Tuesday, August 9, 2022 / by Shane Kilby
Your equity has grown considerably over the last couple of years.
Chances are that you have a lot more equity in your current property than you realize. That can be a game-changer when you prepare to buy your next home. When you sell your house, you can use your equity to help fund your next move. It may be enough to cover some (if not all) of the down payment on your next home.
How does equity work? As you pay down your home loan and as home prices increase, the increasing value you own is your equity. Due to rising home prices over the past few years, your equity has likely grown considerably. According to Core Logic, over the past year alone, homeowners gained record amounts of equity. The average home’s equity increased by $64,000 over the last 12 months.
If you'd like more information like a CMA to determine what your property would sell for in today's market, reach out to me by phone or email. I look forward to hearing from you. ...
Friday, June 24, 2022 / by Shane Kilby
Should you be renting in this market? Here’s why you shouldn’t.
This crazy market has resulted in some buyers feeling fatigued with their home searches. They’re starting to wonder if it’s a good idea to just rent for now while they wait for the market to cool down. However, is that the best real estate decision? Today I’ll share my thoughts on this topic to help you decide whether to buy or rent now.
"The last thing you want is to be locked into a 12-month rental lease."
According to the National Association of Realtors, the average homeowner has around $300,000 in equity, while the average renter has an $8,000 net worth. If you buy a home now, you can be in a better position in the future, even with inflation and climbing interest rates. The last thing you want is to be locked into a 12-month rental lease.
Buyers, here’s my message to you: I know you’re exhausted, but hang in there. You will get better tax advantages ...
Thursday, June 9, 2022 / by Shane Kilby
When is the best time to buy or sell a home? Consider these factors:
If you’re thinking about buying or selling a home, you’re likely wondering when is the best time to enter the market. Buyers and sellers often enter the market at different times for different reasons. They might do it for a financial reason, to accommodate a major life change, or to cash out on their home and pay off some debt. That said, if you have the choice of when to enter the market, there are a few things you’ll need to consider.
Feel free to follow along in the video above or use the timestamps below to navigate the discussion at your leisure:
0:00 — Introduction
1:42 — Every market is different
2:28 — Why winter/early spring have historically been great times to list in north Alabama
3:55 — How fluctuating interest rates can impact when you should enter the market
5:45 — Seasonal cha ...
Tuesday, May 24, 2022 / by Shane Kilby
Kids should start building their credit as soon as they can.
Have you started working on credit for your kids? This is something a lot of people don't think about. I often see kids with a great job that they've been working at for four or five years, but they don't have any credit.
As soon as your kids are 17 or 18 years old, you should add them as an authorized user of a credit card, a personal loan, an installment loan, etc. You could even make them a co-borrower to start building credit. It'll take about six or seven months to see some movement on their credit. Teach them why their credit is important and how to use it responsibly. Having low or no credit will seriously delay their ability to buy a home.
If I can help you get started building your child’s credit or if you have any questions, reach out to me at (256) 627-6102. I look forward to hearing from you. ...
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 ...