January 9, 2009
How Huntsville Home Buyers Save Their Down Payments
This is a great time to think about buying a Huntsville home. Huntsville home prices have dropped and interest rates are at all time lows. The biggest hurdle for many Huntsville home buyers is saving money for a down payment. Here are 25 things to do on a regular basis to save money:
- Make it automatic. Before you see your paycheck, have a percentage of it automatically deposited into your 401(k) and savings.
- Keep minimum funds in checking account. Transfer extra funds into your savings account where it will earn more interest than in our checking account.
- Don’t pay banking fees! Use your bank’s free bill pay, automatic deposits, free checks, and free reimbursements for all ATM fees.
- Use rewards credit cards. Use a credit card offering cash back on every purchase and pay the card off each month to eliminate interest fees.
- Actively search out deals. It never hurts to try and find a better deal, or request a better deal from your service providers.
- Use a programmable thermostat. Programmable thermostats save you an estimated 10-20% on your heating and cooling bills.
- Use ceiling fans, floor fans, and space heaters. Turn your thermostat down, close the doors to unused rooms and use a space heater for heat. Use ceiling fans and floor fans to assist with heating and cooling - depending on the season of course!
- Install CFLs to save energy. Compact fluorescent lights use about a quarter of the electricity of normal incandescent bulbs. They also need replaced much less often.
- Drive smoothly. Accelerate smoothly and at a reasonable rate, and coast to a stop as often as possible and use cruise control on the highway.
- Plan and research major purchases. Take the time to research the best deals when planning a vacation.
- Buy quality products. Quality items may cost more up front, but they last longer and generally provide better results than cheaper, inferior products. Examples of items you should buy higher quality - furniture, clothes and shoes, vehicles, and other items that will see a lot of use.
- Buy generic where applicable. You can save a lot of money on generic items for which the brand name product is essentially the same as the store brand. Food and medicines come to mind as items where generic products are good deals.
- Use coupons and rebates. Use coupons for oil changes, groceries, books, on-line purchases, and just about anything else we can find.
- Use store rewards cards. Many grocery stores have their own ‘reward cards’ saving you money each time your shop. If you are a senior, shop on designated senior citizen discount days.
- Cook at home. Limit restaurant dining to once a month.
- Eat leftovers. You can save a minimum of $20 a week by bringing your lunch to work. It is also healthier. On the rare occasion you go out to lunch with coworkers, you’ll enjoy it more.
- Use the library. Borrow books and movies from the library. New movie releases aren’t always available, but there are usually plenty of classics from the 40s and 50s.
- Use parks. They are great for hiking and outdoor recreation.
- Take care of things. Treat the tings you own with respect and take good care of them. This includes doing things such as cleaning the house, washing your cars, and polishing shoes. Things last much longer when you take good care of them.
- Buy insurance. Health insurance, home owner’s insurance, auto insurance, and other types of insurance are designed to save you money! Sure, you may end up paying premiums for years and never file a claim, but in the event you need to file a claim, your premium will likely be small compared to what you would have had to pay. You’ll be very happy if you ever need it!
- Bundle cable and internet. You can save a lot of money by bundling these together rather than purchasing the separately. You can save more if you bundle your phone as well.
- Use cell phones - skip the landline. Depending on your plan, it can be a real cost saving.
- Cancel subscriptions. Almost everything you want can be found on-line for free.
- Home improvement. Try making your own repairs before calling a professional.
- Avoid debt. If you don’t have the money for it, don’t buy it.
Saving money and watching your savings account grow is a rewarding experience…especially if it can help you purchase a Huntsville home of your own.
Learn more about buying a home at HuntsvilleHomesOnline.com or give me a call for more personal service.
Search all Huntsville homes for sale.
Tags: home buyer, huntsville home, save for down payment
January 6, 2009
Huntsville Home Buyers Rethink Buying Foreclosures
Most Huntsville home buyers consider buying a foreclosed property to be a good deal. But buying a foreclosure is not for the faint of heart. The dream of homeownership can often become a nightmare and more and more Huntsville home buyers are becoming leary of foreclosed properties.
Prices on foreclosed homes can be as low as 25% below market value and who doesn’t want to save that kind of money? However, be sure to look carefully at the condition of the property and calculate the cost of repairs into your budget.
Foreclosure homes are sold “as is” which means that the 25 percent you just saved on the purchase price can easily be eaten up by unforeseen expenses such as repairs not immediately apparent in an exterior inspection. Often when you buy a home in foreclosure, you may not be able to look inside let alone have an inspector detect structural problems that you’ll need to fix before moving in.
Something else to think about – people who lost their home in foreclosure very likely couldn’t afford to maintain their property.
So be prepared to pay for any problems such as electrical or plumbing repairs, leaky roofs, or even vandalism by angry homeowners who break things or punch holes in walls and doors, an unacceptable but not that uncommon way that some homeowners deal with the angst of losing their home to foreclosure.
Last spring, 54% of Dallas home buyers said they would consider buying a foreclosed property, according to a study conducted by Trulia.com and RealtyTrac. In the fall, this number dropped to 47% with 80 percent of those surveyed citing hidden repair costs, a tricky buying process, and the possibility that the neighborhood will lose more value and drag the property down with it.
To compensate for these risks, 75 percent say they expect at least a 25 percent discount and 30 percent say they would only buy if there is a 50 percent discount compared with a comparable home that isn’t in foreclosure.
Other findings:
* 56 percent of single/never married adults were at least somewhat likely to consider purchasing a foreclosed home, down from 60 percent in April.
* 43 percent of married adults were at least somewhat likely to consider purchasing a foreclosed home, down from 50 percent in April.
* 42 percent of divorced/separated/widowed adults were at least some
Thinking about buying a foreclosed property? Visit MoveToHuntsville.com for more info. Or give me a call a call, I am glad to help you through the process.
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Tags: foreclosed property, Foreclosure, home buyers, huntsville
December 30, 2008
Huntsville Real Estate: Top 10 Predictions For 2009
2009 is likely to be a year of continuing adjustment to a changing Huntsville real estate marketplace. These predictions from HGTV’s FrontDoor.com Web site reflect changes we will see in the Huntsville real estate market for the coming year…
- Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.
- The Obama administration will act on its plan to crack down on abusive lending practices.
- Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate’s Joint Economic Committee has predicted two million foreclosures in 2009.
- Banks’ restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.
- Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.
- The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages, and credit enabling better decision-making going forward.
- Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.
- Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.
- Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.
- The recession will end and buyers will regain confidence in the market.
Learn more about Huntsville real estate by visiting MoveToHuntsville.com.
Search all Huntsville real estate and homes for sale.
Tags: 2009 predictions, huntsville real estate
December 23, 2008
Huntsville Real Estate Sales Statistics - November 2008
Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.
Lawrence Yun, NAR chief economist, said a review of the past year is instructive. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things - there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”
Let’s take a look at the Huntsville real estate sales statistics for November 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Market Statistics
Huntsville and Madison County saw a 1% increase in average sales price over November 2007. There was a 51% decline in home sales this November, when compared against November 2007. The average list price has seen an decrease of 2% over last year. Likewise, the sales price to list price ratio saw a slight decrease. The average price per square foot saw remained constant. Homes average days on the market were down by 9 days as the same time last year.
|
Date
|
Sold
Listings |
Average
List Price |
Average
Sale Price |
Percent
SP/LP |
Average
DOM |
Average
Price
SqFt |
|
Nov 2008
|
227
|
$217,189
|
$210,887
|
97.10%
|
82
|
$91
|
|
Nov 2007
|
466
|
$212,273
|
$208,025
|
98.00%
|
91
|
$91
|
For the latest Huntsville AL real estate market conditions in your area, 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.
Tags: huntsville real estate, sales statistics
December 21, 2008
Huntsville’s Von Braun Center Concert Hall To Get Spring Makeover
The Von Braun Center Concert Hall will undergo a major renovation this spring according to architect Paul Matheny. The $4.75 million dollar project will begin in late February and is expected to last a year.
Funds for the VBC hall renovation come from a $3 million dollar gift donated by the family of the late Mark Smith, founder of Huntsville telecommunications company Adtran Inc.
The concert hall’s 2,100 seats will be replaced with modern ones and a center aisle will be created. Work will also include luxury suites in the balcony, new restrooms, elevator access to all levels for patrons with disabilities, additional reception space, new lighting and sound equipment, and a window-dominated facade.
Linda Smith made the donation on behalf of her late husband. Mark Smith came from a musical family and often touted the VBC and the city’s arts and music community when recruiting professionals for his business.
Smith founded Universal Data Systems. After selling that company to Motorola, he founded Adtran, which anchors Cummings Research Park.
The hall will be renamed the Mark C. Smith Concert Hall.
The concert hall isn’t the only part of the VBC that will get a major facelift. Shortly after the Smith donation this fall, Huntsville businessman William Propst announced a $5 million donation for a major renovation of the VBC arena.
Combined with $10 million in city money, the donation will help add 1,000 seats, create a larger lobby with a glass front overlooking Big Spring International Park, add VIP suites with private boxes, add restrooms and improve the concourse.
That project could also get under way by spring, with construction spanning 14 to 18 months. The arena will be named the Propst Arena.
Propst arrived in Huntsville in 1946 and built a fortune in steel, drugstores, manufacturing and real estate.
The multimillion-dollar donations for both projects were solicited by then-Mayor Loretta Spencer.
Tags: concert hall, huntsville, von braun center
December 16, 2008
Visiting Huntsville Botanical Gardens Galaxy of Lights is a wonderful family outing for this time of year. Pack the kids in the car, turn the radio to holiday music and enjoy na fun filled evening together. Below are the dretails as found on the Botanical Garden’s website:
 Don’t miss North Alabama’s favorite holiday tradition! Galaxy of Lights is a holiday light extravaganza featuring larger-than-life animated light displays. See Santa soaring over a delightful winter village. Nursery rhyme characters dance and frolic among traditional scenes of the season. And, best of all, experience the magic of the twinkling icicle forest. Galaxy of Lights is the perfect holiday treat for the young and young-at-heart.
Galaxy of Lights was named a Southeast Tourism Top 20 event for 2007. New displays covering almost a mile and a half make for more lights, more displays, more holiday fun!
Members-Only Walk-Through Nights, November 13-16, 5-7:30 p.m.
By invitation.
Public Walk-Through Nights, November 21-23, 5-7:30 p.m. (NO DRIVE THROUGH).
A fun family atmosphere with Santa, crafts, refreshments and entertainment.
Children $3, Adults $6 (no fee for children 2 and under).
Drive-Through Nights, Thanksgiving through New Year’s Eve, 5:30-9 p.m.
Passenger Car - $15 per car (up to 10 people)
Vans - $15 for 10 people and $3 for each additional person
Tour buses - $15 for 10 people and $3 for each additional person (tour bus driver is free).
- We will be accepting your donations of toys, canned goods, paper products, dog/cat food and warm coats for our local charities; $1 off the price of admission with a donation.
- Discounted drive-through tickets are available for members in Gazebo Gifts. They must be purchased in advance.
 Extended Hours, December 15 through 24, 5:30 - 10:00 p.m.
We’re staying open later to shorten your wait! We encourage young families to come early, and those of us with later bedtimes to come a little later. Good things come to those who wait, but by spreading out the traffic over a longer time on peak nights we hope to improve the Galaxy experience for everyone.
Group Tours welcome. Call (256)430-3572 ext. 223 for group rates.
Tags: botanical garden, galaxy of lights, huntsville
December 12, 2008
Huntsville Real Estate: The Best-Laid Plans
 As the U.S. economic crisis worsens, the National Association of Realtors has been urging legislators to include principles of the association’s four-point plan in any future housing stimulus legislation.
NAR developed the plan with consumers in mind, to boost the economy and stabilize real estate markets. The plan recommends:
- Extending the $7,500 tax credit to all home buyers and eliminating the repayment requirement
- Making the 2008 FHA and conventional loan limits permanent
- Putting the Troubled Asset Relief Program back on track
- Permanently barring large banks and banking conglomerates from engaging in real estate brokerage and management.
Learn more about the National Association of Realtors four-point plan.
For more about Huntsville real estate information, please contact us at 256-508-0211 or visit MoveToHuntsville.com.
Begin searching for Huntsville real estate & homes for sale, please use our complimentary MLS search.
Tags: huntsville real estate, nar, national association of realtors
December 9, 2008
Huntsville Real Estate: Regulatory Reform Expected With Obama Presidency
The upcoming presidential transition comes at a time of great challenges within the housing industry and the economy at large. Consequently, many are wondering what a Barack Obama presidency will mean for Huntsville real estate and housing issues.
National Association of Realtors analysts expect the Obama administration and the new Democratic-controlled Congress to focus on regulatory reform of the financial services industry, with potential changes to Fannie Mae and Freddie Mac.
This fall, Obama responded to Realtor® Magazine’s questions about the mortgage crisis, sustainable development, housing affordability and other topics:
Obama’s Ideas on Key Real Estate Issues
To find out where president-elect Barack Obama stands on issues vital to real estate practitioners, REALTOR® Magazine went straight to the source.
This fall, when the presidential campaign was in full force, Obama responded to the magazine’s pressing questions about the mortgage crisis, sustainable development, housing affordability and other topics. Here’s what he said:
What’s the most important action the federal government can take to ease the mortgage crisis and prevent a recurrence?
Obama: For the short term, the housing relief legislation [signed by Pres. George W. Bush July 30] authorizing the FHA to refinance the mortgages of struggling homeowners is the right approach. I’ve also called for the creation of a $10 billion foreclosure prevention fund that works in tandem with state, local, and community nonprofit efforts to help households facing foreclosure renegotiate with lenders or put their homes on the market. We also need to expand the mortgage revenue bond program to give state housing agencies $10 billion in new resources to help struggling homeowners. For the long term, the Stop Fraud Act that I introduced two years ago would create criminal penalties for mortgage professionals found guilty of fraud and increase funding for federal and state enforcement of antifraud programs. I also want to see a simplified, standardized metric for calculating the costs of a home mortgage, similar to the annual percentage rate used by banks to identify the effective interest rate a borrower ends up paying on a loan.
What role should the federal government play in reducing gridlock and carbon emission and in promoting livable communities?
Obama: Our long-term competitiveness depends on the development of new transportation networks that reflect our increasingly mobile society. That’s why a strengthened transportation system is a priority for me. We must renew the federal government’s commitment to high-speed rail and take steps at the front end of planning processes for many transportation options. For example, I support a measure by Sen. Tom Harkin (D-Iowa) to require states and metropolitan planning organizations to adopt policies that incentivize bicycle and pedestrian use of roads. I’ll double the federal Jobs Access and Reverse Commute program to ensure that additional federal public transportation dollars flow to the highest-need communities and that urban planning initiatives take this aspect of transportation policy into account.
Even though prices have been easing for the last two years, housing affordability remains a challenge for many people. What can the federal government do to improve this situation?
Obama: I’ve proposed a universal mortgage interest tax credit for families that aren’t benefiting from the mortgage interest deduction. They would get an average credit of $500 a year. And I worked to pass the bipartisan homeownership tax credit. That’s a strong incentive because it gives developers a credit to bridge the gap between the cost of building a house and a sale price that’s affordable to low- and moderate-income households.
How should the federal government help millions of small-business owners and the self-employed obtain affordable health insurance?
Obama: Let’s build on our existing private health care system by allowing small employers and independent contractors to participate in a “national health insurance exchange” so they can purchase affordable health coverage similar to the plans available to federal employees. Individuals who need help paying for premiums will receive tax credits to ensure they can afford coverage. Employers that do not make a meaningful contribution to the cost of quality health coverage for their employees will be required to contribute a percentage of payroll toward the costs of the national plan. Small employers that meet certain revenue thresholds will be exempt. The plan will reimburse employer health plans for a portion of the catastrophic costs they incur above a threshold if they guarantee these savings are used to reduce workers’ premiums.
What’s the federal government’s role in promoting energy efficiency in commercial properties?
Obama: I’ll establish a goal of making all new buildings carbon-neutral by 2030 and work to improve new building efficiency by 50 percent and existing building efficiency by 25 percent over the next decade. To achieve that, I’ll seek to make federal buildings zero-emission by 2025, starting with a goal to make them 40 percent more efficient in five years. I’ll create a competitive grant program to recognize states and localities that take the first steps in implementing new building codes that prioritize energy efficiency. I’ll also seek to provide a federal match for states with public benefits funds that support energy-efficiency retrofits of existing buildings. In addition, I’ll invest in green-collar job training programs and create a “Green Jobs Corps” to connect disadvantaged youth with job skills in high-growth clean-energy industries.
What IRS code changes are needed to spur growth while ensuring tax burdens are spread evenly?
Obama: We need to reform our tax code so that it’s simple and fair and advances opportunity rather than loopholes for special interests. I’ll end tax breaks for companies that ship jobs overseas and reward companies that create good jobs here. I’ll encourage innovation and entrepreneurship by extending the research and development and renewable energy production tax credits and eliminating capital gains taxes for small and start-up businesses. And I’ll provide broad middle class tax relief—a “Making Work Pay” $500 tax credit, among other things—to help working families struggling with stagnant wages and skyrocketing energy and health costs.
—Robert Freedman
If you want to learn more about Huntsville real estate, please contact us at 256-508-0211 or visit HuntsvilleHomesOnline.com.
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Tags: housing, huntsville real estate, mortgage crisis, obama, realtor magazine
November 24, 2008
Forbes.com has ranked Madison County, AL 1 in the latest survey of the Top 10 Affordable Places To Weather The Downturn. Forbes considered factors such as well-priced homes, enviable job growth and proximity to vibrant cities when deciding where the best places are to live in these recessionary times.
 Madison County, AL is an easy commuting distance to Huntsville with a population of 312,734.
Last year unemployment reached a 20-year high of 6.5%, but Madison County experienced 3.4% job growth.
Moody’s Economy.com provided an affordability index for each county. A score of 100 indicates that a family earning the median income in the surrounding metropolitan area can afford to buy a median-priced home. The higher the score, the higher the affordability. Madison County’s score was 221.02.
The median property tax is $577 and the per capita income (in 2006 inflation-adjusted dollars is $27,065.
Learn more about Madison County real estate at MoveToHuntsville.com or give us a call, 256-508-0211.
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Tags: forbes.com, madison county, weather the downturn
November 21, 2008
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