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Tips For First-time Montgomery Home Buyers

Thursday, April 1, 2010
by The Hat Team

Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Montgomery home.

1. Become familiar with the new first-time homebuyer federal tax credit.

montgomery homePeople who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before May 1, 2010 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years.

2. Determine what is reasonably affordable.

Prior to beginning the hunt for the perfect home, it is important to find an affordable price range. Many factors such as money available for a down payment, eligibility for a loan, and monthly mortgage payments, all play a role in determining what the buyer can comfortably afford. Total monthly mortgage payments should be, on average, approximately 30 percent of one’s gross monthly income. Affordability or loan calculators found on the internet can give a good idea of what is affordable. Before seriously inquiring the purchase of your first Montgomery home it is important to have a consultation with a knowledgeable financial advisor.

3. Deciding where and what

Once an affordable price range is determined, it is time to decide where you want to live and what you are looking for in a home. Whether staying with in the same general area, or looking for a new location, it is crucial to do a fair amount of research on the area and its demographics. For example crime rates, school districts, shopping, medical facilities, and travel, are all important factors have to be considered since they could affect your everyday life. It is also essential to know what you are looking for in a home. Separate lists of essential needs and wants should be carefully thought out towards the beginning of the home search. The list of basic needs should include things such as minimum square footage, number of bedrooms and bathrooms, location, and price. The want list should be compiled of things that would be nice to have, such as pools, big yards, and gated communities. 

4. Find a knowledgeable Real Estate professional

Finding and purchasing a home is a complicated, overwhelming experience, which should be nothing but exciting. Working with an experienced real estate agent can make the process run smoothly and be more successful. The chances of finding the perfect Montgomery home are significantly increased when put in to the hands of the right real estate professional.

Learn more about how we can help you purchase a home by visiting HatTeam.com or give us a call for more personal service.

Search all Montgomery homes for sale.

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Montgomery Foreclosure Statistics - February 2010

Friday, March 19, 2010
by The Hat Team

There are 1,397 Montgomery foreclosure homes for sale with 175 new foreclosures in February 2010. The average selling price of a Montgomery home is $171,767 and the average foreclosure selling price is $124,967, a $46,799 savings, according to RealtyTrac.com.

Montgomery Foreclosure Activity and Home Price Index

Home price appreciation remained the steady in February while the number of new Montgomery foreclosure homes dropped to 175.

montgomery foreclosure

Montgomery foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity is 0.07% lower than national statistics and 0.06% higher than Alabama statistics.

montgomery foreclosures

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties dropped  from 123 homes in January to 73 in February. The number of Auctions rose from 39 to 102. The 6-month trend reflects a rise in Montgomery foreclosures.

montgomery foreclosures

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.

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The Montgomery Real Estate Podcast - February 2010

Friday, February 5, 2010
by The Hat Team

Sandra Nickel of The Hat Team presents:



montgomery real estate, podcastThis month's edition covers Montgomery real estate market activity and then we'll offer three top tips to make sure you get the most of today’s opportunity!

Features special guest Terri Murphy of US Learning.


Program length: approximately 8 minutes

 

download podcast mp3 file | subscribe to podcast feed
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Heating Tips For Cold Montgomery Moring

Monday, January 11, 2010
by The Hat Team

Baby, it’s cold outside! January has started out to be among the coldest on record. Below are tips for keeping warm and saving energy recommended by the U.S. Department of Energy's Energy Savers Consumer Tips Web site and their Energy Savers booklet PDF.

montgomeryUse Furnaces and Heaters Wisely

  • Set your thermostat as low as it is comfortable. Each degree you lower your thermostat can cut your heating costs between one and three percent. A common strategy is to lower thermostat settings to 68 degrees. The lower you set it, the more you'll save.
  • Turn your thermostat down 10 to 15 degrees during your sleeping hours or while you’re away, to save even more on your heating bill.
  • Use a programmable thermostat with your furnace to adjust the setting while you sleep or no one is home.
  • Clean or replace filters on furnaces once a month, or as needed.
  • Clean warm-air registers, baseboard heaters, and radiators as needed; make sure they’re not blocked by furniture, carpeting, or drapes.
  • Place heat-resistant radiator reflectors between exterior walls and the radiators.
  • Bleed trapped air from hot-water radiators once or twice a season. If in doubt about how to perform this task, call a professional.

Weatherize - air leaks waste energy dollars year-round

  • Caulking and weatherstripping keeps warm air in during the winter.
  • Add insulation around heat ducts when they are located in unconditioned spaces such as attics, crawl spaces, and garages.
  • If you see holes or separated joints in your ducts, hire a professional to repair them.
  • Check to see that your fireplace damper is tightly closed, when it is not in use.
  • During the heating season, keep draperies and shades on south-facing windows open during the day to allow sunlight to enter your home, and close them at night to reduce the chill from cold windows.

For Long Term Savings:

  • If your furnace is old, the new energy efficient models can help you save on heating bills. Your contractor should be able to give you energy fact sheets for different types, models,
    and designs to help you compare energy usage. Look for the ENERGY STAR®.
  • Adding insulation and sealing air leaks help your energy performance in the wintertime by keeping the warm air inside.

Everyday Tips to To Save Energy
These no-cost or low-cost tips are easy ways to save energy and money all year round.

  • Replace incandescent bulbs with compact fluorescent lights.
  • Air-dry dishes instead of using your dishwasher’s drying cycle.
  • Use a microwave oven instead of a conventional electric range or oven.
  • Turn off your computer and monitor when not in use.
  • Plug home electronics, such as TVs and VCRs, into power strips and turn power strips off when equipment is not in use.
  • Lower the thermostat on your hot water heater; 115° is comfortable for most uses.
  • Wash only full loads of dishes and clothes.

Many of these same tips are also applicable to savings on summer cooling costs.

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Let's Celebrate Christmas

Monday, December 21, 2009
by The Hat Team

       "The best of all gifts around any Christmas tree: the presence of a happy family all wrapped up in each other."
                                                                      ~ Burton Hillis

Christmas is one of the most widely celebrated festivals globally and is no longer viewed as a purely religious holy day. It is now a time enjoyed by people of many countries and faiths, and there are numerous universally recognized icons which we associate with the yuletide. In fact, these symbols have become so commonly associated with the celebration of Christmas that when we see Santa riding on a reindeer, a mantle hung with stockings, coniferous green trees decorated with tinsel and ornaments, or houses festooned with evergreen wreaths and mistletoe, we know that the magic spirit of the season is upon us.   

The tradition of the Christmas stocking dates back to approximately 250B.C. in Asia Minor. There Nicholas, rich man who became a very generous Christian priest and a saint, is said to have secretly filled the stockings of three poor sisters with gold, thus giving them a dowry and allowing them to marry. Legend has it that after that "miracle," neighbors of the fortunate women followed suit with their stockings, and the tradition slowly spread across the globe. Children throughout the world now hang stockings--or even put out shoes--to be filled with small gifts and food by Santa (Saint) Claus (Nicholas). Many people create their own stockings, personalizing them for themselves or for others and often providing a family activity that is fun for all. Find instructions for making your own Christmas fireplace stockings.

Along with the Christmas holly, laurel, rosemary, yews, boxwood bushes, and, of course the Christmas tree, mistletoe is an evergreen displayed during the Christmas season and symbolic of the eventual rebirth of vegetation that will occur in spring. But perhaps more than any other of the Christmas evergreens, it is a plant of which we are conscious only during the holidays. One day we're kissing under the mistletoe, and next day we've forgotten all about it (the plant, that is, not the kisses).

THE HOLIDAYS ARE HERE! THE HOLIDAYS ARE HERE! 

And ’tis the season to decide what presents to give, to buy the presents, to wrap the presents, to mail and/or deliver the presents.  Whew!--time-consuming and somewhat exhausting unless you’ve discovered online shopping. Here are just a few ideas: EasyXmas.com, Gifts.com, Overstock.com, Amazon.com, Fragrance.net. There are hundreds of other sites just waiting to display their wares and ship them for you. Some even offer free holiday shipping or will do the gift wrapping for you.   

Want something a little different? Check out the top ten present picks for 2009.                                                   

             “May Peace be your gift at Christmas and your blessing all year through!" 
                                                                              -- Unknown

Another time-saving tip: rather than hand writing cards to send holiday greetings online to friends and family and have someone else do the work for you. Great selections--warm, funny, cute, animated, talking, photo, traditional, romantic--and no waiting time!

And speaking of greetings—show support for our troops. Xerox still has a web site that lets you send a message of thanks to soldiers currently serving in Iraq. This is a FREE service and only takes a minute to do.   What a great way to spread the spirit of the season! Visit www.LetsSayThanks.com today.

Yes, you’re busy, busy, busy, but what about the children?

Need to keep the kids happy and involved? Here are creative and original holiday stories. Chat with Santa’s elves. Have fun with educational activities. Make pom-pom snowmen, a snowman garland, or a Rudolph handprint. Deck your halls and walls with candy-colored crafts. 

There is lots of online fun for the kids:

Other good sites for craft creations --ornaments, cards, trees, etc.--to make the days leading up to Christmas happy ones are Parents.com, Christmascrafts.net, SchoolFamilyFun.com, FamilyFun.com, FamilyCrafts.com, and Kaboose.com. 

Interested in how Christmas is celebrated around the world? Check out information on the traditions and customs of over forty locations. For instance, general Christmas traditions in Bethlehem are similar to the European and North American customs observed during the festival. From a few days before December 25th, the town is decorated with flags and other items of adornment. Streets are strung with Christmas lights. A Christmas market comes up and Christmas plays are performed. A cross is painted on the door of every Christian home, and Nativity scenes are displayed in every household.  

Learn how to express Christmas greetings in many languages.  Try it and surprise everyone with you linguistic ability. 

"Blessed is the season which engages the whole world in a conspiracy of love."
                                                     ~ Hamilton Wright Mabi 

Now let’s move from goodwill to men to good food at Christmas time… eggnog, sugar cookies, Christmas punch, glazed ham, brunch biscuits and eggs--and so much more. You can even view vidoes to help with baking. Decorating cookies, making colorful Rice Krispy treats, and creating gingerbread cookies are all great family activities--and the results are delicious!


Another traditional activity for family members of all ages is caroling--indoors or outside. Rusty on the lyrics...not a problem.

Still hungering for more family time and/or seasonal spirit? It is said that the tradition of making Christmas movies is as old as making movies itself and Christmas has long been a favorite subject of moviemakers. In fact, so many movies have been made on the theme of Christmas that the list would be too long to print here, but you might want to try The Miracle on 34th Street (1947 version or the newer one), A Christmas Carol, A Christmas Story, It’s a Wonderful Life, and White Christmas.  

Christmas facts few people know:

*  In the Ukraine, if you find a spider web in the house on Christmas morning, it is a harbinger of good luck. 

*  In ancient Scandinavia, mistletoe was associated with peace and friendship. That may account for the custom of "kissing beneath the mistletoe. 

*  The "Urn of Fate" is part of the Christmas celebrations in many Italian households. TheUrn of Fate is brought out on Christmas Eve. It holds a wrapped present for everyone. 

*  In Sweden a common Christmas decoration is the Julbukk, a small figurine of a goat.  It is usually made of straw.

Alas, dear readers, having presents to buy and wrap, cookies to make, movies to watch, ecards to send, songs to sing, pages to color, eggnog to drink, stories to read, a tree to trim, stockings to fill, thanks to express to our troops, caroling and mistletoe kissing to do, this writer must stop, but not before sending warmest wishes to you for a wonderful and 

MERRY CHRISTMAS! 

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Montgomery Sales Tax Holiday Starts Friday

Thursday, August 6, 2009
by The Hat Team

The Montgomery Sales Tax Holiday starts tomorrow, Friday August 7, 2009 beginning at 12:01 a.m. (CST), and ending at twelve midnight on Sunday August 9, 2009. This is Alabama's fourth annual sales tax holiday giving shoppers the opportunity to purchase certain school supplies, computers, and clothing free of state sales or use tax. Local sales and use tax maymontgomery sales tax apply.

Retailers are required to participate and may not charge tax on items that are legally tax-exempt during the Montgomery Sales Tax Holiday. 

Sales Tax Holiday Quick Reference Sheet of Exempt Items

Sales Tax Holiday Rule 810-6-3-.65

Sales Tax Holiday Act No. 2006-574


For more information, 8:00 a.m. – 5:00 p.m., CST, Monday through Friday,
call 334-242-1490 or 866-576-6531.

Don't miss the opportunity to save money on back to school school supplies and clothing!

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Montgomery Ranks As Great Place to Retire

Thursday, April 23, 2009
by The Hat Team
U.S. News and World Report has ranked Montgomery #5 in its top 10 affordable places to retire The rankings are bases on cost of living, housing affordability, taxes, access to arts, culture and sports, and health facilities. All top 10 cities have median home prices below $150,000.

montgomeryBinghamton NY claimed the #1 spot followed by Chattanooga TN, Cocoa FL, Eau Claire WS, Montgomery AL, Omaha NE, Pittsburgh PA, Rosewell NM, San Antonio TX, and South Bend IN.

Montgomery has been recognized for the following:

Cultural Attractions
This state capital is home to the Alabama Shakespeare Festival, the fifth largest Shakespeare festival in the world.
Economy
The city's role as a regional trade center is firmly established, serving as a wholesaling and distribution gateway to the 22-county central Alabama area, as well as to the southeastern United States.

Geography
Montgomery has a generally central location, not only within Alabama but within the United States; approximately one third of the nation's population lives within a 600-mile radius.

Historical
During the Civil War, Montgomery served as the first Confederate government office and still has the first White House of the Confederacy. Years later in 1955, Martin Luther King, Jr., joined Rosa Parks in the Montgomery Bus Boycott.

Recreation
The Montgomery Biscuits, a minor-league affiliate of the Tampay Bay Devil Rays, provides a favorite outing for local baseball enthusiasts. 

Thinking of retiring? Learn about Montgomery real estate at HatTeam.com.

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Montgomery Keeps Getting Better

Thursday, April 2, 2009
by The Hat Team

Montgomery just keeps getting better! In Forbes Magazine’s 11th annual ranking of the Best Places for Business and Careers, Montgomery ranked 49, up from 102 last year and 120 in 2007.  Fueling Montgomery’s rise in the rankings is the “Projected Job Growth” for the Montgomery Metro – rising from 57 in 2008 to 17 this year. In fact all of Alabama’s metros are in the top 20 metros, out of 200 metros.

The rankings are determined by a series of metrics established by Forbes ranking factors including local colleges, educational attainment of residents, and quality of life offerings.

With 651,000 jobs in February and 4.4 million since the recession began in December 2007, this is quite an accomplishment for Montgomery. Kudos to all!! 

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Ins And Outs Of Montgomery Short Sales

Friday, March 6, 2009
by The Hat Team
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a Montgomery short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A Montgomery short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
 
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:
 
·          Refinancing your loan at a lower interest rate
·          Providing a different payment plan to help you get caught up
·          Providing a forbearance period if your situation is temporary
 
When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if
 
·          Your property is worth less than the total mortgage you owe on it.
·          You have a financial hardship, such as a job loss or major medical bills.
·          You have contacted your lender and it is willing to entertain a short sale.
 
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.
 
A qualified real estate professional can:
 
·          Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
·          Help you set an appropriate listing price for your home, market the home, and get it sold.
·          Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
·          Ease the process of working with your lender or lenders.
·          Negotiate the contract with the buyers.
·          Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
 
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include
 
·          A hardship letter detailing your financial situation and why you need the short sale
·          A copy of the purchase contract and listing agreement
·          Proof of your income and assets
·          Copies of your federal income tax returns for the past two years
 
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
 
·          If you have only one mortgage, the review can take about two months.
·          With a first and second mortgage with the same lender, the review can take about three months.
·          With two or more mortgages with different lenders, it can take four months or longer.
 
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
 
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
 
·          You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
 
·          Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
 
·          Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.
Have additional questions concerning Montgomery short sales? Give us a call for a private consultation, 334-834-1500.
 
 
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 
Article reprinted from Realtor Magazine with permission of the National Association of Realtors. Copyright 2008. All rights reserved.
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Montgomery Among Top Best Performing Cities

Friday, January 16, 2009
by The Hat Team
Amidst the gloom and doom, there’s some good news to report about metro Montgomery. Among large metro areas, Montgomery ranked 38 in the Best Performing Cities in 2008 survey conducted by the Milken Institute/Greenstreet Real Estate Partners. The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.
Cities were ranked according to how well they are creating and sustaining jobs and economic growth. The ranking depicts those U.S. metropolitan areas that are recording the top economic performance for wage and salary growth.
Nationally, Montgomery ranked #38 in wage and salary growth for 2008, moving up from the #76 ranking in 2007. In other rankings, Montgomery is # 71 for 5-year job growth, and #65 for 1-year job growth. In Alabama, Montgomery ranked second behind Huntsville, which ranked as the #5 metro area overall.
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