Eastern Shore Mobile AL Real Estate: Getting The Price Right

“Location, Location, Location.”  We hear it all the time in the real estate world and many assume that location is the most important criteria to buyers when purchasing a new home.  But what is it really that determines why one property sells more quickly than another?

 

Price.   Having the right price was the most important factor in deciding on one home over another, according to 2/3 of the respondents of a recent poll conducted by the National Association of Realtors.

 

Sellers agreed on the importance of the right price.  “Getting the price right” was and is one of the most frequently cited challenges for sellers who are not represented by a Realtor®.

 

Other factors that were included in the poll were – no surprise – location, but also condition of the property, staging, and upgrades.

 

If you are interested in learning about Eastern Shore, Mobile AL real estate prices, please call me at 866-560-7474 or visit JudySells.com.  You may also begin searching the MLS!

 

Mobile Eastern Shore AL Real Estate Sales May Rise Modestly Before Marked Increase in Late 2008

A modest gain in the level of Mobile/Eastern Shore AL real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.

 

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

 

This is a great time to consider buying Mobile/Eastern Shore AL real estate.  To learn more about the current Mobile/Eastern Shore AL real estate market, please call me at 866-560-7474 or visit JudySells.com. 

Mobile AL Real Estate Tip: Questions To Expect From Your Lender

Before lending you a large sum of money to purchase a piece of Mobile AL real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan.  If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind.  Below are some general examples of questions you may expect to hear when applying for a home loan:

 

Employment and income

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Where do you work?

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How much do you make?

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How long have you been at your job?

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How is your income derived — steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)


Outstanding debts

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What recurring debts do you have?

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How much do you pay a month for auto loans?

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Credit cards?

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How much of your monthly pretax income do these debts consume?


Cash reserves and assets

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How much money do you have in the bank?

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How much will be left after you pay your down payment and closing costs?


Down payment

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How much money are you putting down?

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Is this your own money? A gift? A nonprofit agency grant?


Loan purpose

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Is this mortgage for a home buy or refinance?

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If it’s a refinance, do you want to take cash out at closing to pay off other debts?

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If so, how much?


Property use

•

Do you plan to live in the house?

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Is it investment property?


Property type

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A condominium?

•

A duplex?

 

In order to get the best possible interest rate and gain the trust of your lender, you will want to be able to prove that you’ve had steady employment (preferably with the same employer or in the same line of work) for two or more years.  You also want to avoid making any major purchases before applying for a loan – if a lender sees that you’ve just purchased an automobile last week, your debt-to-income ratio goes up and your ability to pay down a home loan goes down.  It is preferable to be making a down payment of at least 5% of the sales price with your own money and to prove that you have at least two months’ worth of mortgage payments in the bank; however, there are many programs such as Fannie Mae that require much lower down payments. 

 

To learn more about investing in Mobile AL real estate or for a referral to a reputable lender, please call me at 866-560-7474 or visit JudySells.com.  You may also request a complimentary relocation package here!

Buyers of Mobile AL Real Estate: Lock in Low Interest Rates NOW!

As I reported recently, Fannie Mae is now requiring only a 3% down payment on all loans processed through its Desktop Underwriter® program.  This is great news for buyers who can take advantage of this program.

 

If you are in the market for a conventional mortgage, however, the news may not be so promising.  As this article from the Real Estate Journal explains, mortgage interest rates are climbing again at an alarming rate, and it is in Mobile AL real estate buyers’ best interests to lock in a low rate now.  Due to fears of inflation, the average interest rate on a typical 30-year fixed loan has spiked to 6.02% from 5.82% in just a week. 

To see how this spike would increase your mortgage payments, consider this:  as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.  For example, on a $300,000 mortgage, the current increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.

To learn more about Mobile AL real estate, or for a referral to a reputable lender who can explain your options when it comes to interest rates, please call me at 866-560-7474 or visit JudySells.com. 

Fun Father’s Day Facts For Mobile AL

Today we take a break from Mobile AL real estate to devote some time to honoring DAD. Father’s Day is coming up this Sunday – there are plenty of fun Mobile events happening that you can enjoy with the special father in your life!

Here are some little-known facts about the holiday:

  • The word “Dad” dates back to the sixteenth century, or possibly even earlier. It may have originated with the Welsh word “Tad” (meaning father), which later mutated to Dad. The word “Father” is derived from the Old English “Foeder”.
  • A father ocean catfish carries the eggs of his young in his MOUTH until they are ready to be born (which may take several weeks!). During that time he cannot eat anything.
  • Father penguins remain on their feet in arctic temperatures for 60 days or more to protect his eggs, he also cannot eat while guarding his eggs.
  • There are approximately 66.3 million fathers in the United States.
  • Neckties lead the list of Father’s Day gifts, and there are 10,416 men’s clothing stores around the country.
  • Other items high on the list of Father’s Day gifts include those you may find in dad’s toolbox, such as hammers, wrenches and screwdrivers. You could buy some of these items for dad at one of the nation’s 14,755 hardware stores or 5,280 home centers.
  • There are 23,018 sporting goods stores. These stores are good places to purchase traditional gifts for dad such as fishing rods and golf clubs.
  • Nearly 69 million Americans have participated in a barbeque in the last year — it’s probably safe to assume many of these barbeques took place on Father’s Day.
  • There are approximately 98,000 “stay-at-home” dads. These are married fathers with children under 15 years old who have remained out of the labor force for more than one year primarily so they can care for the family while their wives work outside the home.

Next week we’ll return to discussing Mobile AL real estate. In the meantime, enjoy a relaxing weekend with dad! Please feel free to call me at 866-560-7474 or visit JudySells.com to learn more about Mobile AL real estate.

The Case For Staging Your Mobile AL Real Estate

“Staging”  Mobile AL real estate for sale has become a hot trend in the industry.  Unlike some trends that are more trouble than they’re worth, however, this is one trend that can really pay off!  Here are 12 reasons why you should consider staging your home on the market:

1. Turbo Boost Sales Time
Experts all agree and studies show staged homes sell quicker – sometimes up to 50% faster – than non-staged homes.  Not only are you having to pay for your mortgage while your home stays on the market, but the longer the home is on the market, the greater chance there is for a price reduction.  Typically, when a home has been on the market for some time, buyers and agents will assume there must be something wrong with it or that the seller will be anxious to sell and will take much less than the asking price.

2. First Impressions Are The Most Important
People’s first impression of your home is critical.  Staging gives you the best opportunity to make a positive first impression rather than a negative one.  The stronger the impression, the less likely a potential buyer will be bothered if some things aren’t perfect.

3. Gone In 60 Seconds…
Psychology experts have proven that people react based on emotion and then seek logic to back up the feeling.  From a real estate perspective, a buyer will make an initial reaction in less than a minute whether they like your home or not.  Then, after the potential buyer’s initial decision has been made, they will either confirm that decision or rescind it in the next 6 to 20 minutes as they tour the property.  This is why proper staging is critical for any listing.    

4. Ready, Set, Go – Move-In Ready Sells Faster
A properly staged listing not only appears to be in “Move-In Ready” condition, but it really is.  Staging a house for sale means that every component of the house is as close as possible to model condition.  All buyers prefer to buy a home where they can just move-in and start enjoying life.  Most will even pay a premium for this.

5. Imagination Not Included
Did you know that only 5% of the population can truly visualize how beautiful a home can be or see past the clutter, grime and so-so appearance?  It’s true.  Help potential buyers see themselves happily living in your listing and let the offers come pouring in. 

6. Be the Needle In The Haystack
Staged homes have a much greater competitive advantage over houses that are not staged.  Experts are predicting that more and more listings will be sitting on the market for sale in the next few years.  Some areas have already seen a 100-300% increase in available inventory and average time on market.  A staged home stands apart from other listings because it has been properly merchandised to bring out the best qualities of the listing.
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Good News For the Mobile AL Real Estate Market!

newsMobile AL real estate sales of existing homes slowed this spring, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the Mobile AL real estate market is better positioned for a turnaround, according to the National Association of Realtors®.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the good news is that mortgage restrictions have just been eased. “In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market’ policies, effective June 1,” he said.
 
Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. “I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant,” he said. “Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York.”
 
To learn more about the current conditions of the Mobile AL real estate market, please call me at 866-560-7474 or visit JudySells.com. You may also visit the MLS to begin searching for Mobile AL homes!

Get Mobile AL Real Estate With Lower Down Payments

Fannie Mae has announced down payment requirements will be lowered from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, as of June 1.  Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.

 

This initiative, part of Fannie Mae’s “Keys To Recovery” campaign, will apply to borrowers all across the country, regardless of local market conditions.  Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Mobile AL real estate market!

 

Read the full article here, and please email me me or call me at 866-560-7474 if you need a referral to a reputable local lender!  To learn more about Mobile AL real estate, please visit JudySells.com, or visit the MLS to begin searching homes.

Mobile Eastern Shore AL Real Estate Podcast

This month’s edition covers Mobile Eastern Shore real estate market activity and then we’ll talk about how to avoid the pricing pitfalls and still manage to get top dollar for your home!

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 1/2 minutes

download podcast mp3 file | subscribe to podcast feed

 

To learn more about current Mobile AL real estate market conditions, please call me at 866-560-7474 or visit JudySells.com.  You may also request a complimentary relocation package!

Happy Memorial Day, Fairhope AL!

I hope that everyone is enjoying a relaxing and safe holiday weekend. In honor of the occasion, I thought I would share this touching poem – “Memorial” – with you:

Here’s to those who paid the price
And stood atop the wall,
Who didn’t call it sacrifice,
But duty to a call.

Beyond our power to add, detract,
Or honor with parade,
Or praise with words all copper-plaqued,
In public squares displayed,

They held the line, they took the brunt
Directed at our flank.
From general to lowly grunt
Now “hero” is their rank.

For some – unknown – the laurel wreaths
Must rest on unnamed graves.
For others still, their God bequeaths
No slabs or architraves.

For other heroes, living hearts
Still speak aloud their name.
Their daughters, sons, and better-parts –
To memories lay claim.

Some met the foe with angry eye;
Some trembled at the fray;
Some grieved for wife and family;
Some paused to kneel and pray.

Yet, as their hour approached its mark
And minutes became rare,
All gazed into the dreaded dark,
And stood – where we weren’t – there.

We praise with words their bravery,
Their steadfast soldiers’ hands,
That shielded us from slavery
And wrack from foreign lands.

Now pause awhile, and think on them.
Let recollection stir
To memory, through this artless hymn,
Of those and who they were.

~Dean C. Broome, MD JD

As summertime officially approaches, this is a great time to be thinking about buying Fairhope AL real estate. To begin searching Fairhope AL real estate, please visit JudySells.com or call me at 866-560-7474.