Real Estate Information Archive

Whether you are selling a home or buying one, you are going to want to know the value of the home so that you can determine selling price or if the sale price is appropriate. But what you may not be aware of is that there are 3 different types of home values. It may be confusing to you when trying to determine what the true value of the home is. Let us break it down for you so that you will understand the 3 types of home values and what they mean.

1. ASSESSED VALUE

The assessed value is the assigned dollar value of your home used by local tax assessors to determine property taxes. Tax assessors calculate assessed value based on various factors, which may include the appraised value and the fair market value, as well as any home improvements, whether you generate income from the property, and any tax exemptions. The assessor will give you a figure that is commonly a percentage of what they perceive the value to be. Because property taxes are based upon assessed value, ideally, this figure will be lower. It should be close to your actual market value, but frequently it is not.

2. APPRAISED VALUE

When you are refinancing or purchasing a house, an appraiser will be hired to determine the value of the house in question. They will use the same process that real estate professionals use to determine the fair market value. A licensed appraiser will consider the location, size, and condition of the home along with any renovations that have been completed. They will walk through the home and compare it to others with similar amenities and improvements in the area that have sold. Most appraisals will include a construction or replacement cost that is used for insurance purposes.

3. FAIR MARKET VALUE

Fair market value is what a home is worth based on the current market climate. It encompasses how a home looks to prospective buyers compared to other homes in the area. It takes into consideration the sale prices of homes that are similar (same number of bedrooms, square footage etc.) A real estate agent will start by looking at “comps” to figure out what buyers have been willing to pay for properties comparable to yours. Other things that help determine fair market value are whether it is a seller’s or buyer’s market and how much inventory is available.

Because these different types of values can be subjective, it is vital to make sure you are looking at a comprehensive overview when trying to determine the value of the home you are selling or buying. An experienced Realtor like Sandra Nickel can assist you with this process by providing a comparative market analysis.

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

Photo Credits: mashvisor.com, corporatefinanceinstitute.com, mashvisor.com, realestatelawblog.com

3817 Lockwood Lane, Montgomery, AL  36111

MLS# 510110

4 Bedrooms / 4 Full and 1 Half Bathrooms / 4,050 SqFt / Lockwood

Reminiscent of a stately English Manor house, this Frank Lockwood inspired executive home exudes style and character. Grand foyer invites you inside and immediately takes your focus to the gracefully curved main staircase. Built for entertaining, the main floor living spaces flow effortlessly from formal living room, through butler’s pantry/bar area, elegant formal dining room, and open kitchen and den/keeping room. And the cook’s dream kitchen is not lacking in space or amenities like Viking appliances and imported Italian marble. First floor master suite is spacious and stunning and has access through walk-in closet to large laundry room. Master bath has built-in towel warmer and heated floors for cozy comfort year 'round. Second floor features three more bedroom suites, all with private baths, and a second laundry room for convenience. Don’t miss the study/office tucked away off the living room and dining room, and the cozy courtyard off the formal living room. Outdoor living is easy on the large walled courtyard with fountain off the kitchen/keeping room area. Over the two-car garage is a roughly 1500 square foot heated and cooled unfinished area that is studded for an additional bathroom, perfect for another private master suite, home theatre, gym, or simply climate-controlled storage. Situated at the back of a private gated neighborhood with 24-hour manned security and access to community pool, exercise facility, and tennis courts. Quality custom construction, solid wood doors, top-end gas log fireplaces, and antique Italian marble pedestal sink in powder room are just a few of the benefits this wonderful home offers.

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

2308 Palmetto Street, Montgomery, AL  36107

MLS# 509873

2 Bedrooms / 1 Bathroom / 1,176 square feet / Highland Park

Grab this darling renovation with all the nifty old house features intact! Lots of trim, high ceilings and plenty of space for large furniture. One functional and two decorative fireplaces. Built-in China cabinets in dining room and kitchen. Detached garage holds one car plus huge storage area. Covered front and back porches invite relaxed outdoor living. Kiss your landlord Goodbye!!

Marketed by Montgomery AL Realtor, Sandra Nickel Hat Team!

334 3^rd Street, Montgomery, AL  36110

MLS# 509768

3 Bedrooms / 1 Bathroom / 1,135 square feet / Boylston 

Great opportunity for an investment property or as a home! Several delightful updates in the home have been made in 2021 including a new HVAC, NEW ROOF, NEW INTERIOR FLOORING AND PAINT. Location is close to Maxwell, Gunter, Wetumpka, and I-65.

Marketed by Montgomery AL Realtor, Brennan Parker, Sandra Nickel Hat Team!

3591 Bankhead Avenue, Montgomery, AL  36111

MLS# 508078

4 Bedrooms | 3 Full Baths | 3,162 square feet | Edgewood

This stunning split-level masterpiece was designed by noted architect Betty Robinson specifically for the Marks family. This Midtown Montgomery home’s exterior is planed cypress and the grounds flourish with mature trees and heirloom shrubs. Entertain in grand style on the main level consisting of an expansive living room bathed in light by two story windows and featuring a real wood-burning masonry fireplace. Dinner parties will be extra special in the dining room overlooking the rear patio and spacious rear lawn. Upper level contains master bedroom and bath, plus two more guest bedrooms and a recently updated guest/hall bath. Balcony off master and front guest bedroom offers sweeping views of the property and is the perfect spot for morning coffee or a nightcap. Lower level has den/family room with decorative fireplace, built in bookshelves, and another large guest bedroom/bath. This two-owner home has been lovingly maintained and thoughtfully updated over the years and awaits a new family to continue memory-making and living at its best!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

If you are thinking about selling your house this year, now is the time to start preparing to put it on the market. While cleaning it up, doing small renovations and making it look as enticing as possible are all very important steps, there is a lot more you need to know to successfully sell your home for the best possible price.

Don’t sabotage your home sale by neglecting to do the following:

• Finding an experienced professional Realtor.  Selling a home can be a stressful, complicated process. It will pay off to have a professional Realtor like Sandra Nickel on your side. Take advantage of her extensive expertise and market knowledge and get the best possible price for you home!
  
• Pricing your home right. If you overprice your home, it might sit on the market for months and become a stale listing. Most buyers will have Realtors who will keep them from bidding on a home that has an inflated price that is more than what it will likely appraise for.  And even if a buyer is willing to pay the high price, the mortgage company will send an appraiser and put an end to the deal. So, unless your buyer is paying with cash, they will not be able to obtain a mortgage for the inflated price. Let your Realtor assist you in pricing your home right!
   
• Making necessary repairs prior to sale. Potential buyers are going to be turned off if your home looks like it has not been taken care of. In addition, they will probably wonder what else is wrong that they can’t see. By making necessary repairs and presenting your home at its best, you will more likely sell faster and for a better price.
   
• Sprucing up your landscaping. The outside of your home is the first thing potential buyers see and it is vital that it makes a good impression. If your flower beds are full of weeds, the grass hasn’t been well maintained, and there is debris in the yard, buyers might not want to even go inside to see the house. It is not necessary to do anything fancy…simply clean up the yard, plant some pretty flowers and make it appealing so buyers will want to see more.
  
• Taking your personal feelings out of the negotiation process. Allow your Realtor to guide you through the negotiation process.  Remember that it is not a competition. You want to sell; the buyer wants to buy. Leave your emotions at home and don’t let the closing fall apart over some small issue.

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

Photo credits: blog.rismedia.com, activerain.com, gocleanr.com

If you are preparing to list your house for sale, you may be wondering if the financial reward will be worth the time, effort and money to fix up things that are in disrepair or that are dated.  The answer to that question depends on a myriad of circumstances such as the current real estate market, the condition of competing inventory and whether the renovations that need to be made generally provide a return on investment.

Some home buyers are looking to purchase a “fixer upper”. They are looking for properties priced to sell, perhaps because they don’t qualify for more expensive homes or maybe because they want to make a profit by fixing the home up themselves. Most fixer buyers want to do simple repairs such as painting walls, replacing light fixtures and putting in new carpet. Only a few want to take a house down to the studs and completely redo it. These potential buyers will want a price for the home that will allow for all the repairs, the inconvenience of doing the work, and often a bit more. For example, if a home is worth $200,000 fixed up but needs a new roof, and the roof costs approximately $10,000, a buyer most likely will not offer $190,000 for this home. The reason is that they can probably find a similar house that already has a new roof for $200,000 and save themselves the headache of replacing it themselves. A buyer in this situation might offer $175,000 or less, in which case it would make more sense for the seller to replace the roof and sell it for $200,000.

It is important to note that there are also many buyers looking for “turn-key” homes. They fear having to make major repairs because they might be costlier than anticipated or other problems might be revealed. Even if the price is right, homes listed for sale in “as is” condition might not attract as many buyers.

However, before doing major renovations, there are many things to consider. 

Smart sellers will research what their home’s market value will be once improvements are made and compare it to the cost of the renovations. If an upgrade will not provide return on the investment, it probably does not make sense to do it.  Knowing the condition of your competition is helpful. For example, if other homes for sale in your neighborhood all have modern kitchens, it might make sense to update yours. This does not mean you should tear it down and start from scratch. Often a minor kitchen remodel will suffice. Also, keep in mind that kitchen and bathroom remodels are known to bring the best return on investment.

Start by making a list of the things in your home that are dated or in disrepair and then prioritize.

Here is a list of 10 minimum improvements to make before putting your house on the market:

• Patch all holes and cracks in walls and ceilings.
• Fix all appliances and HVAC systems.
• Repair leaky faucets.
• Replace worn carpeting.
• Repaint dark or marred walls in neutral colors (not white).
• Replace broken windows.
• Repair the roof.
• Change dated light fixtures/ceiling fans.
• Replace old linens/window coverings.
• Fix any code violations.

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

Photo credits: youtube.com, hookedonhouses.net, smartasset.com

Owning a home is likely the largest financial investment many will make, so whether you are buying or selling a home, it is important to think about resale value. With a little research, you will find that there are some things that will get you a great return on investment and there are others that will not.

When selling your home, you may want to make some improvements that will make it more appealing to buyers, ensuring a more profitable sale. But it is when you are searching for a home to buy that you can consider options that will give you desirable resale value in the future. Here are 5 surprising things that will raise your home’s value:

1. LOTS OF TREES – While a brand-new house in a recently established community has it’s perks, what it often lacks is a proximity to mature trees. Large, well-rooted trees found in older neighborhoods, not only make for a lovely landscape, they also provide shade. They add beauty and they save energy, while also increasing your home value.
    
2. GOOD SCHOOL SYSTEM – It may not seem so unexpected that a home in a good school district would have increased value. But sometimes people who do not have children do not think about this. Even you if you never intend to have children, you should keep in mind that many buyers will be highly motivated to purchase a home based on the quality of the area’s school system. For the purpose of resale value, it would be smart to invest in a home in an area with desirable schools.
   
3. SHOPPING NEARBY – People like convenience, so if a house is in close proximity to a shopping area with a supermarket, it will likely increase its value. This is especially true if it is close to higher-end stores like Trader Joe’s or Whole Foods. Per Zillow, homes near these grocery stores may appreciate in value up to 40% more quickly than other homes.
   
4. OUTDOOR RECREATION AREAS – Living close to a park, walking trails, or other recreation areas can increase your home’s value. Things like dog parks, tennis courts, golf courses, and playgrounds are appealing to people who enjoy staying active. They will be willing to spend a little more to live close to areas where they can enjoy outdoor activities.
   
5. SEPARATE LIVING SPACE – Whether you have a mother-in-law suite, an apartment, or a carriage house, having a separate living space will add to the value of your home. Unlike the other items listed here, this is something you can add to a home after moving in. But while looking for a home, you may want to keep an eye out for one that already has one.  Not only will it boost resale value, but it will give you the opportunity to earn rental income (depending upon the laws in your area) while living in the house.

When buying a home it is important to find a place that feels right for you, but unless you plan to stay there forever, it will benefit you to think about resale value as well!

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

Photo Credits: homesforsaleinmontgomeryalabama.com, visitingmontgomery.com, riverregiontrails.org, homelight.com

Your house is on the market and the holiday season is here. Just because you are trying to sell your house does not mean you cannot still make it feel like home. Especially this time of year. And let’s face it, unless you are a Scrooge, twinkle lights and holiday décor make a home feel more inviting and cheerful than ever. But, when making your home festive for the season, it is important to remember that buyers need to be able to picture the home as their own. Overdoing it could keep buyers away and hurt your chances of selling.

Here are some tips for staging your house for the holidays:

• Depersonalize your decorations. It is hard for people to picture a home as their own if they see your personal life prominently featured in your décor. Avoid things like ornaments your kids made in pre-school, stockings with names on them, photo Christmas cards and pictures of your kids with Santa. Keep it simple. Think of it like makeup…you want to enhance the features of your home, not overwhelm them.
  
• Stand out by not standing out. What does your neighborhood look like during the holidays?  If everyone goes all out with exterior lights and trimmings, then you do not want to be the only house on the block that’s dark at night. But if people use more subtle decorations outside, follow their lead.  Less is more when it comes to staging your house for buyers.

Still confused about how to decorate to most appeal to buyers?  Here are some more dos and don’ts:

• Say no to the “kitsch”! Big inflatables, reindeer on the roof and tons of lights might be fun to look at, but it also might keep potential buyers from wanting to see the inside of the house.  Keep it classy to entice buyers.
  
• Classic décor is always best. An elegant wreath and simple white lights are warm and welcoming without being overwhelming.
   
• Consider skipping the tree. Unless you have high ceilings you want to show off, you may want to skip the tree this year. If a tree is too big it can make a room feel cramped and small. If a tree is too tiny, it can seem sad and depressing. Also, needles from live trees can be challenging to keep up with when you must keep your house neat and tidy for showings.
   
• Scents over scenes. There’s nothing more alluring than holiday scents. The smells of fresh baked cookies and cinnamon sticks simmering on the stove create a warm ambiance that makes people feel at home.
   
• Protect your presents. You may not want to have presents under the tree when strangers will be walking through your house, especially if your Realtor is holding an open house. The last thing you want to discover Christmas morning is that someone walked away with one or more of your gifts.

The bottom line is, don’t be afraid to decorate and enjoy the holiday season in your home even if it’s on the market and being shown. Just remember to keep it simple and enticing to potential buyers.

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: grovecitysummit.com, pinterest, journal.gomillie.com

If you are planning to put your house on the market in 2022, there is no time like the present to start getting organized for the process of staging, showing and moving out of your home.

Begin now by following the tips listed below and you won’t feel so overwhelmed when it’s time for that first open house!

• Eliminate piles before you sell. Some of us suffer from what I like to call “flat surface syndrome”. If there is a flat surface, it is covered with “stuff”. Now is the time to eliminate any of the “stuff” cluttering the horizontal surfaces of your home. Things like mail, magazines, and other odds and ends that are piled on your tables, desks and shelves should be removed. Keeping these spaces clear allows potential buyers to see the space without distractions.
   
• Clean out storage areas. If your closets, bookcases, pantry, and other storage areas are overstuffed, this is a red flag for potential buyers that screams, “not enough storage!”. Keeping a minimum number of items in your house will leave the impression that there is a generous amount of storage in your home.
  
• Get rid of excess. Eliminate or pack up any surplus items you won’t need before your move. For example, only keep enough dishes, towels, sheets, toys etc. that you will use during the time your house is for sale. Why have ten sets of sheets crowding your linen closet when you only need one or two?
   
• Remove seldom used items. Pack away things that you don’t use very often, as well as seasonal items. This will make your house appear spacious, which appeals to prospective buyers. Some examples are off-season clothing and shoes, holiday decorations, and rarely used small kitchen appliances.
   
• Throw things away. If something is worn out, broken, rusty, stained, torn, or incomplete, it’s time to let it go. If your belongings look shabby and old, your house will look that way too. Don’t hesitate to throw such items away.
  
• Donate before you sell. When you are cleaning and sorting items, if you come across things you don’t use now and won’t use in your new home, donate them. Don’t waste time packing and moving things you won’t ever use. But if it’s in good shape, someone else will get use out of it.
   
• Sell before you sell. If you find you have a great deal of items to eliminate from your home, think about selling what you don’t store, throw away, or donate. You can sell at a yard sale, bring items to a consignment shop, or list items online. Remember to have reasonable expectations regarding how much money to charge for used items.
  
• Rent a storage unit. Move large items/equipment that you don’t use often to a storage unit. It can also provide space for packed boxes to give you a head start in preparing for your move. Remember that space is a beneficial asset when selling your home.
   
• Spruce up outdoor living spaces. Remove any clutter (toys, lawn ornaments, garbage bins) from your yard. The outdoor spaces are usually the first and last impression for potential buyers, so it is vital that they look neat and tidy.
   
• Go easy on holiday décor. If you will be putting your home on the market as soon as the new year begins, why unpack and repack all of your holiday décor? Keep it simple this year with a real tree and some homemade/inexpensive ornaments that you won’t have to pack up for a move.

If your goal is to sell your house for the best possible price as quickly as possible, then you definitely want to be prepared! So, don’t wait! Think positive and get ready to stage and sell your home now.

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: baltimoresun.com, caringtransitionsofnortheastiowa.com, thespruce.com, architectureartdesigns.com