By: Huntsville Real Estate Expert Mike Manosky On May 20, 2011
The storm and tornado event that swept through Alabama occurred on April 27th, The end of the month is typically a heavy closing time for real estate sales in our area. Power was out in our area for at least 5 days following the event. Many of the closings scheduled for April 27 to April 30th did not take place. Most of those closings were all pushed into May. Most lenders required post storm inspections before they would fund the transactions. This caused many of the scheduled April closings to get pushed further into May.
Now take a look at how April’s weather affected the Huntsville market as a whole.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an decrease of 27% in sold listings in April 2011 when compared to March 2011. The average sales price increased by 4% to $206,649. The average price per square foot increased by 13% in April 2011 when compared to March 2010. And the average list price increased by 4%, while homes were on the market an average of 7 days less than in March 2010.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Apr 2011
245
$213,656
$206,649
95.27%
99
$92
Mar 2010
336
$204,737
$197,914
95.36%
106
$80
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On May 18, 2011
Whether you need a contractor for a minor project like a plumbing problem or a major project like a room addition, it’s important to evaluate potential contractors before hiring them. Here are 5 steps to finding the best contractor for your Huntsville real estate project:
Get multiple quotes. Even if your toilet is overflowing onto your living room’s carpet, take the time to get 2 or 3 estimates. Haste can cost a lot more than replacing the carpet in your Huntsville real estate.
Check references. Talk with the former clients of the contractor you’re considering hiring. Find out what it was really like to work with the contractor. Two of the best questions to ask are:
a. What was your favorite thing about the contractor?
b. What was your least favorite thing about the contractor?
Call the insurer and licensing board. Confirm that the contractor you’re thinking about hiring has adequate and current liability coverage and a current license. Just asking the contractor is not sufficient.
Search for complaints. Search online on the company name plus the word “complaints.” It’s often surprising what you’ll find. Also, check with the Better Business Bureau to see if any complaints have been registered with them.
Negotiate a maximum hourly rate. If the job goes quickly, you won’t pay what could be a higher estimate.
I know it’s easier to just hire the first contractor who returns your call. Don’t do it. Taking the easy way out can cost you hours, days or weeks of frustration and hundreds of dollars. (more…)
By: Huntsville Real Estate Expert Mike Manosky On April 26, 2011
Considering deflated real estate values, you might wonder if buying Huntsville real estate still makes good financial sense. According to the National Association of REALTORS® eighth annual Housing Opportunity Pulse Survey, nearly 8 out of 10 respondents believe buying a home does make good financial sense.
Almost 7 out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
The rate of foreclosures is also seen as stabilizing; 51 percent say the rate is about the same as last year.
Another big advantage for you may be the tax benefits of home ownership. You will still, as always, be able to deduct the interest you pay, as well as other real estate related items on your income tax return. For most people that deduction equates to a sizeable chunk of money. It can mean the difference between owing the government more money at the end of the year, and getting a refund.
By: Huntsville Real Estate Expert Mike Manosky On April 22, 2011
Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale.
Many analysts use the “tip of the iceberg” analogy to describe the ’shadow inventory’ situation, feeling that a massive number of distressed properties and underwater loans sits just below the surface. Some believe that the number of potential homes for sale greatly exceeds the number currently on the market. No significant appreciation of Alabama real estate and home prices will take place until the shadow inventory that exist works its way through the real estate market.
The map below shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. As you can see, Alabama has 8 months of shadow inventory to contend with.
Now take a look at how the Huntsville market performed in March.
Huntsville and Madison County saw an increase of 12% in sold listings in March 2011 when compared to February 2011. The average sales price increased by 1% to $197,747. The average price per square foot increased by 5% in March 2011 when compared to February 2010. And the average list price increased by 1%, while homes were on the market an average of 9 days more than in February 2010.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price Sqft
Mar 2011
335
$204,557
$197,747
95.36%
106
$80
Feb 2010
294
$201,551
$195,062
96.25%
97
$76
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On March 22, 2011
One of the major advantages of owning a home becomes readily apparent at this time of year, and that is, of course, real estate tax deductions and credits. Because you, as homeowners, can deduct 100% of the mortgage insurance and property taxes on your tax returns, write off many of your closing costs, and be eligible for an exemption for all or most of the profit gained from a resale, Uncle Sam effectively subsidizes nearly a third of your borrower costs over the life of the loan.
Naturally, in order to reap these benefits, you will have itemize your deductions on your return, but that is certainly time well spent in view of your savings. And better yet, in addition to deductions, there are also tax credits available. Remember, the tax credit actually reduces the amount of taxes you will pay, whereas a deduction reduces the amount of your taxable income.
Let’s take a look at the number of new homeowners who will be able to take advantage of real estate tax deductions and credits.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an increase of 9% in sold listings in February 2011 when compared to January 2011. The average sales price increased by 1% to $192,494. The average price per square foot decreased by 20% in February 2011 when compared to January 2010. And the average list price increased by 1%, while homes were on the market an average of 13 days more than in January 2010.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Feb 2011
285
$199,014
$192,494
96.24%
97
$76
Jan 2010
258
$198,369
$191,369
97,09%
84
$95
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211. .
By: Huntsville Real Estate Expert Mike Manosky On March 3, 2011
Tax season is not far away and now is the time to start identifying house-related tax deductions and gathering the necessary documentation for your Huntsville real estate. The following information is current as of now, but I urge you to check with your accountant, visit the IRS website, or call the IRS assistance line at 800-829-1040 for verification and/or specifics.
PRIMARY RESIDENCES
MORTGAGE INTEREST: As you know, much of your mortgage payment goes toward paying off interest, especially in the early years. All this paid interest, on debts of up to $1 million on a joint return, is tax deductible. The amount you have paid is reported to you on a 1098 form sent by your lender and should be reported by you on line 10 of a Schedule A form (itemized deductions).
HOME EQUITY LOAN INTEREST: Interest paid on home equity loans (second mortgages, equity credit lines, and some refinancing) is fully deductible up to $100,000–regardless of how you use the proceeds. If you use some or all of the proceeds for home improvements, that amount can be added to the $100,000. Be sure to carefully document all improvement costs. Note: The limits mentioned apply only as long as all debt secured by the residence does not exceed the fair market value of your Huntsville real estate.
POINTS: The points you paid to the lender at closing are deductible for the year in which you paid them. This amount is also reported to you on the lender’s 1098 form. See publication # 936 from the IRS for more specific information, especially about points paid for refinancing.
PRIVATE MORTGAGE INSURANCE: If your mortgage was taken out between 2007 and 2010 and your joint income is below $100,000, you can deduct any premiums you paid. Note: This is the last year that you can take this deduction.
HOME OFFICE: If you use a portion of your home exclusively for business purposes, there are certain costs you can deduct. Such expenses may include a percentage of your utilities, repairs, qualified insurance premiums, and even property taxes. The IRS has specific requirements for these deductions. Consult IRS publication #509. (more…)
Mint condition ranch shows like a model. Come on in and take a look at this beautiful maintenance free home. Illuminated by the natural light of three windows and soaring 10 foot ceilings makes this great room the ultimate entertaining spot. The designer kitchen boasts all the gadgets one needs to be top-chef. Stainless Steele appliances, smooth-top range plus gorgeous cabinets guarantee serving will be delightful. A luxurious master suite with panoramic views and a sitting area is sure to please mom and dad. The pampering master bathroom features dual raised vanities, separate shower plus a corner whirlpool tub for soothing your worries away. The additional three bedrooms are all spruced up and ready for occupancy. Grab your favorite beverage and step out on the covered patio. Submerge yourself in the panoramic views of this captivating country setting. Let the kids roam in the fully fenced backyard. Hurry this gem will not last long. Call us today for your personal tour.
By: Huntsville Real Estate Expert Mike Manosky On February 8, 2011
In my years as a real estate agent, I’ve learned a lot from people and Huntsville real estate. Oddly enough, the main thing I’ve learned is that homes are a lot like people…
#1. Homes get wrinkles, too.
Yes, believe it or not, I’ve seen Huntsville real estate with sagging plaster, drooping windows and hanging doors. Brand new For Sale signs sit out front, their clean, white sparkle contrasting with the wrinkles. It’s not attractive; the homes may be only ten years old (30 in house years), but they look much older. Be kind to your home – use cosmetic surgery.
#2. There’s cosmetic surgery for homes.
Only, in home-speak, it’s called “replacements.” If you notice your home has wrinkles and you want to sell it, see what replacements you can afford. Windows? Check. They’re reasonably affordable on most budgets and can make a huge difference in how the house looks. Hanging doors? Check. Not as affordable as windows, but still doable. With $10,000 or less, YOU can give your home a major facelift.
#3. Homes get tired.
Have you looked around your house lately? This is one of the first things you want to do before putting it on the [city] real estate market. Is your home tired and worn out? Even relatively young homes can show signs of energy-deficiency. Cabinets start sagging. Doors groan and sigh when you open them. Windows refuse to stay open all the way and slowly slide back down in the tracks. Give your home an energy boost. Even a little WD40 can make a difference, especially on groaning doors.
By: Huntsville Real Estate Expert Mike Manosky On February 1, 2011
Huntsville Real Estate For Sale: 25773 Irongate Drive Madison, AL 35756
MLS#542143
Start living the lifestyle you always dreamed of in this impressive low maintenance home. Loaded with custom features you are sure to feel like royalty the moment you step in to this gorgeous home. Grab your sweetie and rockaway the day on the covered front porch. Come on in and submerge yourself in luxury. A stunning entry and formal dining room welcomes you home with gleaming wood floors, wainscoting and a dazzling chandelier. Invite family and friends to join you in the spectacular great room with music piping through the surround sound, a vaulted trey ceiling, sunny views and a warm fireplace. They are sure to want to stay awhile. The cook will love the designer kitchen boasting cabinet and counter space plus a smooth-top range. Family and friends can be the first to sample your goodies in the charming breakfast area with panoramic views flanked by built-in cabinetry. Mom and dad can enjoy quiet time in the glamour master suite featuring lots of light, crown molding, and a double trey ceiling. Pamper yourself in the luxurious master bathroom with dual raised vanities, make-up station, two walk-in closets and a whirlpool tub. Bedroom two is extra special with a soaring ceiling and triple window views. There is plenty of room for the kids or kids at heart in the HUGE bonus room with shiny wood floors. Rain or shine you can relax in the privacy of your fully fenced backyard while soaking in the views. Pack your bags and come on over. We are sure you will want to stay. Call us today for a private tour.
Learn more about 25773 Irongate Drive and other Huntsville real estate by visiting MoveToHuntsville.com.
This stunningly remodeled home sits on a treed lot in a prime Madison location. It is only minutes from Research Park, making your commute a breeze! A rocking chair front porch welcomes you home where you can rock the night away on the new tile flooring. Then relax in front of the cozy gas fireplace in the huge Great Room. Many family memories will be made in this 21×18 foot space! The gorgeous Kitchen is a chef’s dream come true. An abundance of cabinet and counter space makes holiday entertaining a breeze and everyone will marvel in the custom tile flooring, counters and back-splash. And new appliances make working here a treat. The Breakfast Bar is perfect for quick snacks, a cup of coffee just visiting with friends. The bright and cherry Dining Room is large enough for extended family gatherings and intimate enough for romantic dinners for two. The Master Suite is a sweet retreat for mom and dad at the end of the day and the glamour bath with custom tile walk-in shower and 2 shower heads will help to soothe tired bones. Lighting and plumbing fixtures have been updated and new vinyl windows have been installed. The roof is 2 years old, as is the exterior vinyl. Fresh paint throughout makes this home ready to move into and other updates make it ready to enjoy! This home will not disappoint. See it today!
MORTGAGE INTEREST: As you know, much of your mortgage payment goes toward paying off interest, especially in the early years. All this paid interest, on debts of up to $1 million on a joint return, is tax deductible. The amount you have paid is reported to you on a 1098 form sent by your lender and should be reported by you on line 10 of a 
#2. There’s cosmetic surgery for homes.