dothanhomesearch.com

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.

Tags: home+buyers, closing

Posted by Charles Woodall | Currently No Comments »

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?

Tags: Dothan+real+estate, homes+sales+in+Dothan

Posted by Charles Woodall | Currently 1 Comment »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

May was a strong month for home sales around the Dothan area. The number of homes sold was up around 20% over April, and with 122 homes sold, May of 2008 almost equaled the 124 sold in May, 2007.  

The number of pending home sales has been fairly stable since the first of the year, and has closely followed last years numbers. There were a little over 80 homes listed as pending as June began. Again, we look at pending home sales as a good measure of activity to come in the next 30 to 60 days.

Despite a couple of bumps, the number of homes sold has closely followed totals from last year, albeit about 15% lower overall. We hit a big slowdown in mid-summer last year, and it remains to be seen whether the same will happen this year, since summer is getting cranked up.

I’ll have a report on inventory and absorption rates later in the week.

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?

Posted by Charles Woodall | Currently 1 Comment »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

We have discussed absorption rates in previous posts, but always from the view of the overall Dothan area real estate market. Today we’re going to look at some different areas of the overall market, specifically the different areas defined by the Dothan MLS.

First, a brief explanation of the MLS areas is in order. The layout of Dothan lends itself to being easily divided out into geographical areas. The major north-south highway is US 231/431, while traveling on US 84 (Main Street) gets you from east to west. Dothan is circled by Alabama Hwy 210, or as it is better known to us here locally, Ross Clark Circle (and hereafter referred to as The Circle).

Using Main Street (Hwy 84) as the north-south line and Hwy 231/431 as the east-west dividing line, Dothan is divided into four quadrants, with The Circle used to break the quadrants down into nice, bite size chunks. I have included a map below to help give you a visual (Note: Google doesn’t show county lines, so I have attempted to end the drawn lines at the approximate county line).

View Larger Map

The Dothan MLS defines these areas by number.

Dothan MLS areas

• 1- NE inside the Circle
• 2- NE outside the Circle and inside the Dothan city limits
• 3- SE inside the Circle
• 4- SE outside the Circle and inside the Dothan city limits
• 5- SW inside the Circle
• 6- SW outside the Circle and inside the Dothan city limits
• 7- NW inside the Circle
• 8- NW outside the Circle and inside the Dothan city limits

Once outside of the city limits of Dothan, Houston County is also split into four quadrants, with the same highways serving as dividing lines.

• 9a- Houston County NE - Hwy 431N to Hwy 84E
• 9b- Houston County NW - Hwy 84W to Hwy 431N
• 9c- Houston County SE - Hwy 84E to Hwy 231S
• 9d- Houston County SW - Hwy 231S to Hwy 84W

Any property listed outside of Houston County in the Dothan MLS is listed by county.

Now, if you are still awake after that long and drawn out explanation of MLS areas, we’ll look at the absorption rates for each of the 12 MLS areas in Houston County. I do not include data for counties other than Houston because some of these areas are served by different multiple listing services. Why that is the case is a post for another day.

A couple of things stick out. First, these numbers are fairly low compared to the market average of nine and a half months. The surrounding counties must be bringing the average up. Second, I am somewhat surprised how well the more rural areas of Houston County (MLS areas 9a, 9c, and 9d) are selling, given the cost of gas. I guess a 20-minute plus drive to Dothan has not become a concern at this point.

If you have a question about any of this information, please don’t hesitate to leave a comment below. I will try to answer you as soon as possible, usually within a few hours.

We’ll have the latest new construction report up on Monday.

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

I just realized this morning that I didn�t finish this series that I started a few weeks back. So far, we have looked at homes priced around $90,000 , around $135,000 ,around $185,000, and $240,000. Today we are moving on up to around $320,000

I am sure you have noticed that I try to include homes we have listed in these Dothan real estate snapshots. This price range is no exception, as we have a beautiful new construction home in southeast Dothan listed for $318,743.

If you are looking for country living and need some space, here�s a nice one-owner home just outside of Headland listed for $325,000. It sits on 19.5 acres.

If interior space is your need, then check out this four bedroom home in bustling northwest Dothan. Over 3400 square feet of space and priced at $319,500.

As always, we would be happy to email you more information on any property you find on our website. Let us know how we can help!

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Sales have been steady over the last few months, and some areas are selling exceptionally well right now. Here is a brief overview of the hottest subdivisions in the Dothan real estate market right now. Click on the neighborhood name for a map of homes for sale in that area.

Cloverdale

Cloverdale is really more of a neighborhood than just one particular subdivision. Located in southeast Dothan, Cloverdale area homes sold recently have been priced from $69,900 up to $139,000, making it a great area for affordable housing.

Deer Valley

Deer Valley is located in extreme northwest Dothan, but is only minutes from lots of shopping and several schools. This subdivision is not that old, as the first home built here was in the late 90’s. A new phase recently opened up, but of the eleven homes recently sold, half were resale. Prices ranged from $127,900 to $189,400.

Grove Park

Always a popular neighborhood because of its unique style, there were eight homes sold in Grove Park over the past few months. Prices ranged from $182,000 for a small garden home up to $329,900 for a larger home. There are a very high number of homes for sale in Grove Park right now, which helps explain the high number of sales.

Pine Lake

All new construction homes in a brand new subdivision located in southwest Dothan. It is good to see new construction selling, and this neighborhood has been one of the hottest. Prices ranged from $154,900 up to $195,900. Unfortunately, Pine Lake is so new that it hasn’t been mapped by Google yet. If you would like a list of homes for sale in Pine Lake, just drop me an email at charles(at)dothanhomesearch(dot)com.

If you are interested in information on homes for sale in other Dothan area subdivisions, neighborhoods, or towns, leave a comment below and I will post that information. You can also give me a call at 334–793–6990 or use our Contact page.

View Larger Map

If you find this information valuable and would like to share it with others, please click on the link below to your favorite Internet sharing site.

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

The 2007 Profile of Home Buyers and Sellers from the National Association of REALTORS reveals that 84% of home buyers use the Internet as an information source. What are they looking for? 95% were looking for properties for sale. So it stands to reason that sellers whose home is listed on the right websites will have a better chance of getting it in front of the right buyer.

So what are the best sites for home listings? What sites are buyers using the most? Here is an overview.

REALTOR.com is still the leader with the most listings and the highest number of viewers. If your home is listed in a Multiple Listing Service (MLS), it should show up here automatically.

Trulia and Zillow are two up-and-coming real estate websites challenging REALTOR.com. Trulia’s fortay is the ability to price compare properties using current listings and recently sold properties. Zillow’s is similar, except they estimate the value of all houses, not just recently sold and currently listed. Keep in mind that having your home listed on Trulia and Zillow is not automatic. Check with your agent to make sure they list there.

Where do people that are relocating to an area typically go for real estate information on the Internet? Google and Yahoo are likely the top two choices. Judging from the visitors we get here on this site, the usually search terms are “Dothan real estate”, “Dothan homes for sale”, or something similar. Having your listing show up through an MLS search on these local websites is critical. Folks usually won’t go past the first page of results, so make sure the company you list with comes up at or near the top for these search terms.

This is by not means an exhaustive list. There are plenty of websites out there for real estate listings. The point of this post is that home sellers should agressively question their agent about their Internet marketing strategy. With so many buyers on the Internet, you can’t take a chance of missing any of them.

Posted by Charles Woodall | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Continuing our look at different price ranges around Dothan.

So far we have looked at a few homes priced around $90,000 and some priced at around $135,000. We’re up to $185,000, and there are some nice ones.

We’ve got a nice home outside of Headland sitting on almost two acres. It’s only a couple of years old and is listed for $185,500.

Here’s another one in the country, this one is just outside of Cottonwood. 2200 square feet, all hardwood and tile floors, and offered for $184,762.

Several new construction homes are listed in this price range. Try one on the golf course, one on a former golf course, and one in Midland City.

As always, we would be happy to email you more information on any property you find on our website. Let us know how we can help!

Posted by Charles Woodall | Currently No Comments »

By: Ann Bourland
Lending Edge Mortgage

http://www.lendingedge.net

From an email I received a couple of days ago-

Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah�s motion for summary judgment and invalidated the U.S. Department of Housing and Urban Development (HUD) rule to ban private down payment assistance as proposed in the �Standards for Mortgagor�s Investment in Mortgaged Property� regulation published October 1, 2007.

To be clear, this rule cannot be enforced by HUD and is no longer a threat to private down payment assistance programs.

We are thrilled with the Court�s decision to support low-to-moderate income families across the country by ruling against HUD�s attempt to ban private down payment assistance,� said Scott Syphax, President and CEO of Nehemiah Corporation of America. This is a major and conclusive judgment, leaving no uncertainty that down payment assistance is a life line to the families that Nehemiah serves. It is heartening to see that the Court�s arguments echo our sentiments and concerns. This decision preserves access and supports the use of sensible and reasonable approaches to homeownership for millions of working class families. It is a privilege to continue providing a helping hand to America�s underserved families by building both safer communities and financial strength through homeownership. As we have said before, we look forward to working with HUD to support deserving families across the country.�

What does this mean for Dothan home buyers? It means no down payment options are still available. Give us a call and we’ll be happy to discuss your choices with you.

———————————————————–

Contact Ann Bourland or Kim Kennedy at Lending Edge Mortgage at (334) 836-0963 or by email at aborland(at)edgeloans(dot)com

Posted by Ann Bourland | Currently No Comments »

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Continuing our look at different price ranges around Dothan.

On Monday, we looked at a few homes priced around $90,000. Here is a link to homes for sale in the Dothan MLS priced at around $135,000.

We have a foreclosed 3BR/2BA home zone for Rehobeth schools listed for $134,900. It needs a little work, but would make a great home.

There are a couple of new construction homes listed in the Kinsey area. Both 3BR/2BA and listed for $135,000. Ready to move in!

How about an old farmhouse in the country? Check out this 3BR/1BA built around 1900, just outside of Headland.

As always, we would be happy to email you more information on any property you find on our website. Let us know how we can help!

Posted by Charles Woodall | Currently No Comments »