With Huntsville AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.Especially if you have already purchased another home, this option may at least allow you to cut down on the cost of paying two mortgages while you wait for your old home to sell.
Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:
In the past, owning a home has always been perceived as a major component of the “American Dream.” Unfortunately, because of the recent real estate market activity, home-ownership is often seen now as more of a nightmare than a dream. But that doesn’t have to be the case! Even in a slower economy, purchasing Huntsville AL real estate can still be a step toward achieving your own “American Dream!”
Inman News offers some reasons why home ownership still has benefits and advantages, including:
• The opportunity to build equity and create wealth over time.
• Protection from rent increases or eviction at the whim of a landlord.
• The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
• The freedom — design review boards notwithstanding — to improve, remodel or redecorate to suit one’s own style and budget.
• A variety of lucrative income-tax breaks.
• Pride of ownership and a greater sense of security and stability.
So, if you are thinking of purchasing Huntsville AL real estate, now is the time! Don’t let the negative media attention on the market get you down - home ownership is still an attainable goal and a big part of the American Dream.
If you are ready to begin looking at Huntsville al real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com. You may also request automated emails of new listings at HuntsvilleHomeHunter.com.
What do you think is the single most important factor that determines why one property sells more quickly than another?
In the real estate world, we always hear “Location, Location, Location,” but according to a recent poll conducted by the National Association of Realtors, almost 2/3 of the respondents said price was the key factor.
The same results held true for sellers.“Getting the price right” was and is one of the most frequently cited challenges for sellers who are not represented by a Realtor®.
Other factors that were included in the poll were – no surprise here – location as well as condition of the property, staging, and upgrades.
If you are interested in learning about Huntsville AL real estate prices, please call me at 256-508-0211 or visit MoveToHuntsville.com.You may also begin searching the MLS!
A modest gain in the level of Huntsville AL real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.
Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
Let’s take a look at the May sales statistics to see how things are looking in the Huntsville AL real estate market:
Huntsville/Madison County Market Statistics
Although sales in Huntsville and Madison County were down 19% in May 2008, when compared against 2007, prices bucked national trends and continued to rise. The average list price increased 6% to $204,800, while the average sales price was up 7% to $204,636. Likewise, the average price per square foot also increase 8% to $93/sq. ft. Homes remained on the market an average of three weeks longer than in May 2007.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
May 2008
478
$204,800
$204,636
99.92%
95
$93
May 2007
587
$192,560
$189,560
98.55%
74
$86
As these statistics and national trends show, this is a great time to consider buying or selling Huntsville AL real estate.To learn more about the current Huntsville AL real estate market, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
Cozy up to the fire or explore the woodlands surrounding this 4 bedroom, 2.5 bath traditional style home in Huntsville. Features include a sophisticated formal living room and gracious dining room. The family-friendly kitchen is cheerful and spacious with lots of cabinet and work space. The informal breakfast area with bay window overlooks a private backyard and woods beyond. The entire family will enjoy gathering around the family room’s stone fireplace flanked by built-in bookcases and French doors opening onto the screened porch…the ideal place for morning coffee or outdoor entertaining, regardless of weather. Beautifully maintained and in immaculate condition! Don’t miss the opportunity to retreat from the hustle and bustle of everyday life, simply by coming home!For more information about this home or other Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.
A flat pattern in Huntsville AL real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
Below are the Huntsville AL real estate sales statistics for April 2008 lets see how our local market is faring:
As I reported recently, Fannie Mae is now requiring only a 3% down payment on all loans processed through its Desktop Underwriter® program.This is great news for buyers who can take advantage of this program.
If you are in the market for a conventional mortgage, however, the news may not be so promising.As this article from the Real Estate Journal explains, mortgage interest rates are climbing again at an alarming rate, and it is in Huntsville AL real estate buyers’ best interests to lock in a low rate now.Due to fears of inflation, the average interest rate on a typical 30-year fixed loan has spiked to 6.02% from 5.82% in just a week.
To see how this spike would increase your mortgage payments, consider this:as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.For example, on a $300,000 mortgage, the current increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.
To learn more about Huntsville AL real estate, or for a referral to a reputable lender who can explain your options when it comes to interest rates, please call me at 856-258-0211 or visit MoveToHuntsville.com.You may also begin receiving automated emails of new listings by visiting HuntsvilleHomeHunter.com.
As I reported recently, Fannie Mae is now requiring only a 3% down payment on all loans processed through its Desktop Underwriter® program.This is great news for buyers who can take advantage of this program.
If you are in the market for a conventional mortgage, however, the news may not be so promising.As this article from the Real Estate Journal explains, mortgage interest rates are climbing again at an alarming rate, and it is in HuntsvilleAL real estate buyers’ best interests to lock in a low rate now.Due to fears of inflation, the average interest rate on a typical 30-year fixed loan has spiked to 6.02% from 5.82% in just a week.
To see how this spike would increase your mortgage payments, consider this:as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.For example, on a $300,000 mortgage, the current increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.
To learn more about HuntsvilleAL real estate, or for a referral to a reputable lender who can explain your options when it comes to interest rates, please call me at 856-258-0211 or visit MoveToHuntsville.com.You may also begin receiving automated emails of new listings by visiting HuntsvilleHomeHunter.com.
A wealth of housing data clearly demonstrates that HuntsvilleAL real estate is a good long-term investment. According to a study by the U.S. Department of Housing and Urban Development, 60 percent of a homeowner’s wealth is from the equity they have built in their home. A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter. Not sure how much equity you have built up? Visit HousingMarketFacts.com and click on “Equity Calculator” on the right for an estimate.
“Building Wealth” is a promo from the National Association of Realtors, emphasizing the importance of homeownership in creating long-term wealth, and encouraging buyers who are on the fence about making a home purchase to contact a REALTOR® who can help them make a smart investment in their future.
If you’re ready to invest in your future, please call me at 256-508-0211 or visit MoveToHuntsville.com for more information about HuntsvilleAL real estate. You may also begin searching HuntsvilleAL homes here!
“Staging”HuntsvilleAL real estate for sale has become a hot trend in the industry.Unlike some trends that are more trouble than they’re worth, however, this is one trend that can really pay off!Here are 12 reasons why you should consider staging your home on the market:
1. Turbo Boost Sales Time Experts all agree and studies show staged homes sell quicker – sometimes up to 50% faster - than non-staged homes. Not only are you having to pay for your mortgage while your home stays on the market, but the longer the home is on the market, the greater chance there is for a price reduction. Typically, when a home has been on the market for some time, buyers and agents will assume there must be something wrong with it or that the seller will be anxious to sell and will take much less than the asking price.
2. First Impressions Are The Most Important People’s first impression of your listing is critical. Staging gives you the best opportunity to make a positive first impression rather than a negative one. The stronger the impression, the less likely a potential buyer will be bothered if some things aren’t perfect.
3. Gone In 60 Seconds… Psychology experts have proven that people react based on emotion and then seek logic to back up the feeling. From a real estate perspective, a buyer will make an initial reaction in less than a minute whether they like your listing or not. Then, after the potential buyer’s initial decision has been made, they will either confirm that decision or rescind it in the next 6 to 20 minutes as they tour the property. This is why proper staging is critical for any listing.
4. Ready, Set, Go – Move-In Ready Sells Faster A properly staged listing not only appears to be in “Move-In Ready” condition, but it really is. Staging a house for sale means that every component of the house is as close as possible to model condition. All buyers prefer to buy a home where they can just move-in and start enjoying life. Most will even pay a premium for this.
5. Imagination Not Included Did you know that only 5% of the population can truly visualize how beautiful a home can be or see past the clutter, grime and so-so appearance? It’s true. Help potential buyers see themselves happily living in your listing and let the offers come pouring in.
6. Be the Needle In The Haystack Staged homes have a much greater competitive advantage over houses that are not staged. Experts are predicting that more and more listings will be sitting on the market for sale in the next few years. Some areas have already seen a 100-300% increase in available inventory and average time on market. A staged home stands apart from other listings because it has been properly merchandised to bring out the best qualities of the listing.
7. No Skeletons In The Closet Staged homes project an image of being well maintained and well cared for. The underlying psychological message that is sent to potential buyers is that it’s worth more. More importantly, staging helps remove a certain degree of risk that a potential buyer might have about buying a house that is in disarray.
8. Appraise It High Or Go Home As more and more homes become available, you need every advantage possible. One marketing advantage you might overlook is to create instant loan to value (LTV) by getting an appraisal after the house is staged. If you can show a potential buyer how much the home is worth i.e. appraised value and the sales price is less….instant value. It will sell faster because it appears to be a better deal.
9. Move To The Head Of The Class Real estate professionals never like to show a house that’s not going to impress their buyer. A well-staged home could easily be described as “staged to sell” which means that it’s going to impress their buyer. Staged homes are always at the top of the list when it comes to which properties an agent will show.
10. The Exception To The Rule – The Buyer’s Rule Would you show a house to a buyer that didn’t meet their exact criteria? Maybe…but ONLY if the house is staged properly and gets clients excited. If an agent knows that a listing shows really well, but doesn’t match the buyer’s criteria exactly, it’s possible they’ll show it anyway. A well-staged home could be the one to get a buyer excited enough to make an offer.
11. Peace, Love and FREE Advertising Brokerages love showcasing beautifully staged homes because they draw more business to their firm. They usually invest
With Huntsville AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up. Especially if you have already purchased another home, this option may at least allow you to cut down on the cost of paying two mortgages while you wait for your old home to sell.
Inman News
What do you think is the single most important factor that determines why one property sells more quickly than another?
As I reported recently, 
“Staging”