Thursday, May 12, 2022 / by Shane Kilby
Here are four ways to increase the power of your offers in today's hot market.
If you’re looking to buy a home in this market and find one you love, chances are that it will get multiple offers. The more offers it gets, the less likely you are to win that bidding war. Fortunately, today I’ll share four steps you can take to ensure that you end up with the winning bid on your next home:
1. Make sure you’re ready to purchase. Speak with a trusted lender to get pre-approved for a home loan so that you understand how much buying power you have. Take care of this sooner rather than later so that by the time you’re ready to submit an offer, all your financial ducks are in a row.
2. Make the offer higher than the list price. That might sound crazy, but in today's volatile market, it's often necessary. Supply is short, and demand is high. Buyers have to find ways to appeal to sellers if they want to stand out.
"Include a letter in your offer that sho ...
Thursday, April 28, 2022 / by Shane Kilby
How you should attack the interest rate situation in our market these days.
Interest rates are the hot topic in real estate these days. What are they going to do? We don’t know the answer, but we do know this: If you find the right property, you need to get it as soon as possible. There’s a huge inventory shortage across the nation, which is no secret to all you buyers out there right now.
Despite today’s rising rates, I highly recommend locking one in now and buying if you can. Once rates come back down, you can always refinance. You’ll be looking at plenty of equity over the next few years, so the sooner you buy, the better.
If you have questions about buying, refinancing, or anything else, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon. ...
Thursday, April 14, 2022 / by Shane Kilby
Our spring market update, and why it’s a stellar time to both buy and sell.
Today I’m discussing what the spring selling season looks like here in northern Alabama. Since the beginning of the pandemic, real estate markets have been completely disrupted, and we’re facing a seller’s market for the foreseeable future. Spring is always an excellent time to sell your home, but current conditions mean now is the ultimate time. Though it’s a fantastic time for sellers, it’s a great time for buyers to purchase a home as well.
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video:
0:00 — Introduction to today’s topic
0:45 — Why you should consider selling now
2:00 — Where are interest rates headed?
3:00 — Why this is also a great time to buy
4:25 — Don’t get fixated on the purchase price; it’s all about your monthly paymen ...
Thursday, March 31, 2022 / by Shane Kilby
Three important factors that affect how much home you can afford.
How much home can you truly afford? Many first-time buyers ask themselves this question, so today I want to dive into the topic. Home affordability is determined by interest rates, purchase price, and debt-to-income ratio.
Your debt-to-income ratio takes into consideration the debt you currently have and the proposed monthly payment of the home you’d like to purchase. By comparing those two factors to your income, we can see how much you can afford.
The interest rate determines what those monthly payments look like. Today, the interest rates are historically low, but we expect them to increase. If rates increase, it will affect your debt-to-income ratio. If the rates rose from 3% to 3.25%, it could throw your debt-to-income ratio out of balance.
"The amount of home you can afford is flexible."
So how does the purchase price affect all of this? Let’s say you’re looking at a home i ...
Thursday, March 3, 2022 / by Shane Kilby
What we expect to happen in our 2022 North Alabama real estate market.
Today I’m going to talk about what’s going on in the North Alabama real estate market this year. This is the time of year when both buyers and sellers are getting ready to move. Clients always ask me around now, “What do the rates look like, and how much inventory do we have?” Let’s take a deep dive into our market stats and answer those questions.
Interest rates are forecasted to increase. We may see as many as four rate increases this year, but that is always subject to change. There will probably be 0.25% increases, but currently, we are looking at rates around the 3% to 3.5% mark.
Inventory always seems to be a hot-button topic. We have seen a tough, low-inventory market for the last 12 to 24 months. It’s gone as low as weeks’ or days’ worth of inventory. Right now, we have 2.5 months of inventory. We would like to see as much as five m ...