Real Estate Market

Midtown Montgomery Market Trends

A Guide to Homeowner's Insurance


Becoming a homeowner for the first time can seem like a daunting task. There are so many details and many first-time homebuyers don’t know all the ins and outs of homeownership. It’s important to educate yourself and be prepared for what’s to come.  One aspect of being a homeowner is paying homeowner’s insurance. 

To understand how you pay for homeowner’s insurance, you need to understand your monthly mortgage payment and how it breaks down.  There are four parts to you mortgage payment: PITI. This stands for principal, interest, taxes and insurance.  The insurance part of your payment can vary depending upon your loan type.  There are some insurances that are required when you obtain a mortgage, and others that are not.  It’s up to you to decide what you need and to do so, you need to understand what they cover.

Mortgage insurance (MI) will usually be required if you are putting down less that 20% on your home purchase.  But not all loans require MI.  For example, a VA loan does not require the borrower to pay MI. It is replaced by an upfront VA funding fee. Even if you are required to purchase MI, once you have 20% equity in your home, it can be dropped. A Closer Look at the VA Funding Fee

Homeowners insurance is another requirement of getting a mortgage loan.  This is the insurance that protects your home in the event of fire, theft, or damage.  Depending on the insurance you choose, you may be covered for things like stolen jewelry and stolen or damaged electronics and/or furniture.  You must be able to provide proof of insurance to your lender before closing on your home.  This insurance not only protects you as the homeowner, but it also protects the lender in case of foreclosure or in the event of a disaster.  It is common for the lender to require you have at least enough insurance to cover the cost of rebuilding the home.

Another requirement is that you purchase title insurance. This insurance protects you by providing proof of legal ownership should someone else try to claim ownership of the property.  Should a title dispute arise resulting from a sale, the title insurance may be responsible for paying specific legal damages, depending on the policy you have. Title Insurance

There are additional insurances that are not required by your lender, but you may want to consider them for more protection.  Personal property insurance may cover personal belongings that your homeowner’s insurance does not cover, like art, collectibles, and firearms.  A home warranty is not insurance, but does offer further protection should something break. For example, you might want a home warranty for your HVAC system to cover the cost of service should it need repairs.  Purchasing additional insurance or a home warranty is a personal choice. You can talk to your mortgage banker and insurance agent regarding your options.

If you are thinking about selling your home this autumn, let Sandra Nickel and her Hat Team of Professionals assist you with getting it on the market and sold for the best possible price!  Call them today at 334-834-1500!

Photo Credit: aisinsurance.com

Rethinking Recycling

Recycling is essential to keeping our neighborhoods clean, but it's easy to get mixed up on what goes in which bin. As regulations have changed, it's time to rethink recycling! Here's a quick and easy guide to what you should recycle and what you should dispose of in a specialized manner. 

At-home trashcan...
 

  • Styrofoam
  • Window glass
  • Mirrors
  • To-go coffee cups or take out containers
  • Napkins and paper towels
  • Baby diapers

 At-home recycling bin...

  • Cardboard such as newspapers, paper, magazines
  • Glass bottles and jars that have been cleaned for food waste or residue
  • Plastic containers such as milk, ice cream, margarine, and yogurt containers that have been cleaned for food waste or residue
  • Aluminum such as soft drink cans, foil trails, and steel cans
  • Shredded paper ... Due to its fine nature, shredded paper can clog machines at a recycling plant which makes it difficult to recycle; keep it bagged separately
  • Plastic bags and soft plastics (bread bags or chocolate wrappers) These can be taken to most grocery stores 

For all items mentioned above, be sure to actively check for the recycle symbol. While the general rule of thumb says that these items are recyclable, there is always the exception. You don't want to contaminate the recycling process!

A specialized recycling center...

  • CFL bulbs that you purchased at Home Depot, IKEA, etc.
  • Ink cartridges
  • Batteries
  • Electronic waste (TVs, computers, cellphones, tablets, hairdryers)
  • Anything that can get tangled (wires, cords, chains, headphones, Christmas lights)
  • Propane cylinders (See if you can return to the original place of purchase!)

For any specialized item, be sure to look up the proper disposal method in your specific area. For example, some Staples and Best Buys accept wires, cords, and other electronic items for recycling. Additionally, in general, every municipality has different regulations, so it's always helpful to go through the process of learning yours whenever you relocate! Do it once and you'll be good to go.

If you are thinking about selling your home this autumn, let Sandra Nickel and her Hat Team of Professionals assist you with getting it on the market and sold for the best possible price!  Call them today at 334-834-1500!

Midtown Montgomery Market Update

A+ Reasons to Hire a Real Estate Pro

  • Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make.
  • A real estate professional has the experience to help you confidently navigate through the entire process.
  • Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.

From the KCM Crew for Sellers

Midtown Montgomery Market Update

Midtown Montgomery real estate sales statistics for August 2019 show the number of homes sold rose by 28.6% when compared to August 2018.  The average sales price decreased by 20.8%, and the median sales price increased by 14.1%. Market times increased by 13 days.

Midtown Montgomery Aug 2019   Aug 2018
Homes Sold 45 35
Average Selling Price $137,771 $173,962
Median Selling Price $113,500 $99,500
Days On The Market 117 104
Highest Selling Price $470,000 $850,000
Lowest Selling Price $4,500 $12,000


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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