Mobile/Eastern Shore AL Real Estate: Home Sweet Condo?

One of the most fundamental questions when considering purchasing Mobile/Eastern Shore AL real estate is whether to purchase a single family home or a condo.  Although there are many factors to consider, the answer really lies in the buyer’s preference and lifestyle.

 

A condo might be a good fit for those in search of a more urban, low-maintenance lifestyle.  Condos typically resemble apartments with several units in the same building or complex sharing amenities (although they can also be duplexes, free-standing buildings, etc.).  Although there are monthly maintenance fees involved with condo ownership, that also means that the owners are not responsible for any maintenance outside their own four walls.  Because condos are a shared community, ownership is often limited to a specific space. 

 

For many home-buyers, single-family homes offer more privacy and control.  When purchasing a single-family home, the buyer owns the entire building as well as the land on which it sits.  Likewise, this means the maintenance of the structure and the land is the owner’s sole responsibility.

 

If you would like to learn more about owning Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com.  Find Your Perfect Eastern Shore AL Home!

Mobile Eastern Shore AL Real Estate Market: Should You Rent Your Unsold Home?

With Mobile Eastern Shore AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.  If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.


Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

 

  • Mortgage payments must be made regardless of if the property is inhabited.
  • Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.
  • Disputes with tenants could require legal representation and legal fees.
  • There are many costs involved in renting a home – it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

 

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter.  You might even be able to make a profit from the rent, if your expenses are low enough!

 

If you are interested in buying or selling Mobile Eastern Shore AL real estate, please call me 866-560-7474 or visit JudySells.com.  Request a relocation package!

Mobile/Eastern Shore AL Real Estate Tip: What Is Universal Design?

You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Mobile/Eastern Shore AL real estate and construction markets?

 

According to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities.

 

Think this is some “far out” theory just now working its way into the “modern” world?  Think again:  if you’ve ever walked through an automatic door, you’ve experienced a version of Universal Design.   Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair.
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Eastern Shore/Mobile AL Real Estate: How to Tell When A Price Is Too Good To Be True

If you are currently looking to buy Eastern Shore/Mobile AL real estate, you probably have a good idea of the general range you can expect to spend on a home.  So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.  The extra-low price seems too good to be true and – most of the time – it is. 

 

In many cases, the price you are seeing does not represent the actual asking price of the property.  Rather, it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.  Below is an excerpt from an article I found at Inman News that does a great job explaining how these properties end up on MLS search engines, and what you can do to spot them:

 

Real estate agents, investors and sophisticated buyers will know that it’s impossible to buy a house in Hermosa Beach for $4,712. But first-time home buyers may miss the fine print on sites like Yahoo and Trulia that explains that this is not the home’s listing price — and that the property may not even be for sale.

The practice of mixing pre-foreclosure properties with listings of for-sale properties by major listings sites like Yahoo Real Estate and Trulia is misleading to consumers and damages the credibility of the sites that allow it, according to a company that’s in the business of supplying similar information itself.

Brad Geisen, founder and CEO of Foreclosures.com, singled out Yahoo Real Estate and Trulia — which have partnerships with Foreclosure.com’s rival, RealtyTrac — as sites that are presenting pre-foreclosure data to consumers in a potentially confusing way.

Property searches conducted by Inman News show both sites provide information that could help consumers understand that the pre-foreclosure properties are not “listings,” and that the dollar figures displayed with each are not asking prices. But there does appear to be potential for confusion.

Checking “foreclosures” under “listing type” and entering a maximum value of $100,000 in the “price” field, a Yahoo Real Estate search for properties in Hermosa Beach, Calif., turned up seven properties, accompanied by dollar figures ranging from $4,712 to $100,000. According to Yahoo, the median asking price for 34 homes on the market in Hermosa Beach is $1.29 million.

But click on any of the properties for more details, and you are given a “property description” that reveals — for the first time — that the dollar figures associated with each property in the search results is not the asking price. Although “price” was specified in the query, the numbers may represent “estimated loan balance” or another figure related to the borrower’s indebtedness.

The moral of the story here is two-fold;  first, be sure to always read the fine print and don’t trust everything you see on the Internet and, second, always consult with an experienced Realtor who can help you determine the legitimate value of a property and assist you in finding the home of your dreams.

If you are ready to learn more about Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com.  Search all Mobile Eastern Shore AL real estate.

Re-capturing the American Dream With Mobile/Eastern Shore AL Real Estate

In the past, owning a home has always been perceived as a major component of the “American Dream.”  Unfortunately, because of the recent real estate market activity, home-ownership is often seen now as more of a nightmare than a dream.  But that doesn’t have to be the case!  Even in a slower economy, purchasing Mobile/Eastern Shore AL real estate can still be a step toward achieving your own “American Dream!” 

 

Inman News offers some reasons why home ownership still has benefits and advantages, including:

  • The opportunity to build equity and create wealth over time.
  • Protection from rent increases or eviction at the whim of a landlord.
  • The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
  • The freedom — design review boards notwithstanding — to improve, remodel or redecorate to suit one’s own style and budget.
  • A variety of lucrative income-tax breaks.
  • Pride of ownership and a greater sense of security and stability.

 So, if you are thinking of purchasing Mobile/Eastern Shore AL real estate, now is the time!  Don’t let the negative media attention on the market get you down – home ownership is still an attainable goal and a big part of the American Dream.

 

If you are ready to begin looking at Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com. 

Celebrating Independence Day in Mobile/Eastern Shore AL

Happy 4th of July, Mobile!  Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.  So as you gather with friends and neighbors on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us.  Because, as we all know, freedom isn’t free!

 

Be sure to check out the events and activities happening this holiday weekend in the Mobile/Eastern Shore area.

 

We’ll return to discussing Mobile/Eastern Shore AL real estate next week; however, if you would like more information about Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com. 

Mobile/Eastern Shore AL Real Estate Market: Should You Rent Your Unsold Home?

With Mobile/Eastern Shore AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.  If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.


Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

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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

•

Where do you work?

•

How much do you make?

•

How long have you been at your job?

•

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

•

What recurring debts do you have?

•

How much do you pay a month for auto loans?

•

Credit cards?

•

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


Cash reserves and assets

•

How much money do you have in the bank?

•

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


Down payment

•

How much money are you putting down?

•

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


Loan purpose

•

Is this mortgage for a home buy or refinance?

•

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

•

If so, how much?


Property use

•

Do you plan to live in the house?

•

Is it investment property?


Property type

•

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!