Current Feed Content from 10 Oct 08 07:21
Huntsville Homes Sales Holding Steady 2006 and 2007
2008-02-18T20:40:00.000-08:00Huntsville homes sales saw a significant increase from 2005 to 2006; 11% to be exact. The sales volume in 2005 was 4175 homes in the range of $100, 000 to $500, 000 per home selected for units sold. The total dollar volume sold for 2005 was $816, 455, 378 and the total volume sold in 2006 $935, 341, 910 an increase in total dollar sales of 14.5%. The average sales price in 2006 was $202, 000 up from $195, 558 in 2005 an increase of 3.3%. Indicating a better standard of living.From 2006 to 2007 the sales volume in quantity of homes stayed about level. We did continue the trend of the increased total dollar volume and the average sales price per home. In 2007 the total sold volume was $985, 972, 253 an increase of 5.1% over 2006. The average sales price $212, 494 an increase of 4.6% over 2006. So the standard of living did increase in 2007.
This chart shows the number of units sold 2005 through 2007. We have generally shown an increase in quanity of homes sold. The data above shows we are also seeing more purchases of higher priced homes.If you would like additional data about Huntsville Alabama real estate stats feel free to contact me at (256)513-1801.Bryan Pearl - Keller Williams RealtyHow I got into Real Estate
2008-02-15T11:46:00.001-08:00Several clients have asked me why I got into real estate. This may sound a little sappy but I first got into it to provide a better living for my family. I was going to change careers but where did I want to be. I have a genuine desire to help people. I have worked in sales and marketing positions in the past. After a lot of heartfelt prayer and consideration real estate was the best place to put my passion for people and my past experience. It has been a very rewarding move for me.
I get to assist in the needs of others and provide for my family at the same time. For me it has been the best move I have ever taken. I have hired in as a new employee with other companies but I needed to make more of a difference. In positions in the the past I always felt like a number. My position was only there to assist in making profit for a shareholder. This always left me with a hollow feeling. I have certainly learned over the years it isn't about how many zeros are on the check.
I like to get paid for working but I want to make a true differnce. In real estate I can build a business and leave a legacy for my children. I can make a difference for the people I come in contact with. That is why I went into real estate. I can really see myself making a differnce in my community. It isn't about making profit in Huntsville Alabama.Bryan Pearl - Keller Williams RealtyMortgage Caution Is Needed
2008-01-25T11:57:00.000-08:00NAR is urging the U.S. congress and President to pass a stimulus package. If passed it should help re-energize the economy and help certain buyers purchase homes. In the bill Fannie Mae and Freddie Mac would have less contraints.
The new bill will have a positive affect if passed. Helping the overall Huntsville Alabama Real Estate market. I hope the new proposed bill is put together with certain built in precautions to ensure we don't overheat the housing market. When we do things to over stimulate the economy there is always a backlash; a payday so to speak. The entire country is now paying the price for the over inflating of the real estate market.
It is very easy to be an arm chair quarterback on such things and criticize others. However, I hope everyone learns a valuable lesson for years to come. I want the economy to be good for my children and grandchildren. We need to be good stewards with our blessings. I am a conservative by nature but part of the problem has been greed and taking to much profit. I can't believe I am saying there is such a thing as too much profit. Excessive profit taking is not a good thing. There are always consequences on everyone.
Many areas of the country are very depressed right now. I have several clients from Florida and Michigan. In their states foreclosures are out the roof, both states are experiencing a mass exodus and there is property for sale everywhere. In these two areas property taxes are twice as much as Alabama. In Florida especially, insurance rates are 500% more than three years ago.
Overall Huntsville is doing very well economically. It is our responsibility to keep it that way.Bryan Pearl - Keller Williams RealtyNew Mortgage Bill Passed in D.C.
2007-12-21T19:12:00.000-08:00The House and Senate passed the Mortgage Cancellation Tax Relief Act Bill this week. This will provide some needed tax relief to home sellers.
Under our current law lenders must provide a 1099 indicating debt forgiveness. If a property is sold for less than was owed on it the differnce is considered income to the borrower. The new bill will, if signed by President Bush, will relieve much of the tax burden on families who have gone through foreclosures. The new law would all individuals with castastrophic loss. Many losses are not related to the mortgage crunch we're experiencing. It could be any number of financial, health and job losses causing the default. The new law will only apply to primary residences. So, if you went a little to far out on a limb you could still suffer under the current law.
The National Assiociation of Realtors, is urging the President to sign this bill quickly.
I personally see many people who come to me with financial issues and in many cases there are only two ways out. 1) A fast sale, possibly even a short sale, to payoff the debt. or 2) A default leading to foreclosure. We still have a really good Hunstville Alabama real estate market but we are seeing shares of the subprime woes.
Realtors® Urge President To Sign Tax Relief Bill Quickly To Ease Foreclosure Burdens
WASHINGTON, December 18, 2007 -
Many families and individuals are one step closer to seeing tax relief, thanks to the passage of the Mortgage Cancellation Tax Relief Act by the U.S. Senate and House of Representatives, according to the National Association of Realtors®. Since the early 1990s, NAR has advocated repealing the current law that forces individuals to pay an income tax when they have had a loan forgiven in either a foreclosure, a sale in a market where prices are declining or because the lender grants new mortgage terms.
“In sending this bill to the president, Congress made a good decision today that will affect many Americans who find themselves in a truly bad situation, ” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “As the leading advocate for housing issues, NAR believes that changing the IRS code is an issue of fundamental fairness. It will relieve a tax burden at a time when an individual or family has experienced a true economic loss arising from the sale or loss of their home. These people are already in financial distress and are most likely unable to pay additional taxes.”
NAR is committed to continuing efforts to make the horror of losing a home less burdensome for families. “This is not only about the subprime turmoil we are currently experiencing. This is about families where job loss, divorce, health issues, a drop in the value of the home or other unfortunate circumstances have caused them to lose their home or have to sell that home for less than the amount owed. Clearly, it is unfair to tax people on a phantom income when they most likely have no cash with which to pay the tax, ” said Gaylord.
The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less then was borrowed, that difference is considered income and is subject to the tax.
The Mortgage Cancellation Tax Relief Act would ensure that any debt forgiven on any mortgage debt secured by a principal residence will not be taxed. The legislation includes a provision to safeguard against abuses. The provision, similar to one that already exists for commercial real estate owners, would treat commercial and residential property equally.
“Realtors® are about building communities, not just selling homes. We must work together to prevent the dream of homeownership from becoming a nightmare, ” said Gaylord. “This is just one step that will help families get on with their lives and begin rebuilding their economic security. As the president has been a proponent for this change, we hope he will quickly sign this bill into law.”
The National Association of Realtors®, “The Voice for Real Estate, ” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.Bryan Pearl - Keller Williams RealtyWill FHA Legislation help Homeowners?
2007-12-20T08:08:00.000-08:00The U.S. Senate in mid December passed the FHA Modernization ACT of 2007. I am not sure what modernization has to do with anything but we will look at the semantics later. This bill was passed to help homeowners who would be facing foreclosure from the risky loans given over the last few years. Many of my clients ask me if it will help. My answer is yes. One point to mention is that this is a shell game to cover the tracks of the FHA and the government. They must blame the banking systems for risky loans. Then, they must exercise their power to say they are helping. Let's not be fooled here, the FHA wanted the market of home owners to be larger.
The risky lending practices allowed by FHA is what caused the housing bubble that has now burst. The resetting of these loans, in this new legislation, will help people with mortgage loan payments which were set to skyrocket. Huntsville homes for sale and many other markets were beginning to see large numbers of foreclosures because of the defaults of homeowners. These home owners could no longer afford their payments.
This new environment that has been created will have some positive affect. The foreclosures will bring in the savvy investor who will turn these properties into profits. There will be some losses to home owners and the banking system. Now, the new legislation will keep it from being as severe on the economy.Bryan Pearl - Keller Williams RealtyIs going For Sale By Owner the right way?
2007-12-19T19:27:00.000-08:00I have heard this many times from relatives, friends and the general public. It is usually the inexperienced who try to sell their property on their own. If you are in a good market and get the right exposure then and only then may it be the right time to go it alone.
I dug up some information from the National Association of Realtors (NAR). I took a look at the 2006 home sellers who threw caution to the wind to “go it alone”. In 2006, just 12% of sellers chose the FSBO (“For Sale By Owner”) route, down from 13% the previous year, according to NAR’s 2006 Profile of Home Buyers and Sellers. In reality only 7% of the market was open market FSBO sales. 40% of all FSBOs sold their homes to someone they knew never becoming a true for sale by owner. 60% are just unrepresented, unprepared and unprotected.
Here is what I mean by unrepresented. FSBOs have no one watching out for their interests. They cannot attract the industry because they chose to go-it alone. In most cases they have no one to step in to fill the gap in the inconvenient moments. What about misunderstanding between the buyer and seller. These problems do arise.
What about being unprepared? FSBOs should really consider the following.
- Safety is really a concern. How do you know who you are letting in your home. I personally interview every potential buyer in my office before I take them to view any properties.
- Contracts and legal concerns. The biggest thing I watch out for on behalf of my clients are the potential "Gotchas". I try to address all the concerns in the contracts to avoid in legal issues.
- Inspections - Is there potentially something in your home that would cause a buyer to back out of the purchase? Where do you turn to find these answers?
- Staging and curb appeal- How do you prepare your house to capture the essence of the home?
- Pricing - If you price the home to high you don't get to the buyers. If you are too low your are losing equity.
Finally FSBOs are unprotected - From safety, to client representation and legal issues most for sale by owner sellers cannot take it all into consideration. This leaves the door open for several problems including law suits.
Here are a few more stats. Of all FSBOs 18% indicated that preparing the home was the most difficult task. 16% had concerns of paperwork, 15% were most troubled by selling schedule.
What about the net income from the sale. In 2006 homes sold by Realtors sold on average for 32% more.
I have not seen all the numbers but I am certain they don't really vary for Huntsville Alabama Real Estate. If you need to speak with a Huntsville real estate consultant give me a call (256) 513-1801.Bryan Pearl - Keller Williams RealtyNovember Numbers sales numbers detailed
2007-12-17T12:04:00.000-08:00In my last post I gave you the number of huntsville homes for sale, sold data in November 2007.
That number was 418 homes.
Here is a breake down of those sales by pricing category in $50, 000 increments.
Qty Sold: Price Range:
15 $0 - $50, 000
43 $51, 000 - $100, 000
99 $101, 000 - $150, 000
85 $151, 000 - $200, 000
61 $201, 000 - $250, 000
43 $251, 000 - $300, 000
26 $301, 000 - $350, 000
27 $351, 000 - $400, 000
10 $401, 000 - $450, 000
9 $451, 000 - $500, 000
Of the total Homes sold 45% were between $150, 000 and $300, 000. Listings stayed on the market for an average of 100 days. If you are considering selling your home this is good news when the rest of the country is up for sale 9 to 12 months. Our area is just over 3 months. Huntsville Real Estate is some of the best investments in the country. Home values are holding steady while others states are declining.Bryan Pearl - Keller Williams RealtyHuntsville Housing is solid
2007-12-15T15:20:00.001-08:00I know the national news says it's bad, but unlike much of the rest of the country, Huntsville Alabama real estate is doing very well. Sales per month are holding solidly. January was the lowest month with 404 homes sold. June was the highest month with 608 homes sold. The total homes sold from January 01, 2007 through November was 5421. These numbers only reflect the reported realtor information and excludes sales such has huntsville for sale by owner.
The average sales price for Huntsville homes for sale was $199, 790. The average list price was $203, 043. Homes sold on average within about 2% of the asking price. Many have said it is a buyer's market in our region. The market is softening some on what the seller is willing to give up but the sales price is staying relatively level.
As we watch the montly average sales volume there is another trend to watch, the huntsville luxury home market. Five years ago home price ranges were from $80, 000 - $400, 000 those numbers have signifcantly increased to $125, 000 - $2, 000, 000. Thes years is even strong into December.
Huntsville has had positive reports from national publications this year. We have been in the top 100 best places to live, in the top 100 best economies, top 100 best real estate investments. With the move of Brac and the announcement of new companies moving to the area, we are expecting to see continued growth for several years.Bryan Pearl - Keller Williams RealtyHuntsville International Airport - Preparing For Growth
2007-12-12T13:08:00.000-08:00The Huntsville International Airport traffic count is growing creating an expansion need.
The Huntsville International Airport is considering adding two wings for approximately $13, 160, 000. This will add 14, 000 square feet to the overall site of 20, 000 squarefeet. The project will expand the walkway, provide a new check point for security, increase the retail/concession areas to almost 6, 000 sq. ft. The addition of the two wings is just part of an overall project for $65, 000, 000. Many additional improvements are planned.
Incoming and outgoing traffic in July was up 7% with an increase of almost 15% in August. These numbers are compared to the same numbers as last year.
This traffic is showing an already known trend of northern Alabama Growth. We will focus on Huntsville Homes for sale in our next article. We will be looking for similar growth and trends.Bryan Pearl - Keller Williams Realty
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