Hoover, Alabama 35226

Owners have reduced another $10,000 for a quick close. fresh neutral paint just completed. better than new on this popular floor plan, large open formal dining room, spacious greatroom with fireplace opens into great kitchen. kitchen has lots of cabinets, granite counters with tile backsplash, great eat in area. plush master suite with large bath, seperate shower and whirlpool. upstairs has three large bedrooms, two big bath and a gathering/playroom. exterior has a screened patio and an extended patio, privacy fence, garage with laundry sink, workshop area, cable outlet and a garage storage room. many upgrades were added during construction from norm, additional hardwood flooring, fence, screened porch, patio extention, garage sink, garage exterior door, kitchen stainless gas package, tile backsplash, additional cable outlets, phone outlets,etc and custom wood blinds.

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4050 Greystone Dr

Hoover, Alabama 35242

Unique old world style home totally updated on almost one acre. private gardens throughout the back overlooking the 2nd fairway at greystone country club. fenced back with arbors and fountain. pergola covered stone patio. huge great room, sunroom/solarium off master, level yard. new light fixtures throughout the home, new tile and bath fixtures. dining room-elegant schonbek chandelier, plantation shutters, european drapes and hardwood floors. gourmet kitchen with large island, wolf gas five burner cook top, wine beverage cooler, warming drawer, double oven, sub-zero refrigerator, hardwood desk area, large breakfast room. library/study - solid black cherry with coffered ceiling, fireplace, built in bookcases and cabinets, hardwood floors, plantation shutters. large master suite w/trey ceilings, plantation shutters, french doors into sunroom/keeping room and solarium. master bath, everything is new. cantley and company custom cabinetry, dorn bacht fixtures, thermomasseur bathtub.

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Win Free Gas for A Year Sweepstakes!

Register to win the “Free Gas for a Year*” Sweepstakes at any of the participating Century 21 Alliance Group Open Houses during the weekend of October 13th and October 14th. Simply ask the Century 21 Real Estate Professional for your entry form!

Click here to view Century 21 Alliance Group’s participating Open Houses.

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How will this impact the real estate market in Birmingham?

For the time being, this should stabilize the current rates being offered and combined with the recent infusion of dillions of dollars into the banking system, keep credit availability from declining.

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Buying a home in Birmingham, Alabama isn’t as easy as one might think. The popular belief is that Birmingham is a buyer’s market. Although this is partially true, due in part to the shear number of homes currently for sale in the Birmingham area, the local market in Birmingham is taking some non-tradional buyer’s market twists.

The First Twist

Birmingham Home Seller’s aren’t completely desparate to sell their homes. I know this may be a shock to those of us glued to the national headlines and popular television shows, but really, this is the case.

The Second Twist

Where Birmingham differs from other parts of the country is that the homes in Birmingham never really went out of proportion to their value. In fact a survey from USA Today in 2005 noted that at the peak of the frenzy, Birmingham was considered only 3% over valued compared to other US cities with 30 to 40% over value estimates. Of course there are exceptions, but in most cases, the homes in Birmingham are holding their value.

What does this mean to a person wanting to buy a home in Birmingham, Alabama? Be realistic in your expectations on negotiating a price for the purchase of a home. Ask your Realtor® to provide you a market analysis for the particular neighborhood and area in which you want to purchase. This will help you determine the market value of the home and assit you in determining a realistic offer to purchase.

If you have any questions regarding purchasing a home in Birmingham, please feel free to contact us directly at 205-380-3700.

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Buying a home can be a stressful time. One way to lower the stress often associated with the purchase of real estate is to do some pre-purchase financial planning. Financial planning will help you understand your budget, the costs of a mortgage, negotiating power, and down payment.

1. Good Credit

The first step to planning for a home purchase is to establish a good solid credit history. A good solid credit history will demonstrate your ability to repay your home loan. Lenders will give better rates and loan packages to persons whom have strong credit. Having good credit will save you thousands of dollars in interest over the life of the loan.

Establishing credit can take time. If you’ve had some bumps in the road, as long as you are responsible with your credit, the bumps will get evened out over time. Before speaking with a mortgage agent, we recommend contacting the three major credit bureaus to receive your credit report. Once you receive your report, check it for inaccuracies. Make sure to submit any corrections that need to be made. Also, note the spots in the report that may reflect poorly on your ability to repay. If you have questions regarding your credit report, contact one of the major agencies or the federal government for information under the Fair Credit Reporting Act. Once you know your credit status, it’s time for a mortgage pre-approval.

2. Mortgage Pre-Approval

The mortgage pre-approval is a process in which a mortgage lender will determine the dollar amount for which you qualify to borrow for the purchase of a home. This is different than pre-qualified.

Pre-qualified is more along the lines of, yes the person says they have a job and make “x” amount of dollars, if that is true, they may qualify for “y” amount of dollars for a loan.

A mortgage pre-approval will verify your financial status, check your credit, and offer you the best rate and maximum amount of loan available to you. This will help you in many ways, not only will it help you will determining your budget, it will give you negotiating power. Having a pre-approval letter will tell the seller that you mean business and if a deal can be reached, you are ready to close.

3. The Down Payment

The down payment is the amount of money you will pay towards the purchase of the home at closing. This is an amount in excess of the closing costs, yet is figured into your closing costs at settlement. The down payment is usually a percentage of the cost of the home. For instance, 5%, 10%, 20% or in some cases 3%. Some lenders will provide 100% financing as well. Be sure to investigate which situation is best for you.

4. The Mortgage

Depending on your financial status, you mortgage options may be varied or extremely limited. Either way, the costs of your mortgage will be unique to your situation. Regardless, there are several different types of mortgages that are seen more often and here is a brief overview:

1. Adjustable Rate Mortgage (ARM): This is a mortgage in which the interest rate changes according to market conditions over time. Rates can go up or down and can be adjusted accordingly at specified time intervals.

2. Fixed Rate Mortgage (FRM): A fixed rate mortgage is just that, a mortgage with an interest rate that does not change during the term of the loan.

3. Conventional Mortgage: This is a mortgage that is not part of the government housing program. Typically not more than $322,700.00, and is not insured by the federal government.

4. Jumbo Mortgage: This is a mortgage that typically exceeds $322,700.00 and is not insured by the federal government. Traditionally, these mortgages have higher interest rates.

5. Government Backed Loans: There are two types of government backed loans, FHA and VA. FHA loans are insured by Housing and Urban Development (HUD) and VA loans are insured by the Veterans Administration.

4. Closing and Other Additional Costs

Be sure to include in your financial plan any good faith deposit and closing costs. Closing costs can include attorney fees, taxes, mortgage lender fees, title insurance and registration, real estate agent commissions, and other miscellaneous expenses. In Alabama it is license law that your real estate agent provide you a estimated cost of closing when an offer has been written. Your agent can also explain the costs and answer your questions.

In conclusion, by understanding your credit status and budget, you can create a financial plan towards the purchase of a home. By creating this plan you will be able to negotiate and shop for the best mortgage loan as well as generate buying power through the use of a pre-approval letter. You will be able to determine which type of loan best suits your budget and go to closing understanding what it is really going to cost to buy a home. If you have any questions, one of our Birmingham real estate agents will be glad to assist you.

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