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.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
June 2010
525
$225,333
$220,296
98.87%
65
$85
May 2010
473
$200,826
$196,099
97.92%
73
$85
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.
Like most industries, the Huntsville real estate industry changes with the times. We still have the same mind-set, but the strategies we use differ from, say, before the internet. As the Huntsville real estate industry improves with the use of online and mobile tools, “change” translates to a better result on the sale of your home.
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.
Spring is the rainy season for many parts of the nation and, for those areas where spring doesn’t bring rain, summer does. Rain brings mold, mold grows on your Huntsville real estate and buyers run. Of course, if it doesn’t rain, there’s always humidity, which can also cause mold and mildew in the home.
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.
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.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
May 2010
469
$200,280
$195,646
98.18%
73
$84
Apr 2010
447
$190,874
$186,651
97.28%
87
$80
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.
Spacious modular home nestled on a three acre paradise. Boasting both formal living and dining areas with hardwood floors, stone wood burning fireplace and expanded views of mature trees. The cozy den is the perfect place for family gatherings with vaulted ceilings and a wall of windows. You will find plenty of time to relax here. A huge kitchen features an abundance of cabinets and counter space to please the cook in your family. The breakfast area is an awesome place to start your day with panoramic views of nature. Mom and Dad are sure to take pleasure in their master suite including a tiled bathroom and garden tub. The additional two bedrooms are sized generously and share a full bathroom. Grab a comfy chair and head down to the fish pond; it is a place you are sure to want to stay awhile. Step out the on large back deck and bask in the peaceful setting of your new home. A 16×16 storage shed includes a 10×10 screened porch ideal for entertaining rain or shine. An additional detached metal garage is just right for storing lawn equipment and more. Serenity awaits you! Call us today for a private showing. Learn more about 161 Serenity Place and other Huntsville real estate by visiting MoveToHuntsville.com.
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.
Two top housing economists forecast some encouraging but tempered predictions for the housing market over the next few years during an economic session at the National Association of Realtors® Midyear Legislative Meetings & Expo today.
Top housing economists, Lawrence Yun, NAR chief economist, and Mark Zandi, chief economist and co-founder of Moody’s Economy.com, forecast some encouraging but tempered predictions for the housing market over the next few years. Both agree that job creation is key to an economic and housing recovery, with an improvement in job creation as 2010 progresses. However, they differed somewhat on the impact that foreclosures will have on home price stabilization. Yun expects a slightly stronger demand for housing and a fairly even level of foreclosures. Zandi forecasts an improving demand for housing with foreclosures rising later in 2010 before easing in 2011. Both economists project mortgage interest rates will remain historically low, the availability of jumbo loans will improve and home sales will rise over the next few years.
Take a look at how Huntsville real estate sales statistics in April compared to March.
Madison County/Huntsville Real Estate Sales Statistics
If you’re buying Huntsville real estate and talking to lenders, you’ll hear about the Good Faith Estimate. Because the Good Faith Estimate is required by law and lists all the costs associated with a mortgage, including closing fees with estimated pricing, it’s a good place to start when searching for a lender.
Best practice for buying Huntsville real estate is to shop for lenders first. While you’re looking, ask for a Good Faith Estimate and then compare them. This will be your first indication about which lender is best for you.
Not All Estimates are Created Equal
Many closing fees for buying Huntsville real estate are considered typical and have an average price range, such as:
Title search and title insurance: $450 – $600
Appraisal: $150 – $400
Because real estate closing practices vary depending on where you live, your location helps to determine what those closing costs will be. However, you might also find some extra padding on your closing fees, which some in the mortgage and real estate industries call “junk fees.”
Most Good Faith Estimates (GFEs) have a break down of individual charges, but some may just be a lump sum amount such as: “Total of lender’s fees $1,395.” As long as the fees add up correctly to the estimated amount, there’s no problem. However, watch out for and question general wording like “miscellaneous fees,” “packaging fees” or “marketing fees.”
Check out the neighborhood. Before you do any work to the property, walk through the neighborhood and take note of the property exteriors. What kind of landscaping do they have? Which colors do you see on the front doors? What type of siding do most of the homes have? There is no point in spending extra money for amenities the other homes don’t have.
Start with the exterior. If you begin your work on the outside, you will already create interest in people watching you work. This also tends to be relatively simple work. Trim the shrubs. Replace dead plants. Weed the flower beds. Paint the home’s exterior and window trim.
Tackle the interior. You have two options for working inside: complete specific tasks throughout the entire home or work in individual rooms. Some people like to see the progress of completing a room; others like to see entire tasks, like painting, done at one time. No matter what you choose to do, start by removing the carpet. Take down switch plates. Remove the interior doors. Repair the walls. Fill in nail holes. Paint everything in neutral earth tones. (more…)
If you watch television home improvement shows, you’ve surely seen shows about rehabbing homes. When you buy Huntsville real estate that needs repairs, you can get it for a great price and build instant equity once the work is complete. Whether you decide to live in the rehabbed home or sell it, you’ve gotten a good deal.
Buy low. The good news is that homes needing work usually already have discounted prices. You want to buy the home for as little as possible because you are going to have to spend more money rehabbing the home.
Have a budget. You need to know before you begin the project exactly how much money you have to spend. Include the cost of the house, labor costs, permits, and the price of materials. Don’t leave out anything, and do everything in your power to stick to the budget you set.
Take good notes. Walk through the home with at least a flashlight and a way to write down notes. Count the number of windows, doors, and rooms. Write down anything you see that will need to be replaced or repaired, including flooring, walls and ceilings. Include anything that seems out of the ordinary to you. These notes will help you plan your rehab.
Due to uncertain lending practices and unregulated appraisal services, the real estate game needed to change. The 
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!”
and trouble spots involved in such a sale and may have to realistically face some unpleasant facts. As Vince Mastronardi, president of 
Not All Estimates are Created Equal
Start with the exterior. If you begin your work on the outside, you will already create interest in people watching you work. This also tends to be relatively simple work. Trim the shrubs. Replace dead plants. Weed the flower beds. Paint the home’s exterior and window trim.
Buy low. The good news is that homes needing work usually already have discounted prices. You want to buy the home for as little as possible because you are going to have to spend more money rehabbing the home.