Ask Tricia Gray

According to MSNBC, The U.S. Federal Reserve said Wednesday it will not raise interest rates until at least late 2014, even later than investors expected, in an effort to support a sluggish economic recovery.

In Tuscaloosa, Al. 30 year fixed conventional & FHA interest rates have been hovering around 3.75% for several months now. This is a record low rate! I believe the extension of these low rates will continue to stimulate the real estate market.

Bernanke says "Unless there is a substantial strengthening of the economy in the near term, it's a pretty good guess we will be keeping rates low for some time,”...

Posted by Tricia Gray on January 31st, 2012 11:49 AMPost a Comment (0)

I'm finding out that most people do not know the difference between the two. To be honest, neither did I until a few years ago when short sales became more relevant.

The simple explanation is that a foreclosure is when a home owner defaults on their mortgage payment & the bank basically reposses the house back. A short sale is when the home owner's mortgage company agrees to sell the property for less than the owner's mortgage payoff & still give clear title to the new purchaser.

With a foreclosure the bank owns the property, whereas a short sale the property is still owned by the home owner.

With a foreclosure listing, the new purchaser negotiates a contract with the bank, whereas a short sale the new purchaser negotiates a contract with the seller, but must have bank approval.

With a foreclosure, the home owner has moved out, whereas a short sale, normally the home owner still lives in the house.

There's A LOT more to know about both of these & I would be happy to discuss it further with anyone who is facing foreclosure/short sale or with someone who is looking to purchase a foreclosure/short sale.

Posted by Tricia Gray on November 28th, 2011 4:25 PMPost a Comment (0)

February 23rd, 2011 1:00 PM

Active Listings: 1726

Number of Homes SOLD: 72

Average Selling Price: $156,607

Median Selling Price: $138,900

Average Days on the Market: 146

Posted by Tricia Gray on February 23rd, 2011 1:00 PMPost a Comment (0)

The Birmingham News published that starting today Unemployed homeowners in Alabama may apply for as much as $15,000 per person in grants to help pay mortgages on their homes, Gov. Robert Bentley said today. 
The grant program is run by the Alabama Housing Finance Authority, which got $162 million from the U.S. Treasury to finance the grant program. 
Robert Strickland, the authority's executive director, said more than 10,000 jobless Alabamians could qualify for grants to help them stay current on mortgages for their principal residences. He said Alabama was one of 18 states to get grant money from the Treasury for mortgage assistance programs. 
He said people may get information on the program and apply for benefits only through a web site: www.hardesthitalabama.com  
Benefits will be allotted on a first-come, first-served basis, Strickland said. The maximum benefit will be a total of $15,000 or 12 monthly mortgage payments made to the bank or service company holding a person's mortgage.
   
  Strickland said people who get benefits and remain in their homes won't have to repay the money. People who get benefits but sell their homes within a certain time may have to repay money, he said.
   
  Requirements to qualify include that a person:
   
  --Be eligible to receive unemployment compensation benefits.
   
  --Live in a household that has an income of no more than $75,740 a year.
   
  --Owe no more than $258,690 on his or her home mortgage.
   
  -- Other requirements and details are listed on the web site.
Posted by Tricia Gray on February 3rd, 2011 11:17 AMPost a Comment (0)

YES, there is! A Realtor & a Real Estate Agent both have a real estate license. However, a Realtor is a member of NAR (National Association of Realtors) and a real estate agent is not. NAR members must abide by a strict code of ethics and are held to a higher standard. Since real estate agents are not members of NAR they are not held to these standards. So, make sure your real estate professional is a REALTOR!
Posted by Tricia Gray on November 30th, 2010 11:34 AMPost a Comment (0)

November 2nd, 2010 4:08 PM
Yes, it's a REALLY great time to buy. Of course that depends on your situation. Are you considering moving out of town within the next 2 years? If so, then now is probably not a good time to buy. But, for anyone else, NOW is a good time to buy. There are some great deals out there and interest rates are at an all time low!
Posted by Tricia Gray on November 2nd, 2010 4:08 PMPost a Comment (0)

May 25th, 2010 4:15 PM

Here are 3 reasons to get pre-approved for a mortgage BEFORE starting your search for a home:

1. SAVE TIME & HEARTACHE - By getting pre-approved first you save the time and heartache of looking at homes in the wrong price range. It's frustrating for the  buyer and Realtor when the buyer gets their heart set on a home just to  find out that they can't afford it.

2. NEGOTIATING POWER: - Sellers will be more likely to accept your contract offer when they understand that you are pre-approved prior to viewing their home.

3. GAIN CONFIDENCE & DECREASE ANXIETY - Mortgage pre-approval alllow you to know when you view that perfect home that is within your purchasing power. This will reduce the anxiety of loan approval when you have the perfect home under contract!

Posted by Tricia Gray on May 25th, 2010 4:15 PMPost a Comment (0)

 Today's Topic: Selling Your Home in a Buyer's Market

Selling your home in a buyer's market is not impossible. The simple solution is to make your home the best home for the best price. If that's the case then your home will sell in a timely manner. So, how do you become the best price? Ask your Realtor what other homes in your neighborhood are selling for price per square foot. Then price your home lower. In order to be the best house you must do a thorough inspection of your home & make needed changes. Please see my "staging your home to sale" checklist on my home page.

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By asking a question, you are agreeing to the following terms & conditions: The answers provided by Tricia Gray are for informational purposes only and not intended to be advice or to establish a client relationship. All information provided is deemed reliable but not guaranteed

Posted by Tricia Gray on May 5th, 2009 3:15 PMPost a Comment (0)

April 16th, 2009 12:21 PM

 

 

Posted by Tricia Gray on April 16th, 2009 12:21 PMPost a Comment (8)
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