·:[ The Judy Niemeyer Team Blog ]:·
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One man’s loss is another man’s gain and right now buyer’s have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Mobile Eastern Shore home buyers were jumping through any and all hoops.

Now the market has shifted. The strong sellers’ market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price.

So why are buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Mobile Eastern Shore home in 2009:

1. Homes are affordable.

According to the National Association of Realtors‘ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody’s Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help. Visit the calculator.

2. There are lots of homes to choose from.

The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month’s sales pace, according to NAR.

A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy.

3. Builders are offering perks.

New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners’ fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away.

4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent.

5. There is an $8000 tax credit

If you are a first-time Mobile Eastern Shore home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home.

Trying to decide if buying a Mobile Eastern Shore home in 2009 is right for you? Give me a call. I’m glad to review your situation with you.

Search all Mobile Eastern Shore homes for sale.

Mobile Eastern Shore Homes For Sale:

100 Pecan Avenue, Fairhope AL 36532
MLS# 149998

Downtown Fairhope location. One block from the bay and public access. Built by Tom Aiken. Pine floors throughout. Oversized dining, open to great kitchen with stainless steel appliances and custom pine cabinets. Gas, Granite and oversized pantry. Many built-ins. 1st floor Master and oversized bedroom suite up. Super screened porch, 7 x 28.

Learn more aobut 100 Pecan Avenue at JudySells.com.

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Mobile Eastern Shore home ownership is one of life’s major decisions, but also one of its most rewarding. Below are ways for you to prepare to become a home owner:

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment?  Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs – including taxes, attorney’s fee, and transfer fees – average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options – such as 30-year or 15-year fixed mortgages or ARMs – and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a me. An experienced REALTOR® can help guide you through the Mobile Eastern Shore home buying process.

Learn more about Mobile Eastern Shore home ownership by visiting JudySells.com.

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Mobile Eastern Shore Homes For Sale:

4 Minnich Court, Fairhope AL 36532
MLS# 149514

Downtown Fairhope. Fairhope Market across the street. Incredible lines – open and warm! Oversized living, dinig and kitchen. Gourmet kitchen plus separate prep kitchen with Viking gas stove, 2 dishwashers. Oversized master. Dual offices. 2 laundry rooms. Guest suite. Tremendous views!! 

Learn more about 4 Minich Court and other Mobile Eastern Shore homes at JudySells.com.

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If you are thinking of selling your Mobile Eastern Shore home this spring or summer, now is the time to start getting ready to sell. Below are 5 steps to take before putting the ‘For Sale’ sign in the yard: 

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin. 

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine. 

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.  

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house. 

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments? 

Learn more about selling your Mobile Eastern Shore home at JudySells.com. 

What is your Moible Eastern Shore home worth? 

www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.

Mobile Eastern Shore Homes For Sale:

58 Fairhope Avenue, Fairhope AL 36532
MLS Number: 149711

Totally remodeled Fairhope cottage with separate living quarters including hobby room, rec room, office and guest suite. One block to the bay. 3 blocks to shops. Watch the sunset! Renovated inside and out in 2006. Backyard totally private. 5.5 x 7 grilling deck which steps down to 16.5 x 20 wooden deck. Incredible detail and beautifully landscaped. 

Learn more about 58 Fairhope Ave and other Mobile Eastern Shore real estate by visiting JudySells.com.

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Now is a good time for Mobile Eastern Shore home buyers. Lower prices, near record low interest rates and high inventories are all working in the favor of Mobile Eastern Shore home buyers. Those home buyers making good long term financial decisions will reap the benefits of the currently soft market for years to come. Here are 5 Mobile Eastern Shore home buying tips for this spring and summer.

1. Think long-term

We may see soft prices for in the short-term, but real estate like other markets, is cyclical. Over the long haul, the market will bounce back and prices will rise.

2. Think local

Real estate is local. Ignore national headlines and listen to your local real estate expert. The real estate market in Columbus OH is not the same as the real estate market in Orange County CA. Work with an experienced Realtor who has been around for awhile and sells real estate full-time.

3.  Think deal

Look for deals…foreclosures, short sales and motivated sellers. But be realistic, you are not going to be able to buy for 40-50 cents on the dollar. Your real estate expert and advise you as to what to expect in Orange County.

4. Re-think risk

Don’t buy a foreclosure for the price alone. Many foreclosed properties are in deplorable condition. Get a home inspection and know exactly what you are getting into before you buy.

5. Think budget

Take a close look at your finances and determine how much house payment you can realistically afford. Don’t over buy. It is no fun to be house poor.

Learn more about Mobile Eastern Shore home buying at JudySells.com.

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Mobile Eastern Shore Homes for Sale:

23996 Third Street, Daphne AL 36526
MLS# 144425

Great opportunity in sought after Montrose. Historic oak trees on large lot. House features open floor plan with formal dining room, office, large master suite and a bonus room. Located on a quiet street. 

Learn more about Mobile Eastern Shore homes and real estate by visiting JudySells.com.

Search all Mobile Eastern Shore homes for sale.