Real Estate Information Archive

Let’s face it, selling and buying a house at the same time can be very overwhelming and usually involves some element of risk. However, it is pretty common for people to have to buy and sell at the same time. Per the National Association of Realtors, 71% of repeat home buyers still owned their previous residences, which means it’s highly likely that most of them were both buyers and sellers.

If you are lucky enough to time it right, you may hit that perfect “sweet spot” where you sell your house, make a profit that can be used for a down payment, and then find your next dream home, in that order. But chances are, things might not go as planned and hoped for.

Let’s look at some common challenges you might face, different avenues that might work better for you, and tips for getting through the process with your mental health intact.

• Financial Issues – Chances are you might not have the amount of cash on hand that it takes to make a down payment on a house unless you sell your current home first. If you have found your new dream home and don’t want to risk losing it while waiting to sell, you have some options. You could do a cash out refinance on your current home, take out a home equity line of credit, or maybe sell some investments. But keep in mind that these options have costs and might not work for everyone.
   
• Logistics – With all the details and decisions that have to be made when both buying and selling a home, the logistics of doing both at the same time can be complicated. You have to think about the timing of the purchase and sale and negotiating with both the sellers of your new home and the buyers of your current home; all while trying to organize and pack for your move. An experienced Realtor is vital to help you navigate this process.
   
• Risk of Losing New Home to Non-Contingent Buyer – Buying and selling at the same time comes with risks, one of which is moving forward with a purchase before you have sold your current home. To minimize this risk, many homeowners choose to make their offer on a house contingent upon the sale of their current home. But this brings about another risk, because there is a possibility that your offer may get turned down in favor of a buyer who has made a non-contingent offer.  At that point you may have to decide whether or not you can remove the contingency, which may not be financially possible.

Now let’s look at some tips to help you navigate the buying-while-selling process:

• Determine Financial Feasibility – It’s time to take a good hard look at your monthly disposable income and to ask yourself these questions:

• Can you afford paying both mortgages?
• How long will you be able to afford doing so?
• Do you have enough available cash for a down payment?
• Will you have enough available for down payment after paying both mortgages for a “worst-case scenario” period of time?

If you are living paycheck to paycheck, buying and selling at the same time is not a good option for you, but if you have a steady, dependable income and low monthly debts, you may be able to get through the process relatively unscathed. Talking to a trusted lender is a good idea at this stage because they can help you determine what you can afford to do.

• Consider a Bridge Loan – If you do not have enough for a down payment, you may want to consider a bridge loan. A bridge loan is a short-term loan that uses the equity from your current home to get the necessary down payment to complete your purchase. But you must keep in mind that this is only an option if you are ok with taking on two mortgage payments for up to six months to a year; the typical term for a bridge loan.
   
• Make Satisfying Offers to Both Seller and Buyer – If the thought of two mortgage payments is too much, as mentioned before, you can make an offer contingent upon selling your current home. With that contingency, your contract states that you won’t lose your earnest money if your house doesn’t sell. This eliminates your financial risk, but weakens your offer. If another buyer makes a cash offer with no contingencies, sellers will go after the cash offer every time. Today’s market of low inventory and high demand means that a contingent offer is not as likely to be accepted. One way you can have a better shot at getting your new house is to offer significant non-refundable earnest money, in hopes that the seller will be willing to wait longer for your current house to sell.
   
• Look For a Cash Buyer – If you’ve already decided to buy your next home and sell your current home later, you definitely will want it to sell as quickly as possible. So, as a seller, a cash sale with no contingencies is the way to go if you can. You may want to seek out an instant homebuyer or a local real estate investment company to initiate a cash sale;  typically a much faster process than a traditional listing process. The downside is that the offers you may receive might be significantly less than what you might get on the open market. If your Realtor can help you find a cash buyer on the open market, all the better!

While the idea of buying and selling at the same time is definitely a little scary, the experienced, professional Realtors on Sandra Nickel's team can help you through the process.

If you are in the market to buy or sell a home (or both), let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: fincancebuddha.com, thehill.com, yourfundingtree.com

“When you know, you know”. That’s what they say. But not everyone has a “say yes to the dress” moment (or in this case a “say yes to the house” moment) when they are shopping. Some people are more analytical and are not willing to make a big purchase with just a gut feeling. And let’s face it, buying a house is probably the biggest purchase you’re going to make, so it’s important that you know you have the right one. So, how do you know? Well, here are some signs that you have found the right home for you:

• When you enter the home, does it feel like you’ve been embraced in a great big hug? An immediate sense of comfort and safety is a good sign that this might be the right house for you. You may not know for sure until you have completely explored the house to make sure it checks most of the boxes on your “wants and needs” list, but feeling a good vibe when you first walk in is definitely a positive sign!
   
• When you’re walking through the home, do you feel insulted if the Realtor points out flaws in it? This is also a good sign that this might be the home for you. It shows that you already feel possessive about the home…as if it’s already yours. You are willing to overlook the flaws to see the bigger picture. Feeling connected to a home when you haven’t even bought it yet is another sign that it is the right one! Homebuyers: It's Ok to Overlook These 8 Flaws
  
• Does the home fulfill your basic needs? You likely have decided what it is you want in a house and what it is you need. If needs aren’t met, that is usually a deal breaker. So, if a house meets your needs; has the right amount of bedrooms and bathrooms, the layout you want, the neighborhood you want etc., and it also “feels” right, then it probably is right. Even if it’s missing some of your “wants”, they can be added later.
   
• If the first thing you want to do after looking at a house is to text photos of it to your friends and family, chances are you’ve found the one. When you are excited about something, you want to share it! Whether you’ve been looking for months, or it’s the first house you see…that urge to share is a sign that it’s a true gem.
   
• When you decide to stop looking at houses, that a sure sign that you’ve found your home. If you think you’ve found the house you want, but you still want to keep looking - “just in case”, then chances are you are settling and haven’t truly found the right home.  But when you can confidently say, “this is it and I don’t want to look at any more houses”, you have found your home sweet home!
  

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs!  Call them today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com/ for more info!

Photo Credits: parenting-blog.net, financialavenue.org, smartasset.com

Under normal circumstances, spring is the busiest season for residential real estate with many people choosing to list their houses.  Spring of last year was far from “normal” and we’re not quite there this year either. We do know more people are looking to buy homes right now than there are homes available for sale; making this spring a prime time to put your house on the market.

Let’s look at what it means for you if you are thinking about selling your house.

Housing inventory declined 39.6% on a national level in 2020, making it the lowest housing inventory year on record, according to Realtor.com. In addition to the record low inventory, there has been a boom in buyer demand, thus creating a situation where home prices continue to rise.

With so few homes available for sale, buyers will be sure to notice when you put your home on the market.  And it is such a competitive market, that it is more likely you will find yourself getting multiple offers for your home. Per the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. That alone should make the idea of putting your home on the market very enticing!

This seller’s market gives you a HUGE advantage!

Another advantage of selling now is that when you get that great price for your house, you can use your equity toward a down payment on a new home.

But where will you go to buy a house if there are so few available?

Because there is so much demand for housing, homeowners are not sure what to do. While a house in good condition can get top dollar and sell quickly, there is a fear that once they sell, there might not be another house available in this market that they can afford.

Options for Home Buyers

There are options out there for people ready to sell and buy a new home. One thing to think about is new construction. When the supply of new homes for sale is below 6.5 months (how long it will take to sell existing inventory), builders take advantage of the opportunity and build more homes.  In December, the supply of new homes was 3.3 months. With such a low supply, builders are excited to start building to fulfill the needs of home buyers.

If you are looking to move up to a bigger or more luxurious home, you will find that there are more available at the higher end of the market, so now is a great time to find your dream “move-up” home! Or perhaps you are an empty nester near retirement and you are ready to downsize to a smaller, one level home and a 55+ community is the right move for you.  Selling now means getting top price for your house and the profit you make can get you into the right home that fulfills your needs and desires.

Another thing to think about if you’re on the fence about selling your home is forbearance. If you have benefited from not having to make full (or any) mortgage payments over the past year, it may be time to get out now!  This administration could retract forbearance at any time, thus helping supply; but higher payments or balloon payments could be on the horizon since forbearance is not forgiveness.

Whether you passed on selling your house last year due to the pandemic, or you just recently started thinking about selling, with inventory so low, it’s time to act now!

Getting your house on the market and ready to sell may seem like a big task, but  Sandra Nickel and her Hat Team of Professionals are ready and waiting to assist you with every step of the house selling process. Give them a call today at 334-834-1500!

Montgomery is a spectacular city! Its warm, Southern hospitality, high quality of life, and low cost of living make it an ideal place to work and live. While it is a mid-sized city, it has a small-town feel, giving you the best of both worlds!

You will find everything you want from a big city in Midtown Montgomery; from world-class arts and theater, to excellent health care facilities, to a bustling restaurant and retail area, and while every city has its own unique history, Montgomery is home to some of the most memorable events in American history. There are many family-friendly museums, monuments, and historical sites that celebrate African American history. One particular street is said by locals to be one of the most historic in America!  At one end of Dexter Ave., you will find a large fountain, at another the Alabama State Capitol, and in between, is the Dexter Avenue King Memorial Baptist Church, where Dr. Martin Luther King, Jr. served as pastor in the late 1950s.  This street is also where Rosa Parks refused to give up her seat on the bus. Montgomery is the city where the modern civil rights movement took off, and its rich history makes it an interesting and inspiring place to live.

Midtown Montgomery is home to approximately 193,000 residents. It includes established neighborhoods with charming, historic homes, the city’s two largest business parks, Baptist Hospital, two of the largest private schools in Montgomery: Montgomery Academy (enrollment 858) and Trinity Presbyterian School (enrollment 980), Huntingdon College (enrollment 1,000) and Alabama State University (enrollment 5,600). Midtown Montgomery is convenient to Interstate 85 and Vaughn Road, two highly traveled Montgomery thoroughfares between east Montgomery and downtown. 

If you are a foodie, Montgomery will not disappoint! The people here love their food so much, the Minor League Baseball team is named, wait for it…the Montgomery Biscuits! And living in Midtown provides convenient access to some of the best restaurants in town. There are no shortage of delectable dining experiences in and around Midtown. Cahawba House, a cozy breakfast/lunch spot known for its biscuits, Derk's Filet and Vine, a restaurant and market all in one, and Bibb Street Pizza Company are just a few of the many casual dining options. For fine dining, head to the downtown entertainment district to try Central, a locally owned, and regionally sourced fine dining establishment.

One of the best things about Midtown Montgomery are the neighborhoods. Beautiful, historic homes from Bungalow and Cottage style architecture, to Craftsman style, Tudor and Neoclassical Revivals, sit among mature trees and exquisite gardens; some of them walk-in ready and others a fixer-uppers dream.

Find more information about Midtown Montgomery neighborhoods HERE.

Learn more about life in Midtown HERE.

If you are interested in purchasing a historic home in Montgomery, Sandra Nickel and her Hat Team are the Real Estate Professionals for you!  Sandra and her team are experts when it comes to finding the perfect quaint cottage, bungalow, or mansion in historic Montgomery neighborhoods for their clients. Give them a call today at 334-834-1500 or send them an email HERE and before you know it, you will be living the dream in Midtown Montgomery!

Photo credits: ulc.org, newsweek.com, wtvy.com, watchtheyard.com, central129coosa.com, homesforsalemontgomeryalabama.com

The global pandemic set the world into a tailspin, and one result was that the US economy suffered its largest blow since the Great Depression in the second quarter.  It has been about a year since the housing market was on hold for a few months due to the pandemic last spring, and back then it appeared that the real estate market would go into a steep decline because of widespread stay-home orders. But that has not been the case. Instead, the US housing market has been kept afloat by homebuyers. It turns out that residential real estate has been very resilient. In fact, 2020 was a record-breaking year for the US housing market. And as we enter 2021, housing prices are not falling.

“The typical U.S. home was worth $266,104 in December, up 8.4% (or $20,587) from a year ago. A total of 5.64 million homes were sold in 2020, up 5.6% from 2019 and the most since before the Great Recession, according to Lawrence Yun, NAR’s chief economist. Sales also rose 0.7% from November and 22.2% year over year. Existing home sales reached the highest level in 13 years.”

Just over a month into 2021, the housing market is still super-competitive for homebuyers. The number of active homebuyers is far greater than the number of homes available for sale, and as a result it seems unlikely that the current pace of home price growth will not change anytime soon. Per Realtor.com market data for the week ending February 6, 2021, the median listing prices grew at 12.9% over last year, making it the 26^th consecutive week of double-digit price appreciation.

HOUSING PRICE FORECAST 2021: STEADY APPRECIATION

Right now, across the nation, homes are selling quickly and the number of homes available for sale continue to fall lower and lower. With homebuyers competing for homes, prices will continue to rise. In fact, per economists and market watchers, home values are growing faster than they have in a generation; and there is no sign of them slowing down.

WHY ARE SO MANY PEOPLE BUYING HOMES DURING A PANDEMIC?

With stay-at-home orders, there was a huge rise in remote work which, in turn, created a suburban boom, with an outbound migration from cities. A lack of developed land means that home builders may not be able to meet rising demand, leading home prices to continue to rise in 2021. While some urban cities still lack the supply of homes demanded by buyers in those areas, the pandemic has generated a desire for houses with more space; both indoors and out. Combined with historically low interest rates, you see prices rising greatly from urban-to-suburban markets.

Right now, it does not look like price growth is going to slow.  Per Economic Research, predictions are that annual home value growth will rise as high as 13.5% by mid-2021, and the year will finish with approximately 6.9 million sales, the most since 2005.

Another reason there are so many homebuyers in the market now is due to the March to July period from 2020, when a huge portion of the country was on total lockdown. That is normally busy time for residential real estate, and many people who had planned to buy last year are now looking to buy this year. So, it is supply and demand. Low supply + huge demand = rising prices!

WHAT DOES THIS MEAN FOR YOU?

If you have been thinking about selling your home, now is a great time to do it! 

Sandra Nickel and her Hat Team of Professionals will help you get your house on the market and sold for the best possible price!  Call them at 334-834-1500 or contact them via email HERE. There has never been a better time to sell your home!

Whether you are getting your home ready to sell or just want a fresh new look, the following do-it-yourself projects will make a big difference without breaking the bank.

1. Spruce up the kitchen

Replacing appliances, cabinetry and countertops is expensive but you can update your kitchen without these costly changes. Update your kitchen by changing out hardware, painting or staining cabinet doors and drawer fronts, replacing outdated light fixtures, or installing a new backsplash.

2. Update the bathrooms

The same is true for your bathrooms. Inexpensive changes can have a big impact. Instead of replacing cabinets, paint the door fronts. Instead of replacing the toilet, replace the toilet seat. Deep clean your flooring and bleach or re-grout the tile if needed. Add a fresh coat of paint and replace old worn out towels with pretty new ones.

3. Paint the walls

A $50 gallon of paint goes a long way when updating your home. Well-loved homes take a beating from kids and pets. Covering up scrapes and scratch marks on walls and woodwork will make your room feel brand new. Add an accent wall for a totally new look.

4. De-clutter

A well-organized home does wonders not only for the esthetics of your home but also your mental attitude. Consider having a yard sale for unwanted items or donating them to the charity of your choice. If you haven’t used it in a year, it’s probably time to get rid of it.

5. Let the light shine

Let the light shine in by cleaning light fixtures and windows. Glass globes and windows should sparkle inside and out letting the sun shine in.

6. Freshen the floors

Renting a carpet cleaner from your local grocery store is a cost effective way to freshen up carpeting. And applying scratch remover to wood floors will make them look new again.

Most of the above improvements can be done in a weekend and don’t require a professional to get the job done. Simply put on your DIY hat to give your home a fresh new look.

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com/ for more info!

With new trends endlessly popping up, it can be challenging to decide what home improvement projects are worth your time and money.  It will serve you well to research what trends are timeless and what trends have gone by the wayside before investing in updating your home, especially if you are getting ready to put it on the market.  To simplify that process for you, here is a list of the hottest home improvement projects for 2021!

1. Swimming Pools.  In the past, swimming pools have not been the most desirable features for potential buyers. However, 2020 changed things. They have become a hot ticket item now that more people are staying home and are looking for ways to stay busy without having to go anywhere. Pool companies can hardly keep up with the demand, and even inflatable kiddie pools have sold out everywhere. Investing in something that can provide a “staycation” in your own back yard is a good idea in 2021!
    
2. Smart homes. With the ever-increasing intelligence of technology, there has been a recent surge in smart home popularity. People enjoy the efficiency of controlling lights, air conditioning systems and home security with the touch of a button on their mobile device.  Best Smart Home Devices for 2021
    
3. Quartz.  It looks like quartz is a trend that is here to stay, and for good reasons. Quartz countertops stand the test of time, look fabulous and are easy to maintain. Quartz countertops show well and can impress potential buyers. 
    
4. Outdoor Entertaining Spaces. The past year has brought with it a huge demand for upgrading outdoor spaces for homeowners. Consider adding a patio, deck, pergola or enclosed porch to create an inviting space to spend time outdoors while at home. Ten Outdoor Living Trends for 2021
    
5. Dedicated Home Office. With more people working and taking classes from home, it’s no longer convenient to just set up office at the kitchen table.  A designated work space is not only needed, but is a desirable feature for potential homebuyers.
    
6. Closed Floor Plans. Open floor plans have been all the rage for many years, but again, 2020 changed things. With so many people both working and doing school at home, private spaces are needed. So, if you are planning a renovation this year, you may want to consider adding doors and walls to create separate spaces.

These are just a few home improvement trends that can make your home more desirable to homebuyers this year!

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs!  Call them today at 334-834-1500!

Photo Credit: hgtv.com

The hustle and bustle of the holidays are over and a new season has begun…tax season. It is never too early to start preparing to complete your 2020 tax return. Here is a list of things you can do this month to make tax time a little less stressful:

1. Contribute to retirement accounts.  If you haven’t funded your retirement account for 2020 yet, now is the time to do it. For a traditional or ROTH IRA the deadline to do so is April 15, 2021.  For a Keogh or SEP you can get an extension to October 15, 2021.  But if you want to start compounding tax free interest as quickly as possible, make those contributions now!
    
2. Make a last-minute estimated tax payment.  If you didn’t pay the IRS enough money throughout the year, you may have a hefty tax bill coming your way. You might owe some interest and penalties as well.  If you make an estimated payment by January 15, you can avoid a penalty for the fourth quarter and save money. Try not to pay too much though. It’s better to owe a little money than to get a refund. The IRS doesn’t pay you any interest on money they are borrowing from you.
    
3. Organize your records.  Yes!  Do it now!  Good organization may not change the amount of money you have to pay, but it will certainly make the process of filing your taxes easier. Prepare a tax checklist to get all your ducks in a row. Have a tax folder or binder in which you keep all documents and receipts. Taking the time to get organized now will save you time and energy when it is time to file your taxes.
    
4. Find the right tax forms.  You can view and download tax forms on the Internal Revenue Service web site or you can have them mailed to you. The IRS can also provide you with a private web site that lists state government sites where you can pick up state forms and publications. 
    
5. Itemize your tax deductions. While it may be easier to take the standard deduction, you may save money if you itemize. Especially if you are self-employed, own a home, or live in a high tax area. It is worth the time and effort when you see how much money you can save. Itemized Deductions: A Beginner's Guide
    
6. Decide if you need help.  Avoid the panic of last minute calls to accountants by preparing in January. You will have plenty of time to determine if you are going to need help completing your taxes and won’t be scrambling for assistance as the deadline looms.

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500!

Photo Credit: cogneesol.com

Whether you enjoy cooking or not, it is easy to get overwhelmed with all the various tools, appliances and contraptions that collect on your kitchen counters and in your cabinets. The truth is, you probably do not need much of what you have collected over time.  Here is a list of seven kitchen essentials that every kitchen needs:

• Chef’s Knife - One knife that features a straight blade capable of cutting everything from meat to vegetables to cheese is a must have for every cook. Look for a knife that is light-weight and durable with a slip resistant handle. With the right knife, slicing and dicing will be comfortable and safe. Top 5 Chef's Knives of 2020
   
• Cutting Board - Look for a quality carving board that can be used for cutting meats and poultry. Professional chefs most often recommend plastic cutting boards because they are durable and will last a long time. In addition, they can be washed easily by hand and are dishwasher safe. However, they can be harder on knives than wood or bamboo. 13 Best Cutting Boards 2020
   
• Peeler - If you cook with a lot of fresh veggies, a good peeler is a must! This prep tool should be sharp and easy to maneuver. Look for one that has a comfortable handle. The Top 5 Vegetable Peelers to Make Your Life Easier
   
• Measuring Cups & Spoons - When you are following a recipe, you will want precise measurements. That means you will want a nice set of measuring cups and spoons. Look for them in stainless steel with riveted handles for a better grip. The Best Measuring Cups for 2020
   
• Stand Mixer - While pricy, a quality stand mixer just might be your best friend in the kitchen! You can prepare just about anything with this powerful appliance that can tackle any job from kneading dough to whipping cream. 10 Best Stand Mixers for 2020
   
• Baking Sheet - The right baking sheet can make all the difference in how your baked goods turn out. Find a sheet that can cook everything from cookies to fries to vegetables. Remember that there is a difference between cookie sheets and baking sheets.  A quality baking sheet will cook evenly and give you great results! The Best Baking Sheet for 2020
   
• Skillets - Skillets are very versatile and can be used to prepare a plethora of recipes. Since you will likely be using a skillet frequently, it will pay off to invest in a top-of-the-line option. You will want one that provides even heat distribution and excellent heat retention. The 9 Best Skillets of 2020

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs!  Call them today at 334-834-1500!

Photo Credit: wisecredit.com

Zeta, the 27^th storm of the Atlantic hurricane season, wreaked havoc in our neck of the woods, and hopefully your home survived with no apparent damage. But it is still important that you take the time to carefully look at your house and examine it for damage such as missing shingles or vents plugged by wind-blown debris.  Here is a list of things you should do to complete a post-hurricane home inspection:

1. Check your roof for visible damage. Look carefully at valleys where the roof planes intersect and check anything that comes up through the roof, such as vent stacks. Roof Inspection Tips
2. View your dryer vent outlet.  Use a flashlight to see if it is clogged with debris from the storm. Remove any debris that you find.
3. Inspect furnace vents that run directly through the wall.  Look for damage and clogs, especially bits of shattered leaves hurled into it by hurricane force winds.
4. Check gutters and downspouts. They can come loose if a strong wind catches them.  This can result in them eventually swinging loose and doing some real damage. Clean them out if they are clogged.
5. Examine your air conditioning unit for damage.  Before you turn your unit on you want to be sure that nothing is damaged. 
6. Look at your home’s electrical service entrance.  If it is sagging or leaning, contact an electrician immediately.
7. Make sure your fence is still standing.  Take a walk around the perimeter of your fence and push it to check for storm-weakened sections. 
8. Observe any large trees you have on your property. You may want to consider having them removed if they are a possible threat to your home in future storms.

When examining your home after a hurricane or storm, document and take photos of any damage that you find. This will make the insurance claims process much easier. How to File an Insurance Claim After a Natural Disaster

If you are in the market to buy or sell a home, let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs!  Call them today at 334-834-1500!

Photo Credit: insurancejournal.com