Real Estate Information Archive

As you probably already know, 2020 was a banner year for the housing market. The market set record numbers and per year-end analysis by Zillow, the U.S. housing stock increased by nearly $2.5 trillion over the past year. Yes, you read that right…TRILLION. That is the largest net gain for a year-long period since 2005. The appreciation of current homes accounted for about $2.2 trillion, while $274 billion came from new construction.

It was a bit surprising to many that the Covid-19 pandemic did not deter interest from homebuyers. In fact, for a multitude of reasons, demand grew. And the resulting competition between buyers meant that properties sold quickly. But, things can change quickly, especially in the housing market. So, as the end of the year approaches, let’s look at changes that have occurred already over the past several months.

HOME PRICES ARE UP

With so many people seeking to buy new homes, the prices in the U.S. skyrocketed. The median home sale price for the country’s second quarter was just under $375,000. Last year, at the same time, the median was around $322,600.  That is a 16% increase!

BUYERS ARE STILL LOOKING FOR HOMES

Along with home prices rising, there has been a shortage of homes available for sale. But that has not slowed down buyers. In fact, in almost every part of the U.S. people still want to buy homes. With the market so hot, homes have been selling quickly. Some people may be moving for “normal” reasons (job transfer, downsizing) but others have been influenced by the pandemic to find homes that offer more space and the ability to work remotely. It does appear, however, that the extreme urgency to buy a home has slowed down in the past month or two.

WHAT ABOUT MORTGAGE RATES?

Mortgage rates hit all-time lows at the height of the pandemic. And since June, the rate has continued to go down. The 30-year mortgage rate was below 3%; 2.77% to be exact, during the second week of August, 2021. But it’s predicted by many economists and housing authorities that rates will go up into the low-to-mid 3% range by the end of the year, rather than in the high 2s we’ve seen this past summer.

WHAT ARE BUYERS INTERESTED IN?

It’s not just about numbers. There has been as shift in what is most important to the majority of homebuyers. Per a Zillow survey in North Carolina, 40% of homebuyers are ONLY interested in purchasing a newly constructed home. And only 35% of the respondents said they would consider buying an existing home. It was also learned from the survey that buyers are  interested in homes that might provide revenue through renting it out or at least renting a portion of the property to another person, couple, or family. An astounding 32% of respondents said that the opportunity to rent out their home was a major factor in their decision to purchase a home.

While it’s hard to predict where the housing market is heading as we approach 2022, you can be sure that it will continue to change as the world is constantly changing. That being said, now is a great time to buy or sell a home and Sandra Nickel and her Hat Team of specialists can help you do that!

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: realtor.com, anchorloans.com, apartmenttherapy.com, amycoburn.com

Most real estate offers have contingencies, which are provisions that must be met for the transaction to go through. If the contingencies are not met, the buyer is entitled to walk away from the deal with their earnest money. The fewer contingencies there are, the more likely a contract will go through in a timely manner. Earnest Money

Here are five of the most common contingencies:

• Home inspection contingency. This contingency allows the buyer to have the home professionally inspected. If problems are found the buyer can request repairs by a certain date; generally, within five to seven days of the purchase agreement being signed. Depending on where you live, there may be requirements for repairs on structural defects, building code violations, and/or safety issues. But keep in mind that many repairs are negotiable, so there is wiggle room for the sellers to decide what repairs they are willing to make for the sale to go through.
  
• Appraisal contingency. A home must pass appraisal for a buyer to obtain a home loan. The appraisal is a process during which the property’s value is assessed by a neutral third party. The purpose of the appraisal is to be sure that the home’s worth is enough to cover the price of the mortgage. Usually, the home buyer pays for the appraisal, which typically takes place within 14 days of the sales contract being signed.
   
• Financing contingency. A financing contingency is also referred to as a loan contingency or mortgage contingency. It protects the buyer in the event their lender does not approve their mortgage. Although the timeframe for financing contingencies can vary, mortgage lenders report that buyers generally have about 21 days to obtain mortgage approval.
   
• Sale of current home contingency. Sometimes home buyers will make the purchase of the new home contingent upon the sale of their current home. Usually, buyers have a window of 30 to 90 days to sell their house before the sales agreement is voided. This contingency puts the seller at a disadvantage because the buyer’s house might not sell in time.
  
• Title contingency.  A buyer must “clear title” prior to having a mortgage approved. This is a process in which the buyer’s title company reviews any potential easements or agreements that are on public record. This ensures the buyer is becoming the rightful owner of the property and the lender is protected from ownership claims over liens, fraudulent claims from previous owners, clerical problems in courthouse documents, or forged signatures. Property Title Search: What it is and How it Works

These contingencies are common in most real estate sales contracts. However, the sale of current home contingency is used more often in a strong buyer’s market. Just remember that contingencies are negotiable!

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://homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: canva, lonestarfinancing.com, rismedia.com

I am sure you have heard the phrase before, but “location, location, location” has never meant more than when you are purchasing a home. It is important to remember that you can buy the right home in the wrong location. You can fix it up, renovate it, change its structure…but in most circumstances, you can’t move it. It is attached to the land. Identical homes can increase or decrease in value depending on their location. Choosing the best area for living and resale value is equally as important as choosing the ideal home. Here are a few things to be aware of when searching for the right location for your investment:

• Top Rated School Districts

Homebuyers with children often seek homes in highly desirable school districts. They are willing to spend more for a home in order to enable their children to go the “best schools.” So, even if you don’t have children in school, it will serve you well to purchase a home in a great school district. Best Schools in Montgomery AL

• Recreation & Nature

Homes on the water or near parks hold their value because people enjoy living where they can enjoy the outdoors. Being able to walk out your door and quickly be in a beautiful natural setting makes homes much more desirable. Parks, Trails & Natural Areas in Montgomery, AL

• Entertainment & Shopping

While some buyers seek out areas surrounded by nature, others may be looking for a home that enables them to walk to restaurants, movie theaters and boutiques. Some of the best “walkable” neighborhoods in Montgomery are Old Cloverdale, Garden District and Capitol Heights.

• Economically Stable Neighborhoods

Older neighborhoods that have survived economic recessions while maintaining evident pride of ownership appeal to buyers looking for long term stability. Montgomery's Historic Neighborhoods

• Public Transportation, Healthcare & Jobs

Some buyers will be looking for convenience. They do not want a long commute to work and want to have easy access to transportation and healthcare facilities. Montgomery Transit

So, when purchasing a home, remember…location, location, location! While the “best” neighborhoods may require larger investments, they are also the neighborhoods that will hold the highest resale value. When buying a home, the last thing you want to think about is selling it, but it is vital that you keep resale value in mind because, after all, a home will likely be the largest financial investment you will make in life and you want it to pay off in the end!

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://homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: planhillsborough.org, funinmontgomery.com, pinterest

Let’s face it - moving is overwhelming no matter how well you prepare. There are what seem like a million little pieces that all must fall into place to make a move go smoothly. And even then, it is stressful. You are upending your life; putting everything you own into boxes and bags and making big changes. So, it is easy to understand how some tasks fall through the cracks and are forgotten. Here are some important things that many people forget to do (or don’t even realize need to be done) when moving:

• Cancel recurring charges for local memberships. During the chaos of moving, the last thing you are likely to think about are membership fees for things that may not transfer to your new place of residence, like a gym membership. And if those fees are automatically charged to your credit or debit card you need to cancel those memberships at least a month before you move so that you do not continue to get charged even when you are not there to use them any longer.
   
• Call your car insurance company. Per the Department of Motor Vehicles, it is vital to check on your car insurance when moving, as states have varying levels of required coverage. In fact, insurance rates can even vary from neighborhood to neighborhood in the same city. So, make sure you call your insurer before you move to see if you need to update or change your coverage at your new address.
   
• Change your address early.  Changing your address is easy using the Online Form provided by the U.S. Postal Service, but don’t wait until the last minute to do it! If you want to be sure that your mail arrives at your new home in a timely manner, complete the form about two weeks before you move.
  
• Take care of your finances.  During the whirlwind of moving, it is easy to forget the everyday tasks that are a normal part of your routine…like paying bills. It is also easy to lose track of paper bills among all the boxes you have packed. Take the time to set up auto pay for things at your new home like mortgage/rent, phone, utilities etc. This can help assure an on-time payment during a hectic time. Designate a spot for mail both in the home you’re packing up and in your new home so that paper bills are not lost in the shuffle. 
   
• Change your billing address on credit cards.  Do not get caught by surprise when your billing address does not match the address on your credit card because you forgot to change it when you moved. Some transactions now require that you put in your billing zip code when using your card, so if that has changed, then you need to change it on your credit cards as well. The last thing you want is to deal with a transaction being denied and then finding out it was simply because you hadn’t changed the address on your card.

Whether you keep it on your phone or computer, or you do it the old-fashioned way and make a checklist on paper, be sure to keep track of all the small, but important tasks that need to be taken care of when moving, and your move will go much more smoothly!

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://homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: claritychi.com, blog.hireahelper.com, moving.com

You are a homeowner. You have gone through the process of procuring a mortgage, closing on a house, moving in, and creating a home for yourself and your family. Chances are you have developed a loving attachment to your first home, but for one reason or another, it is time to move on. Maybe you have outgrown it, or maybe you are being transferred for a job. Whatever the reason, now it is time for you to begin the process of selling your home. This is no small task. A lot of time and energy go into preparing your home to get the best possible price when you sell. So, if you are ready to list your house for sale, take a deep cleansing breath and take one step at a time:

1. Think before you act.  Before putting that “for sale” sign in your yard, make sure you know exactly what you want. Communicate with your partner (unless you live alone) so that you are both on the same page. Ask yourself and your partner these important questions:

• Why are you moving?
• What is your timeline?
• What do you expect from the home selling process?
• What role will you play in preparing your home for sale?

2. Do some homework so that you will have an idea what kind of real estate market you are entering. There are a lot of factors that influence the market, including fluctuating mortgage rates and inventory shifts. Educate yourself so you will know what to expect.  Montgomery, AL Real Estate Market July 2021
   
3. Interview and choose a professional Realtor. There is no more important relationship in your selling process than that which you have with your Realtor. The right agent will guide you, advise you, answer questions, and market your home so that you get you the best possible price for it. Homes for Sale in Montgomery Alabama
    
4. Determine your selling price. Your Realtor can help you decide the best asking price based on current market values.
    
5. Prepare your home to impress potential buyers. These days, home buyers have free access to look at property listings online, so it is vital that your home makes a good first impression. That means getting your home in “show-worthy” condition. The time and effort you put into decluttering, making necessary home repairs, and cleaning until it sparkles will go a long way toward getting your house sold for the best possible price. Even better? Stage your home to sell. Staged homes sell faster and for better prices than those that aren’t staged. 
   
6. Market your home. You not only need your home to be visible online, you need it to stand out! Consider having professional photos taken that showcase the best attributes of your home. The best listings also have compelling property descriptions that generate interest. Videos and virtual tours can also be used to draw interest from buyers. Be sure that your property is being promoted in the best possible way.
    
7. Be flexible with showings. You want every interested party to be able to come see your home. So, even though it’s inconvenient sometimes, make sure that you can make your home available for potential buyers to visit.
    
8. Consider offers and negotiate with sellers. Again, your Realtor will play an important role here. Professional Realtor Sandra Nickel is an expert negotiator who will assist you in deciding on a strategic counteroffer to the buyer’s offer. They will consider not only the money being offered, but the contingencies as well.
    
9. The last step is closing the sale. Before you arrive to sign the final paperwork and collect your check, make sure your home is ready for the buyer’s final walk-through and take care of any last-minute issues.

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://homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: moving.com, millionacres.com, rocketmortgage.com, thebalance.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 do not 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’s important to note that many buyers are 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 your real estate market is a sellers’ market and homes are moving quickly, you can get by with fewer fix ups, however a home that needs repairs will still deliver a lower price. If it’s a buyers’ market, people might not even be willing to look at homes that need repairs. A professional Realtor like Sandra Nickel can help you understand what the current market is like in Montgomery right now; and assist you in determining what home renovations will help you get the best price when you sell!

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://homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: gobankingrates.com, tidewatermortgage.com, keepingcurrentmatters.com

Moving is one of the most stressful things you do in life. Even if you are just moving to a new home in the same town, there are a lot of factors that go into it. So, when you are moving far away to a new place, the logistics can be overwhelming! 

Here is a guide to help you prepare for a long-distance move:

Your first step is to find a local Realtor in the place where you are moving. Ideally, you want an experienced Realtor with a lot of knowledge about the area. Someone who knows about the best neighborhoods, the best school districts and the most convenient locations. Yes, you can browse listings and research the area online, but you will need the expertise of someone who lives in that area and understands the local market and has local contacts that can help you through the process. Plus, by having a professional Realtor on your side, you will get access to the newest listings before they even hit online sites. We know top REALTORS in nearly every market in the country, so call or text us for a referral.

Do your homework.

Your Realtor can provide a lot of great information and assistance, but only if she knows what you are looking for. Depending on where you are moving, you might be able to find informational guide books. But, if not, technology can be your guide. Look up local news stations and newspapers online to see what’s going on in your new town. Find groups from the town on social media and ask questions. Websites like Area Vibes and U.S. News and World Reports are great resources for finding information about a place including its housing market, job market, schools, cost of living, crime rates, etc. You will find that the more knowledge you have about the place where you are moving, the easier your move will be.

Determine your needs and desires.

This sounds like common sense, right?  But sometimes people rush into finding a new home without giving much thought to exactly what they want, whether due to time constraints or excitement. It will pay off to slow your roll and take the time to determine what it is you want in your new home. This will also allow your Realtor to assist you in the most effective way. Do you want to live in a rural, suburban, or urban area?  What style and size house are you looking for? How important is the school district? How close do you want to be to your job? These are just a few questions to ask yourself before starting your home search.

Create a realistic budget.

Once you have researched your new town and looked through some of the listings, you will have an idea what price point you are looking at for your new home. Your local Realtor will be able to assist with this part of it too. You will also want to research the general cost of living in terms of things like gas, groceries, and childcare. Once you have figured out what the anticipated cost of living will be, it will be easier for you to create your buying budget.

Visit if you can.

If possible, you should plan a visit to your new town before moving there. All the online research in the world, while helpful, cannot give you a true feel for a place. Make plans to meet up with your local Realtor and have her show you various neighborhoods based on the needs you expressed. Spending time familiarizing yourself with your new home town will help you make an informed home-buying decision.

Hire a moving company.

A long-distance move is hard. So, if you can include hiring a moving company in your budget, definitely do so! Not only will they help you with the physical moving of your belongings, they will also take care of the transportation logistics. That way, you can focus on getting your new home set up. Research different moving companies and find the one that best fits your needs and budget.

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 http://homesforsaleinmontgomeryalabama.com for more information!

Photo credits: movingaheadservices.com, mashvisor.com, updater.com, moving.com

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

Nobody wants to be in a situation where a house must be sold quickly, but sometimes circumstances beyond our control occur and suddenly there is a mad rush to get a house on the market and sold pronto. If you find yourself in that situation, don’t despair! I am here to tell you that you CAN sell a house quickly and for the best possible price. The following tips will help you get your house ready inexpensively, and before you know it you will receive an offer and be on the move!

1. HIRE A PROFESSIONAL REALTOR: Seriously. You will be so glad you did! Find a Realtor with a track record of sales that lets you know that she can sell a house quickly. One way to be sure you find the right Realtor is to check TESTIMONIALS. If a Realtor has a lot of happy clients, there is a good chance you will be happy too! Now is not the time to hire someone because she’s the friend of a friend, or he went to the same college as you. Do your research and find someone who will truly make this process as stress free as possible for you while successfully marketing and selling your home.
    
2. RENT A STORAGE UNIT: You don’t have a lot of time to declutter your home, so you need to be smart about it. Shoving extraneous items in your closets is not a solution because potential buyers walking through your home will be looking in said closets. A better option is a storage unit that can house anything that you need to get out of the house while it is on the market. The best rule of thumb is that if you don’t use something daily, store it. Keep in mind that if you rent a portable storage unit, you can have your things transported to your new home once you have moved.
   
3. USE A PROFESSIONAL STAGER AND PHOTOGRAPHER:  It’s always important that potential buyers get a stellar first impression of your home, but even more vital when you are in a hurry to sell. Experienced home stagers are able to look at your house and see it from a buyer’s perspective. They know how to emphasize the positive and down play the negative. Equally important are your listing photos. The more photos you have, the more likely your property will be viewed online. If hiring a professional photographer is not in the budget, then do your homework and be sure to take the best photos possible. Real Estate Photography Tips
    
4. TAKE THE “YOU” OUT OF YOUR HOME: Potential buyers want to look at a home and imagine it as their own. It’s hard to do that if they are surrounded by your family photos and personal treasures. Let’s face it, your little one’s art project may be a “Mona Lisa” to you, but might just be distracting to a buyer.  Keep it simple with the art…you want them to see the house and how it could be their home.
    
5. BRING ON THE LIGHT: A poorly lit home comes across drab and dreary. Who wants that? Brighten things up with both natural and artificial light. When your house is going to be shown, make sure window coverings are open and turn on lights in all part of the house. Consider new paint if any of your rooms are dark colors. A fresh coat of a light, neutral shade will not only make a room feel brighter, but bigger as well.
    
6. MAKE SMALL HOME IMPROVEMENTS: Now is not the time to start a major renovation. Focus on small improvements in rooms like the kitchen and bathroom, where return on investment is most likely to occur. Small, inexpensive touches such as a new shower curtain or new hand towels can give a room a boost. And if you have old, run down appliances, spending a little money to get shiny new ones will be well worthwhile!
   
7. SPRUCE UP CURB APPEAL: First impressions matter…A LOT. When a potential buyer pulls up to your house, it is vital that they like what they see on the outside, or they might not ever make it inside. Make sure your yard is tidy by mowing and edging the lawn, trimming up shrubs and putting down new mulch.  Use a pressure washer to clean the exterior of your home along with your driveway and sidewalks. Put a fresh coat of paint on your front door and create a welcoming aesthetic on your front porch with some pretty flowers. Remember…you can’t sell your house if people don’t see it. A lovely exterior indicates an equally lovely interior.
    
8. SHARE, SHARE, SHARE: Take part in promoting your home. Your Realtor will take care of listing it, but you can use your own social media to get the word out too! Don’t be shy. Send your listing to as many people as you can. You never know who might know someone, who knows someone, who knows someone that is looking for a home where you live!

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: forbes.com, interiorfun.com, diynetwork.com

There was a time when there were three mortgage loan types available to home buyers. You could get a Fixed-Rate Conventional Mortgage, an FHA Loan or a VA Loan. But times, they are a changing.  Now there is a vast array of mortgage loan types to be had!  Let’s learn about some of them, and the differences between them.

We will start with the Most Popular:

FIXED-RATE MORTGAGES - These loans come in 5-year, 10-year, 15-year, 20-year, 30-year, 40-year, and even 50-year timeframes and they are all completely amortized.

FHA LOANS - FHA Mortgage Loan types are insured by the government through mortgage insurance that is funded into the loan. This is an ideal loan type for first-time buyers because it has minimal down payment requirements and does not rely on credit scores for approval.

VA LOANS - VA loans are government loans available to veterans who have served in the Armed Forces for the United States. They are also available to spouses of deceased veterans in some cases.  The requirements depend upon the years of service and whether or not the veteran was honorably discharged or not. The primary benefit of a VA Loan is that the borrower does not have to come up with a down payment. The loan is guaranteed by the Department of Veterans Affairs, but funded by a conventional lender.

USDA LOANS - USDA Loans are offered through the U.S. Department of Agriculture for eligible home buyers who want to buy a rural property.  They often come with no down payment required and can sometimes be more affordable than an FHA loan.

INTEREST-ONLY MORTGAGE TYPES – This name is a bit misleading, as these loans are not truly interest-only in terms of the borrower only paying interest on the loan.  The reality of the interest-only mortgage is that it offers an option to make an interest-only payment. This option is only available for a set period of time.  However, there are some junior mortgages that are interest-only and necessitate a balloon payment in the amount of the original loan balance at maturity.

Now, let’s take a look at HYBRID LOANS:

ADJUSTABLE-RATE MORTGAGE TYPES -  There are various types of adjustable-rate mortgages (ARMS). They can fluctuate monthly, semi-annually, annually, or remain fixed for a set amount of time before they adjust.

OPTION ARM MORTGAGE TYPES – These types of loans are complicated. Like your standard ARM, the interest rate on them will fluctuate periodically, but in these loans, the borrowers can choose from various payment options and index rates.  WARNING: The minimum payment option can be dangerous as it can result in negative amortization.

COMBO/PIGGYBACK MORTGAGE LOAN TYPES – This is a type of financing that consists of TWO loans: a first mortgage and a second mortgage. They can be adjustable-rate, fixed-rate or a combination of both.  This is option is used by borrowers when the down payment is less than 20% in order to avoid paying private mortgage insurance.

MORTGAGE BUYDOWNS – A mortgage buy down is a choice for borrowers who want to pay a lower interest rate in the beginning of their loan.  Basically, fees are paid to lower the rate, thus the name buydown. Buyers, sellers, or lenders can buy down the interest rate for the borrower.

Finally, Specialty Mortgage Loan Types:

BRIDGE LOANS – Bridge loans are used when a seller’s home has not yet sold and the seller wants to borrow equity to buy another home.  The seller’s existing home is used as collateral for the bridge loan.

STREAMLINED-K MORTGAGE LOANS – FHA has a program that provides money to a borrower to make home improvements by rolling the funds into one loan. This is similar to the 203(K) Loan Program, but involves less paper work and is easier to get than a 203(K).

EQUITY MORTGAGE LOAN TYPES – Equity loans are second, or junior to the existing first mortgage. Borrowers take out equity loans to get access to cash. The loans can be adjustable, fixed, or a line of credit that allows the borrower to obtain funds on an as needed basis.

SHAERED APPRECIATION MORTGAGES – These are rare in the United States, but shared appreciation mortgages allow home buyers to share part of their property’s value gains with an investor or lender. The guaranteed return to the lender means that the borrower will get a lower interest rate and lower monthly payment on the loan.

REVERSE MORTGAGE – This type of mortgage is for people over the age of 62 who have enough equity in their homes.  Instead of making monthly payments to the lender, the lender makes monthly payments to the borrower for the duration of their residence in the home. Reverse mortgages can be done with either fixed or adjustable interest rates. Please get advice from a trusted advisor before considering a reverse mortgage!

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!