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Montgomery Foreclosure Statistics - November 2009

Wednesday, December 30, 2009
by The Hat Team

There are 1,207 Montgomery foreclosure homes for sale with 180 new foreclosures in November 2009. The average selling price of a Montgomery home is $179,504 and the average foreclosure selling price is $116,951, a $62,553 savings, according to RealtyTrac.com.

Montgomery Foreclosure Activity and Home Price Index

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 is 0.05% lower than national statistics and 0.07% higher than Alabama statistics.

montgomery foreclosure

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties increased from 74 in October to 79 in November. The number of Auctions decreased from 127 to 79. The 6-month trend reflects an increase 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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Montgomery AL Real Estate Sales Statistics - Nov 2009

Friday, December 18, 2009
by The Hat Team

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.  

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.  

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.  

Let's look at November Montgomery AL real estate sales statistics to see how the housing recovery is progressing locally.  

Montgomery AL real estate sales statistics for November show pending sales have decreased by 2% in 2009 compared to November 2008. The average sales price increased by 17% to $152,392 while sold listings were up by 4% from 2008.  Market times were 28 days more than 2008.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price 

Nov 2009

39

25

129

$152,392

Nov 2008

40

21

71

$126,000

For the latest Montgomery AL 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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Mistakes You Don't Want to Make When Selling Your Montgomery Home

Friday, December 11, 2009
by The Hat Team

Selling your Montgomery home should be a smooth profitable transaction. But it could end up being an unsuccessful, draining experience, especially if the appropriate precautions and preparations are not observed. montgomery homeA majority of the time, the chance for success lies within the hands of the hired real estate expert. In order to guarantee optimal results, the sellers must be willing to cooperate and consider the professional advice of their real estate agent. Agonizing over a listing price, making the property presentable, rushing for last minute showings, answering inconvenient calls, and frazzling thoughts of not being able to sell are all stressful components of selling your home. If you and your home are not properly prepared there is a great risk of losing thousands of dollars in an unsuccessful transaction. Included in the following section are five of the most common, costly mistakes homeowners can easily avoid when selling their Montgomery home. 

  1. Do not believe all real estate professionals are the same, choose wisely
    The process of selling your home involves many tedious details and critical decisions. Real estate professionals are experts in handling these situations and offering knowledgeable guidance to sellers. It is crucial to research several professionals in order to find a suitable match with experience selling homes similar to yours. Real estate agents use different methods to sell their listings. Innovative professionals who promote listings with newer techniques to attract buyers are always more successful than professionals relying on traditional strategies. 24-7 advertising, excessive exposure and lead generation are important services agents offer to aid in selling your home. Hiring and utilizing the right real estate professional can significantly maximize the chances for a smooth, profitable transaction. 
  2. Effects of ignoring cosmetic upkeep
    The potential buyer’s first impression of your Montgomery home is crucial. Dirty dishes piled in the sink, unkempt lawns, cluttered rooms, stained carpets, scattered soiled laundry, and disgusting odors may seem like little things, but they are big turn-offs to prospective buyers. Ignoring cosmetic upkeep leads to loosing home sales. It also never hurts to hire a staging company to assist in making the home more appealing to buyers.
  3. Refusing to make repairs
    Another major cause in loosing home sales is the seller’s refusal to make necessary repairs. In the long run, it is not beneficial to sell “as is”. Instead, making needed repairs or improvements will increase the home’s value. A real estate agent can decide what repairs will boost the home’s value.
  4. Picking a price that is not too high or too low
    When properties get priced too high they tend to sit on the market and eventually develop a label of a problem property. When priced too low a home could fly off the market, allowing the buyer to get a great deal and the seller with lost potential profits. Listing the home at the appropriate price could make or break a successful sale. Real estate professionals use their market knowledge and special tactics to appropriately price the property and ensure a timely and profitable sale.
  5. Making things convenient for prospective buyers
    Providing easy access to the property for showings is the key to finding the right buyer. Appointment-only showings take away from the buyer’s convenience because a specific time has to be set to fit the schedules of multiple people. Using a lock box is the best way to provide easy access for showings. You are less likely to miss out on a sale when buyers are never denied a chance to view the property. 

Learn more about how to successfully sell your Montgomery home by visiting HatTeam.com. 

What’s your Montgomery home worth?

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Montgomery Real Estate For Sale: 26 N Pennsylvania Street

Sunday, December 6, 2009
by The Hat Team

   Montgomery Real Estate For Sale:

   26 N Pennsylvania Street, Montgomery AL 36107

   MLS# 269987

Ever notice how rare it is to find covered parking, much less ATTACHED covered parking in any of Montgomery's older neighborhoods? Well, this brick home in historic Capitol Heights comes with an ATTACHED 2-car GARAGE. No more getting rained on coming to and from your home, no more scraping ice in the winter and scorching hot seats in the summer! Walk through the breezeway connecting the garage to the house and you'll find a roomy 3 bedroom two bath home with living room, dining room, eat-in kitchen and sunroom! Out back there is a two tiered deck great for entertaining or just relaxing with the family. The large fenced yard is pet friendly and great for kicking the ball around with the kids or grand kids. Conveniently located to schools, shopping, dining, and all the Downtown Montgomery has to offer.

Learn more about 26 N Pennsylvania Street and other Montgomery Real Estate by visiting HatTeam.com

Search all Montgomery Real Estate and homes for sale.

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Another Happy Montgomery Home Seller - 2804 Windsor Ave SOLD

Thursday, December 3, 2009
by The Hat Team

montgomery home2804 Windsor Avenue in Montgomery AL is SOLD!

It is a remarkable home with vintage detailing, but it is too late! The Hat Team, Sandra Nickel Realtors, sold this stunning home in only 31 days for the full asking price. The average market time in Montgomery is 84 days.

Get results like these when selling your Montgomery home by calling the Hat Team at 800-428-5239 or contact us by email.

What's your Montgomery home worth?

 

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Another Happy Montgomery Home Seller - 1811 Longmeadow Drive SOLD

Thursday, December 3, 2009
by The Hat Team

There is another happy Montgomery Home Seller. 1811 Longmeadmontgomery homeow Drive has been sold by the Hat Team, Sandra Nickel Realtors.

This home is move in ready and convenient to everything! It sits on a quiet street with great neighbors...but you are too late!

The sales price was 98% of the list price, making this home seller VERY happy!

Looking for results like this? Call the Hat Team, 800-428-5239, or contact us by email.

Find out your Montgomery home is worth.

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Another Happy Montgomery Home Seller

Thursday, December 3, 2009
by The Hat Team

3410 Ridgefield Drive in Montgomery was a feast for your eymontgomery homees and pampered your pocketbook!

It's too late!!

This up-to-date Vaughn Meadows beauty, boasting gorgeous views virtually everywhere you look, sold for 98% of the list price. Needless to say, the owner is thrilled!

You can get results like this when selling your Montgomery home by calling Sandra Nickel, Sandra Nickel Realtors, 800-4248-5239

Don't hesitate. Call today and put more money in your pocket!!

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Montgomery AL Real Estate Sales Statistics - October 2009

Friday, November 20, 2009
by The Hat Team

Congress has voted to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time," said National Association of Realtors President Charles McMillan.

"Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets," McMillan said.

Let's look at October real estate sales to see how the housing recovery is progressing in Montgomery AL.

Montgomery AL real estate sales statistics for October show pending sales have increased by 2% in 2009 compared to October 2008. The average sales price decreased by only 1% to $130,053 while sold listings were up by 6% from 2008.  Market times were 22 days less than 2008..

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Oct 2009

38

33

93

$130,053

Oct 2008

37

31

115

$130,844

For the latest Montgomery AL 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 Real Estate Appraisal Myths Debunked

Thursday, November 12, 2009
by The Hat Team

A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trainmontgomery real estateed and experienced individual known as an appraiser. 

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property's actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value. 

Here are some myths and facts to help you lean more about the Appraisal of your Montgomery real estate. 

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal. 

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser's intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer's loan. 

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property. 

Fact: Appraisers determine the value of the Montgomery real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities. 

3. Myth: Anyone involved in real estate could conduct Appraisals. 

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience. 

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser. 

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects. 

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Montgomery real estate. 

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling the Montgomery real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements. 

Get a no obligation Comparative Market Analysis on your Montgomery real estate.

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Why Montgomery Home Owners Should Move Up in This Down Market

Tuesday, November 10, 2009
by The Hat Team

Many Montgomery home owners have delayed moving into larger, more luxurious quarters because they "are waiting for the market to come back."  Is this a wise strategy?

 

I decided to have a look at the numbers, and the answer is a resounding NO!  Here's why:

The typical "family home" (2000-2500 sq ft) in the Montgomery area has declined in price about 10% in the past two years.  But the luxury home (3500 sq ft plus) is down in value 18%.  In dollars, it would look like this: 

Typical Montgomery area family home

 Montgomery area luxury home
Value 2007:     $298,999 Value 2007:             $461,295
Value 2009:     $266,939 Value 2007:             $461,295
Loss on sale:   $  32,060 Saved on purchase:   $ 82,405


Would you give up $32,060 to get $82,405?  I sure would!

And while they're considering that move up, I'd also encourage buyers to give serious thought to making their move to Midtown.  Luxury homes in Midtown are down in value only 7%, not the 18% decline across the entire market. Since 2005, Midtown luxury homes have held their value far better those in other areas.  As a result, a Midtown luxury home today costs just about the same as the market average. 

So just think:  Folks can live in Midtown, come home to lunch, walk to shopping and entertainment in many neighborhoods AND anticipate that the value of their homes will hold up even better than elsewhere.

 

Search all Midtown homes for sale.

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