Should You Downsize Your Mobile Bay Home?

You just dropped your youngest child off at college and have officially joined the ranks of the empty nesters. One of the first questions that usually comes to mind is should we downsize our Mobile Bay home. The kids are gone and we probably don’t need this big house. But is buying a smaller home right for you?

There are pros and cons to downsizing. Consider your finances and lifestyle before making a decision.

Reasons not to downsize your Mobile Bay home:

You want a place for your children and grandchildren to stay when they visit. The family is spread all across the country and you want to have a place for everyone to gather for the holidays and vacations.

You can’t bear to part with your cherished belongings. You have been in your current home for many years and have filled it to the gills with mementos you don’t want to part with.

You aren’t you emotionally ready to leave? You are not ready to pack up and leave a lifestyle you worked hard to create. Leaving family, friends and familiar surroundings is more than you can bear.

You enjoy the prestige that goes along with your luxurious home. A smaller home will not portray the correct image of success.

Reasons to downsize your Mobile Bay home:

The lower house payments that accompany a smaller home would give you more discretionary funds to travel and enjoy other recreational activities.

A smaller homes means less to maintain and more time to play.

You or your spouse, are not able to navigate the stairs like you use to and a single level home is more desirable.

A smaller, newer home is more efficient and better for the environment.

You need to be closer to a spouse who is in a nursing home?

Make sure it’s affordable:
If you decide to downsize, make sure the place fits both your pocketbook and your lifestyle.

Talk with a real estate professional about how much money you will net from the sale of your current home, as well as the costs of buying another one. This will help you determine if the move benefits you financially.

Under current tax rules, up to $500,000 (if you are married and file jointly) in profits from the sale of your principal residence are not taxable as long as you’ve lived there for at least two of the previous five years. Up to $250,000 in profits are not taxable if you’re single. Consult a tax advisor to discuss your situation.

Look into how much it would cost to move and to maintain a smaller home. Make sure it really is cheaper to live there.

Decide to downsize only once you’re satisfied that the finances make sense.

Buy into your new lifestyle
A smaller house in your current neighborhood could be the right decision if your priority is maintaining close ties to neighbors. Just make sure there are amenities like public transportation and stores nearby if your health begins to deteriorate.

A condominium or a unit in a retirement community could be perfect if you never want to mow again, or if you want to focus on travel, hobbies and perfecting your golf stroke in the company of other seniors. Just remember you’ll have to pay maintenance fees for the upkeep of the common areas. Talk to current residents to see whether they’re happy with the way things are run. Also investigate the rules. If the association forbids pets and you’re a devoted dog-owner, be prepared to move on.

You may prefer to purchase a duplex or something similar. Renting one of the units will bring in extra income, and you’ll have built-in neighbors.

Thinking of downsizing your Mobile Bay home and want to talk with a real estate professional? We are glad to provide you the information you need to help you make the right decision for you. Give us a call at 251-990-0569.

Complimentary Mobile Bay home search.

Stage Your Mobile Bay Home To Sell

Does your Mobile Bay home have a façade only a homeowner could love? Selling a home can be an emotional experience, and people can lack objectivity when it comes to their own abode. Presenting a home in its best light is always important, but it’s imperative in our current competitive real estate market. 

Professional advice and assistance can make the difference between “Wow!” and”Whaaa?” – a recent industry study found that staged homes sold for 6.9 percent more than homes that were not staged. Another study compared listing times before and after staging.

Homes that had first been offered for sale without staging were on the market an average of 4.5 months; the same homes sold within a week, on average, after being staged. 

Below are 7 tips to ‘setting the stage’ and making your Mobile Bay home more appealing to buyers:

1. Thoroughly clean from top to bottom, especially kitchens and baths.

A dirty house an immediate buyer turn-off. The two most important areas are the kitchen and the bathrooms. If you have not deep cleaned all counter and tile surfaces to a spotless condition, you stand the chance of having the buyers walk right back out the door. 

2. De-clutter the entire house.

Clutter makes it extremely hard for the buyers to visualize moving into your home. The disorganization affects the buyer’s ability to focus on your home and they will most likely overlook your key selling features. In addition, clutter has the affect of making your home appear smaller than it is as the “open” feeling is gone. 

3. Remove the personal memorabilia.

People are generally curious and when you want them to notice the beautiful entryway they may be focused on all the family pictures on the piano or all the “stuff” stuck to the front of your refrigerator. Your objective is to change the view of your home from “lived in” to “ready to move in.” 

4. Neutralize inside and out.

The best way to present a home is for the wall colors to be painted a neutral color. This goes for the outside as well – a loud or non-neutral color may just keep the buyers from even stopping to see the inside. 

5. Let the sun shine in with spotless windows.

Nothing is more distracting to a buyer than to be looking at a view through a dirty window. What you don’t see is often more important that what you do see. 

6. Make your pets go away.

While your pets are a loving member of your family, for the buyers their presence, food and boxes are generally a turn-off. Every trace of their presence should be removed so, once again, the buyers are not distracted from the prime objective – viewing your home in the best possible light. 

7. Add curb appeal.

A healthy, neat, trimmed and well maintained yard and flower beds are the keys to getting the buyers up to the front door. A well-maintained exterior translates to a well maintained home in the mind of the buyer. 

Need help setting the stage and showing off your Mobile Bay home in its best light? Give us a call, we are glad to help. 

Learn more about Mobile Bay homes and real estate.

Mobile AL Home Buyers Can Be Choosers

Buying a Mobile AL home is one of the biggest investments people make, and the process usually begins with choosing a real estate agent. 

According to the 2007 NAR Profile of Home Buyers and Sellers, 79 percent of recent buyers used a real estate professional, while only 7 percent bought the house directly from the owner.

When choosing an agent, 43 percent of all buyers relied on friends, relatives and neighbors for referrals; that percentage jumped to 54 percent among first-time buyers. 

Nearly eight of 10 first-time buyers said the most important benefit of a real estate agent was helping them understand the process. Agents also help buyers become more educated consumers – almost half of all buyers said their agent pointed out unnoticed features/faults with properties they were considering. 

The relationship between a Mobile AL home buyer and his or her buyer’s agent must be based on trust, mutual goals and understanding. The buyer entrusts the buyer’s agent with putting his or her interests first and foremost. Here are some things to consider when choosing a Mobile AL real estate agent, compliments of LendingTree.com.

Some things to look for in a buyer’s agent

  • An understanding of your needs.
  • A willingness to work with you until your needs are fulfilled.
  • Professionalism.
  • A familiarity with the neighborhoods you like.
  • Experience with the price range in which you have an interest.
  • Professional designations: for example, GRI, Graduate of the REALTORS® Institute or CRS, Certified
  • Residential Specialist.
  • Strong references from previous buyers.

Some questions to ask a prospective buyer’s agent

  • How long have you been in real estate?
  • Are you a full-time buyer’s agent?
  • Are you familiar with the area in which we want to look?
  • How many home sales did you participate in last year?
  • What is the average sold price of the homes you sold last year.
  • Do you normally work with sellers or buyers?
  • How many buyers are you presently working with? How many sellers? Where do you feel your strengths lie?
  • What three buyers that you have worked with can you give me as references?
  • Will you handle the appraisal, inspection and insurance?
  • Will you be present at closing?  

If you are a Mobile AL home buyer and looking for a real estate professional to represent you, give us a call, 251-99–0569. We understand how important buying a home is and are glad to spend as much time interviewing with you as you need.

Learn more about Mobile AL homes and the home buying process on our website, JudySells.com.

Search all Mobile AL homes for sale.

Making Your Easter Shore AL Home More Appealing To Buyers

Does your Eastern Shore AL home have a façade only a homeowner could love? Selling a home can be an emotional experience, and people can lack objectivity when it comes to their own abode. Presenting a home in its best light is always important, but it’s imperative in our current competitive real estate market.

Professional advice and assistance can make the difference between “Wow!” and “Whaaa?” – a recent industry study found that staged homes sold for 6.9 percent more than homes that were not staged. Another study compared listing times before and after staging.

Homes that had first been offered for sale without staging were on the market an average of 4.5 months; the same homes sold within a week, on average, after being staged. 

Below are 7 tips to ‘setting the stage’ and making your home more appealing to buyers: 

1. Thoroughly clean from top to bottom, especially kitchens and baths.

A dirty house an immediate buyer turn-off. The two most important areas are the kitchen and the bathrooms. If you have not deep cleaned all counter and tile surfaces to a spotless condition, you stand the chance of having the buyers walk right back out the door. 

2. De-clutter the entire house.

Clutter makes it extremely hard for the buyers to visualize moving into your home. The disorganization affects the buyer’s ability to focus on your home and they will most likely overlook your key selling features. In addition, clutter has the affect of making your home appear smaller than it is as the “open” feeling is gone. 

3. Remove the personal memorabilia.

People are generally curious and when you want them to notice the beautiful entryway they may be focused on all the family pictures on the piano or all the “stuff” stuck to the front of your refrigerator. Your objective is to change the view of your home from “lived in” to “ready to move in.” 

4. Neutralize inside and out.

Best way to present a home is for the wall colors to be painted a neutral color. This goes for the outside as well – a loud or non-neutral color may just keep the buyers from even stopping to see the inside. 

5. Let the sun shine in with spotless windows.

Nothing is more distracting to a buyer than to be looking at a view through a dirty window. What you don’t see is often more important that what you do see. 

6. Make your pets go away.

While your pets are a loving member of your family, for the buyers their presence, food and boxes are generally a turn-off. Every trace of their presence should be removed so, once again, the buyers are not distracted from the prime objective – viewing your home in the best possible light. 

7. Add curb appeal.

A healthy, neat, trimmed and well maintained yard and flower beds are the keys to getting the buyers up to the front door. A well-maintained exterior translates to a well maintained home in the mind of the buyer. 

Need help setting the stage and showing off your Eastern Shore AL home in its best light? Give us a call, we are glad to help, 251-990-0569. 

Search all Eastern Shore AL homes for sale.

 

Eastern Shore AL Real Estate: It’s Easy Being Green

Not so long ago helping the environment meant recycling plastic and newspapers, but today it has evolved into “green” thinking and extends to our Eastern Shore AL real estate, homes and living environments.

According to a recent NAR survey, nine out of 10 Realtors® said their clients are interested in energy efficient features of green homes and the potential cost savings of such features. An overwhelming 90 percent agreed there will be even more interest in green building practices a year from now.

Results of a Harris Interactive poll by Move, Inc. show potential home buyers consider “green” building features more important than luxury amenities. Almost half of the adults surveyed (49 percent) said features such as solar panels or energy-saving appliances were “important,” compared to just 31 percent who rated luxury amenities important.

Ninety-three percent of all home buyers are not willing to pay more for green or energy efficient features when building a home, according to a recent independent study commissioned by The New York Times Customer Insight Group. 

However, a recent survey from Green Builder Media reports U.S. home buyers are willing to pay a premium for more environmentally friendly, green-built homes. 

More than half of home builders surveyed (250 residential builders across the U.S.) said that buyers are willing to pay a premium of between 11-25 percent for green-built homes. The same builders report that the average green home buyer is between the ages of 35-50 with a college degree and fair understanding of green products. 

Despite the conflicting statistics, the U.S. Green Building Council believes thinking “green” is an industry trend, rather than a passing fad; not only does it save on energy costs, it is better for our overall health and the environment as a whole.

Learn more about Eastern Shore AL real estate by visiting our website, JudySells.com.

Search all Eastern Shore AL real estate and homes for sale.

Also read:

Mobile AL Real Estate Sales Statistics: May-July 2008
Eastern Shore & Mobile Real Estate Update
Re-capturing the American Dream With Mobile/Eastern Shore AL Real Estate
Good News For the Mobile AL Real Estate Market!

 

Mobile Eastern Shore Real Estate Podcast-August 2008

Changing home values and higher inventories have presented difficult challenges for distressed home sellers. Fortunately, many lenders are working with sellers by accepting Short Sales and avoiding foreclosure.  Listen to our Mobile Eastern Shore Real Estate Podcast as we discuss today’s Short Sale programs, and break down our own local market trends. Featured special guest is Terri Murphy of US Learning.

download podcast mp3 file    |    subscribe to podcast feed
Search all Mobile Eastern Shore real estate and homes for sale.
Also read:

Short Sales Buzz In Mobile AL Real Estate
Mobile AL Real Estate Sales Statistics: May-July 2008
7 Reasons To Own Your Own Mobile Home

 

 

 

 

 

Short Sales Buzz In Mobile AL Real Estate

In the current Mobile AL real estate market, there has been a lot of buzz around “short sales.”  What is a short sale, exactly?  A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.

 

There are pro’s and con’s to short sales on both sides of the deal.  For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure.  Sellers also walk away with no profit, which makes it difficult to purchase another home.  For the buyer, the property comes at a reduced price, but it also generally comes with its fair share of problems, and there is a considerable amount of “red tape” to get through to complete the purchase.

 

The short sale buying process can be a confusing one, especially for a first-time short sale buyer.  Check out this helpful article from BankRate.com and see 10 Steps for Short Sale Buying below:

 

  1. Identify potential short sales
  2. View the property
  3. Do your research
  4. Find all liens and mortgages
  5. Figure out the financing
  6. Contact the lender
  7. Complete the lender’s short sale application
  8. Assemble the proposal
  9. Negotiate
  10. Close the deal

 

To learn more about investing in Mobile AL real estate, please visit JudySells.com.  For more personalized service, please call us today at 251-990-0569. 

Search all Mobile AL real estate!

 

Mobile AL Real Estate Sales Statistics: May-July 2008

The latest survey by the National Association of Realtors® shows existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

Let’s take a look at the latest Mobile AL real estate sales statistics from Trulia to see if Mobile AL home sales have increased. Trulia compared May-July 2008 sales with May-July 2007 sales:

Mobile AL Real Estate Sales Statistics, May-July Comparison

The number of Mobile AL homes that sold declined 25% during the May-July time period compared to the same period in 2007. The per square foot price decreased by $1.00 or 1%, while both the average and median prices declined 3%.

Average Sales Price 2008: $168,457
Average Sales Price 2007:  $173,403

Median Sales Price 2008:  $140,238
Median Sales Price 2007:  $145,000

Average Price Per Square Foot 2008:  $92.00
Average Price Per Square Foot 2007:  $93.00

Number of Sales 2008:  505
Number of Sales 2007:  675

What does this mean for Mobile AL home buyers and sellers? Buyers are continue to benefit from moderate prices. Add low interest rates to the moderate prices and the new tax credit for first-time buyers and now is an excellent time to buyer Mobile AL real estate.

With sales off 25% from a year ago, sellers will need to be competitively priced and in excellent condition to catch the eye of prospective buyers.

Interested in buying or selling Mobile AL real estate? Visit our website, JudySells, or give us a call for more personal service, 251-583-5923.

Search all Mobile AL real estate and homes for sale.

Also read:
How Does The Housing Recovery Act Help Mobile Home Buyers
7 Reasons To Own Your Own Mobile Home
Mobile Eastern Shore AL Real Estate Podcast
Mobile AL Real Estate Tip: Questions To Expect From Your Lender

Mobile AL Real Estate: Second-home Sellers Pay For Tax Credits

Mobile AL Second-home Sellers Pay For Tax Credits

You have probably heard, last week President signed into law the Housing Rescue and Foreclosure Prevention Act. This is the most comprehensive housing bill to be enacted in over a decade. The bill is designed to help more buyers of Mobile AL real estate realize their dreams, as well as, boast the struggling housing and mortgage markets.

One of the biggest benefits, and probably one of the most talked about provisions in this legislation, is the $7,500 tax credit to first time home buyers. Tax breaks are all well and good, but they have to be paid for somehow. While first time home buyers are getting a break, second home sellers will be paying for the $15.1 million dollars in tax cuts.

Up until the new legislation went into effect last week, homeowners could exclude up to $250,000 taxable profit on the sale of their home if they’re single taxpayers and $500,000 if married filing joint returns. The catch being, they had to live the in house as their primary residence for two of the five years before it is sold.

Many second home owners took advantage of this by moving into a property that was once a rental or vacation home, live there for two years prior to selling and benefiting from the tax-free profit.

With the new legislation, owners selling on or after January 1, 2009 will have to factor out the period when the property was still a rental or vacation home and pay taxes on that portion of the profit.

 

Here’s an example courtesy of BankRate.com:

Jim and Joan are in their 50s and next January buy a vacation home for $200,000. Ten years later, they retire, sell their old principal residence and make the vacation home their new principal residence. Fifteen years after that, Jim and Joan, now in their 80s, move to an assisted-living community and sell the vacation-turned-primary-residence for $700,000. That nets them a gain of $500,000.

Under pre-housing bill statute, Jim and Joan wouldn’t face any tax on the entire $500,000 gain.

The new law, however, means that Jim and Joan can exclude only 15/25, or 60 percent, of the gain. That would give them $300,000 of nontaxable property sale profit and $200,000 upon which they would owe long-term gain taxes.

As you can see, the new legislation significantly affects second home owners and their retirement strategies. The second home market has remained strong in the last few years, but this may change dramatically in the near future….something congress may not have intended.

If you own Mobile AL real estate and are in the middle of converting your second home to your main residence, you could be out of luck. If you don’t have enough time left in 2008 to meet the two year lived-in rule and sell the property, when you do sell next year, you will pay.

If you need to sell your Mobile AL home before January 1, 2009, give us a call at 251-990-0569. We will help you get the highest price for your Mobile AL real estate before the end of the year!

Get the current market value of your Mobile AL home.

 

How To Sell Your Eastern Shore & Mobile AL Real Estate – In a Hurry!

If you have been trying to sell your Eastern Shore and Mobile AL real estate recently, you probably have realized that this is not the ideal time to try to sell a house.  With a struggling economy and negative media surrounding the housing market, homes are staying on the market for longer and longer as fewer buyers are making offers on them.  So – what do you do if you find yourself in a situation that requires you to sell your home in a hurry?  The Wall Street Journal offers the following tips that I hope you’ll find helpful:

1. DON’T WAIT AROUND.
Even in the better housing areas, it’s taking a long time to sell houses; so, don’t try to sit out the market. That’s what hundreds of other timid sellers are doing, each of them hoping — somehow, some way — that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won’t. If you want your place sold, the best way to make sure that happens is to put it up for sale.

2. FIX IT UP AND CLEAN IT UP.
Buyers are taking your house out on a date. It has to make a good impression. You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order.  As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people’s things.

3. PRICE IT CHEAPLY.
Don’t fight the market by trying to price your house at bubble-era levels or by factoring in all those improvements you made.  In today’s market, your best bet is to set a realistic, salable price on day one. Don’t let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That’s not what it’s worth today.

4. HIRE A TOP REAL-ESTATE AGENT.
Get the best listing agent you can find.  When everything was selling before it even hit the market, of course, you didn’t need the best.  Sellers of higher-end properties may be able to negotiate a lower commission percentage, but this is no time to quibble over a couple of percentage points. Also, offer the agent a big bonus if he or she sells the house in 30 days or at your asking price. Offer other agents bonuses if they bring in the ultimate buyer.

5. PROMOTE. PROMOTE. PROMOTE.
The agent should pay the usual marketing costs, but you should be prepared to pony up for extras, especially if you insist on more expensive or untraditional promotions. Make sure your house is on the leading real-estate Web sites; Trulia, Zillow, Cyberhomes, Eppraisal and Realtor.com are some of the top ones. Beyond that, get really creative. Advertise in corporate newsletters and intranet listings. Check in with local relocation firms that help transferring corporate executives find new homes. List the house on eBay. Put it on Craigslist. Put it in your church bulletin.

6. PLAY THE BANKER.
As bad as things are, there’s one big factor in your favor: the tight credit market. If you have no mortgage you have to pay off, your strongest selling point might be your ability to finance all or a substantial part of a buyer’s purchase. You’re a lot more flexible than a bank that has the Federal Reserve looking over its shoulders, so you might even be able to charge a higher interest rate than a commercial lender as well as command a higher sale price.

7. TAKE THE OFFER.
If any qualified buyer comes in with a reasonable offer, be prepared to accept it. Negotiate, of course, but recognize that the buyer has a lot more clout than you do. Your house, as wonderful as you think it is, is worth only as much as someone is willing to pay for it. 

If you are considering selling your Eastern Shore or Mobile AL real estate, let my experience work for you!  Please call me at 251-990-0569, visit JudySells.com.

Get the current market value of your Moible AL home.