Real Estate Information Archive

One of the most complex and significant events in people’s lives is the purchase or sale of their real estate--and most people turn to an agent to assist them in these transactions. Before you select a professional real estate agent, however, you should determine if he/she is qualified to handle your Montgomery AL real estate business, what he actually does, and how he is paid.

REQUIREMENTS: All real estate brokers and sales agents must be licensed by their state. Although the rules and regulations of individual states vary, most require educational courses, a written examination, and license renewal every 1 or 2 years. Usually between 30 and 90 hours of formal coursework are required in topics such as real estate principles, contracts, and ethics to ensure that the agent has a thorough knowledge of the fundamentals and legal aspects of the field. Many states also have a continuing education requirement. In addition, many agents are members of the National Association of Realtors, an organization designed to provide an exchange of ideas to improve the industry as needed in order to protect the consumer and provide quality service.

SERVICES PROVIDED: A good agent wears many hats and is knowledgeable about many aspects of real estate. An agent handling your Montgomery AL real estate business should:

• be familiar with your target area
• represent a buyer or seller in the purchase or sale of real estate
• search for suitable buyers and/or properties
• assist in procuring financing for your Montgomery AL real estate
• examine comparable sales to determine fair market value
• ensure that all terms of the contract are met

QUALITIES TO LOOK FOR: You will want someone who:

• is organized
• is knowledgeable about the business
• is confident in his abilities
• is skilled in negotiations, contracts, and financing
• acts in your best interest
• is ethical and trustworthy
• maintains confidentiality
• is open in disclosing pertinent facts

HOW THE AGENT IS PAID: Since all agents work with a broker, they are paid a portion of the sales commission (commonly paid by the seller). Percentage divisions of the commission vary, but often office costs, such as advertising, are deducted from the agreed upon amount. Neither the buyer nor the seller pays the agent directly.

It is important that you choose a real estate agent wisely and that you establish and maintain a good working relationship with him/her. Carefully check credentials, ask about services provided, and determine his familiarity and success in the area before signing any agreement.

Shall I sell now or wait to see what happens in the real estate market? That is a decision facing numerous homeowners in this period of economic upheaval and uncertainty. For those who are forced to leave their Montgomery AL home because of a job transfer, a need for a smaller home, and/or a desire for a smaller mortgage payment, the question becomes one of whether to rent or sell their current property. Oh, for a crystal ball…       

There are, however, some valid reasons to sell at the present time. Many in the real estate or financial fields believe that the timing for home sales may not be as opportune for a long period in the future as it is now, and they base their “sell now” advice on the following reasons:

• Would-be buyers in the fourth quarter of the year are historically serious buyers who are very apt to buy during this season. Thus, the seller may have fewer ‘lookers’ but more motivated purchasers.
• Interest rates right now are invitingly low and provide a real incentive for the serious buyer of a Montgomery AL home. These fallen rates can also be an advantage to the seller who wants to buy another home.
• If you do want to purchase another home, especially if you want to “trade up”, this is an optimum time to do so. The prices of more expensive houses have also dropped, sometimes considerably, and bargains are to be had in that market. Remember, too, that because there is a smaller pool of buyers for “high end” properties, those sellers may be more than willing to negotiate and lower their asking price.
• Renting out your Montgomery AL home rather than selling it is not a financially secure consideration. As the economy worsens, renters will be looking to pay lower rents, so your rental income may very well be less than your monthly mortgage payments and expenses, a situation you certainly want to avoid.
• The on-going foreclosure fiasco and the ensuing moratoriums positively support the idea of selling now. Many homes currently in the process of foreclosure are being removed from the market, and serious buyers are rightfully cautious about purchasing any short sale or foreclosed property. Therefore, your home, the one with a clear title and no irregularities, will be part of a new, “safe” inventory, one that will definitely attract buyers.
• Once the moratoriums are removed, many “experts” expect that there will be a glut of distressed properties on the market, a situation that will most likely drive prices down even lower and greatly swell the inventory with which you will have to compete. Add to that the fact that the end of the first quarter traditionally brings a large increase of listings, and your Montgomery AL home could be easily overlooked.

It would appear, then, that there is no time like the present to sell your home. Opportunity is knocking--don’t let it pass you by!

There were 1,381 Montgomery AL foreclosure homes for sale with 129 new foreclosures in January 2011. The average selling price of a Montgomery AL home was $158,604 and the average foreclosure selling price was $71,482 a $87,122 savings, according to RealtyTrac.com.

Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 4.76% in January while the number of foreclosed homes increased from 119 in December to 129 in January.

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.07% lower than national statistics. 0.05% higher than
Alabama statistics, and the same as Montgomery County for the month of January.

Final Estimate of Value

Once the appraiser has applied the three approaches to the appraisal of your Montgomery real estate, he/she must decide which of them is the most reliable and most closely follows the actions of the market. For residential properties, the Sales Comparison Analysis is typically the most reliable. For commercial or industrial properties, all three techniques (or portions of one or more) may be reliable. The appraiser reconciles the various aspects of each technique into what he or she believes produces a credible and supportable opinion of value. The result is the Final Value Estimate, which, depending on the needs of the client, may be expressed as a single number or a range of value.

What If It's Low?

If the appraisal of your Montgomery real estate comes in low, that doesn’t necessarily mean that you can’t complete the transaction. Your options to rectify the situation included the following:

• You can make up the difference in cash.

• The seller can lower the price.

• The seller can carry a second mortgage for the difference.

• You can order a second appraisal

• You can supply a list of comparable sales and ask for a review of the appraisal.

What Does It Include?

Under the Equal Credit Opportunity Act, your lender must furnish you with a copy of the appraisal of your Montgomery real estate if you request one in writing. Appraisals are very detailed reports, but they should include the following:

• Details about the subject property, along with side-by-side comparisons of three similar properties.

• An evaluation of the overall real estate market in the area.

• Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.

• An estimate of the average sales time for the property.

• What type of area the home is in (a development, stand alone acreage, etc.).

Do remember that an appraisal of your Montgomery real estate is not a home inspection and cannot be considered a guarantee that the property is in good condition. Appraisers make notes about obvious problems, but they do not perform tasks done by certified home inspectors.

The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:

“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there's one thing I learned about this real estate is that it's very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you'll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you'll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn't you buy now if you were so inclined?”

The only way to know when you are at the bottom of the market is when you bounce off of it. We bounced in December!

Let’s compare December 2010 to 2009 real estate statistics to see what improvement has taken place in our local market.

Midtown Montgomery real estate sales statistics for December show the average sales price increased by 2% to $142,814 when compared to December 2009.  The number of homes sold decreased by 3% in December.  The median sales prices increased 5% and market times decreased 1% or 1 day.

For the latest Midtown Montgomery 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 Homes for Sale:

7331 Heathermoore Loop, Montgomery AL 36117
MLS# 280858

Mrs. Clean lives here!! And you can, too! If you're tired of grimy, gloomy houses, call today to see this meticulously kept gem of a home. From the dramatic entry with hard tile floor and soaring ceiling to the master bath with its squeaky-clean double vanity and all-glass separate shower to the immaculate kitchen, every surface shines and every room welcomes. Priced to make you smile, too, so make this one-owner house your new home now!

Learn more about 7331 Heathermoore Loop and other Montgomery homes for sale by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

There were 1,250 Montgomery foreclosure homes for sale with 119 new foreclosures in December 20100. The average selling price of a Montgomery home was $144,257 and the average foreclosure selling price was $84,812, a $59,445 savings, according to RealtyTrac.com.

Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 4.71% in December while the number of foreclosed homes increased from 106 in November to 119 in December.

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.08% lower than national statistics. 0.03% higher than
Alabama statistics, and 0.01% lower than Montgomery County for the month of December.

According to a national poll conducted by the National Cyber Security Alliance, 68% of all Americans make purchases online. If you have not yet done so or are sometimes hesitant about online shopping because of security concerns, use the following tips to develop and maintain good cyber-shopping habits.

1. Make sure that all security browsers on your computer are current and self-updating. The computer in your Mongtomery home is only as safe as you make it.
2. NEVER give out your social security number!
   
3. Use only secure and reputable websites. Secure websites add the letter “s” after http on their order page. Another indicator is a closed lock seen at the bottom of your screen.It is safer to use a website you’re familiar with or one found using a well-known search engine. You should also look for a physical address and customer service phone number, although those things are not always a guarantee of safety. To check on the reliability of a site, contact the Better Business Bureau.
   
4. Limit the personal information you provide. In fact, because merchants sometimes sell your email address, you may wish to create an email account that you use only for online purchases. Also, use the same credit card for all online purchases to aid in tracking fraudulent transactions or a security breach.
5. Check out shipping and handling charges before ordering. Merchants often add as much as 10%-15% of the product’s cost to your order.
6. Print out copies of your order, shipping confirmation, etc. on your Mongtomery home computer.
7. Be familiar with the return policy. Are returns allowed at all? Is there a time limit? Is there a “restocking” fee for returns? Who is responsible for paying shipping and handling on returns? If return information is not posted on the website, request that it be sent to you.
8. Pay with a credit card. Paypal and debit cards require an immediate reporting of fraud in order to get your money back. Also, your liability for fraudulent credit card charges is zero when the card is used online. Check with your credit card company to see if they offer a virtual card, which masks out your real account number.

Cyber-shopping is fast and convenient. It provides you with a vast array of products from which to choose in the comfort of your Mongtomery home and allows you to shop at any hour.. Buying online can be an efficient and pleasurable experience if you remain web-wise and security-savvy.

Yes, it’s that delightful time of year again, the time of shopping, decorating, baking, counting down the days, carols, entertaining, and making merry with friends and family. It’s a time of hustle and bustle--with so much to do in so little time! And so…it must also be time for some Christmas tips and time-savers to help you enjoy the holiday just a bit more--and to give you an excuse to sit down for a minute or two while you read this message! In an attempt to make life a little easier, I’ve organized my hints and suggestions into general categories. Unfortunately, this is the only thing I seem to be able to organize, as my own house is strewn with unwrapped gifts, un-hung decorations, and recipes for unbaked goodies! Maybe tomorrow…

SHOPPING AND GIFTS:                                                   

Little known trivia:  7/10 of all dogs in Britain receive gifts from their owners.

Who doesn’t like to save money? Sites for valuable coupons, codes, deals, and rebates for hundreds of stores.

Out of ideas? Need something unique like a ‘I Love You’ stones, a wine chiller, a deluxe valet or birthstone ornaments? RedEnvelope.com will surprise you with its offerings. Prefer something whimsical, geeky, or spiritual? Then go to Gifts.com.

There are ideas for those who are budget conscious and those with champagne taste. Many online shopping sites offer free shipping, and some will even gift-wrap for you!

Remember, you can rarely go wrong with a book and Amazon.com is a great source of seasonal favorites, new releases, or the perfect book for just about anyone, young or old.

Little known trivia: There are two Christmas Islands in the world--one in the Pacific and one in the Indian Ocean.

DECORATIONS:

Little known trivia:  The first tree tinsel was real silver cut into thin strips.

Looking for new ideas to freshen up the holiday decorations in your Montgomery home? Think about displaying seasonally dressed teddy bears, hanging small ornaments on house plants, using cookie cutter or foil-wrapped walnuts as tree ornaments, and tying ribbons and bows to the stems of wine glasses and around the handles of cutlery . These ideas and 95 more can be found at http://www.allthingschristmas.com.

Get suggestions for suggestions on both indoor and outdoor decorating, making wreaths, and creating themed trees. The site also includes some unusual centerpieces, such as a child’s pop-up book, an arrangement of green apples, cinnamon, and greenery, and colorful balls made from Christmas light bulbs. Ever thought about a sugar plum tree?

Little known trivia: 77 million Christmas trees are planted each year.

And speaking of trees, did you know that 5 miles of lights are used to light up Rockefeller Center?

You can also have a virtual visit to the White House tree in the Blue Room. And you just can’t miss the singing tree!

Singing! How could I omit the MUSIC category?

MUSIC:

Christmas Eve was a night of song that wrapped itself around you like a shawl. - Bess Street Aldrich

The sounds of this holiday are like no other with pealing bells, children’s shrieks of delight and excitement, rustling gift wrap, whispered secrets and wonderings, and ever the Christmas songs inviting us to sing along in joy and celebration. In addition to the singing tree, you can join in, listen to, or hum with seasonal tunes. Think to about joining or forming a group to go out caroling some evening.

Perhaps it’s time for a lighthearted Christmas poem before we continue on our holiday journey.

Fall of the Snowman by Paul Curtis

Here is a thought of little worth
Snowmen start their fall to earth
From Heaven above unassembled
And like the snow globe it resembled
But if a snowman were then desired
Some assembly would be required.

Okay, back to the subject at hand. Now for…

FOOD:

Little known trivia:  Many parts of Christmas trees (pine, spruce, and fir) are both edible and nutritious!!

The traditional Christmas dinner in 17^th century England was a boar’s head served with mustard.

Ah, breathe in deeply and savor the smells and tastes of the holidays! In addition to gingerbread men, sugar cookies, and baked ham or turkey, what about trying eggnog bread or Christmas soup?

Whatever is served at a traditional Christmas dinner, meat is probably the main attraction, and what good is that to the vegetarians.  Here are some ideas to mix and match for a vegetarian Christmas menu.

Decorating cookies, making colorful Rice Krispy treats, and enjoying a holiday meal together are all great family activities--and all are delicious!

Feeling challenged in the baking department? These how-to videos will make you a pro!!

Christmas good luck superstitions around the world include: finding a pickle or spider web ornament on the tree, kissing under a sprig of mistletoe, and eating an apple or sprinkling bird seed outside your door on Christmas Eve.

And yet another poem--

THE SANTA CLAUSE by Paul Curtis

When I was a child
I believed in Santa Claus
When I got older
I didn’t believe in Santa Claus
When I became a parent
I was Santa Claus
Now I have grandchildren
I look like Santa Claus

What a perfect segue to the next category!

FOR THE CHILDREN:

The web is overflowing with activities, crafts, games, puzzles, stories, coloring pages, and the like for the younger set, all designed to entertain the kiddies and help them wait for Santa to arrive.

To that end they can keep an up-to -the-second countdown, check the ‘naughty and nice’ list, read Santa’s blog, send your pet’s email to Santa.

The little ones will also enjoy playing Rudolph’s Christmas Quiz Game, getting Santa’s autograph, coloring Christmas pages, watching the Rudolph cam, and playing ‘YuleSearch’.

And don’t forget to track Santa’s Christmas Eve journey!!!!

As long as we know in our hearts what Christmas ought to be, Christmas is. Eric Sevareid

Christmas is the time to let your heart do the thinking. Patricia Clafford

Yes, this is indeed the time for…

REACHING OUT TO OTHERS:

No time to write out Christmas cards? To send holiday e-card greetings to friends and family

And speaking of greetings--and gratitude--Xerox has a web site that lets you send a message of thanks to soldiers currently serving in Iraq. This is a FREE service and only takes a minute to choose a design (3 of which are Christmas themed) to send. What a great way to spread the spirit of the season!

Look to your community to extend the spirit of giving. Donations of money, food, clothing, and time will always be welcomed by the Salvation Army, local charities and relief groups, and church outreach programs. Modeling generosity, commitment, and caring is one of the greatest gifts you can ever give your children, and your own Christmas will be enhanced by doing so.

And with that thought, dear readers, I will close with warm wishes for peace and good will to all--for I, too, still have gifts to wrap, decorations to hang, and goodies to bake.

MERRY CHRISTMAS!!!!

Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.

Despite economic uncertainty, 68 percent of those surveyed 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 may be 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.

Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.

Midtown Montgomery real estate sales statistics for October show the average sales price decreased by 18% to $106,826 while the number of homes sold decreased by 24% from 2009.  Median sales prices dropped 43% and market times increased 14% or 7 days in 2010.

For the latest Midtown Montgomery 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.