December 30, 2008
Huntsville Real Estate: Top 10 Predictions For 2009
2009 is likely to be a year of continuing adjustment to a changing Huntsville real estate marketplace. These predictions from HGTV’s FrontDoor.com Web site reflect changes we will see in the Huntsville real estate market for the coming year…
- Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.
- The Obama administration will act on its plan to crack down on abusive lending practices.
- Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate’s Joint Economic Committee has predicted two million foreclosures in 2009.
- Banks’ restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.
- Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.
- The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages, and credit enabling better decision-making going forward.
- Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.
- Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.
- Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.
- The recession will end and buyers will regain confidence in the market.
Learn more about Huntsville real estate by visiting MoveToHuntsville.com.
Search all Huntsville real estate and homes for sale.
Tags: 2009 predictions, huntsville real estate
December 23, 2008
Huntsville Real Estate Sales Statistics - November 2008
Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.
Lawrence Yun, NAR chief economist, said a review of the past year is instructive. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things - there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”
Let’s take a look at the Huntsville real estate sales statistics for November 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Market Statistics
Huntsville and Madison County saw a 1% increase in average sales price over November 2007. There was a 51% decline in home sales this November, when compared against November 2007. The average list price has seen an decrease of 2% over last year. Likewise, the sales price to list price ratio saw a slight decrease. The average price per square foot saw remained constant. Homes average days on the market were down by 9 days as the same time last year.
|
Date
|
Sold
Listings |
Average
List Price |
Average
Sale Price |
Percent
SP/LP |
Average
DOM |
Average
Price
SqFt |
|
Nov 2008
|
227
|
$217,189
|
$210,887
|
97.10%
|
82
|
$91
|
|
Nov 2007
|
466
|
$212,273
|
$208,025
|
98.00%
|
91
|
$91
|
For the latest Huntsville AL real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
Tags: huntsville real estate, sales statistics
December 21, 2008
Huntsville’s Von Braun Center Concert Hall To Get Spring Makeover
The Von Braun Center Concert Hall will undergo a major renovation this spring according to architect Paul Matheny. The $4.75 million dollar project will begin in late February and is expected to last a year.
Funds for the VBC hall renovation come from a $3 million dollar gift donated by the family of the late Mark Smith, founder of Huntsville telecommunications company Adtran Inc.
The concert hall’s 2,100 seats will be replaced with modern ones and a center aisle will be created. Work will also include luxury suites in the balcony, new restrooms, elevator access to all levels for patrons with disabilities, additional reception space, new lighting and sound equipment, and a window-dominated facade.
Linda Smith made the donation on behalf of her late husband. Mark Smith came from a musical family and often touted the VBC and the city’s arts and music community when recruiting professionals for his business.
Smith founded Universal Data Systems. After selling that company to Motorola, he founded Adtran, which anchors Cummings Research Park.
The hall will be renamed the Mark C. Smith Concert Hall.
The concert hall isn’t the only part of the VBC that will get a major facelift. Shortly after the Smith donation this fall, Huntsville businessman William Propst announced a $5 million donation for a major renovation of the VBC arena.
Combined with $10 million in city money, the donation will help add 1,000 seats, create a larger lobby with a glass front overlooking Big Spring International Park, add VIP suites with private boxes, add restrooms and improve the concourse.
That project could also get under way by spring, with construction spanning 14 to 18 months. The arena will be named the Propst Arena.
Propst arrived in Huntsville in 1946 and built a fortune in steel, drugstores, manufacturing and real estate.
The multimillion-dollar donations for both projects were solicited by then-Mayor Loretta Spencer.
Tags: concert hall, huntsville, von braun center
December 16, 2008
Visiting Huntsville Botanical Gardens Galaxy of Lights is a wonderful family outing for this time of year. Pack the kids in the car, turn the radio to holiday music and enjoy na fun filled evening together. Below are the dretails as found on the Botanical Garden’s website:
 Don’t miss North Alabama’s favorite holiday tradition! Galaxy of Lights is a holiday light extravaganza featuring larger-than-life animated light displays. See Santa soaring over a delightful winter village. Nursery rhyme characters dance and frolic among traditional scenes of the season. And, best of all, experience the magic of the twinkling icicle forest. Galaxy of Lights is the perfect holiday treat for the young and young-at-heart.
Galaxy of Lights was named a Southeast Tourism Top 20 event for 2007. New displays covering almost a mile and a half make for more lights, more displays, more holiday fun!
Members-Only Walk-Through Nights, November 13-16, 5-7:30 p.m.
By invitation.
Public Walk-Through Nights, November 21-23, 5-7:30 p.m. (NO DRIVE THROUGH).
A fun family atmosphere with Santa, crafts, refreshments and entertainment.
Children $3, Adults $6 (no fee for children 2 and under).
Drive-Through Nights, Thanksgiving through New Year’s Eve, 5:30-9 p.m.
Passenger Car - $15 per car (up to 10 people)
Vans - $15 for 10 people and $3 for each additional person
Tour buses - $15 for 10 people and $3 for each additional person (tour bus driver is free).
- We will be accepting your donations of toys, canned goods, paper products, dog/cat food and warm coats for our local charities; $1 off the price of admission with a donation.
- Discounted drive-through tickets are available for members in Gazebo Gifts. They must be purchased in advance.
 Extended Hours, December 15 through 24, 5:30 - 10:00 p.m.
We’re staying open later to shorten your wait! We encourage young families to come early, and those of us with later bedtimes to come a little later. Good things come to those who wait, but by spreading out the traffic over a longer time on peak nights we hope to improve the Galaxy experience for everyone.
Group Tours welcome. Call (256)430-3572 ext. 223 for group rates.
Tags: botanical garden, galaxy of lights, huntsville
December 12, 2008
Huntsville Real Estate: The Best-Laid Plans
 As the U.S. economic crisis worsens, the National Association of Realtors has been urging legislators to include principles of the association’s four-point plan in any future housing stimulus legislation.
NAR developed the plan with consumers in mind, to boost the economy and stabilize real estate markets. The plan recommends:
- Extending the $7,500 tax credit to all home buyers and eliminating the repayment requirement
- Making the 2008 FHA and conventional loan limits permanent
- Putting the Troubled Asset Relief Program back on track
- Permanently barring large banks and banking conglomerates from engaging in real estate brokerage and management.
Learn more about the National Association of Realtors four-point plan.
For more about Huntsville real estate information, please contact us at 256-508-0211 or visit MoveToHuntsville.com.
Begin searching for Huntsville real estate & homes for sale, please use our complimentary MLS search.
Tags: huntsville real estate, nar, national association of realtors
December 9, 2008
Huntsville Real Estate: Regulatory Reform Expected With Obama Presidency
The upcoming presidential transition comes at a time of great challenges within the housing industry and the economy at large. Consequently, many are wondering what a Barack Obama presidency will mean for Huntsville real estate and housing issues.
National Association of Realtors analysts expect the Obama administration and the new Democratic-controlled Congress to focus on regulatory reform of the financial services industry, with potential changes to Fannie Mae and Freddie Mac.
This fall, Obama responded to Realtor® Magazine’s questions about the mortgage crisis, sustainable development, housing affordability and other topics:
Obama’s Ideas on Key Real Estate Issues
To find out where president-elect Barack Obama stands on issues vital to real estate practitioners, REALTOR® Magazine went straight to the source.
This fall, when the presidential campaign was in full force, Obama responded to the magazine’s pressing questions about the mortgage crisis, sustainable development, housing affordability and other topics. Here’s what he said:
What’s the most important action the federal government can take to ease the mortgage crisis and prevent a recurrence?
Obama: For the short term, the housing relief legislation [signed by Pres. George W. Bush July 30] authorizing the FHA to refinance the mortgages of struggling homeowners is the right approach. I’ve also called for the creation of a $10 billion foreclosure prevention fund that works in tandem with state, local, and community nonprofit efforts to help households facing foreclosure renegotiate with lenders or put their homes on the market. We also need to expand the mortgage revenue bond program to give state housing agencies $10 billion in new resources to help struggling homeowners. For the long term, the Stop Fraud Act that I introduced two years ago would create criminal penalties for mortgage professionals found guilty of fraud and increase funding for federal and state enforcement of antifraud programs. I also want to see a simplified, standardized metric for calculating the costs of a home mortgage, similar to the annual percentage rate used by banks to identify the effective interest rate a borrower ends up paying on a loan.
What role should the federal government play in reducing gridlock and carbon emission and in promoting livable communities?
Obama: Our long-term competitiveness depends on the development of new transportation networks that reflect our increasingly mobile society. That’s why a strengthened transportation system is a priority for me. We must renew the federal government’s commitment to high-speed rail and take steps at the front end of planning processes for many transportation options. For example, I support a measure by Sen. Tom Harkin (D-Iowa) to require states and metropolitan planning organizations to adopt policies that incentivize bicycle and pedestrian use of roads. I’ll double the federal Jobs Access and Reverse Commute program to ensure that additional federal public transportation dollars flow to the highest-need communities and that urban planning initiatives take this aspect of transportation policy into account.
Even though prices have been easing for the last two years, housing affordability remains a challenge for many people. What can the federal government do to improve this situation?
Obama: I’ve proposed a universal mortgage interest tax credit for families that aren’t benefiting from the mortgage interest deduction. They would get an average credit of $500 a year. And I worked to pass the bipartisan homeownership tax credit. That’s a strong incentive because it gives developers a credit to bridge the gap between the cost of building a house and a sale price that’s affordable to low- and moderate-income households.
How should the federal government help millions of small-business owners and the self-employed obtain affordable health insurance?
Obama: Let’s build on our existing private health care system by allowing small employers and independent contractors to participate in a “national health insurance exchange” so they can purchase affordable health coverage similar to the plans available to federal employees. Individuals who need help paying for premiums will receive tax credits to ensure they can afford coverage. Employers that do not make a meaningful contribution to the cost of quality health coverage for their employees will be required to contribute a percentage of payroll toward the costs of the national plan. Small employers that meet certain revenue thresholds will be exempt. The plan will reimburse employer health plans for a portion of the catastrophic costs they incur above a threshold if they guarantee these savings are used to reduce workers’ premiums.
What’s the federal government’s role in promoting energy efficiency in commercial properties?
Obama: I’ll establish a goal of making all new buildings carbon-neutral by 2030 and work to improve new building efficiency by 50 percent and existing building efficiency by 25 percent over the next decade. To achieve that, I’ll seek to make federal buildings zero-emission by 2025, starting with a goal to make them 40 percent more efficient in five years. I’ll create a competitive grant program to recognize states and localities that take the first steps in implementing new building codes that prioritize energy efficiency. I’ll also seek to provide a federal match for states with public benefits funds that support energy-efficiency retrofits of existing buildings. In addition, I’ll invest in green-collar job training programs and create a “Green Jobs Corps” to connect disadvantaged youth with job skills in high-growth clean-energy industries.
What IRS code changes are needed to spur growth while ensuring tax burdens are spread evenly?
Obama: We need to reform our tax code so that it’s simple and fair and advances opportunity rather than loopholes for special interests. I’ll end tax breaks for companies that ship jobs overseas and reward companies that create good jobs here. I’ll encourage innovation and entrepreneurship by extending the research and development and renewable energy production tax credits and eliminating capital gains taxes for small and start-up businesses. And I’ll provide broad middle class tax relief—a “Making Work Pay” $500 tax credit, among other things—to help working families struggling with stagnant wages and skyrocketing energy and health costs.
—Robert Freedman
If you want to learn more about Huntsville real estate, please contact us at 256-508-0211 or visit HuntsvilleHomesOnline.com.
Begin searching for Huntsville real estate and homes for sale.
Tags: housing, huntsville real estate, mortgage crisis, obama, realtor magazine
November 24, 2008
Forbes.com has ranked Madison County, AL 1 in the latest survey of the Top 10 Affordable Places To Weather The Downturn. Forbes considered factors such as well-priced homes, enviable job growth and proximity to vibrant cities when deciding where the best places are to live in these recessionary times.
 Madison County, AL is an easy commuting distance to Huntsville with a population of 312,734.
Last year unemployment reached a 20-year high of 6.5%, but Madison County experienced 3.4% job growth.
Moody’s Economy.com provided an affordability index for each county. A score of 100 indicates that a family earning the median income in the surrounding metropolitan area can afford to buy a median-priced home. The higher the score, the higher the affordability. Madison County’s score was 221.02.
The median property tax is $577 and the per capita income (in 2006 inflation-adjusted dollars is $27,065.
Learn more about Madison County real estate at MoveToHuntsville.com or give us a call, 256-508-0211.
Search all Madison County homes for sale.
Tags: forbes.com, madison county, weather the downturn
November 21, 2008
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!
Let’s take a look at the sales statistics for October 2008 to see how the Huntsville real estate market looks:
Huntsville/Madison County Market Statistics
Huntsville and Madison County saw a 6% decrease in average sales price over October 2007. There was a 23% decline in home sales this October, when compared against October 2007. The average list price has seen an decrease of 5% over last year. Likewise, the sales price to list price ratio remained constant. The average price per square foot saw a 1% decrease. Homes average days on the market were the same as last year.
|
Date
|
Sold
Listings
|
Average
List Price
|
Average
Sale Price
|
Percent
SP/LP
|
Average
DOM
|
Average
Price
SqFt
|
|
Oct 2008
|
375
|
$191,753
|
$186,440
|
97.23%
|
80
|
$88
|
|
Oct 2007
|
486
|
$202,347
|
$199,332
|
98.51%
|
80
|
$89
|
There are lots of good things happening in Huntsville and Madison County. I encourage you to take advantage of these opportunities.
For the latest Huntsville real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
Tags: huntsville real estate
November 17, 2008
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!
Search all Huntsville real estate and homes for sale.
Tags: buying, condo, huntsville real estate, single family
November 13, 2008
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