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Midtown Montgomery Real Estate Trends - Dec 2010

Friday, January 21, 2011
by The Hat Team

The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:

“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there's one thing I learned about this real estate is that it's very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you'll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you'll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn't you buy now if you were so inclined?”

The only way to know when you are at the bottom of the market is when you bounce off of it. We bounced in December!

Let’s compare December 2010 to 2009 real estate statistics to see what improvement has taken place in our local market.

Midtown Montgomery real estate sales statistics for December show the average sales price increased by 2% to $142,814 when compared to December 2009.  The number of homes sold decreased by 3% in December.  The median sales prices increased 5% and market times decreased 1% or 1 day.

Midtown
Montgomery
 December 
2010		 December
2009
Homes Sold
 29 30
Average Selling Price $142,814 $140,690
Median Selling Price $125,000 $118,750
Days On The Market 122 123
Units On the Market 2,969 2,969

For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Montgomery Homes for Sale: 7331 Heathermoore Loop

Tuesday, January 18, 2011
by The Hat Team

Montgomery Homes for Sale:

7331 Heathermoore Loop, Montgomery AL 36117
MLS# 280858

7331 heathermoore loop

Mrs. Clean lives here!! And you can, too! If you're tired of grimy, gloomy houses, call today to see this meticulously kept gem of a home. From the dramatic entry with hard tile floor and soaring ceiling to the master bath with its squeaky-clean double vanity and all-glass separate shower to the immaculate kitchen, every surface shines and every room welcomes. Priced to make you smile, too, so make this one-owner house your new home now!

Learn more about 7331 Heathermoore Loop and other Montgomery homes for sale by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

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Montgomery Foreclosure Trends - December 2010

Friday, January 14, 2011
by The Hat Team

There were 1,250 Montgomery foreclosure homes for sale with 119 new foreclosures in December 20100. The average selling price of a Montgomery home was $144,257 and the average foreclosure selling price was $84,812, a $59,445 savings, according to RealtyTrac.com.

Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 4.71% in December while the number of foreclosed homes increased from 106 in November to 119 in December.

montgomery foreclosure

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.08% lower than national statistics. 0.03% higher than
Alabama statistics, and 0.01% lower than Montgomery County for the month of December.

montgomery foreclosure

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties decreased from 80 homes in November to 72 in Dec. The number of Auctions increased from 26 to 45. There is a 6-month rising trend.

montgomery foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

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Midtown Montgomery Real Estate Sales Statistics - Oct 2010

Tuesday, December 14, 2010
by The Hat Team

Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.

The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.

Despite economic uncertainty, 68 percent of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.

Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.

Midtown Montgomery real estate sales statistics for October show the average sales price decreased by 18% to $106,826 while the number of homes sold decreased by 24% from 2009.  Median sales prices dropped 43% and market times increased 14% or 7 days in 2010.

Midtown
Montgomery
 October
2010		 October
2009
Homes Sold
 25 33
Average Selling Price $106,826 $130,053
Median Selling Price $65,000 $114,750
Days On The Market 108 93
Units On the Market 3,178 3,178

For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Keeping Your Montgomery Home Safe During the Holidays

Friday, December 10, 2010
by The Hat Team

The scene we often envision at this time of year is one of family and friends sitting around a blazing fire with a brightly lighted tree, stockings hung from the mantel, and colorfully wrapped gifts adding to the cozy and festive atmosphere of your Montgomery home. A setting lovely to imagine--and to experience--but also one which requires awareness and safety precautions. Fires occurring during the holidays claim the lives of more than 400 Americans each year, and approximately 2 to 3 people per hour are treated in an emergency room due to “decorating” falls and other seasonal injuries.

At the time of year when lists--gift lists, menu lists, activities lists, and to do lists, e.g..--play such a large role in our lives, it is also necessary to establish a safety checklist to ensure an accident-free holiday for your family, guests, and even your pets. Suggestions for taking precautions include the following:

DECORATIONS

  • cookieInspect lights for damage and link no more than 3 strands together. Use only UL approved and only as directed--indoor lights should not be used outside. Beware of overloading outlets. Don’t leave on when you’re not home.
  • If you prefer a live tree, make certain it is fresh when you buy it and water, water, water!
  • Use non-flammable or flame retardant decorations.
  • Never leave lighted candles unattended, near combustible materials, or within reach of children or pets. Make certain to extinguish them before retiring for the night.

FIREPLACES

  • Place the tree in your Montgomery home at least 3 feet away from the fireplace.
  • Keep a screen in front of the fire to prevent flying sparks.
  • If you hang stockings from the mantel, be sure to remove them when the fireplace is in use.
  • Choose your decorating materials carefully, avoiding combustibles whenever possible. Make certain that ribbons and/or greenery are far from the flames.
  • Never burn wrapping paper in your fireplace and risk a flash fire.

GUESTS

  • When entertaining friends at your Montgomery home, be certain that you have childproofed your home--not just to protect breakables but also to protect young ones from matches, chemicals, or medicines.
  • Make sure that outside walkways and steps are well lighted at night.
  • Use nightlights in hallways and bathrooms.
  • Add non-slip mats in your tub and shower--and possibly grab bars for the older set.

PETS

  • Avoid feeding the cats or dogs which also reside in your Montgomery home food such as rich and fatty fowl meat, onions, grapes, raisins, or chocolate.
  • Do not give animals turkey bones as they will splinter and cause great damage.
  • Keep all trash out of reach. Better yet, take it outside frequently.
  • Because the arrival of guests, noise, and constant activity of the holidays can be quite stressful for a pet, be sensitive about giving it a quiet place and time alone. Exercise or play time is also useful, especially before company arrives.
  • As with children, keep pets away from lighted candles, fireplace flames, and the kitchen while cooking is going on.

Got all that? If so, relax and enjoy the season!

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Update On the Foreclosure Fiasco

Friday, December 3, 2010
by The Hat Team

As the foreclosure saga continues, the situation becomes more and more complex, compounded in part by revelations of additional irregularities and by the outcry for congressional intervention. Obviously, the current snarl of accusations, litigation, and investigations is having a negative effect on Montgomery real estate.

Demand Stalled

dollar signAlthough the number of foreclosures continue to rise, the market for such homes has stalled, with many houses being removed from the selling market. In addition, would-be buyers of short sales and foreclosed properties are hesitant to purchase Montgomery real estate which might have dubious or incomplete documentation, thus decreasing the number of loan applications being received by lenders. Recent buyers of those types of properties are also affected, as they are often uncertain that they have a clear title to their newly purchased real estate. Their only recourse at this point is to go to another title company and request a title insurance quote.

Resolutions

So what is being done to resolve these problems? Recently the attorneys general of all fifty states agreed to conduct a serious joint investigation of the scandal. In addition to trying to reform the foreclosure system, they also have a goal of forcing banks and lenders to institute widespread loan modifications to help beleaguered homeowners. They intend to negotiate with lenders to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, and they hope to force lenders to dedicate more funds to modifying the loans of homeowners who have missed payments and to bar those lenders from foreclosing while such modifications are being negotiated.

In addition, the Congressional Oversight Panel has now entered the foray, echoing concerns of consumer advocates and financial analysts, as has the Senate Banking Committee, chaired by Senator Chris Dodd. The latter body will hold hearings on the matter and is urging all parties involved to work together to find a solution for the housing crisis without delay.

And last, but certainly not least, impacted homeowners have begun to fight back in earnest. They are filing lawsuits which accuse lenders of failing to properly vet documents, foreclosing on homes already in a modification program, and a myriad of other unjustified and even illegal actions. And while these suits may provide necessary recourse for the injured parties, they will also delay those foreclosures which are actually justified.

Not Going Away

It is evident that the foreclosure fiasco is not going away and that there is no quick fix to reassure owners of Montgomery real estate, but at least the situation continues to be publicized and investigated, so an eventual end may be in sight. Stay tuned…

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Montgomery Real Estate For Sale: 3135 S Hull Street Montgomery, Al 36105

Tuesday, November 16, 2010
by The Hat Team

Montgomery Real Estate For Sale: 3135 S Hull Street Montgomery, Al 36105

MLS#279782

Private park anyone? Live surrounded by beauty in this sweetly updated cottage with built-ins for all kinds of storage and upgrades to enjoy and impress your friends. From the gleaming wood floors to the quartz countertops and glass tile backsplash in the kitchen to the stained glass in the transom windows, everywhere you look this house is special. So make it yours today!

Learn more about 3135 Hull Street and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

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Good News On the Economic Front

Thursday, November 11, 2010
by The Hat Team

There is good news on the economic front which will eventually translate into good new for the Montgomery real estate market.

  • The number of first-time filers for unemployment benefits fell by 24,000 last week to the lowest level in nearly four months, the Labor Department reported Wednesday.
  • real estateKeivan Deravi, the AUM pundit, says the demand for diesel fuel and cardboard are both up.  That means more things are being manufactured, packaged and shipped by truck.
  • Rick Sharga of Realty Trac reports Montgomery’s foreclosure rate is trending downward and is 3 times better than the national average.
  • Jimmy Lowder explains September new home sales were up slightly over August and days on market is down 4% Sept 10 vs Sept 09.

Other great observations:

  1. You cannot create prosperity with austerity.  Therefore, Mayor Strange’s various initiatives (buying One Court Square and the buildings along Dexter; floating a bond issue to renovate Cramton Bowl and add the sports complex just as two examples) are the right approach.
  2. Recovery in the residential real estate market will come as a result of investors’ buying up the distressed properties currently bloating our homes-for-sale inventory.  So consider the acquisition and renovation of the “greasy little houses” as a wealth-building strategy for the future.
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Should You Walk Away From Your Montgomery Real Estate?

Friday, November 5, 2010
by The Hat Team

A new category of homeowners has emerged in recent months--those who voluntarily walk away from their mortgaged property. The rising ranks of this group are not comprised of people who can’t afford their mortgage payments and thus go into foreclosure; rather these defaulters are homeowners who choose to let their Montgomery real estate holdings go rather than continue to pay on a home which is worth less than what they owe.

lock and keySuch a phenomenon is new to the United States, where proud homeowners of the past would make every sacrifice necessary to keep their home--and their dignity--and it is a thorny issue in terms of moral responsibility and finances.

The Mortgage Bankers Association has voiced concern about the message these “walkers” send to their families and the community, and even President Obama has urged homeowners to follow the responsible course and honor their financial obligations. Such words too often fall on deaf ears, however, as anxious owners of Montgomery real estate watch lenders unload their mortgages with impunity and private businesses practice “strategic default” by letting a company fail rather than continue putting money into it.

One prevailing viewpoint is that homeowners must operate under a moral constraint while lenders and businesses are free to maximize their profits--an unfair and unbalanced system in the eyes of the “walkers.”

There are, of course, many social, moral, and financial arguments against voluntary default. An increase in foreclosures in a community depresses the value of the homes and drives prices down, thus making your neighbors suffer the consequences of your choice. In a May survey conducted by the Pew Research Center, nearly 60% of Americans believe it is ethically and morally wrong to default on a mortgage contract with a lender. Perhaps having a greater impact, however, are the financial repercussions of simply not paying the mortgage on your Montgomery real estate, including the following:

  1. Your credit score will suffer, thus making it extremely difficult to get loans for a car or for another home, renting a house, and possibly having a negative effect on insurance rates and job possibilities.
  2. Debt consequences: In many states the lender can get a deficiency judgment against you to recover the funds you did not pay. The term of their ability to do so may be as long as ten years.
  3. You will lose your tax break. Property taxes and mortgage interest often give you a sizable tax advantage in terms of deductions, which you will no longer have.
  4. Returning to the housing market may prove quite difficult. Although renting a home is a tempting solution, more and more landlords are hesitant to rent to someone going through foreclosure. Buying another property presents another obstacle. With stricter requirements being placed on loan current loan applicants, a “walk away” will not have an easy time overcoming his poor record with lenders.

If you are considering walking away from your current home, do weigh carefully the consequences of doing so. You can calculate the financial impact of such an action here.

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Montgomery Foreclosure Trends - September 2010

Friday, October 29, 2010
by The Hat Team

There were 1,198 Montgomery foreclosure homes for sale with 77 new foreclosures in September 2010. The average selling price of a Montgomery home was $160,116 and the average foreclosure selling price was $77,987, a $82,129 savings, according to RealtyTrac.com.

Montgomery Foreclosure Activity and Home Price Index

Home price appreciation remained was 0.0% in Sept while the number of new Montgomery foreclosure homes increased to 77.

montgomery foreclosure

Montgomery foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.20% lower than national statistics and the same as Alabama statistics for the month of Sept.

montgomery foreclosure

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties increased from 72 homes in August to 62 in Sept. The number of Auctions decreased from 37 to 15. The 6-month trend reflects a fall in Montgomery foreclosures.

montgomery foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

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