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Displaying blog entries 1921-1930 of 1998

Positive News For Alabama Real Estate Market

Monday, August 18, 2008
by The Hat Team

We hear so much doom and gloom these days, I wanted to share with you information from one of our most trusted lenders, John Herzog CMB, Vice President/Regional Manager:

Last week was a very good week for interest rates and this week has begun on a positive note. It would appear with lenders applying better credit standards and underwriting guidelines that we are regaining the confidence of mortgage investors from abroad as well as domestically.

I am very encouraged that we have seen the bottom of the housing slump in Alabama and in fact we are at the beginning of leading the nation back to stability in the real estate markets.

Some areas of the country will continue to decline for months to come, but for the vast majority of America, and especially Alabama, activity and new loan applications are on the increase. Stay positive and have a great week.

If you are ready to take advantage of the bottom of the real estate slump and buy a Montgomery home while prices and interest rates are low, visit HatTeam.com or give us a call at 800-428-5239.

Search all Montgomery homes for sale.

 

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Montgomery Real Estate: 3700 Everest Drive For Sale

Friday, August 15, 2008
by The Hat Team
Montgomery Home for Sale
3700 Everest Dr. Montgomery, AL 36106

Come inside this stately executive Montgomery home in Vaughn Meadows and check out all the amenities. From the formal living and dining rooms, and majestic staircase to the huge den and chef's delight kitchen. Outside you will find a beautiful pool with new liner and equipment along with a 2 car carport. The master bedroom is downstairs and features an oversized bath and plenty of closets. You are positioned on a corner lot but there is an extra lot to the south that puts plenty of space between you and your neighbor. We call it the bottom 40.
If you live to entertain or have a big family, this house would be perfect for you. There are too many upgrades to list here so you must get inside to appreciate. Put this one first on your list to see!
For more information on 3700 Everest Drive or other Montgomery real estate, visit HatTeam.com or give us a call at 800-428-5239.
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Montgomery Real Estate: Short Sale Tips

Thursday, August 14, 2008
by The Hat Team
In the current Montgomery real estate market, there has been a lot of buzz around “short sales.” What is a short sale, exactly? A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.
 
short saleThere are pro’s and con’s to short sales on both sides of the deal. For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure. Sellers also walk away with no profit, which makes it difficult to purchase another home. For the buyer, the property comes at a reduced price, but it also generally comes with its fair share of problems, and there is a considerable amount of “red tape” to get through to complete the purchase.
 
The short sale buying process can be a confusing one, especially for a first-time short sale buyer. Check out this helpful article from BankRate.com and see 10 Steps for Short Sale Buying below:
 
  1. Identify potential short sales
  2. View the property
  3. Do your research
  4. Find all liens and mortgages
  5. Figure out the financing
  6. Contact the lender
  7. Complete the lender’s short sale application
  8. Assemble the proposal
  9. Negotiate
  10. Close the deal
 
To learn more about investing in Montgomery real estate, please visit HatTeam.com. For more personalized service, please call me today at 800-428-5239. 

Search all Montgomery real estate and homes for sale!
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Montgomery Real Estate: Waterfront Home For Sale In Lowndesboro

Thursday, August 14, 2008
by The Hat Team

Waterfront Home For Sale

160 River Road, Lowndesboro AL 36752

Looking for the perfect Affordable waterfront getaway just minutes from Montgomery...here it is! This custom built home sits on one of the widest parts of the Alabama River with literally more than a mile's view up and down this graceful body of water. With features such as real cedar siding, commercial grade steel roof, huge wrap around deck, and foam insulation underneath, your maintenance will be minimal. And, with extras inside like antique wide plank pine floors, vaulted knotty pine ceiling, and reclaimed bead board accents, you'll love inside just as much as the peaceful serenity and views outside. Plenty of room to entertain, the big open family room, dining room, and kitchen with endless breakfast bar make the mark! Throw in a master bedroom with french doors to covered deck, 2 guest rooms and additional bath and this is all you need for full time living or a perfect week-end get away. All this in the middle of 2 lots, so you have much privacy. New well provides fresh water!
For more information on 160 River Road or other waterfront homes for sale in Montgomery, visit HatTeam.com or give us a call at 800-428-5239.
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Montgomery Real Estate For Sale: 1754 Wentworth Drive

Thursday, August 14, 2008
by The Hat Team

Montgomery Home For Sale

1754 Wentworth Drive, Montgomery AL  36106

Spacious Montgomery Home with a Pool!
Bring the whole family because there is plenty of room! Enjoy the spaciousness and storage of this lovely one-owner home at 1754 Wentworth Drive. There are 3 bedrooms downstairs, including the master and 2 up. 9' ceilings downstairs, crown moldings throughout, wood floors, brick floors, the works. Out back is a beautiful in-ground pool with a new pool liner. Wide concrete decks with gated brick and iron fencing. Also is a 2-car carport with extra parking space and large storage rooms. Covered patio and generously covered porches. Look on the kitchen counter for a wealth of information on the home. Almost every improvement has been documented for your perusal. The best feature of this home is CLOSETS, 11 of them plus great walk-in attic storage. You will be hard pressed to find another house in the area with this quality of construction so don't delay to see it.
For more information on 1754 Wentworth Drive or other Montgomery real estate, visit HatTeam.com or give us a call at 800-428-5239.
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Montgomery Real Estate: 2245 Allendale Road for Sale

Tuesday, August 12, 2008
by The Hat Team

Montgomery Real Estate for Sale

2245 Allendale Road, Montgomery AL 36111

One-owner Montgomery home that needs some TLC. Great floor plan with lots of possibilities. Huge lot, just right for a pool. The master bedroom has a dressing area, walk in closet and walk in shower. The other 2 bedrooms are very spacious and can accommodate any size furniture. The kitchen could use some updating but has good space and the laundry area is very large.
For more information on 2245 Allendale Road or other Montgomery real estate, visit our website, HatTeam.com or give us a call, 800-428-5239.
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How Does Housing Recovery Act Help Montgomery Home Buyers

Thursday, August 7, 2008
by The Hat Team
President Bush signed into law this week The Housing and Economic Recovery Act. This is the most sweeping change to housing reform since the New Deal of 1934. It is designed to assist more Americans invest in home ownership and shore up the faltering housing and mortgage markets.

Like any legislation, it comes with the good and the bad. I encourage you to write your Congressmen to see if we can get legislation to revoke some of the bad.  For example, effective October 1, 2008, FHA will increase the minimum required down payment from 3% to 3.5% for Montgomery home buyers. The legislation also calls for the elimination of seller down-payment assistance programs such as AmeriDream and Nehemiah by October 1, 2008.


As of July 14, 2008, upfront MIP premiums became risk-based on credit scores and the annual premium increased across the board. Instead of the original plan of making FHA loans more affordable for potential Montgomery home buyers; the new legislation is doing the exact opposite and makes it more expensive.

Details of the Housing and Economic Recovery Act:
Here are some key provisions of the Housing and Economic Recovery Act that most affect Montgomery home buyers:
  • GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
  • FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
    FHA Reform Chart (PDF)
  • FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
    FHA Foreclosure Rescue Chart
  • VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
  • Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
  • GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
  • Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
  • National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
  • LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
  • Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
It remains to be seen the overall effect the Recovery Act will have on both the individual home buyer and the housing industry as a whole.
From the Experts: 
“We’re going through a major financial crisis…let’s be clear: Fannie and Freddie can’t be allowed to fail. With the collapse of subprime lending, they’re now more central than ever to the housing market, and the economy as a whole.”
– Paul Krugman, Professor of Economics at Princeton and New York Times columnist, 7/14/2008
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Montgomery AL Real Estate Tip: What Is Universal Design?

Thursday, July 31, 2008
by The Hat Team
You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Montgomery AL real estate and construction markets?
 
homeAccording to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities.
 
Think this is some “far out” theory just now working its way into the “modern” world? Think again: if you've ever walked through an automatic door, you've experienced a version of Universal Design.   Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair.

Universal Design has become a hot topic in the Montgomery AL real estate market as more residents are retiring and making the decision to “age in place,” as opposed to moving into assisted living facilities. As we discussed previously, this aging generation is already driving the design of new products for the home that will affect real estate in the future. Even if you are not part of the “mature” population, however, Universal Design should be important to you. If you are planning to build or renovate, keep in mind the principles of Universal Design and know that it's more cost effective to add many Universal Design features during the planning stage. There are a number of design features that can be built for little or no cost. Their addition at the beginning saves the need for future retrofits.

Some examples of Universal Design features include:

Lighting
To learn more about trends in the Montgomery AL real estate market, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com. 
Additional task lighting is needed for "older" eyes.
Added lighting is also advised in areas to increase safety, such as for stairs.
Kitchens
Push/pull lever faucets for those with limited hand strength or dexterity.
Side-by-side refrigerators.
Doors
Leverset entry or interior door hardware.
Wide swing hinges allow use of the entire doorway.
Baths
Roll-in showers.
Add reinforcement into the wall substructure now in the event the addition of grab bars is needed later.
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Montgomery AL Real Estate Podcast

Thursday, July 24, 2008
by The Hat Team

Montgomery AL Real Estate Podcast

This month's edition covers Montgomery AL real estate market activity and then we'll discuss the new changes in FHA lending.

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 1/2 minutes

download podcast mp3 file | subscribe to podcast feed

 

To learn more about the current Montgomery AL real estate market, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com!

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Montgomery AL Real Estate Trends - Continued

Tuesday, July 22, 2008
by The Hat Team

When I put together the stats that I shared earlier this week about Montgomery, Alabama, sales for the month of June, I should have remembered that old and true expression, “The devil is in the details.”  Now here’s the rest of the story:

Yes, sales in our area are off substantially from June 2007—431 total sales in the Tri-County area this year vs 554 the same month last year.  And, on the surface it seems that prices are plunging:  $162,416 average sale price June 2008 vs $175,541 the year prior.   What this does NOT, however, take into account is the enormous impact of REO’s being sold in our marketplace.

In June 2008, 16% of the closed sales--68 of the total 431—were REO’s, with an average sale price of $61,125.  Non-REO sales totaled 363 at an average $181,391 sale price.  That’s only $2,404 or slightly more than 1% below the June 2007 average of $183,795. 

Clearly. REO’s are a real drag on the current market.  And of the 3314 properties for today in the Tri-County area, 301 are under right of redemption.  The average list price of those 301 properties is $97,957 and the media is $68,900.  So for months to come we may continue to see a wide gap in “average sale price” between 2008 and 2007.  This will no doubt continue until the inventory of REO’s declines substantially.

For investors, this is great news:  we have 301 “motivated sellers” who need to move properties.  The range of values runs from a low of $2,900 to a high of $699,900—something for everybody!

If you are ready to begin investing in Montgomery AL real estate, please call me at 800-HAT-LADY, or visit HomesForSaleInMontgomeryAlabama.com. 

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