There are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying a Huntsville home for the first time the stimulus plan may help make that happen.
How the Stimulus Bill Stimulates the Bottom Line
The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing a Huntsville home.
·Have an income of less than $75,000 per person or $150,000 per couple.
No action is necessary other than reporting the purchase on your income tax filings.You must keep your home for at least 36 months in order to not have to pay back the incentive in the following tax year. If, however, you keep your new home for 36 months or longer you never have to repay the incentive.
There is no cap on return for this incentive either. Even if you would not normally be entitled to the full amount according to your taxable income level you will still receive the entire $8,000 amount in return.
Stimulating Interest on Huntsville Home Purchases
The stimulus bill also gives first-time home buyers a chance to get into those big ticket houses. Houses with market values over $417,000 will be eligible for lower interest rates to make them more affordable. The luxury home industry has stagnated in the failing real estate market and this should give it a vital boost.
President Obama’s stimulus plan is serious about improving the housing market. The bill gives people looking to buy a [city] home reason to hope.
Interested in more information on how the stimulus plan can you help buy a home?Call me at 256-508-0211 and 800-803-0053, if you prefer to remain anonymous, email me at mike@movetohuntsville.com. I’ll never share your contact information with anyone for any reason.
Okay, maybe you are stuck here for awhile. The housing market is stagnant and you just don’t have the desire to fight with trying to sell your Huntsville home. As long as you are going to be staying, you may as well make the best of it.
Taking this time to make improvements will not only make living there nicer, it will make selling it later when the market improves easier. If it seems like an expensive endeavor, take heart. There are tons of do-it-yourself home improvement projects that won’t break your bank but will make your home nicer to be in-and worth more.
Tiling bathroom and kitchen floors
Changing water fixtures
Adding a deck
Creating a home theater
Refinishing cabinets
Tips and Tricks
There are many websites that offer valuable home improvement tips and tricks that will make any Huntsville home improvement project go smoother. Remember to always:
Plan each project carefully
Check your zoning regulations to be sure you are in compliance
Find out if improvements will have an impact on your insurance costs
Stay in control. Don’t let projects overwhelm you to the point where you no longer have time to spend with your family.
Make sure you completely understand the project before starting, and know when you are in over your head. Allowing yourself to doubt your abilities to the point where you are afraid to try anything at all won’t get you anywhere. At the same time, getting carried away and attempting repairs or remodeling that are way beyond your current skill level will end in disaster. Start small and gradually work your way up to bigger and better home improvements. You will learn as you go and have fun doing it.
Huntsville home improvement projects can be family fun too. Keep everyone young and old involved, and they will learn how to be creative and take pride in their home right alongside you.
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Stunning brick 2 story home located along Flint River with nature trails, clubhouse, pool, picnic pavilion and playground. Featuring 9 foot ceilings, hardwood floors, columns and extensive crown mold makes this home real gem. The elegant foyer welcomes you with gleaming hardwood floors, 9 Foot ceilings and beautiful columns. Entertaining will be delightful in the formal dining room with wood floors and a triple window seat. The formal living room is extra spacious and can be used as an office. The designer kitchen with work island for preparing food and sunny breakfast area will keep them coming back for more. The impressive family room has plenty of room to sprawl out or cozy enough for a fire on chilly nights. The kids will love the bonus room on rainy days they will all want to play. You can retreat to the master suite with walk-in closet, separate shower, dual sinks, and a whirlpool tub for bubble baths. Your overnight guest will feel at home in the first floor suite with private bath. Bar-B-Que rain or shine under two covered porches. The 3 car garage allows for plenty of storage. Relax by the stock pond and trickling waterfall your worries will drift away. Bring the whole family and enjoy your awesome new home and community!
Learn more about 109 Berry Hill Drive and other Huntsville homes by visiting MoveToHuntsville.com.
The President’s stimulus plan has many hoping for a ray of sunshine in a gloomy Huntsville real estate market. Here are a few ways the new plan can help give the market a shot in the arm:
The stimulus plan includes a financial boost for the mortgage industry to help with new loans on housing.
There is a tax incentive included that will give first-time home buyers a huge tax break.
50 billion dollars targeted at bailing out failing mortgage institutions means there will be financial opportunities for home buyers.
Along with the stimulus plan, home sellers are getting creative in selling their homes. Making sure their properties are in excellent condition and have good curb appeal is more important than ever before. Selling your Huntsville real estate is easier, faster and more profitable for you if your home is appealing as possible.
Tips to Help Home Sellers:
Clean up the clutter. Get rid of the things you don’t absolutely need. We all have much more in our homes than we actually use. If you don’t want to throw it away, put it in storage until you get into your new home.
Spruce it up. A fresh coat of paint and a good steam cleaning for the carpets goes a long way toward making your home more appealing.
Create curb appeal. If the exterior of your home is unattractive, buyers will drive away without looking inside. Clean or paint your front door and trim your lawn and bushes. Another inexpensive way to update your home’s exterior is to replace old hardware such as house numbers and overhead light fixtures.
Price it right. Ask a professional real estate agent for his opinion on a good price for your home. There is no room for sentiment in the current housing market.
Find out other ways your Huntsville real estate professional can help you sell your home faster and for the most money. Call me today at 256-508-0211 or 800-803-0053. You can always email me at mike@movetohuntsville.com.
Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.
Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
Let’s take a look at the sales statistics for February 2009 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Real Estate Sales Statistics Huntsville and Madison County saw a 2% increase in average sales price in February 2009 over February 2008. There was a 31% decline in home sales, while the average list price has seen an increase of 3% over last year. While, the sales price to list price ratio saw a slight decrease. The average price per square foot saw a 1% decrease. Homes average days on the market were down by 6 days.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
Jan 2009
294
$195,464
$190,003
97.21%
101
$86
Jan 2008
427
$189,497
$186,108
98.21%
107
$87
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.
Filed under:
Buyers, Investments — Huntsville Real Estate Expert Mike Manosky
The new stimulus bill gives first-time home buyers a tax creditof $8,000! Whether the Huntsville real estate you purchase is new or a re-sale there are always things you can do to make improvements. Here are a few ideas on how you can use the tax break for your new home.
·Put in all new appliances. $8,000 will buy a nice set of kitchen and laundry appliances, and enough groceries to fill up that new refrigerator for several months on top of it.
·Furnish a room. Many times a new home means old furniture just won’t fit in or fill it up. $8,000 goes a long way to decorating a new room or two.
·Put on a porch. The stimulus money can be used to add value to your Huntsville real estate by making additions like a patio or porch. It will make your new home even more enjoyable too. Construction jobs helps the economy and creates jobs in the community—a double bonus that you are making happen!
·Buy a car. Okay, maybe your new home is perfect as it is. That’s lovely. Use your stimulus tax incentive to put a big down payment on a new car. The huge down payment will keep your monthly payments low and affordable while helping out the other big industry failing in the current economy.
The key to the President’s stimulus plan is to spur the economy and give people money to spend—so go ahead and spend it. Buy those items you’d have trouble getting for your Huntsville real estate without the extra help.And, feel good about it.
Have questions about how the stimulus helps first-time buyers?Give me a call today at 256-508-0211 or 800-803-0053 or email me at mike@movetohuntsville.com. I’m happy to answer all your questions with no obligation whatsoever.
Your Huntsville real estate agent may say that you must provide earnest money when making an offer for a home.It’s usually in the form of a check, and the funds will be verified by your mortgage company prior to final approval of the loan.
This earnest money reassures the home seller you’re indeed serious about the offer you’re making.Once the terms of the deal are worked out between you and the seller, the earnest money is placed in an account held in trust until your loan closes.Then the money will be used for your down payment and closing costs.
What if the Deal Falls Through?
If the deal falls through at any time, any cancellation fees are paid out of the earnest money.The remainder of the money continues to be held in trust until you and the seller agree on the disbursement of the money.If the deal is canceled early in the process, it’s usually a simple matter of the seller signing over the deposit to you.
What if You Cancel the Transaction?
If the transaction is canceled by you, the buyer, some sellers mistakenly believe that the earnest money is forfeited to them.That’s not likely to happen because no buyer is going to let the seller just have the earnest money.Because the money is held in a trust and both parties must sign a release of escrow, no one can make you give the earnest money away.In this situation, work with your Huntsville real estate agent to help you negotiate the return of your earnest money.
What if an Agreement Cannot Be Reached?
If the buyer and the seller are unable to come to an agreement about the earnest money, the broker holding the funds in trust can make a written judgment and disburse the money.If the broker is unable to make a determination, he or she can turn the money over to the State’s real estate commission to make a decision.Rarely does a court of law have to be involved.
For more information on earnest money or answers to any other questions you have about buying Huntsville real estate, visit HuntsvilleHomesOnline.com or call me at 256-508-0211 or 800-803-0053.
You know you want to look at Huntsville homes in an active retirement community, but don’t know which community or what type. You want to choose an area where you’ll find other people who have the same interests you do. If you love golf, for example, you may want to look at Huntsville homes in golf course communities.
Our area has many great golf courses, and several adult retirement communities located on golf courses. When you choose one to live in, you want to look for a few things:
Location – When looking at Huntsville homes in golf course communities, you always want to be aware of location. For instance, are the nearby roads easy to navigate? Is it close to shopping?
Security – Be sure the community is security conscious. Often, golf course communities have the added security of a gated community.
Amenities – Find out what amenities the golf course community has. Determine if they’re important to you and worth the extra cost. Is there an indoor golf course? Do you want tennis courts? How about restaurants? Swimming pool? Exercise facilities?
Home location – When you find the right golf course community, you need to pay attention to the homes within the community. Think about factors like how close the home is to the entrance or to the fairways. Are you willing to risk a golf ball hitting a window once in a while? These are questions you need to ask yourself when choosing one of the [city] homes in a golf retirement community.
Rules – Another thing you should be aware of before making your purchase is the golf community’s homeowner association’s rules and regulations, often called CC&Rs, regarding home improvements, additions, etc. You should also look into golf course yearly fees and know what they’ll be.
Many people 55 and older are looking for their perfect home in popular golf communities. Living in one of these communities provides many perks such as golfing as much as you want any day of the week. Do your research before purchasing and you won’t have any surprises down the road.
Whether you’re looking for a home in a golf community or some other active retirement community, I can help you find it and get the best price and terms. Call me today at 256-508-0211 or 800-803-0053.
One of the most crucial decisions you’ll make when buying or selling a home is which real estate agent to use. Knowledgeable Huntsville real estate agents prevent you from making costly mistakes, provide honed negotiation skills to help you get the best terms and price, and deliver a multitude of other advantages.
Before choosing the agent to represent you, take the time to interview a few Huntsville real estate agents. Here are the top 7 questions you should ask.
1. Are you a full time or part time agent? You want to work with full time agents. They’ll be available to you when you need them, and because of their additional experience, they’ll be more skilled and knowledgeable.
2. How long have you been in real estate? You want to hire an agent who has experience in real estate and preferably experience in your specific geographic area.
3. Will you give me at least 3 references I can call? Then call the references and ask questions such as: (1) What was the best thing about working with the agent? (2) What was the most frustrating thing about working with the agent? (3) Would you work with this agent again? If yes, why? If no, why not?
4. What is your average list-to-sales price ratio? This is particularly important if you’re selling your home, but it can be an indication of the experience and knowledge level of the agent which is also important for buyers. If an agent is able to consistently get a sale price that is very close to the listing price, then that real estate agent has a good ratio. If the agent is unable to show you a favorable list-to-sales price ratio, you should keep looking.
5. If you’re a seller ask: What is your marketing plan? If you’re a buyer ask: What is your strategy to help me purchase a home that fits my needs and budget? The best Huntsville real estate agents have marketing plans and buyers’ strategies that have been put to the test and are proven to work.
6. What is your commission? If you’re a buyer, you won’t pay any commission. That’ll be paid by the seller. If you’re a seller, expect to pay between 6% and 7% of the sale price in commission.
7. What is your cancellation policy? You want to find out what action you are able to take if you are not satisfied with their service.
Interviewing Huntsville real estate agents takes time and effort, but you’ll be rewarded by the best service you can find.
If you’re shopping for a Huntsville real estate agent, I’d be honored to be included in your interview process. Call me today at 256-508-0211 or toll free 800-803-0053.
Huntsville does not get much snow. It only happens maybe once or twice a winter if we are lucky. Sometimes years go by without a flake. The last few years we have not seen snow at all. The weekend snow fell over night Saturday and into Sunday morning. Approximately a half to one inch fell in the Huntsville Metro area and some of the surrounding areas had as much as 3 inches. It was enough to bring out some sleds and have a good snowball fight for a few hours.
I spent a few hours with my daughters sledding down some hills in the neighborhood. They had a blast and ready for more. By the afternoon the snow had melted away. Maybe the big snow will come next year.
Email me your ‘Snow’ photos and I will post them for all to enjoy! Send to Mike@MoveToHuntsville.com.
The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing a Huntsville home.
