Real Estate Information

Perhaps you are ready to buy a home, but you think you can’t because of a low score on your credit report. Bad credit can present challenges when purchasing a home, but it doesn’t have to keep you from moving forward with your dream of becoming a homeowner.  If you want to become a homeowner, don’t let bad credit hold you back!

Here are some tips for how to buy a home even when you have bad credit:

• GET YOUR CREDIT SCORE

Take a deep breath and do that search. There are several places you can get your credit score for free. Just keep in mind that you will have three credit scores - one each from Equifax, Experian, and TransUnion. These are the three major credit reporting agencies, so it’s a good idea to get scores form all of them.

• MAKE SURE YOUR CREDIT SCORE IS UP TO DATE AND ACCURATE

Your credit report is like a history of how you have handled borrowed money. There may be errors in it and if so, that could damage your credit score. You can get a free credit report from each of the three major credit reporting companies annually. When you get the reports, look over them carefully to make sure all the information is correct. If you find any errors, you can dispute them with the reporting companies.

• PREPARE YOURSELF FOR A HIGHTER INTEREST RATE

Qualifying for a mortgage with a lower credit score is possible if you are willing to pay a higher interest rate. Lenders charge more to protect themselves should the buyer make late payments or fail to make payments altogether. Unfortunately, bad credit means that you likely have a history of doing just that. While a higher interest rate does mean a higher mortgage payment, it may be worth it to become a homeowner investing in your own home rather than paying rent to a landlord.

• APPLY FOR AN FHA LOAN

Loans insured by the Federal Housing Administration (FHA loans) have lower credit requirements. With a credit score of at least 580, you can qualify for an FHA-insured mortgage with a down payment of just 3.5 percent of your home’s final purchase price. However, there are some catches. First, FHA loans are insured by the Federal Housing Administration, but they are originated by traditional mortgage lenders. Even though they can originate FHA-insured loans for borrowers with scores as low as 500, it doesn’t mean they are obligated to do so. They can choose to require higher credit scores. Secondly, FHA loans come with a financial penalty. With traditional mortgage loans, you can cancel your private mortgage insurance (PMI) after building up enough equity. With an FHA loan, you must maintain private mortgage insurance for the life of your loan.

• MAKE A LARGER DOWN PAYMENT

If you can come up with a larger down payment, lenders may be willing to take a chance on you. While it’s possible today to get a mortgage with as little as 3 percent down, people with bad credit may find that making a larger down payment is what will get them the mortgage loan they seek. When you put down more money up front it shows the lender that you are willing to take on the risk of a home loan. The lender also will feel you are less likely to walk away from a large financial investment. If you can come up with a down payment of 20 percent or more, you will increase your chance of getting approval on a mortgage loan.

• REBUILD YOUR CREDIT

If your credit is so bad that a mortgage is not feasible right now, don’t despair. It just means that it is time for you to start rebuilding your credit so that you can become a homeowner in the future. To do this, you simply need to start paying all your bills on time every month so that you can build a better credit history. Also, pay down as much credit card debt as possible to raise your score.

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!

2095 S Hull Street, Montgomery, AL 36104

MLS# 559623

3 Bedrooms | 2 Baths | 2,750 Square Feet | Garden District

Nestled in the Historic Garden District, you will find this impeccably remodeled English Tudor. With three bedrooms and two baths, every inch of this residence has been transformed into a showstopper with an array of upgrades that must be seen to be fully appreciated! Upon entering, you’ll notice the stunning tiled fireplace and coffered ceilings in the living area, setting the tone for the elegance found throughout the home. A spacious hallway features a custom wall, adding a unique and artistic touch that reflects the home's exceptional attention to detail. Prepare to be captivated by the primary suite, where no expense was spared in its redesign! The fireplace, with floor-to-ceiling tile, and coffered ceilings create a serene atmosphere. A custom iron door leads to a bathroom reminiscent of a luxury spa, complete with a clawfoot tub and a steam sauna featuring dual shower heads. The adjacent closet is a masterpiece with a quartzite-topped island, ensuring ample space for wardrobe and accessories. The additional bedrooms and bathrooms have also undergone remodeling, each exuding the same level of quality and style found throughout the home. The kitchen is a true masterpiece featuring tiled walls and marble countertops. The eat-in breakfast area boasts a custom white quartz island. Step outside to the extended, screened-in rear porch—a perfect retreat for relaxation or entertaining. Equipped with fans, it promises comfort in any season, whether sipping a cold beverage or hosting guests. Beyond the main living areas, discover a unique recreational room within the garage, equipped with a video wall and climate control, offering versatility and entertainment options galore! Rest easy knowing this home is equipped with two new HVAC systems, updated electrical and plumbing, and a generator, ensuring comfort and reliability in all seasons. This home marries historic charm with modern luxury, offering an opportunity to own a property that epitomizes elegance.

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

501 Martha Street, Montgomery, AL 36104

MLS# 559660

2 Bedrooms | 2 Baths | 2,094 Square Feet | Cottage Hill

Your dream home awaits in historic Cottage Hill! Just steps from bustling downtown, this totally renovated cottage has old world charm and character with modern updates and features. Welcoming front porch is one of the owner's favorite spots to unwind and visit with friends and neighbors. Spacious living room and dining room have soaring ceilings and plenty of wall space for artwork! Cook's dream kitchen with quartz countertops and custom milled heart pine floors has cozy built in sitting nook, and access to the private rear deck. Full bedroom, bath, and walk in closet share the downstairs space, while the cool master suite encompasses the entire second floor. Master space includes a sitting area perfect for sectional and tv or would make a great home office area. Large walk-in master shower boasts rain shower head and the custom-made poured concrete sink with high end faucet feels like you are in a high-end NYC hotel! Laundry area off master bath has additional storage...a rarity in vintage homes! Systems all updated within the last few years, so all you need to do is pack your things and move in. ESTATE SALE JULY 11-12. SHOWINGS START MONDAY JULY 15TH.

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

529 Felder Avenue, Montgomery, AL 36106

MLS# 559629

3 Bedrooms | 3 Baths | 2,749 Square Feet | Cloverdale

Welcome to Old Cloverdale! You have just stepped into a part of Montgomery where every home has its own story to tell. The neighborhood is lined with trees, beautiful parks and winding walking trails. Felder has been home to Zelda and F Scott Fitzgerald, just imagine what they would think of it today being in walking distance to the Pine Bar, Vintage Year and Cafe, Frenchie's, Derk's, boutiques and art galleries? Your love of history and the opportunity to own a piece of it awaits you behind the doors of iconic 529. This home has withstood 111 years of evolution and still stands strong, and more importantly has never looked better. Over the years special love has been given to the careful restoration of the interior as well as an entire exterior renovation with extensive landscaping, an inviting gravel path up to and surrounding the property which is now enclosed with a brand-new privacy fence with an electric gate. If you have seen it before, you must check out the transformation for yourself! OPEN HOUSE SUNDAY 7/14 1:00-3:00.

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

If you are not familiar with real estate terms, the vernacular can be confusing and overwhelming. It truly is like learning a new language!  But we are here to help. Today we will talk about comparables (or comps). 

Comparables (comps) is a real estate appraisal term that refers to properties that are similar to the property of which the value is being sought. They are properties in the same area that are around the same size, in similar condition, and have similar features. Whether you are buying or selling a home, you can learn a lot by comparing similar homes.

Buyers will use comps to help them decide what price to offer on a home, while sellers will use them to determine the best list price for their home.  Realtors utilize comps on a regular basis to keep track of the local market.

One major key for a comp is proximity. When trying to price a home or find out its value, it’s vital that the homes you are comparing it to are close by.  The market can be different in other locations, so the comparable property should be as close as possible. The same neighborhood is best. If the same neighborhood isn’t an option, you can branch out, but not too far.

Homes that are currently “pending” make the best comps.  This is because a deal has already been made on a pending home, so it reflects current stats on the market, which fluctuates frequently. When looking for comps, it’s important to stick with sales in the past three months and never more than six months ago. If a home was sold over six months ago, that data is not up to date with the current market.

Another important aspect of a good comp is the home’s features. It’s vital that the homes being compared have similar features. Consider things like views, upgrades, number of bedrooms, location of bedrooms, number of bathrooms, square footage, size of lot, etc.

Keep in mind that there may be information that your Realtor is privy to that you are not when it comes to comparables. If you don’t understand why a similar home is determined to be worth more or less than yours, your Realtor can explain it to you. There are many conditions that can influence the value of a home. Also remember that comps are estimates, not appraisals. They are not written in stone, but they are a useful tool for both buyers and sellers.

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!

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!

Summer is here and with the heat and humidity, chances are you have been spending a lot of time at home trying to stay cool and dry. If you are feeling a bit stir-crazy and you want to get out, there are plenty of fun events and activities going on in Montgomery for you and your family to enjoy!

Here is a list of events and things to do in Montgomery for the rest of the summer:

Jazz Jams

2nd and 4th Thursdays, 5 to 7 PM | June, July, and August 2024
In partnership with the City of Montgomery, Alabama, Jazz Jams is back! This free event celebrates Montgomery, Alabama’s vibrant creative culture, featuring a live band, cash bar, and delicious hors d’oeuvres from Verde. This free, 21+ event features music from local jazz musicians; Music line up coming soon.

This event is rain or shine; in the case of inclement weather, activities will be moved indoors.

Montgomery Museum of Fine Arts
One Museum Drive Montgomery, AL 36117

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Move MGM Color Run/Walk

 

June 29, 2024 – 8:00 am

Join Montgomery's First Lady Tamika Reed and Move Montgomery for the Move MGM "Paint the Park" Color Run/Walk on Saturday, June 29th at Oak Park, 1010 Forest Avenue. Participants can enjoy a fun and healthy exercise at their own pace while running or walking the shady loop around Oak Park and being doused with vibrant colors!

Registration is FREE, and the first 400 registrants will receive a t-shirt. Please consider donating to the Heart of Alabama Food Bank to help fight food insecurity. Come out and join us for a colorful and exciting day!

REGISTER HERE!

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Thrifty Tuesdays at The Montgomery Zoo

Discounted Admissions  EVERY TUESDAY

June 4 to July 30, 12:00 pm to 4:00 pm

Montgomery Zoo and Mann Wildlife Museum
2301 Coliseum Parkway
Montgomery, AL 36110

334-625-4905

The Montgomery Zoo is proud to announce our summer discounted admissions promotion, THRIFTY TUESDAYS. Receive 50% OFF admissions every Tuesday afternoon, beginning June 4 - July 30. Tickets must be purchased in person, 12pm (noon) - 4pm (Tuesdays only) in order to receive the discounted admission. This discount cannot be combined with any other discount, coupon, and/or offer.
 
Thrifty Tuesdays admission includes:
     -- Admission to the Zoo
     -- Admission to the Mann Wildlife Learning Museum 
     -- Entry to Parakeet Cove
     -- Entry to Waters of the World
     -- Entry to our Reptile Facility
     -- Admission to a special zookeeper talk at 1:30pm daily

Additional adventures and attractions
     -- Train ride: $3 per person
     -- Giraffe Encounter: $3 per person 
     -- Sky Lift Ride: $5 per person
     -- Parakeet feed sticks: $2 per stick

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Independence Day Celebration - Prattville

July 4, 2024 – 8:00 am to 9:00 pm

Historic Downtown Prattville
101 West Main Street
Prattville, Alabama

Kick off July 4, with the Parade at 9 am. Next, head over to Pratt Park where the Lions Club will have barbeque, arts and crafts, and live music until 2:00 p.m. Stop by to cheer on the participants in the Cardboard Boat Races. Beginning at 10:30 a.m., teams will create their competition boats out of cardboard and duct tape. Prizes include Longest floating boat, the Titanic award for most dramatic sink, most creative and more. The Pratt Pool and Splash Pad also will be open for more family fun.

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July 4^th Cruise

Harriott II Riverboat
255 Commerce Street
Montgomery, AL
334-625-2100

Calling all patriots! Independence Day is coming soon! You’re invited to celebrate on the Harriott II Riverboat. It's a surefire way to have a blast on the 4th of July. Enjoy the best seat in the house to watch the fireworks light up the sky over the Alabama River. We’ll have a cash bar, concessions from the Wheelhouse Grill, and live entertainment on all three decks. All tickets are general admission, so get your tickets today!

PURCHASE TICKETS HERE!

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Joseph and the Amazing Technicolor Dreamcoat

July 11, 2024 – August 11, 2024

Click HERE for dates & times and to purchase tickets!

Presented by the Alabama Shakespeare Festival
1 Festival Drive
Montgomery, AL 36117

One of the most enduring shows of all time, Joseph and the Amazing Technicolor Dreamcoat is a humorous retelling of the Biblical story of Joseph, his 11 brothers, his father Jacob, and the coat of many colors. Follow Joseph’s journey from bondage to becoming Pharaoh’s right-hand man to his ultimate reunion with his family. This delightful and merry musical — embracing country-western, calypso, and Elvis-style rock — will have you singing in your seat and long after you leave the theatre! 

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Seventh Annual Hog Days of Summer

Union Station Train Shed
300 Water Street
Montgomery, AL 36104

Saturday, August 24, 2024 – 2:00 pm to 10:00 pm

The Druids Charity Club is pleased to announce their 7th annual BBQ and Americana Music festival. ‘The Hog Days of Summer’ is a charity event benefitting Hogs for the Cause and other carefully selected local charities.

Event Details

Music: Our best lineup yet will be rocking the shed; spanning blues, rock, soul, country, roots, and other Americana influences.

Drive-By Truckers
George Porter Jr. & Runnin' Pardners
Cris Jacobs
Ms. Aretta Woodruff

BBQ: Once again, our patrons can look forward to enjoying BBQ from the River Region's finest BBQ establishments. More information to come soon.

Schedule: Doors: 2:00. BBQ: upon entry. Music: 2:00 PM-10:00 PM

Tickets: General Admission: $20

Active Military/Police/Fire/EMS/Student GA Ticket**: $10

VIP Ticket: $250. Very limited supply.

• Private Discounted Cash bar,
• Private bathrooms
• Private Seating
• Side of stage views
• Food options available

Purchase tickets HERE
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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!

Photo Credits: montgomeryal.gov, movemgm2023.com, montgomeryzoo.com, columbusafbliving.com, allevents.in, experiencemontgomeryal.org, eventbrite.com

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!