Vulcan Park: Birmingham’s History Defined
A visit to Birmingham is never complete without a stop at Vulcan Park. After all, where else can you see the world’s largest cast iron statue?
The Rise of a Roman God
Vulcan, the Roman God of fire and forge, was immortalized in 1904 when Italian artist Giuseppe Moretti used loan iron to make one of the most colossal statues in the world. Rising 56 feet in the air on a 124-foot pedestal, it has since sat atop Red Mountain and overlooked Birmingham. The Vulcan statue is, no doubt, a great addition to Birmingham’s urban landscape.
Restoring Vulcan
The Vulcan sculpture, however, hasn’t always been so admired. In fact, in 1999, the statue was in need of repair, and the surrounding park was closed. However, with public support and the formation of the non-profit Vulcan Park Foundation, the statue was restored to its former glory, and a fantastic educational park complex was built around this symbol of Birmingham.
The Preservation of Vulcan Park
Today, the Vulcan sculpture, along with beautiful Vulcan Park, is preserved and maintained, thanks to many public and private partnerships. Vulcan Park, which now encompasses ten acres, also features an observatory deck for fantastic views of the surrounding city of Birmingham.
Activities at Vulcan Park
The Vulcan Center Museum recounts the history of Birmingham’s past through displays and products. An outdoor information station also provides a plethora of information on Birmingham and its geology and natural environment.
The picturesque public park of Vulcan Park is also a great place to spend an afternoon, and there are a number of special events for the whole family throughout the year. In addition, Vulcan Park and Museum serve as an education tool for learning outside of the classroom.
There are many programs that allow educators to enhance their students’ visit to Vulcan Park, including field trips, classroom resources, downloadable activities and more. Vulcan Park is an ideal place for students to learn about the history of Birmingham, as well as the history of Vulcan.
Mortgages Down after Interest Rates Increase
In light of uncertainty over the debt debate and continued high unemployment rates, a weakened economy has resulted in a slight increase to home mortgage rates. While these increases appear to be impacting the number of homeowners looking to refinance, it does not appear to be negatively affecting home sale at the same rate. In fact, home sales in many areas of the country continue to show some improvement, thanks to lower home prices and favorable mortgage terms, despite the slight rate increase.
What the Numbers Show
According to a recent report at Housing Predictor, the seasonally adjusted refinance index dropped slightly more than the purchase index. The refinance index decreased by 5.5 percent, while the purchase index only fell by 3.8 percent. Average interest rates on a 30-year fixed mortgage increased from 4.54% to 4.57%. Even better – the fixed-rate on a 15-year mortgage barely moved, ensuring those who wanted to pay down principle faster could still do so at the same cheap rate. These numbers were provided by the Mortgage Bankers Association.
Refinancing vs. Buying
While the slight increases in mortgage rates have not served to deter new home buyers significantly, they have effectively reduced the number of consumers looking to refinance. The combination of less favorable rates and fierce partisan debates in congress over how to fix the debt problem may be contributing to a desire to avoid major financial decisions and simply “hunker down” until the potential financial crisis has passed. With any luck, that time will be sooner rather than later.
This situation is also impacting new home purchases, although not to the same degree as the refinance market. When refinancing, it often comes down to dollars and cents. Many other factors come into play when it comes to buying a new home.
In the meantime, the slightly higher mortgage interest rates do not make a large difference in overall purchasing power for those in the market for Atlanta real estate. The huge inventory of homes, on the market for rock-bottom prices, is enough to entice many buyers, despite the rate increase. Even with the modest change to mortgage rates, now is still a good time to purchase Atlanta real estate
Stonecrest Homes Going Strong in Georgia
While Atlanta real estate is still experiencing a slowdown, Stonecrest Homes is going strong. This builder of high-quality, moderately-priced homes has added 10 neighborhoods to its Georgia portfolio after just one full year of operation. The company has become one of the fastest-growing home builders on the new home market today.
Quality, Affordability
Jason Janssen, general sales manager for Stonecrest, told Benzinga that one reason the home builder has seen success in a challenging Atlanta real estate market is their commitment to offering high-quality construction at a fair price. The company also builds homes in a wide price range, from starter homes beginning around $154,000 to estate homes in the $500,000 range. The company also chooses to build in some of the most popular Georgia neighborhoods, including Gwinnet, Hall and Cobb communities. The builder focuses on master planned communities – a booming market for Atlanta real estate shoppers today.
Janssen told Benzinga, “What distinguishes us goes beyond size. It’s our focus on quality-built homes at an excellent price in areas where people most want to live.”
Serving up Service
However, Janssen says a successful Stonecrest experience goes far beyond simply offering the right homes in the best locations. The company is also committed to a level of excellence in customer service that is not often seen from home builders today. Janssen says that way to achieve superior customer service is to listen more than talk, and getting customers answers to their questions as efficiently and accurately as possible.
“The sales team does more than open the front door,” Janssen explains. “We help buyers really understand the features and benefits of a home they’re considering – from building materials to technology – so that we can be a reliable source of information and instill confidence in their purchase.”
With interest rates at all-time lows and a company that is rapidly developing a reputation for quality and customer satisfaction, Janssen is hoping that Stonecrest Homes as a successful second year of business similar to their first. This company offers value in the Atlanta real estate market with efficient production practices and quality materials. The company offers a variety of communities surrounding Atlanta, as well as a handful of neighborhoods south of the city.
How to Sabotage the Home Buying Experience
If you are a first-time homebuyer, you may be quite confused when it comes to the entire home buying process. And to be truthful, for the amateur, it can be very confusing and stressful. However, there are a number of ways to educate yourself and ensure that your first home buying experience is a positive one.
With that said, there are also a number of things that will likely sabotage your home buying experience. In other words, consider this a “Not to Do” list for the first-time homebuyer:
Forgo the services of a real estate agent
You have access to the Internet and you’ve made your way to a few neighborhood open houses, so you really don’t need a Realtor, right? Please think again.
A real estate agent is probably the single most important decision new home buyers can make. A qualified real estate agent is an excellent source of information, particularly for the new home buyer. A professional real estate agent can educate you on the home buying process, can help you secure a home loan, can show you homes and give excellent advice on negotiating, and be there to guide you through the closing.
In other words, one of the worst decisions you can make as a new home buyer is to not see the value in a qualified real estate agent.
Skip the loan pre-qualification process
Many new home buyers, likely because they are overly excited about the thought of purchasing their first home, skip the important first step of getting pre-qualified for a home loan. However, without a pre-qualification, there could be trouble ahead.
Visiting a lender and getting pre-qualified is important in many ways:
- A pre-qualification letter will give you a good idea regarding how much home you can afford
- A pre-qualification letter will let you know if you are eligible for a home loan
- A pre-qualification letter will show sellers that you are serious about purchasing a new home. In fact, some sellers require this when it comes to house showings.
Remain unrealistic in your home search
We all want our dream home, but financial reality means we often must forgo certain features in order to move into our first home. A first home should be considered a starter home, meaning that your first home is your first forage into the real estate game and should be viewed as such. In other words, you don’t have to abandon your dreams, but just remain realistic.
How to Negotiate your Way into a New Home
In today’s real estate market, sellers are more likely than ever to participate in negotiations to sell their home. If you are in the market for a home, now may be a great time to find the home of your dreams. A large inventory of homes on the market, combined with low interest rates, may be exactly what you’ve been waiting for.
The following tips will allow you to better negotiate so that you can get the best home for the best price. Here’s what you need to know:
- Use a qualified real estate agent to help you through the process – Never underestimate the power of a good real estate agent. A qualified real estate agent will have a good understanding of the market and the home negotiation process, thereby providing you with useful insight while negotiating. Listen closely to the advice of your real estate agent when negotiating, and you will likely be in a better position than if you were going it alone.
- Don’t expect a steal – We’ve all heard that sellers in today’s market are desperate to sell. As a result, many buyers make initial offers that are downright insulting to the seller. Although you are free to make any initial offer, be aware that offending the homeowners can make it difficult to come to an agreement regarding the house. In other words, make a reasonable offer, but don’t make a low-ball offer simply because you think you can.
- Consider asking for concessions from the seller – Although you may not be able to get a much lower price for the home, you can certainly ask for seller concessions and extras. For example, you can ask the seller to repair anything that comes up on the inspection, or you can ask the seller to pay all or some of the closing costs. In addition, many buyers today ask sellers to pay for a home warranty; this is often a basic incentive sellers use when selling their home.
- Keep the lines of communication open as long as possible – Even if the negotiations don’t seem to be going your way, try to keep the negotiation process going, as many sellers will eventually come to an agreement with a buyer. Remain flexible, open-minded and reasonable throughout the process, as this will likely garner you the most positive results from the seller.
Being smart in your negotiations, such as asking for expensive concessions rather than simply low balling the asking price, can pay off in a beautiful home for you at the right price.
Your Guide to Homeownership
If you have your sights set on becoming a homeowner, then congratulations are in order!
Homeownership can be quite an exciting and fulfilling time in your life, and it will likely become the best investment you’ve ever made.
With that said, there are a number of things that you should take care of before making the leap into homeownership:
Make sure your homeownership goals are similar to your partner’s goals – One of the first things you should do before approaching the idea of homeownership is to have a frank conversation with your husband/wife/partner about your homeownership goals. It is important to get on the same page before the process even begins. Talk about your goals, your dreams and the reality of your financial and household situation to ensure that the step to homeownership is a step in the right direction.
Order a copy of your credit report – In order to qualify for today’s home loans, you must have great credit. Gone are the days of subprime loans; instead, lenders are looking for individuals who have maintained a solid credit score for an extended period of time. Therefore, the first thing you can do is order a copy of your credit report so you can begin to understand your credit score and your financial obligations.
Consider all of the pros and cons of owning a home – Although owning a home is the dream of millions of Americans across the country, the reality is that homeownership isn’t for everyone. You may appreciate the freedom that a rental property affords you, or you may dislike the idea of being tied down to a particular area for an extended period of time. Therefore, it is best to really take the time to consider all of the pros and cons associated with owning a home.
Talk to a lender – After you have checked your credit and determined that owning a home now is right for you, it is time to head to a home loan lender to discuss getting pre-qualified for a home loan. A lender will assess your credit score and financial situation, along with several other factors, to determine if you qualify for a home loan and educate you regarding your loan options. In addition, a lender will be able to let you know how much home you can afford.
If you have mulled over these four elements successfully, then it is time to begin searching for the home of your dreams!
When is it the Right Time to Buy a Birmingham Home?
When is it a good time to buy? Many would-be buyers have been waiting on the sidelines since the housing market burst and the subsequent near-meltdown of the credit industry. Some analysts have predicted that we have reached the bottom of the market, while others say that next spring will mark the bottom.
Indeed, today’s home prices are exponentially less than they were during the boom, and given today’s extremely low interest rates, now is a great time to buy. Analysts predict that the Fed will need to raise interest rates by the end of this year, which would push up mortgage rates and make purchasing homes for sale in Birmingham more expensive.
However, it is not just the housing market or interest rates that should determine if now is a good time to buy. You may want to consider purchasing a new home if:
You have a steady job – A steady job is one of the first things a lender will review when deciding whether you can afford to purchase a home. Therefore, if you are unemployed; if you are new to your job, or if you don’t have a solid history in your industry, you may not be approved for a home loan. It is also important to stay at your current employer, if possible, during the home buying process as to not raise any red flags with the lender.
You have a nice down payment set aside – Most lenders today are demanding a down payment from a buyer. In other words, don’t expect the loans with little or no down payments that many buyers were accustomed to securing just a couple years ago. In general, expect to put at least 20 percent down on a new home.
You have a solid credit score – In addition to a significant down payment, expect a lender to insist upon a solid credit score. Most lenders, in fact, will look for credit scores above 700 when approving home loans. If you don’t know your credit score, now is the time to order a copy of your credit report so you can be educated and prepared before you step into a lender’s office.
You have a clear understanding of your future plans – If you don’t know where you’ll be in the next couple years, it probably doesn’t make sense to buy a home. However, if you are ready to settle down and establish roots in one place, you may want to consider buying a home. A home can be a fantastic investment, provided you live in it long enough to see a return on that investment.
If you meet the above qualifications, then now can be a great time to take advantage of both low housing prices and interest rates.
Is Now a Good Time to Sell Your Birmingham Home?
Is there really a good time to sell your Birmingham home? Is it in the spring when the weather turns mild? Is it in the summer when the kids are out of school? Is it in the winter after the holidays?
The truth of the matter is that there is rarely not a good time to sell your home, as buyer’s have many different motivations for buying at any particular time of the year. In other words, your perfect buyer can come along at any time of the year.
With that said, there are a few times when it appears that it is advantageous to sell your home:
When Interest Rates are Low – When interest rates drop, buyers take notice. Therefore, it only makes sense that selling your home when interest rates are low is a smart thing to do.
When Competition is High – Pay close attention to the market in general. Is it a buyer’s market or a seller’s market? Are there many homes on the market and are the homes selling for near or above their asking price? Paying close attention to the market and the recent sales is a good way to begin deciding on a good time to sell your home.
When the Local Birmingham Market is Strong – Is there a new employer in town? Are there a number of new jobs cropping up due to a new business or industry in our area? These types of changes are often a good indication that the Birmingham real estate market is strong and ripe for home sales. Pay close attention to home values and ask birminghamhomefinders.com real estate agent where home values have gone in the last six months. Have they fallen, risen or stayed fairly steady? You may make the decision to sell your home merely based on recent home values, so pay close attention to these trends.
When it is Right for you to Sell – Although there are many reasons to list your home for sale, the fact of the matter is that the best time to sell your home will likely be when you need or want to sell your home. Are you looking to downsize, upgrade or save money? Do you need to sell your home because of a rising mortgage payment, or are you ready to move to another town? If you are ready to make the change, then it is most certainly the right time to sell.
While summer is certainly a popular time to buy and sell homes in Birmingham, there are other factors that can influence the demand of your home. Understanding the general economy, as well as your local market, can help you pick the best time to sell your home.