Huntsville Real Estate Blog

Owners of Huntsville homes for sale are wondering, “What are buyers looking for?” This is especially true if the home has been on the market for a while. Well, homeowners aren’t the only ones. Several companies, including Better Homes and Gardens and Avid Ratings, the exclusive research provider for the National Association of Home Builders, have researched this question.

So, what are buyers looking for in national and Huntsville homes for sale? In a 2010 Avid Ratings homebuyer’s study, over 22,000 homeowners, who bought their homes in the past nine years, provide some clues. In short, the study says practicality beats out extras any day.

The days of formal dining rooms, oversized backyard patios and community clubhouses are gone. Swimming pools aren’t that big a deal, but neither are upstairs laundry rooms or home theaters. These extras have been replaced by practicalities such as:

• Children’s playground
• Walking paths
• Large kitchens (with island if possible)
• Home office or study
• Main-floor master bedroom
• Two-car garages
• Oversize showers with seating

As well, although buyers are willing to have less space, they’re big on “green” features such as high-efficiency windows, insulation and appliances.

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Many families make their “big move” during the summer months, and although relocation can be stressful, there are some steps you can take to make moving to your Huntsville home more enjoyable.

1. MAKE RESERVATIONS EARLY

            a. Arrange for a moving van or rental truck EARLY! Hopefully, you have already done this as summer is the busiest season for both services.

            b. Book hotel rooms if an overnight stay will be necessary.

            c. Make transportation arrangements (plane, train, bus, taxi)

            d. Need pet accommodations in either location? Reserve space NOW!

2. GET ORGANIZED

            a. Gather all moving materials you will need–include boxes, packing tape, scissors, newspaper, bubble wrap, and marking pens.

            b. De-clutter and clean out. Now is the time to recycle or discard unneeded items so that you don’t have to pack them or pay to transport them to your new location–where you won’t need them either!

            c. Label each packed box clearly as to contents and identify which room in your new Huntsville home.

3. FOLLOW THE PAPER TRAIL

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If you’ve been looking at your finances to see if you can afford a Huntsville home for sale, or a home in any area for that matter, a new report from the National Association of Home Builders and Wells Fargo says, “Yes, you can!”

According to this report, the prices for over 72% of the homes purchased in the first quarter of  2010 were affordable for families making an annual income of $63,800 (the median national income).  One of the main reasons for this is because of the national median price: just $175,000. Adding to that is the still historically low interest and mortgage rates, as well as companies once again beginning to hire new employees. These “affordability” numbers are based on 28% or less of a family’s take-home pay.

Many new homeowners agree. The National Association of REALTORS® released the statistics for existing home sales on May 24.  April saw a 7% increase in sales from March, and Freddie Mac reports that 30-year, conventional, fixed-rate mortgage commitment rates rose to 5.10% in the same month.

What Does This Mean for Buyers and Sellers?

While this still means slow going for those with a Huntsville home for sale, this means an incredibly hot market for buyers.   With over 4 million homes available for sale, sellers are definitely competing with each other.  In many places across the country, homeowners have dropped their prices 10% to 50%, in an effort to attract attention.

Can You Afford a Home?

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Let’s face it.  A lot of people like the idea of the easy lifestyle condos in Huntsville provide.  While there are a multitude of positive reasons to buy a condo, many people are so glamorized by the idea that they fail to make sure condos fit their needs.

Before you jump in and buy one of the condos in Huntsville, make sure you also consider what some people consider the downside to owning a condo:

1.  Space – Buying a condo means sharing an interest in it.  What you own is your personal “box of air.”  The rest of the condo – the common areas – is shared between the other owners.

2.  Neighbors – Because you share walls and common areas, there’s a high chance that you’ll be able to hear them as they move about their own space.  You’ll run into them more often, and have to coordinate with them in issues regarding the common areas.

3.  Reselling – If you own a condominium and think you might resell it later, be aware that condos in Huntsville are typically more sensitive to the real estate market and take longer to recover than traditional single family homes.

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As you may be aware, there are two primary ways to sell and buy Huntsville homes. One, FSBO (For Sale By Owner), means just what it says – the owner sells the home. The second, of course, is selling the home through a real estate agent. What you may not be aware of is the main reasons why so many choose to hire an agent, whether buying or selling Huntsville homes.

Should you hire an agent? Of course, I’m going to say yes. However, what I really want you to do is make up your own mind after reading. Only you can answer this question because only you know your situation, but you need to know the facts:

Fact #1, for buyers – Real estate is one of the biggest areas of fraud in the U.S., and a fraud in which the scammer is less likely to be caught. Instances abound where an unsuspecting buyer has bought a home that still belonged to someone else.  Someone else who had no idea their home was up for sale in the first place. You won’t be able to get your down payment back, because the con artist will be long gone with it. Agents deal directly with the homeowner whose name is on the title.  If a licensed real estate agent represents a home, you know it’s really for sale.

Fact #2, for sellers – Real estate agents have access to many marketing venues that individuals don’t. FSBO sellers are limited to a few websites on the Internet versus the multitude of websites agents use to advertise homes for sale. With the knowledge agents gain through training and experience, the marketing available to agents, and the resources agents have at their fingertips, you have a much better chance of selling your home with an agent than on your own. If you don’t mind having your home sit on the market for awhile, FSBO may be the way to sell. However, if you need your home to sell sooner rather than later, you need an agent.

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You’ve finally decided that, yes, you can afford to buy a Huntsville home. After years of frugal saving, hard work and patient waiting, the timing is great. You don’t want to wait anymore, so you rush out and start looking for homes. It is, after all, a buyer’s market, and you’re a buyer.

Now, if you read about real estate, you’ve probably considered your credit. Is my credit strong enough? Is my score high enough? Some go to lenders and request preapproval. A few request prequalification. Many, however, go to the “free” credit score searches.

Of those who use the credit score searches, some find a Huntsville home they want to buy. They then confidently take their credit reports to the lenders and find out the lenders don’t care about the reports. Others find out that the “free” doesn’t really mean free.

Generally, these credit reporting services are helpful, but most aren’t free. You sign up to get your report and, in the fine print, you’re agreeing to enroll in services that require a monthly fee. The services you end up paying for can be somewhat helpful.  But many people sign up not knowing what they’re getting into.  If you want those types of monthly services, research the companies and don’t fall for scam sites, because they’re out there.

Why won’t leaders use the credit reports you take to them?

They can’t use the credit scores you bring to them. In fact, they’re required to request credit scores on their own. And, the credit reports lenders get may not reflect what you receive from the reporting services you hired.

Typically, lenders use the median FICO Scores from three credit bureaus: Equifax, Experian and TransUnion. Those FICO Scores may not be the same from bureau to bureau. Some of the “free” credit places provide these scores, but usually from only one bureau rather than all three.

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For many reasons this is a good time for potential home buyers to purchase Huntsville real estate, and the large number of foreclosed homes available holds the promise of bargain prices.

Too good to be true? Perhaps. Buyers of foreclosed property, especially if it has been unoccupied and not maintained for some time, must be acutely aware of possible problems and trouble spots involved in such a sale and may have to realistically face some unpleasant facts. As Vince Mastronardi, president of On-Site Specialty Cleaning and Restoration, observes, “Buyers need to educate themselves about the potential pitfalls of purchasing distressed property. It’s not so much what damage occurred, but the sources of that damage and how long before the problem was addressed.”

A cautious buyer should look for signs which indicate that all is not well with a piece of Huntsville real estate.

1. The presence of mold. Once mold takes hold, it is almost impossible to get rid of. Look for places which have been excessively painted in an attempt to cover up mold.

2. Lack of heat for months in a home not properly winterized. Result? Burst pipes and water damage.

3. Hints of water damage. Peeling, bubbling, or discolored paint may occur as a result of moisture. Other evidence of water damage includes swelling in walls/ceilings, stains, and             a musty odor.

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Nearly everyone has heard of someone who has bought a fixer-upper or near-foreclosure house, renovated it, and then sold it at a hefty profit. Sound fairly simple and lucrative? Perhaps, but a word of caution: Don’t quit your day job just yet!

Those who earn an income, either part-time or full-time, by flipping Huntsville AL real estate, caution would-be flippers to understand the basics before beginning such a venture, they definitely need to:

• Assess their financial situation

• Have time available to renovate the property

• Possess good negotiation skills

• Have knowledge of what renovation entails and of building codes

• Have a practiced eye for evaluating potential value

• Do a great deal of research to learn about the industry

• Have a good sense of timing

• Find trustworthy advisors, such as an agent, a loan officer, and a reliable subcontractor

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The prospect of relocating to a new place can be somewhat unsettling as you face emptying your present house and filling up your  Huntsville home. Not only must you deal with the onus of packing and the logistics of your physical move, you also find yourself a bit anxious–and possible sad– about leaving a place where you’ve grown comfortable. No wonder so many people dread making a move!

There is, however, a painless way to lessen the angst and allow you to cope well (maybe even enjoy) the relocation process–and that is organization. While you may be proficient at researching and hiring a moving company and finding a reliable Realtor to sell your current residence and help you find the perfect Huntsville home, there are numerous “small” steps you can take to eliminate unpleasant surprises later on and to make the process go more smoothly.

FINANCES: To alleviate any concerns you may have about the financial ramifications of living in a new city, you can compare the cost of living in two places by visiting HomeFair.com. This site will help you calculate how far your salary will go in your new location.

SCHOOLS: HomeFair.com also provides pertinent information about school systems throughout the U.S. Here you can discover student/teacher ratio, instructional costs per pupil, special programs, number of students going on to higher education, etc. You can also Google the board of education in your new city for information.

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Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball.  They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of buyers.

Here are some of the national and Huntsville homes trends to expect in 2010.

Green is growing.

A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products.

Homes are getting smaller.

For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.

Because of the rise in home buyers who are 55 years of age and older, more single-story Huntsville homes are being purchased.  According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.

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