Greater Alabama Real Estate BlogRecently posted or modified blog postshttps://www.searchallbirminghamhomes.com/blog/Copyright SearchAllBirminghamHomes.com2021-06-04T08:59:47-07:00tag:searchallbirminghamhomes.com,2012-09-20:3689Time to Replace your HVAC?There’s nothing like the feeling of a rush of cool air from your air conditioning system, but what happens when that cool air turns lukewarm, or worse, won’t kick on at all? It may be time to get that ailing HVAC system replaced.
Talking to an HVAC professional about an air conditioning replacement can be intimidating. There’s a lot to know, and it’s probably not going to be cheap. But considering that a typical air conditioning unit lasts 10 to 15 years, what you invest today will help pay for itself in the longer term. That being said, it’s still important to know what to ask and the pitfalls to watch for.
ALWAYS ASK ABOUT LICENSING AND INSURANCE
Before you so much as let someone start to quote your HVAC job, ask about their licensing and insurance status. Not only will this save you a ton of time by weeding out anyone who isn’t actually a practicing professional, you’ll avoid issues that can arise if, for example, your HVAC is installed without a permit, or there’s a jobsite accident without proper coverage. HVAC installers should always be licensed according to your state and local guidelines.
Your installer should also carry the proper insurance policies. For example, a comprehensive policy will protect you should there be damage to your property as a result of a mistake made during the installation. And Workers Compensation insurance can also help by protecting you from being held liable should your HVAC workers have an accident on the job. Be aware that small shops don’t always carry Workers Compensation because of rules on who can be insured, so if your installer doesn’t carry Workers Compensation, be sure to get a liability waiver.
<br />Your HVAC Estimate
As far as the estimate itself is concerned, there are several questions you should ask right up front. These questions and their answers should also be included on the estimate itself, as it serves as a sort of informal contract on the job you’re having done. Make sure you’ve hit these points:
What’s the brand and SEER rating of the unit that will be installed? If you’re having both your furnace and air conditioner replaced, ask about the fuel type and efficiency of the furnace, as well. If you’ve got a standard heating and air conditioning system, this is your opportunity to switch to something a bit more energy efficient, like a heat pump, so be sure to ask if there are other options that can use your existing ductwork.
What size is the unit that will be installed? Make sure to note the size of the unit you’re having removed and how well it worked during its service. A single like-for-like replacement unit should be the same size if the performance was good, or should be adjusted slightly depending on your actual needs. Note that you will need a matching A-coil if you change air conditioner sizes without changing your furnace, too.
Will you need ductwork? Ductwork can usually be reused, but as it gets older it can develop damage, come apart, or rust through, depending on the materials and conditions it’s subjected to. If any amount of ductwork is being replaced, make sure to have this noted and broken out in the estimate, because ductwork costs can add up fast. On the other hand, this is also a great time to add additional registers or cold air returns in older homes to help improve efficiency.
What other things will be done while they’re working? HVAC companies do more than just install heating and air conditioning units. They can remove old furnaces left behind in crawl spaces, clean your ductwork, install smart thermometers, or provide you with electrostatic filters, just to name a few. If any of this work is being done, have it included in the estimate and later ensure it was completed as promised.
Is there a warranty? Most importantly, make sure you have all the details on any warranties offered. Most HVAC systems will come with warranties on the individual parts, as well as a separate warranty on labor. This information can be extremely useful should your air conditioner need unexpected repairs, like a replacement control board or compressor.
2021-06-04T08:56:00-07:002021-06-04T08:59:47-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3555Should You Renovate in a Seller's Market?
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
<img class="thumb-image loaded" data-src="https://images.squarespace-cdn.com/content/v1/580177aa37c581b736b82fd4/1616532884041-504YB9S9ZLUSMUQMC85L/ke17ZwdGBToddI8pDm48kBqZKGEd5IotpaYmRYDAsV97gQa3H78H3Y0txjaiv_0fDoOvxcdMmMKkDsyUqMSsMWxHk725yiiHCCLfrh8O1z5QPOohDIaIeljMHgDF5CVlOqpeNLcJ80NK65_fV7S1UYXHvO3AlG5qAFDx5BBWbEnTecsx1VxL9XkiyXErq2cftN_KfIuurh-w-x7bjNuMJA/unsplash-image-XV2Jbz6eUOY.jpg" data-image="https://images.squarespace-cdn.com/content/v1/580177aa37c581b736b82fd4/1616532884041-504YB9S9ZLUSMUQMC85L/ke17ZwdGBToddI8pDm48kBqZKGEd5IotpaYmRYDAsV97gQa3H78H3Y0txjaiv_0fDoOvxcdMmMKkDsyUqMSsMWxHk725yiiHCCLfrh8O1z5QPOohDIaIeljMHgDF5CVlOqpeNLcJ80NK65_fV7S1UYXHvO3AlG5qAFDx5BBWbEnTecsx1VxL9XkiyXErq2cftN_KfIuurh-w-x7bjNuMJA/unsplash-image-XV2Jbz6eUOY.jpg" data-image-dimensions="1667x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="605a559388ae342a8ed89e6b" data-type="image" alt="unsplash-image-XV2Jbz6eUOY.jpg" data-image-resolution="1500w" src="https://images.squarespace-cdn.com/content/v1/580177aa37c581b736b82fd4/1616532884041-504YB9S9ZLUSMUQMC85L/ke17ZwdGBToddI8pDm48kBqZKGEd5IotpaYmRYDAsV97gQa3H78H3Y0txjaiv_0fDoOvxcdMmMKkDsyUqMSsMWxHk725yiiHCCLfrh8O1z5QPOohDIaIeljMHgDF5CVlOqpeNLcJ80NK65_fV7S1UYXHvO3AlG5qAFDx5BBWbEnTecsx1VxL9XkiyXErq2cftN_KfIuurh-w-x7bjNuMJA/unsplash-image-XV2Jbz6eUOY.jpg?format=1500w" />
1. There aren’t enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a <a href="https://www.nar.realtor/newsroom/existing-home-sales-tick-up-0-6-in-january" target="_blank">1.9-month</a> supply of homes available today. As a result, buyer competition is high and homes are only on the market for about <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-01-realtors-confidence-index-02-19-2021.pdf" target="_blank">21 days</a>, during which time many receive multiple offers from hopeful buyers.
In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.
Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. <a href="https://www.homeadvisor.com/r/wp-content/uploads/2020/12/DP6355-StateOfHomeSpending-2020-R4.pdf" target="_blank">Home Advisor</a> explains:
“When it comes to the number of home improvement projects completed, Gen Z homeowners are leading the pack, completing an average of 3.5 projects. Millennials closely follow Gen Z, taking on an average of 3.3 projects, followed by Gen X at 2.8 projects. Boomers completed an average of 2 projects, and the Silent Generation completed the fewest projects, on average, at 1.8 per household. Compared to 2019, millennials are spending 60% more on home improvement and doing on average 30% more projects.”
In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key <a href="https://www.simplifyingthemarket.com/2021/03/05/how-to-prepare-your-house-for-a-winning-sale-this-spring-infographic/?a=585344-20cea482c8d21583ab3077750e0aad46">projects</a> that will maximize your listing, without overdoing it.
2. Focus on getting a good return on your investment.
When planning any bigger projects to tackle, you and your real estate agent will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s sellers’ market. <a href="https://www.remodeling.hw.net/cost-vs-value/2020/key-trends-in-the-2020-cost-vs-value-report" target="_blank">Hanley Wood</a> states:
“The 2020 Cost vs. Value report shows a predictable increase in costs for all 22 remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale, as estimated by real-estate professionals in more than 100 metro areas across the U.S. This results in a slight downturn on the return on investment for nearly all projects relative to the trends we saw in last year’s report.”
Ideally, homeowners getting ready to move should try to avoid over-investing in big renovations if they won’t make that money back when they sell their house. According to the 2020 State of Home Spending report from <a href="https://www.homeadvisor.com/r/wp-content/uploads/2020/12/DP6355-StateOfHomeSpending-2020-R4.pdf" target="_blank">Home Advisor</a>:
“The average household spending on home services rose to $13,138, an increase over last year’s survey results, where homeowners who did projects spent $9,081 on average in 2019.”
Before you renovate, contact our team to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation with one of our real estate professionals agent is critical to make sure you make the right moves when selling this season.
BOTTOM LINE
We’re in a strong sellers’ market, and that means you have the leverage to sell your house on your terms. Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.
2021-03-24T12:08:00-07:002021-03-24T12:11:27-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3515Top Home Selling Points
<br class="Apple-interchange-newline" />When it comes time to sell your home, you obviously want it looking its best so that prospective buyers will fall in love with it. This may lead to you consider touching up or remodeling parts of your home to make the best possible impression. If you’re trying to figure out the best parts of the home to give special attention to, there are a few places that buyers are more likely to pay attention to than others. Chief among these are the kitchen, the bathrooms and decks.
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CONSIDERING THE KITCHEN
A lot of work goes on in the kitchen, so it makes sense that homebuyers want to make sure that the kitchen meets their needs. If your kitchen is dirty, cramped or outdated, that could raise a few red flags. Most potential buyers are looking for a big, open kitchen with modern appliances and usually a few key features like a dishwasher or kitchen island.
Obviously, your home doesn’t need to have all of these things to sell, and it may not even be realistic for you to make those sort of upgrades. Still, it’s possible to find a balance between a small, cramped kitchen and a potential buyer’s dream kitchen. Taking a moment to see how well your kitchen meets that balance can help you to see if there are any tweaks that you could make to improve the likelihood that a buyer will want to purchase your home.
A FOCUS ON BATHROOMS
The bathroom is one of the most important rooms in a house, and buyers want to be confident that things will work well in the bathroom when they’re in there. There’s a lot that goes on in the bathroom, though; beyond the obvious, this is also where people get ready in the morning, take their showers or baths, brush their teeth and sound their absolute best when singing along to a favorite song.
Because of this, there’s always a wow factor involved when a potential buyer sees a nice bathroom. This can be a combination of new and nice-looking fixtures as well as cleanliness, lack of obvious mildew or water damage, layout and things like adequate lighting and sufficient mirrors. Most bathrooms only have a limited amount of space to work with, but you’d be surprised how much of a difference you can make with a few tweaks and upgrades.
Enjoying the Deck
Not every home has a deck, but those that do always get oohs and aahs from potential buyers. A lot of homeowners want to be able to enjoy their time outside of their home, and having a deck can make this a lot easier since you can set up tables, chairs, a grill or anything else in a secure and flat area outdoors.
This isn’t to say that you have to build a deck to sell your house, though some sellers actually do make significant changes to landscaping and outdoor areas to spruce things up. If you already have a deck, take the time to make sure it’s recently painted or stained and is otherwise in good condition. A deck can make a big impression, but an ugly or damaged deck can make the wrong sort of impression on your potential buyer.
SPRUCING UP THE WHOLE HOME
Obviously, there are other parts of the home that you can make changes or updates to if you’re getting ready to sell your home. General repairs, remodels or upgrades can interest potential buyers regardless of where they occur. But take care of any obvious damage, and then focus on the kitchen, bathrooms and decks, before you work on any other big areas.
2021-03-04T13:18:00-07:002021-03-04T13:25:03-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3470Pre-Qualified vs Pre-Approved<img src="https://assets.site-static.com/userfiles/2205/image/Untitled_design1.jpg" width="2111" height="1381" />
There’s a lot to learn when you’re starting out on your home buying journey. From concepts like earnest money to closing costs, it’s a lot to take in during a very short period. But of all the things to know, understanding the difference between being pre-qualified and pre-approved for your mortgage is one of the most important.
WHY YOUR MORTGAGE APPLICATION STATUS MATTERS
It’s always been a good idea to bring a strong offer to the negotiating table when it comes to real estate, but it’s even more vital when the market is short on inventory and long on buyers. If you’re in a multiple offer situation (and sometimes, even if you’re not), the sellers are going to weigh the various offers they receive to decide if they think your offer is enough to bring in what they need to sell their home, as well as considering how strong an offer it is.
A strong offer is one that has a lot of the obstacles already removed. For example, if you need to sell your house before you can close on the one you’re making an offer on, this might be considered a weak offer for some sellers. A weak offer doesn’t mean a bad offer, necessarily; it’s simply an offer that looks like it could be tricky to actually get to the closing table. The risk versus reward is too high. This is why having the right kind of mortgage application status plays in your favor when it comes to negotiation.
Mortgage Pre-Qualification Versus Mortgage Pre-Approval
When you meet with a lender for the first time, they generally ask some probing questions about your income and assets, as well as your expenses and credit file. They’re not just being nosy; that lender is trying to help figure out just how much home you can qualify for and what programs might be best for your financial picture. Sometimes, these lenders will send you elsewhere because their banks or partner lending institutions simply can’t help you, but in a lot of cases they’ll produce something called a pre-qualification letter.
Pre-qualification goes largely by your word about your income and expenses, and is not a promise to lend. It’s simply a hypothetical among a list of hypotheticals. If you do in fact make this much money, your credit is as assumed, the house you choose lines up with these guidelines, and rates don’t change dramatically, you should be able to buy this much house. You can see how that would be a bit dodgy for a seller to hang all their hopes on.
A pre-approval, on the other hand, shows that you’ve gone through the additional steps to reach the highest level of mortgage approval you can get without actually having a house secured (the house you choose also figures into the final approval, but just how it figures depends on the loan program). For a pre-approval, you’ll need to provide income documents, permission for the lender to pull a full credit report, and details on any assets or liabilities you hold that aren’t included in your credit file.
A pre-approval isn’t instant; it requires more review, and you’ll need to choose a lending program to be approved for. However, doing all this extra work shows potential sellers that you’re already putting in a lot of effort to ensure you can actually close when the day comes, and that you’re eager to move the process along as quickly as possible. That’s the kind of buyer a seller wants to see!2021-02-23T15:32:00-07:002021-02-23T15:39:26-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3414Cash Beyond Your Down Payment<img src="https://assets.site-static.com/userfiles/2205/image/Untitled_design.jpg" width="800" height="529" />
Shopping for a house can leave you exhausted and spiritually broken, especially when that dream home is proving tricky to find in your price range. Even though you’ll eventually find the right one, you may also find yourself cutting it close on cash if you didn’t properly prepare financially. So it’s time for your pre-purchase cha-ching check.
WHAT IT COSTS TO CLOSE
For sellers, closing is a fairly simple process, and most of the time they walk away with a check in hand. But for buyers, closing can be one of the largest expenses of their lives. You know it’s going to be pricey, but it’s a much easier pill to swallow if you’re totally ready for everything that’s going to go into that transaction. And there’s a lot more to paying for your new home than just coming up with the down payment. If you’re like most borrowers, to cover additional expenses on the big day, you can expect to add an additional three to six percent on top of that big chunk you’ve saved.
Those costs include, but aren’t limited to:
Real estate-related expenses. Your lender should have already disclosed the fees they collect in order to actually do the work of creating your home loan, but there are other fees related to your loan that may or may not have been covered. These include potential lender requirements like appraisals and home inspections, as well as any repairs you’ve chosen to pay for at closing.
Loan-related fees. If you haven’t talked to a lender yet, you may be surprised at some of the fees that are charged to take your loan from a little dream to a big investment in your future. An application fee is generally required to begin the process, as it covers the costs of things like your credit report and the initial loan processing. Other fees include prepaid interest (interest that accumulates between closing day and the day of your first payment), loan origination fees, discount points, and mortgage broker fees. These can really add up!
Prepaid escrow expenses. Because items like your taxes and homeowner’s insurance are generally paid out of an escrow account, you’ll have to put some money into it at the get-go to kick things off. The actual initial deposits will depend on where you live, but count on at least two months, if not a full year, of each being collected to establish that account. If you have mortgage insurance, the same would also apply.
Title-related fees. Although it would be wonderful to live in a world where you could trust that a seller was absolutely, without question, capable of guaranteeing you could buy and own their home without complications, that world doesn’t really exist. But that’s why title searches and title insurance do. These different fees pay to ensure that you will be able to buy a house without anyone else having a legal claim to it later, which would complicate your ownership considerably. Before a bank will loan you money, they want to know that a home has a clear title. Title searches track all the people who have owned the property before, and title insurance protects against any problems that might have accumulated on the title over time.
2021-01-29T13:15:00-07:002021-01-29T13:21:10-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3410How to Win in a Seller's Market<img src="https://assets.site-static.com/userfiles/2205/image/Add_a_heading_8.png" width="1080" height="1080" />
How to Win in a Seller's Market
1) Know the market – It is more important than ever for buyers to know the market. By “know the market” I mean you should be aware of the general price ranges for the area, especially the upper end of the price range.
If you are knowledgeable about what the competition is asking, and what homes have recently sold for, you will be better prepared to make a reasonable offer on the home you want.
2) Develop a winning strategy – Some buyers have the ability to pay for the closing cost or can pay a higher earnest money amount or can can close faster. Talk with your Graham Group agent to develop a winning strategy.<br />
3) Don’t go on hearsay – Make sure that you are working with <a href="https://birminghamappraisalblog.com/appraisal/5-reasons-buyers-overpay-for-homes/" target="_blank" rel="noopener noreferrer">accurate information</a>. You may hear that someone paid a certain amount for the same or similar house down the street but it’s important to check it out.
If you don’t verify the price of the comp and try to use that information to make an offer on the home of your dreams you could offer too much and end up risking the sale with a low appraisal.
4) Have your financing lined up – I mentioned previously that it’s very important that you should be prepared to make an offer on the spot. The best way to do this is to have your financing lined up so you can pull the trigger when you need to.
If a buyer knows that you have financing to back up your offer they may accept yours over someone else that still needs to get approved for their financing.
5) Request a CMA from your agent – A <a href="https://birminghamappraisalblog.com/appraisal/appraisal-vs-cma-vs-bpo-whats-the-difference/" target="_blank" rel="noopener noreferrer">CMA</a> is typically done by the listing agent to help price the home based on recent and similar sales. They are also helpful for buyer’s agents because they can help the agent in guiding the buyer in making a reasonable offer.
Making an offer in a hot market requires more of a strategy than just throwing out a pie in the sky offer. It requires the buyer and their agent to be informed with accurate market data so their chances of winning a contract and getting a successful appraisal are increased.
Source: Birmingham Appraisal Blog2021-01-28T14:38:00-07:002021-01-28T15:06:16-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3396Graham Group Gives over 158 Supplies for MLK National Day of Service<img src="https://assets.site-static.com/userfiles/2205/image/139948230_2941942702798042_8152804272647797478_n.jpg" width="960" height="960" />
Graham Group Gives partnered with Be a Blessing Birmingham and Birmingham BAR Association for a morning of service! Clothing and care packages were given to people in need. Great day of giving back!
It was a very chilly morning in Linn Park, but our hearts were warmed by the fact that we were making a difference in the lives of our homeless neighbors. We happily distributed the supplies.
Our team donated over 158 wipe packs and toiletry items to the cause. We look forward to our next service opportunity!
<img src="https://assets.site-static.com/userfiles/2205/image/139907667_2942071649451814_2708210417959390990_o.jpg" width="1080" height="1080" />2021-01-19T09:26:00-07:002021-01-19T10:02:34-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3386Ready to Sell Your Home? Here are your Next Steps!
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If you’ve been curious about the home selling process, Graham Group Real Estate has your next steps easily laid out for you!
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STEP 1: MEET WITH ONE OF OUR EXPERT AGENTS
It’s best to meet with a knowledgeable real estate agent as soon as possible to ensure you’re handling the process efficiently. Our agents at are experts in your local area and will guide you through the home selling to-do list. We will assess your home so you can set the best possible price when your home is listed.
STEP 2: CONSIDER VALUABLE UPGRADES
Most homeowners don’t realize the upgrades their home needs until it’s time to sell. But those of you who’ve already completed a couple of ‘quarantine projects’ are ahead of the game! Making upgrades in your home is a great way to increase the value for potential buyers, but it’s important to note that upgrades that are poorly done or unattractive to buyers will leave you in a worse position than before. Before making the decision to put money into your home, call Graham Group Real Estate to meet with a professional so we can assess what upgrades will add the most value to your home.
STEP 3: IMPRESS BUYERS WITH BEAUTIFUL STAGING & PHOTOGRAPHY
Our agents will ensure that your home is properly staged for showings and will coordinate with a professional photographer to come in and take gorgeous photos of your home to attract buyers. Once your home is listed with us, your home will be seen by hundreds of potential buyers thanks to our next-level marketing!
STEP 4: RELY ON YOUR AGENT TO NEGOTIATE
When a buyer puts an offer on your home, your agent will begin negotiations and walk you through contracts and necessary paperwork. This is the moment your agent shows their true worth in getting you the best possible price for your home!
STEP 5: CLOSE THE DEAL!
There is an average of 52 people involved in the sale of your home, from listed to closed. Imagine juggling all those contacts on your own while trying to sell your home! At GGRE, a knowledgable, professional real estate agent with a team of experienced closing coordinators will take care of this for you! We’re the local experts and have the resources to get your home SOLD quickly and efficiently.
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2021-01-14T11:07:00-07:002021-01-14T11:11:07-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:337610 Reasons to Start a Career in Real Estate<img src="https://assets.site-static.com/userfiles/2205/image/Untitled_design_4.png" width="1080" height="1080" />
If you're looking for a fresh new start, here are the top 10 reasons why you should get into the real estate industry. Oh, and don't worry about experience, you'll see it's much easier than it looks.
1. Be Your Own Boss.
As a real estate agent, you will finally have a say regarding your schedule and working hours. Your professional success is all up to you, and you can reallocate your time to take care of those things that matter to you the most. In Birmingham and Tuscaloosa, you should consider partnering with the <a href="https://bit.ly/PartnerWithGGRE" title="partnering with GGRE">Graham Group Real Estate team</a> since we're always partnering with awesome real estate professional like YOU!
2. Flexible Dress Code.
Since there's no strict dress code in the industry, you can find your combination of business professional and business casual. As a real estate agent, you can dictate how you want to impress your customers.
3. Finally Get A Say On Your Income.
Many realtors will agree that this is one of the few professions that allows you to decide your yearly income. Since there are no salaries involved and all your earnings are based on sales, you decide how little or how much you want to make.
4. Never Stop Learning.
The housing market is an organic entity, constantly evolving alongside the larger market. You will learn new technologies, techniques, sales speeches, and even life skills to become a better real estate professional.
5. No College Degree Required.
Luckily, not all professions demand having academic success, and in real estate, you can still thrive, even without a diploma.
6. Work From Home.
Make phone calls, set video conferences, send emails, and schedule house visits, all from the comfort of your home.
7. Meet New People, All The Time.
You will meet new people daily, and by listening to their stories and backgrounds, you will learn valuable life lessons that will help you with future negotiations.
8. See Incredible Homes.
Depending on the exact niche you would like to work on, you might have the chance to visit some of the most luxurious and awe-inspiring residences in the country - just the sight of them will get ignite your passion and drive for success.
9. Be Creativite.
Being a real estate agent means knowing just what your client needs and being able to offer them a practical and tangible solution, all within their budget and terms of negotiation. There are no rules carved in stone, meaning you can be as flexible and creative as the transaction needs you to be.
10. Help Others.
By helping people fulfill their lifelong dreams of owning their own homes, you'll obtain a sense of purpose that few professions out there can give you.2021-01-11T09:54:00-07:002021-01-11T12:31:34-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3366Why Do I Need Earnest Money?
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When you’re shopping for a home, it can feel like you’re hemorrhaging money. You’ve got all sorts of things to pay for, from loan application fees to home inspections, so when the issue of earnest money comes up unexpectedly, it can be a “slam on the brakes” moment. Now that the days of low to no down payments are largely past and markets everywhere seem to be running thin on inventory, earnest money may well be the most important negotiating tool you’ve never heard of.
WHAT IS EARNEST MONEY?
When you make an offer on a home, part of that offer can include a little show of good faith on your part, in the form of cold, hard cash. Generally, one to three percent of the offer price is pretty normal for an earnest money deposit, but this can vary pretty widely based on market conditions. And the more you put up, the better. But what happens to that money?
Earnest money is literally just a show of faith. When you go to the closing table, it becomes part of your cash to close equation, which includes other line items like your down payment, your closing costs, and your prepaid items. It’s not a bribe or an extra fee to convince a seller to sell to you. It will simply be applied in full as a credit in your closing documents, reducing the amount of money you need to bring with you on the big day.
Here’s the one kicker. If you were to decide to back out of the contract with no real cause, the seller may be entitled to some or all of that earnest money. However, plenty of situations exist where you may not be able to close, but your earnest money will be refunded, such as:
An unacceptable home inspection. This all has to be stipulated in your contract; there are no givens in a real estate transaction, but there are things that are pretty standard. Having an unacceptable home inspection, if the seller is not willing to make reasonable repairs, can be a cause for terminating the contract and getting your earnest money back.
Your financing falls through. Again, you’ll need a financing clause or addendum to ensure you’re covered in this event, but because financing is so important to real estate transactions in general, they are pretty standard. If your financing falls through due to no fault of your own (you’ve been laid off, your bank closes, a co-borrower dies), you should generally be able to reclaim your earnest money. The specifics will be in your real estate sales contract, so pay close attention.
The seller can’t close. There are a few rare situations where a seller can’t close the transaction. These are incredibly uncommon, but they do happen once in a while. For example, you might find out that the seller only believed they were the owners of the home. This can occur when a parent dies without a will, forcing the property into probate court even when it’s clear an only child will be the sole heir. And in the case that the seller can close, but chooses not to for whatever reason, you would also get your money back.
<br />What Is an Earnest Money Note?
In some markets, you may have an additional option for earnest money, known as an earnest money promissory note. This is essentially an IOU that accompanies the offer. On the note, you’ll specify exactly when you’ll either turn the paper into actual cash or forfeit the offer entirely. Though these were once very common, they’re far less so today. If you choose to use an earnest money promissory note, be sure to describe in great detail why you’re not able to provide earnest money on the spot and how you will remedy this.
For example, if you have some stocks you were going to cash out for your down payment, but didn’t want to touch until you were really ready, you may need time to sell enough to cover the earnest money. In that case, specify this as the reason and say that you’ll initiate a sale on a certain day, then convert the note on that day. Make sure to leave yourself a little leeway, because if you fail to perform, you can suffer serious consequences.
Generally speaking, earnest money promissory notes can be considered a sign of a weak offer, but this varies from offer to offer and market to market and you should inquire before taking that leap.
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2021-01-07T15:12:00-07:002021-01-07T15:17:47-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:33262021’s Colors of the Year Unveiled!<img src="https://assets.site-static.com/userfiles/2205/image/Copy_of_pending_closedquotes_13.png" width="2160" height="2160" />Everything has its season, and for paint, winter is that time. Year after year, paint companies release their chosen Color(s) of the Year, which are meant to be reflections on trends that are coming to interior design near you. If you’ve been considering repainting a bedroom or your whole house, knowing what’s in can help you narrow down the impressively huge list of paint options available.
BOLD TONES ARE WHERE IT’S AT
2021 continues the trend that’s been taking us far from the subdued hues that have been so popular in the past. Instead of neutral palettes, homeowners are going big or going home. That doesn’t mean the paint scheme in every house has to be glam, but it does mean that it’s ok to put a little personality out there. Pops of color are glorious when done properly and no longer the sale killer they may have once been. But it’s not exactly a revisit to the 1950s. Color should be used more strategically to create a big impact, highlight features in your home, and influence the atmosphere in living, dining, and sleeping spaces.
Drumroll Please….
Most of the major paint companies have announced their colors for this year, though a few are still waiting for 2021 to roll around. Of those that have made it official, you’ll notice a big trend in color themes. Blues, pinks, and grays rule the day, though they’re not your grandma’s retro flavors.
Pantone: Ultimate Gray and Illuminating<br />One of the top names in color has come up with one of the top color combos for 2021. It’s a whole mood, really, and sums up 2020 pretty well. Ultimate Gray is a light neutral gray color that would be at home in almost any space. Illuminating, however, is a bright, determined yellow that should be used in small doses. As Pantone’s executive director, Leatrice Eiseman, wrote in a press release about the decision, “The union of an enduring Ultimate Gray with the vibrant yellow Illuminating expresses a message of positivity supported by fortitude.” It’s also way eye-catching.
Rust-Oleum: Satin Paprika<br />Do you dream of the desert southwest? Or maybe you already live there and want to bring a bit more pop indoors? Satin Paprika may be the answer. This coral red, spicy earth tone is the anchor for three distinct color palettes that Rust-Oleum has developed for 2021. It’s gorgeous in a variety of spaces, works with many different colors, and, frankly, it brings to mind the red stone that’s so common in the desert. Your succulents will feel right at home.
Glidden: Aqua Fiesta<br />Glidden zigged this year when a lot of the other paint brands zagged, and named Aqua Fiesta its Accent Color of the Year. It’s a bold, but not overly bright, aqua color that goes great with both light neutral browns and grays, allowing it to dress up all kinds of spaces. You might feel like taking an island vacation or dream of mermaids after painting this one on, though.
Benjamin Moore: Aegean Teal<br />Benjamin Moore was also feeling a bit blue when choosing 2021’s color of the year, but more blue than green, which resulted in a gorgeous dark robin egg-esque color. The gray undertones make it a great accompaniment to the popular gray neutrals, and the more strict blue gives it a bit of a grown-up feel. It’s a super calming color in any room and will even pair well with yellows.
HGTV Home by Sherwin-Williams: Passionate<br />Blue isn’t everybody’s thing, and clearly HGTV Home by Sherwin-Williams agrees. It chose Passionate for its 2021 Color of the Year. This is a deep carnation, but not quite red, sort of color that looks awesome with earth tones and tans. It’s the kind of color that you may have never expected to like, let alone paint in your home, until you see it in action. Accent it with other bold tones and your humdrum room will absolutely be transformed.
Sherwin-Williams: Urbane Bronze<br />Looking for deep, rich color that won’t leave anyone guessing about your intention for your space? Urbane Bronze is a color that will define a space without regrets. It’s a warm gray-brown that goes well with a range of flooring and lighting, but stands up on its own without the need for a lot of fanfare. You might not want to use this on every wall, as it may have a way of making your space feel a bit small, but your accent walls and accent pieces will absolutely thank you.
Valspar: Hues of the Year<br />Valspar couldn’t pick just one, so instead went with a whole range of colors for the year. It chose 12 muted colors; these are colors that could be considered “barely there,” just a hint of bold for a room that isn’t ready to go all in. These subtle choices range from misty blue to a warm apricot, with buttercream, green, beige, and gray also on the menu. Use this palette together to create a wholly harmonious space.
Ready to Get Painting?
2021-01-05T15:08:00-07:002021-01-05T15:11:18-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3322The Dirt on Septic Tank Ownership
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Septic tanks are common in rural areas, though depending on where you live, you might have a septic system, even close to town. So long as things are going smoothly, it’s often difficult to tell that there is even a septic system in place. If your septic tank starts having problems, though, it may not take long for it to become very obvious that something is wrong.
Whether you’re new to septic tank ownership or are wondering what sort of maintenance your existing tank requires, here’s a rundown of what you need to know about owning a septic tank.
HOW SEPTIC SYSTEMS WORK
Wastewater from your home flows into the septic tank, which is a large tank typically made of concrete, steel or other materials such as plastic or fiberglass. Once there, any waste solids in the water settle out and are broken down by bacteria. As particles settle out, the water itself is able to flow out of the septic tank where it is distributed through a series of gravel-filled trenches known as leach fields where the water is absorbed into the ground. Any remaining waste materials are then broken down by microorganisms in the soil.
Some systems also separate greywater (water that comes from waste-free sources such as laundry, bathroom sinks and showers) from the “black” water that contains waste. While this water is not directly recycled as drinking water, it can be filtered and used as part of an irrigation system for non-food plants and lawns. This not only makes more efficient use of your household water but also reduces stress on the septic system as a whole.
BASIC SEPTIC SYSTEM MAINTENANCE
Ideally, a septic system shouldn’t require too much maintenance to keep it functioning properly. With that said, there are a few things to keep in mind to ensure that your system doesn’t develop problems. Key points of septic system maintenance include:
Avoid flushing inorganic materials that cannot be broken down by bacteria
Conserve household water use to avoid flooding the tank and causing a backup
Don’t flush cooking fats, coffee grounds or other hard-to-break-down materials
Use septic-safe cleaning materials and avoid using an excess amount of any cleaners
Do not pour saltwater, antibiotic medications or other materials that could kill helpful bacteria into your wastewater
In addition, it’s recommended that you have your septic tank checked every 1 to 3 years and have solids pumped out of the tank every 3 to 5 years to maintain optimal function. This may need to occur more often if you live in a cold climate, as bacteria may not break down waste as quickly when experiencing severe cold or prolonged winters.
SEPTIC TANK INSPECTIONS
Whether you suspect a problem with your septic system or just want to stay on top of septic tank maintenance, periodic inspections will help you avoid major problems down the road. The most basic inspections are simple visual inspections, where water is run through the sinks and the toilets are flushed to check for backups or other obvious problems. These are often performed by home inspectors but provide only a very limited amount of information about the condition of the system itself.
If you have a septic company do the inspection, you’ll likely get a much more in-depth job. These inspections check for signs of septic tank problems such as visual damage to the tank or depressions around the tank area that could indicate sagging in the tank walls. They will also check for odd odors, signs of leaks, the condition of liquids and sludge within the tank and even backflow once a portion of the tank is pumped. You should receive a report on the condition of the tank after one of these inspections, and most likely will have the results explained to you as well.
LIFE EXPECTANCY
Provided that it is well maintained, a septic system can theoretically last for decades. More realistically, though, you can expect a septic tank (and the system it’s a part of) to last for between 15 to 25 years. The actual lifespan of any given septic tank depends on the material it’s made of, how well it was installed, the types of waste that are dumped into it and how often it is pumped or maintained. The more care you put into maintaining your septic system, the longer it’s likely to last.
Of course, once a septic tank starts reaching the end of its life it is important that you deal with it before hazardous conditions can form. If a tank is leaking or sagging, it needs to be collapsed or crushed and filled in around. In some cases, a new tank can actually be installed beside or on top of the old one after it has been properly taken care of.
DO YOU NEED HELP WITH YOUR TANK?
Regardless of whether you need a septic tank installed, inspected, pumped or replaced, our HomeKeepr network can help you find the best pros for the job.
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2021-01-04T12:46:00-07:002021-01-04T12:51:37-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3321Selling Your Home in the Off Season<img src="https://assets.site-static.com/userfiles/2205/image/GrahamGuideNewsletter.png" width="794" height="1123" />
Spring and summer are traditionally seen as the best times to sell your house. Research has actually shown that homes sold during the first half of May tend to sell faster and sell for a higher average price than house sales at any other time of the year. Once you get into fall and winter, buyer competition doesn’t seem as fierce and average prices start to drop. This doesn’t mean you can’t sell during the off season, of course; it just means that you need to maximize the value of your home to get the most out of your property.
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THERE’S ALWAYS A BUYER
Even though it’s the off season, there will always be someone out there who’s looking to buy a home. There are traditionally fewer home sales during the fall and winter, but that doesn’t mean that there aren’t any. It’s easy to assume that you’ll have to take what you can get if you find someone who’s interested, but that’s definitely not the case. While there’s a good chance that you’re a motivated seller if you’re selling during the off season, keep in mind that many home buyers are motivated as well. It’s true that you might not get as much out of your home as you would near the start of summer, but don’t think that you’re necessarily going to have to settle either.
AGGRESSIVE PRICING STRATEGIES
With that said, you’re more likely to sell quickly if you’re more aggressive with your pricing strategy than you would be during the summer. Don’t price your home for less than its worth – but cut a little closer to its actual value than you might otherwise. Determine the actual value of the home and what you need to get from the sale, then add a little more to the total to give yourself some wiggle room for negotiations. This lets you present the home as a great deal and still yield a bit to the buyer, convincing them that they really are getting a great deal on the property and need to make the purchase before somebody else comes along.
APPEARANCE MATTERS
It’s always important to have your house looking its best when you’re trying to make a sale, but it’s especially important during the off season. This can be a chore, especially if you have trees dropping leaves all over the yard, but it’s worth it. If at all possible, your home should be the one that stands out from the neighborhood because it has fresher paint, a neater lawn, cleaner windows and any other adjustments you can make to improve its overall look. The more you can wow potential buyers, the more likely they are to actually buy.
CUT OUT THE CLUTTER
If you’re in the process of packing while trying to sell your home, take any boxes and anything that’s ready to go and get it out of the house and into a storage unit or elsewhere. The same goes for most of the clutter that we build up in our daily lives. When a potential buyer comes to look at the house you should ideally have everything pared down to some basic furniture, standard amenities and perhaps a few picture frames or other personal items that are tastefully presented around the house. You want buyers to see the house for its beauty and be able to picture their lives there, not to see how the house looks overflowing with your life.
BE PREPARED
If you really want to get a potential buyer’s attention, show them that you’re prepared to answer any questions they might have about the house. Get a pre-inspection so you’ll know about any issues that you might not have noticed, making necessary repairs or disclosures as needed. Gather up documentation about the heating and cooling system, any maintenance that’s been performed and even details like the energy ratings on the windows. If you really want to go the extra mile, track down photos of the house from different seasons or pictures of any flowers or trees in bloom so that potential buyers will have an idea of what they can look forward to.
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2021-01-04T12:40:00-07:002021-01-04T12:51:13-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3305Graham Group Gives Toys to OVER 100 CHILDREN!<img src="https://assets.site-static.com/userfiles/2205/image/IMG_4847.jpg" width="1500" height="1000" />
‘Tis the season of giving! This holiday season we partnered with Khairi and The Little Angles Memorial (KLA Memorial) because we were so moved (to tears) by the passion, love, and dedication evident in this amazing non-profit organization.
The local organization offers a range of services: financial assistance, therapeutic support, support groups, counseling, and prenatal and postnatal education to name a few.
With your help, we were able to EXCEED our goal of giving toys to 100 kids! We raised NEARLY 3 THOUSAND DOLLARS for this worthy non-profit organization!
On Saturday, December 19, 2020, we were able to distribute the toys to the families that we shared so much about during our 2-week long donation campaign.
The extra toys were donated to the YMCA!
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We thank you, thank you, THANK YOU for helping us serve our community! We are so moved by the generosity we received. This year has been a tough one for us all, but these children will have something good to remember as we close out 2020.
Because of YOU, over 100 children in our local community will enjoy a magical holiday season!
“I still can’t believe all this. When I look at my living room and how there is no room to really move because of the food boxes and now tomorrow the toys.<br /><br />Blessings, so many families blessed. I am grateful for each of you.
— Tmeka Walker, Founder and Director of KLA
2020-12-29T09:55:00-07:002020-12-29T10:04:09-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3304Pros and Cons of Buying Repossessed Properties<img src="https://assets.site-static.com/userfiles/2205/image/Copyofpendingclosedquotes10.png" width="1500" height="1500" />
Buying a house can be incredibly exciting and terrifying at the same time, especially if it’s your first or second home. For a lot of buyers today, the idea of getting a killer deal is the ultimate goal, one that you may have heard is possible with a bank-repossessed property (also known as a “real estate owned” property or simply “REO”). Real estate prices are only going up, after all, so what’s the scoop on these REOs?
CAN YOU GET A DEAL ON REPOSSESSED PROPERTIES?
It’s a tricky question with a lot of caveats. In some markets, it will almost certainly be easier to take advantage of REOs to find lower entry price points. Other markets may not offer a lot of financial benefit to the buyer. When market inventory is low in the property type and area you’re shopping for, prices will tend to trend higher, even for repossessed properties.
On the other hand, if you’re pretty flexible and aren’t overly concerned about neighborhoods, an area with a lot more inventory can be a difficult place for a seller, creating a super local buyer’s market. Even banks are sensitive to these pressures, and since they can be more flexible about their pricing, may discount REOs more sharply in order to unload them.
What Should You Know Before Making an Offer on Repos?
If you manage to find a steeply discounted property that you’re interested in, there’s still a lot to consider before making an offer. The caveats with repos are many, but they can still work for buyers who go into the transaction with their eyes wide open.
Be aware that:
REOs are almost exclusively sold “as is”. Yes, that means you get what you get, and since there’s unlikely to be a good history, it may be a lot worse than you imagine. You could get lucky and totally win the REO lottery, but remember that many repossessed properties have been sitting vacant for extended periods with little to no maintenance or human interaction, which can encourage insect and animal infestations on top of problems you’ve been made aware of.
Always get a home inspection with an REO. In most areas you can still back out of the transaction if the condition of the home is worse than you imagined, though be aware that these inspections are limited in scope, and surprises may still be hiding. Sold “as is” means just that, though. Banks aren’t generally interested in fixing anything, so if your inspector says the A/C is bad and the roof is leaking, you’ll need to figure that into your overall cost equation.
REOs can be very competitive. Investors often really like buying REOs, which means you’re going to be competing against other buyers who have a lot of cash on hand. Cash deals close faster and there’s less risk they’ll fail to close because of lending issues, which makes them pretty nice for a seller. A good REO is likely to be a competitive buy, so be fully prepared, fully qualified for your loan, and ready to make your highest and best offer out of the gate. You may only get one shot.
REOs can be difficult to finance. Some REOs and lending programs are meant to go to future homeowners, but most are not especially friendly to non-investor buyers. You’ll need a substantial down payment, high credit score, solid debt to income ratio, and reliable employment for a bank to take that level of risk on a home that may become a money pit. It can absolutely be done, but this is far from a basic first time homebuyer sort of process. Loans like the FHA 203(k) can sometimes be used, as well as conventional loans, depending on the condition of the property.
REOs can be difficult to close. If you have to borrow to buy an REO, expect the process to take months. Even if you don’t have to borrow, there are layers of red tape to cut through, because you’re dealing with a corporate owner rather than an individual. Allow plenty of time to get through all the steps of the process and be prepared to have to pivot into a different loan program if things get dicey.
Should I Buy a Repossessed Home?
If you’ve thoroughly prepared yourself for owning a home with a poorly documented history and a higher than normal risk of unexpected problems, as well as the stressful buying process that can go with it all, then absolutely buy the REO if it’s right for you. Sometimes REOs are the only way to get into the right neighborhoods or even find a home in your budget, so there are definitely reasons to pull that trigger.2020-12-29T09:46:00-07:002021-01-04T12:51:54-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:3303A Look at Smoke Detectors During the Cozy Season<img src="https://assets.site-static.com/userfiles/2205/image/Copyofpendingclosedquotes16.png" width="1500" height="1500" />
Keeping your family and your home safe is an important responsibility. There are a number of devices that you can buy to help accomplish this, with some of the most common being smoke detectors. There are many options when it comes to choosing a smoke detector, including several “smart” smoke detector models. If you’ve wondered whether one of these smarter smoke detectors is right for you and your home, here’s a closer look at how they work.
SMART HOME PROTECTION
Like other “smart” devices, smart smoke detectors are able to connect to the local internet and can be controlled remotely by your phone or a central device hub. This allows you to customize their functionality and unlocks additional features that standard smoke detectors lack. In some cases, software updates can also add features or additional ways to customize the smoke detectors without having to remove or replace them.
MULTIPLE WARNING TYPES
One big advantage of smart smoke detectors is that you can receive warnings in different ways. In addition to the standard alarm noises that people are used to, many smart smoke detectors feature spoken warnings that are available in multiple languages to make sure that your family knows exactly what the danger is when the alarm goes off. Because smart smoke detectors typically connect to an app on your smartphone, you can also receive phone alerts when a smoke detector goes off so that you’ll know what is going on even if you aren’t at home.
Cooking with Smart Smoke Detectors
A lot of people disable the smoke detectors in their kitchen before pan-searing meat or cooking certain other items because of the smoke produced in the process. This can be dangerous, since it’s easy to forget to turn the smoke detector back on, leaving one of the most common areas for a fire to start left unprotected. Many smart smoke detectors feature cooking modes that you can enable from your phone, device hub, or on the detector itself, letting them know to ignore smoke that occurs now, and automatically reenabling protection afterward.
SMOKE DETECTOR CONNECTIVITY
Because of the way that smart devices interconnect, you can set up most smart smoke detectors to work with other devices in your home to provide even greater protection. One common use of this feature is to set up a routine with smart lights, so that if a smoke detector goes off, the lights are turned on. That ensures that everyone can see to get out of the house, even if it’s in the middle of the night. You may be able to add other devices to these routines as well, doing things like shutting off the HVAC system to avoid spreading smoke and fanning flames.
Are Smart Smoke Detectors Right for You?
There are definite benefits to using smart smoke detectors in your home. If you don’t have Wi-Fi set up or don’t use any additional smart devices, though, you won’t be able to get the full benefits that some smart smoke detector models offer. The cost of the smoke detectors may also play a part in your decision, as most smart smoke detectors cost more than similar non-connected detectors. With that said, if you’ve been considering adding smart devices and home automation to your home and they fit your budget, then smart smoke detectors might be a good starting point to making your home a lot safer and smarter.2020-12-29T09:33:00-07:002020-12-29T10:03:31-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:2910Will Increasing Mortgage Rates Impact Home Prices?
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There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2020-06-11T15:52:00-07:002020-12-29T10:03:00-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:2911Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/2205/image/Canva_-_Photo_of_Home_Interior.jpg" width="5000" height="3333" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2020-06-11T15:52:00-07:002020-12-29T10:02:24-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:2913Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/2205/image/Canva_-_Little_white_coffee_table_1.jpg" width="1600" height="1067" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2020-06-11T15:52:00-07:002020-12-29T10:01:02-07:00Clarence & Ebony Grahamtag:searchallbirminghamhomes.com,2012-09-20:2912Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/2205/image/Canva_-_White_Sofa_Near_Glass_Window.png" width="1600" height="1067" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2020-06-11T15:52:00-07:002020-12-29T10:01:36-07:00Clarence & Ebony Graham