The truth about those Real Estate Myths

Are you ready to buy a home?

Your parents did it. Your friends are doing it. But how do you know if you’re ready to buy a home? The decision to become a homeowner is a personal one that must be based on your life situation and finances. Ask yourself these six questions to determine if you’re real estate-ready.

1. Can I afford it?

Homeownership brings with it many new expenses. Beyond your mortgage, you’ll be paying for insurance, utilities and taxes (which is included in MOST mortgages), not to mention maintenance costs and perhaps homeowner’s association fees. If you don’t already have a budget, start one. It will help you manage your money, your spending and help you understand how much you can afford for a home. If you are currently renting the key is to not have a mortgage higher or at the max of your budget.

2. Do I have money for a down payment?

Most lenders require a down payment of 3.5 percent up to 20 percent of the home’s price. The U.S. Census Bureau reports the median price of new homes sold in March 2014 was $290,000; 20 percent of that amount is $58,000. Less than 20 percent down will require that you take out private mortgage insurance (PMI), which protects the lender against default. PMI rates vary, but monthly premiums can range from $30 to $70 for every $100,000 borrowed. VA loans, available to consumers who have served or are presently serving in the U.S. military, require no down payment. Additionally, low-income borrowers with credit scores of at least 580 may qualify for an FHA loan (insured by the Federal Housing Administration) with a down payment of 3.5 percent.

3. Do I have a reliable source of income?

If there are murmurs of layoffs at your company or you’re thinking you might want to quit your job, where will your mortgage payment come from? Make sure you have a steady source of income.

4. How’s my credit?

Everyone has a credit score, also known as a FICO score (Fair Isaac & Company), which can range from 300 to 850. If your credit score is below 620, you’ll likely have a tough time getting a loan. If you do obtain a loan, it will probably require a higher down payment and a higher interest rate. If your credit score isn’t great, you should take some time to repair your credit and raise your credit score. Do research before contacting a credit repair company some of them aren’t worth the money.

5. Am I planning to stay put for the next three to five years?

Real estate transaction costs are high enough that, unless you’re in a thriving real estate market, you’ll likely lose money if you don’t stay in your home for at least three to five years. Research your breakeven point, which is the amount of time that buying makes more sense than renting.

6. Am I ready for some DIY projects?

Owning a home means maintenance, such as mowing the lawn or making minor repairs. Do you have the time, skills and interest to maintain the property? Or, can you afford to hire someone to handle these tasks?

Summary

Once you have examined your financial health and decided you are ready for homeownership, take the time to choose your advisers wisely and enjoy the hunt. Don’t let a pushy friend, relative, or real estate agent force you to make decisions. Take careful inventory of your own situation.

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Happy 4th Of July Huntsville Al

Stars & Stripes @ Dublin Park

Time: 2:00pm - 10:00pm

**No parking at the park. Parking @ Bob Jones High and Shuttles will be provided. Fireworks display scheduled to start at approximately 9:00 pm. For additional information, please call Dublin Park at (256) 772-9300.

Spirit of America Festival @ Point Mallard

Time: 3:00pm - 11:00pm

**Fireworks display scheduled to start at approximately 9:00 pm.

Fireworks Extravaganza @ US Space and Rocket Center

Time: 6:00pm - 10:00pm
**$20.00 per car. Pre-Registration required for parking. Children 12 years old and under get in free to the USSRC during regular business hours on July 4.

4th of July @ Athens High

Time: 8:30pm - 10:30pm

**Spectators can tailgate along U.S. 31 near Athens High School. The show will start, weather permitting, between 8:30 and 9 p.m.

Enjoy you 4th of July!!

Ashley Greens May Market Wrap-Up

Yes! If you live in Ashley Greens you have your very own personal Market Monthly Wrap-up. One of the Perks of having your very own Neighborhood Realtor.

Statistics Summaries Report Category - Residential Statistics from 5/1/2014 - 5/31/2014 Category:1 Subdivision:Ashley Greens  Total Total List/Total Sold Avg List Avg Sold Avg DOM Avg CDOM Median Price %SP/LP %SP/OLP MARKET SNAPSHOT AS OF TODAY Currently Pending 2 $430,000/ N/A $215,000  N/A 74 267 $215,000  N/A  N/A Currently Active 7 $1,684,000/ N/A $240,571  N/A 121 139 $229,900  N/A  N/A Currently Contingent 0 $0/ N/A $0  N/A 0 0 $0  N/A  N/A ON MARKET (5/1/2014 - 5/31/2014) New (5/1/2014 - 5/31/2014) 2 $499,900/ N/A $249,950  N/A 26 26 $249,950  N/A  N/A OFF MARKET (5/1/2014 - 5/31/2014) Sold 2 $409,800/$408,900 $204,900 $204,450 3 3 $204,450 100% 100% Withdrawn 1 $178,000/ N/A $178,000  N/A 237 237 $178,000  N/A  N/A Expired 0 $0/ N/A $0  N/A 0 0 $0  N/A  N/A

--Information on this report is not guaranteed. There is no express or implied warranty by MLS of the accuracy of information which should be independently verified.-- Copyright: 2014 by the Huntsville Area Association of REALTORS® Inc. Prepared by Laportia Paulk of Exit Realty of the Valley- Mad on Sunday, June 01, 2014 2:26 PM.

Want more information just like this? Want to know the value of your home? Been thinking about moving? Contact me NOW for your No Obligation Market Analysis!! Don't forget to Subscribe!! 

-Information deemed reliable but not guaranteed

No representation is made that any of the particulars concerning the listed properties is accurate. No attempt has been made to verify any of such information and it is only contained for the convenience of the member REALTORS ® to help them narrow searches of properties. The Association strongly recommends that any such information be independently verified by all prospective purchasers prior to the execution of any agreement concerning that property.

Why Should you Work with a Real Estate Agent

1. Realtors lower your risk. When you are represented by a Realtor, your agent can help assure that you are buying a home in Huntsville, AL that is safe, sound and priced fairly according to the current market.
2. Realtors understand the current market. Realtors have valuable experience that cannot be learned overnight or "on the fly". As experts in the Huntsville and Surrounding areas (or if your are not in Huntsville, your state/area), they can assist you with home buying strategies and proposals that will land you the right house at the best price and terms.
3. Realtors understand the complexity of a real estate transaction. Realtors work with contracts on a daily basis. They can help you understand what you are signing and why. They are there to explain the process from offer to closing. Your Realtor is on your side! 
4. Realtors keep the deal rolling and negotiate on your behalf. They not only facilitate the paperwork but they also orchestrate the buying and selling process and attend the required meetings and appointments throughout the transaction. They also negotiate terms that benefit their clients far beyond the purchase price.
5. Realtors work for the Buyer at little or no cost. It is in their best interest to work quickly, diligently and to utilize all the resources available to help their clients meet their needs.
6. Realtors know what to look for in a home. They can help you determine whether a home is a smart investment or how the value compares to similar homes.
7. Realtors have access to new construction and resell listings. The MLS gives them access to the most recent information regarding home sales and newly listed properties. They also have access to databases of new communities and new construction.
8. Realtors can point you in the right direction when it comes to other professionals. They can recommend home inspectors, home appraisers, pest inspectors, contractors, mortgage professionals, etc.
9. Realtors provide an objective point of view. Since a home is an emotional process, it's easy for people to get lost in the moment. Having an objective third party that knows and understands your needs will help you keep focused on the goal.
10. Realtors have done it before. Since most people buy and sell only a few homes in their lifetime, there's a good chance that laws and regulations change since their last transaction, not to mention the market changes as well. Realtors keep abreast of the changing laws, regulations and market trends and are more than willing to share that with you. Having a Realtor representing you can save you time, money and stress.

If you are in Huntsville, AL and looking for a Realtor who will work for you give me a call: 256-701-4266. I LOVE real estate, that's why it's my job. Reduce your stress and put all the work in my hands. You won't regret it. Click on the Visit Our Website link above for more information.

**Listing of the Week - 114 Preston Wood Drive**

              

This beautiful full brick home is packed with amenities located in Whitworth Farms in Madison, Alabama.   Less than 5 years old this home is on the market after only one owner. 

Immaculate Kitchen with Hardwoods

Take a look at this kitchen! There is more than enough cabinet space and a pantry in this kitchen to maximize storage for all the china and food you can imagine. It doesn't skim in size either. This kitchen is large enough for several cooks at a time without bumping into each other. Not to mention the beautiful hardwood flooring and impeccable back splash and great lighting.

~Memorial Day is a Time to Remember & Honor~

Memorial Day is when the men and women who died while serving in the Armed Forces are remembered. Take the time out to honor and remember them today!