Today is August 10th and the $8,000 tax credit has certainly helped create opportunities for home sales. The current program as I read it says that in order to take advantage of this program you have to close on the home by December 1st, 2009. I have heard rumors that extending the program or making it available for more people, and raising the benefits are being talked around congress but for now we have a deadline. This brings up the issue of how many more people qualify for the program but have yet to take advantage of it. Why would anyone not take advantage would be a better question. The government says if you are a first time home buyer that they will give you up to $8,000 back once you purchase a home. It does snot have to be paid back and an application will get the process started. It would be my suggestion for all first time home buyers to get started as time is slipping away. If you plan to buy in the next year you need to make sure that now is not better than next year.
You can visit www.realtorsforlifeteam.com and start your free search today or contact us and we can discuss what is best for your individual situation. The decision is yours but $8,000 is waiting on you.
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Where else can you find a three-bedroom, two-bath, two-car
garage home built on a sixty-foot lot, sprinkler system (optional), sidewalks
and street lights all for under $120,000
located in Shelby County, Alabama. Not many communities in Birmingham, Alabama
offer this much home for this price.
David Brady of Brady Residential Construction takes great pride in
building these homes that not only offer great quality and craftsmanship for
years to come but he makes them very affordable for the purchaser. Majority of the homes sold in Stonebriar are for first time
homeowners however, there are those that want to down size who have seen the
quality, experienced the draw to a much simpler life versus the hustle and
bustle of the city and have taken the plunge and haven’t looked back!
The Homes of
Stonebriar offer many upgrades to those who seek these amenities. Granite counter tops, garden tubs, walk-in
showers, hardwood and tile flooring, stainless steel appliances are just a few
to mention and still at very affordable price.
The Homes of Stonebriar also have optional four
bedroom plans that are sure to offer room for the growing family.
The Homes of
Stonebriar are located close to Interstate 65, good school systems, major
shopping, eateries and a major medical facility in Shelby County Hospital.
Be sure and visit the homes at www.realtorsforlifeteam.com or contact us for your private showing.
Article by: www.RealtorsForLifeTeam.com,www.BirminghamRealEstateNews.com
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Real Estate Developments
Are you finding more and more real estate developers
skipping out on their obligations? This is what one headline read in a local
newspaper. Just recently a Birmingham, Al area municipality allowed a local
developer more time to correct issues with roads in the community. Local
governments are often faced with legal action against the developers in
question. No one wants this course of action. To his credit the developer
agreed to make the necessary corrections.
The ones left holding the bag could be the current home
owners in the communities, their local governments or both. This is why it is
vital to all involved to take ownership of what is happening in your
communities and not be caught off guard. Get involved, don't stand on the side
lines, know what is happening to protect probably your biggest investment of
your life. This is vital for the growth and protection of your home, its value
and neighborhood. It is for the good of all!
Brought to you by: www.RealtorsForLifeTeam.com , www.BirminghamRealEstateNews.com
Foreclosures have had a stronghold on the market for the past year in the Birmingham AL. area. Coupled with the media hype that you buy one for less than 50 cents on the dollar and the paid advertisements on TV that lure you in to buy their lists it has made selling a traditional resale tough. Everyone including myself wants a deal and I will tell you that on occasion, you can find one. The truth however is that what is really a deal? Foreclosures carry with them addendums that no 2 lawyers would probably never have the same opinion on the meaning, most have repairs that must be done before they are to be lived in which limits the financing available to purchase them, and last the former owners were forced out of their home which makes you wonder just how much care was given to the home those past few months. If the home is move in ready, which is rare, the banks know that also and list the price close to market value. Lets remember also that most foreclosures have very little equity in them which forces the bank to lose money at market value after legal fees to foreclose, no payment over the past 6 months, and fees associated with getting the home sold. As a member of the Realtors For Life Team we believe that sharing the truth about what is a deal and what is not is the way to go. If you need to know what we feel is a good deal and what is not contact us at www.realtorsforlifeteam.com and we will be happy to answer them. We have top of the line technology and want to share it.
Listed below are some statistics gathered from the Birmingham MLS. The are deemed reliable but not guaranteed by the MLS or us as I rely on their info. I am sure however it gives us a good indication of the foreclosure market in the area.
Foreclosures represent 33.2% of the homes sold in Metro Birmingham this year.
Foreclosures represent 8.2% of the active homes in the area.
There are currently 2.56 months of foreclosure inventory on the ground which means that if no new foreclosures come on the market it would take us roughly 2.5 months to sell out of inventory.
There are currently 14.3 months of resale and new inventory on the ground in the Birmingham Metro area.
This is one of many reports we are able to send out. Please contact us for your specialized report or if you would like to know what your home might be worth in this new age of home sales.
Doug McAnally
www.RealtorsForLifeTeam.com
Short sales are becoming more and more prevalent today as job losses rise, lay offs increase and work in general is just slowing down. The Realtors For Life Team is dedicated to bringing the public information concerning changing times and ways to minimize an already trying event in one's life.
A short sale is a transaction in which the lender or lender's agree to accept less than the actual mortgage on a home. The difference in the amount the home is sold for and the amount remaining owed can either be forgiven by the lender or arrangements can be made to satisfy the difference. This option is sometimes a good one when the the owner of the home is upside down on the mortgage and can no longer make their payments. There is a possibility that this could be less damaging to one's credit than foreclosure but situations do vary. From the lender perspective it is sometimes good for them to accept a short sale in lieu of foreclosure due to reducing potential costs of securing and selling due to foreclosure.
The drawbacks currently faced in a short sale is one of not knowing what the lender will accept when the home is listed. Offers have to be submitted and the bank then chooses to accept or counter. While this is similar to to traditional sales the difference is knowing where to start with a listing price. Every situation is different of course but this seems to be one of the biggest issues faced when doing a short sale. Another drawback is the length of time it takes to work through a deal as more than the owners eyes have to see it. One last drawback is unresponsive lenders. All these drag the process out but even with this a short sale is a alternative to foreclosure. If you would like to know more about short sales visit www.realtorsforlifeteam.com and contact us.
Here is a report I will start generating each month so that you can follow whats truly happening in Shelby County where home sales are concerned. These are the true facts reported by the MLS and there is no fluff. If you would like this same report for your local subdivision, I will be happy to send it to you. Just contact me and let me know.
June This year
Total Homes Sold 270 1298
Median Price for June $185,500 $173,700
Average list Price to Sold 95.22% 96.04%
Days on Market 107 112
Average Days to Close 40 38
Active Homes 2533
Total sales were down 24.64% first half this year over first half last year which is not encouraging. Another indicator that the market is not rebounding is the fact that the list price to sold price continues to drop. Homes on the market are the worst this year. On a positive note days on market declined, June was a better month for sales, and the median price sold increased.
This is reality and a Realtor who tells it like it is. If you are buying or selling and want the truth, research, and loyalty you deserve, contact me and lets talk.
All stats are deem reliable but not guaranteed. They are taken from the MLS reports and were generated from information received from members.
This neighborhood in Calera, Alabama is setting the woods on fire with deals. Brady Residential Construction has cut prices to better help families achieve their dreams of home ownership. These homes are offered to you by Keller Williams Realty. The team consists of Doug McAnally, Rick Knotts, and Tiffany McAnally. You can view these great homes at www.RealtorsForLifeTeam.com and set up your private showing through the site. If you need a 3 bedroom, 2 bath, 2 car garage home for under $120,000, then this is the place to start looking. Chances are you will start and end your search here because there just aren't many if any new homes in the Birmingham, Alabama metro area that stack up. If room is what you need, the builder also offers a 4 bedroom, 2 bath, 2 car garage with a finished bonus room for $139,900. In addition to the great deals, this neighborhood qualifies for 100% financing with no PMI. This loan is fixed which means it nevers changes. Are you a first time homebuyer? Then you need to know about the $8,000 tax credit you may qualify for. It is all available at Stonebriar and we would love to have you visit us.
The program has two key elements: a refinancing program for borrowers with little equity in their homes but current on their loans, and a $75 billion program to help reduce mortgage payments for struggling borrowers.
Who qualifies:
Assistance Under Mortgage Refinance Plan
• Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac.
• The property must be owner-occupied and the borrower must have enough income to make payments on the mortgage debt.
• Borrowers can’t owe more than 105% of their first mortgage.
Mortgage Modification Program
• Delinquent borrowers and current borrowers who are at risk of imminent default are eligible.
• Mortgages must have been made on Jan 1 or earlier.
• The property must be the homeowner’s primary residence.
• Eligible borrowers will have to provide their most recent tax returns and two pay stubs, as well as an affidavit of financial hardship to qualify.
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This is a little something my wife was feeling a couple of nights ago. I think it reaches out and touches all of us in such a hard day and age.
I believe in you, and I believe in me. I believe that we have what it takes to succeed. I believe that optimism is contagious… Unfortuantely...I also believe that negativity is even MORE contagious… I believe that all it takes is forward action… I believe that if we exercise our elbows in getting the phone to our ear, we’ll start to make some headway… I believe that there are FAR too many pointless agendas that are non-productive. I believe that we could walk our way to success… if that walk takes us around the neighborhoods and out in the public eye, making new contacts with actual PEOPLE. I believe I’ll have another cup of coffee. I believe that we don’t have time to waste. I believe that we have a lot and that if we really put our heads together, we can find a solution to every problem… even crappy economies. I believe that we need to surround ourselves with people who want to succeed… I believe that dreams are great – when they’re fuelled by activity… I believe that if dreams are NOT put into action, then they become shoulda/woulda/coulda beens that steal our time and energy, ultimately sapping us of our joy. I believe that I could not have picked a better man to marry than my own honey bunny… I believe that my sweetheart needs a big hug… I believe I’ll send him a little message right now to tell him just how wonderful I think he is… because I believe… I love him very much!
If your wondering what I am talking about it is the Home buyers tax credit. It was just a few days ago that everyone was extremely happy about the thoughts of having a possible $15,000 tax credit at their disposal. This was set to help so many people and it would have created jobs. Instead we get a $8,000 credit geared to First Time Homebuyers. Don't get me wrong: This is a great thing for those looking to buy there first homes but the problem is there is still a down payment issue, a closing cost issue, and in my opinion those people able to buy their first home were going to do so regardless of the credit. They have to buy the home to get the credit and then there is a year delay in getting the money back to put back into the economy. So if they were going to buy a home anyway, how does this tax credit help the economy or more people to buy homes? On the other hand, if the $15,000 credit had passed, this would have allowed first, second, and possibly third time homebuyers to buy. The tax credit still is a year out but now you have people willing to sell for less, people willing to upsize which makes homes turn. If homes turn, all walks of people make money which in turn causes people to spend money, which in turn gets people work, which causes people to spend more money which in the long run helps the economy. Okay, that enough crying over what didn't happen.
Here is what we have to work with:
1. Any 1st time homebuyer who purchases from 1/1/09 and before 12/1/09 are eligible for the credit providing their incomes are within limits of $75,000 adjusted for singles and $150,000 adjusted for married couples. Those earning more may be eligible for reduced amounts.
2. The credit is now free and unlike the first tax credit does not have to be repaid.
3. You must own the home for three years in order to take full advantage of the credit. If they sell before then they will have to return the credit. Special circumstances such as death or divorce could apply.
4. Finally, the definition of a first time homebuyer is one that has not owned a principal residence in the last 3 years.
These are my understandings of the credit and is to the best of my opinion correct, but please check it out for yourself as I am just a country boy from Alabama and may have missed something.
Have a comment or question: Please send it to Doug@RealtorsForLifeTeam.com
There are many valid reasons someone would rent in the Birmingham Alabama area. They might be new to the area and want time to see where they want to land. They might be only here for a short period of time. They might not have the credit necessary to buy. These are all valid reasons that one might want or need to rent but the cons far outway the benefits for most where renting vs buying is concerned. Lets take a look at it more closely. When you rent you receive no tax benefits, you never build any equity, you expose yourself to increases after your initial lease period, Other than the stated reasons above, if you have no time for maintenance renting might be the answer although the tax advantages and the equity one builds probably would more than allow one to hire the work done. Reports indicate that homes double in value approximately every 12 years. Even if it doubles once during the life of the loan, isn't it like putting all your mortgage payments in a savings to draw out in equity on the backside. All in all renting has its time and place but buying is the American Dream and one that every person should consider. If you would like to use a calculator to see the advantages of buying over renting we have one at
www.RealtorsForLifeTeam.com. It is free to use and if you have any questions please feel free to contact us and we will be more than happy to assist you.
That's right. There are not many areas that can boast about still having 100% money to buy homes. Calera is very fortunate to be able to say that we do. It is through USDA and although some restrictions apply, it is a great opportunity to a first time homebuyer or a median income family. The loan will also allow you to have your closing costs paid which means no out of pocket money to get in that home. In most cases this is not a conducive loan but I feel very good about promoting it to all, as it is straight forward and does not put you upside down as some loans do. Another great feature of this program is that there is no mortgage insurance that gets attached to it which means a savings of anywhere from $50 to $100 per month on your monthly note. It is fairly easy to qualify for the loan and a fair credit score will get you started. I would love to talk to you further concerning this and other loans which might suit your needs. Just visit my website at
www.RealtorsForLifeTeam.com and you will find my contact information.
David Brady, builder and owner of Brady Residential Construction has brought affordibilty and quality together for those home buyers just starting out, those who need space on a budget and those wanting to downsize. His plans start at an unbelievable $119,900 for 3 bedrooms, 2 baths, and lets not forget the 2 car garage. If space is what you need he also offers a 4 bedroom plan that has a huge bonus room to go with it, all for the great price of $149,900. This home has 2000 square foot in addition to the 2 car garage. All of the homes sit on a 60 foot lot and sprinkler systems are the norm to keep that landscape looking good. This property is marketed by the Realtors For Life Team and they are always ready to schedule your private showing. You can view these homes at www.RealtorsForLifeTeam.com.
Did you know that buying a home today with rates hoovering at the 5% mark for a 30 year mortgage could save you over $60,000 in interest based on a 6.5% rate of just a few weeks ago. It also makes approximately $185 a month in payment savings on a $150,000 home. The question would be how much lower can they go. Maybe the bigger question is how long will they remain this low? Is it worth the chance when the rates are at historical lows and and even if they do go a half percent lower, is it worth the chance you may take in losing the gains you have already made in the past few weeks. Along with this a buyer's market definitely prevails and it is a great time to get the deal of a lifetime. As realtors, we always try to get the best deal for our clients and would love to show you how we do it. Visit our websites at either
www.birminghamdreamhometeam.com or
www.RealtorsForLifeTeam.com to check the savings out yourself on our mortgage calculators. You can also view every home for sale in the Metro Birmingham Alabama area. Hope to speak to you soon.
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Stonebriar, Calera
Property information