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4 Tips for Buying Your First Home

Thursday, May 28, 2015
by The Hat Team

If you are in the market to buy your first home, you have come to the right place.  We are going to give you a few tips that might make buying your first home a good experience.  Buying a home can be a fun and exciting experience.  Buying your first home is a monumental time in your life and needs to be done right to assure you get all that you want out of it. 

  1. home buyerThe number one tip for having a great first time home buying experience is to find the right Realtor.  Sure you can find a Realtor quickly and easily as they will all likely be eager to help you with your home purchase but if you don’t find the right one you may be sorry later.  It is good to find a Realtor that shares some of your personality traits.  You may want to actually interview a few different agents before making your decision.  A good place to start looking for an excellent Realtor is by asking your friends and family members who they may recommend.
     
  2. Finding the best mortgage lender is also a key to a quality first time home buying experience.  Lenders are a dime a dozen so you need to be careful who you choose.  You may find that one lender in your area of town may offer a much better deal than one on the same side of town.  Again you may want to “interview” a few different lenders to find out who is willing to give you the best deal possible.  Keep in mind that mortgage lenders are basically sales people.  They are trying to get you to get your mortgage with them versus another lender.  Use that to your advantage.
     
  3. When buying your first home, be sure not to let your feelings and emotions get in the way if you get bad news. For example,  if you have your heart set on a particular house and then you find out that it is way out of your price range or that there are many problems that need addressing with the home  you are going to need to be able to quickly move on to the next house without getting upset about it.  You can make any house a home once you move in and put your own personal touch on it so don’t get discouraged and don’t be too quick to jump into purchasing the first house you see or like.
     
  4. Before buying your first home it is a good idea to have all of your financial affairs in order.  For instance if your debt to income ratio is a bit off you need to work on that before making a home purchase.  You are going to want to get the most house for your money and by doing your best to get your finances in order and get pre-qualified before you start looking you will be moving in the right direction. 

Information courtesy of Montgomery AL Realtors Sandra Nickel Hat Team.

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Live the Dream

Wednesday, May 20, 2015
by The Hat Team

Consumers are more easily living the American Dream of owning a home because of the incredibly low mortgage rates. Today, most buyers can get a much lower rate than their parents or grandparents got on their first home.

American dream2.png

In a recent housing survey, FNMA released information about consumers' thoughts on the current market. Almost two-thirds would rather buy than rent and believe that now is a good time to buy. Half of the respondents expect rent and home prices will go up.

Top Ten reasons to move the dream to reality:

  1. It’s cheaper than renting in most cases
  2. Avoid rental increases in the future
  3. Equity build-up with amortization of each payment going to principal
  4. A home is a forced savings account
  5. Appreciation increases your equity and your overall investment
  6. Mortgage interest and property tax deductions
  7. Home equity interest deduction
  8. A place you can call your own
  9. A place to share with friends and family
  10. Capital gains exclusion on profit

Buyers need the confidence that they can afford a home and proof for the sellers when they’re ready to submit a contract. If a buyer has steady reliable income, a good record of paying their bills, money saved for a down payment and are prepared to pay the mortgage each month, the next step is to get pre-approved by a trusted mortgage professional.

Take a look at the Rent vs. Own to see what the real cost of owning a home for your price range.

Information courtesy of Montgomery AL Real Estate Experts Sandra Nickel Hat Team Realtors.

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Tips For Choosing the Right Counter-Tops

Friday, May 15, 2015
by The Hat Team

If you are in the market to buy or sell a home, you likely will want to do a bit of renovating before doing so.  A great way to spruce up your home in order to sell it is by replacing the old kitchen counter-tops.  This is an easy upgrade that doesn’t have to cost you an arm and a leg.  Here are a few different kitchen countertop ideas  to get you started in the right direction and weigh the pros and cons of each.  

  • countertopsGranite counter-tops are all the rage and it seems that everyone is putting these in their homes these days.  A good thing about granite counter-tops is that it is very hard to damage them.  Granite counter-tops are basically fool proof.  They will cost you around 2,000-6,000 but are well worth the money.  The only con I can think of when it comes to granite counter-tops is that you may need to reseal them every now and again because the edges and corners can chip.  This will need to be done by a professional.
  •  Soapstone and marble are some other good ideas for replacing your current counter-tops with as well.  These types of materials will cost you anywhere from 2,800-8,400.  If you have this kind of money to sink into your counter-tops you may find that your home will go for a bit more when it comes to selling it.  Soapstone typically scratches easily and may even stain although it is very beautiful.   Marble also can have these types of problems as well being easily damaged from heat.  If you are selling your home you may be able to get a higher asking price if you put marble or soapstone counter-tops in, but if you are going to be living in your house and you want maintenance free counter-tops you may want to stick with granite instead.  You are going to have beautiful new counter-tops not matter which material you decide to use, so whatever you choose to do will be a winning situation.  
  • Quartz is always an option when replacing kitchen counter-tops.  It looks a lot like stone but it won’t require as much maintenance.  You can get all sorts of cool colors if you choose quartz counter-tops.  If you are going to go with quartz counter-tops I would suggest that you have the edges rounded as they can sometimes chip and need to be repaired. 

Hopefully this blog has given you a few ideas if you are planning to replace your kitchen counter-tops.   Whether you plan to live in your home for many more years or you are planning to put it on the market, a nice new kitchen counter-top can do a lot for a home. 

Information courtesy of Montgomery AL Real Estate Experts Sandra Nickel Hat Team.

 

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Mortgage Rates: Deal Of The Century?

Thursday, May 7, 2015
by The Hat Team

Recently, Freddie Mac published a blog post titled Mortgage Rates: Still the Deal of the Century. They explained that, if you are planning to purchase a home, now may be the time:

mortgage"If you are in the market to buy a home, today's average mortgage rates are something to celebrate compared to almost any year since 1971.

The average 30-year fixed mortgage rate is 3.67% this week. If you take out a $200,000 mortgage at this rate to buy that home you've had your eye on, you'll pay $917 in principal and interest payments each month. One year ago, when mortgage rates were higher and averaged 4.27%, this same mortgage would have cost you an additional $69 in monthly interest payments or $828 per year.

Over the past few years, we've enjoyed a long run of historically low mortgage rates. While no one expects them to change dramatically overnight, they are expected to head up. Most experts agree that mortgage rates will drift up in the coming months to end the year approaching 4.50%.

Since 1971, when Freddie Mac began tracking mortgage rates, they have ranged from a high of 18.63% in October of 1981 to a low of 3.31% in November of 2012. Looking at the all-time highs and lows compared to more recent history offers a good perspective on how your payments on the same $200,000 mortgage would change as mortgage rates change.

  Date Average 30-year Fixed Mortgage Rate Approximate Monthly Payment on a $200,000 Mortgage
One Year Ago April 17, 2014 4.27% $986
This Week April 16, 2015 3.67% $917
Year-end 2015 (Forecast) December 31, 2015 4.50% $1,013
All-Time Low November 21, 2012 3.31% $877
All-Time High October 9, 1981 18.63% $3,117

Source: Freddie Mac Primary Mortgage Market Survey® (PMMS®). Tracking through the PMMS began in March 1971. Mortgage payments are principal and interest only, based on a $200,000 fully amortizing mortgage. All terms are assumed to be 30 years. FreddieMac.com/pmms/

Buying a home is a big investment – perhaps the biggest one you'll make in your life. So, it's important to be sure you are ready to make that purchase. If you are ready, today's rates are not to be missed."

For more information and tools on buying a home and homeownership give us a call or shoot us an email.

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Pay More or Less

Thursday, May 7, 2015
by The Hat Team

Paying more for your house payment does not make your home more valuable. It does mean that the mortgage rate may be higher than it has to be.

more or less.png

Even though fixed rates may never again be as low as they are currently, an adjustable rate mortgage may provide the lowest cost of ownership depending on how long a borrower plans to own a home. There are different types of ARMs but the one in this example is a 30 year mortgage with the rate fixed for five years and can adjust every one year after that based on independent indexes.

Another feature of a FHA ARM is the maximum rate change in one period is 1% and the maximum lifetime cap is 5% over the initial rate.

In the example below, the payment on the adjustable is $153.48 lower for the first five years or 60 payments. Another interesting thing is that lower interest rate loans amortize faster than higher interest rate loans. In this example, the ARM has a lower unpaid balance at the end of the first five years by $4,239.

The total savings on the ARM at the end of the first period is $13,477. If a borrower felt confident they would sell the home prior to the breakeven point of 8.5 years, the ARM would produce a lower cost of housing even if the mortgage rate escalated the maximum at each adjustment period.

To help determine whether you pay more or less, consult with a trusted mortgage professional and your real estate agent to learn the advantages and disadvantages of different programs. To try your own comparison, check today’s rates at the Freddie Mac Mortgage Rate Survey and plug your numbers into an Equity Accelerator.

ARM comparison2.png.jpg
 

Information courtesy of Montgomery Realtors Sandra Nickel Hat Team.
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Montgomery AL Real Estate For Sale: 2627 Ashlawn Ave

Friday, May 1, 2015
by The Hat Team

Montgomery Homes For Sale:

2627 Ashlawn Ave, Montgomery, AL 36111
MLS #317361

Income Producing Investment Opportunity!

Investors, this one is priced for YOU! Out-of-state owner is ready to let this one go, and has priced it to sell AS-IS. With a little "lipstick and rouge" this old girl in Midtown Montgomery could turn into a cash cow, income-producing rental! Do the numbers, you will see!

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 6001 Forest Grove Ct

Friday, May 1, 2015
by The Hat Team

Montgomery Homes For Sale:

6001 Forest Grove Ct, Montgomery, AL 36117
MLS #317334

Stunning & Move-in Ready near Shakespeare Festival!

Great move-in-ready 3 bedroom 2 bath home at the end of a cul-de-sac, next to jogging trail park, near Shakespeare Festival. Soaring ceiling in great room with stone wood burning fireplace. Lots of built-in bookcases. Energy efficient windows to keep utility bills low. Wood floors in living and dining area. Open kitchen with granite counters, marble floors and floor to ceiling pantry cupboard. Detached custom built storage building with work shop table. Two car parking pad with fully fenced yard for children and pets. Covered patio has view of nice size backyard and already prepared garden space. Hurry to see this great well landscaped home today!

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Montgomery AL Real Estate For Sale: 2710 Fairmont Rd

Thursday, April 30, 2015
by The Hat Team

Montgomery Homes For Sale:

2710 Fairmont Rd, Montgomery, AL 36111
MLS #317353

Country Style Gay Meadows Home!

This spacious Gay Meadows home in popular Midtown is priced right and ready to move into! Beautiful newly-refinished hardwood floors throughout most of home and low maintenance tile floor in huge den/family room. Large country style kitchen and well-proportioned bedrooms will make your family happy. 2 car attached carport with big storage/workshop room and large back yard.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team

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Montgomery AL Real Estate For Sale: 6206 Oliver Rd

Tuesday, April 21, 2015
by The Hat Team

Montgomery Homes For Sale:

6206 Oliver Rd Montgomery, AL 36117
MLS # 317071

One Owner Custom Built Home!

Never before on the market is this incredible one-owner custom built home centrally located and close to shopping, restaurants and AUM. Step inside from the wide front porch and you will find 10' ceilings with beautiful dental molding, custom built doors, cabinets and woodwork - all hand made by the original owner. Entertaining is a breeze in the huge kitchen with new granite counter tops and island, through the cozy family room to the screened porch looking onto the sparkling pool and professionally landscaped yard. There is storage everywhere: huge laundry room with deep sink and freezer, small office or walk-in pantry, double walk-in closets in the master and two small office/hobby rooms upstairs. Plus the huge brick two car garage with an extra-large third bay for a boat or RV. Truly a unique property, come see for yourself.

Marketed by Montgomery Alabama Realtor Sandra Nickel, Sandra Nickel Hat Team.

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Tips to Make Your Spring Housecleaning a Breeze

Friday, April 17, 2015
by The Hat Team

It’s that time of year! Spring-cleaning time! Check out these spring housecleaning tips from Angie Hicks, founder of Angieslist.com. These are tips from the pros to get your home in shape for spring.

housecleaningVacuuming your rugs and carpets weekly is the key to not letting dirt accumulate. If you have pets, more often is better. Here’s a three-step approach for use with wall-to-wall carpet to consider:  

  1. Clean the perimeter with the edging tool.
  2. Begin at the far corner and move backward so you don’t leave footprints.
  3. Vacuum slowly and steadily, rather than using numerous quick passes.

The pros prefer lightweight machines, which use HEPA filters, and come equipped with long hoses to reach under furniture and high ceiling corners. Also, check out this resource for Martha Stewart’s suggestions on carpet maintenance.

Additional miscellaneous expert tips are…

  • To remove rust stains in shower areas make a paste of hot water and powdered oxygen cleaner. Apply the mixture to shower walls and glass and let sit for 30 minutes. Scrub with nylon scrubber, rinse and buff dry.
  • To clean smudges from dark granite counters, wipe down with soapy water and buff dry.
  • To freshen drains and clear clogs pour baking soda over the drain, then pour on vinegar. Use boiling water to rinse the bubbling mixture down the drain.
  • Remove debris from tiny crevices with toothpicks.

Some kitchen supplies that the pros like are…

  • Baking soda can be sprinkled showers and sinks to deodorize them.
  • Mix one part vinegar, one part water, and 5 to 10 drops of eucalyptus or lavender oils to be shaken or sprayed on carpets, sofas, or mattresses.
  • Mix some antibacterial dish soap with white vinegar and hot water to sanitize doorknobs, doors, walls and other surfaces.

If you prefer to outsource the cleaning, line up possible candidates by checking Angies' List or another trusted online source for references. Also, get references from friends. Most cleaning companies will provide free estimates. An initial “deep” cleaning can average $300 to $400 with biweekly cleaning averaging $100 to $150. Of course, specific prices will depend on the size of your home, types of flooring, whether or not you have pets or kids, etc.

You can find more information from Angie Hicks’ article and from Martha Stewart’s guide to cleaning here.

Happy spring cleaning!

Information courtesy of Montgomery AL Realtors Sandra Nickel Hat Team.

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