Charles Woodall's Blog

Lots of school information now available on DothanHomeSearch.com

CENTURY 21 Key Realty — Wed, 08 Apr 2009 09:57:52 -0700

We are pleased to announce the addition of a page here on Dothan Home Search specifically dedicated to our area schools. When you visit dothanhomesearch.com/schools, you will see a map of area schools, and be clicking on a specific school location, you'll get some general information as well as a couple of links to school test scores, demographic information, and reviews. The page is not quite completed, but we are adding more schools and links daily until it is. The link to the page will show up on the sidebar under the "Inside Dothan Home Search" section of links. Is there school information you would like to see missing from this page? Let us know by leaving us a note below and we will look into adding it!

Dothan Real Estate - March Sales Report

CENTURY 21 Key Realty — Wed, 25 Mar 2009 11:31:03 -0700

The January slide has continued into February, with February sales dropping over 24% from February, 2008. The number of homes sold was up 50% from January however. Overall, home sales in the Dothan real estate market are down a full 25% for the first two months of 2009, compared to 2008.

Pending sales have leveled off as well, although the total number is still significantly higher than it was three months ago. With spring arriving and the new $8,000 tax credit for first-time home buyers, I do feel there will be an upturn in the numbers soon.

Not surprisingly, the $110,000 to $160,000 price range is currently the most active. The upper end market has picked up some as well, with seven sales over $300,000 in the last 45 days.

I have to say that I didn’t see this big of a drop-off coming. We have been very busy around our office, so I assumed everyone else was too.

As far as national market trends go, the Dothan area is typically 12–24 months behind the national trends. If you read our monthly inventory report earlier this week, you saw that while the number of homes for sale here in the Dothan area is climbing, the number in most other areas is declining. And while median price was falling over most of the country last year, Dothan remained stable. That being said, I think we are reaching the point where price is going to have to come down to move the mountain of inventory we have accumulated.

Home Seller Series - You've got three weeks to sell your home

CENTURY 21 Key Realty — Wed, 25 Mar 2009 11:14:06 -0700

This article was originally posted on DothanHomeSearch.com

A week or so ago, we talked about the three different types of home buyers , and gave you some information on each one. Today, I want to look out how each buyer looks at your home when it hits the market. Now you've probably heard somewhere that the first three weeks of a listing are the most important. The truth is, it is only during those first three weeks that you have a chance to capture all three buyer types.

Home buyers are ready and prepared, are you?

We know these folks are sitting on ready, and are waiting for the right house to come along. They are monitoring the MLS daily and watching several real estate websites. Their agent is hopefully doing the same thing. A house cannot hit the market and these folks not know about it. They will analyze the information and look at the pictures. Then they will call their agent to schedule a showing. If it fits, they'll make an offer; if it doesn't, they'll move on.

Within a couple of weeks of listing, every ready and prepared home buyer will have seen information on your home. If they haven't, they either aren't ready and prepared, or they need to fire their agent. After the first three weeks, you have lost your chance to sell to these buyers.

The deal makers

These are the buyers that are looking for what they consider a good value, or "deal". They can and likely will pull the trigger as soon as they find it. They want to buy, so they are watching the MLS and the various websites as well. They might even watch it closer than the ready and prepared buyers, because they are motivated by price, and to find the deal they are looking for they have to know what homes are selling for. Once your house hits the market, the vast majority of these buyers will also see it within the first couple of weeks. If it is not positioned at a price they consider to be a value, they move on quickly.

After the first few weeks, you have lost your chance to sell to these buyers, unless they happen to still be around when you reduce the price at a later time. That is a subject for another post.

We just decided we want to buy a house

They've just started looking. They may or may not be working with an agent. Be thankful for these folks, because one of them will be the one that buys your home, since the ready and prepared ones have moved on. The good news is, these buyers are entering the market all the time.

Here is an easy way to visualize this. Picture a dam, and that the water behind the dam is buyers. The dam breaks when your home is listed, and the rush is on. You are flooded with potential buyers. As soon as the initial flood is over however, the volume of water (buyers) is reduced to a slow, but hopefully steady stream. You can’t put the water back behind the dam, so you will never have that big pool of buyers again, once the first few weeks of the listing are over.

Our market statistics bear this out. The average days on market for homes sold in Dothan in 2008 was 146 days. Around 40% of homes sold within 90 days, which is a time table that would make sense if the home was bought by a ready and prepared buyer. Again, they are prepared to buy when the right house comes along. Another 40% of homes sold took over 135 days to sell.

The conclusion? If you can’t reach a ready and prepared buyer with something that sets your home apart from all the rest, or you can’t offer a dramatic price to the “dealers” at the time you put your house on the market, be prepared to wait.

Dothan Real Estate - March Inventory Report

CENTURY 21 Key Realty — Thu, 19 Mar 2009 09:57:02 -0700

This article was originally posted on DothanHomeSearch.com

The number of homes for sale in the Dothan area continues to rise, moving up almost 5% in the last 30 days and up over 8.5% since the first of the year. Across the nation however, inventory levels are dropping. Dothan has always lagged behind the national trends, so this isn’t totally unexpected. Although, such a sharp rise in a short amount of time is a little worrisome.

Absorption rate

Even though the number of homes for sale in Dothan has increased, pending sales are still relatively stable, which means the absorption rate, or the number of months it would take to clear the market if no more houses were listed, has moved down by a couple of months. There is currently 15.92 months of inventory on the market here in Dothan.

Here are inventory and absorption rate numbers for several areas around the Wiregrass.

	Sold	Active	Absorption
Area	February	3/15/2008	Rate (months)
Dothan (northwest) - Midland City	19	181	13.9
Dothan - Southwest	21	333	16.9
Dothan - Northeast	4	42	14
Dothan - Southeast	14	120	14.4
Headland	3	46	27.5
Rehobeth - Taylor	2	75	22.5
Wicksburg - Pinckard - Newton	2	28	12
Slocomb - Hartford - Geneva County	3	36	27.1
Abbeville - Newville	0	28	84.9
Ashford - Cottonwood - Gordon	2	56	28
Columbia - Webb - Kinsey	1	29	12.4

Keep in mind that the absorption rate is based on a three-month average of sales.

Tags: absorption+rate, Dothan, real+estate+market

Home Seller Series - 3 types of buyers you need to know about

CENTURY 21 Key Realty — Thu, 05 Mar 2009 10:36:32 -0800

This article was originally posted on DothanHomeSearch.com

While I'm not inclined to put people, in this case home buyers, into definite, immovable categories, it is important in our business to look at these things and try to help our seller clients determine how to use the information to their advantage. Sellers need to not only know how we attract buyers (marketing plan), but also what appeals to different types of buyers. I saw a presentation this past week that put all home buyers into one of these three categories, so I thought I would talk a little about each of them.

Type 1 - Ready and prepared to buy

These are by far the favorite type of buyer for both agents and home sellers. These buyers have their financing lined up and ready to go. They don't have to finish a lease or sell another property before they can close. They are ready to move as soon as an acceptable property is located. When the right house is found, their mentality is "What will it take for us to get this home?" Type one buyers respond to pricing but are not necessarily motivated by it. They look closely at the intangibles of a property to see if it fits the needs of their lifestyle, and they are often willing to pay a little extra for things that are important to them. These buyers often create competition with other type one buyers on the same home. Unfortunately for home sellers, there is no one attribute your home can have to make it appeal to all these buyers in your price range. Condition and curb appeal are very important. You've got one shot at these buyers, and that is in the first two weeks your home is listed. If your house doesn't have what they are looking for, they move on.

Type 2 - Want to buy

These are the value buyers. These are the ones looking for a "deal". They do want to buy a home, but will always try to determine what a house is really worth to them. And they won't pull the trigger until they are satisfied that they are purchasing something at or below its real value. They will make offers below the perceived market value. Folks early in the home buying process can be this type of buyer before becoming a type one as they get closer to a target move date. As with the type one buyers above, a home sellers best shot at these buyers is when the listing is new. The difference however is that these buyers are more motivated by pricing, which means that homes with no justification for a premium price (perception of value) are not going to get much of a look. Subsequent price reductions can interest these buyers down the road, but only if they are aware of it and have not moved up to a type one.

Type 3 - Just entering the market

These are the folks that have just decided they want to buy a house. They are typically neither prepared nor ready. Their question is always, "Where do we start?" If they are motivated enough, these buyers will end up being type one buyers in a relatively short amount of time. The rest will end up as a "Want to buy" home buyer. This type buyer is entering the market all the time and are sparked to do so for a variety of reasons, including a for sale sign in the yard of a house that really appeals to them. Once the first two or three weeks of a listing are history, and the ready and prepared buyers and the want to buy buyers have moved on, these are the buyers a home seller is left with. Do all home buyers absolutely fall into one of these three categories? Of course not. But the vast majority will, and a working knowledge of what appeals to and motivates home buyers is essential for home sellers in today's market. We will spend some time in the coming days talking about how home sellers can use this information to their advantage.

Tags: home+sellers, types+of+home+buyers

Get up to $8,000 just for buying a home

CENTURY 21 Key Realty — Fri, 20 Feb 2009 13:28:27 -0800

This article was originally posted on DothanHomeSearch.com

Part of the new economic stimulus package just signed by President Obama aims to stimulate the housing market. This post is not to debate the merits of the plan, or even this specific provision of it. The purpose of this post is to give you, our Dothan area home buyers, the information you need to be able to take advantage of the $8,000 tax credit. Here is everything you need to know.

Who gets to use it?

First-time home buyers are eligible. First-time home buyers are defined as the folks who have not owned a home in the three years prior to purchase. In addition, the credit begins to phase out for purchaser’s making over $75,000 ($150,000 joint return) a year. The credit disappears at the $95,000 ($170,000 joint return) income level.

What kind of house can you buy?

Any single-family residence that will be used as your primary residence is eligible.

How much of a tax credit will I get?

The credit is for 10% of the purchase price of your home, up to $8,000. For any home under $80,000, you would get a 10% credit. Over $80,000, and the credit is the full $8,000.

How does this tax credit work?

Basically, this credit goes toward your Federal income tax bill for the year. So, when you fill out your tax return early next year, you will be able to deduct this credit from the income tax you owe. Look at your tax return for 2008, or, if you haven’t completed it yet, look at your return from 2007. Look for the line that shows the total tax you owed (Line 61 on Form 1040, Line 37 on Form 1040A). You will get to deduct 10% of the purchase price of your home, up to $8,000, off of this amount. There will be a line in the “Payments” section of your return to do this. If you didn’t owe that much in taxes, then you get whatever is left as a refund! Keep in mind that when we talk about taxes owed, we are talking about your total Federal income tax bill, not any amount that comes up in the “Amount You Owe” line of your return.

Do I have to pay it back?

No. Not for any home bought after January 1, 2009 and before December 1, 2009. There is a recapture clause, which states that if the home is sold within three years of purchase, the entire amount of credit is recaptured on sale. This applies only to homes purchased in 2009.

Any way you look at it, this is a pretty sweet deal for home buyers. We’ve got a strong team of REALTORS® waiting to answer your questions and help you find a home.

Dothan real estate market - February inventory report

CENTURY 21 Key Realty — Mon, 16 Feb 2009 14:46:55 -0800

This article was originally posted on DothanHomeSearch.com

As expected, the number of homes for sale in Dothan has moved back up this month. As of this past Monday, there were 1012 houses listed for sale in the Dothan MLS, up from 979 in January. Inventory levels are seasonal just like sales are, so we expect this number to move up even more, although how much is hard to predict.

Absorption rate
We have already talked about how pending sales are up significantly right now, but that rise has yet to translate into any increase in the number of homes sold (more on home sales next week). The absorption rate for February rose to 18.4 months. Basically, what this means is that if no more homes came on the market, it would take a year and a half to sell everything, based on current sales numbers.

This month we are going to look at absorption rates based on price range instead of area. This table shows the number of months of inventory in the respective price range.

	Sold	Active	Absorption
Price Range	January	2/6/2008	Rate (months)
$50,000 - $99,999	8	155	11.6
$100,000 - $149,999	7	237	19.2
$150,000 - $199,999	10	233	21.2
$200,000 - $249,999	7	86	15.2
$250,000 - $299,999	4	108	27
$300,000 - $399,999	2	94	94
Over $400,000	0	67	-

To say the housing market in Dothan in the $250,000 price range is slow might be an understatement. To say the market in homes priced over $400,000 is dead is not a stretch at all.

Tags: absorption+rate, Dothan, real+estate+market

Dothan real estate market - February new construction report

CENTURY 21 Key Realty — Mon, 16 Feb 2009 14:42:57 -0800

This article was originally posted by Judy Spears on DothanHomeSearch.com

There were 13 permits issued in January for new homes to be built, which is coincidentally the lowest monthly figure since last January. Activity ramped up in February and March of 2008, so we will see if that happens again this year. Interestingly, there have been only a couple of permits issued where the valuation was over $300,000 in the past few months. Charles pointed out in last week’s Dothan real estate inventory report that this price range is basically dead in our area right now, new home market included.

There are currently 233 new construction homes listed for sale in the Dothan MLS, up over 7% from last month. Well over half of those listed are in the $100,000 to $200,000 price range. There were 12 sales of new construction homes in January, with an average price per square foot of $110.96 and average days on the market of 159 days.

If you have an interest in building or purchasing a new construction home, give me a call or use the contact form. As a Certified New Homes Specialist (CNHS), I have extensive training in the new home market and would be happy to consult with you on your real estate needs.

Tags: Dothan+real+estate, Dothan+new+construction

Dothan real estate market - February sales report

CENTURY 21 Key Realty — Mon, 16 Feb 2009 14:37:53 -0800

There was a fairly significant 20% drop in year over year home sales in the Dothan area for January. Last year, there were 63 homes sold in January, compared 50 this year. This number also represents the least number of homes sold in a month since way back in 2000.
Looking at the pending sales chart for the last three months gives us some reason for optimism however. Pending sales have trended higher the past few weeks, which should mean that February and March sales numbers will be higher.

There are segments in the Dothan real estate market that are struggling. The upper-end of the market (homes priced over $300,000) is really slow right now. In fact, there has only been one home sold in Dothan priced over $400,000 since the first of November; a short sale we had listed that was pending for nearly eight months. But sales in lower price ranges are down too, although the disparity is not nearly as graphic.

Tags: Dothan+real+estate

Dothan Real Estate - December 2008 Inventory Report

CENTURY 21 Key Realty — Mon, 22 Dec 2008 15:14:41 -0800

There hasn’t been much movement either up or down in the number of homes for sale in the Dothan MLS over the past several weeks. Single family houses for sale peeked around 1,030 in early November, but have since settled back down to around the 1,000 mark. Considering that an increase in inventory during the fall is very common, it looks as though the top may have been reached. We will know after the first of the year, when another surge upward could occur.

Absorption rate
A big fall in the number of homes sold in November (more in the sales report coming next week) lead to a rise in absorption rate. Refreshing everyone’s memory, absorption rate is the number of month of inventory currently on the market at the current sales pace. In other words, how long it would take to clear all the homes for sale on the market if no more were listed.
The absorption rate for December is up to 12.67 months, the highest since at least 2000 or 2001.

Here are inventory and absorption rate numbers for several areas around the Wiregrass.

	Sold	Active	Absorption
Area	November	12/19/2008	Rate (months)
Dothan (northwest) - Midland City	8	168	21
Dothan - Southwest	12	297	24.75
Dothan - Northeast	3	38	12.67
Dothan - Southeast	5	110	22
Headland	2	52	26
Rehobeth - Taylor	0	5	-
Wicksburg - Pinckard - Newton	3	29	9.67
Slocomb - Hartford - Geneva County	1	35	35
Abbeville - Newville	2	27	13.5
Ashford - Cottonwood - Gordon	2	44	22
Columbia - Webb - Kinsey	3	28	9.33

Tags: absorption+rate, Dothan, real+estate+market

Day trips from Dothan - Kolomoki Mounds

CENTURY 21 Key Realty — Tue, 26 Aug 2008 15:29:43 -0700

This article was originally posted on DothanHomeSearch.com

My wife and I love to occasionally load up the kids and take off to any interesting place we can find within a short drive of Dothan. Our area has an abundance of unique sights, some well known and some not so well known.

Kolomoki Mounds State Park

Location – Early County Georgia, just north of Blakely. Take Hwy 52 on the east side of town toward Columbia. Once in Georgia, just follow the signs.

Drive time from Dothan – about an hour or so

Cost – $3 to park, a few dollars to see the presentation at the Interpretive Center. Overall, we spent less than $20 for a family of five. Camping, etc. are extra.

Amenities – Camping, swimming pool, lots of picnic and play areas, fishing, hiking, Indian museum

Best advice – Appreciate the history of this area, and wear comfortable climbing shoes

Website – Georgia State Parks – Kolomoki Mounds

One of the most important and well preserved archaeological sites in our area, Kolomoki Mounds nearly 1300 acres feature seven earthern Indian mounds built by the Swift Creek and Weeden Indians somewhere between 250–950 A.D. The Temple Mound is by far the largest, and a walk up the steps to the top gives you a view of most of the park. The park was formed back in the late 1930’s, and in 1940 the Civilian Conservation Corp built a camp and a dam to form the 80 acre lake.

Archaeological excavations took place in the late 1940’s and early 1950’s lead by Dr. William Sears. The Museum and Interpretive Center are actually built around one of the burial mounds, so visitors can see first hand what the inside of one of the mounds looks like.

Realistically, you can see the sights and the museum in just a few hours. There are some great picnic areas and pavilions scattered throughout the park, so be sure to take a lunch and enjoy those. The kids will love the playgrounds!

Tags: Kolomoki+Mounds,

Things+to+do+around+Dothan

Downpayment assistance - Is it really over?

CENTURY 21 Key Realty — Fri, 22 Aug 2008 11:19:06 -0700

Down payment assistance programs are winding down. Beginning October 1, pretty much every homebuyer will need at least 3.5% as a down payment if they want to buy a home. As discussed a couple of weeks ago, the end of these programs will mean about 10% fewer buyers looking for homes here around Dothan. It also means what is already a tough market for sellers is going to get even tougher. There is really no other conclusion one can draw but to say that elimination of DPA programs is going to adversely effect the Dothan real estate market.

Legislation has been introduced that would bring back these programs. H.R. 6694 would regulate the programs instead of eliminating them. What can you do? Visit Rally for Home Ownership for information on contacting your legislators. Let them know you support down payment assistance and that right now is the wrong time to be eliminating something that means so much to our economy.

Here is a video that really brings to light the real reason for eliminating DPA’s. HUD wanted them gone.

h/t Jonathan Dalton of All Phoenix Real Estate and Jay Thompson, the Phoenix Real Estate Guy

Scariest sentence in the English language – “I’m from the government, and I’m here to help.”

Tags: down+payment+assistance, FHA+home+buyers

Alabama Foreclosures up 73%

CENTURY 21 Key Realty — Fri, 22 Aug 2008 10:26:19 -0700

This article was originally posted on DothanHomeSearch.com

How is that for a sensational headline? Do you think the media is trying to influence your thinking?

This indeed was the headline of a post this week from the Birmingham Business Journal. As is usually the case though, the headline doesn’t really tell the story. Context is very important.

If you go on to read the entire piece, you will see that the 73% increase is from July of 2007. There was a small 11.5% increase over June, 2008, and it is important to note that the number of foreclosures in Alabama had actually been dropping slightly up until early summer.

Speaking of putting something in context, below is a link to an excellent analysis of the current housing “crisis”.

http://www.cnbc.com/id/15840232?video=780461999

In my opinion, a more appropriate label would be “correction”. A couple of points to take away from this video. First, the State of California has more foreclosures than 40 other states COMBINED. Second, it really does seem that the only time we as Americans can be mobilized to do something is if we call it a crisis.

Hat tip to Bob Fortner (Raleigh Real Estate Talk) and Kathy Drewien (Property Lines Atlanta Real Estate) for the video

Tags: CNBC, housing+crisis, foreclosures

Dothan Real Estate Report - August Home Starts

CENTURY 21 Key Realty — Fri, 22 Aug 2008 10:16:28 -0700

This article was originally posted on DothanHomeSearch.com

The new home market here in the Dothan area seems to be gaining some traction, after a dismal 12–18 month down period. There were 28 new residential construction permits issued in July, up from 21 in June. Here is the trend over the last twelve months. Inventory of new construction homes on the market is down, which is another sign of a turnaround. There are currently 215 new construction homes listed in the Dothan area MLS, down from 221 last month. The median price of these listed homes is $195,400, which is about $60,000 above the overall market median. There were 15 sales of new construction homes in July according to data from the Dothan MLS, with an average price per square foot of $101.45 and average days on the market of 133 days. If you have an interest in building or purchasing a new construction home, give me a call or use the contact form. As a Certified New Homes Specialist (CNHS), I have extensive training in the new home market and would be happy to consult with you on your real estate needs.

Tags: Dothan+real+estate, Dothan+new+construction

The Southern Boundary of the United States

CENTURY 21 Key Realty — Wed, 30 Jul 2008 11:28:38 -0700

This article was originally posted on DothanHomeSearch.com

This historic marker is located just south of Dothan at the Florida State line, erected on the east side of the highway.

From the Historic Chattahoochee Commission website:

Southern Boundary of the United States, 1795-1819
Location: Located on Highway 231 at Ellicott's Crossing.
Marker Dedication or Erection Date: October 27, 1995
Marker Text:
On October 27, 1795, the United States concluded the Treaty of San Lorenzo with Spain, establishing 31 north latitude as the boundary between its southern territory and West Florida. Despite Spanish delays, commissions representing the two countries began the eastward survey at the Mississippi River. They passed this point in August 1799, and continued to the Chattahoochee River. They later abandoned the boundary survey east of the river due to persistent Indian attacks. The 381 mile survey became known as Ellicott's line in reference to Andrew Ellicott, surveyor for the U.S. commission.

Erected by the Houston County Commission, Dothan Landmarks Foundation, and the Historic Chattahoochee Commission, 1995.

Tags: Historic+markers+around+Dothan

Dothan real estate market steady compared to rest of Alabama

CENTURY 21 Key Realty — Wed, 30 Jul 2008 11:22:20 -0700

This article was originally posted on DothanHomeSearch.com

The Dothan area real estate market was the only area in Alabama to show positive sales growth in June, data from the Alabama Center for Real Estate shows. According to a story in The Dothan Eagle, Dothan was the only market in Alabama to show an increase in June, compared to last year. As posted earlier, home sales here are down about 12% through the first half of the year, compared to the same period in 2007.

So why is this market seemingly stronger than many others around the state? A couple of reasons. First, Dothan has experienced a population boom over the last several years. Second, our local economy is diverse and not reliant on any one industry for growth. Another factor might be affordability. A median price of around $135,000 puts home ownership within reach of many Dothan area residents.

Keep in mind that we do not use statistics from ACRE in our reports here. We use data from the Dothan MLS, which will not include most for sale by owner properties and some new construction, but is timely and overall very representative of the Dothan real estate market as a whole.

Why do you think the Dothan real estate market is not following the trend of sharply declining sales similar to other areas around Alabama and the nation? Let us know by commenting below.

Three ways to avoid a hassle-free closing

CENTURY 21 Key Realty — Mon, 28 Jul 2008 16:30:00 -0700

This article was originally posted on 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

Day trips from Dothan - Chattahoochee State Park

CENTURY 21 Key Realty — Mon, 28 Jul 2008 16:19:32 -0700

This article was originally posted on 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!

Tags: Things+to+do+around+Dothan, Chattahoochee+State+Park

Dothan Real Estate Report - July Inventory

CENTURY 21 Key Realty — Mon, 28 Jul 2008 15:41:55 -0700

This article was originally posted at 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!

Tags: absorption+rate, Dothan, real+estate+market

Dothan Real Estate - Mid-Year Update

CENTURY 21 Key Realty — Mon, 28 Jul 2008 15:36:41 -0700

This article was originally posted on 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!

Tags: Dothan+real+estate+market

Dothan Real Estate Report - July Sales Update

CENTURY 21 Key Realty — Fri, 18 Jul 2008 21:27:38 -0700

This article was originally posted on 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

Dothan Real Estate Report - July New Construction

CENTURY 21 Key Realty — Fri, 18 Jul 2008 21:24:13 -0700

This article was originally posted on DothanHomeSearch.com

There is nothing else to say about the new home market here in Dothan other than it is flat. New home starts continue to be low and the number of new construction homes on the market is at an all-time high. There were 21 new residential construction permits issued in June, down from 23 in May and June of 2007.

Here is the trend over the last twelve months.

Inventory of new construction homes on the market remains steady. There are currently 221 listed in the Dothan area MLS, up slightly from last month. The median price of these listed homes is $199,900, over $60,000 more than the overall market median which is around $135,000. Average days on the market is 196 days.

Is the long-term trend any better? Maybe. The new home market in Dothan hopefully bottomed out around the first of this year.

What does all this information mean to you? If you are in the market for a new home, then you have a lot of choices and some bargaining power, especially in higher price ranges.

If you have an interest in building or purchasing a new construction home, give me a call or use the contact form. As a Certified New Homes Specialist (CNHS), I have extensive training in the new home market and would be happy to consult with you on your real estate needs.

Tags: Dothan+real+estate, Dothan+new+construction

Dothan Real Estate Market - June Sales Update

CENTURY 21 Key Realty — Thu, 19 Jun 2008 16:05:49 -0700

This article was originally posted on 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?

Tags: Dothan+real+estate

Five Ways to Generate a Low Ball Offer

CENTURY 21 Key Realty — Sat, 14 Jun 2008 18:53:41 -0700

This article was originally posted on DothanHomeSearch.com

There is plenty of advice out there on things you need to do to get top dollar for your home. I'm here today to speak to those sellers that are not really interested in getting the most they can get (for whatever reason), so here are some tips you can follow to help insure that you get a low offer.

1. Don't look at your competition

If you are not concerned with your bottom line, then don't worry about what other homes in your neighborhood are selling for or what condition they are in. In the majority of neighborhoods, there are several homes for sale, and most of these have fairly similar amenities compared to yours. Buyers WILL see them all and WILL base their offer accordingly, looking at overall condition and updates and upgrades. Since you aren't looking at your competition and adjusting these things accordingly, buyers ARE going to offer you less.

2. Put off routine maintanence

Don't worry about fixing those rotten door casings, changing out your air filters, or replacing your worn roof. Time is money, and you're wanting low offers anyway.

3. Use comparable sales from the past 12 months

These are the comparables that appraisers use, right? Yes, appraisers will use comps from the past six months because they have to, but appraisal values do not adjust as quickly as real market value. So if you want a low offer, price your home slightly above the recently appraised value. To get a true picture of the current market, you'd need to go back to 2003 or 2004 for pricing comparables.

4. Show signs of desperation

Are you justifying your above market asking price with the rationalization that "I can always reduce it later"? There is really no better tool you can use to get a low ball offer than start chasing the market, or reducing your price regularly to get to the price you should have originally listed. Repeated price changes mean one thing to buyers; "they'll come down some more". And what if you list too high and don't come down? That would go under a post title of "How not to receive any offers at all."

Are you putting something to the effect that you are a "motivated seller" in your marketing efforts? That is another great way to generate a low ball offer.

5. Hire a timid agent

This one is probably the easiest of all. Be sure to hire an agent that will list at whatever price you want and will not give you lip about doing this and doing that to make your house more attractive. Your best choice is a good friend or a licensed family member that does real estate part-time, just to have something to do.

Here's the facts sellers. There are entirely too many choices out there right now for buyers, so generating a low ball offer is not as hard as it was in the sellers market of 2004-2005. Employ each of these steps to help insure an offer that is well below your list price.

Tags: Dothan+real+estate, low+ball+offers

Dothan Real Estate Market Report - June New construction update

CENTURY 21 Key Realty — Mon, 09 Jun 2008 15:12:30 -0700

This article was originally posted on DothanHomeSearch.com

Well, the jump in new home starts here in the Dothan real estate market was short lived. Last month we had a big increase. This month the number was right back down again. There were 23 new residential construction permits issued in May, down from 37 in April.

Here is the trend over the last twelve months.

Inventory of new construction homes on the market remains steady. There are currently 224 listed in the Dothan area MLS, the same number as last month.

What will next month hold?

Tags: Dothan+real+estate, Dothan+new+construction