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BrickDriven Realty Blog

Thursday, April 28, 2022   /   by Shane Kilby

A Quick Tip About Interest Rates

 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. ...

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Thursday, April 14, 2022   /   by Shane Kilby

Your Spring 2022 Market Update

 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 ...

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Thursday, March 31, 2022   /   by Shane Kilby

These 3 Things Affect Your Home Affordability

 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 ...

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Thursday, March 3, 2022   /   by Shane Kilby

What We Expect From Our Market This Year

 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 ...

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Friday, February 11, 2022   /   by Shane Kilby

How Much Down Payment Do You Need?

 You don’t need to put 20% down, but there are some benefits to it.

Do you need to put 20% down to buy a home? People always ask how much money they have to put down, so we want to take a deep dive into down payments. We'll cover if you need a big down payment, when you should put less down, and when you should put more money down. There are a few benefits to putting down a large payment, but it is in no way a requirement to buy a home.

You can watch the full message above or skip to each section using the timestamps provided:

0:00 — Introducing today’s topic

0:58 — Benefit No. 1: A larger down payment could lower your interest rate

1:21 — Benefit No. 2: It will save you money

2:01 — Benefit No. 3: A bigger down payment helps your offer win

3:54 — Should you buy if you can’t put down 20%? 

5:09 — Even if you only have 5%, I would suggest we look for that dream house

6:31 — Wrapping up ...

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