| My News
Welcome to My News. Have a question? Email it to me and I promise to answer it on this page. mtraylor@era-king.com
March 31, 2010
DID YOU KNOW?
ERa Mortgage is able to handle preapprovals 7 days a week and can get you preapproved in 15 minutes over the phone.
February 4, 2009
February Newsletter
News about Some of My Listings.....
New Listing New Listing New Price
  
$169,900 $112,900 $119,900
Click on any of the pictures above and it will take you directly to all info on each of these homes.
Why So Negative?
We are one month into 2009 and I’m having a problem understanding why the media is so negative. It is a sign of the times when bad news sells and good news hardly gets a mention. So let’s take a look at the positive things that are happening and why we should look forward to a much better 2009.
- Gas prices in the $1.60 range. That is lower than in many years and much less than just a few months ago. Where is the positive press on affordable fuel? It gives us all a lot more disposable income for fun things; therefore we do not have to spend every dime on necessities. That has got to make you feel better.
- Mortgage rates are at an all-time low. As I am writing this Blog we are booking loans around 5% saving hundreds of dollars a month for the average homebuyer. If you are not considering buying you should definitely look into refinancing your current home. You can call any of our offices or click the mortgage link in our web site WWW.buyanewplace.com. Josh Wright is our in-house mortgage expert. A mortgage consultation with him is free of charge and can be done over the phone or you can schedule a personal meeting.
- Real Estate Values in Alabama have not fallen like in the high profile states like California, Florida, Nevada and Arizona. As a matter of fact in a report issued by the Federal Housing Finance Agency Alabama is one of the few states that are showing significant price appreciation gains from Q3 2007 to Q3 2008. Alabama is ranked 4th in the nation with a 2.4% price appreciation between third quarters of 2007 and 2008. You can read more about the Alabama real estate market at http://acre.cba.ua.edu/index.php.
- On the political front we have a new congress and new president. Regardless of how we voted individually we have an opportunity for a new start with fresh ideas. It will be very important to the new regime to make a positive initial impact. With fuel prices retreating and the slowing global economy inflation should be held in check for the foreseeable future.
From my vantage things look pretty good. If you are in the market to buy this may be the best time in 20 years or more. The combination of stable prices and low interest rates are very rare and may never be seen again. If you are a first time home buyer you may be surprised to learn you can buy a house for the same or less than a rent payment. If you are looking to move up it is very possible you can buy more house than you currently have for close to the same payment as your current house payment.
I hear people say “I sure wish I’d have bought this house or that house back in the day because I’d be in great shape today”. It is my opinion that we are at that time. Any way you look at it, now is the time to take advantage of a rare confluence of occurrences we may never have the opportunity to see again. So log on, call or come by my office, now is the time to buy, sell and buy or refinance. We can do it all for you as East Central Alabama’s only “One Stop Shop”.
Mtraylor@era-king.com.
Thinking about listing your home?
If so, get your home on the market now. Spring time is the best time to have your home on the market. I had an open house last Sunday and had over 10 visitors stop buy (thats very good for an average open house). More people buy houses in the spring and early summer than any other time of the year. At ERA King we offer 25+ pictures of your home, an etour, an online magazine, home warranties, in house mortgage, in house closings. Give me a call, email, or text and lets talk about. Brought To You By: Melanie Traylor 256-458-1189 mtraylor@era-king.com
Wednesday, January 21, 2009
NEW LISTING!!!
2617 Red Oak Dr.
mtraylor@era-king.com
256-458-1189 $169,900
If you need space and a big yard...You need to check out this great home in Tuckahoe Terrace. Every room in the house is spacious...living room, dining room, kitchen, den, bonus room, 3 bedrooms and 2 bath. It has hardwood and tile floors. The living room has a gas fireplace. The outside is great for entertaining...the front has a porch and around back is a covered patio and courtyard area. There is also a storage building. This house is priced at $169,900. Call or email if you would like a tour. CLICK HERE FOR MORE PICTURES AND DETAILS!
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Friday, January 9, 2009
WHERE’S THE BAD NEWS?
We are one week into 2009 and I’m having a problem understanding why the media is so negative. It is a sign of the times when bad news sells and good news hardly gets a mention. So let’s take a look at the positive things that are happening and why we should look forward to a much better 2009.
- Mortgage rates are at an all-time low. As I am writing this Blog we are booking loans around 4.5% saving hundreds of dollars a month for the average homebuyer. If you are not considering buying you should definitely look into refinancing your current home. You can call our office or click the mortgage link in our web site WWW.BUYANEWPLACE.COM . Josh Wright and Gerwin Wallace are our in-house mortgage experts. A mortgage consultation with either of them is free of charge and can be done over the phone or you can schedule a personal meeting.
- Real Estate Values in Alabama have not fallen like in the high profile states like California, Florida, Nevada and Arizona. As a matter of fact in a report issued by the Federal Housing Finance Agency Alabama is one of the few states that are showing significant price appreciation gains from Q3 2007 to Q3 2008. Alabama is ranked 4th in the nation with a 2.4% price appreciation between third quarters of 2007 and 2008. You can read more about the Alabama real estate market at http://acre.cba.ua.edu/index.php.
- On the political front we have a new congress and new president. Regardless of how we voted individually we have an opportunity for a new start with fresh ideas. It will be very important to the new regime to make a positive initial impact. With fuel prices retreating and the slowing global economy inflation should be held in check for the foreseeable future.
From my vantage things look pretty good. If you are in the market to buy this may be the best time in 20 years or more. The combination of stable prices and low interest rates are very rare and may never be seen again. If you are a first time home buyer you may be surprised to learn you can buy a house for the same or less than a rent payment. If you are looking to move up it is very possible you can buy more house than you currently have for close to the same payment as your current house payment.
We are always hearing people say “I sure wish I’d have bought this house or that house back in the day because I’d be in great shape today”. It is my opinion that we are at a time like that once again. Any way you look at it now is the time to take advantage of a rare confluence of occurrences we may never have the opportunity to see again. So log on, call, email, text, or come by and seeme at our office. Now is the time to buy, sell, or refinance. We can do it all for you as East Central Alabama’s only “One Stop Shop”.
Should you have any questions, comments or disagreements about anything in this Blog please email me at Mtraylor@ERA-King.com.
Friday, November 21, 2008
THE FORECLOSURE MYTH
The hot topic today in real estate is foreclosures. The question is, are they a good deal and should I buy? First of all, the vast majority of foreclosures are happening in California, Florida and other high profile markets. The foreclosure market in Alabama is relatively benign, containing only a fraction of the foreclosures in the above mentioned markets. This is because Alabama did not experience the false appreciation created by speculators and sub prime lending. We were not overbuilt. Therefore, we are not over supplied. Our markets are still relatively in balance.
So, are they a good deal and should I buy a foreclosure? There are always good opportunities in the market, whether it is a foreclosure or a traditionally marketed property. Most foreclosures, however, are not the great deal they are portrayed. The reason being is the properties are being foreclosed because the purchasers of the properties are walking away from the mortgages. The issue is not that these people can’t afford their mortgage payment. Instead, it is that their property is not worth what they paid for it, due to false appreciation and overbuilding. Example: A purchaser in California pays $500,000 for a house and borrows $550,000, which is another story. Three years ago, the same home sold for $250,000 causing 100% appreciation in just three years. That is false appreciation and is unsustainable. Over the years, sustainable appreciation is typically 10% or less per year. That being the case, the $250,000 house bought three years ago would realistically be worth no more than $325,000 today or $175,000 less than the mortgage amount. Note: Quarterly appreciation in Alabama for the last 17 years has been between 1% and 9%.
What the above example means is with the property being worth $325,000 or less, the purchaser feels it is a better decision to walk away. This allows them to
work towards restoring their credit rating in only 2 or 3 years instead of taking many years and paying interest before the principal is reduced to the actual value of the property. The banks foreclose on the false value, leaving the prospective foreclosure purchaser thinking they have a bargain at $400,000. In fact, they have just overpaid by at least $75,000. Condition can also be a major problem in foreclosed properties as they are typically gutted and abused, creating additional expense.
The fact of the matter is, if you are a real bargain hunter, you are probably better off looking for a home that was purchased 10 or more years ago. A home that was purchased a decade or so ago, will have significant and real equity. Assuming the sellers are motivated, (i.e. death, divorce, job transfer, etc.), they can sell at a discounted price and still accomplish the goals set when deciding to sell the property.
The bottom line is: Do not fall for the term foreclosure. More times than others, a foreclosure is not the deal you think it is. In fact, it is just the opposite. Whether shopping for a foreclosed property or not, always choose a professional ERA King Realtor to help you make good decisions. An ERA King Realtor can do a market analysis on any property to determine if it is fairly priced or over priced. We can help you negotiate the price and terms and navigate you through the confusing mortgage market. Contrary to media reports, mortgage money is plentiful and interest rates are extremely low. An ERA King Agent will make an appointment for you to meet with a reliable and honest in-house mortgage banker. He will give you professional advice in helping you choose the best loan for your needs. We are proud to say that ERA Mortgage did not participate in sub-prime lending.
Should you have any questions about foreclosures or real estate in general, please feel free to contact me at Mtraylor@era-king.com .
Monday, November 10, 2008
Credit Scores
If your score is:
720 or Higher: with a score like this you can usually get any loan you want at a good interest rate. Your score will help you save on the interest rate, as well as morgage insurance if you have to pay it.
680-719: with a score like this you are still in good shape. You will get close to the same rate as the guy with a 720. Mortgage insurance might be a little higher.
620-679: with a score like this you still qualify for regular loans. Mortgage insurance is getting a little pricier. You interest rate will be a higher than the 720.
580-619: with a score like this you can still do a mortgage. Your morgage insurance will be higher. It will be tough to impossible to get you a second mortgage. FHA is a better option when you have this score.
579 or Less: with a score like this you have several lines of bad credit. It will be almost impossible to get a loan with this score. A huge down payment might make it work.
If there is anyway I can help you, please do not hesitate to email or call.
Tuesday, September 9, 2008
What does the US government's take-over of Fannie Mae and Freddie Mac imply?
Legally speaking, the US government has put the two institutions under its "conservatorship". It’s not clear what exactly does that mean.
The following is what we know now: The US government will immediately take hold of $1 billion worth of equity in each of the institutions. These will be in the form of preferred stocks with a guaranteed 10 per cent rate of return.
The Government has allowed itself to infuse as much as $100 billion to each of the institutions, and thus the American tax payers could be out $200 billion by the time the housing crisis plays itself out. The Savings and Loan crisis cost the tax payers $120 billion. Presumably, this bail-out will be less expensive.
American stock markets have also surged and the mortgage interest rate has declined significantly now that Fannie Mae and Freddie Mac will be back in the secondary mortgage market with renewed vigor.
What does this mean for you, the seller? This will give buyers confidence, a lower mortgage rate, and ultimately, boost the housing market.
Monday, September 8, 2008
The numbers dont lie....
These are our sales figures from January 1-August 31, 2008. I have deleted the other company names, if you are considering putting your house on the market and want a more detailed graph, I will be happy to show you it and go over that with you in a marketing appointment. Call me anytime at 256-458-1189.
Wednesday, September 3, 2008
GOOD NEWS FOR FIRST-TIME HOMEBUYERS
How does an interest free $7,500 tax credit sound to you? It sounds pretty good to me so let’s examine what we are talking about here. As part of the “Housing and Economic Recovery Act of 2008” that was signed into law, Congress has created a new and temporary federal income tax credit to provide an incentive for first-time homebuyers. This is really good news for first- time homebuyers.
The highlights of this federal tax credit are as follows:
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The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500. In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on the home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven.
*e.g., If a home cost $65,000, the allowable credit would be $6,500. If a home cost $120,000, then the allowable credit would be $7,500.
- Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously. Certain income limits do apply.
- Individuals, whose Form 1040 filing status is single (or head of household), are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income. There are partial credits available for incomes that are higher.
- Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
- The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between April 9, 2008 through July 1, 2009. Individuals should consult a professional tax advisor for exact tax calculations.
- This tax credit is required to be repaid without interest in equal installments of 6.67% of the total credit each year for 15 years beginning the year after the tax credit is claimed.
Everett King
President, ERA King Real Estate Company, Inc.
Tuesday, July 22, 2008 Who's Selling More Houses?
Tuesday, May 13, 2008
Gardening Borders
Flowering Shrub Border
Rebecca's Garden : Episode REB-618 -- More Projects »
Are you looking for a no-fuss border, loaded with color and hardly any work? Blooming shrubs are a great choice, and there are so many to choose from. There are many different types of shrubs that provide wonderful texture and colorful blooms. Some favorites include azalea, lilac, hydrangea, hardy shrub rose, viburnum, spirea and dogwood.
Host Rebecca Kolls shows how to plant a colorful shrub border. She chooses a beautiful Japanese larch for one end of the border and an arborvitae for the other end. They're great anchors, and they balance the garden while giving height as well. In between she adds shrubs suitable for the sunny area.
The key to planting a beautiful border is to design layers or waves of color and texture and, of course, different heights. Next to the tall arborvitae, she plants an 'Ivory Halo' dogwood, which plays off the arborvitae. A red twig dogwood gives year-round interest and variegated leaves and will produce white flowers in the spring. This is a vigorous shrub that can grow up to eight feet high and wide, but you can trim it to keep it contained.
For the center of the shrub border, she chooses a cluster of three hydrangeas. They will eventually grow three to five feet tall and just as wide. Hydrangeas have big green leaves that offer great texture. In midsummer they produce pom-pom blooms, which vary in color depending on the variety.
To provide color all season long, she also plants shrub roses, which are great in a low-maintenance garden because you hardly do anything to them. Usually they're disease- and insect-resistant as well. The one she chooses, 'Winnipeg Parks', develops cherry-red blossoms and grows to about two feet tall. All roses need plenty of room so that air can circulate around them.
On each corner of the border, she plants a 'Little Princess' spirea, a low-growing, mounding variety that grows to about two feet tall. It produces pink flowers in the summer against mint-green foliage that turns brilliant red in the fall, which will contrast nicely with the evergreens.
All the shrubs need well-amended and well-drained soil. Rebecca tills in compost, peat moss and manure before planting. Then she digs a hole as deep as the container and twice as wide. She carefully removes the shrub from the container and checks the roots. If the plant is root-bound, she scores the edges with a knife and loosens the roots. Finally, she places the shrub in the hole, backfills with the same soil and gives each shrub a good drink of water.
The border looks sparse at first, but in time, these shrubs will be beautiful. The biggest mistake gardeners make is not waiting for the shrubs to gain some size; instead they add a bunch of plants, and then it overgrows and they have to pull something out. Just be patient. The beginning is the hardest part about planting a shrub border or perennial garden--in a couple of years, it will look fantastic.
In late spring, the hardy shrub roses will be in full bloom and so will the spirea, which will stand out nicely against the dogwood leaves. To fill in some of the empty spaces, she added annuals like cosmos and geraniums. Mulch will help retain water and keep weeds away. Using a water-soluble fertilizer every other week will also help the entire shrub border to bloom
Friday, March 14,2008
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