According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.
Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September.“There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.”He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”
Let’s take a look at August sales statistics to see how the market looks in Huntsville.
Huntsville/Madison County Market Statistics
The Huntsville and Madison County markets continue to defy national real estate trends, with increasing home sales and average sale prices, along with shorter average market times.
The average sales price increased in August 2007 by approximately 8% from August 2006 to $196,695. The price per square foot also increased by 7% to $90 per square foot.
The number of homes sold increased in August by 4%, or 23 homes, as market times decreased by 28%. The SP/LP ratio remained almost the same from 2006 to 2007.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
August 2007
608
$199,138
$196,695
98.77%
84
$90
August 2006
585
$183,441
$181,234
98.80%
116
$84
As these statistics show, now is a great time to consider buying a Madison County or Huntsville AL home.To begin searching for Madison or Huntsville AL homes, please use my complimentary MLS Search, or call me at 256-508-0211.If you are thinking of selling your Madison or Huntsville AL home, please call me or sign up to receive information on the last 10 homes sold in your neighborhood - we can work together to make sure you get a great deal!
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
Getting a good deal on a home is often more about timing than purchase price.Because most homes are financed through at least a 15-year mortgage (usually 20- or 30-year), the amount paid in interest has an enormous impact on what the home will ultimately cost.The contract price may be $150,000. By the time interest is calculated over 30 years, however, you could easily pay twice or even three times that amount, depending on what the interest rate is on the day you lock into a mortgage rate.
Lower interest rates make it possible to finance the same amount of money for a lower mortgage payment, or finance more money without increasing the payment.How so?Let’s look at financing $150,000 for 30 years at 6.50%.
Your approximate principal and interest payment would be about $948 monthly.If the interest rate dropped to 6.00%, the payment would decrease to approximately $899 per month.Another option would be to finance $158,000 with a monthly payment of roughly $947.This option would allow you to borrow an additional $8,000 without hardly changing the payment.Whether you’re looking to buy your first home, or thinking about upgrading to a bigger one, lower rates open the opportunity to find a great buy.The other vital element is location.The award-winning city of Huntsville, Alabama has much to offer.
The Value of Huntsville
No one wants to buy a home that won’t hold its value.So, where do you look to ensure you get value?In a June 30, 2007 survey, the Office of Federal Housing Enterprise Oversight (OFHEO) reports, “Of 287 metro areas, 131 recorded decreases in house prices during the quarter.”The Huntsville real estate market, however, was ranked 36 out of 287 in price appreciation, and came in above average with a second quarter increase of 1.76%.Plainly stated, while houses in many areas are losing value, Huntsville, Alabama is still an affordable and wise housing choice.
What Does Huntsville Have To Offer?
Huntsville is widely recognized as being one of the country’s best places to work, live and go to school. The September 2007 issue of U.S. News & World Report says, “The University of Alabama in Huntsville ranks among the top ten percent of business schools in the county.”Check with MSN/Sperling’s Best Places and you will find that Huntsville is named one of the country’s top ten cities for job growth and affordability.So, what makes this southern town such a remarkable place to live?Huntsville offers a thriving job market, lower than average cost of living, plenty of options for entertainment and a climate that enjoys the best of all four seasons.
If you’re considering buying a home, now may be a good time to do so if you’re looking in the Huntsville real estate market. And with all it has to offer, Huntsville could easily be just what you’ve been waiting for.
Mike Manosky has over 15-years experience serving the needs of those who wish to buy.
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Madison Information — Huntsville Real Estate Expert Mike Manosky
You’ll be impressed with this beautiful 2-story custom brick home in Jacquelynn Downs. This open floor plan delivers 4 bedrooms, including a huge master with double trey ceiling, and 3.5 bathrooms, including the master with dual sinks, makeup vanity, whirlpool tub for relaxing, and separate shower. Entertain company in the welcoming and bright formal living room, or go more casual in the impressive family room with built-in bookcases, gas fireplace and soaring 2-story ceiling and windows. Dinner can be served in the graceful formal dining room with hardwood floors and beautiful custom molding, or in the spacious kitchen with sunny and open breakfast area. Additional features to enjoy include a study, covered front porch, manicured lawn on a treed lot, custom molding throughout, new paint throughout, and new carpets downstairs. At the end of a long day, unwind and enjoy the privacy of the wooden back deck that backs up to trees – not neighbors!
For more information about this home or other Huntsville real estate, visit our website, MoveToHuntsville.com. Interested in knowing the market value of your Huntsville home? Go to HuntsvilleHouseValue.com and your market valuation will be emailed to you.
Gather around the dinner table once again in the formal dining room of this 4 bedroom, 2 bath home in the Fleming Hills neighborhood of Huntsville. This traditional-style ranch offers an intimate living room, welcoming family room, and cheerful kitchen. The interior has been newly painted, and carpet and vinyl flooring replaced. You’ll enjoy the much desired hardwood floors in the living room, dining room, and bedrooms, as well as the attention to detail with crown moldings. The treed backyard is fenced for privacy. You’ll feel at home the minute you enter the front door!
For more information about this home or other Huntsville real estate, visit our website, MoveToHuntsville.com. Interested in knowing the market value of your Huntsville home? Go to HuntsvilleHouseValue.com and your market valuation will be emailed to you.
According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.
Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. “There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.” He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”
Read the full article here and, as always, please remember that a knowledgeable and experienced Realtor is your best ally in this uncertain housing market!
Please click here to request your free Relocation Package, full of information about Huntsville AL homes and living. You may also call me at 256-508-0211 for all of your Huntsville AL real estate needs.
Did you know that many moving expenses, including house-hunting trips, are tax deductible? This is why it is of the utmost importance to keep detailed records of all moving expenses if your move is job-related.
If your move is 35 miles or more from your home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.
Thinking about moving to Huntsville AL? Start by requesting a free relocation package, or call me at 256-508-0211 for all of your Huntsville AL real estate needs!
The kids are back in school, the weather is beginning to cool, and it is almost officially autumn in Huntsville.But that doesn’t mean the family fun of summertime has to end!There is plenty of fun to be had around Huntsville this fall, beginning with the 2007 Scarecrow Trail at the Huntsville Botanical Garden.September and October bring scarecrows of all personalities to the Garden. Traditional, scary or just plain fun, they are all imaginative and add a whimsical atmosphere. Trees take on a new look in the Enchanted Forest. Music and hayrides on the weekends, the amazing sorghum maze and some extra-special events make for a fall of fabulous family fun!
To learn more about Huntsville AL real estate and living, please visit my website or call me today at 256-508-0211.You can receive automated emails of new listings as they hit the market by visiting HuntsvilleHomeHunter.com.
Finally – some positive news about the national housing market! Although home prices continue to slip lower as more homeowners face foreclosure, the amount of the decline is very small on a national average basis.
Here are the highlights of the National Association of Realtor’s (NAR) national housing data over the past 12 months (year ending June 30, 2007):
Median price of a single-family home slipped 1.5%
Median price of a condominium rose 1.0 %
Overall prices have declined 1.7% from their peak in the 3rd quarter 2005
97 of 149 major metro areas appreciated in past 12 months
Home prices are relatively flat since bottoming out in 4th quarter of 2006
Recent mortgage disruptions will hold back sales temporarily
Prices expected to turn positive in spring 2008, with 2% gain on the year
Prices expected to increase further in 2009
Number of home sales fell more than home prices – down 10.8%
National home sales at 5.91 million vs 6.63 million one year ago
Current inventory level shows an 8 month supply of housing
Overall the news can be viewed as positive, since it now appears that the worst may be over with respect to price declines. Could we finally be headed for a turnaround in the housing market?
To learn more about the local housing market and Huntsville AL real estate, please visit my website or call me today at 256-508-0211.You can also sign up to receive automated emails of new listings!
There’s just the right amount of space in this 1,960 square foot 4-bedroom/2-bath super-new ranch home in beautiful Turner Farm subdivision of Huntsville. You’ll enjoy a master suite with tray ceiling and custom moldings as well as separate shower, whirlpool tub and dual sinks in the bathroom. The family-friendly living area includes a welcoming great room with gas fireplace for ambiance, hardwood floors, and built-in TV niche. The dining room has custom molding and beauty boxes and flows easily into the open kitchen with gorgeous cabinets, recessed lighting, stainless appliances, and detailed tile backsplash. There is also a convenient laundry room with shelving, 9 foot ceilings, and custom molding throughout. Outside you can relax on the covered porch while the in-ground sprinkler system takes care of watering the almost half-acre lawn for you!
For more information about Huntsville AL real estate, visit my website or give me a call at 256-508-0211. You can have new Huntsville AL homes for sale emailed to you as they hit the market by visiting HuntsvilleHomeHunter.com.
Thanks to today’s tightening credit standards, you may need more paperwork than ever when applying for a new home loan.Below is a comprehensive list of items you may be required to bring along when you visit your lender to begin the loan application process:(please note, all lenders are different and may require more or less paperwork!)
Employment/Income
-Addresses of employers for two full years
-Gross monthly income, proven by last two pay stubs
-W-2’s, if available
-Proof of pensions, retirement, disability, or Social Security
-Proof of income from rentals, investments, etc.
-Proof of child support or alimony paid/received
-Self-employed: two years 1040 tax returns
-Current year profit and loss statement
Creditors
-Each creditor’s name and type of account
-Account numbers
-Monthly payments and approximate balances
-Amount of child care expenses
Banking
-Names of checking & savings institutions
-Account numbers and current balances
-Last two months bank and savings statements
Miscellaneous
-List of assets in stocks, bonds, land
-Life insurance cash value
-Social Security numbers for all parties
-Veterans: Certificate of Eligibility & DD-214 or Statement of Service
-Divorce Decree and/or Separation Agreement if applicable
-Child support documentation if applicable
-Bankruptcy papers if applicable
This may seem like an unreasonable amount of work to have to do on your part just to get a home loan.But imagine if you were about to lend hundreds of thousands of dollars to somebody – you’d probably want a pretty good idea of that person’s ability to pay you back!
Please click here to get started searching for homes in Huntsville AL.You can also visit my website or email me to learn more about Huntsville AL real estate.I’m here to help!
Finally – some positive news about the national housing market! Although home prices continue to slip lower as more homeowners face foreclosure, the amount of the decline is very small on a national average basis.
Thanks to today’s tightening credit standards, you may need more paperwork than ever when applying for a new home loan.