Real Estate Information Archive

How old is your bedroom furniture and what did you pay for it?  Don’t know?  That’s okay, let’s try an easier question.  When did you buy the TV in your family room and is it a plasma, LCD or a LED?

Whether you are the victim of a burglary, a fire or a tornado, most people are comforted they have insurance to cover the losses.  However, unless you’ve filed a claim, you may not be familiar with the procedures.

The adjustor will want to know the date and how the loss occurred.  Assuming you have contents coverage, the claim for personal belongings is separate from damage to the home.

You’ll be asked to provide proof of purchase, like receipts or canceled checks, or a current inventory.  If they’re not available, you can reconstruct an inventory from memory.  The challenge is trying to remember things you may not have used for years and may not miss for years more.

Relying on memory can be a very expensive alternative.  A prudent homeowner will create a home inventory with pictures or videos while all of their belongings are in the home and they can see them.

Download a home inventory to make your project a little easier.

Information courtesy of Sandra Nickel, Sandra Nickel Hat Team.

In today's economy many potential buyers don't have extra cash available for repairs and updates and are looking for move-in ready houses.  It makes sense, therefore, in order to attract serious buyers and add value to your home, that you consider the following relatively inexpensive and non-time-consuming improvements:

Interior updates:

• If you can’t replace the water heater with a tankless model, wrap the one you have in fireproof insulation.
• Install modern light switches and outlets throughout your home.  Add dimmer switches.
• Insulate windows.  (Easy-to-follow instructions.)
• In bathrooms replace dated towel racks, light fixtures, sinks, toilet seats, and hardware.  Purchase a low flow toilet.  Re-grout where needed.  If the floor is in poor shape, consider putting easy-to-install vinyl tiles right over the old one.
• Add crown moldings, wood trim, and/or cornices to give room a look of quality.
• Update your kitchen inexpensively by replacing fixtures, faucets, and hardware.  Consider pendant lighting.  Refinish cabinets rather than replacing them.
• Clean and organize all closets.  For helpful free and/or inexpensive designs created for your particular needs, visit Closet Maid.

Exterior improvements:

• Keep shrubs and trees neatly pruned.  Plant new trees for energy savings and aesthetic value.
• Add low-voltage lighting for pathways
• Pay attention to the front door.  Does it need new weather stripping?  A fresh coat of paint? Updated (or at least polished) hardware—knockers, knobs, hinges, and light fixtures?
• Spend $10 to test your lawn for needed nutrients.
• Attend to the garage door.  Use a mixture of one part bleach to three parts water and a soft-bristled brush to give it a thorough cleaning.  Still dirty or stained?  Rent a power washer for about $60.
• Check for faded or peeling paint.  Sand and apply a fresh coat.

Real estate gurus will tell you that the wisest updates you can make are in the kitchen and the bathroom.  (Not only are these rooms of high importance to buyers, those updates will add the most value and give you a good return on your money.)  Check BankRate.com and DIYnetwork.com for suggestions and good advice on the benefits of more ambitious projects for adding value.

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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

In an attempt to compare homes, one of the common denominators has been price per square foot.  It seems like a fairly, straight forward method but there are differences in the way homes are measured.

The first assumption that has to be made is that the comparable homes are similar in size, location, condition and amenities.  Obviously, a variance in any of these things affects the price per square foot which will not give you a fair comparison.

The second critical area is that the square footage is correct.  The three most common sources for the square footage are from the builder or original plans, an appraisal or the tax assessor.  The problem is that none of sources are infallible and errors can always be made.

Still another issue that causes confusion is what is included in measuring square footage.  It is commonly accepted to measure the outside of the dwelling but then, do you include porches and patios?  Do you give any value for the garage, storage or other areas that are not covered by air-conditioning?

Then, there’s the subject of basements.  Many local areas don’t include anything below the grade in the square footage calculation but almost everyone agrees that the finish of the basement area could add significant value to the property.

Accurate square footage matters because it is used to value homes that both buyers and sellers base their decisions upon.

Let’s say that an appraiser measures a home with 2,800 square feet and values it at $275,000 making the price per square foot to be $98.21.  If the assessor reports there are 2,650 square feet in the dwelling and the owner believes based on the builder, there is 2,975 square feet, you can see the challenge.

If the property sold for the $275,000, based on the assessor’s measurements, it sold for $103.77 per square foot and by the owner’s measurements, it sold for $92.44 per square foot. Depending on which price per square foot was used for a comparable, valuing another property with similar square footage could have a $30,000 difference.

The solution to the dilemma is to dig a little deeper into where the numbers come from and not to take the square footage at “face value”.  It is important to recognize that there are differences in the way square footage is handled.

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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

In June, the number of properties that received a foreclosure filing in Montgomery, AL was 57% lower than the previous month and 98% higher than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 59.8% of foreclosure activity in June 2014 and Bank-owned properties accounted for 40.2%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 78.1% compared to the previous month and increased 6.0% from the previous year in June. The number of Auctions increased 20.8% compared to the previous month and 141.7% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.02% higher than national statistics, 0.05% higher than Alabama numbers and the same as Montgomery County statistics in June 2014.

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.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

The majority of articles advocating home ownership center around financial benefits—fixed monthly expenses, tax benefits, accruing equity, etc.—and indeed these incentives do propel many people to purchase a home.  According to two recent polls (Gallop and the Allstate / National Journal survey), however, other more intangible factors also motivate the purchase of a piece of real estate.

• Sense of community:  As a homeowner, you’ll be centered in a strong community of like-minded people, which can be a valuable asset for you and your family.  Homeownership brings a sense of pride in both your home and your community.  Various studies suggest that a higher homeownership rate brings lower crime rates, higher property values, better educated children, and ultimately closer communities.  Investing in a home may also mean investing in your family and your community by getting involved.  Once you own a home, you feel more attached to the area in which you live. You're more interested in what happens in your neighborhood, to the roads, schools, and shopping areas.
   
• Renewed belief in the American Dream:  Although confidence in that dream has faltered in recent years, the desire to own a home is rebounding, especially among younger buyers and members of diverse ethnic groups.  Pride and family stability are important factors in today’s dream. Your house is the physical manifestation of your years of hard work and financial responsibility. And nothing says “success story” like owning your very own piece of the American dream.
   
• Higher academic achievement of children:  Consistent findings show that homeownership does have a significant positive impact on educational achievement.  Some studies find that homeownership brings residential stability, and it is this stability that raises educational attainment.  Another asserts that while homeownership raises educational outcomes for children, neighborhood stability further enhances the positive outcome.  Additional research has shown that there is an increased chance of success in many areas for the children of homeowners,
   
• Freedom to “do your own thing.”  If you own your house, the home improvement store is your oyster! You can paint, remodel, remove, or restyle just about anything in your home to meet your individual needs and/or reflect your tastes and personality.

Owning a home is certainly a wise investment—in so many ways!

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

More money has been lost to indecision than was ever lost to making the wrong decision.  The economy and the housing market have caused some people to take a “wait and see” position that could cost them in lost opportunities as well as almost certain higher costs in the future.

To illustrate what the opportunity cost might be, let’s compare what the value of the down payment two years from now would be if it was invested in a certificate of deposit, the stock market or used to purchase a home today.

A 3.5% down payment on a $175,000 home is $6,125.00.  If it was invested in a CD that would earn 2%, a person would have $6,372 in two years.  The earnings would be taxed as ordinary income tax rates.  It wouldn't earn much but it would be safe and secure.

The same amount would grow to $7,013 in the stock market if you picked the right stock or fund and it yielded 7%. The earnings would be taxed at the long term capital gains rate.  The return could be greater but so is the risk involved.

If this person were to purchase a home today that appreciated 2% in value over the next two years, the equity in the home would grow to $18,769 due to value going up and the unpaid balance going down.

The question, we all must ask ourselves is “where should our money be invested?”  Try Your Best Investment to see the difference it will make based on your price range, down payment and earning rate.

Information brought to you by Sandra Nickel Hat Team Realtors.

As Kermit the Frog knows, It’s not easy being green, especially so for a lawn trying to survive the heat and dryness of summer.  And for you, the Montgomery AL home owner, it’s not easy to look at your distressed and dying lawn after all the time and effort you have put into it in previous months.  Not to despair, however; it may not be too late to revive—or at least repair---the grassy areas of your landscape. Try following the following steps:

Watering:

• Consistently water your lawn. Most often, a lawn goes bad due to a lack of water.  Make sure to water evenly and thoroughly so that the water will reach six inches into the ground. If not, the roots may grow toward the surface and make the grass vulnerable for sun damage. 
• Water very early in the morning to avoid losing moisture to evaporation and allow the lawn plenty of time to dry. Lawns that stay wet overnight are breeding grounds for pests and disease.
• Keeping your lawn hydrated can be a difficult task with many local areas introducing water bans, but keep in mind that it is better to water deeply only a few times a week than lightly sprinkle the lawn every day.

Feeding:

• Add sugar, yes, sugar.  Odd as it may sound, this practice works because the sugar protects the microbes necessary for a lawn to stay healthy. Spread approximately 1 pound of sugar to every 300 square feet of lawn area of your Montgomery AL home.
• Leave the clippings behind when you mow your lawn.   They contain nutrients such as nitrogen, phosphorus and potassium, all necessary for healthy lawn growth.
• Use fertilizer sparingly. Follow directions to ensure proper use and timing.

Reseed or replace with sod:

• When coaxing and coddling do not work magic on the damaged grassy spots, it is most likely time to start over by reseeding.  Visit eHow.com for expert advice on seed mixtures, application, and care.
• Another option for re-greening your landscape is using sod, either to replace brown patches or to redo the entire lawn.  Step-by-step instructions for both can be found on many Internet sites.  Click here for specific advice for laying sod in patches, or visit HGTV.com for a total replacement guide.

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Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

It certainly appears that summer heat is here to stay.  While we humans have the ability to limit our time outside and escape to the relief of air conditioning and fans, the plants in the gardens of your Montgomery AL home are not so fortunate and must withstand high temperatures and frequent dry conditions.

Just as we make an extra effort to watch over young children and the elderly during the summer months, so, too, we need to be aware of the needs of our plants.  The following tips should be useful in ensuring enduring greenery through the fall:

• Dead heading:  Remove the spent flowers (called "deadheading") as they die, so the plant can put its energy into producing more flowers. This is particularly beneficial for geraniums, marigolds, roses, and most perennials.
   
• Cutting back: When greenery such as petunias, impatiens, and trailing types of plants become long and spindly, cut them back by one-third to one-half and then fertilize with a water-soluble fertilizer.
   
• Weeding:  Although you most likely put down a thick layer of mulch when you first planted, those pesky weeds do have a way of cropping up.  Every few days check the gardens for weeds and pull them as needed. It is easier to pull weeds if the soil is moist.  If you must use a chemical weed control, check to see if it is selective or non-selective.
   
• Watering:   Proper watering is critical to your plant's health, but frequent, shallow watering (rain, sprinklers, etc.) leads to shallow root systems and thus a low drought-tolerance.  Click here for a deep watering schedule and tips that will be most beneficial to the landscaping of your Montgomery AL home.
   
• Fertilizing:  In addition to keeping the vegetation in the gardens of your Montgomery AL home healthy, fertilizing will also help keep your soil in good shape in case of drought or a stretch of extremely hot weather. Acid-loving species (camellias, gardenias, and azaleas) as well as those displaying yellow leaves will be especially appreciative of your diligence.

Remember, too, to take precautions to maximize your own well-being when engaged in any outside gardening projects.  Be vigilant about drinking plenty of water, taking frequent rests, and protecting your skin.  Be alert for signs of heat exhaustion and dehydration.  For specific tips on caring for yourself while gardening in the summer months, click here.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

In a study released by TD Bank, 65% of buyers with mortgages that required mortgage insurance said the higher monthly payment was more than they originally expected.

Private mortgage insurance is required on loans that exceed 80% of the home’s value.  For conventional loans, the premiums range from 0.5% to 1% annually.  The PMI could add close to $100.00 a month to the payments on a $200,000 mortgage and over $200.00 a month on a FHA mortgage.

FHA has two components to its mortgage insurance which includes an up-front charge on closing of the loan and an annual charge.  The up-front premium is 1.75% of the mortgage which can be paid in cash at closing or added to the mortgage amount.  The annual premium ranges from 0.45% to 1.35% depending on the loan-to-value and term of the mortgage.

Most lenders are required to automatically cancel coverage when a 78% loan-to-value is reached which on a 30 year loan with normal amortization could be eight to eleven years depending on original loan amount and interest rate.   If the value of the home has increased as documented by an appraisal so that the current mortgage is below 80% loan-to-value, the lender can be petitioned to eliminate the PMI.

Beginning in April, 2013, FHA requires the mortgage insurance to be paid for the entire term of the mortgage.   Prior to this rule change, it was required to remain in effect for a minimum of five years but could be cancelled when the mortgage is reduced to 78% of the original purchase price.

A homeowner can greatly reduce their cost of housing by avoiding mortgage insurance with a minimum 20% down payment.  If a higher loan-to-value mortgage is required to purchase the home, the objective should be to pay down the mortgage amount to relieve the need for the mortgage insurance.   Generally, loans with lower loan-to-value mortgages also have lower interest rates.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

Planning a summer trip is usually focused on what you’ll do, see and experience.  Enjoy it even more by spending a little time before you leave to make sure your home is safe while you're gone.

Consider these suggestions along with your other normal efforts:

• Tell your neighbors you’ll be out of town and to be aware of any unusual activity.
• Notify your alarm company .
• Discontinue your postal delivery.
• Use timers on interior lights to make it appear you’re home as usual.
• Don’t make it easy for burglars by leaving messages on voice mail or posting on social networks.
• Post on social networks about your vacation after you’ve returned.
• Remove the hidden spare keys and give one to a trusted neighbor or friend.
• Lock everything, double-check and set the alarm.
• Take pictures of your belongings in case you need them.
• Disconnect TVs and other equipment in case of unexpected power surges.
• Adjust your thermostat.
• Arrange for lawn care.
• Consider disconnecting the garage door opener.
• Put irreplaceable valuables in a safety deposit box.

 It’s nice to go out of town on a well-deserved trip and it’s always nice to get back home…especially when it is just the way you left it.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.