Huntsville Real Estate Blog

In this month’s edition of the Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008. 

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.

Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.

Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts “near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing.”  In further good news, he noted “mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market.”

Yun reminds us, however, that “just like the weather, there are large local variations in home prices” and sales.  Let’s take a look at the yearly totals for Huntsville and Madison Counties in 2007 to see what the market looked like when compared with 2006:

   
Huntsville/Madison County Market Statistics

If you are planning to buy or sell a home in 2008, or if you want to learn more about Huntsville AL real estate, please contact me at 256-508-0211or visit MoveToHuntsville.com.  To begin searching for Huntsville AL homes, please use my complimentary MLS search. 

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

Bookmark It

Did you know that Alabama is among a hand-full of states that does not require home sellers to tell potential buyers about problems with the house? There are exceptions, however: the Alabama Supreme Court has ruled in previous cases that the seller must disclose issues if they involve health and safety problems.

Recently, a first-time home buyer near Mobile felt she had been mislead not only by her real estate agent but also by the seller. After reportedly choosing to forego a home inspection, the new owner moved in and began to notice problems like rotting wood.

“The Alabama Supreme Court has held that Alabama is a ‘caveat emptor’ state, meaning that it is the duty of the buyer to inspect and make themselves satisfied about the conditions of the property they want to purchase,” said Charles Sowell of the Alabama Real Estate Commission.

Your two best allies in making sure you get a good home inspection prior to making a real estate investment are an experienced Realtor and a licensed and reputable home inspector.  To learn more about Huntsville AL real estate or to get a referral to a local home inspector, please call me at 256-508-0211 or visit MoveToHuntsville.com.  To receive a complimentary home value analysis, please click here.

Bookmark It