I totally understand how apprehensive buyers are in making the decision to move forward with the purchase of your Mobile, Alabama Metro home, buying your first home or moving to a larger home. In 1968 (in the Olden Days as my children say) when my husband and I purchased our first home, the idea of signing papers committing to pay $110. monthly for 30 years totally freaked us out, we were getting by paying $65 a month for our little 2 bedroom 1 bath home.

The cost to build our new 3 bedroom 2 bath brick home cost us $13,995, financed for 30 years at 8% interest! The lender did not want to give us our loan because he did not feel we could pay nearly twice as much for housing as we were paying in rent, when I pointed out we had paid $125. a month in California the year before, on less income, we got the loan.

When we filed our income taxes, we were able to file a 1040 long form instead of a short 1040A, much to our delight the difference in our taxes was HALF of our house payments for the year! So our home really cost us less than the rent we were paying! Tax laws have changed and your numbers may not turn out with this much difference.

What this means to you, early this morning numbers were running through my head, so I just had to let all of you buyers on the fence know what I was thinking. Number one the low interest rates are HISTORICALLY LOW and all the experts say they will rise and when they do we will have no warning!

I want to tell you about a situation I had with a client buying a Mobile, Alabama home costing $200K, financed at 3.75% interest for 30 years fixed equals a principal and interest payment of $902.75. If the rates rise to 5% the principal and interest payment would be $1,046.43. If they rise to 7% the principal and interest payment will be $1,296.87. I know the first thing that comes into your mind, prices on homes may go down and I will be paying too much, however, if the house goes down to $190K and the interest rate is 7% your principal and interest would be $1,233.20.

A total of $330.55 more a month for a house $10K less! If you have doubts about buying a new home, now is the time to buy.

Showing properties 1 - 5 of 168. See more city of Daphne real estate.
(all data current as of 5/17/2012)

1. $189,900 : 11085 Bulb Dr, Daphne
   
   3 beds, 2 full, 1 part baths

   Home size: 2,098 sq ft

   Year built: 2010

   Days on market: 0

   Walk Score®: 0
2. $159,900 : 114 Montclair Loop, Daphne
   
   3 beds, 2 full, 1 part baths

   Home size: 1,748 sq ft

   Lot size: 8,712 sqft

   Year built: 2005

   Days on market: 0

   Walk Score®: 8
3. $353,500 : 9507 Kasey Ct, Daphne
   
   4 beds, 3 full baths

   Home size: 3,281 sq ft

   Lot size: 8,712 sqft

   Year built: 2012

   Days on market: 5
4. $549,000 : 430 Village Dr, Daphne
   
   4 beds, 3 full, 1 part baths

   Home size: 3,815 sq ft

   Lot size: 16,286 sqft

   Year built: 1976

   Parking spots: 2

   Days on market: 5

   Walk Score®: 12
5. $219,900 : 9580 Marchand Ave, Daphne
   
   4 beds, 3 full baths

   Home size: 2,316 sq ft

   Lot size: 14,560 sqft

   Year built: 2006

   Days on market: 6

   Walk Score®: 14

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Low interest rates have been gracing the Mobile, Daphne, Fairhope real estate market with their presence for the past year but the word on the street is that they won’t be here much longer.  While mortgage rates aren’t going to skyrocket out of sight, it is doubtful that they will decrease and certain that they will steadily begin to rise.

For those wishing to lock in at below 5%, the time just might be now or never (or at least for a very long time).  This past week, the first week in January, the average 30 year fixed mortgage rate was 5.09%.  The general sentiment among economists is that rates are not going anywhere but up from here.

If you are waiting for prices on real estate in Daphne, Fairhope or Mobile to fall further, think about this the loan on a $200K home at 4,5% is $63 less for the same home if it drops 5% to $190K but the interest rate rises to 5.5%. Also the available good supply of listings could decrease.

The strengthening of the economy equals less chance for discounted rates.  If you want to refinance or purchase real estate in the Mobile, Alabama area, now might be the best time to do so. Call Barbara @888-489-8001 to see the available Daphne, Fairhope or Mobile, Al homes for sale that fit your lifestyle and budget.

For more information on mortgage rates click here to look at a recent article from CNNMoney.com.

Showing properties 1 - 15 of 145. See more city of Fairhope real estate.
(all data current as of 5/17/2012)

Take time to choose the right broker when selling your home

When preparing to sell your Daphne, Fairhope, Mobile or Spanish Fort, Al home it is important to find a real estate professional that will best suit your needs.  A warm handshake and a friendly smile is all well and good but if you want to sell your home pick a broker that is experienced and knowledgeable, someone that will do the best job for you.  When selecting your real estate agent here are a few things to keep in mind:

Data.  Get a prospective Realtor to bring in a copy of what they have listed and closed.  They can present you with an MLS report that displays their inventory.

References.  Get references from a potential Realtor and call them.  Find out what other people’s experience with a particular Realtor has been.

Price.  Get an evaluation of your property.  A solid real estate professional will be able to detail what has been selling and for what price.  He will be able to evaluate your Daphne, Fairhope, Mobile or Spanish Fort, Al home and your location, giving you a value for your home that will help sell it not deter people from looking at it.

Plan.  What does your Realtor plan to do for you in terms of marketing, sales, listing, etc.  Make sure he has a plan for your house and find out what he is willing to do to get it sold for you.

Real estate is often a person’s most valuable asset.  Do your legwork and choose the best broker for your home.  He or she should be a salesperson.  If they can sell themselves to you perhaps they are halfway to selling your home for you as well. Call Barbara Reeves to discuss what Barbara/Paige selling team can do for you.

Showing properties 1 - 15 of 55. See more city of Spanish Fort real estate.
(all data current as of 5/17/2012)

1. $224,900 : 6 Lackawanna Ct, Spanish Fort
   
   4 beds, 2 full baths

   Home size: 2,375 sq ft

   Lot size: 29,871 sqft

   Year built: 1997

   Days on market: 0

   Walk Score®: 2
2. $329,800 : 7201 Butterfly Cir, Spanish Fort
   
   4 beds, 3 full baths

   Home size: 2,900 sq ft

   Lot size: 20,000 sqft

   Year built: 2012

   Days on market: 1
3. $359,900 : 9221 Cedar Ct, Spanish Fort
   
   4 beds, 4 full baths

   Home size: 2,800 sq ft

   Lot size: 12,720 sqft

   Year built: 1999

   Days on market: 9

   Walk Score®: 29
4. $499,900 : 9550 Timbercreek Blvd, Spanish Fort
   
   5 beds, 4 full, 1 part baths

   Home size: 4,300 sq ft

   Lot size: 25,800 sqft

   Year built: 2000

   Days on market: 12

   Walk Score®: 48
5. $609,000 : 31279 Blakeley Way, Spanish Fort
   
   4 beds, 3 full, 1 part baths

   Home size: 4,500 sq ft

   Lot size: 3.10 ac

   Year built: 2007

   Days on market: 14

   Walk Score®: 15
6. $299,750 : 9113 Magnolia Ct, Spanish Fort
   
   4 beds, 3 full baths

   Home size: 2,548 sq ft

   Lot size: 29,865 sqft

   Year built: 1994

   Days on market: 15

   Walk Score®: 22
7. $435,000 : 35320 Shenandoah Dr, Spanish Fort
   
   4 beds, 4 full baths

   Home size: 3,315 sq ft

   Year built: 2010

   Days on market: 22

   Walk Score®: 23
8. $214,999 : 8 Soldiers Route, Spanish Fort
   
   3 beds, 2 full, 1 part baths

   Home size: 2,769 sq ft

   Lot size: 18,126 sqft

   Year built: 1978

   Days on market: 26

   Walk Score®: 2
9. $242,550 : 32555 Wildflower Trail, Spanish Fort
   
   4 beds, 3 full, 1 part baths

   Home size: 2,500 sq ft

   Lot size: 13,804 sqft

   Year built: 2009

   Days on market: 27
10. $275,000 : 32052 Wildflower Trail, Spanish Fort
    
    3 beds, 3 full, 1 part baths

    Home size: 2,488 sq ft

    Year built: 2007

    Parking spots: 2

    Days on market: 29
11. $314,900 : 108 East Raphael Semmes, Spanish Fort
    
    4 beds, 3 full baths

    Home size: 2,877 sq ft

    Lot size: 1.18 ac

    Year built: 2007

    Days on market: 29

    Walk Score®: 5
12. $369,900 : 35944 Willingham Rd, Spanish Fort
    
    4 beds, 2 full, 2 part baths

    Home size: 3,291 sq ft

    Lot size: 15,045 sqft

    Year built: 2009

    Days on market: 34
13. $590,000 : 7370 Blakeley Oaks Ct, Spanish Fort
    
    4 beds, 3 full baths

    Home size: 4,541 sq ft

    Lot size: 32,177 sqft

    Year built: 2006

    Days on market: 35

    Walk Score®: 6
14. $625,000 : 32988 Boardwalk Dr, Spanish Fort
    
    4 beds, 4 full baths

    Home size: 4,453 sq ft

    Lot size: 31,248 sqft

    Year built: 2007

    Days on market: 37

    Walk Score®: 0
15. $269,000 : 109 General Canby Dr, Spanish Fort
    
    4 beds, 3 full, 1 part baths

    Home size: 2,600 sq ft

    Lot size: 21,528 sqft

    Year built: 1995

    Days on market: 37

    Walk Score®: 8

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Exterior improvements give more of a return when remodeling

There is an annual report that examines the cost versus value for home remodeling.  The report is helpful for those who are considering making improvements to their homes in Daphne, Spanish Fort, Mobile, and Fairhope, Alabama, especially if their home is one that they consider selling in the near future.  Historically, bedrooms and bathrooms are where people consider spending their money but the return on the remodel investment is not necessarily there.

According to the 2009 Remodeling Cost vs. Value Report the best return for your money are exterior improvements that often are lower cost projects to begin with.  Adding decks, replacing siding, new doors and windows are among projects that recoup the most money when re-selling a Daphne, Fairhope, Mobile or Spanish Fort, Alabama home.  The return on these projects is typically 80% or more.

The annual report shows how important first impressions are.  If you are considering selling your home make sure that the exterior is as eye catching as it can be. Update your landscaping, paint your front door and power wash the exterior to make your home shine like a new penny.

Call Barbara Reeves for a free consultation on where to improve.

Click here to learn more about remodeling costs versus value at The National Association of Realtors’ website.

Finding a mortgage before looking for real estate is a smart idea

The first step in purchasing Mobile, Daphne, Al real estate should be getting a mortgage.  Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property.  It is important for a potential buyer to know how to secure a mortgage.

There are any places to look for a mortgage these days.  There are banks, mortgage brokers, finance companies, credit unions and private lenders.  Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.

When looking for a mortgage have a good idea how much you can afford to pay each month.  Look into the past, present and future to determine this.  It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.

When applying for a loan a person must provide documentation of income, expenses, and assets.  Have your financial statements and tax returns ready and the process will be much easier.

Having a mortgage ready to go before finding a Daphne, Mobile, Al property will make the entire process smoother.  Financing is harder to get these days and being prepared is a wise step in the home buying process.

For more information on mortgages click here.

Showing properties 1 - 15 of 379. See more city of Mobile real estate.
(all data current as of 5/17/2012)

With roughly 1000 active home listings between Spanish Fort, Daphne and Fairhope, the Eastern Shore real estate inventory is excellent! This is the time to buy in this charming area, and your local agent Barbara S. Reeves is the one to assist you!

In November, 26 homes sold in Daphne for an average price of $173,103 or $84.29/ square foot. At 134 average days on the market, Daphne homes are among the slowest moving. There are 46 homes pending sale with an average of $235,226 or $93.81/ square foot.

Spanish Fort, with 140 homes on the market, saw just 5 homes sold in November, with the average sales price of $246,880 or $113.81/ square foot. Sixteen homes are pending sale with an average price of $276,700 or $118.82/ square foot. 

Down the highway in Fairhope, there are 411 homes active on the market, averaging $448,646 ($186.96/ sq foot). These homes have been on the market an an average of 176 days. Those 13 homes which sold in November did so after 92 days on the market. The average sales price of $182,115 ($94.07/ sq foot) is much lower than the average list price, not uncommon in the current housing environment.

If monthly payments are affordable buying a home can make more sense than renting

A question that surfaces on most people’s mind at some point is, whether to rent or to buy.  The first thing that pops to mind is affordability but there are other factors, such as job stability, relocation possibilities and lifestyle.  If you intend on being in an area for at least two more years, your income is steady and purchasing a home fits your lifestyle then it is time to break out a pen, paper and a calculator and see if buying a home in Daphne, Fairhope, Mobile or Spanish Fort, Al makes more sense financially than renting.

At first glance buying a home makes more sense than renting because of the ability to gain equity in a home.  While the past few years have shown this factor to be a bit shaky, the reality is that if you keep a property long enough, or get in at the right time, buying real estate can be a worthy investment.

There is no sense making a two column list when it comes out to equating the cost of renting and buying.  Renting is a fixed equation, the monthly number typically doesn’t change.  To compute your costs for buying a home you look at the following:

• Purchase price
• Down payment amount
• Loan Amount
• Loan Term
• Interest rate
• Property taxes
• HOA fees
• Monthly mortgage payment
• Home owner’s insurance
• mortgage insurance

Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist.  If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent.  The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account.

Buying a home in Daphne, Fairhope, Mobile or Spanish Fort, Alabama is an important decision and one which can add to future security and financial stability if done with great thought and evaluation. Call Barbara Reeves to discuss your options.

Showing properties 1 - 15 of 118. See more city of Daphne real estate.
(all data current as of 5/17/2012)

1. $353,500 : 9507 Kasey Ct, Daphne
   
   4 beds, 3 full baths

   Home size: 3,281 sq ft

   Lot size: 8,712 sqft

   Year built: 2012

   Days on market: 5
2. $549,000 : 430 Village Dr, Daphne
   
   4 beds, 3 full, 1 part baths

   Home size: 3,815 sq ft

   Lot size: 16,286 sqft

   Year built: 1976

   Parking spots: 2

   Days on market: 5

   Walk Score®: 12
3. $219,900 : 9580 Marchand Ave, Daphne
   
   4 beds, 3 full baths

   Home size: 2,316 sq ft

   Lot size: 14,560 sqft

   Year built: 2006

   Days on market: 6

   Walk Score®: 14
4. $449,900 : 11166 Redfern Rd, Daphne
   
   5 beds, 3 full, 1 part baths

   Home size: 3,522 sq ft

   Lot size: 37,674 sqft

   Year built: 2011

   Days on market: 6

   Walk Score®: 2
5. $359,900 : 8510 Pine Run, Daphne
   
   4 beds, 3 full baths

   Home size: 2,723 sq ft

   Lot size: 21,850 sqft

   Year built: 2000

   Days on market: 7

   Walk Score®: 8
6. $400,000 : 172 Clubhouse Cir, Daphne
   
   4 beds, 4 full baths

   Home size: 3,590 sq ft

   Lot size: 11,229 sqft

   Year built: 1993

   Days on market: 8

   Walk Score®: 31
7. $365,000 : 11886 Halcyon Loop, Daphne
   
   4 beds, 3 full, 1 part baths

   Home size: 3,200 sq ft

   Lot size: 27,965 sqft

   Year built: 2011

   Days on market: 8

   Walk Score®: 0
8. $309,900 : 11782 Jericho Dr, Daphne
   
   3 beds, 3 full, 1 part baths

   Days on market: 9
9. $379,900 : MLS # 238955 in Daphne
   
   4 beds, 3 full baths

   Home size: 3,010 sq ft

   Lot size: 20,900 sqft

   Year built: 2000

   Days on market: 12

   Walk Score®: 9
10. $307,000 : 8900 North Lamhatty Ln, Daphne
    
    5 beds, 3 full, 1 part baths

    Home size: 3,165 sq ft

    Lot size: 20,900 sqft

    Year built: 1998

    Days on market: 15

    Walk Score®: 17
11. $359,900 : 11368 County Road 54, Daphne
    
    5 beds, 4 full baths

    Home size: 3,131 sq ft

    Lot size: 42,750 sqft

    Year built: 2003

    Days on market: 16

    Walk Score®: 0
12. $239,900 : 27749 Rileywood Dr, Daphne
    
    4 beds, 3 full baths

    Home size: 3,000 sq ft

    Lot size: 13,300 sqft

    Year built: 2010

    Days on market: 16
13. $269,900 : 710 Delachase Ct, Daphne
    
    4 beds, 2 full, 1 part baths

    Home size: 2,372 sq ft

    Lot size: 7,848 sqft

    Year built: 2002

    Parking spots: 2

    Days on market: 19

    Walk Score®: 60
14. $499,900 : 8214 Pine Run, Daphne
    
    5 beds, 3 full, 1 part baths

    Home size: 4,118 sq ft

    Lot size: 30,876 sqft

    Year built: 2007

    Days on market: 21

    Walk Score®: 9
15. $231,900 : 11544 Maple Ct, Daphne
    
    4 beds, 3 full baths

    Home size: 3,000 sq ft

    Lot size: 15,645 sqft

    Year built: 2000

    Days on market: 21

    Walk Score®: 20

Listing information deemed reliable but not guaranteed. Read full disclaimer.

School is back in session at the University of South Alabama and homes near campus are desirable!  16 homes sold in July 2009 in the Springhill / USA  area of Mobile.    The average sales price of $314,591 equated to $118.21 per square foot.  These homes spent an average of 98 days on the market prior to selling. There are currently 177 homes actively listed in Springhill/ USA, and their average prices is $432,847 or $135.99 per square foot.

In Cottage Hill, there is a large inventory of available homes, with 371 on the market.  37 sold in July for an average sales price of $159,819.  This works out to $81.69 per square foot of living area and they spent an average of 87 days on the market. There are currently 62 sales pending in Cottage Hill, with the average sold price of $157,409.

The Downtown / Midtown area of Mobile has a big inventory of 475 homes on the market, with an average asking price of $181,878 or $96.99 per square foot of living area. This is significantly higher than the price of homes which actually sold. In July, 28 sold in Downtown / Midtown for an average of $121,616 or $74.50 per square foot. 

West Mobile/ Semmes continues to be the most active area for Mobile’s real estate market. In July, 61 homes sold in this area for an average sales price of $182,996 and $90.32 per square foot. These homes sold after 92 days on the market.  There are 110 contracts pending in West Mobile / Semmes for an average sales price of $160,829 or $89.39 per square foot. Barbara Reeves, REALTOR, is an expert in these communities and is able to assist you in taking advantage of this market to find your dream home. Visit her at http://www.barbarasellsdaphne.com.

The Home Affordable Refinance program can help those whose home values have dropped

The Home Affordable Refinance program was designed to help home owners lower their monthly payments while at the same time securing lower interest rate mortgages. The program is aimed at helping home owners whose mortgage loans are more than the value of their home. The program had a value set at 105% and under the Obama Administration this number has become 125%. The Home Affordable Refinance plan is helping home owners who are underwater with their home values restructure their mortgage payments and ease their financial stress. A few highlights of the Home Affordable Refinance program are:

• A borrower must be current on his payments in order to qualify for the refinance.
• The refinancing must be completed with a Fannie or Freddie approved lender.
• The new loan would come with mortgage insurance.
• Borrowers cannot take cash out.

If you are living in an area where the value of your home has dropped below what it was when you purchased it this could be the program for you.

Check out the Making Home Affordable web site for more information and to see if you qualify.

REO property is often a bargain for the real estate investor

What is REO property?  REO (real estate owned) is property which has been taken back  by the lender.  REO properties typically sell for less than comparable real estate listings as the lender usually wants to recoup the value of the loan which is traditionally less than the valueof the property.  The differences between REO property and foreclosure or short sale property are:

• REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
• The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
• The original home owner is no longer in the picture and the property is for sale.

The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it.  The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price.

For more information on REO property click here.