Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Madison County/Huntsville Real Estate Sales Statistics
Madison County and Huntsville real estate saw a decrease of 26% in sold listings when compared to May 2008. The average sales price decreased by 5% to $192,015. Average price per square foot decreased by 3%. And the average list price decreased by 4%. While homes were on the market an average of 6 days less than May 2008.
This is a great time to consider buying or a home in Huntsville or Madison AL. Housing affordability is at an all-time high, interest rates are at near record lows and now first-time buyers can use their $8,000 tax credit towards a down payment.
Don’t hesitate and lose out. Give me a call and learn how you can take advantage of the $8,000 tax credit for first-time home buyers.
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
All the talk is about how the President’s stimulus plan helps out new and first time home buyers. The good news is that it also helps homeowners. You can get stimulus plan benefitsfrom your existing Huntsville real estate too. Add a little green living to your environment and you’ll be pocketing some change at the end of the year from your income tax return.
Under the stimulus plan, both eco friendly new home purchases and eco friendly improvementson existing homes are tax deductible. Now’s the time to make your home more energy efficient and get a break at the end of the year for your efforts.
Going green saves money, makes your living environment healthier, and improves the world we live in. To reap the benefits from the stimulus plan, you can make major home improvements such as adding solar power or moderate priced home improvements such as adding low flow water fixtures.
You need to make your home improvements soon to get the stimulus plan benefit. The plan only allows for the tax benefits through the year 2010. Why wait? Use this as motivation to get your projects started (and completed) now.
Here are a few additional eco friendly home improvements to consider for your Huntsville real estate:
Re-cover your roof: The color of your roof can make a big difference in how well your attic retains or refracts heat and cold.
Install an energy efficient Energy Starfurnace: Make sure it has a high SEER rating (seasonal energy efficient ratio).
With a little work and a reasonable investment, your Huntsville real estate will not only pay you back in dividends for years to come, it could get you a great tax break.
If you need more ideas for how to make your home energy efficient and get tax credits, visit MoveToHuntsville.com.
Madison County foreclosure homes are continuing to rise with 98 new Madison County foreclosure filings in April and 97 filings in March, according to RealtyTrac.com.
Madison County Foreclosure Activity and Home Price Index
Madison County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Madison County Foreclosure Geographical Comparison
The Madison County foreclosure rate of .13% is slightly above Alabama’s .11% rate, but .14% lower than the National rate.
Madison County Foreclosure Activity Month-by-Month
The amount of pre-foreclosure activity in March and April indicates that the foreclosure crisis is not over with many Madison County families in distress situations.
Are you or someone you know behind on your mortgage payments and facing a Madison County foreclosure? You do have options. A short sale may be the answer to saving you, your fmaily and your home. Give me a call for a private consultation.
If you have been sitting on the fence and unsure whether now is the time to buy Huntsville real estate, now is the time! Housing affordability reached an all time high according to the Alabama Center for Real Estate.
The Housing Affordability index is the ratio between a market’s median income and the median home selling price. An index of 100 means a family earning the median income has just enough money to qualify for a loan for that market’s median-priced house.
According to the report, a Huntsville-area family earning the area’s median income of $67,500 has 2.27 times the income needed to qualify for a loan to purchase the median-priced home of $143,467, or an affordability index of 227. That’s a 16.7 percent increase in affordability from the previous quarter, which had an affordability index of 194.6.
Enjoy your daily paper at the breakfast bar in this 2 story, 3 Bedroom, 2.5 Bath country home on 3 acres. You have plenty of space to roam while being close to town. You’ll enjoy casual living in the engaging Great Room and large family get togethers in the classic Dining Room, both with hardwood floors. The family-friendly Kitchen is bright and cheery. The kids will love having snacks at the breakfast bar. The Master Suite features dual vanities, a whirlpool tub for soaking away life’s cares, a walk-in closet that will accommodate your entire wardrobe, and a linen closet. Outdoor entertaining is a breeze with your private deck and patio. And last but not least, relax on the spacious wrap around porch - perfect in any type of weather!
Learn more about 12032 West Ridge Drive and other Huntsville real estate by visiting MoveToHuntsville.com.
Huntsville AL Real Estate Sales Statistics
Huntsville and Madison County saw a decrease of 21% in sold real estate listings in April when compared to April 2008. The average sales price decreased by 3% to 185,797. Average price per square foot decreased by 2%. And the average list price decreased by 3%. While homes were only on the market an average of 3 days more than April 2008. The interest rates are in the 4.5-4.75% range for a 30 year mortgage.
This is a great time to consider buying or a home in Huntsville or Madison AL. Housing affordability is at an all-time high, interest rates are at near record lows and now first-time buyers can use their $8,000 tax credit towards a down payment. Don’t hesitate and lose out. Give me a call and learn how you can take advantage of the $8,000 tax credit for first-time home buyers.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
Apr 2009
337
$190,700
$185,797
97.43%
94
$87
Apr 2008
428
$196,377
$191,546
97.54%
91
$89
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
Absolutely gorgeous, maintenance free and gated ranch home in Belmont. An awesome glass front door with sidelights welcomes you into an extra large foyer with gleaming wood floors. The elegant dining room with striking crown moldings, trey ceilings and wood floors is the perfect place to serve your culinary masterpieces. The formal living room with gas fireplace, columns, beautiful crown molding, wood floors and recessed lighting will WOW your most discriminating guests.
Bon Appetite, this kitchen features all the bells and whistles your family chef could imagine. You will never miss a beat as you prepare for your family in this designer kitchen including Stainless appliances, smooth top range, granite counter tops, an abundance of cabinet space and a breakfast bar with stools. There is also plenty of room for additional dining! Kick back and unwind in the family room with an additional gas fireplace and a wall of windows to view your lush landscaping, which remember is maintenance free. When the day is done, escape to your master suite and enjoy a bubble bath in the whirlpool tub or open the French doors to your private patio. Two additional bedrooms feature big closets, carpeted floors, 9 foot ceilings, crown moldings, and ceiling fans. Outside you can enjoy entertaining under the covered patio with a ceiling fan or step into the sun on the uncovered patio. Privacy is yours behind this gated residence as there are no neighbors behind you. Truly, a maintenance free home with year round lawn service, sprinkler system, gutter guard and a Sentricon Termite protection system. You will have plenty of time to partake in a game of tennis or a swim in the community pool. Don’t miss your chance to own this delightful home.
Learn more about 26 Belmont Place and other Huntsville real estate by visiting MoveToHuntsville.com.
Huntsville home buyers just got another incentive to purchase a home in 2009. The $8,000 first-time home buyer tax credit can now be used towards a down payment.
What does this mean for Huntsville home buyers? First-time home buyers will not have to wait to file their tax return to get the $8000 and will be able to use these funds when they close on their home loans so that the cash can be used as a downpayment. FHA approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans, allowing eligible home buyers to access the funds immediately at the closing table.
This is GREAT news for first-time Huntsville home buyers who often are tight on cash when purchaing a home. Give me a call today to learn how to take advantage of your $8000 credit.
Finding a home may seem like a simple ordeal. There are ads all over the internet, and your local newspaper probably has pages of listings. So why bother working with a Huntsville real estate agent?
Your real agent isn’t going to help you just find homes for sale; they’re going to help you find the perfect home. So what does a [city] real estate agent know that you don’t know, and how can they find the best homes for sale?
Intimate Knowledge
Finding a Huntsville real estate agent who specializes in the area where you want to buy is especially helpful because they have intimate knowledge of the homes for sale. The agent also knows the locale and can give you tips about schools, crime levels, shopping and other necessities.
MLS Searches
While you can view many listings online, your real estate agent will know exactly how to manipulate the MLS to find the most desired features you want in a home.
Negotiation Skills
One of the most important things a good [city] real estate agent can do for you is negotiating your offer. There is a lot more to finding (and getting) a home than just looking through listings. Your agent will make sure all of the proper procedures are being followed, home inspectionsand title searches are getting done and time schedules are being met.
Legal Know How
Real estate agents go through hours of special training to ensure they know all the real estate laws. Going it alone makes for ample room to slip up and either negate the deal or end up in hot legal water.
Don’t take any chances on letting that prized home get away by missing a legal loophole, or just plain not finding it. If you’re looking for a real estate agent who can find your perfect home and negotiate to get the best price and terms for you, call me today at 800-803-0053 and 256-508-0211 or email me at mike@movetohuntsville.com.
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
