What Makes Sense When Buying Huntsville Real Estate - Condo Or Single Family
Condominiums and townhouses offer an affordable option to single-family homes when buying Huntsville real estate, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:
Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain out doors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home - good news if you like to travel.
Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.
Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.
Thinking of buying Huntsville real estate? Visit MoveToHuntsville.com or give me a call. I’m glad to help!
Do You Really Want to Own Rental Property In Huntsville?
Investing in Huntsville real estate and owning rental property sounds glamorous, but it isn’t for everyone.
Be sure you know what you’re getting into and understand what you are getting into before signing on the dotted line. Here are some questions you should ask yourself before purchasing an investment property:
• Where will the down payment come from for this property?
• Do you have cash reserves so you handle periods of vacancy, i.e. no income?
• How about reserves for unexpected repairs and other expenses?
• Do you need property to rent immediately or do you have time and money for a “fixer-upper”?
• Will you make needed renovations and repairs or hire someone else for the job?
• What type of property do you want: single family, apartment, duplex, condominium, or vacation property?
Thinking it through ahead of time assures that you won’t get caught making a rash decision you will regret later.
If you decide now is the time to take advantage of lower market prices and invest in Huntsville real estate and rental property, visit MoveToHuntsville.com.
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
Let’s take a look at the sales statistics for September 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Real Estate Sales Statistics
Huntsville and Madison County real estate saw a 2% decrease in average sales price over September 2007. There was a 10% decline in home sales this September, when compared against September 2007. The average list price has seen an decrease of 2% over last year. Likewise, the sales price to list price ratio remained constant. The average price per square foot saw a 1% decrease. Homes remained on the market an average of 2 days longer than last year.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
Sept 2008
420
$201,072
$197,461
98.20%
82
$89
Sept 2007
467
$204,808
$200,814
98.05%
80
$90
There are lots of good things happening in Huntsville and Madison County real estate. I encourage you to take advantage of these opportunities.
For the latest Huntsville AL real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Huntsville Real Estate & Homes For Sale 4405 Hampton Ridge Drive, Owens Crossroads AL 35763
Spread out southern style in this spectacular custom home in The Hampton Cove Area. The inviting upper and lower level covered porches offer gorgeousviews of the mountains. The comfortable and convenient floor plan has a gracious living room and distinctive dining room with wood floors,custom crown molding and wainscoting for formal entertaining. The spacious family room with gas fireplace for ambiance is perfect for large family gatherings. Serve up your sweeties at the breakfast bar in the gourmet kitchen! The work island, custom glazed cabinets, stainless appliances, granite countertops and tile floors are sure to please the chef in your family. Stay organized with the large laundry that offers an abundance of cabinets and a folding station. Slip away and have some fun in the recreation room. Retreat to the master suite with trey ceilings, hardwood floors, separate shower, vanity, dual sinks, and a whirlpool tub for relaxing nights. The oversized garage has a storm shelter built in. All brick exterior, professional landscaping and sprinkler system provide low maintenance for you to enjoy all this grand southern home has to offer your family.
For more information on 4405 Hampton Ridge Drive or other Huntsville real estate visit MoveToHuntsville.com or 256-508-0211.
Should I Buy Huntsville Real Estate In These Troubling Economic Times?
The Huntsville real estate housing market has never been better for many potential buyers. In fact, more often than not, it is less expensive to own your own home rather than rent.
The National Low Income Housing Coalition reports that in 57 out of the 100 most populated metro areas, renting a three-bedroom home is more expensive than monthly costs on a six percent mortgage for a typical low-priced house in the same area.
With all the news these days concerning the economic crunch and these tumultuous economic times, you might think I’m crazy saying it is a good time to buy a Huntsville home. Of course, home buyers with strong credit are best positioned to take advantage of today’s opportunities. A high credit score will yield a lower interest rate and increase the likelihood that a loan application will be approved.
For example, a home buyer with a 6 percent mortgage will pay a third less per month than a buyer who has a loan at 8 percent. This difference can be hundreds of dollars per month.
FHA loans, VA loans and government backed first-time buyer loans are all available to qualified buyers. With the current low interest rates and affordable home prices, it is a great time to buy your Huntsville home.
It is also a time to keep in mind that buying Huntsville real estate is a long term investment…and an investment you and your family can enjoy for many years!
This ranch style home offers 4 bedrooms, covered front porch and an endless view. The traditional living and dining room with hardwood floors and an abundance of light are perfect for entertaining. Your family will enjoy the eat-in kitchen, with breakfast bar, updated countertops, cabinetry, wall oven, smooth cook top and dishwasher. The inviting family room with gas fireplace is sure to warm your guest on cold winter nights. The super sized laundry room features tile floors, cabinets and a folding station. The master suite with his-and-her closets, hardwood floors and a newly remodeled bath is the perfect retreat. 2-car garage, plus workshop! 1 car detached garage/shop with electricity is sure to please any handyman. Store your tractors in the 3 stall tractor shed.New heating /cooling system, tile floors, fresh paint and just refinished hardwood floors make this home ready for you to move in today! Dreams do come true!
For more information on 10409 Wall Triana Highway or other Huntsville real estate, visit MoveToHuntsville.com.
Buying Huntsville Real Estate: Sorting Fact From Fiction
It is easy to think the world is coming to an end as we know it…or at least, the sky is falling…when your pick up a newspaper, listen to the news or logon to the Internet. Yes, we are experiencing troubling economic times, but how do we separate fact from fiction and know if now is the time to consider investing in Huntsville real estate?
Below is an interview with Eric Tyson, know for his books, Real Estate Investing for Dummies, Home Buying for Dummies, Taxes for Dummies and Personal Finance for Dummies. In the interview with Rismedia.com, Eric puts all the doom and gloom reports in perspective:
“Eric Tyson has every right to be opinionated about the media’s treatment of the current market conditions both on Main and Wall Streets. Tyson is a former management consultant to Fortune 500 financial service firms and has successfully invested in real estate for more than two decades. He earned his Bachelor’s degree in economics from Yale and his MBA at Stanford Graduate School of Business.
He might be more recognizable to the real estate community through his authorship and co-authorships of the very successful Real Estate Investing for Dummies, Home Buying for Dummies, Taxes for Dummies and Personal Finance for Dummies. With his insight and candor relative to what we should, and perhaps should never, be doing, we had quite a lively conversation.
Marylyn B. Schwartz: Eric, it’s tough to turn on the TV or pick up a newspaper without feeling like we are all lemmings ready to plunge into the abyss. To hearken to the pundits, this Wall Street mess is going to be the undoing of America as we know it.
Eric Tyson: I could not agree more. Listening to all the hype would lead people to believe that it was nearly impossible to get a home loan. It is harder to get a loan, but hardly impossible. There is a great deal of misinformation. The fact is, real estate is ‘on sale’ now as is stock. While I have no crystal ball about whether we have hit bottom, we are close. It is my contention that this is an excellent time to invest. We all know that buying low and waiting for things to return to more ‘normal’ circumstances is an excellent way to make money. Consumers with good credit will have little trouble finding lenders to write a mortgage. It is a fact that the volume of foreclosures and short-sales are slowing things down, and the fear of the credit crunch has added to the malaise. What we are seeing is a market correction, plain and simple. After the orgy of irresponsible lending by Fannie Mae and Freddie Mac, this was inevitable.
MBS: People are scared that their investments are at risk. When house values have declined significantly in many markets and nest eggs, if small, have all but disappeared, how can we assure people that they need to hang in, not panic and not act without careful guidance and counseling?
ET: We all need to avoid hasty decisions. We cannot afford a 9/11 type mentality. That is, experiencing a crisis and reacting in the short term rather than sitting tight and letting the dust settle. After the tragedy of 9/11, we had economic woes that lasted many years. However, people who invested in real estate then made back their initial investments many times over. Selling a depressed investment is never wise. Fifteen years from now, we will be looking at this time and shaking our heads. However, this economy is a great deal tougher if you are close to retirement. You need to be sure that you are not invested in high-risk markets. One way to measure your portfolio for its level of risk is to take 110 and deduct your age. The result is the percentage of your portfolio that should be in long-term growth assets …stocks, real estate, bonds, etc. These may or may not fit the cautious-investment criteria dependent upon the history of their performance.
MBS: What do you think the biggest misconception is relative to the spin the media places on the financial mess?
ET: This is not the Great Depression. We have to stop comparing the two times in our history. If facts are compared, it is not difficult to determine that where we are today is not where we were in 1929. The stock market decline of 700 points was a result of people listening to the media, panicking and selling off assets or liabilities as they saw them. The next day, the market rebounded significantly, and these same people are wondering if what they did was right or wrong. During the great depression, we had 50% foreclosures as compared with 2.5% or so today. We are suffering with 6% unemployment, yet back eighty years ago unemployment hit 25%. The bailout bill was grossly misrepresented by the media. They failed to liken present-day challenges to other times in recent history when we were in economic crisis. The Resolution Trust Corporation (RTC) that was formed by the US Government in 1989 to liquidate primarily real estate-related assets (including mortgage loans) belonging to savings and loan associations. These assets were declared insolvent by the Office of Thrift Supervision as a consequence of the savings and loan crisis of the 1980s. Between 1989 and mid-1995, the RTC closed or otherwise resolved 747 thrifts with total assets of $394 billion. Many who invested wisely in the consolidation and distribution of these assets realized profits down the road. Instead of it costing the taxpayer 450 billion as initially proffered, it ultimately cost closer to 75 billion. The key point is that we successfully weathered a seemingly insurmountable crisis with far less pain than the media would have had us believe.
MBS: Tough logic to swallow for people who are now having trouble buying food and providing shelter. While in the long run things will right themselves, it is the dark span between crises and leveling that scares most of us. We’re uncertain that we will come out the other end remotely whole…
ET: I understand that. It is in the ‘trenches’ where the pain is most palatable. However, as an economist, it is incumbent upon me to look at every aspect of our economy and determine where, and if, there are reasons to be optimistic. We do have a few strong economic indicators. Exports are up. The weakening of the US dollar aided that segment of our economy. As a result, our GDP grew. We are a resilient economy. We were entering a recession in 2001, and then we saw economic growth bolstered by the strong real estate market. Now we are seeing an adjustment for reasons mentioned earlier. I liken these adjustments to sausage making. While it is an ugly process to watch, the end product is quite palatable. There is far too much ‘daily noise’ that we have no control over. Research shows that the more negativity a person exposes himself/herself to, the more upset and out of control he/she feels. We must do our homework, balance the hyperbole with the facts and hunker down. There is simply no effective way to speed up the pains of an overdue economic correction.
MBS: There are many who are watching this correction with a high level of anxiety. There is ‘skin in the game’ all the way around, and no one wants another misstep no matter how slight. The American public is already reeling from the magnitude of this correction. Let’s hope that the bright spots you have identified continue to grow into a new day.
Marylyn B. Schwartz, CSP, is an expert in real estate and corporate sales training/management and team development. She is president of Teamweavers and a trainer for Leader’s Choice.”
Learn more about Huntsville real estate at HuntsvilleHomesOnline.com or give us a call, 256-508-0211.
Your friends will be impressed by the remarkable renovation of this 1 story, 2800+ square foot home in the Mountain Brook neighborhood of Madison. This sight to behold includes 4 bedrooms & 2 bathrooms. A dramatic living room with 12 ft. vaulted ceiling welcomes your most distinguished guests and the gracious dining room with stunning Palladium window is ready for your first dinner party. And a casual family room with gas fireplace is ideal for less formal gatherings. The designer kitchen with its granite counters, stainless appliances, tile backsplash, pantry, and breakfast bar is open and family friendly. The Master suite provides the perfect sanctuary at the end of a busy day with a jetted tub, separate shower, dual vanities and tile flooring. A sun room, overlooking a fenced yard is a great place for warm weather entertaining or just THE place to relax with a good book. Additional updates include new paint, carpet, fixtures and roof. This is the ultimate home and ready for you to move right in!
For more information on 119 Montrose Drive in Madison or other Huntsville area real estate, visit MoveToHuntsville.com or give us a call,256-508-0211.
I going to diverge from Huntsville real estate for a minute and encourage everyone to register to vote. With our economy in such dire straights, this election is extremely important!
The deadline to register is 10 days before the election, which is Tuesday November 4.
The US Census Bureau reports that approximately one-fifth of all Americans will move every year. Moving into or out of Huntsville, or just across town, can be one of the most stressful experiences a family ever faces. No matter what the age of the child, change can be a difficult adjustment.
With older children moves interrupt friendships; with younger children a move can cause the child to be more dependent on parents when he/she should be going through the normal separation process that is part of growing up.
Some children do not talk about their distress. Parents should be aware of the warning signs of depression:
changes in appetite
withdrawal
a drop in grades
irritability
sleep disturbances
dramatic changes in behavior.
Properly preparing your child for the move is critical to a good adjustment in your new home.
Timing - Should The Move Be Postponed?
Under some circumstances, the timing for a move just isn’t right, and it should be postponed if possible.
For example, a family that has been subjected to a major life change such as divorce or death might have tremendous problems adjusting to yet another major life change - a move.
Children are affected by parental attitudes and pick up signals about adult feelings. Children depend on parents for reassurance. If one or both of the parents really doesn’t want to make the move, the results can be traumatic for the child.
Communicating with your child and involving your child in planning and decision making (at an age-appropriate level) can go a long way in providing reassurance. Talk early and often in a positive way, and plan ahead.
Under Age 6 - Babies, Toddlers and Preschoolers
Children under age six are the easiest to move, but young children are also by far the most dependent on parental guidance during the process.
Keep explanations clear and simple
Stories and books about moving are helpful
Act out the move with trucks and dolls
Do not sell any toys if you have a garage sale
Make sure the child understands during packing that you aren’t throwing his things away
Do not replace your child’s bedroom furniture
Don’t start toilet training and don’t take away the pacifier, bottle or any other items of emotional comfort during this stressful period
Don’t make false promises that you can’t fulfill (e.g., “We can have a dog at the new house.”)
Your child will need a lot of one-on-one attention during the move.
School-Age Children - They’re Less Pliable Than Toddlers
There are two different schools of thought about the ‘right’ time to move. Many people feel that summer is the best time to avoid disruption during the school year. Now, some experts recommend that a mid-year move is best so that children can meet schoolmates right away and benefit from the novelty and attention of being ‘the new kid’.
Middle school children may be the most open to moving since they are already in a period of transition between elementary school and high school.
Just remember that a child’s experiences in school can make or break a move. Before you move, make sure you gather all the information the new school will need including report card, transcript, birth certificate, medical records, standard test results and information about any special programs your child has been participating in. Teachers generally expect an adjustment period of about 6 weeks.
Teenagers - They May Actively Rebel
While younger children may not understand exactly what’s happening when you bring up the subject of a move, teenagers do understand and may actively rebel.
Many teenagers have invested a lot of time in belonging to a particular social group. Some are involved in a romantic relationship. A teenager who participates in multiple school activities - sports teams, musical performances, etc. - may feel you are destroying their life by a move. Do NOT be dismissive about the importance of all of the above. Do NOT say things like “You’ll do fine after we move. Just look at how popular you are here.”
Be supportive and understanding. Point out that the move is a rehearsal for future changes such as going away to college. After the move, allow your teenager to visit old friends. If your teen is strongly resistant (or a senior in high school), you might want to consider allowing him to remain in the old location with a relative or friend.
After The Move - Ease The Transition
Following are a few tips for after the move:
Get the children’s rooms in order before the rest of the house - they need a safe haven.
Maintain your regular schedule for meals and bedtime.
Introduce children to their new school as soon as possible but not necessarily the day after you move.
With younger children, be sure to accompany them to school and meet their teachers.
Allow your children to invite new friends over often.
If your child has adjusted after 6-8 weeks, it may be time to seek a family therapist.
Good things can come from a Huntsville move: many families grow closer, parents learn more about their children, and some children experience a new sense of independence and accomplishment.
Learn more about Huntsville real estate and moving with children at HuntsvilleHomesOnline.com or give us a call, 256-508-0211.
Condominiums and townhouses offer an affordable option to single-family homes when buying Huntsville real estate, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:
Investing in Huntsville real estate and owning rental property sounds glamorous, but it isn’t for everyone.
The Huntsville real estate housing market has never been better for many potential buyers. In fact, more often than not, it is less expensive to own your own home rather than rent. 
With our economy in such dire straights, this election is extremely important!
Huntsville Real Estate - Moving With Children