Huntsville Real Estate Blog

I hope everybody is enjoying a happy and safe holiday season thus far.  It is almost time to ring in 2008, so I wanted to share with you a link to the New Year’s Eve activities that will be happening around town:

Huntsville AL New Year’s Eve celebrations

Also, be sure to check out Blog.MoveToHuntsville.com for some ideas on real estate resolutions for the new year.

For more information on Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.  For a complimentary home value analysis, please click here.

I hope that everyone has enjoyed a happy and safe holiday season thus far.  With the new year upon us, however, it is time to face the inevitable: the New Years Resolution.  In 2008, why not make a few real estate resolutions?  Here are some ideas to get you started:

• Know your credit!  Make a resolution to stay on top of your credit in 2008.  Begin by getting a detailed credit report so that you know where you stand as the year begins.  Check again at the end of the year to see how much your credit has improved!
• Keep a budget.  This can be a difficult one to stick to.  Many people start the year with an idealistic budget, but soon let it go out the window – oftentimes, along with any hopes of saving for real estate investment!  Begin with a goal of either setting aside a certain amount for a down payment on a real estate investment or putting away enough to make one extra mortgage payment in 2008.
• Research real estate web sites.  Be a snoop in 2008!  Use web sites like mine to keep tabs on what homes in your neighborhood are selling for, where the foreclosures near you are, and what the general market is like in your area.  When you are ready to make a real estate investment, you will already have a good feel for the local market.
• Out with the old!  Even if you are not planning to move in 2008, it never hurts to clean out your closets, garage, or attic and donate to charity.  You’ll make your home more appealing to prospective buyers if you are selling, and you’ll feel more organized if you are staying put.

Best wishes for a very happy new year – see you in 2008!

For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.  To begin searching for Huntsville AL homes, please use my complimentary MLS search!

The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said.

The November sales statistics for Huntsville and Madison counties will give us a better idea of our local market:

  
Huntsville/Madison County Market Statistics

The Huntsville and Madison County markets continued to see slightly lower sales in November 2007, when compared to November 2006.  The number of sold listings decreased by 5%.  The average list price and average sales price both increased by 10% this November to $211,529 and $207,194, respectively.  The price per square foot increased by $6 to $91/sf. 

The market times increased 16% in November 2007, with homes staying on the market for an average of 103 days.

Remember, as Yun said, all real estate is local and changes from month to month.  To get the latest information on Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.  To receive a complimentary home value analysis, please visit HuntsvilleHouseValue.com. 

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed. 

Attention, home sellers!  Even in an uncertain real estate market, there may be good news for you – depending on where you live.  The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less. 

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said. 

As we move into a new year, we will keep a close eye on the Huntsville area market trends to see how prices affect sales volume.  Since the market changes month to month and neighborhood to area, please contact me at 256-508-0211 or visit MoveToHuntsville.com to get the latest information on Huntsville AL real estate.  To receive a complimentary home value analysis, please click here.

Best wishes for a safe and happy holiday season!

This week I wanted to share a link with you that I hope you’ll find helpful.  This site offers reviews of restaurants in Huntsville, and allows readers to add their own reviews.   

If you are new to the area and not sure where to go for a good meal, this list of reviews should definitely give you plenty of options to choose from!  Or, if you’re a longtime local, help others out by sharing your experiences of where you’ve been.  If you are thinking of moving to the Huntsville AL area, this list proves that Huntsville is a city full of delicious dining establishments – some longtime favorites, and other up-and-coming “newbies.”  Happy dining! 

If you are thinking of moving to the Huntsville area or would like more information on Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.  To begin searching for Huntsville AL homes for sale, please use my complimentary MLS search.

Many homeowners have heard of a “1031 Exchange,” but few understand the basics of what an exchange actually entails.  Today I want to cover just a few of the basics of the process, as it can be an invaluable method of homeownership for investment homeowners. 

What is a 1031 Exchange?

Important Rules of 1031 Exchange

1.   The total purchase price of the replacement “like kind” property must be equal to, or greater than the total net sales price of the relinquished, real estate, property.

2.   All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, “like kind” property.

1031 Timelines and Rules 

Identification period – the seller has exactly 45 days from the sale of the original property to identify other replacement property(s) that he proposes or wishes to buy.   

Exchange period – the period during which the seller of the relinquished property must receive the replacement property.  This period ends exactly 180 days after the date on which the person transfers the property relinquished or the due date for the person’s tax return for that taxable year in which the transfer of the relinquished property has occurred, whichever situation is earlier. 

If you want to learn more about strategies for buying and selling investment properties, or are interested in Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.  To get started searching for Huntsville AL real estate, please use my complimentary MLS search.

A perfect winter retreat! Enjoy romantic winters in the woods next to the fireplaces in this magnificent 4-bedroom/3.5-bath home in Keel Mountain Estates. Features include three separate living areas: a huge great room with tray ceiling, recessed lights, and corner fireplace, a traditional living room with French doors leading to a deck, and a fully finished basement with a fireplace, built in speakers and surround-sound wiring. The living space also includes two areas to dine with your family - the inviting formal dining room or the casual and sunny breakfast area in the kitchen. Speaking of the kitchen - this one is first-rate with a 36″ gas cook-top with grill, double ovens, large walk-in pantry, recessed and under-cabinet lighting, custom cabinets, dishwasher, microwave, and breakfast bar. When it’s time to relax, head up to the master suite which is truly luxurious and has a separate dressing area and a walk-in closet. Pamper yourself in the spacious master bath with corner whirlpool tub, double vanities, a make-up desk, and separate shower. Save money on the electric bill thanks to extra insulation and double-hung windows throughout. Other over-the-top interior features include central vacuum system, wiring for intercom system, new light fixtures and paint throughout. You can enjoy the views of the 2-acre wooded lot and pond from the two wrap-around decks. When it’s time to work on your hobbies, head into the 24′ x 24 ‘ detached garage which is insulated and has finished sheetrock interior. There is also an attached oversized side entry 2-car garage that is wired to provide generator power to the house during power loss.   Other outdoor features include a 30-year architectural roof installed in Spring 2007 and lightening protection system. Great location - only a 15-minute drive to Hampton Cove and the new Wal-Mart Super-center. Don’t miss this spectacular home!To learn more about this property or other Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.

“Going green” has been one of the biggest trends of 2007, with homeowners seeking to make more environmentally-friendly choices on everything from cleaning products to flooring.  So it only makes sense that this concern for the environment should carry over into our holiday decorating this year.  If your home is in need of some holiday cheer, here are some “green” ideas to brighten things up:

·        Use LED lights – using LED lights to decorate the inside and outside of your home will bring you many benefits.  The lights last a whopping 50,000 hours – that means you could actually pass these lights down to your grandchildren some day!  Adding to their cost effectiveness is the fact that you will be using 90% less energy with LED bulbs – Clark Griswald would be jealous.  LED lights are also safer – they don’t produce as much heat and considerably reduce the risk of fire, always a concern during the holiday season.

·        Use solar-powered decorations – the “new kid on the block” when it comes to holiday décor, these lights not only save you money on energy – they don’t use any energy at all!  Place the solar panels where they can collect light during the day, and the lights will automatically light up when it gets dark and shine for about 8 hours. 

·        Use mother nature’s decorations – forget going out to shop for decorations.  Some of the best décor can be found right in your own backyard!  Use a real Christmas tree rather than a manufactured, non-biodegradable one.  Even better, buy a young tree with roots and re-plant it after the holiday season!  A basket of pinecones make a beautiful and rustic centerpiece, and fresh pine straw can be made into a lovely and fragrant wreath to display.

Happy tree-trimming!

To learn more about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.  To receive a complimentary home value analysis, please click here.

Although the real estate market is slow in many areas, you may still want or need to sell your home or purchase a new one due to circumstances such as a job relocation.

This article from CNNMoney.com offers some tips on how you can still make a smart move in this unpredictable real estate market.  Here is a summary of the tips:

• Sell smart – if you are trying to sell your home, make sure you set a realistic price based on the current market.  You will also want to discuss with your Realtor the current average “days on market” that most properties are taking to sell.  This will help you better plan for your move.  If you are not willing to list for the current market value, and you do not want your house to be on the market for long, consider waiting out this down market as it is likely to turn around soon.
• Spend wisely – try to follow the rule of thumb of spending no more than 20% of your home’s value on renovations.  At a time when your home may be worth less than it was this time last year, this is not the time to be sinking money into it.
• Foreclosures are still your problem – remember that, even though you are not facing foreclosure, the other properties in your neighborhood that are foreclosed upon will decrease your home’s value.  As a general rule, for every home that goes into foreclosure in your neighborhood, your property value drops about 1%.  That value will stay depressed for about two years.  To find out where the foreclosures are in your area, go to realtytrac.com or foreclosurenet.net and type in your zip code.
• Recheck your mortgage – many homeowners do not know what kind of mortgage they have.  If you are one of them, pull out your old closing documents and find out how often you’re rate will increase and what caps there are to how much that increase can be.  This information should be on the Adjustable Rate Rider, among the first few pages in your documents.

Remember, the Huntsville AL real estate market is always changing from month to month and neighborhood to neighborhood.  To find out what your home is worth, click here for a complimentary market analysis.  You may also visit MoveToHuntsville.com to learn more about Huntsville AL real estate, or call me at 256-508-0211.