100% Financing is BACK!!!

IT'S HERE!!!! 100% Alabama Housing Bond Money: Released Today! (08-27-08)

The First Step Bond Program through Alabama Housing Finance Authority has just been released. Colonial Bank is happy to be a participating lender for this zero down payment program. $30,000,000 has been allocated at a rate of 5.875% fixed for 30 years. There are sales price limits of $289,705 for Target Areas, and $237,031 for Non-Target areas. It's not just for first time home buyers! Search the entire Huntsville, Madison, and Athens MLS to find a property then contact me and I will help you negotiate the best price on your next home!

Pre-qualification simply means you haven't been ruled out for any particular loan program. But a pre-approval means your credit, income and assets appear to satisfy all of the requirements for the loan of your choice. Today, credit scores are more important than ever! No one wants to waste time. Allow myself and your choice of a mortgage professional help you with your Huntsville and North Alabama Real Estate needs. Our real estate market in North Alabama is still as strong as anywhere in the country, and it will continue to grow stronger as the BRAC relocation brings more opportunity to the Huntsville and North Alabama area.

Why I HATE Commitment

Got your attention didn’t I? Not talking about THAT. (That’s another post for another day) Actually I’m talking about the dreaded EXCLUSIVE Agreements that most Realtor’s will try and get you to sign before they will show you property.

Here is why: I spent the better part of 20 years in the restaurant business. When I didn’t give good food or service, they went somewhere else. Most of the time they wouldn’t tell me; most people don’t like to complain. I did always welcome a customer concern though, because it gave me an opportunity to correct something that was off track. I couldn’t always see everything that was going on.
As a Realtor, I have tried to use that same philosophy with my customers. When initially working with someone I want them to know that I have their best interests in mind. That is a trust that isn’t created in a ten minute evaluation of the properties they are interested in. Just like in the restaurant business though, I understand, especially early in the process, that there are plenty of Realtors out there (and even a GOOD one or two) that would be happy to work for them.

By the time we make our first offer on a home sometimes I will ask for an agreement though. It gives me the opportunity to explain what I am bound by law to do, and what I cannot do. It also gives my customer protection from getting “hi-jacked” by someone else.
Listing a property is a little different. Everything needs to be in writing, up front, and clearly understood by everyone. HOWEVER, you should always be given the option of getting out of your contract, preferably with a written form that your Realtor gives you that allows you to pull your listing from them if they are not doing the job they promised.

So the next time you are interviewing a Realtor, make sure they don’t ask for a commitment before they get to “first base”

North Alabama Real Estate Statistics for July 2008

OK so I'm looking at the July statistics and I pulled up the June statistics for comparison, KNOWING that there would be significant changes in things like sold-to-list ratios (How much people are getting for their homes versus asking price) and also DOM (stands for days on market)

Well I had to rub my eyes because the numbers were virtually unchanged! At first I thought I had pulled the same report twice! I had expected to see both an increase in DOM and a lower price-to-sell ratio. The DOM was 97 for both months. One year ago it was 71, so there has been some slowing of our market. The p2s ratio was 97.83% for June and July was 97.93%, again unchanged. What this means is that for the average 100,000 home, in July the sellers got 97,930.

So DON'T WATCH THE NEWS! The Huntsville and North Alabama real estate market is one of the strongest real estate markets in the country. I do expect to see some more slowing down in the fall until the election, but we got it pretty good here!

As a side note: A down economy is a perfect time to TRADE UP. We aren't currently at that point though.