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New Credit Scoring Helps Buyers of Montgomery AL Real Estate

Friday, January 18, 2013
by The Hat Team

The most important item in a consumer's financial resumé today is his/her credit score. The rating system most widely used currently is the "FICO" (Fair Isaac Corporation) score, the standard measure for credit risk. Developed in 1989, this three-digit number between 300 and 850 predicts one’s creditworthiness. The higher a credit score, the more likely loan approval and/or favorable interest rates.  Click here and here for more in-depth information on how your credit rating may impact your desire to buy Montgomery AL real estate.

credit reportRecently, however, FICO has teamed up with data provider CoreLogic on a new credit scoring system specifically for mortgage lenders aimed at giving them more confidence in risk taking and hopeful homebuyers of Montgomery AL real estate more credit for good financial decisions.  The FICO Mortgage Score Powered by CoreLogic uses the FICO model to mine information from a new CoreLogic credit report, much as the old model worked with other data sources to produce the familiar FICO score.

The new system supplements traditional credit data with property transaction data, landlord and tenant information, borrower-specific public data, and other alternative credit information that creates a more complete and predictive evaluation of a consumer's credit risk profile to help lenders better manage risk.

Will this new system benefit folks applying for a mortgage on Montgomery AL real estate? 

Yes, says Bradley Graham, a FICO senior director.. "A significant portion of people moved up on the new credit score scale and did so with an increase in predictiveness," he said.  "For example, about 23 percent of persons with a credit score below 680 moved above that score, often way above," Graham noted.   He predicted that 8% would score above 757 and an additional 3% would rank higher than the current 715 median score.   Also, validation studies run by the company found the scoring was 7.5 times more predictive of loan risk performance than the current models.

No, according to a recent article in U.S. News and World Report.  It argues that the addition of CoreScore  will greatly increase a bank's access to personal finance information (and possible misinformation) including  property values and taxes, tax liens, alimony judgments, pay day loans, and rent payments.

As only about 25 lenders currently use the new scoring system (not yet approved for Freddie Mac/Fannie Mae), its future is uncertain.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

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Montgomery AL Foreclosure Trends - October 2012

Friday, December 7, 2012
by The Hat Team

There were 820 Montgomery AL foreclosure homes for sale with 1 in every 909 housing units receiving a foreclosure filing in October 2012. The average selling price of a Montgomery AL home was $105,308 and the average foreclosure selling price was $90,944, a $14,364 savings according to RealtyTrac.com.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.38% in October while the number of foreclosed homes dropped from 107 to 104.

montgomery al foreclosure

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.03% lower than national statistics, 0.03% higher than Alabama and the same as Montgomery County statistics in October 2012.

montgomery al foreclosure 

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties dropped from 63 homes in September to 52 in October. The number of Auctions rose from 44 to 52 and there is a 6-month rising trend.

montgomery al foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

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Midtown Montgomery Real Estate Market Trends - November 2012

Tuesday, November 20, 2012
by The Hat Team

Hurricane Sandy’s immediate impact on real estate in the hardest hit Northeastern neighborhoods has become painfully evident, from New Jersey shore houses completely swept away by the sea to entire neighborhoods like Queens’ Breezy Point tragically leveled to the ground. But this latest natural disaster won’t just affect certain ZIP codes, it will weigh on America’s housing market as a whole, according to Forbes.com.

In many parts of the country a housing recover has begun. Nationally, home sales have been notably higher this year as compared to last. In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors. Prices have risen too, with the national median sales price $183,900, or about 11% higher than September of 2011.  Inventory has fallen drastically in many parts of the country, fueling the uptick in prices. The rising numbers have helped housing become a bright spot in recent economic reports, with analysts projecting that residential investment will positively contribute to gross domestic product this year for the first time since 2005.

Now, that rosy recovery is sure to dampen. “This will certainly create a negative in the short term,” says Lawrence Yun, chief economist of the National Association of Realtors. “The bottom line is we clearly anticipate a slowdown, but it will be temporary.”

Take a look at sales figures in our local real estate market for October.

Midtown Montgomery real estate sales statistics for October show the number of homes sold decreased by 25% when compared to October 2011. The average sales price decreased by 17% to $95,103 during the same period. The median sales prices increased by 19%, and market times increased by 18% or 22 days.  The highest selling home price decreased by 47%, and the lowest selling home price increased by 36%.

Midtown Montgomery Oct 2012 Oct 2011
Homes Sold 18 24
Average Selling Price $ 95,103 $ 114,128
Median Selling Price $ 90,500 $ 73,250
Days On The Market 124 102
Highest Selling Price $ 250,000 $ 476,000
Lowest Selling Price $ 20,700 $13,200


Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Good News For Montgomery AL Real Estate

Thursday, November 15, 2012
by The Hat Team

Perhaps the person who coined the maxim “Good things come to those who wait” had owners of Montgomery AL real estate in mind, for after a long period of struggling and unpredictability, the housing market is finally touting some good news. 

  • montgomery al real estateResults from Fannie Mae’s September 2012 National Housing Survey show Americans’ optimism about the recovery of the housing market has grown, bolstered by a series of mortgage rate decreases throughout the summer. Consumer attitudes about the economy also improved substantially last month.
     
  • According to Kiplinger, sales of new and existing homes are climbing:  20% for new homes this year; 18% next year. For existing homes, a 2% gain in 2013 will follow about an 8% jump in 2012.
     
  • What's more, if the increases seen in the first nine months of the year continue through the remainder of the year, 2012 will be the first year of rising home prices since 2006. On the current projections pace, prices will rise almost 4 percent by the end of the year, according to Trulia's, ending several consecutive years of painful declines in Montgomery AL real estate.
     
  • Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or t5.9 percent, to $7,275 billion in the second quarter of 2012. After a sharp first quarter rise, total equity has grown to $863.
     
  • The national median price for existing homes grew to $187,400, up 9.5 percent from August 2011. The increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier. The number of underwater borrowers has declined by 11 percent since the end of the year, down from 12.1.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

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Midtown Montgomery Real Estate Market Trends - October 2012

Thursday, November 1, 2012
by The Hat Team

Ever since the housing bubble burst, the American public has been bombarded by predictions of all sorts.  Some have included assertions that the real estate market has bottomed out, while others issue dire warnings that it will sink still lower.  Accompanying these negative reports, however, there have usually been optimistic voices insisting that the market is actually improving.  And perhaps it finally is.  Dubious?  Read on…

According to a report issued recently by the Demand Institute, 2012 is the year of the housing bottom. The report states, “The double-digit increases in U.S. housing prices over the first half of the past decade proved unsustainable. But the freefall is over. The point has been reached where housing prices will start to climb, albeit at single-digit rates in most markets over the next five years.”

In addition, Douglas C. Yearley, Jr., CEO of Toll Brothers,says: "It appears that the housing market has moved into a new and stronger phase of recovery as we have experienced broad-based improvement across most of our regions over the past six months. The spring selling season has been the most robust and sustained since the downturn began.”

Numerous recently published articles discuss various stages of a housing market recovery.  Some describe a 3-step process, some 5, and others 7, but all agree that the signs of an upswing are currently here.  Visit Zip Realty, Seeking Alpha, and GMO for in-depth explanations and analyses of these stages.

Moreover, the Wall Street Daily touts 11 positive indicators that point to the beginning of a real estate turnaround.  Among those featured are rising housing starts, declining inventory, growing consumer confidence, spiking rental costs, increasing prices of homes, and rebounding existing home sales.

If you are considering buying or selling a home, this may well be a good time to do so. Interest rates won’t get much lower, prices seem to be stabilizing, and houses are more affordable than they’ve been in a decade.  Why wait any longer?

Lets look at the statistics in our local real estate market for September 2012.

Midtown Montgomery real estate sales statistics for September show the number of homes sold decreased by 16% when compared to September 2011. The average sales price decreased by 5% to $131,321 during the same period. The median sales prices decreased by 3%, and market times decreased by 35% or 60 days.  The highest selling home price decreased by 14%, and the lowest selling home price increased by 100%.

Midtown Montgomery Sept 2012 Sept 2011
Homes Sold 21 25
Average Selling Price $ 131,321 $ 138,288
Median Selling Price $ 122,500 $ 126,500
Days On The Market 114 174
Highest Selling Price $ 367,500 $ 425,000
Lowest Selling Price $ 25,500 $1


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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Pre-Approval: The First Step To Buying a Montgomery AL Home

Thursday, October 11, 2012
by The Hat Team

Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers of Montgomery AL homes finance their purchase, which means that nearly all buyers -- especially first-time purchasers -- require a loan.  The real issue with real estate financing is not getting a loan home(almost anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that's right for you -- the mortgage with the lowest cost and best terms.

Realtors routinely urge prospective buyers to get pre-approved for a loan before they even begin looking at Montgomery AL  homes. They also stress the importance of obtaining a letter of pre-approval rather than of pre-qualification.  Although many homebuyers use these two terms interchangeably, there are significant differences between the two.  Simply stated, pre-qualification lets sellers know that a prospective buyer of their home is likely to qualify for a loan, whereas pre-approval, although not an absolute guarantee, indicates that a loan officer has determined a borrower is credit-worthy and financially able to qualify for a certain loan.

The advantages of searching for a Montgomery AL  home with evidence of pre-approval in hand are many.  In essence, they include the following:

  • Mortgage preapproval is going to tell you exactly how much money you can borrow. This way, you will know how much your mortgage payment is going to be ahead of time.
  • You won’t waste time (or be sorely disappointed) by looking at houses you can’t afford.
  • Sellers and Realtors will take you seriously.  They are much more comfortable with the certainty that you can obtain a loan (and that the deal won’t fall through), and thus may be more willing to negotiate.
  • Once you find a home, the mortgage process can proceed more quickly because your lender will already have.

Although lender requirements for pre-approval may vary somewhat, be prepared to supply the following information:

  • Purchase Agreement
  • Social Security Number and Date of Birth
  • W-2/1040 Forms
  • Recent pay stubs
  • Bank account statements
  • Credit card statements
  • Debts and liabilities
  • Mortgage or rental histories
  • Investment properties
  • Employers
  • Asset statements
  • Personal property
  • Current and previous statements

Supplying all this information may seem like a time-consuming process, but in the end of your house-hunting journey, you’ll be glad you did it!

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

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Montgomery AL Foreclosure Trends - August 2012

Saturday, October 6, 2012
by The Hat Team

There were 792 Montgomery AL foreclosure homes for sale with 1 in every 1,295 housing units receiving a foreclosure filing in August 2012. The average selling price of a Montgomery AL home was $90,545 and the average foreclosure selling price was $81,953, a $8,611 savings according to RealtyTrac.com.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.60% in August while the number of foreclosed homes dropped from 104 to 76.

montgomery al foreclosure

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.07% lower than national statistics, 0.01% lower than Alabama and 0.01% higher than Montgomery County statistics in August 2012.

montgomery al foreclosure 

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased from 66 homes in July to 18 in August. The number of Auctions rose from 38 to 55. There is a 6-month falling trend.

montgomery al foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

Add Comment

Montgomery AL Foreclosure Trends - July 2012

Thursday, August 23, 2012
by The Hat Team

There were 711 Montgomery AL foreclosure homes for sale with 1 in every 912 housing units receiving a foreclosure filing in July 2012. The average selling price of a Montgomery AL home was $82,990 and the average foreclosure selling price was $75,383, a $7,607 savings according to RealtyTrac.com.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.55% in July while the number of foreclosed homes dropped from 106 to 104.

montgomery al foreclosure

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.03% lower than national statistics, 0.03% higher than Alabama and 0.01% higher than Montgomery County statistics in July 2012.

montgomery al foreclosure 

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased from 35 homes in June to 66 in July. The number of Auctions dropped from 71 to 38. There is a 6-month rising trend.

montgomery al foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.
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Foreclosure Affects More Than Just the Montgomery AL Real Estate Market

Friday, August 10, 2012
by The Hat Team

montgomery al real estateWhile much has been written about the impact of foreclosures on the Montgomery AL real estate market and the economy, little has been said about the personal effect of home loss on families, especially displaced children who are so often the invisible victims of the foreclosure crisis. Mortgage records do not tell how many children are in owner-occupied homes, and it is even harder to estimate the number of children in rental properties. Yet foreclosure affects not just the homeowner or landlord, but also the children living in the foreclosed properties.

According to a recently-released report by the Brookings Institute, an estimated 2.3 million children in single-family homes have already lost their homes to foreclosure, and even more – 3.0 million children – are at serious risk of losing their homes in the future. Another three million or so children have been evicted, or may face eviction, from rental properties that undergo foreclosure, suggesting that more than 8 million children are directly affected by the ongoing foreclosures of both Montgomery AL and nation-wide real estate.

In general, the negative effects of foreclosure include increased family stress and tension, financial hardship, moving homes, a sense of insecurity, changing schools, and a decrease in available community resources.  While the impact of the first four areas is obvious, the changing of schools is more than simply an inconvenience.  Research has shown that children who are forced to switch schools have lower levels of math and reading achievement than their more stable peers. Each move is associated with a reduction in math and reading scores by about one-tenth of a standard deviation, which is equivalent to about one month of school. Some studies have even suggested that children who change schools under negative circumstances are more likely to drop out and/or experience problems in social relationships.

The reasons for a possible drop in available community resources are twofold: the first is that often children move to a lower economic community with limited financial backing, and the second is that localities hard hit by foreclosure have reduced funding available for schools and other social services for children. It follows, then, that medical care (both physical and mental) for children is another area which is often adversely affected by foreclosure.

So, while the foreclosure crisis has indeed had a dire impact on the real estate market and the economy, we must be aware that the children involved in this process lose more than just a home.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

 

Add Comment

Montgomery AL Real Estate Is Still Part Of The American Dream

Wednesday, August 8, 2012
by The Hat Team

montgomery al real estateGood news!  The recent results of two large-scale national surveys strongly indicate that consumer optimism and the desire to own Montgomery AL real estate continue to rise.

According to the quarterly Prudential Real Estate Outlook Survey, Americans’ confidence in homeownership and real estate continues climbing from the first quarter and from a year earlier.   To wit:

  • 69 percent of those surveyed believe that buying a home, including Montgomery AL real estate, is a good investment despite the market volatility of the past few years, up 6 percentage points from the first-quarter 2012 survey and 17 percentage points from first quarter 2011.
  • 72 percent expressed confidence that the real estate market and property values will improve during the next two years, including a 6-point jump among those “very confident” or “confident” vs. the first quarter 2012, and a 14-point gain in this subset over first quarter 2011.
  • Nearly two-thirds (64 percent) of respondents have a favorable perception of the U.S. housing market, up from 60 percent in first quarter 2012 and 52 percent in first quarter 2011).Fannie Mae’s National Housing Survey polls 1,001 Americans each month to assess their attitudes toward homeownership, renting, mortgage rates, foreclosures, the economy, household finances, and overall consumer confidence. The results of June’s survey show Americans are increasingly optimistic about the housing market despite concerns about the broader economy and their personal finances.

Additionally, Fannie Mae’s National Housing Survey polls 1,001 Americans each month to assess their attitudes toward homeownership, renting, mortgage rates, foreclosures, the economy, household finances, and overall consumer confidence. The results of June’s survey show Americans are increasingly optimistic about the housing market despite concerns about the broader economy and their personal finances.

  • According to the survey, Americans expect home prices to increase 2.0 percent over the next year.
  •  Among participants, 35 percent said prices would rise over the next 12 months, which is the largest percentage in the survey’s two-year history.
  • Also, the number of respondents who said they would buy their next home if they were going to move rose 6.0 percent to 69 percent, which is the highest level ever recorded.
  • The number of Americans who said it was a good time to buy a home increased to 73 percent.

So, folks, this may just be the time for you to buy Montgomery AL real estate and be a part of the new and improved American Dream.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

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