Congress recently extended the home buyer tax credit closing date to September 30. The measure would give more time to thousands of qualified home purchasers, who through no fault of their own are unable to meet the current closing deadline of June 30; however the measure would not extend the deadline for home buyers to qualify for the tax credit. The deadline extension applies only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30.

The April 30 deadline created a surge of home sales in April. Let’s take a look at the Huntsville real estate sales statistics in June compared to May.

Madison County/Huntsville Real Estate Sales Statistics

Huntsville and Madison County saw an increase of 10% in sold listings when compared to May 2010.  The average sales price increased by 11% to $220,296.  The average price per square foot remained the same in June 2010 when compared to May 2010.  And the average list price increased by 11%, while homes were on the market an average of 8 days less than May 2010.

The increase in sales is a positive. However, much of the increase is a result of the expiring home buyer tax credits as well as seasonal activity. In addition to the increased sales, there has been an increase in the amount of inventory on the market compared to the same time last year. On average, we currently have between a 9-12 months supply of homes currently on the market in all price ranges.

For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.

To begin searching Huntsville AL homes, please use my complimentary MLS search.

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed

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Changes to the Real Estate Industry

Due to uncertain lending practices and unregulated appraisal services, the real estate game needed to change.  The National Association of Realtors® pushed for change, appraisers pushed for change,  the government pushed for change and, of course (it’s the government, after all), change happened.

The government mandated new regulations for lending practices. They poured tax incentives into the economy and, simply by chain of reaction, changed the real estate industry.

What This Means to You

This isn’t bad news.  In fact, it’s rather good news. The emphasis on education, a new code of ethics and advanced technology is a boon to today’s Huntsville real estate market and you, as the home seller. Why? Because you have a broader reach than ever before. As well, we, the successful agents, must keep our competitive edge on any lending, marketing and technical advantages and turn that edge into advantages for you.

The focus of the new-age real estate agent is on – not just one or two things – but on everything and anything that can bring buyers to your home.

Today’s Huntsville real estate agents evaluate, market, create strategies, work with technology and are in constant contact with hundreds of potential buyers. We know you need expert representation to sell your home.   You expect it, and we provide it.

When you’re ready to sell your home, call me at 800-803-0053, 256-508-0211 or contact me for expert representation you can rely on.

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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.

4.  Fees – You’ll have to pay monthly condo fees to take care of the maintenance of the common areas and for amenities you may not use, such as a swimming pool or fitness facility.

5.  Rules – All condominiums have CC&Rs, or Covenants, Conditions and Restrictions.  The CC&Rs may not fit your lifestyle.  They can include noise level restrictions, types of renovations, owning a pet or even the type of curtains you use.

6.  Association – Instead of property management professionals, the association is made up of homeowners.  It may be weak or inefficient, and you might have to get approval to make renovations or rent out your unit.

Condos in Huntsville are great to own, but they aren’t for everyone.  Make an informed decision before buying one, and you’ll be a happy owner.

If you’re looking to buy the perfect condo, I’d love to help.  Call me at 800-803-0053, 256-508-0211 or email me for more information.

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The summer heat can also assault your wallet.  In fact, you can easily watch your utility bill double during the summer months.

Fortunately, there are some steps you can take to cool your Huntsville home for less money and less impact on the environment this summer. Here’s how.

1. Prep your home. Turn off heat-generating lights and appliances.  Don’t use your oven. In the afternoon, close your windows and outside doors and keep window coverings drawn. At other times, use fans to create a cross breeze.
2. Raise your thermostat. When you’re not home, raise the thermostat to 80 degrees. Lower it two or three degrees when you are home and use ceiling fans to keep rooms cool. Moving your thermostat from 75 to 80 will lower your consumption by 15%. Your Huntsville home will still feel comfortable, and you will notice significant savings on your next utility bill.
3. Take a look at your windows. You’d be surprised to find out how much heat enters your home from old, single pane windows. Newer energy efficient windows with double panes block more heat and keep more cool air inside. If you can’t afford new windows now, at least cover the ones you have with heavy curtains or shades to keep out heat.
4. Check for leaks. Leaky duct work and poorly sealed doors can let as much cool air out of your home as an open window. Walk around your home checking under your doors and around your windows to feel for escaping air. Hire a professional to check your air conditioning systems for you. Take the time to have duct leaks repaired and seal air leaks.
5. Dress appropriately. There’s no reason to keep your home so cold that you have to wear extra layers of clothing when you’re inside. Wear light, loose fitting clothing. You’ll be more comfortable in slightly warmer temperatures. Keep light throw blankets handy for anyone who easily gets cold under a ceiling fan.

Implementing even one or two of these tips in your home can save you money and help the environment.

Want to buy an energy efficient home?  I can help.  Call me today at 800-803-0053, 256-508-0211 or email me to learn more.

Search all Huntsville homes for sale.

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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.

Fact #3, for buyers and sellers – Selling or buying a home isn’t as simple as “yeah, I’ll take it” and throwing money down. Selling real estate includes everything from negotiations and contracts to assessments and legalities. If either side doesn’t complete the steps correctly, actually closing the deal may be impossible. To be blunt, real estate agents are trained to handle the pitfalls of selling or buying a home and ensure that the sale goes smoothly.

Should you hire an agent to sell or buy Huntsville homes? To me, this isn’t the real question. The real question is:   Can you afford not to?

If you’d like to work with a knowledgeable, experienced agent to buy or sell a home, I’d love to have the opportunity to interview for the job. Call me at 800-803-0053, 256-508-0211 or email me at mike@movetohuntsville.com.

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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.

So what should you do?

Talk to the lender. Get preapproved, not pre-qualified. Not only will you find out how good your credit really is, but you’ll also be more attractive to sellers.  And, pre-approval tells you exactly how much you can reasonably afford to spend on your new Huntsville home.

If you’re looking for a beautiful home to call your own, I can help. Call me at 800-803-0053, 256-508-0211 or email me for more information.

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How do I know if I have mold?

Well, for example, if you get up in the morning, walk into your living room and find a swimming pool where your couch used to be, you might have mold once the water dries up. Of course, if you have swimming pool in your living room every spring, you can always use it as a selling point… “Living room boasts natural, seasonal pool!”

On the serious side, mold is often indicated by a musty, often sharp smell in the home. You also might see dark smudges and/or blotches on surfaces. While excessive humidity can cause mold, those whose homes have had some form of water damage should be the most concerned. Types of water damage can include anything from a leaking roof to a toilet overflowing.

What’s the problem with mold and mildew?

The problem with mold and mildew is once it creeps into your Huntsville real estate, it takes a brigade to kick it out. Also, mold and mildew problems fall under many states’ disclosure laws, so you may not be able to legally keep it from the buyer.

If you find out you have mold, you have two choices:

1. Tell the buyer and either lose them or take a hefty chunk out of your sales price.
2. Pay a hefty price to a mold removal company. The real kicker is even if you pay to have the mold removed, you may still be required to disclose that the home had a mold problem.

What should you do about mold?

The best way to deal with this smelly invader of the home front is to destroy it as soon as you first smell the musty, earthy odor. Track it down and kill it.  Plenty of mold-killing products out there do the job nicely on small patches.

If you think you might have mold and can’t seem to track it down, check with your health department. They may have recommendations of where to go, who to talk to or other ways to find the mold that you haven’t used.

If you’re trying to sell your Huntsville real estate, you can’t let something as annoying as mold ruin the deal. Even if the property is sitting vacant, keep your eyes, ears and – most importantly – nose sharp!

If you’re trying to sell your home and need an experienced guide, I can help. Call me at 800-803-0053, 256-508-0211 or email me for more information.

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Madison County & Huntsville Foreclosure Activity and Home Price Index

The Madison County and Huntsville price appreciation remained level in May with 122 new foreclosure homes.

Madison County AL 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 & Huntsville Foreclosure Geographical Comparison

Madison County & Huntsville foreclosure activity was 0.14% lower than national statistics and the same as state figures.

Madison County & Huntsville Foreclosure Activity by Month

The number of  Bank-Owned properties decreased from 103 in April to 76 in May. The number of  Auctions decreased from 65 to 46. There is a 6-month rising trend in foreclosure activity.

Are you or someone you know behind on your mortgage payments and facing a Huntsville foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

Learn more about Huntsville real estate.

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Take a look at how Huntsville real estate sales statistics in May compared to April.

Madison County/Huntsville Real Estate Sales Statistics

Huntsville and Madison County saw an increase of 5% in sold listings when compared to April 2010.  The average sales price increased by 5% to $195,646.  The average price per square foot increased by 5% when compared with April 2010.  And the average list price increased by 5%, while homes were on the market an average of 14 days less than April 2010.

The increase in sales is a positive. However, much of the increase is a result of the expiring homebuyer tax credit’s as well as seasonal activity. In addition to the increased sales, there has been an increase in the amount of inventory on the market compared to the same time last year. On average, we currently have between a 9-12 months supply of homes currently on the market in all price ranges.

For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.

To begin searching Huntsville AL homes, please use my complimentary MLS search.

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed

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Interview Huntsville Real Estate Agents

Don’t pick an agent based on looks. An agent who drives an expensive car may very well just be someone who lives beyond his or her means. Instead, create a list of the top Huntsville real estate agents in the area and interview them. Ask:

• About their experiences in selling homes in your area this year and last year – not in years gone by
• What they’d recommend to make your home more marketable
• How they would market your home

If, after interviewing, there is more than one with excellent experience and great marketing plans, choose the one you feel most comfortable working with.

Fix it up

While interviewing, Huntsville real estate agents will look at your home (otherwise, how could they answer two of your questions?). They may tell you that your home is out of date. They may tell you that the cracks in the wall don’t “add character” to the house. No, neither does the wild 70’s style carpeting in the living room.

You might even take an extra step and hire a home inspector to get a better idea of any issues.

Then, build a list of needed home improvements – and then improve. If you need to hire a contractor, again, interview!

Set a good price

These days, most buyers want the deals, and some are willing to compromise on interior decorating in order to get them. Sit down with your agent; find a high and a low selling price. Set the best price you can afford based on what homes are going for in the area, and be willing to negotiate.

The worst things you could do are hire a poor agent, leave your home repairs up to the buyer and overprice your home. Follow the three simple tips above and you’ll get your “Sold!” sign!

If you’re ready to sell your home, I can help. Call me at 800-803-0053, 256-508-0211 or email me for more information.

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