These systems usually provide a perfect spot for everything. 

Colors, lighting, and decorations also affect the appearance of your Montgomery home. Colors play a big role in creating illusions of size. The color scheme of small living spaces should consist of light hues. Although white can be a boring color, it will ultimately maximize the illusion of a bigger space. Other colors that tend to open up space include beige, neutrals, and pastels. It is important to avoid contrasting colors. The furniture, especially larger pieces like the couch, should be in the same color family to match the color of the walls. 

Lighting makes a big difference in small spaces. Take advantage of as much natural light as possible by avoiding heavy curtains and window treatments. Although natural lighting is always the most ideal, it isn't always available. Track and recessed lighting work well as alternatives for lighting up the space. 

Décor should not take over small spaces. Using medium sized pieces of furniture can do a lot for small rooms versus one big piece or a bunch of cluttered small pieces. Mirrors compliment small spaces perfectly. Mirrors reflect light and color, creating the illusion of more space. Mirrors can be found in all shapes and sizes, with and with out frames. One large mirror or several small mirrors collaged on a wall can make a big difference in a small living area. There are tons of solutions to make a small area more livable.

Decided you need more space? Search for a larger Montgomery home.

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Montgomery Real Estate Months Of Inventory

Thursday, September 24, 2009
by The Hat Team

Months of Inventory is a measuring tool to determine the current demand for Montgomery real estate. The general rule of thumb is when inventory levels are between 5 & 7 months, the real estate market is stable. Prices remain steady or may rise slightly. When inventory levels exceed 7 months, the demand for real estate is low and prices are likely to fall. This is referred to as a Buyers Market.

When inventory levels fall below 5 months, sellers have more control over price and terms, often resulting in rising pricesor a Sellers Market.

Months of Inventory for Midtown Montgomery Real Estate

The chart below reflects the Months of Inventory for Midtown Montgomery Real Estate comparing 2008 to 2009. As you can see Midtown Montgomery real estate continues to be a Buyers Market with inventories above the 7 month level.

montgomery real estate

Have questions about Montgomery real estate? Visit HatTeam.com.

 

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Montgomery Real Estate Sales Statistics - August 2009

Saturday, September 19, 2009
by The Hat Team

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  "The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher.  Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970.  As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.

Let's take a look at the August sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for August show pending sales increased by 41% in 2009 compared to August 2008. The average sales price decreased by 16% to $136,850 while sold listings were up 14% from 2008.  Market times showed a decrease of 2 days or 2% from 2008. 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Aug 2009

64

42

108

$136,850

Aug 2008

38

36

110

$162,606

Remember, the clock is ticking on the $8000 first-time home buyer tax credit. Give us a call to make your dream home a reality!

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: 1879 Ridge Avenue

Tuesday, September 15, 2009
by The Hat Team

Montgomery Real Estate For Sale:

1879 Ridge Avenue, Montgomery, AL 36104 
MLS# 267886

 Bet you never thought you’d find it through the door to an Old Cloverdale bungalow!As soon as the door swings wide, you’ll find yourself immersed in Southwest décor! Deep, rich colors and warm wood tones surround you throughout. True to the Old West theme, the kitchen sports rustic cabinets built from reclaimed barn siding and real butcher block countertops, too.  But never fear, the master suite will suit even the most thoroughly Modern Millie with its huge proportions and two walk-in closets. Don’t let this one get away from you –call today!  

Learn more about 1879 Ridge Avenue and other Montgomery real estate by visiting HatTeam.com. 

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Choosing The Best Neighborhood When Buying Montgomery Real Estate

Friday, September 11, 2009
by The Hat Team

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family's quality of life can be affected by their surroundings and features a neighborhood has to offer. Choosing the best neighborhood is just as important as finding the perfect home.  Neighborhoods have numerous characteristics to consider when trying to make the right choice.montgomery real estate

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Montgomery real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

For financial reasons, check in to the property values of homes in the neighborhood. Find out if the Montgomery real estate values in various areas have been increasing or decreasing. If the neighborhood is in an up and coming area the value of the property is likely to go up. Where as, if the area is going down under, the property value will probably follow. See if there are any future construction and development projects to take place. Alterations to the surrounding area could drastically change the property value. 

Next thing to take into consideration is the neighborhood's proximity. Make sure the location is a reasonable distance to work, school, and other frequented destinations. Convenience always makes life a little easier. Having grocery stores, pharmacies, hospitals, and other places of interest and importance easily accessible will make a big difference in every day life. 

Other things to consider when choosing a neighborhood relate directly to the neighborhood it's self. Just as buyers have preferences in things they are looking for in a house, there are also preferred characteristics to look for in neighborhoods. Neighborhoods could have numerous features to offer such as, gated communities, nice sidewalks, large lots, parks, restaurants, safe roads, trees, landscaping, community recreational facilities, civic leagues, and golf courses. Keep in mind that a neighborhood may have neighborhood fees as part of a home owner's association. Be sure to pick neighborhood features that best fit the lifestyle of you and your family. 

Choosing a neighborhood can be just as difficult as finding the right piece of Montgomery real estate. Finding the perfect home in the right neighborhood may be even more of a challenge. Do your homework, research the area and prioritize features that are most important to you and your family. 

Learn more about Montgomery real estate at HatTeam.com. 

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Montgomery Real Estate For Sale: 2862 N Colonial Drive

Friday, September 11, 2009
by The Hat Team

Montgomery Real Estate For Sale:

2862 N Colonial Drive Montgomery AL 36111
MLS#267805

 

 

Prime mid-century modern ready to move into! This custom built corner lot home was featured in the 1955 "Parade of Homes" and has been lovingly maintained by the same family for over 50 years. Sunken Living room has fun angles, unique stone and brickwork, and is big enough for entertaining on a large scale. The eat-in kitchen has custom banquette great for meals, games, homework, and family gathering, and is pristine original 1955! Den/family room features beautiful cypress walls and opens onto the courtyard style patio with built-in BBQ pit. Bathrooms are immaculate, roof is new, and there are wonderful oak hardwood floors under carpet throughout the house. Elegant custom draperies remain, as well as period sectional sofa and coffee table in the living room. 

Learn more about 2862 N Colonial Drive and other Montgomery real estate by visiting HatTeam.com.

 

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Things To Consider When Investing In Montgomery Real Estate To Rent

Friday, September 4, 2009
by The Hat Team

If you are thinking of buying Montgomery real estate and making it a rental property, there are a number of things to consider when choosing the property.

Choosing Montgomery Real Estate to Rent 

1. Location

If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation.

2. Pricemontgomery real estate

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to "break even" or even to have a negative cash flow, price becomes somewhat less important. 

3. Resale

Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market.

4. Neighboring homes

Are the neighboring homes well-maintained? If not, they will drive down your property values. 

5. Solid construction

Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral. 

6. Do it yourself

If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.

Learn more about investing in Montgomery real estate by visiting HatTeam.com.

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