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Pay More or Less

Thursday, May 7, 2015
by The Hat Team

Paying more for your house payment does not make your home more valuable. It does mean that the mortgage rate may be higher than it has to be.

more or less.png

Even though fixed rates may never again be as low as they are currently, an adjustable rate mortgage may provide the lowest cost of ownership depending on how long a borrower plans to own a home. There are different types of ARMs but the one in this example is a 30 year mortgage with the rate fixed for five years and can adjust every one year after that based on independent indexes.

Another feature of a FHA ARM is the maximum rate change in one period is 1% and the maximum lifetime cap is 5% over the initial rate.

In the example below, the payment on the adjustable is $153.48 lower for the first five years or 60 payments. Another interesting thing is that lower interest rate loans amortize faster than higher interest rate loans. In this example, the ARM has a lower unpaid balance at the end of the first five years by $4,239.

The total savings on the ARM at the end of the first period is $13,477. If a borrower felt confident they would sell the home prior to the breakeven point of 8.5 years, the ARM would produce a lower cost of housing even if the mortgage rate escalated the maximum at each adjustment period.

To help determine whether you pay more or less, consult with a trusted mortgage professional and your real estate agent to learn the advantages and disadvantages of different programs. To try your own comparison, check today’s rates at the Freddie Mac Mortgage Rate Survey and plug your numbers into an Equity Accelerator.

ARM comparison2.png.jpg
 

Information courtesy of Montgomery Realtors Sandra Nickel Hat Team.
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Montgomery AL Real Estate For Sale: 1305 Wedgewood

Monday, May 4, 2015
by The Hat Team

Montgomery Homes For Sale:

1305 Wedgewood, Montgomery, AL 36111
MLS #317435

1950’s Classic Home!

They just don't build them like this anymore! Built in the mid 1950's by the Liger family, this quaint home in the Midtown Montgomery area has living room, dining room AND a large den & family room. Both bedrooms are spacious enough for king beds, dressers, and other furniture. While mostly original, there is much room left in the price to make upgrades and personalize this solid home to your liking.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 2627 Ashlawn Ave

Friday, May 1, 2015
by The Hat Team

Montgomery Homes For Sale:

2627 Ashlawn Ave, Montgomery, AL 36111
MLS #317361

Income Producing Investment Opportunity!

Investors, this one is priced for YOU! Out-of-state owner is ready to let this one go, and has priced it to sell AS-IS. With a little "lipstick and rouge" this old girl in Midtown Montgomery could turn into a cash cow, income-producing rental! Do the numbers, you will see!

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 6001 Forest Grove Ct

Friday, May 1, 2015
by The Hat Team

Montgomery Homes For Sale:

6001 Forest Grove Ct, Montgomery, AL 36117
MLS #317334

Stunning & Move-in Ready near Shakespeare Festival!

Great move-in-ready 3 bedroom 2 bath home at the end of a cul-de-sac, next to jogging trail park, near Shakespeare Festival. Soaring ceiling in great room with stone wood burning fireplace. Lots of built-in bookcases. Energy efficient windows to keep utility bills low. Wood floors in living and dining area. Open kitchen with granite counters, marble floors and floor to ceiling pantry cupboard. Detached custom built storage building with work shop table. Two car parking pad with fully fenced yard for children and pets. Covered patio has view of nice size backyard and already prepared garden space. Hurry to see this great well landscaped home today!

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 2710 Fairmont Rd

Thursday, April 30, 2015
by The Hat Team

Montgomery Homes For Sale:

2710 Fairmont Rd, Montgomery, AL 36111
MLS #317353

Country Style Gay Meadows Home!

This spacious Gay Meadows home in popular Midtown is priced right and ready to move into! Beautiful newly-refinished hardwood floors throughout most of home and low maintenance tile floor in huge den/family room. Large country style kitchen and well-proportioned bedrooms will make your family happy. 2 car attached carport with big storage/workshop room and large back yard.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team

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Midtown Montgomery Real Estate Market Trends for March 2015

Wednesday, April 22, 2015
by The Hat Team

This is a great time to think about buying home. Home prices and interest rates are still at all-time lows and springtime historically offers the most inventory to choose from. The biggest hurdle for many home buyers is saving money for a down payment. Here are 10 things to do on a regular basis to save money:

  1. piggy bankMake it automatic. Before you see your paycheck, have a percentage of it automatically deposited into your 401(k) and savings.
  2. Keep minimum funds in checking account. Transfer extra funds into your savings account where it will earn more interest than in our checking account.
  3. Don’t pay banking fees! Use your bank’s free bill pay, automatic deposits, free checks, and free reimbursements for all ATM fees.
  4. Use rewards credit cards. Use a credit card offering cash back on every purchase and pay the card off each month to eliminate interest fees.
  5. Actively search out deals. It never hurts to try and find a better deal, or request a better deal from your service providers.
  6. Drive smoothly. Accelerate smoothly and at a reasonable rate, and coast to a stop as often as possible. Also use cruise control on the highway. My car is rated to get 26 mpg around town and I regularly get 29. You can also use these tips to save money on gas, and use gas rewards credit cards to save money on fuel costs.
  7. Buy quality products. Quality items may cost more up front, but they last longer and generally provide better results than cheaper, inferior products. Examples of items you should buy higher quality - furniture, clothes and shoes, vehicles, and other items that will see a lot of use.
  8. Buy generic where applicable. You can save a lot of money on generic items for which the brand name product is essentially the same as the store brand. Food and medicines come to mind as items where generic products are good deals.
  9. Use coupons and rebates. Use coupons for oil changes, groceries, books, on-line purchases, and just about anything else we can find.
  10. Use store rewards cards. Many grocery stores have their own ‘reward cards’ saving you money each time your shop. If you are a senior, shop on designated senior citizen discount days.

Take a look at March 2015's real estate sales statistics.

March 2015 Midtown Montgomery Real Estate Market Update

Midtown Montgomery real estate sales statistics for March 2015, show the number of homes dropped 25% by 6 homes. The average sales price increased by .02% to $130,852 for the month. The median sales price decreased by 2.84% to $128,500, and market times decreased by 133 days.  The highest selling price increased by 16.84%, and the lowest selling home price increased by 43.3% compared to $8,025 from March 2014.

Midtown Montgomery  March 2015   March 2014
Homes Sold 18 24
Average Selling Price $130,852 $130,828
Median Selling Price $128,500 $132,250
Days On The Market 122 255
Highest Selling Price $277,500 $237,500
Lowest Selling Price $11,500 $8,025


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.

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Montgomery AL Real Estate For Sale: 6206 Oliver Rd

Tuesday, April 21, 2015
by The Hat Team

Montgomery Homes For Sale:

6206 Oliver Rd Montgomery, AL 36117
MLS # 317071

One Owner Custom Built Home!

Never before on the market is this incredible one-owner custom built home centrally located and close to shopping, restaurants and AUM. Step inside from the wide front porch and you will find 10' ceilings with beautiful dental molding, custom built doors, cabinets and woodwork - all hand made by the original owner. Entertaining is a breeze in the huge kitchen with new granite counter tops and island, through the cozy family room to the screened porch looking onto the sparkling pool and professionally landscaped yard. There is storage everywhere: huge laundry room with deep sink and freezer, small office or walk-in pantry, double walk-in closets in the master and two small office/hobby rooms upstairs. Plus the huge brick two car garage with an extra-large third bay for a boat or RV. Truly a unique property, come see for yourself.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Tips to Make Your Spring Housecleaning a Breeze

Friday, April 17, 2015
by The Hat Team

It’s that time of year! Spring-cleaning time! Check out these spring housecleaning tips from Angie Hicks, founder of Angieslist.com. These are tips from the pros to get your home in shape for spring.

housecleaningVacuuming your rugs and carpets weekly is the key to not letting dirt accumulate. If you have pets, more often is better. Here’s a three-step approach for use with wall-to-wall carpet to consider:  

  1. Clean the perimeter with the edging tool.
  2. Begin at the far corner and move backward so you don’t leave footprints.
  3. Vacuum slowly and steadily, rather than using numerous quick passes.

The pros prefer lightweight machines, which use HEPA filters, and come equipped with long hoses to reach under furniture and high ceiling corners. Also, check out this resource for Martha Stewart’s suggestions on carpet maintenance.

Additional miscellaneous expert tips are…

  • To remove rust stains in shower areas make a paste of hot water and powdered oxygen cleaner. Apply the mixture to shower walls and glass and let sit for 30 minutes. Scrub with nylon scrubber, rinse and buff dry.
  • To clean smudges from dark granite counters, wipe down with soapy water and buff dry.
  • To freshen drains and clear clogs pour baking soda over the drain, then pour on vinegar. Use boiling water to rinse the bubbling mixture down the drain.
  • Remove debris from tiny crevices with toothpicks.

Some kitchen supplies that the pros like are…

  • Baking soda can be sprinkled showers and sinks to deodorize them.
  • Mix one part vinegar, one part water, and 5 to 10 drops of eucalyptus or lavender oils to be shaken or sprayed on carpets, sofas, or mattresses.
  • Mix some antibacterial dish soap with white vinegar and hot water to sanitize doorknobs, doors, walls and other surfaces.

If you prefer to outsource the cleaning, line up possible candidates by checking Angies' List or another trusted online source for references. Also, get references from friends. Most cleaning companies will provide free estimates. An initial “deep” cleaning can average $300 to $400 with biweekly cleaning averaging $100 to $150. Of course, specific prices will depend on the size of your home, types of flooring, whether or not you have pets or kids, etc.

You can find more information from Angie Hicks’ article and from Martha Stewart’s guide to cleaning here.

Happy spring cleaning!

Information courtesy of Montgomery AL Realtors Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 3466 Southview Ave

Thursday, April 16, 2015
by The Hat Team

Montgomery Homes For Sale:

3466 Southview Ave, Montgomery, AL 36111
MLS # 316934

Traditional & Updated Edgewood home!

This lovely Edgewood home is move in ready! Entertain family and friends in classic style in this traditional, yet updated home. The formal living room features a beautiful marble fireplace, spacious dining room, modern kitchen that opens into the den/family room, renovated bathrooms and hardwood floors throughout. The outdoor lovers will enjoy the elevated deck overlooking the private backyard. The garage has a nice storage room that could make a great office or man cave. This is a great house in one of Montgomery's most desirable neighborhoods.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Are You Ready?

Thursday, April 16, 2015
by The Hat Team

For whatever reason you’ve delayed buying a home, it may be time to reconsider that decision based on today’s conditions and what is expected to happen in the future.

are you readyRents are continuing to increase to the point that in most markets, it is significantly less expensive to own than to rent.  Even after you factor repairs into the equation, the low interest rates, principal accumulation due to amortization, appreciation and tax savings lower the monthly cost of housing.

Low inventories coupled with strong demand cause a rising effect on prices.  Another reason for higher values is that builders, especially in certain price ranges, have not ramped up new home starts to keep up with the demand.

Recently, the Federal Reserve announced that they intend to start raising rates. Most experts agree that higher interest rates are a foregone conclusion; it is just a matter of when it will happen.

A $300,000 home today could cost considerably more one year from now.  With a 20% down payment, if prices go up by 3% and the interest rates increase by .5%, the principal and interest payment at 3.625% would be $1,094.52 for 30 years compared to $1,198.05 at 4.125%.

The question is not necessarily “can you afford the additional $103.53 more per month that you’d have to pay for the home during the 30 year term?”  More importantly, “How would you feel about having to pay more because you weren’t ready to make a decision and what would you have spent it on if you didn’t have to pay a higher payment?”

Information courtesy of Montgomery AL Realtors Sandra Nickel Hat Team.

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