Education is a top priority in Homewood. The elementary schools have consistently been nationally recognized Blue Ribbon Schools. “Money Week” magazine recognized Homewood as being the only Alabama community offering first class public education at an affordable price in an affordable community. Homewood also boasts several private schools and many day care facilities. Samford University, a private university is set in a scenic Williamsburg style campus and is ranked among the nation’s top universities.

Shopping abounds in Homewood. The “Central” Shopping district located along 18th Street down by the plaza offers the best in exclusive shops. Just off 18th you will find many art galleries and fine antique stores. Close to the Red Mountain Expressway you’ll find, Soho, Murifield Village, and Merchants’s Walk just waiting to be discovered.

From a cozy cottage to an exquisite tudor, Homewood boasts some of the finest real estate in the Birmingham metro area.  Resale values remain stable because of the high demand by the medical community to live close to UAB Hospital.  To find your dream home in Homewood, expect to pay from the high $200′s to well over a $1 million.  Homewood is a great place to call home!

Excerpts from Relocate America

Twenty-one percent of the National Association of Realtor members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.

The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price. Source: National Association of REALTORS®

So what should you do before you buy to avoid a cancellation:

• Compare the Comps - Check out the prices of homes that are comparable in size and amenities in the neighborhood you are looking to buy a home. You can do this on the internet via sites like Trulia.com and Zillow.com.  Remember, their information may be several months out of date. It is always best to consult with your Realtor®.  We have access to the most accurate and up-to-date information on all neighborhoods in the area.
• Check Your Credit Report – AnnualCreditReport.com is the only government sanctioned website that can provide your credit report for free. Once your report has been sent to you, go over it thoroughly so you can identify and correct any mistakes you find.  Mistakes do happen often.  In order to get the best interest rate possible, you must have a credit score over 700. The lower your credit score, the more money you will be paying in interest. By clearing up any mistakes on your credit report, you will be able to get a better interest rate on your mortgage loan.
• Get Pre-Approved, Not Pre-Qualified - It takes just moments to get pre-qualified. But this doesn’t mean you will be approved for that amount on a mortgage loan. By getting pre-approved, you know exactly how much you will be able to spend on your new home in Birmingham.  Also, sellers are happier to work with someone who already has financing in place.
• Hire an Exclusive Buyer Agent to work for you – Christina Rickey, Broker of Home Search Solutions, is an Exclusive Buyer Agent who provides representation and assists home buyers with planning, locating property, negotiating price and terms, financing, inspections and much more.  An Exclusive Buyer Agent is your best solution for wading through the complexities of real estate transactions. You will receive an unprecedented level of personal attention and hands on service.  Your best interest is always a priority.  Only an Exclusive Buyer Agent will be your advocate during the home buying process.

With a little due diligence on your part, you may find that you are able to buy the home you have always wanted!

Try to close your mortgage near the end of the month. Because all mortgage loans are due on the first of the month, you will have to pay interest from the day you close until the end of the month. You can avoid or greatly reduce prepaid interest due by closing the last day of the month or near that date, and save yourself hundreds of dollars.

As part of the sale contract, you can negotiate with the seller of the property to help pay for some of the closing costs, points or other fees.

Plan ahead with your mortgage lender. Don’t wait until the day of closing to try to reduce costs.

(Feb. 16-19) Don’t know what to do this weekend?  Why not take in The Birmingham Home & Garden Show.  It is a great place to find fresh ideas and smart advice for gardening, home improvement, decorating & more!  Meet Andrew Downward of HGTV’s Divine Design, Eric Stromer of HGTV’s Over Your Head, and William Moss of HGTV’s DIG IN.

Birmingham-Jefferson Convention Complex
2100 Richard Arrington Jr. Blvd. North
Birmingham, AL 35203

► Total residential sales in January 2012 were 594 compared to 511 in January a year ago (16% increase)

► Average price in January 2012 was $160,354 compared to $164,216 in January 2011 (2% decrease)

► Median price in January 2012 was $130,000 compared to $132,500 in January 2011 (2% decrease)

► Inventory totaled 7,607 for January 2012 compared to 9,269 in January 2011 (18% decrease)  

For a full copy of Monthly Market Report, click: http://bamls.com/PDFs/BrokerReport.pdf

Source:  Birmingham Association of Realtors

The 11th annual Mercedes Marathon will be held Feb. 11-12, 2012, in downtown Birmingham.

The Mercedes Marathon is a qualifier for the Boston Marathon. Thousands of runners from around the world will be competing in Birmingham for the event.  The race also includes a children’s run and a 5K run on Saturday.  Sunday’s runners participate in either the full marathon or half marathon route through downtown Birmingham.  Individuals and teams also run on behalf of local charities sponsoring children with special needs.  Now in its eleventh year, the Mercedes-Benz Marathon weekend of events has become a Birmingham tradition.  The 2011 event included more than 9,000 runners and walkers of all ages, shapes and sizes.

Proceeds from the event are given annually to children charities including The Bell Center for Early Intervention Programs and Kid One Transport.  For more than 25 years, The Bell Center for Early Intervention Programs has provided therapy and special education services for infants and toddlers at risk for developmental delay including children born prematurely, or with spina bifida, cerebral palsy, Down syndrome and a variety of other genetic disorders through its therapeutic programs.  The program has realized dramatic results for more than 1,000 children who have benefited since its inception.  Kid One Transport is a non-profit organization which provides transportation for children and expectant mothers in Alabama to any scheduled appointment to improve their health – medically, mentally, or physically.  Since its inception in 1997, Kid One has completed 150,000 trips and served thousands of families.  The Mercedes Marathon has raised more than $3 million for charity.  If you are not a participant, come downtown and cheer the runners to the finish line.  The Mercedes Marathon is Birmingham’s most recognized charitable event with a rich tradition.

What are the experts saying about interest rates?

In Freddie Mac’s results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.

• 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.8 point for the week ending February 2, 2012, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
• 15-year FRM this week averaged 3.14 percent with an average 0.8 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.7 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.69 percent.
• 1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. At this time last year, the 1-year ARM averaged 3.26 percent.

According to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections. The Gross Domestic Product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3.0 percent, while consumer spending in December was flat. One bright spot, however, was that fixed residential investment increased for the third consecutive quarter and residential construction spending rebounded in December, rising 0.7 percent.”

Source:  Realty Times, February 3, 2012

Buying up can mean multiple things to different buyers. For some, it means expanding the footprint of a home because of a growing family.  For others, it means relocating into a pricier neighborhood. An exclusive buyer agent can advise buyers on community trends and can recommend neighborhoods that are resilient in a fluctuating market.  Just because you have bought and sold real estate in the past, there are always new questions to ask: Will I be able to sell my existing home?  What is happening in the Birmingham Real Estate Market?  How do I know if I am getting a good deal?  What do I need to know about Chinese drywall, mold, radon, etc?  Has the home buying and loan process changed since I bought my last house?  To answer these questions, Christina Rickey of Home Search Solutions keeps up with the Birmingham real estate market, products, neighborhoods, and area happenings through continuing education, real estate designations, trade journals, conventions, and by aligning herself with professionals in the industry.  To keep you better informed of the Birmingham real estate market, Christina has also placed the Birmingham MLS Monthly Market Report on her Home Search Solutions website.  Click the website tab at the top of this blog to access the Home Search Solutions website home page, then click  the Monthly Market Report tab. After you generated the right questions and decided you want to purchase a new home, call Christina Rickey.  She will be your advocate all along the way.

Adjacent to the Farmhouse is Farmhouse Lake which consists of 14 acres and is fully stocked with bass. Other amenities include a community pool and nature/walking trails surrounding the lake.  Greystone Farms, a great place to live, play, relax, and call home.  The seven neighborhoods in Greystone Farms include:

Guilford — A garden home community situated on Farmhouse Lake.

Terrace Hills — A garden home community rising above Farmhouse Lake and nestled between rolling hills and lush wooded terrain.

Mill Creek — A garden homes across from Farmhouse Lake.

English Turn — A garden home community with architecture reminiscent of a quaint European village.

Milner’s Crescent — A single family home community with larger homes, many boasting three levels and lush landscaping.

The Brae — A single family home community nestled on top of a high ridge with panoramic views of Oak Mountain and Shoal Creek from every direction.

Lake’s Edge — A single family home community with large custom homes situated on beautiful Farmhouse Lake.

Click this link to see all the active MLS listings in Greystone Farms. 

For more information on Greystone Farms contact Christina Rickey at crickey@homesearchsolutionsalabama.com.