The Federal Housing Administration is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market. This is the message that the National Association of Realtors®. delivered to the Senate Appropriations Subcommittee today. “Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight,” said Lennox Scott, a member of NAR’s Real Estate Advisory Board and CEO of John L. Scott Real Estate in Bellevue, Washington. In his testimony, Scott shared NAR’s belief in the importance of FHA and concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.
“We believe that FHA has done a good job stepping up to today’s market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff,” Scott said. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent.
Huntsville/Madison County Real Estate Sales Statistics
Huntsville and Madison County saw a lower number of real estate sales than a year ago for March. Although the numbers decreased from 2008, we are seeing more activity each week. The warmer temps, green grass, and low interest rates are bringing more families back into the real estate market. The interest rates are in the 4.5-4.75% range for a 30 year mortgage. To see what you can buy at today’s rates, visit the mortgage calculator here… http://www.movetohuntsville.com/calculators.htm
There are great incentives for first-time Huntsville real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won’t last-exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.
Tax Relief
First-time Huntsville real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That’s a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.
Affordable Housing
Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus planimproves the economy the way it is hoped it will, that won’t last. That’s great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.
Huntsville real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again-hopefully.
If you’re interested in taking advantage of the 2009 stimulus plan, I can help. Call me at 800-803-0053 or 256-508-0211 or email me at mike@movetohuntsville.com for more information.
Enjoy beautiful views from the deck of this magnificent 4 bedroom, 3 bath home in Ashtynn Manor. This spectacular custom home features a walk out basement just right for the kids and kids at heart. A huge great room with soaring ceilings, wood flooring and a gas fireplace is perfect for family gatherings. The inviting formal dining room with 9 foot ceilings and gorgeous wainscoting will make your guests never want to leave the table. Or relax over a cup of coffee in the casual and sunny breakfast area in the kitchen. Speaking of the kitchen – this one is first-rate with custom cabinets, large pantry, tile backsplash, and Stainless appliances, making cooking a pleasure. At the end of the day, head up to the master suite which is truly luxurious with double trey ceilings. Pamper yourself in the spacious master bath with whirlpool tub, double vanities, separate shower, and a walk-in closet. 3 additional bedrooms all with 9 foot ceilings are sized perfectly for a growing family. When it’s time to work on your hobbies, head into the oversized 25′ x 23’ garage with 2 huge storage closets. A great location – minutes to Redstone Arsenal and shopping. Don’t miss this awesome home!
Learn more about 2822 Slate Drive and other Huntsville real estate by visiting MoveToHuntsville.com.
Earth Day is this Wednesday, April 22. A few simple steps are all it takes to conserve energy and help protect the environment, and with today’s broadband and wireless technologies, being green has never been easier.
Verizon offers 9 tips for using technology to help Huntsville homeowners live a greener lifestyle:
1. Telecommute one day a week or once a month. Working from home using broadband connections can help reduce traffic congestion and reduce your fuel bill.
2. Recycle cell phones that are no longer used. Donating old phones to recycling programs will keep batteries out of landfills and help raise funds to assist domestic violence survivors.
3. Switch to paperless billing. Verizon residential customers helped save the equivalent of 52,000 trees last year by making the switch.
4. Have a virtual meeting. Use video conferencing instead of travel.
5. Shop online using a high-speed Internet connection instead of making a trip to the mall for a single item.
6. Watch a movie at home instead of driving to rent a movie or even to the theater.
7. Use a smart thermostat to reduce energy costs.
8. Use a mapping tool to find the most direct route to your destination to help save on fuel.
9. Use a smart power strip for your computer or wireless phone charger. Sensors in the strip turn off the power supply when the items are not in use, saving electricity and money.
The Huntsville/Madison County community once again led Alabama in both population growth and new and expanding jobs. This is according to data recently published by the U.S. Census Bureau and the Alabama Development Office.
According to the U.S. Census Bureau, the metro grew by 9,323 people or 2.4 percent, which is the state’s largest population growth.. The metro area now has 395,645 residents, which makes this metro area the 27th fastest growing area in the nation. the HUntsville area is made up of Madison and Limestone Counties.
Also, Madison County led the state in new and expanding jobs with 3,464 jobs announced, according to the Alabama Development Office, the State of Alabama’s economic development agency. The State does not include the areas of Huntsville that extend into Limestone County. The number of jobs for Madison County including those jobs is 3,811. The runners-up included Jefferson County and Mobile County with 2,088 and 1,677 new and expanding jobs, respectively.
New jobs and growth in our population aids in Huntsville real estate appreciation. Are you considering buying Huntsville real estate in 2009? If so, visit MoveToHuntsville.com or give me a call for more personal service.
You will have plenty of room to grow in this gorgeous ranch style home. Gather the family in the great room with soaring ceilings and an abundance of bright windows. The wood burning fireplace with tile hearth provides the perfect ambiance for special occasions. Your chef will love preparing dinner as the kitchen offers plenty of counter space and storage. The sunny breakfast area is perfect for family dinners. No need to worry about spills as the hardwood floors extend from the kitchen to the great room. Relax in the master suite complete with a garden tub and separate shower. The two additional bedrooms are perfect for your little ones. You will love entertaining in the screened porch offering endless views and no neighbors behind the full privacy fence. Bring you family and your guest to this delightful home in Vinemont!
Learn more about 5984 Vinemont Drive and other Huntsville real estate by visiting MoveToHuntsville.com.
There are a lot of Huntsville homes for sale now which makes it a great time to buy. Not only can you find a wide variety of beautiful homes at lower than normal prices but thanks to the new American Recovery and Reinvestment Act of 2009, if you’re a first-time home buyer, you can get a generous bonus at tax time.
Here are some tips for taking full advantage of the stimulus and to make shopping for a new home more pleasurable.
1. Don’t Settle for the First Place You See
It isn’t a race and you don’t get extra points for being fast. Take your time to find just the right one for you.
2. Weigh the Pros and Cons
Just about any home will need a few improvements. Even newly constructed homes usually need improvements like landscaping. Home sellers are savvier now about how to make enhancements to catch a buyer’s eye, but look carefully. There will still be things you want to change. Weigh the difference between the cost of those repairs and the sale price. If you really want a home even though it’s going to take a lot of work, place your bid accordingly.
3. Start Looking Now
The new stimulus plan allows for more homeowners to remain in their homes where only a short time ago they needed to sell. The housing market will begin to stabilize and prices will get stronger. If you are thinking about buying a new home, now is the time to do it.
4. Get Help
The sea of homes available can be mind-boggling. Find a professional real estate agent to wade through the Huntsville homes for sale and find homes that meet your family and financial needs.
5. Get Your Financing in Order
The new stimulus plan will make banks and mortgage companies stronger and loans will once again be available. They may not be as easy to get as they were in the past, however, so make sure you have all your information ready. Having financing done in advance makes your job of buying Huntsville homes for sale much easier.
If you’re looking for a professional real estate agent to help you find your perfect home, find out how I can help.
According to the Better Business Bureau, contractor problems are one of the most common consumer complaints. With those kinds of statistics, buying newly constructed Huntsville homes for sale calls for a knowledgeable individual. Here are a few things you can do to make sure yourcontractor doesn’t end up as your complaint:
Know What Your Warranties Cover
There are two types of warranties. One is called an express warranty, and is given to you by the contractor. Usually, this warranty lasts between one to ten years, with one year being the most common. It covers everything from cosmetic flaws to serious defects.
The second type of warranty varies depending on the state you live in. It’s an implied warrantythat lasts seven to ten years, stating that the residence has to be habitable. To have your defect covered by this warranty, you have to be able to prove that it’s a health or safety hazard.
As banks are pulling in their reins and taking on less risk across the nation, the number of consumer-loans in Huntsville and other midsize U.S. cities are rising. The midsize cities seem to be riding out the recession better than the big cities and rural towns.
In Huntsville, a metropolitan area of 376,000 that is home to many government contractors, borrowing increased 13.2% per household in last year’s fourth quarter, compared with the year-earlier period, according to data provided to The Wall Street Journal by Moody’s Economy.com and Equifax Inc.
Huntsville’s increase was the largest among 207 U.S. metropolitan areas tracked by the two data-gathering firms. Similar-size cities such as McAllen and Brownsville, Texas; Yakima, Wash; Provo, Utah, and Lafayette, La., also saw consumer-loan balances rise by more than 8% year-over-year.
In Forbes Magazine’s 11th annual ranking of the Best Places for Business and Careers, Huntsville ranked 15. Fueling Huntsville’s success is the number 2 ranking for “Projected Job Growth”, as well as ranking 27 for ‘Educational Attainment’ and 88 ‘Cost of Doing Business.’
Alabama can be proud that all the metro areas are in the top 20 metros, out of 200 metros.
The rankings are determined by a series of metrics established by Forbes ranking factors including local colleges, educational attainment of residents, and quality of life offerings.
