We are well underway with 2008, and time to continue our look at the year of market statistics for Birmingham AL Real Estate. As we have always stated that as a homeowner, potential resident, potential seller, or as a real estate consultant, we think it is always important to know the stats about what is happening with Pelham AL Real Estate. For this report we wanted to focus in on Ballantrae Real Estate in Pelham, Alabama

 August 2008 Listed Properties

For the month of August there were 10 Newly Listed Ballantrae Homes for Sale. The Average Price was $325,400. The Median Price was $280,000.

 August 2008 Sold Properties

For the month of August there were 3 Sold homes in Ballantrae AL Real Estate in Pelham, Alabama. The Average Price was $378,467. The Median Price was $359,900 with 1 Average Days on Market, at 99% of list price.

Currently active as of 9/08

Currently there are 66 Active Ballantrae Homes for Sale with an Average Price of $330,679. The Median Price is $279,900 and the Price with 88 Average Days on Market.

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We are well underway with 2008, and time to continue our look at the year of market statistics for Birmingham AL Real Estate. As we have always stated that as a homeowner, potential resident, potential seller, or as a real estate consultant, we think it is always important to know the stats about what is happening with Vestavia Hills AL Real Estate. For this report we wanted to focus in on Liberty Park Real Estate in Vestavia Hills, Alabama.

August 2008 Listed Properties

For the month of August there were 24 Newly Listed Liberty Park Homes for Sale. The Average Price was $751,788. The Median Price was $735,000.

 August 2008 Sold Properties

For the month of August there were 6 Sold homes in Liberty Park AL Real Estate in Vestavia Hills, Alabama. The Average Price was $626,500. The Median Price was $674,000 with 151 Average Days on Market, at 97% of list price.

 Currently active as of 9/08

Currently there are 86 Active Liberty Park Homes for Sale with an Average Price of $840,844. The Median Price is $721,000 and the Price with 110 Average Days on Market.

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                    PRE-QUALIFICATION AND PRE-APPROVAL

Many people searching for a Birmingham Alabama buyers apply for a loan and obtain approval before they find the home they want to buy.  Why?

Pre-qualifying will help you in the following ways:

• 1. Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make.
• 2. You won't waste time considering homes you cannot afford.

Pre-approval will help you in the following ways:

• 1. A seller may choose to make concessions if they know that your financing is secured. You are like a cash buyer, and this may make your offer more competitive.
• 2. You can select the best loan package without being under pressure.

How Much Home Can You Afford?

There are three key factors to consider: 

• 1. The down payment
• 2. Your ability to qualify for a mortgage
• 3. The closing costs associated with your transaction.

Down Payment Requirements:

Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan.  If you are able to come up with a 20-25% down payment, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage insurance.

 Closing Costs:

You will be required to pay fees for loan processing and other closing costs.  These fees must be paid in full at the final settlement, unless you are able to include them in your financing.  Typically, total closing costs will range between 2-5% of your mortgage loan. 

 Qualifying For your Birmingham Alabama Real Estate Financing:

Most lenders require that your monthly payment range between 25-28% of your gross monthly income.  Your mortgage payment to the lender includes the following items:

• § The principal on the loan (P)
• § The interest on the loan (I)
• § Property taxes (T),
• § The homeowner's insurance (I).

Your total monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income.  These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and  Value of your Birmingham alabama real estate.

Your interests are professionally represented -

Enlisting the services of a professional Birmingham Alabama Buyer's Agent is similar to using an accountant to help you with your taxes, a doctor to help you with your health care, or a mechanic to help you with your car.  If you had the time to devote to learning everything about accounting, medicine, and automotive mechanics, you could do these services yourself.  But who has the time?  This is why you allow other professionals to help you in their specific areas of expertise.

We will take care of the hassles of everyday real estate transactions for you.  We let you concentrate on your full-time job, while we do our job.  We guide you through the home-buying process and exclusively represent your interests as we help you find a home, present your contract offer, negotiate, and close on your home!

Read Also: Why Use an Accredited Buyers Reprentative(ABR)

You get a personal specialist who knows your needs -

Just as your accountant, doctor, and mechanic understand your specific needs, as your Birmingham Alabama Buyer's Agent, we get to know your real estate needs and concerns.  This type of relationship is only built through open communication at all times.  As your Birmingham Alabama Buyer's Agents, we will save you a lot of time by providing you all the details about any home before you see it.  In addition, as your Buyer's Agent, we will listen to your feedback and concerns about each home.

You will quickly and conveniently get a great home -

The advantage to signing a Buyer's Agency Agreement with us is that you will have a professional agent working to find and secure the ideal Birmingham Alabama home for you.  It is nearly impossible to find a home that meets your needs, get a contract negotiated, and close the transaction without an experienced agent.  You won't need to spend endless evenings and weekends driving around looking for homes or trying to search computer networks by yourself.  When you tour homes with us, as your professional Buyer's Agent, you will already know that the homes meet your criteria and are within your price range.

Read Also: GEtting Familiar with the Birmingham Alabama Area Real Estate

What is the Buyer's Agency Agreement -

Entering into a Buyer's Agency Agreement with us has countless advantages.  When you sign the agreement, you are simply agreeing to "hire" a team of personal representatives who, by law, must represent your best interests to the best of his/her ability.  All of this personal service is available at absolutely NO COST TO YOU!  The Seller's Agent is responsible for paying your Buyer's Agent fee.  With us, you get a team of professional agents devoted to protecting your needs and to helping you make one of the most important investment decisions of your life -- and you don't even have to pay the fee!