In the current Huntsville AL real estate market, there has been a lot of buzz around “short sales.”What is a short sale, exactly?A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.
There are pro’s and con’s to short sales on both sides of the deal.For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure.Sellers also walk away with no profit, which makes it difficult to purchase another home.For the buyer, the property comes at a reduced price, but it also generally comes with its fair share of problems, and there is a considerable amount of “red tape” to get through to complete the purchase.
The short sale buying process can be a confusing one, especially for a first-time short sale buyer.Check out this helpful article from BankRate.com and see 10 Steps for Short Sale Buying below:
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Sellers — Huntsville Real Estate Expert Mike Manosky
As most owners of Huntsville AL real estate have realized by now, this is not the ideal time to try to sell a house.With a struggling economy and negative media surrounding the housing market, more and more homes are staying on the market for longer and longer as fewer buyers are out making offers.So what should you do if you are in a situation where you need to sell your home now?The Wall Street Journal offers the following tips that I hope you’ll find helpful:
1. DON’T WAIT AROUND.
Even in the better housing areas, it’s taking a long time to sell houses; so, don’t try to sit out the market. That’s what hundreds of other timid sellers are doing, each of them hoping — somehow, some way — that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won’t. If you want your place sold, the best way to make sure that happens is to put it up for sale.
2. FIX IT UP AND CLEAN IT UP.
Buyers are taking your house out on a date. It has to make a good impression.
You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order. As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people’s things.
3. PRICE IT CHEAPLY.
Don’t fight the market by trying to price your house at bubble-era levels or by factoring in all those improvements you made.In today’s market, your best bet is to set a realistic, salable price on day one. Don’t let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That’s not what it’s worth today.
4. HIRE A TOP REAL-ESTATE AGENT.
Get the best listing agent you can find.When everything was selling before it even hit the market, of course, you didn’t need the best. Sellers of higher-end properties may be able to negotiate a lower commission percentage, but this is no time to quibble over a couple of percentage points. Also, offer the agent a big bonus if he or she sells the house in 30 days or at your asking price. Consider offering agents bonuses if they bring in the ultimate buyer. (more…)
Modest near-term movement is expected in Huntsville AL real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.
Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”
Let’s take a look at the sales statistics for June 2008 to see how the Huntsville AL real estate market looks: (more…)
Huntsville Home For Sale
9057 Sugar Tree Trail, Huntsville AL 35802
If retreating to a private, peaceful park-like setting at the end of the day, overlooking a tranquil Koi pond and nestled among lush, mature landscaping is what you are looking for, this home in the Sugar Tree neigborhood of Huntsville, AL is for you! This gorgeous, all brick home backs to a land trust offering the ultimate in privacy. The beautiful interior is in immaculate condition with an attention to detail, including 10 foot ceilings, custom moldings, wainscoting, and wood floors. You’ll enjoy the gracious formal living room, stately dining room, and spectacular family room with gas fireplace and a wall of windows, bringing the outdoors in. A cook-friendly kitchen features solid-surface counters, tile backsplash, planning desk and French doors to the deck. The master suite with separate shower and whirlpool tub is spacious and inviting along with 3 additional bedrooms. Watch gorgeous sunsets from the gracious front porch or relax on the deck with hot tub. This home is as gorgeous inside as it is out!
Invest in your future with the purchase of this beautiful 2,000+ square foot end-unit townhome in Knoll Ridge. Super-convenient to downtown, the open floorplan includes 3 bedrooms and 2.5 baths. Downstairs, the sunny great room with gas fireplace and large dining area flow into the first-rate kitchen that features granite countertops and stainless appliances. French doors from the great room take you out to your patio and private back yard. The master suite features a tray ceiling, luxurious bathroom with whirlpool tub, tile floor, dual vanity, huge walk-in closet with shelving, and it even has its own private deck overlooking the beautiful treed lot. Each of the additional bedrooms has a walk-in closet and plenty of light.This home is full of all the extra amenities including granite countertops, bay window, smooth ceilings, crown molding, and hardwood floors throughout. This isn’t your typical townhome - with a 2-car garage and a backyard perfect for playing, you’ll feel right at home here.To learn more about this home or other Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Invest in your future with the purchase of this beautiful 2,000+ square foot end-unit townhome in Knoll Ridge. The unit is about 95% completed – buy now so that you can customize the finishing touches to your taste!Super-convenient to downtown, the open floorplan includes 3 bedrooms and 2.5 baths. Downstairs, the sunny great room with gas fireplace and large dining area flow into the first-rate kitchen that features granite countertops and stainless appliances. French doors from the great room take you out to your patio and private back yard.The master suite features a tray ceiling, luxurious bathroom with whirlpool tub, tile floor, dual vanity, huge walk-in closet with shelving, and it even has its own private deck overlooking the beautiful treed lot. Each of the additional bedrooms has a walk-in closet and plenty of light.This home is full of all the extra amenities including granite countertops, bay window, smooth ceilings, crown molding, and hardwood floors throughout. This isn’t your typical townhome - with a 2-car garage and a backyard perfect for playing, you’ll feel right at home here.
To learn more about this home or other Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.
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Buyers — Huntsville Real Estate Expert Mike Manosky
Those in the market for Huntsville AL real estate face a myriad of questions when shopping for a home – one of the most fundamental of which is whether to purchase a single family home or a condo.Although there are many factors to consider, the answer really lies in the buyer’s preference and lifestyle.
For those in search of a more urban, low-maintenance lifestyle, a condo might be a good fit.Condos typically resemble apartments with several units in the same building or complex sharing amenities (although they can also be duplexes, free-standing buildings, etc.).Although there are monthly maintenance fees involved with condo ownership, that also means that the owners are not responsible for any maintenance outside their own four walls.Because condos are a shared community, ownership is often limited to a specific space.
For many home-buyers, single-family homes offer more privacy and control.When purchasing a single-family home, the buyer owns the entire building as well as the land on which it sits.Likewise, this means the maintenance of the structure and the land is the owner’s sole responsibility.
If you are currently looking to buy Huntsville AL real estate, you probably have a good idea of the general range you can expect to spend on a home.So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.The extra-low price seems too good to be true and – most of the time – it is.
In many cases, the price you are seeing does not represent the actual asking price of the property.Rather, it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.Below is an excerpt from an article I found at Inman News that does a great job explaining how these properties end up on MLS search engines, and what you can do to spot them:(more…)
You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Huntsville AL real estate and construction markets?
According to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities.
Think this is some “far out” theory just now working its way into the “modern” world?Think again:if you’ve ever walked through an automatic door, you’ve experienced a version of Universal Design. Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair. (more…)
Happy 4th of July, Huntsville!Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.So as you gather with friends and neighbors on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us. Because, as we all know, freedom isn’t free!
Be sure to check out the events and activities happening this holiday weekend in Huntsville!
We’ll return to discussing Huntsville AL real estate next week.In the meantime, if you would like more information about Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.
In the current Huntsville AL real estate market, there has been a lot of buzz around “short sales.” What is a short sale, exactly? A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.
As most owners of Huntsville AL real estate have realized by now, this is not the ideal time to try to sell a house.
If you are currently looking to buy Huntsville AL real estate, you probably have a good idea of the general range you can expect to spend on a home.
You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Huntsville AL real estate and construction markets?
Happy 4th of July, Huntsville!