These were the existing Homes for Sales October 2015 for Zip Code 36066 in Prattville and Autauga County including subdivisions Greystone, Riverchase, Woodland Heights, Silver Hills, Eastwood, The Homeplace, and The Villas at Brookstone. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure means a better bargain for buyers. For a personalized report, feel free to contact me.
October 2015 Home Sales Zip Code 36066 Prattville, AL
October 2015 Home Sales Zip Code 36064 Pike Road, AL
These were the existing Homes for Sale October 2015 for Zip Code 36064 for Pike Road and eastern Montgomery County including subdivisions Boykin Lakes, Bon Terre, Woodland Creek, Bridle Brook, Avalon, Merrywood, Foxwood, Providence, The Orchards, Waterscapes, and The Waters. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a chance for a better bargain for a buyer. For a personalized report, feel free to contact me.
October 2015 Home Sales Zip Code 36054 Millbrook , AL
These were the existing Homes for Sale October 2015 for Zip Code 36054 for Millbrook and Elmore County including subdivisions Thornfield, Grandview Pines, Mill Ridge, Winter Lake, Magnolia Ridge, Stoney Brook, Mountain View, Bishop Place, Jamestown, Grand Oaks, Timberbrook Estates, Plantation Oaks, and The Columns. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a chance for a better bargain for buyers. For a personalized report, feel free to contact me.
October 2015 Home Sales Zip Code 36025 Elmore, AL
These were the Existing Homes for October 2015 for Zip Code 36025 for the community of Elmore in Elmore County including subdivisions Ferndale, Meadowview, Turtle Trace, Crossgate, Silver Ridge, Diamond Oaks, Brittany Place, Brownstone and Charleston Place. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a better chance of a bargain if you are buying. For a personalized report, feel free to contact me.
October 2015 Home Sales Zip Code 36022 Deatsville Elmore County
These were the Existing Homes for October 2015 for Zip Code 36022 for Deatsville and Elmore County including Holtville, Slapout, and part of Lake Jordan communities and subdivisions Spring Hollow, Richfield, Brookshire, Wind Mill Ridge, Dillons Run, Coosa Ridge, Green Acres, Foxwood, Plantation Ridge, Stoneybrooke Plantation, Turner’s Place, Bridlewood, Bellview Heights, Indian Hills, Meadowview, Sagewood, Kimrick Estates, Country Side Estates, The Forest, Grand Park, Summerfield, Cotton Terrace, Autumn Springs, Forest Heights, Cruise Farm Estates, Breckenridge Crescent Ridge, Savannah Trace, Wynridge, Blackberry, Ridgedale Estates, Country Oaks, Copper Ridge, and Cobblestone Run. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a better chance of a bargain if you are buying. For a personalized report, feel free to contact me.
October 2015 Home Sales Zip Code 36022 Deatsville Autauga County
These were the Existing Home Sales for October 2015 for Zip Code 36022 in Deatsville and Autauga County including Pine Level, and subdivisions Graham Ridge, Rosegate, Caroline Estates, Dogwood Estates, Garden Park, Pinetuckett, Hidden Valley, Hummingbird Place, The Planes, Honeysuckle Ridge, Rushmore, Northpointe, Grand Park, Alpine Hills, Tatum Fields, Mountain Creek, Dogwood Lake Estates, Percy Place, Clear Branch, Oak Valley, and Hunter’s Trail. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a better chance of a bargain if you are buying. For a personalized report, feel free to contact me.
At least consider a shorter one
Affordability and stability are reasons homebuyers choose a 30-year fixed rate mortgage. It makes the payment lower than a 15-year mortgage and the principal and interest portion of the payment will be constant for 30 years.
A common belief among homeowners for decades was that they would always have mortgage payment. The Great Recession has caused many individuals to rethink that concept and make plans to get their home paid for sooner.
For people who can afford it, shorter term mortgages will provide a lower interest rate and build equity faster. A 3.09% 15-year fixed-rate mortgage compared to a 3.87% 30-year loan will have a $562.42 higher payment.
The equity would be $66,903.04 greater on the 15-year term at the end of seven years. Even after you consider the higher payment on the shorter term, the equity difference is still almost $20,000 greater.
By choosing a 15-year loan, a borrower is committing to the higher payment for the term of the mortgage in exchange for a slightly lower interest rate. Another approach would be for the borrower to acquire a 30-year mortgage and make payments as if it were on a 15-year term. The slightly higher rate would allow the borrower the flexibility of not having to make the higher payment in the event he could not afford it on any particular month.
Discussion with your Insurance Agent
Insurance and homeowners go together like peanut butter and jelly. Lenders require fire insurance at a minimum for homes with a mortgage but many owners opt for a more comprehensive coverage with a homeowner’s policy.
However, comprehensive doesn’t mean that everything is covered. Filing a claim is not the time to learn that you don’t have the right coverage. Discuss the following issues with your insurance agent to get a better understanding of your policy and whether some adjustments might be in order.
- Flooding?
- Rising water?
- Mold?
- Earthquakes?
- Pools?
- Termites?
- Certain kinds of pets or breeds of dogs?
- Limits on jewelry and cash?
- Deductible amount?
The whole concept behind buying insurance is to transfer the risk of loss that you cannot afford for an annual premium that you can. Price and coverage need to be considered when comparing policies. Call your agent and make sure you understand what you’re insured for and if there are alternatives available.
Real Cost of Housing
A variety of factors have led to a shortage of rental units, especially single family homes, and as a result, rents have been steadily increasing nationwide. In most markets, it is considerably less to own than to rent.
In some cases, the total house payment is less than the rent for a similar size and condition home which supports a purchase. However, when you factor in some of the financial benefits like principal reduction, appreciation and tax savings, the difference becomes even more dramatic.
Let’s look at an example of a $250,000 home with 3.5% down payment and a 4.50% mortgage for 30 years. We’ll assume a 3% annual appreciation, 25% federal tax bracket, $1,200 annual maintenance and current rent of $2,100 a month.
The total house payment with property taxes, insurance and mortgage insurance premium would be $1,834 a month. Once the principal reduction, appreciation, tax savings and maintenance have been considered, the net cost of housing is about $673 a month. It costs a tenant over $1,400 more a month to rent than to own which would amount to $17,000 in the first year alone. That’s almost twice as much as the down payment to get into the home.
In this example, the down payment of $8,750 grows to almost $94,000 in seven years due to appreciation and amortization of the loan. Owning a home is one of the few investments available that allow these personal and financial benefits.
One of the obstacles in the past five to seven years has been a borrower’s inability to qualify for a mortgage but new programs and relaxed requirements have allowed more people to be eligible for mortgages. The important step is to talk to a trusted mortgage professional very early in the home search process. Your REALTOR® can make recommendations based on experience from actual closed transactions.
Use the Rent vs. Own calculator to see what the benefits might be in your price range.
September 2015 Home Sales Zip Code 36022 Deatsville Elmore County
These were the Existing Homes for September 2015 for Zip Code 36022 for Deatsville and Elmore County including Holtville, Slapout, and part of Lake Jordan communities and subdivisions Spring Hollow, Richfield, Brookshire, Wind Mill Ridge, Dillons Run, Coosa Ridge, Green Acres, Foxwood, Plantation Ridge, Stoneybrooke Plantation, Turner’s Place, Bridlewood, Bellview Heights, Indian Hills, Meadowview, Sagewood, Kimrick Estates, Country Side Estates, The Forest, Grand Park, Summerfield, Cotton Terrace, Autumn Springs, Forest Heights, Cruise Farm Estates, Breckenridge Crescent Ridge, Savannah Trace, Wynridge, Blackberry, Ridgedale Estates, Country Oaks, Copper Ridge, and Cobblestone Run. How to use: Find the Price Range in which your home falls. This will show the number of active listings (your competition if you are selling), the number of homes that closed in the last 90 days, the number of homes that close on average in a month, the Percentage Closed Monthly (the likelihood that one home will close in a month), and the Months of Inventory (how many months worth of homes to sell if no other homes come on the market). A high Months of Inventory figure indicates a better chance of a bargain if you are buying. For a personalized report, feel free to contact me.
