Market Trends - Updated Monthly - Birmingham MLS

Market Trends | Monthly Update | July, 2013 | Birmingham MLS

Take a look at the market trends for the Birmingham Area MLS system for the month of July, 2013.


                               Monthly Market Trends - July, 2013, Birmingham MLS

Market Update for Birmingham Area MLS & Re/Max National Housing Report - June, 2013

Market Update for Birmingham Area MLS & Re/Max National Housing Report - June, 2013

Take a look at the Birmingham Area MLS Month to Date Statistics by Area and the Re/Max National Housing Report for June, 2013.  What a great time to be in Real Estate!  
http://www.bonniehicks.com

JUNE, 2013 Statistics 

 

 

Trussville Schools | Trussville AL | My Home Town

Trussville Schools | Trussville, AL | My Home Town 

 

Quick Pics of Trussville Schools - My Home Town!

For More info visit trussvillecityschools.com

By Bonnie Hicks Re/Max AL

Market Update May 2013

Market Update May, 2013 | Bonnie Hicks | Re/Max AL

What a great time to be in Real Estate!  Once again we have the Market Update for the Birmingham Area MLS for the month of May, 2013.  Take a look and send us referrals, if you have anyone considering a move to the Area!  

                   May, 2013, Market Update - Birmingham Area MLS

Market Update for April, 2013 - B'ham MLS Area

Market Update | April, 2013 | B'ham MLS area

Here is your Market Update for the month of April, 2013 in the Birmingham MLS area.  What a great year we have been having.  I hope you all are having a great year thus far! 

                                        April, 2013 Market Update - Per B'ham Area MLS

How to Assess the Real Cost of a Fixer-Upper House

How to Assess the Real Cost of a Fixer-Upper House

By: G. M. Filisko

Article From HouseLogic.com

When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.  Check out these tips on How to Assess the Real Cost of a Fixer-Upper House. 

1. Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house. 

• Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.

• Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

2. Price the cost of repairs and remodeling before you make an offer

• Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.

• If you’re doing the work yourself, price the supplies.

• Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

3. Check permit costs

• Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it'll cause problems when you resell your home.

• Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.

• Factor the time and aggravation of permits into your plans.

4. Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.

Don't purchase a home that needs major structural work unless:

• You’re getting it at a steep discount

• You’re sure you’ve uncovered the extent of the problem

• You know the problem can be fixed

• You have a binding written estimate for the repairs

5. Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

If you’re planning to fund the repairs with a home equity or home improvement loan:

• Get yourself pre-approved for both loans before you make an offer.

• Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.

• Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair. 

7. Include inspection contingencies in your offer

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

• Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.

• Radon, mold, lead-based paint

• Septic and well

• Pest

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

What are your ideas on How to Assess the Real Cost of a Fixer-Upper House?

"Visit HouseLogic.com for more articles like this.  Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS." 

G.M. Filisko is an attorney and award-winning writer whose parents bought and renovated a fixer-upper when she was a teen. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

http://www.bonniehicks.com

Market Update for March, 2013, Birmingham Area MLS

Market Update for March, 2013, Birmingham Area MLS

What a great time to buy a home!  Check out the Market update for March 2013 in the Birmingham AL Area! 

March, 2013 Market Update