Three ways to avoid a hassle-free real estate closing
July 23rd, 2008 - Categories: Buying a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Even in the smoothest transactions, closing is stressful for home buyers. You are signing dozens of documents, most of which you are trusting the closing attorney and not asking what you are signing. Add to that the fact that you are likely making the biggest, single financial transaction of your life.
For the folks out there that feed off of stress, the Type A personalities among us, here are three ways (plus a bonus!) to help increase the level of stress at your closing.
Poor choice of mortgage provider
By all means, go online to your favorite search engine and type “low cost mortgages” or something similar in the search box, then surf on over to AllICareAboutIsMyRate.com to get the “best deal” on your new mortgage. It won’t happen every time, but we see the vast majority of such endeavors end in misery for the buyer. Everything from bouncing rates and fees to asking for the same documentation five different times. If you are really interested in weeks of stress and confusion, don’t use a local mortgage broker or a reputable online one.
Buy a car a couple of weeks before closing
You may be approved and ready to close, but your mortgage provider is going to check your credit again a couple of days before closing. Any new line of credit, such as financing a car, will likely change your credit score enough to cause questions to be asked by the mortgage company. So be ready to explain to your lender how you are going to pay for that new boat AND make your new house payment.
Don’t check the repairs
You will likely (or you should) have the home you are buying professionally inspected. You should have reserved the right in the sales contract to request certain repairs, based on this inspection. Once you submit your list of repairs to the seller, don’t worry about checking to make sure they are done. You’ll be able to determine that at your walk-thru, which is usually the day before closing. After all, 24 hours is probably plenty of time to get that piece of damaged drywall repaired and painted, or have a contractor come back to fix something they did a poor job on.
BONUS ROUND - Don’t ask for a survey
If the home you are buying is in a platted subdivision, there is no need for a survey, right? Except that things change. Fences and storage buildings are built and driveways and parking pads are expanded, and it is not uncommon for encroachments to present themselves after closing. So while this one might not cause problems at closing, the problems down the road will be enough to cause you some stress.
Keep these ideas in mind as you think about your closing. If you have had an experience at closing of your home, share it with us by commenting below.
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Dothan Real Estate Market - July Inventory Report
July 22nd, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
The number of homes for sale in and around Dothan fell back last month from the all-time high in May. As of July 1, there were 954 single family homes on the market. However, if you read yesterday’s real estate market update, you know that we are back up over 970 this week.
Inventory
We seem to be stuck, at least for the time being, at between 950 and 975 homes on the market, which again means we are in a strong buyers market. It is hard to imagine much fluctuation in these numbers in the near future.
Absorption rate
The absorption rate for July is down again to 8.59 months of inventory. What this means is that it would take about eight and a half months to sell every home currently for sale in Dothan at the current rate of sales, if no new listings came on the market. The downward trend is continuing, and that is a good sign that the Dothan real estate market is healthy.
Inventory and absorption rates can vary between different areas around Dothan. If you would like to see these numbers for a particular area, drop us an email or leave a comment below with your request!
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Monday Market Snapshot - July 21, 2008
July 21st, 2008 - Categories: Dothan area Real Estate Market information
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Monday Market Snapshot - July 21, 2008
| Homes on market | 973 | ↑ |
|---|---|---|
| Median price | $169,900 | ↓ |
| Avg price per sq ft | $96.04 | ↓ |
| Avg days on market | 159 | ↑ |
| Least expensive listing | $9,900 | ↓ |
| Most expensive listing | $2,500,000 | unch |
| Pending sales | 142 | ↓ |
| Sold - last 7 days | 18 | ↑ |
Coming later this week we’ll have the July Inventory report, as well as a look at the new proposed school zones for Dothan.
Homes on the market stat is the total of single family residential properties currently listed for sale. All statistical information is from the Dothan Multiple Listing Service (Dothan MLS) and is deemed reliable, but not guaranteed.
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Day Trips from Dothan - Chattahoochee State Park
July 18th, 2008 - Categories: Day Trips from Dothan
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
My son and I had the opportunity to visit Chattahoochee State Park on a church outing a few weeks back. Take a minute and read about this park just a short drive from Dothan.
Chattahoochee State Park
Location – southeastern Houston County, right on the Chattahoochee River and the Florida state line.
Drive time from Dothan – around 30–40 minutes from just about anywhere around town
Cost – $2 per person, $1 for kids and seniors. $2 per person for fishing, kids 12 and under free. Camping and RV hook-up available, as well as a small charge for horses
Amenities – Swimming and fishing, lots of picnic and play areas
Best advice – if you go during the summer, take some bug spray. Watch out for poison ivy!
Website – Houston County Parks – Chattahoochee
Built in the 1930’s by the Civilian Conservation Corps, Chattahoochee State Park contains nearly 600 acres of south Alabama nature at its best. Despite the name, the park is now maintained by Houston County, which has performed several upgrades to the park, including an hunting area for the handicapped. The twenty acre lake was also restocked after the county took it over. CC Pond, as my dad used to call it, has in the past been a great fishing spot. The Alabama State record for Shell Cracker was caught in the lake back in 1962. The park includes primitive camping areas, a RV camping site, wildflower areas, and a 20 area lake. The park also has a designated horse trailer parking area, picnic areas, swimming, fishing as well as the hiking and horseback trails.
There are many remnants of the long abandoned CCC camp still around, including a fireplace, a flag pole area, goldfish pond, and other features. The history of the Civilian Conservation Corps, began in the early 1930’s as part of President Roosevelt’s plan to put young men to work during the depression, is an interesting one. If anyone knows of any other projects the CCC had in our area, I would be very interested in hearing about them. Let us all know by commenting below!
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2008 Dothan real estate market predictions - Mid-year update
July 16th, 2008 - Categories: Dothan area Real Estate Market information, Real Estate News
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Back in late December we looked at some predictions for what the Dothan real estate market may do in 2008. Since the year is halfway gone, now is a good time to look to see how our predictions are faring.
Home sales
Prediction – down 10% from 2007
Actual year-to-date – down 12.4% in units, 9.1% in volume
Nothing surprising about this stat. Pending sales are strong, so I’ll stick to this prediction.
Homes on the market
Prediction – remain steady between 850 – 950 units
Actual – inventory today is 956 single family homes
I may have underestimated this one by a bit. Inventory in other areas of the country is steady to falling, so I am going to revise my prediction and say that the number of homes for sale in the Dothan area will hover between 920 and 980 for the rest of 2008.
Mortgage rates
Prediction – steady around 6% with less than 0.5% fluctuation
Actual – today’s rates are around 6.25%
The only change I will make here is to say that there is a far greater likelihood of rates being closer to 6.5% at the end of the year than under 6%.
Foreclosures
Prediction – upward trend
Actual – steady to slightly up
Up until May, the number of homes in foreclosure in Alabama had dropped significantly. Then June came and they jumped 22%. The upward trend will likely continue, if for no other reason than the overall weak economy.
New Construction
Prediction – housing starts in Dothan down
Actual – housing starts in Dothan down
We nailed this one. There were 178 residential new construction permits issued in the first six months of 2007, compared to 133 so far in 2008.
Median Price
Prediction – down
Actual – no change
The median price of homes sold in the Dothan area in 2007 was $135,000, and the median price so far in 2008 is exactly the same. I still think we will end the year with a slightly lower median.
The overall Dothan real estate market is sound, especially when compared to some other markets around the country. Expect the remainder of 2008 to be much the same as the first half.
What are your thoughts on the real estate market here in the Dothan area? What do you see happening in the future? Chime in by commenting below!
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Dothan real estate market - July Sales report
July 15th, 2008 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information, Selling a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
While the number of homes sold and closed in June was down compared to May and also to June of 2007 (114 to 122 and 133 respectively), the number of homes in pending status was up significantly when compared to the same time frames.
The 87 homes listed in pending status in the Dothan MLS is the highest monthly total since March, and the second highest since April of 2007, over a year ago. Since pending sales are considered the prime indicator of future market activity, the Dothan real estate market looks to be in good shape for at least the next few months.
Sales sagged a bit in June, but it was still the second biggest month so far this year. It will be interesting to see how the next couple of months shape up, as July and August typically begin the late summer into fall seasonal slowdown.
If you are reading this and wondering if it is a good time to buy or sell a home in Dothan, then we need to talk. Pick up the phone and call me at the office, 334–793–6990, or on my cell, 334–596–0808. I’m not going to give you a hard sell or anything like that, we will just talk about your situation and try to figure out what is best for you right now. Sound fair?
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Monday Market Snapshot
July 14th, 2008 - Categories: Dothan area Real Estate Market information
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Our new Monday morning snapshot of the Dothan real estate market.
Monday Market Snapshot - July 14, 2008
| Homes on market | 954 | ↓ |
|---|---|---|
| Median price | $174,900 | ↓ |
| Avg price per sq ft | $96.86 | ↓ |
| Avg days on market | 158 | ↓ |
| Least expensive listing | $10,000 | unch |
| Most expensive listing | $2,500,000 | unch |
| Pending sales | 165 | ↑ |
| Sold - last 7 days | 9 | ↓ |
Tomorrow, we’ll have our monthly report on home sales in and around Dothan, as well as a look back at our 2008 predictions for the Dothan real estate market, and how they’re holding up through the first half of the year.
Homes on the market stat is the total of single family residential properties currently listed for sale. All statistical information is from the Dothan Multiple Listing Service (Dothan MLS) and is deemed reliable, but not guaranteed.
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Weekend Links - Negative Amortization, new construction, home sales, and bike riding
July 12th, 2008 - Categories: Real Estate News
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Looking like it might be a wet weekend, so here’s some interesting links to help get you through.
Wachovia eliminates “Pick-your-payment” loans, eliminating all loans that can lead to higher balances over time.
U.S. Home Construction hits 17 year low - Goes along with our most recent Dothan new homes and construction report
Statewide Home Sales down 23% - Home sales in Dothan are not down quite as much. Look for a mid-year Dothan real estate market update early next week.
Economists say Alabama economy not following national trend because it will grow by 1/2 of one percent in 2008.
Dothan City School Board approves new zoning plan - lots of changes coming…we’ll cover them on Wednesday on next week
New bicycle and walking trails coming to Dothan
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Monday Market Snapshot
July 7th, 2008 - Categories: Dothan area Real Estate Market information
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Starting today and on Monday morning henceforth, we are going to post some statistics that hopefully will give you a good overview of the state of the Dothan real estate market. You will continue to see monthly updates on homes sold, homes on the market, new construction, and foreclosures as before. Starting next Monday, we’ll have a trend indicator beside each statistic as well.
Total homes on the market in and around Dothan
959
Median list price
$175,000
Average price per square foot
$97.37
Average days on market
160
Least expensive listing
$10,000
Most expensive listing
$2,500,000
Pending sales
161
Sold – last 7 days
38
If there is another stat related to the Dothan real estate market that you would like to see on this weekly list, let us know by commenting below.
These statistics are from the Dothan Multiple Listing Service (Dothan MLS) for the period of June 30,2008 through July 6, 2008, and are considered reliable, but not guaranteed. Stats are for single family residential only.
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It’s Back, Bigger and Better
June 26th, 2008 - Categories: Dothan Area events
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
The Kiwanis Club of Dothan is again sponsoring the Family 4th Celebration on Friday, July 4th. Gates open at 10 am, and the day cumulates with a fireworks show followed by a concert featuring the group “Fairlane”. Over all, twenty groups will be in concert that day on three different stages. Other activities include a huge Kids Zone fun area, car and motorcycle shows, a motorcycle stunt show, and hot air balloon rides!
The first event last year exceeded all expectations in attendance, which created a few problems, including parking and trash pickup. Those problems will be fixed for the second addition of the event. Both the north and south parking lots at the National Peanut Festival Fairgrounds will be open, and Dothan Police will be directing traffic this year. Also, there is a concert scheduled for after the fireworks, which will hopefully prevent the mad rush to leave that was experienced last year.
If you are going to be in Dothan on July 4th, this is a must attend event. The fireworks show itself is worth the nominal charge ($5 in advance, $8 at the gate). Remember, all kids under 12 are admitted free, and bring your lawn chairs and blankets!
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