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!

Bittersweet - School has ended and Summer has officially begun

Find Time to Enjoy Your Family This Summer for FREE!

       So, I know if you are like me at all you are just glad the school time rush is OVER. No more "I need money for my field trip" or " we have our new fundraisers, can you take this to work?"

        While you love your kids and appreciate the school what I call the “school hussle” is over – THANK GOODNESS!! Finally you get a break – but now what?? Will the kids go to camp? What will we do with them that will not take ALL of your money?

      Well, fret no further. I’ve researched using the rocket city mom, the city of Huntsville, and the library website all sorts of things that will be FREE to do with the kids this summer. That’s right I said FREE!!! Your local library may have some things as well so if you are in Hampton Cove, Madison, and even Gurley Alabama – DON’T Worry they have things to do for free as well for all ages. Activities such as reading groups, teen writing groups and even a couple of science experiments.

Did you know there are places to watch movies for free both inside and outside this summer? So Gear up for Summertime FUN in the SUN with your family!

 



Reduce Your Energy and Maintenance Costs

Fifteen things you can do to reduce energy and maintenance costs:

1. Turn down the hot water heater to 120°F. It's a waste of energy to heat water hotter than most people can stand.

2. Get a water heater blanket. Many older water heaters and even fairly new ones aren't well insulated. A water heater blanket saves money by keeping the heat in.

3. Wrap insulation around exposed hot water pipes. Good quality pipe insulation makes the water 2° to 4° warmer and delivers it quicker. The first three feet leaving the heater and the last few feet coming back are key.

4. Check for running toilets, leaky faucets and under sink plumbing. They cost you money and lead to mold.

5. Check attic insulation. If you have an unfinished attic, have at least 6" of insulation, (more in the northern U.S.).

6. Put in a programmable thermostat. This automatically adjusts temperature, so you only pay for heating or cooling the house when you're actively using it.

7. Install ceiling fans. Their air circulation effect lets you put your thermostat 1° or 2° higher in summer and 1° or 2° lower in winter. Set to blow air down in summer and up in winter.

8. Replace the air handling filter. This is behind a slotted panel in the air handler. Note the size and stock up. A dirty filter makes the system work harder. Check every two months.

9. Clear all air vents. Make sure vents aren't blocked and look in to see they're dust bunny free.

10. Air-dry some laundry. Put up a rack in the laundry room or a clothesline outside. Air-dry a third of your laundry and you're running the dryer a third less of the time.

11. Choose reliable, energy efficient appliances. Paying a little extra for quality and reliability will save you lots over the long haul.

12. Seal out air. Air leaks are money leaks. Look for them around windows and doors, and then seal them up.

13. Monitor foundation cracks. If you have cracks in basement walls, cover the ends with masking tape with the date. If the cracks grow, call in a specialist. Foundation problems are way cheaper to fix sooner than later.

14. Plant shade trees near your home. They cool the house in summer, saving money on air conditioning, and add value to the property.

15. Write down a home maintenance checklist. Include tasks you should do monthly, quarterly, and annually. Review each month. You'll save tons of money over time.

The Home Buying Process

Purchasing a Home is likely one of the single largest purchases that most people will make in their lives and can be a very intimidating process. That is why as a Real Estate Agent we don't just put people in homes but we help to educate the public about the process. So, one of the first things you should do is determine if buying a home is right for you. Owning a home is a big responsibility and not one to be taken lightly. When you own your home there isn't a landlord to call for repairs or quickly up and moving in the next year if you decide you don't like the neighborhood. Buying a house is a big decision and all aspects of life should be considered before jumping into it.

Now that we've decided It's the right time for you...

1. Hire a Real Estate Agent. Working with a Real Estate Agent provides you with a navigation system through the entire buying process. It gives you a sense of relief to know that there is a professional that is on your side to guide you, get you the best deal possible and connect you with the best people in the industry. When purchasing a home depending on the place you will have to work with loan officers, home inspectors, surveyors, closing agencies, and lawyers just to name a few. You want to know that you have the best people on your team and that's one of the major benefits when working with an agent.  Contact us here. 
2. Pre-Approval. Some people will say this isn't necessary as the first step but I beg to differ. Without a pre-approval you don't know what you can afford. It not only will waste time for your Real Estate Agent but it will waste your time as well. You could spend all of your time looking for things over or under your price range and have to start the entire search over. It's best to know what the bank says you can afford to buy then work from there. For a list of Lendors in the Huntsville Area contact us here.
3. Determine what you can afford. This seems redundant right?? Well it's not. The pre-approval will tell you what the bank thinks you can afford. They will give you this number in terms of thousands of dollars. You have to decide what is comfortable for you to pay. For example if the bank decides that based on your credit and income you are preapproved for a home priced as high as $150,000 which at current rates estimates to a monthly mortgage payment of  aproximately $1,000 but you are currently renting for about $800 a month a want to stay at or lower than that payment you will need to look for homes priced lower than your pre-approved amount so that you can feel comfortable and confident about your purchase. A good real estate agent will help you determine this. An agent who is only worried about commission will try to sell you the house priced the highest for the biggest commission.
   
4. House Search. This is the fun part! Before even searching you have to look at several things the first being why are you moving. Decide what your must haves are. If you are married or moving with someone else. Each of you must do this seperately at first then decide on the top 5 things you can't live without and those other things that would be good to have but wouldn't kill the deal. Searching for a home especially for a family is a process. Everybody has their own wants. The kids want a pool, the husband wants a man-cave, and wife just wants to be close to work and schools. Satisfying everyone will take compromise. So determine your "deal killers" and then head out on the search. Make sure you take a list with you and be sure to take notes about each home. Take pictures even about things you'll want to remember. It's easy for homes to start to look alike or mesh together after you have seen a few.
5. Make an Offer. Now we've found the perfect home for you. We put in the offer to the sellers based on comparable homes in the area. The sellers could come back with a counter but with a good agent and some negotiating on both sides the sellers sign off and we have a contract.
6. Due Diligence. Alabama is a "caveat emptor" state or otherwise known as buyer beware, therefore it is important to inspect the home prior to closing. What this means is that the buyer cannot go back to the seller after the sale of a home to complain about defects on the home unless the buyer can prove the seller knew about AND hid it during the selling process. To avoid these types of issues the buyer is responsible for out of pocket costs of a Home Inspection which can be as high as $500 and a termite inspection priced at about $125. ALWAYS include in your offer/contract that your purchase is contingent upon the home inspection, that way if the inspector uncovers issues with the foundation, mold, or rotting wood and you decide that's more than you'd like to deal with you can walk away to find a home that better suits your needs.
7. Find Homeowners Insurance. The inspection came back and it's acceptable. Now it's time to look for a policy for your Huntsville home. Get quotes from different companies and find the one that best suites you. Don't look for lowest cost but also the benefits and coverage they provide. Often times if you bundle your home and auto you can get a lower rate.
8. Closing. The closing takes place in Huntsville, Alabama typically at a title company. This is where you and the seller will sign all the necessary documents to transfer the title of the house. Once you have gotten here you have reached the finish line. You are now the proud owners of a new home. All that is left is to get the key and move in!

It's Spring It's Spring It's Spring

Even though the weather is still playing tricks on us here in Huntsville,  Al. Spring is officially here. If you have even been thinking about selling your home now would be the time to spruce up that curb appeal. As sellers in the market I'm sure by now you've heard over and over again curb appeal, curb appeal, curb appeal - but why?

Why is curb appeal so important?

Studies have shown that as much as 50% of home buyers make their buying decision
within seconds of pulling up in front of a house, long before they step inside the front door.

What does this mean to you?

It's like they say, first impressions are lasting impressions.  When a buyer pulls up to your home the first view they have is the front lawn and porch. Making sure the flowers are planted in the flower bed and the spider webs are cleared from the porch and the bugs are cleared from the light fixtures ate things that could make buyers feel like the home is old and not maintained well. 

Feel like you can't take on the task yourself??  Then you are like me. Hire a professional AND get a discount just tell them I sent you. Email me now for details: laportiapaulk@gmail.com

Check out some of these pictures courtesy of http://returntohomeinteriors.com/curb-appeal-before-after/