Real Estate Information Archive

There are many steps to take when purchasing a home, but one of the first and most important is finding the right mortgage loan. Knowing the right questions to ask a mortgage banker is key to your success in acquiring a loan that works for you. It’s vital that you are educated about everything related to your home purchase.

Here are the questions you should ask your mortgage banker to be sure that you are prepared for the lending process:

• What is my credit score?

When you apply for a mortgage loan, your lender will look at your credit history including your credit score, your debt-to-income ratio (DTI), and your liquid cash and assets. Having a high credit score will help you in the securing a loan. It is calculated by taking your payment history, outstanding balances, length of credit history, number of credit inquiries, and types of credit history all into account. Your lender will use your credit score to help determine the risk of granting you a loan.

• What is the best type of loan for me?

Once your mortgage banker has all the personal financial information you provide, he or she will let you know the loan programs you qualify for. Every loan program has a minimum qualifying credit score and DTI ratio. A good mortgage banker will patiently walk you through each type of loan so you can determine which one you are most comfortable with.

• How much should my down payment be?

Many people believe that you must put 20% down when purchasing a home. That is not always true! You have options. A conventional loan generally requires at least 3% down. But if you want to avoid Private Mortgage Insurance (PMI), 20% is required. There are also some government-backed loans that range from 0-3.5% down. Your lender will go over these options with you thoroughly.

• What are closing costs?

When you close on your home, your closing costs may include property taxes, homeowner’s insurance, title search fees, and appraisal fees. There might be other costs as well. Basically, all fees for services completed involved in the loan process need to pay and are taken care of with closing costs. These items will be itemized, and your mortgage banker can answer any questions you have about them.

• When will I close on my home?

The time it takes to close on a house after getting your mortgage loan application approved usually runs anywhere from 30-50 days. As long as there are no last-minute problems, the closing itself (signing the papers) may take about an hour.

Buying a home can be an overwhelming experience, especially for first-time homebuyers, but finding the right mortgage lender and asking the right questions will make the process less stressful for you!

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!

3394 Cloverdale Road, Montgomery, AL 36106

MLS# 559082

4 Bedrooms | 2 Baths | 1 Half Baths | 3,154 Square Feet | Cloverdale/Idlewild

Welcome to 3394 Cloverdale Road, a classic Cloverdale charmer! This home has been meticulously cared for by the seller for over 60 years. The home is situated on a corner lot and features spacious formal and casual living areas, 4 bedrooms and 2.5 bathrooms. There are 2 bedrooms downstairs and 2 bedrooms upstairs. The family room has tall ceilings with wood beams and is open to the kitchen and large eating area. The formal dining room is crowned with an antique chandelier and the living room's antique mantle is flanked by built-in cabinets. The 200-year-old reclaimed staircase adds additional character to this vintage Cloverdale home! The backyard has an irrigation system and lots of space for entertaining. Don't miss your opportunity to see this rare find!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

When preparing to put your home on the market, there are a lot of things you need to think about:

• deciding if you should make home repairs and improvements
• staging your home to impress potential buyers
• keeping your lawn and house in prime condition for viewings
• prepping to move

But one of the most important decisions you must make is how much you should ask for your house. Determining the asking price for your home cannot be taken lightly. There needs to be some psychology and strategy used to decide the price that will sell your home in a timely manner and for the most profit. You and your Realtor should identify and agree upon the approximate value of your property. You can use comparable sales of similar properties sold in your neighborhood to help you make this decision.

Next, you need to understand the price range for your list price. Depending on market conditions, competing properties, time of year or inventory, the price range can fluctuate.  For example, a house with the asking price of $500 K can have a price range of $480 K to $520 K. Once you have determined your home’s value and have a price range in mind, it’s time to conclude what your asking price will be. This is where the following pricing strategies come into play:

1. Appeal to multiple buyers - It may be tempting to ask for the highest price you think you can possibly get for your home. But if you price your property on the lower end of the value range, you will likely appeal to more than one buyer, and you might even have a bidding war amongst buyers who want your home. Chances are you will get more than your asking price if this happens.
    
2. Utilize psychology when choosing your asking price - Be careful of too many zeros.  For example, it is easier for a buyer to process $250 thousand than it is $250,000 - and $250,000.00 is even worse on the eyes. Buyers feel like they are being asked to pay more when there are more zeroes included in the price. It doesn’t change the actual price, but the perception of the price changes.
    
3. Make sure it’s visible in real estate searches - If buyers are looking for three-bedroom homes under $400 K and you have your property priced at $405 K, an automated buyer search for properties under $400 K will exclude your home, meaning you will miss out on a lot of potential buyers. Experienced Realtors  will set up search parameters for buyers that include properties listed a little bit more above their price ceiling. Keeping in mind that home prices are flexible, buyers could find the perfect match on a home above their limit, but with the possibility that it is in within a reasonable range of price or that it will be reduced.
    
4. Have a price contingency plan before listing your home - You may have very high expectations regarding the worth and appeal of your home. If you insist on asking top dollar for it, you may get lucky (depending on the current market) and get it, or you may not get any full price offers at all. In that case, it’s important to have a contingency plan lined up before you list your home. That way, if you must lower your asking price, you will already be prepared for it and it won’t catch you off guard.
    
5. Be flexible - Setting an initial asking price is just the beginning of your home selling process.  A lot of different factors may come into play when selling your house, and you won’t be able to anticipate all of them. Being flexible will allow you to react quickly to changing market conditions or new information and you will be more likely to get the best price for your home.

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

Are you moving this summer? With rents sky high and continuing to rise with no end in sight, you are likely going to want to purchase a home as quickly as possible. While buying a house is something you should not take lightly, there are ways to speed up the process while still making sound and smart decisions. Does that sound too good to be true?  Well, no promises, but there are steps you can take to buy a home fast.

Whether you are buying a house for the first time, or you have navigated the home buying process before, chances are you know that it can be lengthy and complicated.  But there are certain strategies you can use that will speed things up.

Here are some tips to help you get started:

• CHOOSE THE RIGHT TYPE OF HOUSE

There are certain types of homes you will want to avoid if you’re in a hurry. You should also avoid bank-owned homes or foreclosures, which generally take much longer to close. The fastest way to go is to focus on condos or new developments. Closings for condos and new developments can take as few as three to four weeks to happen.

• GET PRE-APPROVED FOR A MORTGAGE

This is a strategic move that will give you a head start so that when you do find a house you want to purchase; you will already be approved for a mortgage loan and can make an offer right away. This will also help you to stay within your budget when looking at homes because you won’t want to waste time looking at properties that cost more than what you are pre-approved for.

• HAVE YOUR DOCUMENTS IN ORDER AND READY TO GO

Get all the paperwork that you will need organized so that it is ready and waiting when you find the right home. Generally, a home buyer will need the following: federal tax returns for the past two years, supporting information such as W-2, 1099, or other tax forms for the past two years, two months’ worth of bank statements for your checking, savings, 401K, retirement and other accounts, and pay stubs from the past month.

• FIND THE RIGHT REALTOR TO GUIDE YOU THROUGH THE PROCESS 

You will want an experienced, professional Realtor like Sandra Nickel who knows the area well and can use their expertise to get you into a home quickly.

• OFFER TO SHORTEN CONTINGENCY GUIDELINES

Don’t risk waiving home inspection or financing contingencies but consider a shorter time frame to effect a faster closing.

• BE PREPARED FOR YOUR MOVE

Don’t wait until you have closed on your new home to start packing and preparing for your move. Start early so that as soon as you close, you are ready to go!

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

625 Martha Street, Montgomery, AL 36104

MLS# 558410

3 Bedrooms | 1 Bath | 1 Half Bath | 1,768 Square Feet | Cottage Hill

Investors!! House Flippers!! Cottage Hill Lovers!! Whether you're 1, 2 or all 3 of these, here is an excellent opportunity for you!! This diamond in the rough needs work but has an endless amount of possibilities! It's very spacious with 3 bedrooms plus a bonus room, 1 and a half baths and 3 fireplaces. Located in the beautiful and historic Cottage Hill neighborhood, you will be within walking distance to Hilltop Public House and downtown Montgomery. With work, this house could be a great family home or investment property! There is plenty of space to work with so check it out today and let this be the palette of your next project!!

Marketed by Montgomery AL Realtor, Ali Bertschy, Sandra Nickel Hat Team!

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

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

Here are 5 surprising things that will raise your home’s value:

1. LOTS OF TREES

While a brand-new house in a recently established community has its perks, what it often lacks is a proximity to mature trees. Large, well-rooted trees found in older neighborhoods, not only make for a lovely landscape, but they also provide shade. They add beauty and they save energy, while also increasing your home value.

2. GOOD SCHOOL SYSTEM

It may not seem so unexpected that a home in a good school district would have increased value. But sometimes people who do not have children do not think about this. Even you if you never intend to have children, you should keep in mind that many buyers will be highly motivated to purchase a home based on the quality of the area’s school system. For the purpose of resale value, it would be smart to invest in a home in an area with desirable schools.

3. SHOPPING NEARBY

People like convenience, so if a house is in close proximity to a shopping area with a supermarket, it will likely increase its value. This is especially true if it is close to higher-end stores like Trader Joe’s or Whole Foods. Per Zillow, homes near these grocery stores may appreciate up to 40% more quickly than other homes.

4. OUTDOOR RECREATION AREAS

Living close to a park, walking trails, or other recreation areas can increase your home’s value. Things like dog parks, tennis courts, golf courses, and playgrounds are appealing to people who enjoy staying active. They will be willing to spend a little more to live close to areas where they can enjoy outdoor activities.

5. SEPARATE LIVING SPACE

Whether you have a mother-in-law suite, an apartment, or a carriage house, having a separate living space will add to the value of your home. Unlike the other items listed here, this is something you can add to a home after moving in. But while looking for a home, you may want to keep an eye out for one that already has one. Not only will it boost resale value, but it will give you the opportunity to earn rental income (depending upon the laws in your area) while living in the house.

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

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

404 E Fairview Avenue, Montgomery, AL 36105

MLS# 557083

3 Bedrooms | 2 Baths | 1 Half Bath | 2,256 Square Feet | South Hull District

Here's the prettiest fixer upper you'll find! The exterior could use a little TLC but you will fall in love with the interior! Situated on a huge corner lot, this charming home offers an updated kitchen with breakfast bar, large light filled living room and dining room and two sunrooms! The downstairs sunroom is right off the living room and perfect for a den or home office, the upstairs sunroom is off the master and great for a dressing room/closet. Nice big fenced-in yard with patio and one car garage. Check it out today!

Marketed by Montgomery AL Realtor, Lauren Keen, Sandra Nickel Hat Team!

Chances are, if you are getting ready to sell your home, you are also preparing to purchase a new home. So, the last thing you want to do is spend more money on your current property. However, you certainly want to get the best price possible when selling it, and per the National Association of Realtors, for every $100 invested in staging, the potential return is $400. As you can see, it will pay off in the end to stage your home to entice potential buyers.

Some people will hire a certified staging professional to get the job done.  While it might seem easier than doing it yourself, it is not the only way to get that SOLD sign planted in your front yard. There are some simple, yet effective home-staging hacks that won’t break the bank:

• Roll Out a Welcome Mat

Sounds simple, right? It is! First impressions mean everything when selling your home. Also, prospective buyers tend to linger by the front door before the real estate agent opens the home for viewing, so an inviting entrance is crucial. A new welcome mat can cost as little as $15.Purchase a modern mat that compliments the style of your home. To further enhance the entryway, add a little green with some fresh plants and b An enticing entrance will make buyers want to see more!

• Mount Mirrors in Strategic Spots

Every home has spaces like a dim hallway or small space that lacks natural light. To spruce up these areas, hang a few mirrors. They add extra light to rooms that look dark and create an illusion of space. They will pack an extra punch if placed next to or directly across from a window because they will pull in more sun. For a more decorative look, create a collage of several mini mirrors in different shapes and sizes rather than just slapping one large mirror on the wall. You can find inexpensive mirrors at craft stores and discount home stores.

• Set Tables and Serving Areas for Entertaining

A home filled with friends, food and laughter is a happy one! Paint a picture of what entertaining in your home will be like for potential buyers. Keep it simple, but aesthetically pleasing. Lay out cloth napkins, wine glasses and solid plates in the dining room. Use matching mugs and bowls in the kitchen to produce the feel of family meals.

• Replace Personal Photos with Artwork

Over the years, you have turned your house into a home by decorating with family portraits and personal mementos. But potential buyers are going to want to be able to envision themselves living there and that is hard to do with your family members present in the form of pictures in every room. So, get a head start on packing up your house by putting your pictures away and replacing them with artwork that compliments the style of the home. You can find inexpensive art at discount stores, or you can print beautiful landscape photos to put in frames.

• Make the Bathroom Look Elegant with White Linens - Spruce up your bathroom with crisp, fresh, all-white linens.  White towels, bathmats, and shower curtains give the room an instant update.  They inspire the feeling of a luxury spa without spending a lot of money.  Take it a step further by including some "spa like" displays. Simple additions like an orchid, candles and special soaps will go a long way.
  
• Arrange Decorative Scenes - Decorative displays can give a cozy, lived-in ambience to a house.  Assembling classy vignettes of colorful vases, lanterns, books, plants, baskets, and other items atop dressers, counters and bookshelves will make a house feel more like a home. Group items in odd numbers and in varying heights and shapes while keeping them in the same color family. You will be amazed at what you can find to use in your house, but if you need to buy some things, you can mix in inexpensive pieces from craft and discount stores.  Done properly, these displays will have people feeling like they are looking at rooms right out of home décor magazines…and that is a sure way to impress prospective buyers.

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

3191 Thomas Avenue, Montgomery, AL 36106

MLS# 556412

4 Bedrooms | 2 Full Baths | 2 Half Baths | 3,589 Square Feet | Edgewood

Stunning Edgewood home has only been owned by two families! Traditional elegance with grand curved staircase and large living spaces are now combined with updated fixtures and contemporary style living. Current owners love entertaining neighbors and friends in the oversized dining room, bright cheery sunroom, and extensive yard and gardens. Main floor has two powder rooms for convenience, and a cozy den/study with fireplace. Retro kitchen boasts a new commercial stove/oven, and breakfast room/butler's pantry has tons of built-in cabinets. Upstairs is an oversized primary bedroom with dressing room/closet and newly renovated bath with double vanities and huge walk-in shower. Three other large bedrooms share a hall bath, and the south end bedroom has additional finished attic space that could be converted to another bath/dressing room/upstairs laundry. Gracious amounts of storage between closets, built-ins, and cubbies. In addition to front staircase, there is also a rear staircase for convenience. Front, side, and rear yards feature multiple garden "rooms" and seating areas scattered amongst mature landscaping. All on one of Midtown's most desirable and beautiful streets, nestled among beautiful vintage estate homes!

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

Whether you are selling a home or buying one, you are going to want to know the value of the home so that you can determine selling price or if the sale price is appropriate. But what you may not be aware of is that there are 3 different types of home values. It may be confusing to you when trying to determine what the true value of the home is.

Let us break it down for you so that you will understand the 3 types of home values and what they mean.

1. ASSESSED VALUE

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

2. APPRAISED VALUE

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

3. FAIR MARKET VALUE

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

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

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